Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2019shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
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 |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Document Annual Report | true |
Entity Address, Country | AR |
Document Transition Report | false |
Document Shell Company Report | false |
Ordinary shares [member] | |
Document Information [Line Items] | |
Trading Symbol | LOMA |
Title of 12(b) Security | Ordinary Shares of Loma Negra C.I.A.S.A. |
Security Exchange Name | NYSE |
American Depositary Shares [Member] | |
Document Information [Line Items] | |
Trading Symbol | LOMA |
Title of 12(b) Security | American Depositary Shares, each representing 5 Ordinary Shares of Loma Negra C.I.A.S.A. |
Security Exchange Name | NYSE |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss and Other Comprehensive Income - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Profit or loss [abstract] | |||
Net revenues | $ 38,952,001 | $ 41,237,747 | $ 38,209,835 |
Cost of sales | (28,141,994) | (30,740,012) | (28,474,285) |
Gross profit | 10,810,007 | 10,497,735 | 9,735,550 |
Selling and administrative expenses | (2,904,415) | (2,975,242) | (3,029,073) |
Other gains and losses | 37,038 | 168,076 | 178,993 |
Tax on bank accounts debits and credits | (403,835) | (391,043) | (468,908) |
FINANCIAL RESULTS, NET | |||
Exchange rate differences | (1,190,464) | (1,910,402) | (191,406) |
Gain on net monetary position | 1,114,858 | 328,784 | 526,528 |
Financial income | 60,383 | 41,399 | 43,502 |
Financial expenses | (1,793,319) | (1,017,365) | (796,119) |
Profit before tax | 5,730,253 | 4,741,942 | 5,999,067 |
INCOME TAX EXPENSE | |||
Current | (1,103,295) | (1,614,317) | (1,634,401) |
Deferred | (583,158) | (126,997) | 1,292,976 |
NET PROFIT FOR THE YEAR | 4,043,800 | 3,000,628 | 5,657,642 |
Other comprehensive income (loss) that may be reclassified to profit or loss in subsequent periods: | |||
Exchange differences on translation of foreign operations | (180,460) | 725,642 | (14,764) |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | (180,460) | 725,642 | (14,764) |
TOTAL COMPREHENSIVE INCOME | 3,863,340 | 3,726,270 | 5,642,878 |
Net profit for the year attributable to: | |||
Owners of the Company | 3,839,189 | 2,768,786 | 5,399,178 |
Non-controlling interests | 204,611 | 231,842 | 258,464 |
NET PROFIT FOR THE YEAR | 4,043,800 | 3,000,628 | 5,657,642 |
Total comprehensive income attributable to: | |||
Owners of the Company | 3,747,151 | 3,138,876 | 5,391,648 |
Non-controlling interests | 116,189 | 587,394 | 251,230 |
TOTAL COMPREHENSIVE INCOME | $ 3,863,340 | $ 3,726,270 | $ 5,642,878 |
Earnings per share (basic and diluted) | $ 6.4413 | $ 4.6454 | $ 9.4552 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - ARS ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Non-current assets | ||
Property, plant and equipment | $ 45,021,164,000 | $ 33,655,357,000 |
Right of use assets | 408,665,000 | 0 |
Intangible assets | 128,166,000 | 336,177,000 |
Investments | 2,557,000 | 2,557,000 |
Goodwill | 25,501,000 | 25,501,000 |
Inventories | 1,568,655,000 | 1,041,857,000 |
Other receivables | 567,874,000 | 1,449,465,000 |
Trade accounts receivable | 2,310,000 | 6,229,000 |
Total non-current assets | 47,724,892,000 | 36,517,143,000 |
Current assets | ||
Inventories | 5,414,366,000 | 5,811,476,000 |
Other receivables | 619,297,000 | 589,624,000 |
Trade accounts receivable | 2,752,044,000 | 3,176,067,000 |
Investments | 1,019,609,000 | 3,223,021,000 |
Cash and banks | 1,547,551,000 | 1,240,979,000 |
Total current assets | 11,352,867,000 | 14,041,167,000 |
Total assets | 59,077,759,000 | 50,558,310,000 |
SHAREHOLDERS' EQUITY AND LIABILITIES | ||
Capital stock and other capital related accounts | 11,053,976,000 | 11,053,976,000 |
Reserves | 11,873,454,000 | 3,507,882,000 |
Retained earnings | 3,839,189,000 | 8,365,572,000 |
Accumulated other comprehensive income | 330,216,000 | 422,254,000 |
Equity attributable to the owners of the Company | 27,096,835,000 | 23,349,684,000 |
Non-controlling interests | 2,230,737,000 | 2,114,549,000 |
Total shareholders' equity | 29,327,572,000 | 25,464,233,000 |
Non-current liabilities | ||
Borrowings | 6,689,001,000 | 4,010,964,000 |
Accounts payable | 139,378,000 | 595,581,000 |
Provisions | 566,369,000 | 450,168,000 |
Other liabilities | 51,489,000 | 12,153,000 |
Lease liabilities | 340,093,000 | |
Deferred tax liabilities | 5,482,688,000 | 4,901,253,000 |
Total non-current liabilities | 13,269,018,000 | 9,970,119,000 |
Current liabilities | ||
Borrowings | 5,536,841,000 | 5,161,566,000 |
Accounts payable | 9,063,848,000 | 7,465,833,000 |
Advances from customers | 193,176,000 | 259,445,000 |
Salaries and social security payables | 958,658,000 | 975,163,000 |
Tax liabilities | 542,737,000 | 1,199,201,000 |
Lease liabilities | 102,584,000 | |
Other liabilities | 83,325,000 | 62,750,000 |
Total current liabilities | 16,481,169,000 | 15,123,958,000 |
Total liabilities | 29,750,187,000 | 25,094,077,000 |
Total shareholders' equity and liabilities | $ 59,077,759,000 | $ 50,558,310,000 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - ARS ($) $ in Thousands | Total | Capital [member] | Adjustment to capital [member] | Share premium [member] | Other capital adjustments [member] | Merger premium [member] | Legal reserve [member] | Environmental reserve [member] | Optional reserve [member] | Future Dividends Reserve [member] | Foreign exchange gains/(losses) [member] | Retained Earnings [member] | Equity attributable to owners of the parent company [member] | Non-controlling Interests [member] |
Beginning balance at Dec. 31, 2016 | $ 13,021,601 | $ 56,603 | $ 3,465,920 | $ 3,235,590 | $ (1,143,434) | $ 1,151,256 | $ 158,691 | $ 5,510 | $ 2,530 | $ 59,694 | $ 4,726,234 | $ 11,718,594 | $ 1,303,007 | |
Appropriation as per Annual Shareholders' Meeting held on April 25, 2018: | ||||||||||||||
Distribution of cash dividends | (1,187,475) | (1,187,475) | (1,187,475) | |||||||||||
Reserve for future dividends | 43,813 | (43,813) | ||||||||||||
Issuance of common stock from initial public offering, net of issuance costs | 4,373,048 | 3,000 | 4,028 | 4,366,020 | 4,373,048 | |||||||||
Other comprehensive income | (14,764) | (7,530) | (7,530) | (7,234) | ||||||||||
Acquisition of Cofesur S.A.U. shares | (112,089) | (85,007) | (85,007) | (27,082) | ||||||||||
Income for the year | 5,657,642 | 5,399,178 | 5,399,178 | 258,464 | ||||||||||
Ending balance at Dec. 31, 2017 | 21,737,963 | 59,603 | 3,469,948 | 7,601,610 | (1,228,441) | 1,151,256 | 158,691 | 5,510 | 46,343 | 52,164 | 8,894,124 | 20,210,808 | 1,527,155 | |
Appropriation as per Annual Shareholders' Meeting held on April 25, 2018: | ||||||||||||||
Legal reserve | 1,243 | (1,243) | ||||||||||||
Optional reserve | $ 3,296,095 | (3,296,095) | ||||||||||||
Other capital adjustments | (1,228,441) | $ 1,228,441 | ||||||||||||
Other comprehensive income | 725,642 | 370,090 | 370,090 | 355,552 | ||||||||||
Income for the year | 3,000,628 | 2,768,786 | 2,768,786 | 231,842 | ||||||||||
Ending balance at Dec. 31, 2018 | 25,464,233 | 59,603 | 3,469,948 | 6,373,169 | 1,151,256 | 159,934 | 5,510 | 3,296,095 | 46,343 | 422,254 | 8,365,572 | 23,349,684 | 2,114,549 | |
Appropriation as per Annual Shareholders' Meeting held on April 25, 2018: | ||||||||||||||
Legal reserve | 418,279 | (418,279) | ||||||||||||
Optional reserve | 7,947,293 | (7,947,293) | ||||||||||||
Other comprehensive income | (180,460) | (92,038) | (92,038) | (88,422) | ||||||||||
Income for the year | 4,043,800 | 3,839,189 | 3,839,189 | 204,611 | ||||||||||
Ending balance at Dec. 31, 2019 | $ 29,327,572 | $ 59,603 | $ 3,469,948 | $ 6,373,169 | $ 1,151,256 | $ 578,213 | $ 5,510 | $ 11,243,388 | $ 46,343 | $ 330,216 | $ 3,839,189 | $ 27,096,835 | $ 2,230,737 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
NET PROFIT FOR THE YEAR | $ 4,043,800 | $ 3,000,628 | $ 5,657,642 |
Adjustments to reconcile net profit to net cash generated by operating activities | |||
Income tax expense | 1,686,453 | 1,741,314 | 341,425 |
Depreciation and amortization | 3,263,720 | 3,263,385 | 2,680,340 |
Provisions | 50,015 | 108,551 | 58,811 |
Interest expense | 1,125,861 | 639,996 | 582,984 |
Investment income recognized in profit | 13,326 | ||
Exchange rate differences | (304,894) | 269,407 | (391,203) |
Others | 18,634 | (8,645) | |
Gain on disposal of property, plant and equipment | (3,421) | (25,923) | (11,656) |
Changes in operating assets and liabilities | |||
Inventories | 51,967 | (601,655) | 607,807 |
Other receivables | 473,412 | 46,746 | 151,916 |
Trade accounts receivable | (693,682) | (1,089,960) | (1,277,772) |
Advances from customers | (26,100) | (154,493) | 205,314 |
Accounts payable | 981,488 | 1,026,717 | 146,161 |
Salaries and social security payables | 358,988 | 103,158 | 376,318 |
Provisions | (108,945) | (170,421) | (63,968) |
Tax liabilities | 243,657 | (55,121) | (23,390) |
Other liabilities | 262,678 | 333,099 | (29,756) |
Gain on net monetary position | (1,114,858) | (328,784) | (526,528) |
Income tax paid | (1,766,500) | (1,669,696) | (687,746) |
Net cash generated by operating activities | 8,542,273 | 6,428,303 | 7,810,025 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Proceeds from disposal of property, plant and equipment | 65,090 | 7,665 | 38,274 |
Payments to acquire property, plant and equipment | (11,812,961) | (5,256,391) | (3,409,892) |
Payments to acquire intangibles assets | (57,499) | (34,569) | (70,722) |
Advance payments to acquire property, plant and equipment | (1,143,270) | ||
Interest received | 83,702 | ||
Contributions to F.F.F.S.F.I. (Note 39) | (29,507) | (71,174) | (70,000) |
Net cash used in investing activities | (11,834,877) | (6,497,739) | (3,428,638) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from borrowings | 9,495,864 | 2,229,109 | 7,378,598 |
Interest paid | (2,248,504) | (1,421,777) | (1,312,828) |
Repayment of borrowings | (5,731,061) | (4,484,477) | (8,771,804) |
Dividends paid | (1,186,810) | ||
Proceeds from initial public offering, net of issuance costs | 4,373,048 | ||
Lease liabilities | (101,696) | ||
Net cash generated by / (used in) financing activities | 1,414,603 | (3,677,145) | 480,204 |
Net (decrease) increase in cash and cash equivalents | (1,878,001) | (3,746,581) | 4,861,592 |
Cash and cash equivalents at the beginning of the year | 4,464,000 | 7,221,922 | 2,276,867 |
Effect of restating in constant currency of cash and cash equivalent | (162,028) | (150,596) | (78,342) |
Effects of the exchange rate differences on cash and cash equivalents in foreign currency | 143,189 | 1,139,255 | 161,805 |
Cash and cash equivalents at the end of the year | $ 2,567,160 | $ 4,464,000 | $ 7,221,922 |
Legal Information
Legal Information | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Legal Information | 1. LEGAL INFORMATION Legal address: Boulevard Cecilia Grierson 355, 4th Floor, City of Buenos Aires, Argentina. Loma Negra Compañía Industrial Argentina S.A. (hereinafter “Loma Negra”, “Loma Negra C.I.A.S.A.”, “the Company” or “the Group”) is a stock company organized under the Argentine Republic laws. Fiscal year number: Fiscal year number 95, beginning January 1, 2019. Principal business of the Group: The Company and its subsidiaries, mentioned below, are referred to in these consolidated financial statements as the “Group”. The main activity of the Group is the manufacturing and selling of cement and its derivatives, as well as the exploration of mineral resources that are used in the production process. The Group has 9 factories in Argentina, in the provinces of Buenos Aires, Neuquén, San Juan and Catamarca and 1 in Paraguay. The Company also has 11 concrete plants. In addition, the Group, 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. As of the date of issuance of these consolidated financial statements, Ferrosur Roca S.A. is moving forward, together with the Special Commission for Contract Renegotiation in order to obtain the extension requested and it is optimistic in its assessment as to obtaining a formal extension of the concession for an additional 10-year The Group also has a controlling interest in Recycomb S.A.U., a company engaged in the treatment and recycling of industrial waste intended to be used as fuel or raw material, and a controlling interest in Yguazú Cementos S.A., a company organized in Paraguay engaged in the manufacturing and marketing of cement. Date of registration in the Argentinian General Inspection of Justice: • Inscription of the bylaws: August 5th, 1926 under No 38, Book 46 of Companies. • Last amendment registered to the bylaws: August 29th, 2017, under No 17557 Book 85 of Companies by shares. • Correlative Number of Registration with the Inspección General de Justicia (local regulatory agency): 1,914,357. • Tax identification number [CUIT]: 30-50053085-1. • Date of expiration: July 3, 2116. 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, Sheet 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 Shareholders’ meeting of July 3, 2017 resolved: i) extend the period of duration of the Company expiring accordingly on July 3, 2116, ii) 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, iii) update and adapt the operation of the administration to the public offering regime, iv) creation of the auditing committee, v) updating and adaptation of the Statutory Audit Committee, and vi) 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 (“IGJ” as per the initials in Spanish) under Number 17557 of book 85, volume—of companies by shares. The correlative number of IGJ of the Company is 1,914,357. Parent company: Caue Austria Holding GmbH with 51.0437% of the Company’s capital stock and votes. On January 27, 2020, Caue Austria Holding GmbH transferred the entirety of its ownership interest in Loma Negra C.I.A.S.A., in favor of InterCement Trading e Inversiones 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, 2019 | |
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 consolidated financial statements The consolidated financial statements of the Group as of December 31, 2019 and 2018 and for the fiscal years ended December 31, 2019, 2018 and 2017 have been prepared and presented in accordance with the 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 consolidated 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, 2018 and 2017, 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 the current fiscal year. These figures have been restated in the current fiscal year’s end-of-period The Group adopted IFRS 16 using the modified retrospective method of adoption, with the date of initial application of January 1, 2019. Under this method, the standard is applied retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial application. These consolidated financial statements were approved by the Board of Directors on April 28, 2020, the date when the consolidated financial statements were available for issuance. 2.2 Financial information presented in constant currency As mentioned above, the consolidated financial statements as of December 31, 2019, and the corresponding figures for prior fiscal years have been restated to consider changes in the general purchasing power of the Group’s functional currency (the Argentine Peso) in accordance with the provisions included in IAS 29 and the CNV’s General Resolution 777/2018. As a result, the consolidated financial statements are stated in the unit of currency that was current at the end of the fiscal year which is being reported. IAS 29 requires that the financial statements of an entity whose functional currency is that of a hyperinflationary economy be expressed in terms of the current unit of measurement at the closing date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. IAS 29 provides guidelines for illustrative purposes to define a situation in which hyperinflation is deemed to arise, i.e., (i) analysis of general population behavior, prices, interest rate and salaries in the face of changes in price indexes and the loss of purchasing power in currency and (ii) as a quantitative feature, which is the condition more frequently considered in practice, the existence of a cumulative three-year inflation rate that approximates or exceeds 100%. Although in previous years there was major growth in the general price level, the inflation accumulated in three years had remained below an accumulated 100% before 2017. However, as a result of a number of macroeconomic factors, three-year inflation was in 2018 above this figure. In addition, the goals established by the national government and other forecasts available pointed out that this trend would not revert in the short term. In order to assess the above-mentioned quantitative condition and also to restate financial statements, the CNV has set forth that the series of indices to be used in the enforcement of IAS 29 is as determined by FACPCE. This series combines the Consumer Price Index at the national level and as published by Argentina’s Official Statistics Bureau [Instituto Nacional de Estadística y Censos—“INDEC” as per the initials in Spanish] as from January 2017 (baseline month: December 2016) with the Wholesale Domestic Price Index (“IPIM” as per the initials in Spanish) published by INDEC until that date, computing for the months of November and December 2015, for which INDEC has no information with respect to changes in IPIM, the variation in the CPI of the Autonomous City of Buenos Aires. Taking such index into account, inflation was 53.83%, 47.64% and 24.80% in the fiscal years ended on December 31, 2019, 2018 and 2017, respectively. Based on the above, Argentina is considered a country with high inflation economy starting July 1, 2018. Below is a summary of the effects of the application of IAS 29. Restatement of the statement of financial position: (i) Monetary items (those with a fixed nominal value in local currency) are not restated because they are already expressed in term of the monetary unit of measurement that is current at the end of the reporting period. In an inflationary period, holding monetary assets causes losses in purchasing power and holding monetary liabilities generates gains in purchasing power in so far as such items are not subject to an adjustment mechanism that offsets these effects in some way. Monetary gains or losses are included in the statement of profit or loss and other comprehensive income for the fiscal year. (ii) The assets and liabilities that are subject to changes on the basis of specific agreements are adjusted on the basis of such agreements. (iii) Non-monetary non-monetary non-monetary (iv) Non-monetary non-monetary non-current (v) When borrowing costs are capitalized on eligible assets in accordance with IAS 23, the inflation component of borrowing costs is not capitalized. See Note 13 for the Group’s capitalized borrowing costs. (vi) The restatement of non-monetary non-monetary Restatement of the statement profit or loss and other comprehensive income: (i) Expenses and revenues are restated as from the date they are recorded for accounting purposes except for those profit or loss items related to the consumption of assets measured in a currency of purchasing power of a date previous to the registration of such consumption (such as depreciation, impairment and other consumption of assets valued at historical cost); and also except fort any profit or loss arising from items measured in currency of purchasing power of two different dates which require the identification of the amounts being compared, their separate restatement and their comparison based on the new restated amounts. (ii) Financial income and expenses, including foreign exchange differences, arising from funds lent or borrowed, the Group presents them in actual terms, that is, net of the effect of inflation on the assets and liabilities that generated such income and loss. (iii) Net profit or loss from maintaining monetary assets and liabilities is reported in a separate item of the statement of profit and loss and other comprehensive income. Restatement of the statement of changes in Shareholders’ equity: All the components of equity are restated by application of the general price index from the beginning of the fiscal year and the restatement effects of each such components includes the restatement effect from the date of the contribution or initial recognition. Capital stock is presented at nominal values and its corresponding restatement adjustment is presented in a separate account. The other comprehensive income generated after the date of transition is also presented in actual terms. Restatement of the statement of cash flows: IAS 29 requires that all the entries in this statement should be restated in the terms of the unit of measurement that is current at the end of the reporting period. The monetary gain or loss generated by cash and cash equivalents is presented in the statement of cash flows separately from the cash flows stemming from operating, investing and financing activities, as a specific item of the reconciliation between cash and cash equivalents at the start and at the end of the fiscal year. 2.3 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 to sell an asset or paid to transferred a liability in an orderly transaction between market participants as of the measurement date, irrespective of whether such price is directly observable or estimated using another valuation technique. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: • Level 1: quoted (unadjusted) market prices in active markets for identical assets or liabilities that the entity can access at the measurement date; • Level 2: valuation techniques for which the lowest level input that is significant to their value measurement is directly or indirectly observable; and • Level 3: valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. Classification into current and non-current: The Group presents assets and liabilities in the consolidated statement of financial position classified as current and non-current. Assets are classified as current when the Group: a) expects to realize the asset, or intends to sell or consume it, during its normal operating cycle; b) holds the asset primarily for the purpose of trading; c) expects to realize the asset within twelve months after the reporting period; or d) the asset is cash or cash equivalents unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All the other assets are classified as non-current. Liabilities are classified as current when the Group: a) expects to settle the liability during its normal operating cycle; b) holds the liability primarily for the purpose of trading; c) the liability is due to be settled within the twelve months after the reporting period; or d) does not have an unconditional rights to defer settlement of the liability for at least the twelve months after the reporting period. All the other liabilities are classified as non-current. Deferred tax assets and liabilities are classified as non-current Year-end The Group’s fiscal year commences on January 1 and ends on December 31 each year. Currency The consolidated financial statements are presented in thousands of Argentine Pesos ($), the currency of legal tender in the Argentine Republic, and which is the functional currency of the Group. Use of estimates The preparation of consolidated financial statements requires the Group’s management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. The description of the estimates and significant accounting judgments made by the Group’s Board in the application of accounting policies as well as areas with a higher degree of complexity that require the exercise of judgment are disclosed in Note 4. The Group’s significant accounting policies are described below. 2.4 Standards and Interpretations issued but not yet effective The following is a detail of the standards and interpretations that are issued but not yet effective up to the date of issuance of the Group’s consolidated financial statements. The Group intends to adopt these standards, if applicable, when they become effective. • New and amendments to the references of the Conceptual Frameworks of several standards The IASB introduced changes into a set of standards when it issued the Conceptual Framework in March 2018 establishing financial concepts and prepares a set of standards for financial reporting preparers in a manner such as to help financial information users to improve their comprehension of this information. Amendments are effective for the fiscal years starting on January 1, 2020. 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. • Amendments to IFRS 3—Business definition In October 2018, IASB issued changes into the definition of a business in the IFRS 3 “Business Combinations” to help entities to determine if an acquired group of activities and assets is a business or not. These amendments clarify the minimum requirements for a business, suppress the evaluation of whether the market participants are capable of replacing missing elements, add guidance to help entities to evaluate if an acquired process is substantive, reduce the definitions of a business and of P&L and introduce an optional test of fair value concentration. The above-mentioned amendments are effective for the fiscal years starting on January 1, 2020. 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. • IFRS 17—Insurance contracts In May 2017, the IASB issued the IFRS 17 “Insurance contracts”, a new comprehensive financial reporting standard for the Insurance contracts which covers the recognition, assessment, presentation and disclosure. Once in force, IFRS 17 shall replace IFRS 4 which was issued in 2005. The IFRS 17 applies to all the types of insurance contracts (that is, life insurance, non-life • Amendments to IAS 1 and IAS 8—Definition of material information In October 2018, the IASB issued amendments to IAS 1 “Presentation of Financial Statements” and to IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors” to align the definition of “material information” through the standards and clarify certain aspects of the definition. The new definition lays down that “Information is material if omitting, misstating or hiding it could reasonably be expected to influence decisions that the primary users of general-purpose financial statements make on the basis of those financial statements. These amendments are effective as from the fiscal years starting on January 1, 2020. 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. • Amendments to IFRS 9, IFRS 7 and IAS 39 In September 2019, IASB issued amendments to the IFRS 9, IAS 39 and IFRS 7 “Financial Instruments: Disclosures”, which concludes Phase I of its work to respond to the effects of changes to interbank offered rates (“IBOR”) concerning financial information. The amendments allow hedge accounting to continue during the period of uncertainty before the replacement of an existing benchmark interest rate for a risk-free alternative interest rate. These changes are effective as from the fiscal years starting on January 1, 2020. 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. New and amendment standards and interpretations The Group has adopted all the improvements and new standards and interpretations issued by IASB that are relevant to its operations and which are effective as of December 31, 2019. Starting on January 1, 2019, the Group adopted the following standards: • IFRS 16: Leases IFRS 16 supersedes IAS 17, Leases, IFRIC 4, Determining whether and Arrangement contains a Lease, SIC 15, Operating Leases-Incentives and SIC 27, Evaluating the Substance of Transactions Involving the Legal Form of a Lease. IFRS 16 lays sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires leases to recognize most leases on the balance sheet. Lessors accounting under IFRS 16 is substantially unchanged from IAS 17. Lessors will continue to classify the leases as either operating or finance leases using similar principles as in IAS 17. Therefore, IFRS 16 does not have an impact for leases where the Group is the lessor. The Group adopted the IFRS 16 using the modified retrospective method of adoption, with the date of initial application of January 1, 2019. The Group elected to use the practical expedient to not reassess whether a contract is, or contains, a lease as of January 1, 2019. Instead, the Group applied the standard only to the contracts that were previously identified as leases applying IAS 17 and IFRIC 4 at the date of initial application. The Group also elected to use the recognition exemptions for lease contacts that, at the commencement date, have a lease term of twelve months or less and do not contain a purchase option (short-term leases) and lease contracts for which the underlying asset is low-value (low-value • IFRIC 23: Uncertainty over income tax treatments The interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of IAS 12, Income Taxes. It does not apply to taxes or levies outside the scope of IAS 12, nor does it specifically include the requirements relating to interest and penalties associated to with uncertain tax treatments. The interpretation specifically addresses the following: a) Whether an entity considers uncertain tax treatments separately. b) The assumptions an entity makes about the examination of treatments by the tax authorities. c) How an entity determines taxable profit (tax loss), taxable bases, unused tax losses, unused tax credits and tax rates. d) How an entity considers changes in facts and circumstances. The Group determines whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments and uses the approach that better estimates the resolution of uncertainties. The Group does not believe that is has significant uncertain tax treatments have, therefore, the interpretation did not have an impact on the consolidated financial statements of the Group. • Amendments to IFRS 9: Prepayment features with negative compensation Under the IFRS 9, a debt instruments can be measured at amortized cost or at fair value through other comprehensive income, provided that the contractual cash flows are “solely payments of principal and interest on the principal amount outstanding” (the SPPI criterion) and the instrument is held within the appropriate business model for that classification. The amendments to IFRS 9 clarify that a financial asset passes the SPPI criterion regardless of an event or circumstance that causes the early termination of the contract and irrespective of which party pays or receives reasonable compensation for the early termination of the contract. These amendments did not have an impact on the Group’s consolidated financial statements. • Amendments to IAS 28: Long-term interest in associates and joint ventures The amendments clarify that an entity applies IFRS 9 to long-term interests in an associate or joint venture to which the equity method is not applied but that, in substance, form part of the net investment in the associate or joint venture (long-term interests). This clarification is relevant because it implies that the expected credit loss model in IFRS 9 applies to such long-term interests. The amendments also clarified that, in applying IFRS 9, an entity does not take account of any losses of the associate or joint venture, or any impairment losses on the net investment, recognized as adjustments to the net investment in the associate or joint venture that arise from applying IAS 28, Investments in Associates and Joint Ventures. These amendments had no impact on the consolidated financial statements as the Group does not have long-term interests in its associate and joint venture. • Improvements in the 2015—2017 cycle Amendments to IFRS 3: Business combinations The amendments clarify that, when an entity obtains control over a business that is a joint venture the requirements that apply are those of a business combination attained in stages, including the measurement of interests previously maintained in assets and liabilities in the joint venture at fair value. Upon doing as much, the acquirer conducts a remeasurement of the interest in a joint business owned before the transaction. These amendments did not have an impact on the Group’s consolidated financial statements because there is no transaction covered. Amendments to IFRS 11: Joint arrangements An entity that participates but does not have joint control over a joint arrangement could have joint control over the joint arrangement in which the activity of the joint arrangement is a business as defined in IFRS 3. The amendments clarify that the ownership interests maintained in that joint venture are not re-measured. Amendments to IAS 23: Borrowing costs These amendments clarify that an entity must treat any borrowing originally taken for the development of an eligible asset that is pending payment after the asset is ready for prescribed use or sale as a part of generic borrowings. The Group is applying the provisions of this standard to the funding obtained for the construction of its new plant, all the borrowings are identified to an eligible asset until the settlement of the respective borrowing or the start-up 2.5 Bases of consolidation These consolidated financial statements include the financial statements of the Company and of the Company’s controlled companies (its subsidiaries or controlled companies or affiliates). The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Group re-assesses Generally, there is a presumption that the majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all the relevant facts and circumstances in assessing whether it has power over the investee, including: • The Group’s voting right ownership percentage, vis-à-vis the size and dispersion of percentages held by other shareholders voting rights and potential voting rights; • Potential voting rights maintained by the Group, other shareholders or other parties; • The contractual arrangement(s) with the other vote holders of the investee; and • Any and all additional events or circumstances that set forth that the Group has, or does not have, at present, the ability to direct the relevant activities of the investee at a time when decisions are made. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control over the subsidiary. Assets, liabilities, revenues and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date when the Group obtains control until the date when the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the Group’s owners and to the non-controlling non-controlling When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group’s accounting policies. All intra-group assets, liabilities, equity, income, expenses and cash flows related to transactions between members of the Group are eliminated in full upon consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling The consolidated information disclosed in these consolidated financial statements include the following subsidiaries: Main business Country % of direct and indirect ownership as of 2019 2018 2017 Subsidiary name: Cofesur S.A.U. Investment Argentina 100.00 100.00 100.00 Ferrosur Roca S.A. (1) Rail freight transportation Argentina 80.00 80.00 80.00 Recycomb S.A.U. Waste recycling Argentina 100.00 100.00 100.00 Yguazú Cementos S.A. Marketing, selling and manufacture construction materials Paraguay 51.00 51.00 51.00 (1) Directly controlled by Cofesur S.A.U. Below is a summary of the financial information for Group subsidiaries with material non-controlling a) Yguazú Cementos S.A. 2019 2018 Current assets (1) 2,270,451 1,966,481 Non-current 5,604,624 6,335,157 Current liabilities (2) 798,455 1,155,174 Non-current 2,656,224 3,295,021 Equity attributable to the owners of the company 2,254,476 1,964,300 Non-controlling 2,165,920 1,887,143 (1) Includes 1,262,959 and 878,262 in Cash and cash equivalents as of December 31, 2019 and as of December 31, 2018, respectively. (2) Includes the financial borrowings described in Note 25. 2019 2018 2017 Net revenues 3,875,695 3,601,539 2,617,879 Financial results, net (289,511 ) (348,788 ) (165,224 ) Depreciations (578,759 ) (525,009 ) (387,808 ) Income tax (70,377 ) (48,818 ) (27,974 ) Profit for the year 749,413 546,272 501,248 2019 2018 2017 Net cash generated by operating activities 1,690,944 892,401 637,033 Net cash used in investing activities (102,234 ) (122,677 ) (126,893 ) Net cash used in financing activities (1,153,942 ) (485,063 ) (835,868 ) b) Ferrosur Roca S.A. 2019 2018 Current assets 871,776 1,089,003 Non-current 2,221,041 2,781,400 Current liabilities 2,456,055 2,483,874 Non-current 312,678 241,231 Equity attributable to owners of the company 259,268 916,238 Non-controlling 64,817 229,059 2019 2018 2017 Net revenues 3,646,421 3,980,359 4,030,339 Financial results, net (629,549 ) (139,298 ) (35,514 ) Depreciations (617,810 ) (580,899 ) (428,492 ) Income tax 59,122 220,830 (81,850 ) Loss for the year (*) (812,933 ) (170,838 ) (86,101 ) (*) Net loss as of December 31, 2019 includes the elimination of intragroup related parties’ transactions for 347,062. 2019 2018 2017 Net cash generated by / (used in) operating activities 295,950 (266,488 ) 384,436 Net cash generated by / (used in) investing activities 54,605 (416,651 ) (646,724 ) Net cash (used in) / generated by financing activities (316,514 ) 674,960 256,693 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of significant accounting policies | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 3.1 Revenue recognition The Group is engaged in the production and distribution of cement, masonry cement, concrete, limestone and aggregates. The Group also operates the Ferrosur Roca concession with approximately 3,100 km of railroads in four provinces of Argentina, that links five of Group’s production facilities (Olavarría, Barker, Ramallo, Zapala and L’Amalí) with the LomaSer, Solá and Bullrich distribution centers that are located near major consumption centers, such as the Greater Buenos Aires metropolitan area. In addition, the Group is engaged in the industrial waste recycling business. The goods to be delivered and the services to be provided arise from agreements (in general, they are not written) where the Group may identify the right of each one of the parties, the terms of payment and the agreement is commercial in nature. 3.1.1 Sale of goods Revenues from agreements with customers are recognized when control over goods is transferred to the customer for an amount that reflects the consideration that the Group expects to be entitled to in exchange for such assets or services. The customer obtains control of the goods when significant risks and rewards of products sold are transferred in accordance with the specific terms of delivery that are agreed with the customer. Revenues from the sale of goods are measured at fair value of the consideration received or to be collected, which the price specified in the invoice, net of commercial discounts. No financing components are considered in the transaction since credit terms average from 20 to 35 days, depending on the specific terms agreed upon by the Group which is consistent with market practices. Some agreements with clients offer commercial discounts or volume-based discounts. If revenues cannot be reliably measured, the Group defers recognition of income until the uncertainty is resolved. However, in general, performance obligations are met upon the delivery of the goods sold, at which time, both the price and any discount are specifically agreed between the parties. Variable consideration is recognized when there is a high likelihood that there will not be a significant reversal in the amount of the accumulated revenues recognized in the agreement and measured using the expected method or the most likely amount. The products sold by the Group in general are not returned by customers once they have been accepted and quality approved. Such approval is obtained the time of delivery. 3.1.2 Services rendered The Group provides transportation services along with the sale of cement, concrete, limestone and aggregates. Revenues from transportation services is recognized at the time services are provided, which is usually when revenues from the sale of the transported good is recognized as transportation distance and time is very short. Revenue is measured on the basis of the consideration defined in the contract with customers. Revenues from freight railway services and waste recycling services are recognized at the time such services are rendered. 3.2 Goodwill The goodwill recorded by the Group corresponds to the acquisition of Recycomb S.A.U. and it is measured at cost restated at the end of the reporting period in accordance with Note 2.2. In accordance with IFRS 3, Business Combinations, goodwill is initially measured at cost being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is not amortized, but rather tested for impairment on an annual basis. For purposes of conducting the impairment test, goodwill is allocated to each of the Group’s cash generating units that expected to benefit from the synergies of the combination. Goodwill is tested for impairment annually as at December 31 and when circumstances indicate that the carrying amount may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal and its value in use. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses related to goodwill cannot be reversed in future periods. Any goodwill impairment loss is recognized directly in profit or loss. Upon disposal of cash generating unit to which goodwill has been allocated, such goodwill is included in the determination of the profit or loss on disposal. For the years ended December 31, 2019, 2018 and 2017, the Group has not recognized any impairment loss. 3.3 Investments in other companies These are investments in which the Group has no significant influence. Given that these equity investments do not have a quoted market price in an active market and their fair value cannot be reliably measured, these investments are measured at the cost restated at the end of the reporting period, less any impairment loss. 3.4 Leases The Group adopted IFRS 16 on January 1, 2019. The nature and the effect of the changes as a result of the adoption of this new accounting standard are described in Note 14. The following describes the accounting policy applied by the Group to the lease agreements before the adoption of IFRS 16. Leases were 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 were classified as operating leases. The Group as the 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 the Lessee a) Finance leases: assets held under finance leases were 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 was included in the consolidated statement of financial position as a finance lease obligation. Lease payments were 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 were directly attributable to qualifying assets, in which case they were 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. b) Operating leases: operating lease payments were 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 were 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 were recognized as a liability. The aggregate benefit of incentives was recognized as a reduction of rental expense on a straight-line basis, except where another systematic basis was more representative of the time pattern in which economic benefits from the leased asset are consumed. Upon the application of IFRS 16, the Group has adopted a new accounting model for the recognition and measurement of all the leases, as described below. The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group as the Lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value right-of-use Right of use assets The Group recognizes a right of use asset at the commencement date of the lease (i.e. the date when the underlying asset is available for use). Right of use assets are measured at cost, less any accumulated depreciation and impairment losses and adjusted to reflect any remeasurement of liabilities and to recognize the changes in the purchasing power of currency pursuant to the provisions of IAS 29. The cost of the right of use assets includes the amount of the lease liabilities recognized, initial direct costs incurred and lease payments made at or before the commencement date, less any lease incentives received. Right of use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right of use assets are subject to impairment. See Note 3.10. Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the term of the lease. The lease payments include fixed payments (including in-substance In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. Interest expense on the lease payments is recorded by the Group in the consolidated statement of profit or loss and other comprehensive income for fiscal year (See Note 14). The Group as the Lessor As previously described, the adoption of IFRS16 had no impact on the recognition and measurement of the leases when the Group is the lessor. 3.5 Foreign currency and functional currency These consolidated financial statements are presented in Argentine Pesos (Argentina’s currency of legal tender), which is also the functional currency (the currency of the primary economic environment in which an entity operates) of the Group and all the companies with domicile in the Argentine Republic. In the case of the subsidiary Yguazú Cementos S.A., located in Paraguay, its functional currency is the Guaraní. For purposes of presentation of these consolidated financial statements, the assets and liabilities from the Group’s foreign operations are translated to Pesos at foreign exchange rates prevailing at the end of the reporting period and their statement of profit or loss and other comprehensive income are translated at the average foreign exchange rate for each month, unless the corresponding foreign exchange rate has fluctuated significantly during the month, in which case, the exchange prevailing on the date of the transaction is used. Gain or losses on exchange differences on translation of foreign operations are recognized in other comprehensive income and are accumulated in shareholders’ equity (and are attributed to non-controlling Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the foreign exchange rate prevailing at the end of the reporting period. On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is reclassified to profit or loss. Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. The Group’s assets and liabilities denominated in foreign currency are translated to the Pesos at the exchange rates at the end of the reporting period. Foreign exchange gains / (losses) from monetary items are recognized in profit and loss for the year, net of the effect of inflation, except for those stemming from borrowings denominated in foreign currency to finance qualifying assets, such as construction in progress, in which case, they are capitalized as part of the carrying amount of the asset, as they are considered to be an adjustment to the costs for interest on said borrowings denominated in foreign currency. 3.6 Borrowing costs Borrowing costs, net of the effect of inflation directly attributed to the acquisition, construction or production of qualifying assets, which are assets that take a substantial period of time to get ready for their intended use or sale, are capitalized as part of the cost of the asset until the assets are ready for use or sale. Income earned on short term investments in specific outstanding borrowings to finance the construction of qualifying assets is deducted from the borrowing costs that may qualify for capitalization. All the other borrowing costs are recognized in profit or loss when incurred, net of the effect of inflation on the liabilities that generated them. 3.7 Taxation 3.7.1 Income tax Argentina The Group assesses the income tax charge to be recorded in accordance with the deferred tax method, which considers the effect of temporary differences originating in the different basis for measuring assets and liabilities according to accounting and tax criteria and of the existing net losses and unused tax credits susceptible of deduction of future taxable income computed by considering the tax rate in force which at present is 30% in Argentina. This tax rate had been set forth by Law No. 27.430 until the fiscal year ended in December 2019, dropping to 25% as from January 1, 2020. Pursuant to the Reform introduced by Law No. 27.541 (Official Gazette 12/23/19) the changes in tax rates that had been prescribed were suspended and a decision was made to maintain the original 30% tax rate up to the fiscal years starting on January 1, 2021 inclusive. A literal interpretation of the reform would be that the last year-end 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 taxes Current tax payable is based on the taxable profit for the fiscal year. Taxable profit differs from profit before tax as reported in the consolidated statement of profit and loss and other comprehensive income because of items of income, or expenses that are taxable or deductible in other years and items that will never be taxable or deductible. The Group’s liability for current tax is calculated using the tax rates that have been substantially enacted at the end of the reporting period. 3.7.1.2 Deferred taxes Deferred tax is recognized on temporary differences between the carrying amount of the assets and liabilities included in the consolidated financial statements and the corresponding used in the computation of taxable profit. Deferred tax liabilities are generally recognized, for all the taxable temporary differences. Deferred tax assets are generally recognized for all 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 amounts of deferred tax assets are reviewed at the end of each fiscal year and derecognized to the extent it is no longer probable that sufficient taxable profit 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 fiscal year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantially enacted at the end of the reporting period. Measurement of deferred tax liabilities and deferred tax assets at the end of reporting period reflects the tax consequences that would stem from the manner in which the entity expects to recover or settle the carrying amount of its assets and liabilities. The Group offsets deferred tax assets and deferred tax liabilities if and only if a) it has legally enforceable right to set off current taxes and current liabilities and b) the deferred tax assets and liabilities relate to income taxes levied by the same tax authority on either the same taxable entity or different taxable entities and the Group intends either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. 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 temporary differences will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are only recognized to the extent that there is probable that there will be sufficient taxable profit against with to utilize the benefits of temporary differences and they are expected to reverse in the foreseeable future period. 3.7.1.3 Current and deferred taxes Current and deferred taxes are recognized in the statement of profit and loss and other comprehensive income. Current and deferred taxes are recognized in the profit and 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 taxes are also recognized in other comprehensive income or directly in equity, respectively. When current tax or deferred taxes arise from a business combination, the tax effect is included in the accounting for the business combination. 3.7.2. Personal asset 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 asset tax of 0.25% over of the value of any shares or the American Depositary Shares issued by Argentine entities, held as of December 31 of each year. The tax applies to the Argentine issuers of said shares, who must pay for this tax in substitution for the relevant shareholders and it is based on the equity value (following the equity method), or the book value of the shares derived from the most recent financial statements as of December 31 of each year. In accordance with the Personal Asset Tax Law, the Group is entitled to obtain a reimbursement of the tax paid from the shareholders levied with the above-mentioned tax through the reimbursement mechanism that the Group deems advisable. As of December 31, 2019 and 2018, the Company carries the following receivables in this respect 13,492 and 5,015, respectively. 3.7.3. Tax reform in Argentina The Tax Reform Law No. 27,430, modified in turn by Law No. 27,468 prescribes the following in connection with the adjustment to reflect the effects of inflation for tax purposes to become effective for the fiscal years commencing on January 1, 2018: (a) the adjustment shall be applicable in the fiscal year in which a CPI variation in excess of 100% is verified during the thirty-six sub-sections With the enactment on December 21, 2019 of Law No. 27,541 entitled “Social Solidarity and Productive Reactivation in the framework of a Public Emergency Situation” there was a change in the computation of the inflation adjustment for tax purposes, with it being fixed at one sixth in the fiscal period and in the remaining five sixths, in equal parts, in the immediately following five fiscal periods, which have been recognized as deferred liabilities to be charged against deferred tax in the statement of profit and loss and other comprehensive income. Given that as of the closing date of the fiscal year herein reported, the conditions have been satisfied for application of the inflation adjustment for tax purposes, current and deferred income tax for the year ended on December 31, 2019, have been recorded incorporating the effects stemming from their application. Revaluation of certain assets for tax purposes The Tax Reform Law No. 27,430 signed into law by the Argentine Executive Branch on December 29, 2017 enables the exercise of the option to revalue, for tax purposes and on a one-off Those who exercise the option to revalue their assets in accordance with the provisions in Law No. 27.430 must (i) waive their right to commence any court case or administrative proceedings whereby the petitioner claims, with tax purposes, the application of adjustment proceedings in any nature until the date of the first fiscal year whose closing date falls subsequent to the coming into force of this law, and (ii) abandon the actions and rights invoked in proceedings commenced in connection with previously closed fiscal years. Additionally, the computation of the amortization of the revaluation amount or its inclusion as the computable cost of a disposal in the income tax assessment shall entail, for the fiscal year in which such computation is performed, a waiver of any claim for adjustment. In this respect, the Group opted to revalue its property, plant and equipment for tax purposes. The revaluation amount was 661,680 and the special tax was 66,168 (amounts stated in nominal figures) and it has been charged to the statement of profit or loss and other comprehensive income, in the current income tax line item as of December 31, 2019. In addition, as of December 31, 2019, a deferred tax asset in the amount of 255,784 has been recognized in relation to this adjustment. 3.8 Property, plant and equipment Property, plant and equipment held for use in the production or supply of goods and services, including capitalized stripping and quarry exploitation costs mentioned in Note 3.18, or for administrative purposes are recorded at cost restate in constant currency at the end of the reporting period, in accordance with Note 2.2., minus depreciation and any accumulated impairment loss. The Company holds spare parts that are expected to be used to replace parts of property, plant and equipment and are expected to increase the related asset’s useful life for a period exceeding twelve months. These spare parts are classified in property, plant and equipment and not in inventories. Construction in progress for administrative, production, supply or other purposes are carried at cost restated in constant currency at the end of the reporting period, in accordance with Note 2.2, minus any impairment loss already recognized. Cost includes professional fees and borrowing costs on qualifying assets, in accordance with the Group’s accounting policies. Depreciation on assets under construction only commences when such assets are ready their intended use. Property, plant and equipment are depreciated, except for the land and assets under construction, over their estimated useful lives using the straight-line method. The estimated useful life, the residual value and the depreciation method are reviewed at the end of each year, with the effect of any changes in estimates being accounted for on a prospective basis. Right of use assets are depreciated on a straight-line basis over the shorter of the lease term or and the estimated useful life of the assets. Land is not subject to depreciation. Gain or loss from the disposal or write-off 3.9 Intangible assets Intangible assets with finite useful lives, acquired separately, are carried at cost restated in constant currency at the end of the reporting period, as described in Note 2.2, less accumulated depreciation and any accumulated impairment losses. The estimated useful life and the depreciation method are reviewed at the end of the reporting period, with the effect of any changes in estimates being accounted for on a prospective basis. Intangible assets with an indefinite useful life that are separately acquired are carried at cost restated in constant currency at the end of the reporting period, less accumulated impairment losses. Intangible assets are derecognized when no future economic benefits are expected from their use or disposal. Gains or losses from the derecognized of an intangible asset, is determined as the difference between the net disposal proceeds and the carrying amount of the asset and it is recognized in the profit and loss when the asset is derecognized. 3.10 Impairment of tangible and intangible assets At the end of the reporting period, the Group reviews the carrying amounts of its tangible and intangible assets in order to assess if there is any indication that an asset might be impaired. If any indication exists, the Group estimates the asset’s or the cash generating unit recoverable amount. An asset’s recoverable amount is the higher of an assets or CGU’s fair value less cost of disposal and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax Intangible assets not yet available for use are subject to impairment tests at least once a year and in so far as there are indications that the asset may have been impaired. When the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset if considered impaired and it is written down to its recoverable amount. Impairment losses are immediately recognized in profit or loss. A previously recognized impairment loss is reversed, only if there has been a change in the assumptions used to determine the asset’s or of the CGU’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset or CGU in prior years. Impairment loss reversals are immediately recognized in profit loss. 3.11 Inventories Inventories are stated at the lower of cost restated in constant currency at the end of period in accordance with Note 2.2 and net realizable value. Costs of inventories are determined using the weighted average price method. The net realizable value is the estimated price of sale less estimated costs to conclude such sale. Costs incurred in bringing each product to its present location and condition are accounted for as follows: • Raw materials and spare parts: at cost as on a weighted average price method. Cost is determined at each the plants of the Group. • Finished goods and in work in progress: at the cost of direct materials and labor plus a proportion of manufacturing overheads based on normal operating capacity, but excluding borrowing costs. The net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. In assessing recoverable amounts of inventories, slow-moving inventories are also considered. 3.12 Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to a provision is presented in the statement of profit or loss net of any reimbursement. Estimated amounts of the obligation are based on the expected outflows that will be required to settle such obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax When the Group expects some or all of a provision to be reimbursed, the reimbursement is recognized as a separate asset (a receivable), but only when the reimbursement is virtually certain and the amount of the receivable can be reliably measured. The Group uses the opinion of its legal advisors to the determine if a provision should be recorded as well as to estimate the amounts of the obligations. Environmental restoration Under legal provisions and the Group’s practices, the land used for mining and quarries are subject to environmental restoration. In this context, provisions are recognized in those cases that they could be determined, in order to afford the estimated expenses for the environmental recovery and restoration of the mining areas. These provisions are recorded simultaneously with the increase in value in the underlying asset and the relevant depreciation of the assets involved is recognized in profit and loss prospectively. 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 Group 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 follow the practice of progressively restoring the freed areas by the removal of quarries using the provisions recognized for that purpose. 3.13 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. Interest and financial income are recognized to the extent the effective interest rate is accrued. 3.14 Financial assets The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. |
Critical Accounting Judgments A
Critical Accounting Judgments And Key Sources For Estimating Uncertainty | 12 Months Ended |
Dec. 31, 2019 | |
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Critical Accounting Judgments And Key Sources For Estimating Uncertainty | 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 Group’s management of the Company required to make judgments, 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. Underlying estimates and assumptions are continuously reviewed. Changes in estimates are accounted for prospectively. 4.1 Critical judgements in applying accounting policies The following are the critical judgments, in addition to those involving estimations (see Note 4.2), that management 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. Management assessed the operations of Ferrosur Roca S.A. based on the guidelines of IFRIC 12, which provides 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 management concluded that the concession of Ferrosur Roca S.A. is out of scope of IFRIC 12, and, therefore, the Company does not apply its provisions. Accordingly, the Company has recorded the assets received from the concession and those subsequently acquired under IAS 16 “Property, plant and equipment”. As of the date of issuance of these consolidated financial statements, Ferrosur Roca S.A. is moving forward, together with the Special Commission for Contract Renegotiation in the request to formally obtaining the extension of the concession contract which expires in 2023, and it is optimistic that the concession will be extended for an additional ten year period. The Group considers that the term of the concession has been extended for purposes of all the required accounting evaluations and estimates. 4.2 Key assumptions and sources in the 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 financial year. 4.2.1 Impairment of goodwill Determining whether goodwill is impaired requires an estimation of the recoverable amount and value in use of the cash-generating units to which goodwill has been allocated. The value in use calculation requires management 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 is disclosed in Note 17 to the consolidated financial statements. There was no impairment of goodwill for the fiscal years ended on December 31, 2019, 2018 and 2017. 4.2.2 Property, plant and equipment and intangible assets The following is the estimated useful life for each component of property, plant and equipment and intangible assets: Useful life Quarries 50 to 100 years Quarries - Stripping cost Units of production Plant and buildings 5 to 50 years Machinery and equipment 8 to 35 years Furniture and fixtures 3 to 10 years Tools 5 years Software 5 years Transport and load vehicles 4 to 32 years The assets used in the concession of Ferrosur Roca S.A. are depreciated over shorter of their estimated useful lives or the remaining concession term. As described in Notes 3.2, 3.8 and 3.9, the Group annually assesses tangible and intangible assets estimated useful lives, 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 the rules and applicable lays, interpretations, opinions and final assessment of damages. Therefore, any change in the circumstances may have a significant impact on the amount of the provision for contingencies recorded by the Group. The Group 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 Calculation of 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 associated companies, the management has reviewed the Group’s business plans and concluded that they will not be sold in the foreseeable future and, therefore, no deferred tax liability has been recorded for such investments. 4.2.5 Use of judgment in the determination of lease periods On January 1, 2019, and upon the adoption of IFRS 16, the Group determines the lease term as the non-cancellable The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate. |
Net Revenue
Net Revenue | 12 Months Ended |
Dec. 31, 2019 | |
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Net Revenue | 5. NET REVENUE 2019 2018 2017 Sales of goods 41,067,754 40,862,324 37,578,420 Domestic market 40,980,400 40,841,247 37,567,483 External customers 87,354 21,077 10,937 Services rendered 2,159,668 2,309,830 2,446,475 (-) Bonus / Discounts (4,275,421 ) (1,934,407 ) (1,815,060 ) Total 38,952,001 41,237,747 38,209,835 |
Cost of Sales
Cost of Sales | 12 Months Ended |
Dec. 31, 2019 | |
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Cost of Sales | 6. COST OF SALES 2019 2018 2017 Inventories at the beginning of the year 6,853,333 5,892,728 6,341,329 Finished products 595,989 317,369 412.504 Products in progress 1,656,335 1,414,029 1.799.461 Raw materials, materials, fuel and spare parts 4,601,009 4,161,330 4,129,364 Currency translation differences 273,804 149,228 (13,124 ) Purchases and production expenses for the year 27,997,878 31,551,389 28,038,808 Inventories at the end of the year (6,983,021 ) (6,853,333 ) (5,892,728 ) Finished products (489,582 ) (595,989 ) (317,369 ) Products in progress (1,577,277 ) (1,656,335 ) (1,414,029 ) Raw materials, materials, fuel and spare parts (4,916,162 ) (4,601,009 ) (4,161,330 ) Cost of sales 28,141,994 30,740,012 28,474,285 The detail of production expenses is as follows: 2019 2018 2017 Fees and service fees 499,612 520,510 369,487 Salaries, wages and social security contributions 4,923,151 5,196,957 5,221,971 Transport and travelling expenses 198,551 238,417 220,057 Data processing 17,976 24,647 20,710 Taxes, contributions and commissions 458,430 457,683 421,472 Depreciation and amortizations 3,165,250 3,335,667 2,735,231 Preservation and maintenance costs 2,508,574 2,962,656 3,117,723 Communications 28,311 26,738 24,828 Leases 67,706 77,881 61,662 Employee benefits 109,673 113,662 121,388 Water, natural gas and energy services 11,318 9,021 9,248 Freight 2,207,433 2,678,736 2,701,483 Fuel 4,411,917 4,883,503 3,797,905 Insurance 90,510 65,539 57,457 Packaging 1,069,699 1,095,010 934,458 Electrical power 2,807,288 3,135,468 2,403,440 Contractors 2,084,512 2,292,933 1,851,299 Tolls 3,182 6,125 11,333 Canon (concession fee) 28,390 27,815 28,084 Security 155,059 182,777 200,176 Others 357,230 350,773 401,645 Total 25,203,772 27,682,518 24,711,057 |
Selling and Administrative Expe
Selling and Administrative Expenses | 12 Months Ended |
Dec. 31, 2019 | |
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Selling and Administrative Expenses | 7. SELLING AND ADMINISTRATIVE EXPENSES 2019 2018 2017 Managers and directors compensation and fees 237,173 157,223 200,343 Fees and compensation for services 201,971 219,683 136,931 Salaries, wages and social security contributions 868,805 887,329 955,067 Transport and travelling expenses 44,033 43,173 45,611 Data processing 57,106 52,259 31,515 Advertising expenses 65,525 68,105 74,393 Taxes, contributions and commissions 732,114 845,531 933,579 Depreciation and amortizations 169,759 97,049 65,707 Preservation and maintenance costs 13,598 13,508 17,034 Communications 28,433 28,841 21,652 Leases 19,212 69,437 41,090 Employee benefits 33,374 45,654 48,577 Water, natural gas and energy services 4,973 4,501 2,487 Freight 276,339 319,291 364,799 Insurance 43,342 41,711 17,726 Allowance for doubtful accounts 47,959 8,326 (1,594 ) Security 6,241 6,392 6,071 Others 54,458 67,229 68,085 Total 2,904,415 2,975,242 3,029,073 |
Other Gains And Losses
Other Gains And Losses | 12 Months Ended |
Dec. 31, 2019 | |
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Other Gains And Losses | 8. OTHER GAINS AND LOSSES 2019 2018 2017 Gain on disposal of property, plant and equipment 3,421 20,905 11,656 Donations (25,648 ) (31,517 ) (38,590 ) Technical assistance services provided 11,252 6,611 1,945 Gain on tax credits acquired 7,036 3,282 5,163 Contingencies (40,515 ) (11,581 ) (45,165 ) Leases 89,121 47,648 55,872 Service fee from ADS Depositary bank — 154,348 157,295 Result from U.E.P.F.P.—Ferrosur Roca S.A. — — 19,235 Miscellaneous (7,629 ) (21,620 ) 11,582 Total 37,038 168,076 178,993 |
Tax on Bank Accounts Debits And
Tax on Bank Accounts Debits And Credits | 12 Months Ended |
Dec. 31, 2019 | |
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Tax on Bank Accounts Debits And Credits | 9. TAX ON BANK ACCOUNTS DEBITS AND CREDITS During 2019, 2018 and 2017, the general tax rate on bank credits and debits was 0.6% for the amounts credited and debited in the bank accounts of Argentina-based companies. For 2019 and 2018, for the amounts credited and debited, 33% of both items may be taken as payment on account of other taxes. The 67% of the tax paid is included in this line item in the consolidated statement of profit or loss and other comprehensive income. For 2017, 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 item of the consolidated statement of profit or loss and other comprehensive income. Pursuant to Law No. 27,432, the Argentine Executive Branch may set forth that the percentage of the tax mentioned that is not computable as payment on account of income tax should be progressively written down by up to 20% per year as from January 1, 2018. It can be established that in 2022 the tax set forth in Law No. 25,413 as subsequently modified shall be fully computed as payment on account of income tax. On May 7, 2018, Decree 409/2018 was published in the Official Gazette; it established that taxpayers within the scope of the general twelve per thousand tax may apply 33% of the amounts credited and debited in the respective bank accounts to partial payment of income tax. |
Financial Results
Financial Results | 12 Months Ended |
Dec. 31, 2019 | |
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Financial Results | 10. FINANCIAL RESULTS, NET 2019 2018 2017 Exchange rate differences Foreign exchange gains 43,094 626,067 158,601 Foreign exchange losses (1,233,558 ) (2,536,469 ) (350,007 ) Total (1,190,464 ) (1,910,402 ) (191,406 ) Financial income Unwinding of discounts on provisions and liabilities 60,383 41,399 35,287 Interest from loans to related parties — — 8,215 Total 60,383 41,399 43,502 Financial expenses Interest on borrowings (1,187,112 ) (594,718 ) (582,150 ) Interest from short-term investments (48,217 ) (45,436 ) (41,960 ) Tax interest (169,277 ) (130,570 ) — Interest on leases (39,640 ) — — Interest with related parties — (10,632 ) (17,412 ) Unwinding of discounts on receivables (69,135 ) (48,740 ) (40,613 ) Others (279,938 ) (187,269 ) (113,984 ) Total (1,793,319 ) (1,017,365 ) (796,119 ) |
Income Tax Expense
Income Tax Expense | 12 Months Ended |
Dec. 31, 2019 | |
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Income Tax Expense | 11. INCOME TAX EXPENSE 2019 2018 2017 Profit before income tax expense 5,730,253 4,741,942 5,999,067 Income tax rate (*) 30 % 30 % 35 % Income tax (1,719,076 ) (1,422,582 ) (2,099,673 ) Adjustments for calculation of the effective income tax: Effect of different income tax rate in Paraguay (*) 163,958 119,018 149,277 Effects of the fiscal revaluation and adjustment to reflect inflation for accounting and tax purposes 150,945 (448,142 ) (375,535 ) Effect of change in tax rate (281,450 ) (8,360 ) 1,842,147 Other non-taxable non-deductible (830 ) 18,752 142,359 Income tax expense (1,686,453 ) (1,741,314 ) (341,425 ) INCOME TAX Current (1,103,295 ) (1,614,317 ) (1,634,401 ) Deferred (583,158 ) (126,997 ) 1,292,976 Total (1,686,453 ) (1,741,314 ) (341,425 ) (*) Statutory income tax rate in Argentina was 30% in 2019 and 2018, and 35% in 2017, while in Paraguay was 10% during all years. 11.1) The deferred income tax assets and liabilities are as follows: 2019 2018 2017 Deferred tax assets Loss carryforward from subsidiary 268,836 209,729 43,797 Provisions 93,254 24,123 53,452 Leases 41,345 — — Trade accounts receivable 12,475 1,446 2,168 Accounts payable 100,403 — — Others 13,062 8,936 17,137 Sub-total 529,375 244,234 116,554 2019 2018 2017 Deferred tax liabilities Investments (5,850 ) (4,485 ) (40,710 ) Other receivables (39,915 ) (32,858 ) (4,454 ) Property, plant and equipment (4,525,902 ) (4,643,493 ) (4,453,467 ) Borrowings (1,084 ) — — Inventories (594,220 ) (437,629 ) (348,962 ) Other liabilities (2,609 ) — — Taxes payable (adjustment to reflect inflation for tax purposes) (842,140 ) — — Others (343 ) (27,022 ) (37,855 ) Sub-total (6,012,063 ) (5,145,487 ) (4,885,448 ) Total net deferred tax liabilities (5,482,688 ) (4,901,253 ) (4,768,894 ) 11.2) Unrecognized temporary differences associated with investments: The temporary differences associated to investments in subsidiaries for which deferred tax liabilities have not been recognized is mainly because the Group does not expect to receive dividends from such subsidiaries and expects profits are re-invested 2019 2018 2017 Subsidiaries (153,609 ) (444,753 ) (317,631 ) Other (60 ) (909 ) (909 ) Total (153,669 ) (445,662 ) (318,540 ) The Group determined that any subsidiaries profits will not be |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Profit or loss [abstract] | |
Earnings Per Share | 12. EARNINGS PER SHARE Basic and diluted earnings per share The earnings and the weighted average number of ordinary shares used in the calculation of basic and diluted earnings per share are as follows: 2019 2018 2017 Profit attributable to the owners of the parent company used in the calculation of earnings per share – basic and diluted 3,839,189 2,768,786 5,399,178 Weighted average number of ordinary shares for purposes of basic and diluted earnings per share (in thousands) (1) 596,026 596,026 571,026 Basic and diluted earnings per share (in pesos) 6.4413 4.6454 9.4552 (1) The weighted average number of outstanding shares was the same for the purposes of calculating both the basic and diluted earnings per share, since there are not outstanding instruments convertible into the Company’s shares in all years presented. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Property, Plant and Equipment | 13. PROPERTY, PLANT AND EQUIPMENT 2019 2018 Cost 95,006,813 80,642,194 Accumulated depreciation (49,985,649 ) (46,986,837 ) Total 45,021,164 33,655,357 Land 520,967 503,140 Plant and buildings 7,752,256 7,883,545 Machinery, equipment and spare parts 14,762,947 15,207,830 Transport and load vehicles 1,665,525 1,869,737 Furniture and fixtures 56,671 62,394 Quarries 3,327,855 3,018,008 Tools 40,760 41,644 Construction in progress 16,894,183 5,069,059 Total 45,021,164 33,655,357 Construction in progress relates to the new L´Amalĺ II cement plant in the city of Olavarrĺa, province of Buenos Aires, which is under construction. As of the date of this consolidated financial statements, and in compliance with Decree No. 297/2020 issued by the Argentine Government, as amended and extended from time to time, which provides for social, preventive and mandatory isolation, we have temporarily suspended the construction project of the second line of cement production in our L´Amalĺ plant. Once the current restrictions are lifted, and the necessary conditions to resume the execution of the project are in place, we expect to set a new timetable to complete the expansion project, with a total invested amount as of December 31, 2019 for 15,684,774. The Group has taken several borrowings and has used instruments to pay accounts payable in foreign currency in order to fund a part of this investment mentioned. IAS 23, Borrowing costs, states that borrowing costs that are directly attributable to the acquisition, construction or production of an eligible asset that requires a substantial period before being ready for use, are capitalized as part for the cost of said asset, except for the portion of these costs that compensate the creditor for the effects of inflation. All other borrowing costs are accounted for as expenses in the period in which they are incurred. Borrowing costs include interest, foreign exchange gains / (losses) and other costs incurred by the Group in connection with eth execution of the respective borrowing agreements. Given that the Group’s indebtedness mentioned is mainly in foreign currency, it evaluate as of the end of each reporting period ate if foreign exchange gains / (losses) originating on those debts attributable to the construction of the asset mentioned are an adjustment of the costs for interest on those loans that have to be capitalized together with such interest. On the basis of the above, the Group has capitalized interest and foreign exchange gains / (losses) for an amount of 479 million in 2019, taking, to that end, as a maximum cap of said capitalization which would have corresponded to a rate equivalent in pesos net of the effects of inflation on the liabilities they generate. The actual interest rate, that is, net of the effect of exposure to inflation, used to determine such cap for the capitalization of actual costs for loans (interest and foreign exchange losses) to be capitalized amounted to 18.17%. Cost Land Buildings Machinery, Transportation Furniture Quarries Tools Construction Total Balances as of January 1, 2018 498,330 22,172,679 33,015,771 5,490,511 1,655,874 6,993,296 267,085 1,323,309 71,416,855 Effect of foreign currency exchange differences 4,810 15 1,636,899 2,209 1,646 100,107 — 31,520 1,777,206 Additions — 36,956 — 335,140 15,598 1,350,192 12,079 5,789,826 7,539,791 Disposals — — (71,128 ) (20,530 ) — — — — (91,658 ) Transfers — 830,483 1,245,113 — — — — (2,075,596 ) — Balances as of December 31, 2018 503,140 23,040,133 35,826,655 5,807,330 1,673,118 8,443,595 279,164 5,069,059 80,642,194 Effect of foreign currency exchange differences (1,037 ) (3 ) (361,526 ) (657 ) (627 ) (21,837 ) — (8,837 ) (394,524 ) Additions — — — — — 9,159 — 14,873,403 14,882,562 Disposals — — (98,959 ) (24,383 ) (77 ) — — — (123,419 ) Transfers 18,864 507,670 920,099 208,543 13,336 1,356,426 14,504 (3,039,442 ) — Balances as of December 31, 2019 520,967 23,547,800 36,286,269 5,990,833 1,685,750 9,787,343 293,668 16,894,183 95,006,813 Accumulated depreciation Buildings Machinery, Transportation Furniture and Quarries Tools Total Balances as of January 1, 2018 (14,584,453 ) (18,740,593 ) (3,534,268 ) (1,590,800 ) (4,578,206 ) (221,786 ) (43,250,106 ) Effect of foreign currency exchange differences (15 ) (410,515 ) (1,841 ) (784 ) (27,070 ) — (440,225 ) Disposals — 71,128 20,530 — — — 91,658 Depreciations charge (572,120 ) (1,538,845 ) (422,014 ) (19,140 ) (820,311 ) (15,734 ) (3,388,164 ) Balances as of December 31, 2018 (15,156,588 ) (20,618,825 ) (3,937,593 ) (1,610,724 ) (5,425,587 ) (237,520 ) (46,986,837 ) Effect of foreign currency exchange differences 3 104,697 420 199 8,603 — 113,922 Disposals — 66,679 23,602 19 — — 90,300 Depreciations charge (638,959 ) (1,075,873 ) (411,737 ) (18,573 ) (1,042,504 ) (15,388 ) (3,203,034 ) Balances as of December 31, 2019 (15,795,544 ) (21,523,322 ) (4,325,308 ) (1,629,079 ) (6,459,488 ) (252,908 ) (49,985,649 ) |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Intangible Assets | 15. INTANGIBLE ASSETS 2019 2018 Software 128,166 123,649 Mining exploitation rights — 212,528 Total 128,166 336,177 Cost: Software Mining exploitation rights Total Balances as of January 1, 2018 381,678 212,528 594,206 Effect of foreign currency exchange differences 1,916 — 1,916 Additions 34,569 — 34,569 Balances as of December 31, 2018 418,163 212,528 630,691 Exchange differences (406 ) — (406 ) Additions 57,078 — 57,078 Transfers (1) — (212,528 ) (212,528 ) Balances as of December 31, 2019 474,835 — 474,835 Accumulated amortization: Software Mining Total Balances as of January 1, 2018 (248,572 ) — (248,572 ) Effect of foreign currency exchange differences (1,287 ) — (1,287 ) Amortization (44,655 ) — (44,655 ) Balances as of December 31, 2018 (294,514 ) — (294,514 ) Effect of foreign currency exchange differences 326 — 326 Amortization (52,481 ) — (52,481 ) Balances as of December 31, 2019 (346,669 ) — (346,669 ) (1) The Group initially classified mining exploitation rights as intangible assets. During 2019, the Group acquired the land over which it has mining rights and therefore, it transferred such rights to the property, plant and equipment as such rights are in condition to be used. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
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Investments | 16. INVESTMENTS 2019 2018 Non-current Investments in other companies - Cementos del Plata S.A. 2,557 2,557 Total 2,557 2,557 Current Short-term investments - Mutual funds in pesos 931,273 458,053 - Fix-term — 1,295,464 - Short-term investments in foreign currency 88,336 1,469,504 Total 1,019,609 3,223,021 Short-term investments in pesos accrue interest at an annual nominal rate of approximately 56.8% and 54.0% as of December 31, 2019 and 2018, respectively. Short-term investments in US dollar accrue interest at an annual nominal rate of approximately 0.6% and 2.3% as of December 31, 2019 and 2018, respectively. These short-term investments are maintained for investment purposes and are made for variable periods ranging from one day to three months, according to the Group’s fund requirements. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2019 | |
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Goodwill | 17. GOODWILL 2019 2018 Cost Recycomb S.A.U. 25,501 25,501 Total 25,501 25,501 For purpose of impairment testing, goodwill was allocated to the following cash generating unit: waste treatment. Impairment of goodwill 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 for a five-year period. The key assumptions used in the value in use calculations are as follows: • Production volume: considers average production volume in the period immediately before the budget period. The estimated amounts are based on past experience. Management believes 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, 2019 | |
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Inventories | 18. INVENTORIES 2019 2018 Non-current Spare parts 1,599,010 1,086,218 Allowance for obsolete inventories (30,355 ) (44,361 ) Total 1,568,655 1,041,857 Current Finished products 489,582 595,989 Production in progress 1,577,277 1,656,335 Raw materials, materials and spare parts 2,791,835 2,868,792 Fuels 555,672 690,360 Total 5,414,366 5,811,476 |
Parent Company, Other sharehold
Parent Company, Other shareholders, Associates And Other Related Parties Balances and Tansactions | 12 Months Ended |
Dec. 31, 2019 | |
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Parent Company, Other shareholders, Associates And Other Related Parties Balances and Tansactions | 19. PARENT COMPANY, OTHER SHAREHOLDERS, ASSOCIATES AND OTHER RELATED PARTIES BALANCES AND TANSACTIONS Details of transactions between the Group and other related parties are disclosed below. The outstanding balances between the Group and parent company, other shareholders, associates and other related parties as of December 31, 2019 and 2018 are as follows: 2019 2018 Related companies InterCement Brasil S.A. Accounts payable (74,497 ) (108,792 ) Caue Austria Holding GmbH Other receivables 13,492 7,533 InterCement Trading e Inversiones S.A. Other receivables 89,414 6,447 Accounts payable (12,487 ) (12,340 ) InterCement Portugal S.A. Accounts payable (339,776 ) (291,292 ) InterCement Participacoes Other receivables 6 — Summary of balances as of December 31, 2019 and 2018 is as follows: Other receivables 102,912 13,980 Accounts payable (426,760 ) (412,424 ) The amounts outstanding as of December 31, 2019 are not secured and shall be settled in cash. No guarantees have been granted or received over outstanding balances. The transactions between the Group and parent companies, associates and related parties for the fiscal years ended December 31, 2019, 2018 and 2017 are detailed as follows: 2019 2018 2017 InterCement Brasil S.A. – Purchases of goods and services (41,195 ) (164,644 ) (47,428 ) InterCement Trading e Inversiones S.A. – Purchases of goods and services — (97,432 ) (229,936 ) InterCement Trading e Inversiones S.A. – Sales of services 81,260 73,698 13,267 InterCement Portugal S.A. – Services received (323,174 ) (353,536 ) (151,817 ) InterCement Portugal S.A. – Services provided — — 19,876 Sacopor S.A. – Purchases of goods — 404 (55,322 ) On August 17, 2017, Loma Negra C.I.A.S.A. accepted the offer letter received from 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 The amount recognized in the consolidated statement of profit or loss and other comprehensive income related to key management salaries, wages and fees amounted to 197,127, 121,352 and 191,789 for the fiscal years ended December 31, 2019, 2018 and 2017, respectively. Additionally, in the current fiscal year, 15,020 have been accrued under the long-term incentive program (note 3.17). The Group did not recognized any expense in the current fiscal year, or in previous fiscal years, regarding bad or doubtful accounts related to amounts owed by related parties. Dividends approved 2019 2018 2017 InterCement Brasil S.A. — — 1,180,882 Third parties — — 6,593 Total — — 1,187,475 The dividends approved by the Company were paid during 2017. |
Other Recievables
Other Recievables | 12 Months Ended |
Dec. 31, 2019 | |
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Other Recievables | 20. OTHER RECEIVABLES 2019 2018 Non-current Tax credits 38,559 133,264 Contributions to the Trust Fund to Strengthen the Inter-urban Railroad System (F.F.F.S.F.I.) (Note 39) 104,251 86,013 Prepaid expenses 47,099 72,909 Advances to suppliers 370,750 1,149,917 Guarantee deposits 7,215 7,362 Total 567,874 1,449,465 Current Tax credits 359,619 200,035 Related parties receivables (Note 19) 102,912 13,980 Prepaid expenses 64,566 117,080 Guarantee deposits 266 7,564 Reimbursements receivable 21,278 29,436 Advances to suppliers 33,517 39,499 Salaries advances and loans to employees 13,927 12,569 Balance receivable under the ADSs Program — 118,333 Receivables from sales of property, plant and equipment 8,356 36,908 Miscellaneous 14,856 14,220 Total 619,297 589,624 2019 2018 Detail of tax credits by tax: Income tax 239,066 24,425 Value added tax 55,738 148,948 Turnover tax 61,206 26,168 Others 3,609 494 Total 359,619 200,035 |
Trade Accounts Receivable
Trade Accounts Receivable | 12 Months Ended |
Dec. 31, 2019 | |
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Trade Accounts Receivable | 21. TRADE ACCOUNTS RECEIVABLE 2019 2018 Non-current Accounts receivable 10,612 13,781 Allowance for doubtful accounts (8,302 ) (7,552 ) Total 2,310 6,229 Current Accounts receivable 2,737,716 2,967,451 Receivable with U.E.P.F.P.—Ferrosur Roca S.A. — 204,665 Accounts receivable in litigation 54,854 30,445 Notes receivable 6,390 278 Foreign customers 17,558 4,997 Subtotal 2,816,518 3,207,836 Allowance for doubtful accounts (64,474 ) (31,769 ) Total 2,752,044 3,176,067 Trade receivables are valuated 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, 2019 and 2018. The maturities of accounts receivable is as follows: 2019 2018 To become due 1,688,683 2,613,653 Past due 0 to 30 days 829,119 403,789 31 to 60 days 94,386 74,451 61 to 90 days 42,100 50,885 More than 90 days 172,842 78,839 Total 2,827,130 3,221,617 Trade receivables disclosed above include certain amounts (see below the aging 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 is as follows: 2019 2018 Past due 0 to 30 days 829,119 403,789 31 to 60 days 94,386 74,451 61 to 90 days 42,100 50,885 More than 90 days 100,066 39,518 Total 1,065,671 568,643 Average age (in days) 28 32 Age of impaired trade receivables is as follows: 2019 2018 Past due More than 90 days 72,776 39,321 Total 72,776 39,321 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, 2018 43,207 Increases 8,443 Effect of foreign currency exchange difference 1,423 Decreases (*) (13,752 ) Balances as of December 31, 2018 39,321 Effect of foreign currency exchange difference 47,848 Increases (394 ) Decreases (*) (13,999 ) Balances as of December 31, 2019 72,776 (*) Corresponds to insolvency procedures of a client and the effect of the inflation adjustment. |
Cash and Banks
Cash and Banks | 12 Months Ended |
Dec. 31, 2019 | |
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Cash and Banks | 22. CASH AND BANKS 2019 2018 In Pesos 280,367 357,411 In US Dollars 44,363 56,736 In Reales 145 137 In Guaraníes 1,220,831 825,243 In Euros 1,845 1,452 Total 1,547,551 1,240,979 |
Capital Stock and Other Related
Capital Stock and Other Related Accounts | 12 Months Ended |
Dec. 31, 2019 | |
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Capital Stock and Other Related Accounts | 23. CAPITAL STOCK AND OTHER CAPITAL RELATED ACCOUNTS 2019 2018 Capital 59,603 59,603 Adjustment to capital 3,469,948 3,469,948 Share premium 6,373,169 6,373,169 Merger premium 1,151,256 1,151,256 Total 11,053,976 11,053,976 2019 2018 The issued, paid-in Common stock with a face value of $ 0.1 per share and entitled to 1 vote each, fully paid-in 596,026 596,026 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. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2019 | |
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Accumulated Other Comprehensive Income | 24. ACCUMULATED OTHER COMPREHENSIVE INCOME 2019 2018 Accrual for translation of foreign operations Balance at the beginning of the year 422,254 52,164 Exchange differences on translating foreign operations (92,038 ) 370,090 Balance at the end of the year 330,216 422,254 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
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Borrowings | 25. BORROWINGS 25.1 Composition of borrowings 2019 2018 Borrowings In US Dollars and Euros 6,013,920 3,730,201 In Argentine Pesos and Guaraníes 6,211,922 5,442,329 Total 12,225,842 9,172,530 Non-current 6,689,001 4,010,964 Current 5,536,841 5,161,566 Total 12,225,842 9,172,530 25.2 Detail of borrowings 2019 2018 Company Ref. Interest rate Maturity date Amount Amount Borrowings in US Dollars Industrial and Commercial Bank of China (Dubai) Loma Negra C.I.A.S.A. (1) 3 Month-Libor+ 5.00% Nov-20 1,573,154 2,274,676 Industrial and Commercial Bank of China (Dubai) Loma Negra C.I.A.S.A. (2) 3 Month-Libor+ 5.50% Jun-20 600,365 579,538 Industrial and Commercial Bank of China Loma Negra C.I.A.S.A. (3) 6 Month-Libor+ 4.25% Mar-21 156,446 — Industrial and Commercial Bank of China Loma Negra C.I.A.S.A. (3) 6 Month-Libor+ 4.25% Apr-21 183,584 — Industrial and Commercial Bank of China Loma Negra C.I.A.S.A. (3) 6 Month-Libor+ 4.25% May-21 509,859 — Industrial and Commercial Bank of China Loma Negra C.I.A.S.A. (3) 6 Month-Libor+ 4.25% Jun-21 122,546 — Industrial and Commercial Bank of China Loma Negra C.I.A.S.A. (3) 6 Month-Libor+ 4.25% Jul-21 30,178 — Industrial and Commercial Bank of China Loma Negra C.I.A.S.A. (3) 6 Month-Libor+ 4.25% Aug-21 640,230 — Industrial and Commercial Bank of China Loma Negra C.I.A.S.A. (3) 6 Month-Libor+ 4.25% Sep-21 101,489 — Industrial and Commercial Bank of China Loma Negra C.I.A.S.A. (3) 6 Month-Libor+ 4.25% Oct-21 207,364 — Industrial and Commercial Bank of China Loma Negra C.I.A.S.A. (3) 6 Month-Libor+ 4.25% Nov-21 264,289 — Industrial and Commercial Bank of China Loma Negra C.I.A.S.A. (3) 6 Month-Libor+ 4.25% Dic-21 185,775 — Banco Patagonia Loma Negra C.I.A.S.A. (6) 8.73% Feb-20 72,441 — Banco Patagonia Loma Negra C.I.A.S.A. (6) 9.45% Jan-20 18,922 — HSBC Bank Ferrosur Roca S.A. (11) 9.11% Aug-20 607,060 — Banco Latinoamericano de Comercio Exterior S.A. Ferrosur Roca S.A. (10) — — — 875,987 Borrowings in Euros Banco Itaú S.A. Loma Negra C.I.A.S.A. (5) 4.00% Apr-21 90,500 — Banco Itaú S.A. Loma Negra C.I.A.S.A. (5) 4.00% May-21 21,590 — Banco Itaú S.A. Loma Negra C.I.A.S.A. (5) 4.00% Jun-21 114,709 — Banco Itaú S.A. Loma Negra C.I.A.S.A. (5) 4.00% Jul-21 291,134 — Banco Itaú S.A. Loma Negra C.I.A.S.A. (5) 4.00% Aug-21 25,741 — Banco Itaú S.A. Loma Negra C.I.A.S.A. (5) 4.00% Sep-21 1,223 — Banco Itaú S.A. Loma Negra C.I.A.S.A. (5) 4.00% Oct-21 195,321 — Total borrowings in US Dollars and Euros 6,013,920 3,730,201 Borrowings in Argentine Pesos and Guaraníes Banco Continental S.A.E.C.A. Yguazú Cementos S.A. (14) 8.50% Aug -25 1,946,234 2,375,014 Sudameris Bank S.A.E.C.A. Yguazú Cementos S.A. (15) 9.00% Aug -25 1,070,118 1,561,240 Banco Itaú Paraguay S.A. Yguazú Cementos S.A. (16) — — — 114,209 Banco Provincia de Buenos Aires Loma Negra C.I.A.S.A. (7) — — — 27,684 Banco Provincia de Buenos Aires Loma Negra C.I.A.S.A. (7) — — — 56,778 Banco Provincia de Buenos Aires Loma Negra C.I.A.S.A. (7) — — — 8,606 HSBC Bank Argentina S.A. Loma Negra C.I.A.S.A. (7) — — — 242,849 HSBC Bank Argentina S.A. Ferrosur Roca S.A. (12) — — — 242,849 Banco Macro S.A. Loma Negra C.I.A.S.A. (8) BADLAR + 8.00% Mar-21 1,007,654 — Bank overdrafts Loma Negra C.I.A.S.A. (9) 52.62% Ene-20 399,891 7,988 Bank overdrafts Recycomb S.A.U. — — — — 9,939 Bank overdrafts Ferrosur Roca S.A. (13) 59.82% Ene-20 1,788,025 795,173 Total borrowings in Argentine Pesos and Guaraníes 6,211,922 5,442,329 Total 12,225,842 9,172,530 Summary of borrowings by Company: 2019 2018 Loma Negra C.I.A.S.A. 6,814,405 3,198,119 Ferrosur Roca S.A. 2,395,085 1,914,009 Recycomb S.A.U. — 9,939 Yguazú Cementos S.A. 3,016,352 4,050,463 Total 12,225,842 9,172,530 Loma Negra C.I.A.S.A. Industrial and Commercial Bank of China (1) In June 2016, Loma Negra signed a new loan agreement with Industrial and Commercial Bank of China (Dubai) for a total amount of USD 50,000,000 to be paid in five equal, half-yearly installments with a one-year (2) In May 2017, Loma Negra C.I.A.S.A. entered into a loan agreement with Industrial and Commercial Bank of China (Dubai) for USD 65,000,000 payable into five quarterly, equal and consecutive installments, with the first falling due 365 days from the date of disbursement. Interest are accrued at a variable nominal interest rate on the basis of the LIBO rate to be paid on a quarterly basis. This loan demands satisfaction of the net debt / EBITDA ratio, which has been satisfied from the start until the date of these consolidated financial statements. In May 2019, the Group extended the maturity dates of such loan. As of December 31, 2019, the amount pending payment under this loan was 600,365. (3) In the course of this fiscal year, Loma Negra entered into a loan agreement USD 40,919,350 with Industrial and Commercial Bank of China Argentina S.A., with partial disbursements subject to the maturity dates of letters of credit, with a term of 2 years at a 6-month HSBC Bank (4) 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 required the compliance with the Financial debt / EBITDA ratio, which were satisfied from the execution of the loan until the date of the final payment. Banco Itaú (5) In March 2019, Loma Negra entered into a loan agreement for EUR 10,880,903 with Banco Itaú Unibanco S.A. Nassau Branch, with partial disbursements subject to the maturity dates of letters of credit, with a term of 2 years at a 4% rate with interest falling due on a half-yearly basis. As of December 31, 2019, the amount pending payment under this loan was 740,218. Banco Patagonia (6) In the course of this fiscal year, Loma Negra entered into several USD-denominated Banco de la Provincia de Buenos Aires (7) In March and in June 2016, Loma Negra entered into two loan agreements with Banco de la Provincia de Buenos Aires amounting to 150,000 each. These two agreements shall be repaid in twenty-five monthly, equal and consecutive installments, with the first falling due 12 months after disbursement and accruing a variable nominal interest rate on the basis of the BADLAR rate to be paid on a monthly basis. In addition, in the month of June 2018, the Group entered into another loan agreement with Banco de la Provincia de Buenos Aires for an amount of 20,000, in the same conditions as the preceding loans. These agreements were repaid as of December 31, 2019. Banco Macro S.A. (8) In December 2019, Loma Negra entered into a new loan agreement with Banco Macro S.A. for the amount of 1,000,000 to be repaid 15 months after execution accruing a variable nominal interest rate based on the BADLAR rate payable on a monthly basis. As of December 31, 2019, the amount outstanding under this loan was 1,007,654. Bank overdrafts (9) As of December 31, 2019, the Company maintains banks overdrafts of 399,891, accruing an average interest rate of 49,8%. Ferrosur Roca S.A . Banco Latinoamericano de Comercio Exterior S.A. (10) In August 2018, Ferrosur Roca S.A. was conferred a new loan of USD 15,000,000 by Banco Latinoamericano de Comercio Exterior S.A. “BLADEX” for a term of 365 days at a 3-month HSBC Bank (11) On August 12, 2019, Ferrosur Roca S.A. entered into a loan agreement for USD 10,000,000 with Banco HSBC for a term of 365 days at an 8.75% interest rate, with interest falling due on a quarterly basis. As of December 31, 2019, the amount still outstanding under this loan was 607,060. (12) 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 required the compliance with the Financial debt / EBITDA ratio, which were satisfied from the execution of the loan until the date of the final payment . Bank overdrafts (13) As of December 31, 2019, Ferrosur Roca S.A. maintains banks overdrafts for 1,788,025, accruing an average interest rate of 57,3%. Yguazú Cementos S.A. Banco Continental S.A.E.C.A. (14) On August 8, 2017, Yguazú Cementos S.A. entered into a loan agreement with Banco Continental S.A.E.C.A. for 255,000,000,000 Guaraníes to be repaid in 8 years. The outstanding principal which accrues interest at a fixed rate of 8.5% for the first year. After the first year, it will be adjusted in line with an average rate published by Banco Central de Paraguay plus 0.32%. Under no circumstances shall the adjusted interest rate be smaller than the 8.5% rate initially agreed upon. Interest shall be paid on a half-yearly basis starting in February 2018. The principal shall be amortized in 15 half-yearly, equal and consecutive instalments of 17,000,000,000 Guaraníes, with the first installment falling due in August 2018. As of December 31, 2019, the amount still outstanding under this loan was 1,946,234. Sudameris Bank S.A.E.C.A. (15) On August 8, 2017, Yguazú Cementos S.A. entered into a loan agreement with Banco Continental S.A.E.C.A. for 168,000,000,000 Guaraní to be repaid in 8 years. The outstanding principal which accrues interest at a fixed rate of 9% for the first year. After the first year, it will be adjusted in line with an average rate published by Banco Central de Paraguay for the month of August each year plus 0.82% per annum. Under no circumstances shall the adjusted interest rate be smaller than the 9% rate initially agreed upon. Interest shall be paid on a half-yearly basis starting in February 2018. The principal shall be amortized in 15 half-yearly, equal and consecutive instalments of 11,200,000,000 Guaraníes, with the first installment falling due in August 2018. As of December 31, 2019, the amount still outstanding under this loan was 1,070,118. The proceeds of this loan shall be applied to the repayment of the loans granted by the Inter-American Development Bank (IDB) and Corporación Andina de Fomento (CAF) together with the short-term amounts owed to Banco Itaú de Paraguay. Both loans demand fulfillment of certain financial ratios (EBITDA / Interest, Liabilities / Net shareholders’ equity), which were fulfilled from the inception of these agreement until the date of these consolidated financial statements. In addition, to secure payment, Yguazú Cementos S.A. raised in favor of two local banks, mortgages and pledges over their real property (Planta Villa Hayes and Cantera Itapucumí) and equipment for up to the total amount of 423,000,000,000 Guaraníes, equivalent to the amount of the two loans granted. Banco Itaú de Paraguay (16) In August 2018, Yguazú Cementos S.A. was granted two new loans for 11,500,000 Guaraníes each one with Banco Itaú de Paraguay for a term of thirty-six 25.3 Movements of The movements of borrowings for the fiscal year ended December 31, 2019 are as disclosed below: Balances as of January 1, 2019 9,172,531 New borrowings 9,495,864 Interest accrued 1,233,907 Effect of exchange rate differences (176,595 ) Effect of exchange rate differences on translating foreign operations 479,700 Interest payments (2,248,504 ) Principal payments (5,731,061 ) Balances as of December 31, 2019 12,225,842 As of December 31, 2019, the long-term borrowings have the following maturity schedule: Fiscal year 2021 4,089,122 2022 519,976 2023 onwards 2,079,903 Total 6,689,001 |
Accounts Payable
Accounts Payable | 12 Months Ended |
Dec. 31, 2019 | |
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Accounts Payable | 26. ACCOUNTS PAYABLE 2019 2018 Non-current Accounts payable for investments in property, plant and equipment 139,378 595,581 Total 139,378 595,581 Current Suppliers 2,151,876 3,184,291 Related parties (Note 19) 426,760 412,424 Accounts payable for investments in property, plant and equipment 5,375,989 2,554,204 Expenses accrual 1,109,223 1,314,914 Total 9,063,848 7,465,833 Accounts payable for 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 agreed upon. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2019 | |
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Provisions | 27. PROVISIONS 2019 2018 Non-current Labor and social security 87,117 73,545 Environmental restoration 400,724 286,313 Civil and others 78,528 90,310 Total 566,369 450,168 Changes in the provisions were as follows: Labor and social security Environmental restoration Civil and others Total Balances as of January 1, 2018 100,354 183.069 82.469 365.892 Increases 24.014 174.667 57.049 255.730 Decreases (*) (50.823 ) (71.423 ) (49.208 ) (171.454 ) Balances as of December 31, 2018 73,545 286,313 90,310 450,168 Increases 32,424 166,948 8,743 208,115 Decreases (*) (18,852 ) (52,537 ) (20,525 ) (91,914 ) Balances as of December 31, 2019 87,117 400,724 78,528 566,369 (*) 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 other 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, 2019 there are claims against the Group classified as uncertain contingencies. The estimated cash flow derived from these contingences amounts to $ 116.4 million, including $ 60.2 million related to tax obligations, $ 40.4 million related to labor obligations and $ 15.7 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, 2019 | |
Investments accounted for using equity method [abstract] | |
Tax Liabilities | 28. TAX LIABILITIES 2019 2018 Income tax 80,815 566,445 Value added tax 331,167 145,119 Turnover tax 64,109 72,445 Other taxes, withholdings and perceptions 66,646 415,192 Total 542,737 1,199,201 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
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Other Liabilities | 29. OTHER LIABILITIES 2019 2018 Non-current Termination payment plans 51,489 12,153 Total 51,489 12,153 Current Termination payment plans 69,663 44,360 Dividends to minority shareholders 5,107 9,739 Others 8,555 8,651 Total 83,325 62,750 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2019 | |
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Cash and Cash Equivalents | 30. CASH AND CASH EQUIVALENTS For purposes of the consolidated statement of cash flows, cash and cash equivalents include cash, banks 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 each reporting period 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: 2019 2018 2017 Cash and banks 1,547,551 1,240,979 428,758 Short-term investments (Note 16) 1,019,609 3,223,021 6,793,164 Cash and cash equivalents 2,567,160 4,464,000 7,221,922 |
Non-Cash Transactions
Non-Cash Transactions | 12 Months Ended |
Dec. 31, 2019 | |
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Non-Cash Transactions | 31. NON-CASH Below is a detail of the transactions that did not involve cash flow movements in each fiscal year of acquisition: 2019 2018 2017 - Acquisitions of property, plant and equipment financed with trade payables 3,040,096 1,237,171 — - Right of use assets 488,263 — — - Acquisition of 2.36% of interest in Cofesur S.A.U. — — 80,480 - Acquisition of interest in Yguazú Cementos S.A. cancelled with the settlement of loans with InterCement Brasil S.A. — — 221,638 - Settlement of account payable for purchases to InterCement Brasil S.A. with other receivables — — 79,342 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
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Segment Information | 32. SEGMENT INFORMATION The Group 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 (not adjusted to reflect the effects of the inflation) 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 reporting period. 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 Group has classified its businesses as follows: i) Cement, masonry cement and lime—Argentina: this segment includes the results from the cement, masonry cement and lime business in Argentina, and comprises the procurement of 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) Cement—Paraguay: this segment includes the results from the cement business in Paraguay, and comprises the procurement of raw materials from quarries, the manufacturing process of clinker and subsequent grinding with certain additions in order to obtain the cement. iii) Concrete: this segment includes the results generated from the production and sale of ready-mix iv) Aggregates: this segment includes the results generated from the production and sale of granitic aggregates. v) Railroad: this segment includes the results generated from the provision of the railroad transportation service. vi) Others: this segment includes the results of the industrial waste treatment and recycling business to produce materials for use as fuel o raw material. 2019 2018 2017 Net revenue Cement, masonry cement and lime—Argentina 24,006,607 16,282,614 11,649,137 Cement—Paraguay 3,189,887 1,959,635 1,152,607 Concrete 3,953,907 3,657,339 1,903,346 Railroad 2,981,609 2,136,182 1,608,081 Aggregates 498,112 334,207 261,293 Others 157,252 117,898 133,110 Eliminations (2,959,510 ) (2,325,008 ) (1,421,038 ) Subtotal 31,827,864 22,162,867 15,286,536 Reconciliation—Effect from restatement in constant currency 7,124,137 19,074,880 22,923,299 Total 38,952,001 41,237,747 38,209,835 Cost of sales Cement, masonry cement and lime—Argentina 15,250,255 10,619,292 7,986,358 Cement—Paraguay 2,179,536 1,379,209 803,221 Concrete 3,761,272 3,421,581 1,795,052 Railroad 2,610,253 1,913,366 1,352,376 Aggregates 525,504 360,466 266,722 Others 102,866 67,057 67,375 Eliminations (2,959,510 ) (2,325,008 ) (1,421,038 ) Subtotal 21,470,176 15,435,963 10,850,066 Reconciliation—Effect from restatement in constant currency 6,671,818 15,304,049 17,624,219 Total 28,141,994 30,740,012 28,474,285 Selling, administrative expenses and other gains and losses Cement, masonry cement and lime—Argentina 1,770,540 1,084,763 850,723 Cement—Paraguay 96,272 64,316 43,634 Concrete 119,696 117,878 77,974 Railroad 181,658 149,810 105,192 Aggregates (7,733 ) (4,173 ) 4,412 Others 58,852 39,610 38,472 Subtotal 2,219,285 1,452,204 1,120,407 Reconciliation—Effect from restatement in constant currency 648,092 1,354,962 1,729,673 Total 2,867,377 2,807,166 2,850,080 Depreciation and amortization Cement, masonry cement and lime—Argentina 721,976 415,892 342,614 Cement—Paraguay 473,830 279,997 170,931 Concrete 61,987 32,222 24,544 Railroad 183,342 137,274 74,821 Aggregates 18,879 24,139 10,506 Others 270 2,669 2,464 Subtotal 1,460,284 892,193 625,880 Reconciliation—Effect from restatement in constant currency 1,803,436 2,371,192 2,054,460 Total 3,263,720 3,263,385 2,680,340 2019 2018 2017 Net revenue less cost of sales, selling, administrative expenses and other gains and losses Cement, masonry cement and lime—Argentina 6,985,812 4,578,560 2,812,056 Cement—Paraguay 914,079 516,110 305,753 Concrete 72,940 117,880 30,320 Railroad 189,698 73,006 150,513 Aggregates (19,658 ) (22,086 ) (9,841 ) Others (4,466 ) 11,231 27,264 Subtotal 8,138,405 5,274,701 3,316,065 Reconciliation—Effect from restatement in constant currency (195,775 ) 2,415,868 3,569,405 Total 7,942,630 7,690,569 6,885,470 Reconciling items: Tax on bank accounts debits and credits (403,835 ) (391,043 ) (468,908 ) Financial results, net (1,808,542 ) (2,557,584 ) (417,495 ) Income tax (1,686,453 ) (1,741,314 ) (341,425 ) Net profit for the year 4,043,800 3,000,628 5,657,642 2019 2018 Geographical information Non-current Argentina 42,120,268 30,181,986 Paraguay 5,604,624 6,335,157 Total 47,724,892 36,517,143 No single customer contributed on 10% or more of the Group´s revenue for 2019, 2018 and 2017 . |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Financial Instruments | 33. FINANCIAL INSTRUMENTS 33.1 Capital risk 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 det and equity balances. The Group’s overall strategy did not have changes in 2019 and 2018. 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 Group’s capital structure consists of net debt (borrowings, as detailed in Note 25 offset by cash and cash equivalents balances, as detailed in note 30) and the shareholders’s 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 requirement. 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 fiscal years ended on December 31, 2019 and 2018 is as follows: 2019 2018 Debt (i) 12,225,842 9,172,531 Cash and cash equivalents 2,567,160 4,464,000 Net debt 9,658,682 4,708,531 Equity (ii) 29,327,572 25,464,233 Net debt to equity ratio 0.33 0.18 (i) Debt is defined as current and non-current (ii) Shareholders’ equity includes all of the Group’s reserves and capital, which are managed as capital. 33.2 Categories of financial instruments 2019 2018 Financial assets At amortized cost: Cash and banks 1,547,551 1,240,979 Investments 88,336 2,764,968 Accounts receivable 2,909,238 3,410,099 At fair value through profit and loss: Investments 931,273 458,053 2019 2018 Financial liabilities Amortized cost 23,507,954 19,483,211 At the end of the reporting period, there are no significant concentrations of credit risk for loans and receivables 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 Financial risk management objectives 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 rate at fair value 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 Foreign 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 denomi n 2019 2018 Liabilities US Dollars 8,137,716 5,872,153 Euro 2,068,442 534,620 Real 38 38 Argentine Pesos 10,212,160 9,371,954 Guaraníes 3,406,466 4,414,059 Assets US Dollars 318,454 1,730,812 Euro 2,963 1,678 Real 145 137 Argentine Pesos 4,480,185 6,493,525 Guaraníes 1,706,938 1,459,233 Foreign currency sensitivity analysis The Group is mainly exposed to the US Dollar and to Euro, considering that the functional currency of the Group is the Argentine Pesos and that the amounts in Guaraníes are related to the business of the Group in Paraguay. The following table shows the sensitivity of the Group to an increase in the US Dollar and the Euro 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 Euro effect 2019 2019 Loss for the year 1,954,816 516,370 Decrease in net equity 1,954,816 516,370 33.5 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. 2019 2018 Financial assets Investments held to maturity (1) 88,336 2,764,968 Investments at fair value through profit or loss (2) 931,273 458,053 Financial liabilities Amortized cost (3) 12,225,842 9,172,531 (1) Fixed term deposits at fixed rates. (2) Short-term investments at floating rates. (3) Includes borrowings, as detailed in Note 25. 33.5.1 Interest rate sensitivity analysis The sensitivity analysis below have been determined on the exposure to interest rates for both derivates and non-derivate In the event that the average BADLAR rate applicable to our financial assets and indebtedness during the fiscal year ended December 31, 2019 was 1.0% higher than the average interest rate during such period, our financial expenses in the same period would have increased by approximately 545. In the event that the average LIBO rate applicable to our financial liabilities during the fiscal year ended December 31, 2019 was 1.0% higher than the average interest rate during such period, our financial expenses in the same period would have increased by approximately USD 667 thousand. With respect to our financial assets, an increase of 1.0% in the average interest rate during the fiscal year ended December 31, 2019 would have increased our financial income by 1,742. 33.6 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 derivate financial instruments is limited, because the counterparties are banks with high credit ratings assigned by credit rating agencies. The carrying amount of the 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. 33.7 Liquidity risk management The Board of Directors 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 actual cash flows and reconciling the maturity profiles of financial assets and liabilities. The Group deploys careful liquidity risk management and therefore, it maintains cash and bank balances, liquid instruments and available funds. As of December 31, 2019, the consolidated financial statements reflect a negative working capital equivalent to 5,128,302. 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 Group’s Board of Directors considers that exposure to liquidity risk is low because the Group 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 dates for its non-derivative December 31, 2019 Weighted Less than 1 month 1-3 months 3 months to 1 year 1-3 3-6 Total Borrowings 47.6 % 1,670,780 573,563 3,569,265 5,985,325 1,807,096 13,606,029 December 31, 2018 Weighted Less than 1 month 1-3 months 3 months to 1-3 3-6 Total Borrowings 26.2 % 862,292 663,020 4,033,863 3,097,727 1,892,775 10,549,677 33.8 Fair value measurements 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 provides information on how the fair values of these financial assets and financial liabilities are determined (in particular, the valuation techniques and inputs used). Financial assets / financial liabilities Fair value at: Hierarchy level 2019 2018 Investments in mutual funds 931,273 458,053 Level 1 Level 1: quoted bid prices in an active market. Fair value of financial assets and financial liabilities measured at amortized cost The estimated fair value of loans based on the interest rates offered to the Group (level 3) for borrowings amounted to 12,335 million as of December 31, 2019. |
Guarantees Granted to Subsidiar
Guarantees Granted to Subsidiaries | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Guarantees Granted to Subsidiaries | 34. GUARANTEES GRANTED TO SUBSIDIARIES Ferrosur Roca S.A. took a borrowing for USD 10,000,000 with HSBC Bank maturing in August 2020 at a fixed 9.11% interest rate with quarterly interest payments. Loma Negra C.I.A.S.A. granted security and surety in favor of HSBC Bank for up to the amount of the borrowing plus interest. As of December 31, 2019, Ferrosur Roca S.A. owes 607,060 under that loan. In addition, Loma Negra C.I.A.S.A. granted security for the bank overdrafts of Ferrosur Roca S.A., as part of the usual course of its activity. As of December 31, 2019, the outstanding balances of such bank overdrafts amounted to 1,788,025. |
Restricted Assets
Restricted Assets | 12 Months Ended |
Dec. 31, 2019 | |
Investments accounted for using equity method [abstract] | |
Restricted Assets | 35. RESTRICTED ASSETS As of December 31, 2019, the Group has judicial deposits for a total amount of 3,016, 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 255,000,000,000 and Guaraníes 168,000,000,000, respectively. In order to guarantee the payment of the loans, Yguazú Cementos S.A. created liens (pledge and mortgage) over land and property (Villa Hayes plant and Itapucumí quarry site and equipment) in favor of the 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, 2019 is Guaraníes 405,610,391,703. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Commitments | 36. COMMITMENTS The Group has certain contractual commitments to purchase clinker at the future market price at the future market pri ce , estimated million , calculated based on the market price at the end of the reporting period. In the ordinary course of business, and in order to make sure that key supplies shall be provided, the Group has entered into agreements for the supply of gas at the future market price with estima ted 2021, calculated based on the market price at the end of the reporting period. In addition, the Group has signed contracts with certain suppliers of electricity which will be settled at the market price at the time of supply. The estimated amount of the contracts using the market price at the end of the reporting period are $ 415.8 million and $ 844.5 million for 2020 and 2021, respectively, and $ 597 million to be annually paid between 2022 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 commitments totaling $ 2,167.6 million plus USD 107,4 million and Euro 41,6 million. Taking into account that, in the manner agreed upon, peso-denominated values ($ 2,167.6 million) are subject to periodical adjustments in accordance with an adjustment formula, the amount committed as of December 31, 2019 is USD 3.2 million, Euro 0.07 million and $ 545.3 million. Finally, Yguazú Cementos S.A. has assumed commitments for electricity with Administración Nacional de Electricidad (“ANDE”) for Guaraníes 325,846,000 per month until December 31, 2023. |
Investment Projects
Investment Projects | 12 Months Ended |
Dec. 31, 2019 | |
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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. Phase I of basic engineering and soil studies started in August 2017 and it was completed in the last quarter of 2017. In the year 2018, phase 2 of this project started. It included the civil work of the plant and the supply of equipment. In the course of 2019, payments were made in the framework of a project for $ 8,714 million for acquisitions of property, plant and equipment and payments of advances. At the end of this fiscal year, all the main equipment and imported material have been received at the plant, the civil works together with the metallic structure had basically come to an end and the electrical and mechanical assembly showed good degree of progress. As of December 31, 2019, the Group has a 4,454,197 outstanding payable balance and advances to suppliers for 194,054. In the year 2020, the rest of the civil works contemplated by the project and the assembly of the equipment shall take place. As of December 31, 2019, the balance committed amounts to USD 3,203,386, EUR 69,778 and $ 545,292. |
Receivable From Railway Program
Receivable From Railway Program Execution Unit | 12 Months Ended |
Dec. 31, 2019 | |
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. On September 26, 2018, the Group 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 Group considered all the evidence available and concluded that the valuation of the asset amounted to 133,044 as of December 31, 2018. During 2019, the Group has collected the abovementioned amount. |
Trust of Administration
Trust of Administration | 12 Months Ended |
Dec. 31, 2019 | |
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. A trust agreement was executed and delivered by and between Ferrosur Roca S.A. and Banco de la Nación Argentina on February 5, 2013 in order to undertake the formalization process required to manage the funds paid by Ferrosur Roca S.A. as payment for the investment works aimed at strengthening the inter-urban railway system. The trust assets shall be the amounts provided by the Trustor and corresponding to the proceeds from the enforcement of the Memorandum of Understanding executed by and between the Group and the Unit for the Renegotiation and Analysis of Public Utilities Agreements dated May 19, 2008 and ratified by the Argentine Executive Branch’s Decree No. 2017 dated November 25, 2008, any revenues collected by the trust for the temporary placements of idle resources and the funds existing in the checking account that the Group maintained at the Standard Bank as of February 2013 and any other sum to be paid into the trust. Pursuant to the Resolution No. 218 of the Ministry of Transportation adopted on July 27, 2016 and published on August 3, 2016 a process was established to certify the works proposed by railway concessionaires. Pursuant to Exhibits I and II of the above-mentioned resolution, a clear procedure has been laid down whereby each concessionaire must submit the projects of the works to be funded with the trust funds, the circuit to study the projects by the different agencies (National Committee for Transportation Regulation, ADIP and Secretariat of Transportation), the requirements for approval and the contents of the administrative act to be handed down by the competent authority approving the project and the maximum amount to be assigned to the trust accounts for such project. On the basis of the new regulation, the Group recognized all the amounts transferred to the Trust under the line Contributions into the Trust Fund to Strengthen the Inter-urban Railway System (“FFFSFI”). Contributions for the years 2019 and 2018 amounted to 29,507 and 46,268, respectively. 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. The trustee manages the transactions and invests the funds above all in term deposits. The Group recognizes revenues from interest and the trustee’s fees in income or loss. In the course of the fiscal year, the first works proposed to the National Authorities with the contributions made by the Group to the Trust Fund to Strengthen the Inter-urban Railway System (“FFFSFI”) came to an end. These works consisted in the heavy improvement of railway structure and mechanical treatment that is 29,215 km in railway between the progressives Km. 259 and Km. 288,215 Parish Sur—Azul Norte in the Cañuelas-Olavarría branch. |
Restrictions to Dividends Distr
Restrictions to Dividends Distribution | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
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 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 Group entered into with Industrial and Commercial Bank of China (Dubai). According to these, the borrower (Loma Negra) will not allow any dividends to be paid 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 ration must not exceed at the end of each fiscal 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 during or after the occurrence of a “substantial event”. A “substantial event” with respect to the Group 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 made by Loma Negra. As of the date of issuance of these consolidated financial statements, the Company is not affected by the restrictions mentioned in the preceding paragraphs. On September 1, 2019, the Argentine Central Bank handed down Communication “A” 6,770, subsequently modified by Communication “A” 6,869, which set forth the requirements to access the foreign exchange market for remittances abroad in foreign currency as profits and dividends to non-residing |
Ferrosur Roca S.A. Concession -
Ferrosur Roca S.A. Concession - Argentine Railway Law | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Ferrosur Roca S.A. Concession - Argentine Railway Law | 41. FERROSUR ROCA S.A. CONCESSION 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 comprised of 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 consolidated financial statements, Ferrosur Roca S.A. is moving forward, together with the Special Commission for Contract Renegotiation in order to obtain a formal extension of the concession for an additional ten-year The concession was granted to Ferrosur Roca S.A. in the year 1993 for a term of 30 years, coming to an end in 2023 and a potential ten-year |
Complaints Brought Against the
Complaints Brought Against the Group and Others in the United States | 12 Months Ended |
Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |
Complaints Brought Against the Group and Others in the United States | 42. COMPLAINTS BROUGHT AGAINST THE GROUP AND OTHERS IN THE UNITED STATES OF AMERICA In the course of 2018, the following complaints were brought against the Group, its directors and parent company in the United States of America at the time of the Group’s initial public offering dated 2017. As of the date of issuance of these consolidated financial statements, none of the complaints has yet been certified as a class action by the judges hearing these cases. 1. State class action 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 motion to dismiss against the amended complaint filed by the plaintiff in January 2019. On May 10, 2019 the plaintiff moved to oppose the motion to dismiss. On June 12, 2019, the Company filed an answer to the motion to dismiss. On October 3, 2019, a hearing was held summoned by the Court concerning the motion to dismiss. As of the date hereof, the parties await a decision by the court concerning the motion to dismiss. 2. Federal class action Carmona v. Loma Negra CIASA, et al (1:18-cv-11323-LLS—United 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. On February 25, 2019, the court appointed Sandor Karolyi as “lead plaintiff”. On April 26, 2019, the plaintiff filed the amended complaint. On September 19, 2019 the Company filed its “motion to dismiss” against the complaint filed by the plaintiff. On November 1, 2019 the plaintiff moved to oppose the motion to dismiss and on December 6, 2019 the Company filed an answer against said opposition. On April 27, 2020, the United States District Court for the Southern District of New York issued an opinion granting defendants’ motion to dismiss. The order dismissing the complaint remains subject to appeal. Based on the information available, the Group has concluded that as of December 31, 2019 and based on IAS 37, no provision is to be raised. |
MEASURES ADOPTED BY THE ARGENTI
MEASURES ADOPTED BY THE ARGENTINE ECONOMY AFTER THE 2019 PRESIDENTIAL NATIONAL ELECTIONS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Measures Adopted By TheCountrySEconomy [Abstract] | |
Disclosure Of Measures Adopted By The CountrySEconomy After Implementation Of New Rules By Government Explanatory | 43. MEASURES ADOPTED BY THE ARGENTINE ECONOMY AFTER THE 2019 NATIONAL PRESIDENTIAL ELECTIONS On October 27, 2019, Argentina held presidential elections. The outcome was the defeat of the incumbent administration and the election of Alberto Fernández as President of the Argentine Nation. He was inaugurated on December 10, 2019 and started a process of changes in the decisions adopted by the previous Administration. The new administration has established as a priority the implementation of solutions for the difficulties in the economic and social areas. To those ends, the new administration will undertake whatever action is necessary to renegotiate the payment of Sovereign debt. In turn, to recover the sustainability of such debt in time, the new administration has incorporated measures aimed at preserving the Central Bank of the Argentine Republic’s reserves, decrease the fiscal deficit and obtain improvement in productive capacity. In the framework of the process to adjust the exchange control mechanism necessary to preserve the Central Bank reserves, on December 27, 2019 and on December 30, 2019, the Argentine Central Bank issued Communications “A” 6854 and “A” 6856, respectively. Pursuant to these Communications, the rules extend on an indefinite basis the provisions concerning Foreign Trade and Foreign Exchange issued by the Argentine Central Bank during the previous government which originally came to a close on December 31, 2019. Amongst these rules, the following are worth emphasizing: (a) exporters are under an obligation to enter and settle through the free floating foreign exchange market the foreign currency proceeds from their exports of goods and services within five business days from the moment they were collected or credited to foreign accounts. The maximum term allowed for collection to take place is more stringent for transactions with related companies and exports of commodities; (b) importers who wish to settle their imports in advance must promise, through an affidavit, that the goods shall clear customs within 90 days from the date of accessing the foreign exchange market or 270 days in the case of capital expenditures plus the obligation of relying on the previous authorization of the Argentine Central Bank if the foreign supplier and the importer are related parties or if there is a need for terms longer than those stipulated for goods to clear customs and; (c) the Argentine Central Bank’s previous authorization by the Argentine is required to access the foreign exchange market in order to remit earnings and dividends. As direct measures of the new administration, on December 23, 2019 Law No. 27,541 entitled “Social Solidarity and Productive Reactivation in the framework of a Public Emergency Situation” and Decree No. 58/2019 which promulgated it were published in the Official Gazette. Besides, on December 28, 2019, the new administration handed down Executive Order No. 99/2019 with the regulations for the implementation of the Law. The amendments introduced seek to reactivate the following areas: the economy, finances, taxes, administrative matters, social security, public utilities tariffs, energy and social matters and empower the Argentine Executive Branch (PEN) to undertake the actions and the acts necessary to recover and ensure the sustainability of Argentina’s sovereign debt. The main measures contained in the Law and its regulations are as follows: Tax obligations (a) Regularization of obligations A regime has been established to regularize the following payment obligations: tax, social security and customs; when it comes to the obligation overdue as of November 30, 2019, inclusive, for those companies that evidence registration as micro, small or medium enterprises, according to the terms of Section 2 of Law No. 24,467 and for non-profit Plans of payments in instalments still outstanding and debts arising from expired plans may be included in the refinancing regime. These benefits also apply to the obligations that have been challenged by administrative authorities or those that are subject to proceedings commenced by administrative authorities or the courts in so far as the defendant unconditionally recognizes the regularized obligations and, if applicable, waives all actions and rights, including the right to demand reimbursement and accepts to pay court costs and all other costs related to the proceedings. The fines and other penalties that correspond to obligations accrued and discharged as of November 30, 2019 shall be condoned insofar as they had not been declared to be irrevocable before the date of expiration of the term for adhesion to the regime. (b) Income tax (i) Law No. 27.430 had set forth for the tax periods commencing as from January 1, 2020 that the tax rate payable by corporations as income tax would decrease from 30% to 25% and that the additional tax on dividends or earnings that are distributed to individuals in Argentina and abroad and foreign legal entities would rise from 7% to 13%. The amendment postpones such change in tax rates and maintains the original 30% and 7% tax rates until the fiscal years starting on January 1, 2021, inclusive. (ii) Law No. 27.468 had set forth for the first three fiscal years starting as from January 1, 2018 that the inflation adjustment (upwards or downwards) that could apply had to be distributed as follows: one third in the fiscal year when the adjustment is assessed and the remaining two thirds, in equal parts, in the immediately following two fiscal periods. The amendment modified this distribution and set forth that the upward or downward adjustment corresponding to the first and second fiscal year starting as from January 1, 2019, must be charged by one sixth to the fiscal year in which the adjustment is assessed and the remaining five sixths in the immediately following fiscal periods; whereas for the fiscal years starting as from January 1, 2021, 100% of the adjustment is allowed to be deducted in the fiscal year in which it is assessed. (c) Employers’ contributions payable into government-run (i) The stepwise reduction planned until 2022 is suppressed and the contribution rates are fixed starting on December 2019 at: • 20.40% for private sector employers engaged in the Services or Retail industries whose total annual sales surpass the limits imposed by the Secretariat for Small and Medium-Sized Medium-Sized • 18% for the remaining employers in the private sector. (ii) There are fixed amounts allowed to be detracted from the calculation basis; this notwithstanding, the resolution does not contemplate any future adjustments. (iii) In connection with the employers’ contributions actually paid, the amount resulting from applying the percentage points fixed for each specific jurisdiction to the taxable basis may be computed as fiscal credit upon assessing value added tax. (d) Tax on credits and debits in bank accounts It has been established that cash withdrawals from accounts opened in financial institutions governed by the Law of Financial Institutions taking place in any manner as from November 24, 2019 shall be subject to a 1.2% tax on the corresponding debit in the accounts mentioned instead of the regular 0.6% regular tax rate. This two-fold (e) Rate for customs’ foreign trade statistics compilation service The Rate for customs’ foreign trade statistics compilation service applicable to imports whose final application is consumption and which take place from January 1 through December 31, 2020 increases from 2.5% to 3%. (f) So-called For a term of five fiscal periods, an emergency tax is established that consists in a 30% tax rate levied on transactions associated to the acquisition of foreign currency for savings, purchases of goods and services in foreign currency and international transportation of passengers. This emergency tax shall be imposed on all the taxpayers who reside in Argentina irrespective of whether they are individuals or legal entities. This tax shall not be treated as a partial payment of any other tax. The transactions levied with the PAIS tax are as follows: (i) purchase of bank notes and foreign currency for savings or without any specific application (subject to a monthly USD 200 limit); (ii) exchange of foreign currency conducted by financial institutions at the request of purchasers or beneficiaries for application to payment of acquisitions of goods or services and services contracted abroad irrespective of the means of payment used for paying such amounts; (iii) exchange of foreign currency conducted by financial institutions at the request of purchasers or beneficiaries who are Argentine residents for application to payment of services rendered by individuals who are not Argentine residents irrespective of the means of payment used for paying such amounts; (iv) acquisition of services abroad contracted through Argentina’s travel and tourism agencies; and (v) acquisition of passenger transportation services (irrespective of the means of transportation) for a destination abroad to the extent that in order to pay for the transaction, the need arises for accessing the single, free-floating foreign exchange market in order to acquire the relevant foreign currency. Labor law matters and payroll taxes The Argentine Executive Branch is allowed by the law herein discussed to reduce contributions by employees and employers into the pension plan fund to limited jurisdictions and specific activities which might be in critical situations. In these cases, the exemption would not be total, and it would not be limited to future increases pursuant to a decree or pursuant to the salary negotiation process between the specific industry and relevant unions; rather, it could be applied to the whole salary. In connection with labor law matters, before the enactment of Law No 27,541 and by virtue of the Decree of Necessity and Urgency No. 34 (as published in the Official Gazette on December 13, 2019), the Argentine Executive Branch established for a term of 180 days a duty to pay a two-fold Legal entities—Capital stock The enforcement of Argentina’s General Companies Law, Sections 94, Sub-section |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
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Subsequent Events | 44. SUBSEQUENT EVENTS The Group has considered the events following December 31, 2019 through the issuance of the consolidated financial statements and assessed if there is a need for recognizing them or for their potential disclosure in the consolidated financial statements. 43.1 Change in the controlling shareholder On January 27, 2020, Caue Austria Holding GmbH transferred its total ownership interest in Loma Negra C.I.A.S.A., representing 51.0437% interest in its capital stock to InterCement Trading e Inversiones S.A. Pursuant to this transfer, the Group’s controlling shareholder has changed. 43.2 Effects of COVID-19 Subsequent to December 31, 2019, the World Health Organization (Organización Mundial de la Salud) declared the coronavirus outbreak (COVID-19) With the recent and rapid development of this outbreak, the countries where the Group has operations, have required entities to limit or suspend business operations and implemented travel restrictions and quarantine measures. In this regard, the Group: (i) have suspended partially the production and dispatch of cement, concrete and aggregates operations until the conditions necessary to resume activities are in place; (ii) have temporarily suspended the construction project of the second line of the L’Amalí plant, in Olavarría, until the conditions necessary are given to resume the activities; (iii) have implemented the use of remote work for all the administrative employees of the Company; and (iv) have formed a Crisis Committee in order to monitor and evaluate the implementation of measures to mitigate the effects derived from this situation. Over the time, these measures may have a negative impact on the activities of the Group including namely on its revenue, supply and profitability but also on the recoverability of its receivables and long-lived assets. Until to the date of these consolidated financial statements, the outbreak has not had a material impact on the results of the Group. As the outbreak continues to progress and evolve, it is uncertain at this point of time to predict the extent of the potential impact on the Group’s financial and operating results that cannot be reasonably estimated, but their impact could be material. |
Basis Of Preparation Of The C_2
Basis Of Preparation Of The Consolidated Financial Statements (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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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 consolidated financial statements The consolidated financial statements of the Group as of December 31, 2019 and 2018 and for the fiscal years ended December 31, 2019, 2018 and 2017 have been prepared and presented in accordance with the 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 consolidated 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, 2018 and 2017, 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 the current fiscal year. These figures have been restated in the current fiscal year’s end-of-period The Group adopted IFRS 16 using the modified retrospective method of adoption, with the date of initial application of January 1, 2019. Under this method, the standard is applied retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial application. These consolidated financial statements were approved by the Board of Directors on April 28, 2020, the date when the consolidated financial statements were available for issuance. |
Financial information presented in constant currency | 2.2 Financial information presented in constant currency As mentioned above, the consolidated financial statements as of December 31, 2019, and the corresponding figures for prior fiscal years have been restated to consider changes in the general purchasing power of the Group’s functional currency (the Argentine Peso) in accordance with the provisions included in IAS 29 and the CNV’s General Resolution 777/2018. As a result, the consolidated financial statements are stated in the unit of currency that was current at the end of the fiscal year which is being reported. IAS 29 requires that the financial statements of an entity whose functional currency is that of a hyperinflationary economy be expressed in terms of the current unit of measurement at the closing date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. IAS 29 provides guidelines for illustrative purposes to define a situation in which hyperinflation is deemed to arise, i.e., (i) analysis of general population behavior, prices, interest rate and salaries in the face of changes in price indexes and the loss of purchasing power in currency and (ii) as a quantitative feature, which is the condition more frequently considered in practice, the existence of a cumulative three-year inflation rate that approximates or exceeds 100%. Although in previous years there was major growth in the general price level, the inflation accumulated in three years had remained below an accumulated 100% before 2017. However, as a result of a number of macroeconomic factors, three-year inflation was in 2018 above this figure. In addition, the goals established by the national government and other forecasts available pointed out that this trend would not revert in the short term. In order to assess the above-mentioned quantitative condition and also to restate financial statements, the CNV has set forth that the series of indices to be used in the enforcement of IAS 29 is as determined by FACPCE. This series combines the Consumer Price Index at the national level and as published by Argentina’s Official Statistics Bureau [Instituto Nacional de Estadística y Censos—“INDEC” as per the initials in Spanish] as from January 2017 (baseline month: December 2016) with the Wholesale Domestic Price Index (“IPIM” as per the initials in Spanish) published by INDEC until that date, computing for the months of November and December 2015, for which INDEC has no information with respect to changes in IPIM, the variation in the CPI of the Autonomous City of Buenos Aires. Taking such index into account, inflation was 53.83%, 47.64% and 24.80% in the fiscal years ended on December 31, 2019, 2018 and 2017, respectively. Based on the above, Argentina is considered a country with high inflation economy starting July 1, 2018. Below is a summary of the effects of the application of IAS 29. Restatement of the statement of financial position: (i) Monetary items (those with a fixed nominal value in local currency) are not restated because they are already expressed in term of the monetary unit of measurement that is current at the end of the reporting period. In an inflationary period, holding monetary assets causes losses in purchasing power and holding monetary liabilities generates gains in purchasing power in so far as such items are not subject to an adjustment mechanism that offsets these effects in some way. Monetary gains or losses are included in the statement of profit or loss and other comprehensive income for the fiscal year. (ii) The assets and liabilities that are subject to changes on the basis of specific agreements are adjusted on the basis of such agreements. (iii) Non-monetary non-monetary non-monetary (iv) Non-monetary non-monetary non-current (v) When borrowing costs are capitalized on eligible assets in accordance with IAS 23, the inflation component of borrowing costs is not capitalized. See Note 13 for the Group’s capitalized borrowing costs. (vi) The restatement of non-monetary non-monetary Restatement of the statement profit or loss and other comprehensive income: (i) Expenses and revenues are restated as from the date they are recorded for accounting purposes except for those profit or loss items related to the consumption of assets measured in a currency of purchasing power of a date previous to the registration of such consumption (such as depreciation, impairment and other consumption of assets valued at historical cost); and also except fort any profit or loss arising from items measured in currency of purchasing power of two different dates which require the identification of the amounts being compared, their separate restatement and their comparison based on the new restated amounts. (ii) Financial income and expenses, including foreign exchange differences, arising from funds lent or borrowed, the Group presents them in actual terms, that is, net of the effect of inflation on the assets and liabilities that generated such income and loss. (iii) Net profit or loss from maintaining monetary assets and liabilities is reported in a separate item of the statement of profit and loss and other comprehensive income. Restatement of the statement of changes in Shareholders’ equity: All the components of equity are restated by application of the general price index from the beginning of the fiscal year and the restatement effects of each such components includes the restatement effect from the date of the contribution or initial recognition. Capital stock is presented at nominal values and its corresponding restatement adjustment is presented in a separate account. The other comprehensive income generated after the date of transition is also presented in actual terms. Restatement of the statement of cash flows: IAS 29 requires that all the entries in this statement should be restated in the terms of the unit of measurement that is current at the end of the reporting period. The monetary gain or loss generated by cash and cash equivalents is presented in the statement of cash flows separately from the cash flows stemming from operating, investing and financing activities, as a specific item of the reconciliation between cash and cash equivalents at the start and at the end of the fiscal year. |
Applicable accounting standards | 2.3 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 to sell an asset or paid to transferred a liability in an orderly transaction between market participants as of the measurement date, irrespective of whether such price is directly observable or estimated using another valuation technique. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: • Level 1: quoted (unadjusted) market prices in active markets for identical assets or liabilities that the entity can access at the measurement date; • Level 2: valuation techniques for which the lowest level input that is significant to their value measurement is directly or indirectly observable; and • Level 3: valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. |
Current and non-current classification | Classification into current and non-current: The Group presents assets and liabilities in the consolidated statement of financial position classified as current and non-current. Assets are classified as current when the Group: a) expects to realize the asset, or intends to sell or consume it, during its normal operating cycle; b) holds the asset primarily for the purpose of trading; c) expects to realize the asset within twelve months after the reporting period; or d) the asset is cash or cash equivalents unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All the other assets are classified as non-current. Liabilities are classified as current when the Group: a) expects to settle the liability during its normal operating cycle; b) holds the liability primarily for the purpose of trading; c) the liability is due to be settled within the twelve months after the reporting period; or d) does not have an unconditional rights to defer settlement of the liability for at least the twelve months after the reporting period. All the other liabilities are classified as non-current. Deferred tax assets and liabilities are classified as non-current |
Use of estimates | Use of estimates The preparation of consolidated financial statements requires the Group’s management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. The description of the estimates and significant accounting judgments made by the Group’s Board in the application of accounting policies as well as areas with a higher degree of complexity that require the exercise of judgment are disclosed in Note 4. |
Standards and Interpretations that have been issued and not yet in force as of that date of these financial statements | 2.4 Standards and Interpretations issued but not yet effective The following is a detail of the standards and interpretations that are issued but not yet effective up to the date of issuance of the Group’s consolidated financial statements. The Group intends to adopt these standards, if applicable, when they become effective. • New and amendments to the references of the Conceptual Frameworks of several standards The IASB introduced changes into a set of standards when it issued the Conceptual Framework in March 2018 establishing financial concepts and prepares a set of standards for financial reporting preparers in a manner such as to help financial information users to improve their comprehension of this information. Amendments are effective for the fiscal years starting on January 1, 2020. 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. • Amendments to IFRS 3—Business definition In October 2018, IASB issued changes into the definition of a business in the IFRS 3 “Business Combinations” to help entities to determine if an acquired group of activities and assets is a business or not. These amendments clarify the minimum requirements for a business, suppress the evaluation of whether the market participants are capable of replacing missing elements, add guidance to help entities to evaluate if an acquired process is substantive, reduce the definitions of a business and of P&L and introduce an optional test of fair value concentration. The above-mentioned amendments are effective for the fiscal years starting on January 1, 2020. 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. • IFRS 17—Insurance contracts In May 2017, the IASB issued the IFRS 17 “Insurance contracts”, a new comprehensive financial reporting standard for the Insurance contracts which covers the recognition, assessment, presentation and disclosure. Once in force, IFRS 17 shall replace IFRS 4 which was issued in 2005. The IFRS 17 applies to all the types of insurance contracts (that is, life insurance, non-life • Amendments to IAS 1 and IAS 8—Definition of material information In October 2018, the IASB issued amendments to IAS 1 “Presentation of Financial Statements” and to IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors” to align the definition of “material information” through the standards and clarify certain aspects of the definition. The new definition lays down that “Information is material if omitting, misstating or hiding it could reasonably be expected to influence decisions that the primary users of general-purpose financial statements make on the basis of those financial statements. These amendments are effective as from the fiscal years starting on January 1, 2020. 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. • Amendments to IFRS 9, IFRS 7 and IAS 39 In September 2019, IASB issued amendments to the IFRS 9, IAS 39 and IFRS 7 “Financial Instruments: Disclosures”, which concludes Phase I of its work to respond to the effects of changes to interbank offered rates (“IBOR”) concerning financial information. The amendments allow hedge accounting to continue during the period of uncertainty before the replacement of an existing benchmark interest rate for a risk-free alternative interest rate. These changes are effective as from the fiscal years starting on January 1, 2020. 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. New and amendment standards and interpretations The Group has adopted all the improvements and new standards and interpretations issued by IASB that are relevant to its operations and which are effective as of December 31, 2019. Starting on January 1, 2019, the Group adopted the following standards: • IFRS 16: Leases IFRS 16 supersedes IAS 17, Leases, IFRIC 4, Determining whether and Arrangement contains a Lease, SIC 15, Operating Leases-Incentives and SIC 27, Evaluating the Substance of Transactions Involving the Legal Form of a Lease. IFRS 16 lays sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires leases to recognize most leases on the balance sheet. Lessors accounting under IFRS 16 is substantially unchanged from IAS 17. Lessors will continue to classify the leases as either operating or finance leases using similar principles as in IAS 17. Therefore, IFRS 16 does not have an impact for leases where the Group is the lessor. The Group adopted the IFRS 16 using the modified retrospective method of adoption, with the date of initial application of January 1, 2019. The Group elected to use the practical expedient to not reassess whether a contract is, or contains, a lease as of January 1, 2019. Instead, the Group applied the standard only to the contracts that were previously identified as leases applying IAS 17 and IFRIC 4 at the date of initial application. The Group also elected to use the recognition exemptions for lease contacts that, at the commencement date, have a lease term of twelve months or less and do not contain a purchase option (short-term leases) and lease contracts for which the underlying asset is low-value (low-value • IFRIC 23: Uncertainty over income tax treatments The interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of IAS 12, Income Taxes. It does not apply to taxes or levies outside the scope of IAS 12, nor does it specifically include the requirements relating to interest and penalties associated to with uncertain tax treatments. The interpretation specifically addresses the following: a) Whether an entity considers uncertain tax treatments separately. b) The assumptions an entity makes about the examination of treatments by the tax authorities. c) How an entity determines taxable profit (tax loss), taxable bases, unused tax losses, unused tax credits and tax rates. d) How an entity considers changes in facts and circumstances. The Group determines whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments and uses the approach that better estimates the resolution of uncertainties. The Group does not believe that is has significant uncertain tax treatments have, therefore, the interpretation did not have an impact on the consolidated financial statements of the Group. • Amendments to IFRS 9: Prepayment features with negative compensation Under the IFRS 9, a debt instruments can be measured at amortized cost or at fair value through other comprehensive income, provided that the contractual cash flows are “solely payments of principal and interest on the principal amount outstanding” (the SPPI criterion) and the instrument is held within the appropriate business model for that classification. The amendments to IFRS 9 clarify that a financial asset passes the SPPI criterion regardless of an event or circumstance that causes the early termination of the contract and irrespective of which party pays or receives reasonable compensation for the early termination of the contract. These amendments did not have an impact on the Group’s consolidated financial statements. • Amendments to IAS 28: Long-term interest in associates and joint ventures The amendments clarify that an entity applies IFRS 9 to long-term interests in an associate or joint venture to which the equity method is not applied but that, in substance, form part of the net investment in the associate or joint venture (long-term interests). This clarification is relevant because it implies that the expected credit loss model in IFRS 9 applies to such long-term interests. The amendments also clarified that, in applying IFRS 9, an entity does not take account of any losses of the associate or joint venture, or any impairment losses on the net investment, recognized as adjustments to the net investment in the associate or joint venture that arise from applying IAS 28, Investments in Associates and Joint Ventures. These amendments had no impact on the consolidated financial statements as the Group does not have long-term interests in its associate and joint venture. • Improvements in the 2015—2017 cycle Amendments to IFRS 3: Business combinations The amendments clarify that, when an entity obtains control over a business that is a joint venture the requirements that apply are those of a business combination attained in stages, including the measurement of interests previously maintained in assets and liabilities in the joint venture at fair value. Upon doing as much, the acquirer conducts a remeasurement of the interest in a joint business owned before the transaction. These amendments did not have an impact on the Group’s consolidated financial statements because there is no transaction covered. Amendments to IFRS 11: Joint arrangements An entity that participates but does not have joint control over a joint arrangement could have joint control over the joint arrangement in which the activity of the joint arrangement is a business as defined in IFRS 3. The amendments clarify that the ownership interests maintained in that joint venture are not re-measured. Amendments to IAS 23: Borrowing costs These amendments clarify that an entity must treat any borrowing originally taken for the development of an eligible asset that is pending payment after the asset is ready for prescribed use or sale as a part of generic borrowings. The Group is applying the provisions of this standard to the funding obtained for the construction of its new plant, all the borrowings are identified to an eligible asset until the settlement of the respective borrowing or the start-up |
Basis of consolidation | 2.5 Bases of consolidation These consolidated financial statements include the financial statements of the Company and of the Company’s controlled companies (its subsidiaries or controlled companies or affiliates). The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Group re-assesses Generally, there is a presumption that the majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all the relevant facts and circumstances in assessing whether it has power over the investee, including: • The Group’s voting right ownership percentage, vis-à-vis the size and dispersion of percentages held by other shareholders voting rights and potential voting rights; • Potential voting rights maintained by the Group, other shareholders or other parties; • The contractual arrangement(s) with the other vote holders of the investee; and • Any and all additional events or circumstances that set forth that the Group has, or does not have, at present, the ability to direct the relevant activities of the investee at a time when decisions are made. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control over the subsidiary. Assets, liabilities, revenues and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date when the Group obtains control until the date when the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the Group’s owners and to the non-controlling non-controlling When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group’s accounting policies. All intra-group assets, liabilities, equity, income, expenses and cash flows related to transactions between members of the Group are eliminated in full upon consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling The consolidated information disclosed in these consolidated financial statements include the following subsidiaries: Main business Country % of direct and indirect ownership as of 2019 2018 2017 Subsidiary name: Cofesur S.A.U. Investment Argentina 100.00 100.00 100.00 Ferrosur Roca S.A. (1) Rail freight transportation Argentina 80.00 80.00 80.00 Recycomb S.A.U. Waste recycling Argentina 100.00 100.00 100.00 Yguazú Cementos S.A. Marketing, selling and manufacture construction materials Paraguay 51.00 51.00 51.00 (1) Directly controlled by Cofesur S.A.U. Below is a summary of the financial information for Group subsidiaries with material non-controlling a) Yguazú Cementos S.A. 2019 2018 Current assets (1) 2,270,451 1,966,481 Non-current 5,604,624 6,335,157 Current liabilities (2) 798,455 1,155,174 Non-current 2,656,224 3,295,021 Equity attributable to the owners of the company 2,254,476 1,964,300 Non-controlling 2,165,920 1,887,143 (1) Includes 1,262,959 and 878,262 in Cash and cash equivalents as of December 31, 2019 and as of December 31, 2018, respectively. (2) Includes the financial borrowings described in Note 25. 2019 2018 2017 Net revenues 3,875,695 3,601,539 2,617,879 Financial results, net (289,511 ) (348,788 ) (165,224 ) Depreciations (578,759 ) (525,009 ) (387,808 ) Income tax (70,377 ) (48,818 ) (27,974 ) Profit for the year 749,413 546,272 501,248 2019 2018 2017 Net cash generated by operating activities 1,690,944 892,401 637,033 Net cash used in investing activities (102,234 ) (122,677 ) (126,893 ) Net cash used in financing activities (1,153,942 ) (485,063 ) (835,868 ) b) Ferrosur Roca S.A. 2019 2018 Current assets 871,776 1,089,003 Non-current 2,221,041 2,781,400 Current liabilities 2,456,055 2,483,874 Non-current 312,678 241,231 Equity attributable to owners of the company 259,268 916,238 Non-controlling 64,817 229,059 2019 2018 2017 Net revenue s 3,646,421 3,980,359 4,030,339 Financial results, net (629,549 ) (139,298 ) (35,514 ) Depreciations (617,810 ) (580,899 ) (428,492 ) Income tax 59,122 220,830 (81,850 ) Loss for the year (*) (812,933 ) (170,838 ) (86,101 ) (*) Net loss as of December 31, 2019 includes the elimination of intragroup related parties’ transactions for 347,062. 2019 2018 2017 Net cash generated by / (used in) operating activities 295,950 (266,488 ) 384,436 Net cash generated by / (used in) investing activities 54,605 (416,651 ) (646,724 ) Net cash (used in) / generated by financing activities (316,514 ) 674,960 256,693 |
Revenue recognition | 3.1 Revenue recognition The Group is engaged in the production and distribution of cement, masonry cement, concrete, limestone and aggregates. The Group also operates the Ferrosur Roca concession with approximately 3,100 km of railroads in four provinces of Argentina, that links five of Group’s production facilities (Olavarría, Barker, Ramallo, Zapala and L’Amalí) with the LomaSer, Solá and Bullrich distribution centers that are located near major consumption centers, such as the Greater Buenos Aires metropolitan area. In addition, the Group is engaged in the industrial waste recycling business. The goods to be delivered and the services to be provided arise from agreements (in general, they are not written) where the Group may identify the right of each one of the parties, the terms of payment and the agreement is commercial in nature. |
Sale of goods | 3.1.1 Sale of goods Revenues from agreements with customers are recognized when control over goods is transferred to the customer for an amount that reflects the consideration that the Group expects to be entitled to in exchange for such assets or services. The customer obtains control of the goods when significant risks and rewards of products sold are transferred in accordance with the specific terms of delivery that are agreed with the customer. Revenues from the sale of goods are measured at fair value of the consideration received or to be collected, which the price specified in the invoice, net of commercial discounts. No financing components are considered in the transaction since credit terms average from 20 to 35 days, depending on the specific terms agreed upon by the Group which is consistent with market practices. Some agreements with clients offer commercial discounts or volume-based discounts. If revenues cannot be reliably measured, the Group defers recognition of income until the uncertainty is resolved. However, in general, performance obligations are met upon the delivery of the goods sold, at which time, both the price and any discount are specifically agreed between the parties. Variable consideration is recognized when there is a high likelihood that there will not be a significant reversal in the amount of the accumulated revenues recognized in the agreement and measured using the expected method or the most likely amount. The products sold by the Group in general are not returned by customers once they have been accepted and quality approved. Such approval is obtained the time of delivery. 3.1.2 Services rendered The Group provides transportation services along with the sale of cement, concrete, limestone and aggregates. Revenues from transportation services is recognized at the time services are provided, which is usually when revenues from the sale of the transported good is recognized as transportation distance and time is very short. Revenue is measured on the basis of the consideration defined in the contract with customers. Revenues from freight railway services and waste recycling services are recognized at the time such services are rendered. |
Goodwill | 3.2 Goodwill The goodwill recorded by the Group corresponds to the acquisition of Recycomb S.A.U. and it is measured at cost restated at the end of the reporting period in accordance with Note 2.2. In accordance with IFRS 3, Business Combinations, goodwill is initially measured at cost being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is not amortized, but rather tested for impairment on an annual basis. For purposes of conducting the impairment test, goodwill is allocated to each of the Group’s cash generating units that expected to benefit from the synergies of the combination. Goodwill is tested for impairment annually as at December 31 and when circumstances indicate that the carrying amount may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal and its value in use. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses related to goodwill cannot be reversed in future periods. Any goodwill impairment loss is recognized directly in profit or loss. Upon disposal of cash generating unit to which goodwill has been allocated, such goodwill is included in the determination of the profit or loss on disposal. For the years ended December 31, 2019, 2018 and 2017, the Group has not recognized any impairment loss. |
Investments in other companies | 3.3 Investments in other companies These are investments in which the Group has no significant influence. Given that these equity investments do not have a quoted market price in an active market and their fair value cannot be reliably measured, these investments are measured at the cost restated at the end of the reporting period, less any impairment loss. |
Leases | 3.4 Leases The Group adopted IFRS 16 on January 1, 2019. The nature and the effect of the changes as a result of the adoption of this new accounting standard are described in Note 14. The following describes the accounting policy applied by the Group to the lease agreements before the adoption of IFRS 16. Leases were 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 were classified as operating leases. The Group as the 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 the Lessee a) Finance leases: assets held under finance leases were 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 was included in the consolidated statement of financial position as a finance lease obligation. Lease payments were 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 were directly attributable to qualifying assets, in which case they were 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. b) Operating leases: operating lease payments were 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 were 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 were recognized as a liability. The aggregate benefit of incentives was recognized as a reduction of rental expense on a straight-line basis, except where another systematic basis was more representative of the time pattern in which economic benefits from the leased asset are consumed. Upon the application of IFRS 16, the Group has adopted a new accounting model for the recognition and measurement of all the leases, as described below. The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group as the Lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value right-of-use Right of use assets The Group recognizes a right of use asset at the commencement date of the lease (i.e. the date when the underlying asset is available for use). Right of use assets are measured at cost, less any accumulated depreciation and impairment losses and adjusted to reflect any remeasurement of liabilities and to recognize the changes in the purchasing power of currency pursuant to the provisions of IAS 29. The cost of the right of use assets includes the amount of the lease liabilities recognized, initial direct costs incurred and lease payments made at or before the commencement date, less any lease incentives received. Right of use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right of use assets are subject to impairment. See Note 3.10. Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the term of the lease. The lease payments include fixed payments (including in-substance In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. Interest expense on the lease payments is recorded by the Group in the consolidated statement of profit or loss and other comprehensive income for fiscal year (See Note 14). The Group as the Lessor As previously described, the adoption of IFRS16 had no impact on the recognition and measurement of the leases when the Group is the lessor. |
Foreign currency and functional currency | 3.5 Foreign currency and functional currency These consolidated financial statements are presented in Argentine Pesos (Argentina’s currency of legal tender), which is also the functional currency (the currency of the primary economic environment in which an entity operates) of the Group and all the companies with domicile in the Argentine Republic. In the case of the subsidiary Yguazú Cementos S.A., located in Paraguay, its functional currency is the Guaraní. For purposes of presentation of these consolidated financial statements, the assets and liabilities from the Group’s foreign operations are translated to Pesos at foreign exchange rates prevailing at the end of the reporting period and their statement of profit or loss and other comprehensive income are translated at the average foreign exchange rate for each month, unless the corresponding foreign exchange rate has fluctuated significantly during the month, in which case, the exchange prevailing on the date of the transaction is used. Gain or losses on exchange differences on translation of foreign operations are recognized in other comprehensive income and are accumulated in shareholders’ equity (and are attributed to non-controlling Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the foreign exchange rate prevailing at the end of the reporting period. On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is reclassified to profit or loss. Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. The Group’s assets and liabilities denominated in foreign currency are translated to the Pesos at the exchange rates at the end of the reporting period. Foreign exchange gains / (losses) from monetary items are recognized in profit and loss for the year, net of the effect of inflation, except for those stemming from borrowings denominated in foreign currency to finance qualifying assets, such as construction in progress, in which case, they are capitalized as part of the carrying amount of the asset, as they are considered to be an adjustment to the costs for interest on said borrowings denominated in foreign currency. |
Borrowing costs | 3.6 Borrowing costs Borrowing costs, net of the effect of inflation directly attributed to the acquisition, construction or production of qualifying assets, which are assets that take a substantial period of time to get ready for their intended use or sale, are capitalized as part of the cost of the asset until the assets are ready for use or sale. Income earned on short term investments in specific outstanding borrowings to finance the construction of qualifying assets is deducted from the borrowing costs that may qualify for capitalization. All the other borrowing costs are recognized in profit or loss when incurred, net of the effect of inflation on the liabilities that generated them. |
Taxes | 3.7 Taxation 3.7.1 Income tax Argentina The Group assesses the income tax charge to be recorded in accordance with the deferred tax method, which considers the effect of temporary differences originating in the different basis for measuring assets and liabilities according to accounting and tax criteria and of the existing net losses and unused tax credits susceptible of deduction of future taxable income computed by considering the tax rate in force which at present is 30% in Argentina. This tax rate had been set forth by Law No. 27.430 until the fiscal year ended in December 2019, dropping to 25% as from January 1, 2020. Pursuant to the Reform introduced by Law No. 27.541 (Official Gazette 12/23/19) the changes in tax rates that had been prescribed were suspended and a decision was made to maintain the original 30% tax rate up to the fiscal years starting on January 1, 2021 inclusive. A literal interpretation of the reform would be that the last year-end 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 taxes Current tax payable is based on the taxable profit for the fiscal year. Taxable profit differs from profit before tax as reported in the consolidated statement of profit and loss and other comprehensive income because of items of income, or expenses that are taxable or deductible in other years and items that will never be taxable or deductible. The Group’s liability for current tax is calculated using the tax rates that have been substantially enacted at the end of the reporting period. 3.7.1.2 Deferred taxes Deferred tax is recognized on temporary differences between the carrying amount of the assets and liabilities included in the consolidated financial statements and the corresponding used in the computation of taxable profit. Deferred tax liabilities are generally recognized, for all the taxable temporary differences. Deferred tax assets are generally recognized for all 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 amounts of deferred tax assets are reviewed at the end of each fiscal year and derecognized to the extent it is no longer probable that sufficient taxable profit 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 fiscal year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantially enacted at the end of the reporting period. Measurement of deferred tax liabilities and deferred tax assets at the end of reporting period reflects the tax consequences that would stem from the manner in which the entity expects to recover or settle the carrying amount of its assets and liabilities. The Group offsets deferred tax assets and deferred tax liabilities if and only if a) it has legally enforceable right to set off current taxes and current liabilities and b) the deferred tax assets and liabilities relate to income taxes levied by the same tax authority on either the same taxable entity or different taxable entities and the Group intends either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. 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 temporary differences will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are only recognized to the extent that there is probable that there will be sufficient taxable profit against with to utilize the benefits of temporary differences and they are expected to reverse in the foreseeable future period. 3.7.1.3 Current and deferred taxes Current and deferred taxes are recognized in the statement of profit and loss and other comprehensive income. Current and deferred taxes are recognized in the profit and 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 taxes are also recognized in other comprehensive income or directly in equity, respectively. When current tax or deferred taxes arise from a business combination, the tax effect is included in the accounting for the business combination. 3.7.2. Personal asset 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 asset tax of 0.25% over of the value of any shares or the American Depositary Shares issued by Argentine entities, held as of December 31 of each year. The tax applies to the Argentine issuers of said shares, who must pay for this tax in substitution for the relevant shareholders and it is based on the equity value (following the equity method), or the book value of the shares derived from the most recent financial statements as of December 31 of each year. In accordance with the Personal Asset Tax Law, the Group is entitled to obtain a reimbursement of the tax paid from the shareholders levied with the above-mentioned tax through the reimbursement mechanism that the Group deems advisable. As of December 31, 2019 and 2018, the Company carries the following receivables in this respect 13,492 and 5,015, respectively. 3.7.3. Tax reform in Argentina The Tax Reform Law No. 27,430, modified in turn by Law No. 27,468 prescribes the following in connection with the adjustment to reflect the effects of inflation for tax purposes to become effective for the fiscal years commencing on January 1, 2018: (a) the adjustment shall be applicable in the fiscal year in which a CPI variation in excess of 100% is verified during the thirty-six sub-sections With the enactment on December 21, 2019 of Law No. 27,541 entitled “Social Solidarity and Productive Reactivation in the framework of a Public Emergency Situation” there was a change in the computation of the inflation adjustment for tax purposes, with it being fixed at one sixth in the fiscal period and in the remaining five sixths, in equal parts, in the immediately following five fiscal periods, which have been recognized as deferred liabilities to be charged against deferred tax in the statement of profit and loss and other comprehensive income. Given that as of the closing date of the fiscal year herein reported, the conditions have been satisfied for application of the inflation adjustment for tax purposes, current and deferred income tax for the year ended on December 31, 2019, have been recorded incorporating the effects stemming from their application. Revaluation of certain assets for tax purposes The Tax Reform Law No. 27,430 signed into law by the Argentine Executive Branch on December 29, 2017 enables the exercise of the option to revalue, for tax purposes and on a one-off Those who exercise the option to revalue their assets in accordance with the provisions in Law No. 27.430 must (i) waive their right to commence any court case or administrative proceedings whereby the petitioner claims, with tax purposes, the application of adjustment proceedings in any nature until the date of the first fiscal year whose closing date falls subsequent to the coming into force of this law, and (ii) abandon the actions and rights invoked in proceedings commenced in connection with previously closed fiscal years. Additionally, the computation of the amortization of the revaluation amount or its inclusion as the computable cost of a disposal in the income tax assessment shall entail, for the fiscal year in which such computation is performed, a waiver of any claim for adjustment. In this respect, the Group opted to revalue its property, plant and equipment for tax purposes. The revaluation amount was 661,680 and the special tax was 66,168 (amounts stated in nominal figures) and it has been charged to the statement of profit or loss and other comprehensive income, in the current income tax line item as of December 31, 2019. In addition, as of December 31, 2019, a deferred tax asset in the amount of 255,784 has been recognized in relation to this adjustment. |
Property, plant and equipment | 3.8 Property, plant and equipment Property, plant and equipment held for use in the production or supply of goods and services, including capitalized stripping and quarry exploitation costs mentioned in Note 3.18, or for administrative purposes are recorded at cost restate in constant currency at the end of the reporting period, in accordance with Note 2.2., minus depreciation and any accumulated impairment loss. The Company holds spare parts that are expected to be used to replace parts of property, plant and equipment and are expected to increase the related asset’s useful life for a period exceeding twelve months. These spare parts are classified in property, plant and equipment and not in inventories. Construction in progress for administrative, production, supply or other purposes are carried at cost restated in constant currency at the end of the reporting period, in accordance with Note 2.2, minus any impairment loss already recognized. Cost includes professional fees and borrowing costs on qualifying assets, in accordance with the Group’s accounting policies. Depreciation on assets under construction only commences when such assets are ready their intended use. Property, plant and equipment are depreciated, except for the land and assets under construction, over their estimated useful lives using the straight-line method. The estimated useful life, the residual value and the depreciation method are reviewed at the end of each year, with the effect of any changes in estimates being accounted for on a prospective basis. Right of use assets are depreciated on a straight-line basis over the shorter of the lease term or and the estimated useful life of the assets. Land is not subject to depreciation. Gain or loss from the disposal or write-off |
Intangible assets | 3.9 Intangible assets Intangible assets with finite useful lives, acquired separately, are carried at cost restated in constant currency at the end of the reporting period, as described in Note 2.2, less accumulated depreciation and any accumulated impairment losses. The estimated useful life and the depreciation method are reviewed at the end of the reporting period, with the effect of any changes in estimates being accounted for on a prospective basis. Intangible assets with an indefinite useful life that are separately acquired are carried at cost restated in constant currency at the end of the reporting period, less accumulated impairment losses. Intangible assets are derecognized when no future economic benefits are expected from their use or disposal. Gains or losses from the derecognized of an intangible asset, is determined as the difference between the net disposal proceeds and the carrying amount of the asset and it is recognized in the profit and loss when the asset is derecognized. |
Impairment of value in tangible and intangible assets | 3.10 Impairment of tangible and intangible assets At the end of the reporting period, the Group reviews the carrying amounts of its tangible and intangible assets in order to assess if there is any indication that an asset might be impaired. If any indication exists, the Group estimates the asset’s or the cash generating unit recoverable amount. An asset’s recoverable amount is the higher of an assets or CGU’s fair value less cost of disposal and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax Intangible assets not yet available for use are subject to impairment tests at least once a year and in so far as there are indications that the asset may have been impaired. When the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset if considered impaired and it is written down to its recoverable amount. Impairment losses are immediately recognized in profit or loss. A previously recognized impairment loss is reversed, only if there has been a change in the assumptions used to determine the asset’s or of the CGU’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset or CGU in prior years. Impairment loss reversals are immediately recognized in profit loss. |
Inventories | 3.11 Inventories Inventories are stated at the lower of cost restated in constant currency at the end of period in accordance with Note 2.2 and net realizable value. Costs of inventories are determined using the weighted average price method. The net realizable value is the estimated price of sale less estimated costs to conclude such sale. Costs incurred in bringing each product to its present location and condition are accounted for as follows: • Raw materials and spare parts: at cost as on a weighted average price method. Cost is determined at each the plants of the Group. • Finished goods and in work in progress: at the cost of direct materials and labor plus a proportion of manufacturing overheads based on normal operating capacity, but excluding borrowing costs. The net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. In assessing recoverable amounts of inventories, slow-moving inventories are also considered. |
Provisions | 3.12 Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to a provision is presented in the statement of profit or loss net of any reimbursement. Estimated amounts of the obligation are based on the expected outflows that will be required to settle such obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax When the Group expects some or all of a provision to be reimbursed, the reimbursement is recognized as a separate asset (a receivable), but only when the reimbursement is virtually certain and the amount of the receivable can be reliably measured. The Group uses the opinion of its legal advisors to the determine if a provision should be recorded as well as to estimate the amounts of the obligations. |
Environmental restoration | Environmental restoration Under legal provisions and the Group’s practices, the land used for mining and quarries are subject to environmental restoration. In this context, provisions are recognized in those cases that they could be determined, in order to afford the estimated expenses for the environmental recovery and restoration of the mining areas. These provisions are recorded simultaneously with the increase in value in the underlying asset and the relevant depreciation of the assets involved is recognized in profit and loss prospectively. 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 Group 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 follow the practice of progressively restoring the freed areas by the removal of quarries using the provisions recognized for that purpose. |
Financial instruments | 3.13 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. Interest and financial income are recognized to the extent the effective interest rate is accrued. |
Financial assets | 3.14 Financial assets The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price. According to the provisions under IFRS 9 “Financial instruments”, the Group classifies for purposes of subsequent measurement, its financial assets into two categories: • Financial assets at amortized cost A financial asset is measured at amortized cost if both of the following conditions are met: (i) the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and (ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. In addition, for the assets that satisfy the conditions mentioned above, IFRS 9 provides the option of designating the financial asset at initial recognition, at fair value if in doing so it eliminates or significantly reduces an inconsistency in valuation or recognition that would have arisen if the valuation of the assets or liabilities or the recognition of their income or loss were effected on different bases. The Group has not designated any financial asset at fair value using this option. At the date of closing of these consolidated financial statements, the Group’s financial assets at amortized cost comprise certain accounts receivable, trade and other receivables. • Financial assets at fair value through profit or loss If one of the criteria mentioned above were not satisfied, the financial asset is classified as an asset measured at “fair value through profit or loss”. Financial assets at fair value through profit or loss are carried in the consolidated statement of financial position at fair value with net changes in fair value recognized in the consolidated statement of profit or loss and other comprehensive income. The Group’s financial assets at fair value through profit or loss comprise mutual funds and Government securities, classified as current investments. Recognition and measurement Financial assets at amortized cost are initially recognized at fair value plus transaction costs. Financial assets at amortized cost are subsequently measured using the effective interest rate method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The Group reclassifies all investments in debt instruments only when there’s a change in the business model used to manage said assets. Financial assets at fair value through profit or loss are initially recognized at fair value and transaction costs are recognized as expenses in profit or loss and other comprehensive income. Financial assets at fair value through profit or loss are carried at fair value, with net changes in fair value recognized in profit or loss. Gains and losses on the sale of financial assets at fair value through profit or loss are also recognized in profit or loss in “Financial results, net” in the statement of profit or loss or other comprehensive income. The Group typically uses the transaction price to determine the fair value of a financial instrument at the time of initial recognition. Derecognition Purchases and sales of financial assets are recognized on the date when the Group undertakes to purchase or sell the asset. The financial asset are de-recognized • The rights to receive cash flows from the asset have expired, or • The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either: a) the Group has transferred substantially all risks and rewards of the asset or b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Upon 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. Upon 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 asset impairment At the end of the year, the Group assesses if there is objective evidence of impairment of a financial asset or group of financial assets measured at amortized cost. Impairment is recorded only if there is objective evidence of the impairment as a consequence of one or more events occurred after the initial recognition of the asset and said impairment may be reliably measured. For trade receivables, the Group applies a simplified approach in calculating expected credit losses. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime expected credit losses at each reporting period date. The Group has established a provision matrix that is based on its historical credit loss experience. For this purpose, evidence of impairment includes hints that debtors or a group of debtors are experiencing major financial difficulties, non-performances The amount of the impairment is measured as the difference between the book value of the asset and the present value of estimated future cash flows (to the exclusion of future loan losses not incurred) discounted at the original effective interest rate of the financial asset. The book value of the asset is written down and the amount of the loss is recognized in the statement of profit and loss and other comprehensive income. As a practical measure, the Group may measure impairment on the basis of the fair value of an instrument, using an observable market price. If, in a subsequent period, the impairment amount decreases and such reduction is related to an event taking place after the original impairment, the reversal of the impairment loss is recognized in the consolidated statement of profit and loss and other comprehensive income. Offsetting of financial instrument Financial assets and financial liabilities are offset if there is a currently enforceable legal right to offset the recognized amounts and when there is an intent to settle on a net basis, to realize the asset and settle the liability simultaneously. |
Ferrocarril Roca Management Trust | 3.15 Ferrocarril Roca Management Trust The 100% ownership interest in the Ferrocarril Roca Management Trust is recorded at cost, which is the amount of the contributions made, net of trust expenses plus net financing profit or loss accrued until the end of the fiscal year. The following unconsolidated structured entity refers to the entity that is not controlled by Ferrosur Roca S.A. (Note 39). Below if the financial information of Ferrocarril Roca Management Trust, which has not been consolidated by the Group: 2019 2018 2017 Current assets 104,416 86,126 116,091 Current liabilities 165 114 2,287 Equity 104,251 86,012 113,804 Loss for the fiscal year (9,656 ) (8,718 ) (44,585 ) |
Financial liabilities and equity instruments | 3.16 Financial liabilities and equity instruments i) Classification as debt or equity Debt and equity instruments are classified as financial liabilities or as equity in accordance with the substance of the contractual agreement and the definitions of financial liabilities and equity instruments. ii) Equity instruments An equity instrument consists in a contract evidencing a residual ownership interest over an entity’s net assets. Equity instruments issued by the Group at the amount of proceeds received, net of direct issuance costs. The repurchase of the Group’s own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in profit or loss stemming from purchases, sales, issuance or cancellation of the Group’s own equity instruments. Capital stock and other capital related accounts a) Capital and share premium It comprises the contributions made by the shareholders represented by outstanding shares at nominal value. b) Adjustment to capital Adjustment to capital includes the effects of changes in the purchasing power of the Argentine Peso until December 31, 2019, in accordance with Note 2.2. The “Capital” account represents the nominal value of capital and the effect of the restatement to constant currency is included in the “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, the adjustment may be used to offset accumulative losses according to absorption of order, as explained below, in “Accumulated earnings”. c) Merger premium This reflects the recognition of premiums originated in mergers, mainly from the merger with Ecocemento S.A. and Compañía de Servicios a la Construcción S.A. in the years 2002 and 2010, respectively. The 2015 merger was recognized at book value. Merger premium balances were restated in constant currency at the end of the reporting period as described in Note 2.2. from the respective merger dates. d) Other capital adjustments In the fiscal year ended on December 31, 2016, an amount of $403,406,965 was recorded reflecting the excess of the consideration transferred for the acquisition of 16% ownership interest in Yguazú Cementos S.A. to our parent company InterCement Brasil S.A. over the book value recorded by such entity. During 2017, the Company acquired a 2.36% interest in Cofesur S.A.U. approved by the federal government in March 2017. Given that the shares had been acquired from Camargo Corrêa S.A., a related party, the Group applied the policy for acquisitions under common control and recognized the ownership interest at its book values, computing the excess of the value for the purchase over such values within “Other capital adjustments”. In the course of this fiscal year, on April 25, 2018, the Shareholders’ Meeting resolved to absorb the negative balance carried by the “Other capital adjustments” account with the share premium account. e) Legal reserve In accordance with the provisions under Law No. 19,550, the Group must appropriate 5% of income for the year, plus adjustments of previous fiscal years, transfers of other comprehensive income to retained earnings and accumulated losses from previous fiscal years, until it reaches a 20% of the sum of the balances of “Capital” and “Adjustment to capital” accounts. The Legal reserve has been maintained at nominal value at January 1, 2016 and, as from that date, it has been restated in constant currency at the end of the reporting period as described in Note 2.2, considering the movements taking place each fiscal year. f) Environmental reserve and future dividends reserve This corresponds to the reserve created by the Group’s shareholders for future use on environmental matters and dividend distributions, respectively. These two reserves have been maintained at nominal value at January 1, 2016 and, as from that date, they have been restated in constant currency at the end of the reporting period as described in Note 2.2. considering the movements for each fiscal year. g) Accumulated other comprehensive income This includes income and losses recognized directly in equity and transferred from equity to the income and loss or to retained earnings as defined in IFRS. Exchange difference on translating foreign operations This corresponds to the effect of the translation the subsidiary Yguazú Cementos S.A.’s financial statements to the Group’s functional currency in the manner set forth in 3.5. h) Retained earnings Includes accumulated gains or losses without a specific appropriation that being positive can be distributed upon the decision made by the Shareholder’s meeting, while not subject to legal restrictions. This comprises profit or loss from previous fiscal years that were not distributed, the amounts transferred from other comprehensive income and the adjustments of previous fiscal years by 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 constant currency at the end of the reporting period as described in Note 2.2. considering the movements taking place each year. i) Non-controlling This corresponds to the ownership by non-controlling • As of December 31, 2019: Yguazú Cementos S.A. (49%) and Ferrosur Roca S.A. (20%), accounting for the ownership interests that are not in the possession of Loma Negra C.I.A.S.A. • As of December 31, 2018: Yguazú Cementos S.A. (49%) and Ferrosur Roca S.A. (20%), accounting for the ownership interests that are not in the possession of Loma Negra C.I.A.S.A. • As of December 31, 2017: Yguazú Cementos S.A. (49%) and Ferrosur Roca S.A. (20%), accounting for the ownership interests that are not in the possession of Loma Negra C.I.A.S.A. iii) Financial liabilities Financial liabilities are classified as at fair value through profit or loss 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. Financial liabilities are 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 fair value through profit or loss 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 includes any interest paid on the financial liability and is included in the other financial results. Fair value is determined in the manner described in Note 33. A financial liability other than a financial liability held for trading or contingent consideration that may be paid by an acquirer as a part of a business combination may be designated as a liability at fair value with changes through profit and loss upon initial recognition if: • Such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or • The financial liability forms is 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 is forms part of a contract containing one or more embedded derivates, and IFRS 9 permits the entire combined contract to be designated at fair value through profit and loss. 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 the transaction. 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 Group has an unconditional right to defer its settlement for more than twelve months from the consolidated financial statements date. 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. In the case of the 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 rate differences” (Note 10), in the caption “Financial results, net” in the statement of profit or loss and other comprehensive income. v) Derecognition of a financial liability The Group derecognizes a financial liability if, and only if, the Group’s liabilities expire, are discharged or cancelled. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss. |
Short- and long-term employee benefits | 3.17 Short- and long-term employee benefits 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 (severance payment plans) are measured at the present value of estimated future cash outflows expected to be paid by the Group. On January 24, 2018, the Board of Directors approved the implementation of an incentive program calculated on the basis of the Group’s ADS (the “Program”). The purpose of this Program is to attract and retain certain high-ranking employees who satisfy certain eligibility criteria, in the search for aligning the Group’s and its shareholders’ long-term interest. The Program consists in granting options over a quantity of the Group’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 Group 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 At the end of the reporting period of these consolidated financial statements, such Program has been deployed and implemented. A liability has been recorded to reflect the fair value of the transactions involving stock-based payments as they are settled in cash. Such fair value is determined at the end of the reporting period through the date when the award is settled. To calculate fair value, the Group uses the Black-Scholes valuation method. Changes in fair value are recorded as an expense during the vesting period, in the “Salaries, wages and social security contributions” line item in the consolidated statement of profit or loss and other comprehensive income and the related liability in the caption “Salaries and social security payables” in the consolidated statement of financial position (Note 19). |
Stripping costs and quarry exploitation | 3.18 Stripping costs and quarry exploitation As part of its mining operations, Group incurs stripping (waste removal) costs during the initial development phase of the open-pit Stripping activities undertaken during the production phase of a surface mine (production stripping) are considered part of the inventory production costs. In the ordinary course of business, the Group undertakes several exploration and evaluation activities in order to search for mineral ore and determine the technical and commercial feasibility of the resources identified. Exploration and evaluation activities include research and analysis of historical exploration data, the compilation of exploration data through geological studies, exploratory drilling and sampling in several areas, the determination of volume and the qualification of the resources identified, among others. These costs are recognized as an expenses in the period when these are incurred. Mineral rights acquired in connection with the right to explore existing exploration areas are capitalized and amortized during the term of the right. As soon as a legal right has been acquired to explore, exploration and evaluation costs are expensed as incurred to profit or loss, unless the Group’s Management concludes that there is a highest likelihood of obtaining future profits; when this is the case, costs are capitalized. In assessing whether the costs satisfy the criteria to be capitalized several information sources are used, including the nature of the assets, the surface area explored, and the results of the samples taken, among others. Capitalize stripping and exploration and evaluation costs are subject to impairment testing. |
Basis Of Preparation Of The C_3
Basis Of Preparation Of The Consolidated Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Summary of Significant Investments in Subsidiaries | The consolidated information disclosed in these consolidated financial statements include the following subsidiaries: Main business Country % of direct and indirect ownership as of 2019 2018 2017 Subsidiary name: Cofesur S.A.U. Investment Argentina 100.00 100.00 100.00 Ferrosur Roca S.A. (1) Rail freight transportation Argentina 80.00 80.00 80.00 Recycomb S.A.U. Waste recycling Argentina 100.00 100.00 100.00 Yguazú Cementos S.A. Marketing, selling and manufacture construction materials Paraguay 51.00 51.00 51.00 (1) Directly controlled by Cofesur S.A.U. |
Yguazu Cementos S.A. [member] | |
Statement [LineItems] | |
Summary of Financial Information of Subsidiaries with Material Non-controlling Interests | a) Yguazú Cementos S.A. 2019 2018 Current assets (1) 2,270,451 1,966,481 Non-current 5,604,624 6,335,157 Current liabilities (2) 798,455 1,155,174 Non-current 2,656,224 3,295,021 Equity attributable to the owners of the company 2,254,476 1,964,300 Non-controlling 2,165,920 1,887,143 (1) Includes 1,262,959 and 878,262 in Cash and cash equivalents as of December 31, 2019 and as of December 31, 2018, respectively. (2) Includes the financial borrowings described in Note 25. 2019 2018 2017 Net revenues 3,875,695 3,601,539 2,617,879 Financial results, net (289,511 ) (348,788 ) (165,224 ) Depreciations (578,759 ) (525,009 ) (387,808 ) Income tax (70,377 ) (48,818 ) (27,974 ) Profit for the year 749,413 546,272 501,248 2019 2018 2017 Net cash generated by operating activities 1,690,944 892,401 637,033 Net cash used in investing activities (102,234 ) (122,677 ) (126,893 ) Net cash used in financing activities (1,153,942 ) (485,063 ) (835,868 ) |
Ferrosur Roca S.A. [member] | |
Statement [LineItems] | |
Summary of Financial Information of Subsidiaries with Material Non-controlling Interests | b) Ferrosur Roca S.A. 2019 2018 Current assets 871,776 1,089,003 Non-current 2,221,041 2,781,400 Current liabilities 2,456,055 2,483,874 Non-current 312,678 241,231 Equity attributable to owners of the company 259,268 916,238 Non-controlling 64,817 229,059 2019 2018 2017 Net revenue s 3,646,421 3,980,359 4,030,339 Financial results, net (629,549 ) (139,298 ) (35,514 ) Depreciations (617,810 ) (580,899 ) (428,492 ) Income tax 59,122 220,830 (81,850 ) Loss for the year (*) (812,933 ) (170,838 ) (86,101 ) (*) Net loss as of December 31, 2019 includes the elimination of intragroup related parties’ transactions for 347,062. 2019 2018 2017 Net cash generated by / (used in) operating activities 295,950 (266,488 ) 384,436 Net cash generated by / (used in) investing activities 54,605 (416,651 ) (646,724 ) Net cash (used in) / generated by financing activities (316,514 ) 674,960 256,693 |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Disclosure of information about unconsolidated structured entities controlled by investment entity | Below if the financial information of Ferrocarril Roca Management Trust, which has not been consolidated by the Group: 2019 2018 2017 Current assets 104,416 86,126 116,091 Current liabilities 165 114 2,287 Equity 104,251 86,012 113,804 Loss for the fiscal year (9,656 ) (8,718 ) (44,585 ) |
Critical Accounting Judgments_2
Critical Accounting Judgments And Key Sources For Estimating Uncertainty (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 intangible assets: Useful life Quarries 50 to 100 years Quarries - Stripping cost Units of production Plant and buildings 5 to 50 years Machinery and equipment 8 to 35 years Furniture and fixtures 3 to 10 years Tools 5 years Software 5 years Transport and load vehicles 4 to 32 years |
Net Revenue (Tables)
Net Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Disclosure of Net Revenues From Sales | 2019 2018 2017 Sales of goods 41,067,754 40,862,324 37,578,420 Domestic market 40,980,400 40,841,247 37,567,483 External customers 87,354 21,077 10,937 Services rendered 2,159,668 2,309,830 2,446,475 (-) Bonus / Discounts (4,275,421 ) (1,934,407 ) (1,815,060 ) Total 38,952,001 41,237,747 38,209,835 |
Cost of Sales (Tables)
Cost of Sales (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Disclosure of Cost of Sale | 2019 2018 2017 Inventories at the beginning of the year 6,853,333 5,892,728 6,341,329 Finished products 595,989 317,369 412.504 Products in progress 1,656,335 1,414,029 1.799.461 Raw materials, materials, fuel and spare parts 4,601,009 4,161,330 4,129,364 Currency translation differences 273,804 149,228 (13,124 ) Purchases and production expenses for the year 27,997,878 31,551,389 28,038,808 Inventories at the end of the year (6,983,021 ) (6,853,333 ) (5,892,728 ) Finished products (489,582 ) (595,989 ) (317,369 ) Products in progress (1,577,277 ) (1,656,335 ) (1,414,029 ) Raw materials, materials, fuel and spare parts (4,916,162 ) (4,601,009 ) (4,161,330 ) Cost of sales 28,141,994 30,740,012 28,474,285 |
Disclosure of Expenses | The detail of production expenses is as follows: 2019 2018 2017 Fees and service fees 499,612 520,510 369,487 Salaries, wages and social security contributions 4,923,151 5,196,957 5,221,971 Transport and travelling expenses 198,551 238,417 220,057 Data processing 17,976 24,647 20,710 Taxes, contributions and commissions 458,430 457,683 421,472 Depreciation and amortizations 3,165,250 3,335,667 2,735,231 Preservation and maintenance costs 2,508,574 2,962,656 3,117,723 Communications 28,311 26,738 24,828 Leases 67,706 77,881 61,662 Employee benefits 109,673 113,662 121,388 Water, natural gas and energy services 11,318 9,021 9,248 Freight 2,207,433 2,678,736 2,701,483 Fuel 4,411,917 4,883,503 3,797,905 Insurance 90,510 65,539 57,457 Packaging 1,069,699 1,095,010 934,458 Electrical power 2,807,288 3,135,468 2,403,440 Contractors 2,084,512 2,292,933 1,851,299 Tolls 3,182 6,125 11,333 Canon (concession fee) 28,390 27,815 28,084 Security 155,059 182,777 200,176 Others 357,230 350,773 401,645 Total 25,203,772 27,682,518 24,711,057 |
Selling and Administrative Ex_2
Selling and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Disclosure of selling, general and administrative expenses | 2019 2018 2017 Managers and directors compensation and fees 237,173 157,223 200,343 Fees and compensation for services 201,971 219,683 136,931 Salaries, wages and social security contributions 868,805 887,329 955,067 Transport and travelling expenses 44,033 43,173 45,611 Data processing 57,106 52,259 31,515 Advertising expenses 65,525 68,105 74,393 Taxes, contributions and commissions 732,114 845,531 933,579 Depreciation and amortizations 169,759 97,049 65,707 Preservation and maintenance costs 13,598 13,508 17,034 Communications 28,433 28,841 21,652 Leases 19,212 69,437 41,090 Employee benefits 33,374 45,654 48,577 Water, natural gas and energy services 4,973 4,501 2,487 Freight 276,339 319,291 364,799 Insurance 43,342 41,711 17,726 Allowance for doubtful accounts 47,959 8,326 (1,594 ) Security 6,241 6,392 6,071 Others 54,458 67,229 68,085 Total 2,904,415 2,975,242 3,029,073 |
Other Gains And Losses (Tables)
Other Gains And Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Detailed Information About Other Income and Expenses Net | 2019 2018 2017 Gain on disposal of property, plant and equipment 3,421 20,905 11,656 Donations (25,648 ) (31,517 ) (38,590 ) Technical assistance services provided 11,252 6,611 1,945 Gain on tax credits acquired 7,036 3,282 5,163 Contingencies (40,515 ) (11,581 ) (45,165 ) Leases 89,121 47,648 55,872 Service fee from ADS Depositary bank — 154,348 157,295 Result from U.E.P.F.P.—Ferrosur Roca S.A. — — 19,235 Miscellaneous (7,629 ) (21,620 ) 11,582 Total 37,038 168,076 178,993 |
Financial Results (Tables)
Financial Results (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Net Financing Income/(Loss) | 2019 2018 2017 Exchange rate differences Foreign exchange gains 43,094 626,067 158,601 Foreign exchange losses (1,233,558 ) (2,536,469 ) (350,007 ) Total (1,190,464 ) (1,910,402 ) (191,406 ) Financial income Unwinding of discounts on provisions and liabilities 60,383 41,399 35,287 Interest from loans to related parties — — 8,215 Total 60,383 41,399 43,502 Financial expenses Interest on borrowings (1,187,112 ) (594,718 ) (582,150 ) Interest from short-term investments (48,217 ) (45,436 ) (41,960 ) Tax interest (169,277 ) (130,570 ) — Interest on leases (39,640 ) — — Interest with related parties — (10,632 ) (17,412 ) Unwinding of discounts on receivables (69,135 ) (48,740 ) (40,613 ) Others (279,938 ) (187,269 ) (113,984 ) Total (1,793,319 ) (1,017,365 ) (796,119 ) |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Income Tax Expense | 2019 2018 2017 Profit before income tax expense 5,730,253 4,741,942 5,999,067 Income tax rate (*) 30 % 30 % 35 % Income tax (1,719,076 ) (1,422,582 ) (2,099,673 ) Adjustments for calculation of the effective income tax: Effect of different income tax rate in Paraguay (*) 163,958 119,018 149,277 Effects of the fiscal revaluation and adjustment to reflect inflation for accounting and tax purposes 150,945 (448,142 ) (375,535 ) Effect of change in tax rate (281,450 ) (8,360 ) 1,842,147 Other non-taxable non-deductible (830 ) 18,752 142,359 Income tax expense (1,686,453 ) (1,741,314 ) (341,425 ) INCOME TAX Current (1,103,295 ) (1,614,317 ) (1,634,401 ) Deferred (583,158 ) (126,997 ) 1,292,976 Total (1,686,453 ) (1,741,314 ) (341,425 ) (*) Statutory income tax rate in Argentina was 30% in 2019 and 2018, and 35% in 2017, while in Paraguay was 10% during all years. |
Summary of Deffered Income Tax | 11.1) The deferred income tax assets and liabilities are as follows: 2019 2018 2017 Deferred tax assets Loss carryforward from subsidiary 268,836 209,729 43,797 Provisions 93,254 24,123 53,452 Leases 41,345 — — Trade accounts receivable 12,475 1,446 2,168 Accounts payable 100,403 — — Others 13,062 8,936 17,137 Sub-total 529,375 244,234 116,554 2019 2018 2017 Deferred tax liabilities Investments (5,850 ) (4,485 ) (40,710 ) Other receivables (39,915 ) (32,858 ) (4,454 ) Property, plant and equipment (4,525,902 ) (4,643,493 ) (4,453,467 ) Borrowings (1,084 ) — — Inventories (594,220 ) (437,629 ) (348,962 ) Other liabilities (2,609 ) — — Taxes payable (adjustment to reflect inflation for tax purposes) (842,140 ) — — Others (343 ) (27,022 ) (37,855 ) Sub-total (6,012,063 ) (5,145,487 ) (4,885,448 ) Total net deferred tax liabilities (5,482,688 ) (4,901,253 ) (4,768,894 ) |
Summary of Unrecognized Taxable Temporary Difference Associated with Investments | The detail of unrecognized temporary differences is as follows: 2019 2018 2017 Subsidiaries (153,609 ) (444,753 ) (317,631 ) Other (60 ) (909 ) (909 ) Total (153,669 ) (445,662 ) (318,540 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 the weighted average number of ordinary shares used in the calculation of basic and diluted earnings per share are as follows: 2019 2018 2017 Profit attributable to the owners of the parent company used in the calculation of earnings per share – basic and diluted 3,839,189 2,768,786 5,399,178 Weighted average number of ordinary shares for purposes of basic and diluted earnings per share (in thousands) (1) 596,026 596,026 571,026 Basic and diluted earnings per share (in pesos) 6.4413 4.6454 9.4552 (1) The weighted average number of outstanding shares was the same for the purposes of calculating both the basic and diluted earnings per share, since there are not outstanding instruments convertible into the Company’s shares in all years presented. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Property, Plant and Equipment | 2019 2018 Cost 95,006,813 80,642,194 Accumulated depreciation (49,985,649 ) (46,986,837 ) Total 45,021,164 33,655,357 Land 520,967 503,140 Plant and buildings 7,752,256 7,883,545 Machinery, equipment and spare parts 14,762,947 15,207,830 Transport and load vehicles 1,665,525 1,869,737 Furniture and fixtures 56,671 62,394 Quarries 3,327,855 3,018,008 Tools 40,760 41,644 Construction in progress 16,894,183 5,069,059 Total 45,021,164 33,655,357 Cost Land Buildings Machinery, Transportation Furniture Quarries Tools Construction Total Balances as of January 1, 2018 498,330 22,172,679 33,015,771 5,490,511 1,655,874 6,993,296 267,085 1,323,309 71,416,855 Effect of foreign currency exchange differences 4,810 15 1,636,899 2,209 1,646 100,107 — 31,520 1,777,206 Additions — 36,956 — 335,140 15,598 1,350,192 12,079 5,789,826 7,539,791 Disposals — — (71,128 ) (20,530 ) — — — — (91,658 ) Transfers — 830,483 1,245,113 — — — — (2,075,596 ) — Balances as of December 31, 2018 503,140 23,040,133 35,826,655 5,807,330 1,673,118 8,443,595 279,164 5,069,059 80,642,194 Effect of foreign currency exchange differences (1,037 ) (3 ) (361,526 ) (657 ) (627 ) (21,837 ) — (8,837 ) (394,524 ) Additions — — — — — 9,159 — 14,873,403 14,882,562 Disposals — — (98,959 ) (24,383 ) (77 ) — — — (123,419 ) Transfers 18,864 507,670 920,099 208,543 13,336 1,356,426 14,504 (3,039,442 ) — Balances as of December 31, 2019 520,967 23,547,800 36,286,269 5,990,833 1,685,750 9,787,343 293,668 16,894,183 95,006,813 Accumulated depreciation Buildings Machinery, Transportation Furniture and Quarries Tools Total Balances as of January 1, 2018 (14,584,453 ) (18,740,593 ) (3,534,268 ) (1,590,800 ) (4,578,206 ) (221,786 ) (43,250,106 ) Effect of foreign currency exchange differences (15 ) (410,515 ) (1,841 ) (784 ) (27,070 ) — (440,225 ) Disposals — 71,128 20,530 — — — 91,658 Depreciations charge (572,120 ) (1,538,845 ) (422,014 ) (19,140 ) (820,311 ) (15,734 ) (3,388,164 ) Balances as of December 31, 2018 (15,156,588 ) (20,618,825 ) (3,937,593 ) (1,610,724 ) (5,425,587 ) (237,520 ) (46,986,837 ) Effect of foreign currency exchange differences 3 104,697 420 199 8,603 — 113,922 Disposals — 66,679 23,602 19 — — 90,300 Depreciations charge (638,959 ) (1,075,873 ) (411,737 ) (18,573 ) (1,042,504 ) (15,388 ) (3,203,034 ) Balances as of December 31, 2019 (15,795,544 ) (21,523,322 ) (4,325,308 ) (1,629,079 ) (6,459,488 ) (252,908 ) (49,985,649 ) |
Right Of Use Assets And Lease L
Right Of Use Assets And Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Right Of Use Asset And Lease Liability [Abstract] | |
Summary of effect of initial application of IFRS 16 | The effects of the adoption of IFRS 16 as of January 1, 2019 (the date of initial application) and as of December 31, 2019 are as follows: 2019 Lease liabilities: As of January 1, 2019 458,378 Additions 29,885 Accretion of interest 39,640 Foreign exchange gains / (losses) 16,482 Effect of foreign currency exchange differences (12 ) Payments (101,696 ) As of December 31, 2019 442,677 Right of use assets: As of January 1, 2019 458,378 Additions 29,885 Depreciations (79,589 ) Effect of foreign currency exchange differences (9 ) As of December 31, 2019 408,665 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule of Intangible Assets | 2019 2018 Software 128,166 123,649 Mining exploitation rights — 212,528 Total 128,166 336,177 |
Summary of Changes in Intangible Assets | Cost: Software Mining exploitation rights Total Balances as of January 1, 2018 381,678 212,528 594,206 Effect of foreign currency exchange differences 1,916 — 1,916 Additions 34,569 — 34,569 Balances as of December 31, 2018 418,163 212,528 630,691 Exchange differences (406 ) — (406 ) Additions 57,078 — 57,078 Transfers (1) — (212,528 ) (212,528 ) Balances as of December 31, 2019 474,835 — 474,835 Accumulated amortization: Software Mining Total Balances as of January 1, 2018 (248,572 ) — (248,572 ) Effect of foreign currency exchange differences (1,287 ) — (1,287 ) Amortization (44,655 ) — (44,655 ) Balances as of December 31, 2018 (294,514 ) — (294,514 ) Effect of foreign currency exchange differences 326 — 326 Amortization (52,481 ) — (52,481 ) Balances as of December 31, 2019 (346,669 ) — (346,669 ) (1) The Group initially classified mining exploitation rights as intangible assets. During 2019, the Group acquired the land over which it has mining rights and therefore, it transferred such rights to the property, plant and equipment as such rights are in condition to be used. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Investments | 2019 2018 Non-current Investments in other companies - Cementos del Plata S.A. 2,557 2,557 Total 2,557 2,557 Current Short-term investments - Mutual funds in pesos 931,273 458,053 - Fix-term — 1,295,464 - Short-term investments in foreign currency 88,336 1,469,504 Total 1,019,609 3,223,021 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Goodwill | 2019 2018 Cost Recycomb S.A.U. 25,501 25,501 Total 25,501 25,501 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Inventories | 2019 2018 Non-current Spare parts 1,599,010 1,086,218 Allowance for obsolete inventories (30,355 ) (44,361 ) Total 1,568,655 1,041,857 Current Finished products 489,582 595,989 Production in progress 1,577,277 1,656,335 Raw materials, materials and spare parts 2,791,835 2,868,792 Fuels 555,672 690,360 Total 5,414,366 5,811,476 |
Parent Company, Other shareho_2
Parent Company, Other shareholders, Associates And Other Related Parties Balances and Tansactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 parent company, other shareholders, associates and other related parties as of December 31, 2019 and 2018 are as follows: 2019 2018 Related companies InterCement Brasil S.A. Accounts payable (74,497 ) (108,792 ) Caue Austria Holding GmbH Other receivables 13,492 7,533 InterCement Trading e Inversiones S.A. Other receivables 89,414 6,447 Accounts payable (12,487 ) (12,340 ) InterCement Portugal S.A. Accounts payable (339,776 ) (291,292 ) InterCement Participacoes Other receivables 6 — Summary of balances as of December 31, 2019 and 2018 is as follows: Other receivables 102,912 13,980 Accounts payable (426,760 ) (412,424 ) |
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 fiscal years ended December 31, 2019, 2018 and 2017 are detailed as follows: 2019 2018 2017 InterCement Brasil S.A. – Purchases of goods and services (41,195 ) (164,644 ) (47,428 ) InterCement Trading e Inversiones S.A. – Purchases of goods and services — (97,432 ) (229,936 ) InterCement Trading e Inversiones S.A. – Sales of services 81,260 73,698 13,267 InterCement Portugal S.A. – Services received (323,174 ) (353,536 ) (151,817 ) InterCement Portugal S.A. – Services provided — — 19,876 Sacopor S.A. – Purchases of goods — 404 (55,322 ) |
Disclosure of Dividend | Dividends approved 2019 2018 2017 InterCement Brasil S.A. — — 1,180,882 Third parties — — 6,593 Total — — 1,187,475 |
Other Recievables (Tables)
Other Recievables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Other Receivables | 2019 2018 Non-current Tax credits 38,559 133,264 Contributions to the Trust Fund to Strengthen the Inter-urban Railroad System (F.F.F.S.F.I.) (Note 39) 104,251 86,013 Prepaid expenses 47,099 72,909 Advances to suppliers 370,750 1,149,917 Guarantee deposits 7,215 7,362 Total 567,874 1,449,465 Current Tax credits 359,619 200,035 Related parties receivables (Note 19) 102,912 13,980 Prepaid expenses 64,566 117,080 Guarantee deposits 266 7,564 Reimbursements receivable 21,278 29,436 Advances to suppliers 33,517 39,499 Salaries advances and loans to employees 13,927 12,569 Balance receivable under the ADSs Program — 118,333 Receivables from sales of property, plant and equipment 8,356 36,908 Miscellaneous 14,856 14,220 Total 619,297 589,624 2019 2018 Detail of tax credits by tax: Income tax 239,066 24,425 Value added tax 55,738 148,948 Turnover tax 61,206 26,168 Others 3,609 494 Total 359,619 200,035 |
Trade Accounts Receivable (Tabl
Trade Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Trade Accounts Receivables | 2019 2018 Non-current Accounts receivable 10,612 13,781 Allowance for doubtful accounts (8,302 ) (7,552 ) Total 2,310 6,229 Current Accounts receivable 2,737,716 2,967,451 Receivable with U.E.P.F.P.—Ferrosur Roca S.A. — 204,665 Accounts receivable in litigation 54,854 30,445 Notes receivable 6,390 278 Foreign customers 17,558 4,997 Subtotal 2,816,518 3,207,836 Allowance for doubtful accounts (64,474 ) (31,769 ) Total 2,752,044 3,176,067 |
Summary of Maturities of Accounts Receivable | The maturities of accounts receivable is as follows: 2019 2018 To become due 1,688,683 2,613,653 Past due 0 to 30 days 829,119 403,789 31 to 60 days 94,386 74,451 61 to 90 days 42,100 50,885 More than 90 days 172,842 78,839 Total 2,827,130 3,221,617 |
Summary of Financial Assets That Are Either Past Due or Impaired | Age of receivables that are past due but not impaired is as follows: 2019 2018 Past due 0 to 30 days 829,119 403,789 31 to 60 days 94,386 74,451 61 to 90 days 42,100 50,885 More than 90 days 100,066 39,518 Total 1,065,671 568,643 Average age (in days) 28 32 Age of impaired trade receivables is as follows: 2019 2018 Past due More than 90 days 72,776 39,321 Total 72,776 39,321 |
Summary of Changes in Allowance for Doubtful Accounts | Changes in the allowance for doubtful accounts were as follows: Balances as of January 1, 2018 43,207 Increases 8,443 Effect of foreign currency exchange difference 1,423 Decreases (*) (13,752 ) Balances as of December 31, 2018 39,321 Effect of foreign currency exchange difference 47,848 Increases (394 ) Decreases (*) (13,999 ) Balances as of December 31, 2019 72,776 (*) Corresponds to insolvency procedures of a client and the effect of the inflation adjustment. |
Cash and Banks (Tables)
Cash and Banks (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule of cash and banks | 2019 2018 In Pesos 280,367 357,411 In US Dollars 44,363 56,736 In Reales 145 137 In Guaraníes 1,220,831 825,243 In Euros 1,845 1,452 Total 1,547,551 1,240,979 |
Capital Stock and Other Relat_2
Capital Stock and Other Related Accounts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Disclosure of detailed information of capital stock and other capital related accounts | 2019 2018 Capital 59,603 59,603 Adjustment to capital 3,469,948 3,469,948 Share premium 6,373,169 6,373,169 Merger premium 1,151,256 1,151,256 Total 11,053,976 11,053,976 |
Disclosure of issued paid in and registered capital | 2019 2018 The issued, paid-in Common stock with a face value of $ 0.1 per share and entitled to 1 vote each, fully paid-in 596,026 596,026 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule of Accumulated Other Comprehensive Income | 2019 2018 Accrual for translation of foreign operations Balance at the beginning of the year 422,254 52,164 Exchange differences on translating foreign operations (92,038 ) 370,090 Balance at the end of the year 330,216 422,254 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Composition of Borrowings | 25.1 Composition of borrowings 2019 2018 Borrowings In US Dollars and Euros 6,013,920 3,730,201 In Argentine Pesos and Guaraníes 6,211,922 5,442,329 Total 12,225,842 9,172,530 Non-current 6,689,001 4,010,964 Current 5,536,841 5,161,566 Total 12,225,842 9,172,530 |
Summary of detail information of loans | 25.2 Detail of borrowings 2019 2018 Company Ref. Interest rate Maturity date Amount Amount Borrowings in US Dollars Industrial and Commercial Bank of China (Dubai) Loma Negra C.I.A.S.A. (1) 3 Month-Libor+ 5.00% Nov-20 1,573,154 2,274,676 Industrial and Commercial Bank of China (Dubai) Loma Negra C.I.A.S.A. (2) 3 Month-Libor+ 5.50% Jun-20 600,365 579,538 Industrial and Commercial Bank of China Loma Negra C.I.A.S.A. (3) 6 Month-Libor+ 4.25% Mar-21 156,446 — Industrial and Commercial Bank of China Loma Negra C.I.A.S.A. (3) 6 Month-Libor+ 4.25% Apr-21 183,584 — Industrial and Commercial Bank of China Loma Negra C.I.A.S.A. (3) 6 Month-Libor+ 4.25% May-21 509,859 — Industrial and Commercial Bank of China Loma Negra C.I.A.S.A. (3) 6 Month-Libor+ 4.25% Jun-21 122,546 — Industrial and Commercial Bank of China Loma Negra C.I.A.S.A. (3) 6 Month-Libor+ 4.25% Jul-21 30,178 — Industrial and Commercial Bank of China Loma Negra C.I.A.S.A. (3) 6 Month-Libor+ 4.25% Aug-21 640,230 — Industrial and Commercial Bank of China Loma Negra C.I.A.S.A. (3) 6 Month-Libor+ 4.25% Sep-21 101,489 — Industrial and Commercial Bank of China Loma Negra C.I.A.S.A. (3) 6 Month-Libor+ 4.25% Oct-21 207,364 — Industrial and Commercial Bank of China Loma Negra C.I.A.S.A. (3) 6 Month-Libor+ 4.25% Nov-21 264,289 — Industrial and Commercial Bank of China Loma Negra C.I.A.S.A. (3) 6 Month-Libor+ 4.25% Dic-21 185,775 — Banco Patagonia Loma Negra C.I.A.S.A. (6) 8.73% Feb-20 72,441 — Banco Patagonia Loma Negra C.I.A.S.A. (6) 9.45% Jan-20 18,922 — HSBC Bank Ferrosur Roca S.A. (11) 9.11% Aug-20 607,060 — Banco Latinoamericano de Comercio Exterior S.A. Ferrosur Roca S.A. (10) — — — 875,987 Borrowings in Euros Banco Itaú S.A. Loma Negra C.I.A.S.A. (5) 4.00% Apr-21 90,500 — Banco Itaú S.A. Loma Negra C.I.A.S.A. (5) 4.00% May-21 21,590 — Banco Itaú S.A. Loma Negra C.I.A.S.A. (5) 4.00% Jun-21 114,709 — Banco Itaú S.A. Loma Negra C.I.A.S.A. (5) 4.00% Jul-21 291,134 — Banco Itaú S.A. Loma Negra C.I.A.S.A. (5) 4.00% Aug-21 25,741 — Banco Itaú S.A. Loma Negra C.I.A.S.A. (5) 4.00% Sep-21 1,223 — Banco Itaú S.A. Loma Negra C.I.A.S.A. (5) 4.00% Oct-21 195,321 — Total borrowings in US Dollars and Euros 6,013,920 3,730,201 Borrowings in Argentine Pesos and Guaraníes Banco Continental S.A.E.C.A. Yguazú Cementos S.A. (14) 8.50% Aug -25 1,946,234 2,375,014 Sudameris Bank S.A.E.C.A. Yguazú Cementos S.A. (15) 9.00% Aug -25 1,070,118 1,561,240 Banco Itaú Paraguay S.A. Yguazú Cementos S.A. (16) — — — 114,209 Banco Provincia de Buenos Aires Loma Negra C.I.A.S.A. (7) — — — 27,684 Banco Provincia de Buenos Aires Loma Negra C.I.A.S.A. (7) — — — 56,778 Banco Provincia de Buenos Aires Loma Negra C.I.A.S.A. (7) — — — 8,606 HSBC Bank Argentina S.A. Loma Negra C.I.A.S.A. (7) — — — 242,849 HSBC Bank Argentina S.A. Ferrosur Roca S.A. (12) — — — 242,849 Banco Macro S.A. Loma Negra C.I.A.S.A. (8) BADLAR + 8.00% Mar-21 1,007,654 — Bank overdrafts Loma Negra C.I.A.S.A. (9) 52.62% Ene-20 399,891 7,988 Bank overdrafts Recycomb S.A.U. — — — — 9,939 Bank overdrafts Ferrosur Roca S.A. (13) 59.82% Ene-20 1,788,025 795,173 Total borrowings in Argentine Pesos and Guaraníes 6,211,922 5,442,329 Total 12,225,842 9,172,530 Summary of borrowings by Company: 2019 2018 Loma Negra C.I.A.S.A. 6,814,405 3,198,119 Ferrosur Roca S.A. 2,395,085 1,914,009 Recycomb S.A.U. — 9,939 Yguazú Cementos S.A. 3,016,352 4,050,463 Total 12,225,842 9,172,530 |
Schedule of Movements of Loans | 25.3 Movements of The movements of borrowings for the fiscal year ended December 31, 2019 are as disclosed below: Balances as of January 1, 2019 9,172,531 New borrowings 9,495,864 Interest accrued 1,233,907 Effect of exchange rate differences (176,595 ) Effect of exchange rate differences on translating foreign operations 479,700 Interest payments (2,248,504 ) Principal payments (5,731,061 ) Balances as of December 31, 2019 12,225,842 |
Maturity Schedule of Long-term Borrowings | As of December 31, 2019, the long-term borrowings have the following maturity schedule: Fiscal year 2021 4,089,122 2022 519,976 2023 onwards 2,079,903 Total 6,689,001 |
Accounts Payable (Tables)
Accounts Payable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Accounts Payable | 2019 2018 Non-current Accounts payable for investments in property, plant and equipment 139,378 595,581 Total 139,378 595,581 Current Suppliers 2,151,876 3,184,291 Related parties (Note 19) 426,760 412,424 Accounts payable for investments in property, plant and equipment 5,375,989 2,554,204 Expenses accrual 1,109,223 1,314,914 Total 9,063,848 7,465,833 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Other Provisions | 2019 2018 Non-current Labor and social security 87,117 73,545 Environmental restoration 400,724 286,313 Civil and others 78,528 90,310 Total 566,369 450,168 |
Summary of Changes in Provisions | Changes in the provisions were as follows: Labor and social security Environmental restoration Civil and others Total Balances as of January 1, 2018 100,354 183.069 82.469 365.892 Increases 24.014 174.667 57.049 255.730 Decreases (*) (50.823 ) (71.423 ) (49.208 ) (171.454 ) Balances as of December 31, 2018 73,545 286,313 90,310 450,168 Increases 32,424 166,948 8,743 208,115 Decreases (*) (18,852 ) (52,537 ) (20,525 ) (91,914 ) Balances as of December 31, 2019 87,117 400,724 78,528 566,369 (*) 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, 2019 | |
Investments accounted for using equity method [abstract] | |
Summary of Tax Liabilities | 2019 2018 Income tax 80,815 566,445 Value added tax 331,167 145,119 Turnover tax 64,109 72,445 Other taxes, withholdings and perceptions 66,646 415,192 Total 542,737 1,199,201 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Disclosure of Other Liabilities | 2019 2018 Non-current Termination payment plans 51,489 12,153 Total 51,489 12,153 Current Termination payment plans 69,663 44,360 Dividends to minority shareholders 5,107 9,739 Others 8,555 8,651 Total 83,325 62,750 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Disclosure of Detailed Information About Cash and Cash Equivalents | 2019 2018 2017 Cash and banks 1,547,551 1,240,979 428,758 Short-term investments (Note 16) 1,019,609 3,223,021 6,793,164 Cash and cash equivalents 2,567,160 4,464,000 7,221,922 |
Non-Cash Transactions (Tables)
Non-Cash Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Non-monetary transactions | Below is a detail of the transactions that did not involve cash flow movements in each fiscal year of acquisition: 2019 2018 2017 - Acquisitions of property, plant and equipment financed with trade payables 3,040,096 1,237,171 — - Right of use assets 488,263 — — - Acquisition of 2.36% of interest in Cofesur S.A.U. — — 80,480 - Acquisition of interest in Yguazú Cementos S.A. cancelled with the settlement of loans with InterCement Brasil S.A. — — 221,638 - Settlement of account payable for purchases to InterCement Brasil S.A. with other receivables — — 79,342 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Segment Reporting | 2019 2018 2017 Net revenue Cement, masonry cement and lime—Argentina 24,006,607 16,282,614 11,649,137 Cement—Paraguay 3,189,887 1,959,635 1,152,607 Concrete 3,953,907 3,657,339 1,903,346 Railroad 2,981,609 2,136,182 1,608,081 Aggregates 498,112 334,207 261,293 Others 157,252 117,898 133,110 Eliminations (2,959,510 ) (2,325,008 ) (1,421,038 ) Subtotal 31,827,864 22,162,867 15,286,536 Reconciliation—Effect from restatement in constant currency 7,124,137 19,074,880 22,923,299 Total 38,952,001 41,237,747 38,209,835 Cost of sales Cement, masonry cement and lime—Argentina 15,250,255 10,619,292 7,986,358 Cement—Paraguay 2,179,536 1,379,209 803,221 Concrete 3,761,272 3,421,581 1,795,052 Railroad 2,610,253 1,913,366 1,352,376 Aggregates 525,504 360,466 266,722 Others 102,866 67,057 67,375 Eliminations (2,959,510 ) (2,325,008 ) (1,421,038 ) Subtotal 21,470,176 15,435,963 10,850,066 Reconciliation—Effect from restatement in constant currency 6,671,818 15,304,049 17,624,219 Total 28,141,994 30,740,012 28,474,285 Selling, administrative expenses and other gains and losses Cement, masonry cement and lime—Argentina 1,770,540 1,084,763 850,723 Cement—Paraguay 96,272 64,316 43,634 Concrete 119,696 117,878 77,974 Railroad 181,658 149,810 105,192 Aggregates (7,733 ) (4,173 ) 4,412 Others 58,852 39,610 38,472 Subtotal 2,219,285 1,452,204 1,120,407 Reconciliation—Effect from restatement in constant currency 648,092 1,354,962 1,729,673 Total 2,867,377 2,807,166 2,850,080 Depreciation and amortization Cement, masonry cement and lime—Argentina 721,976 415,892 342,614 Cement—Paraguay 473,830 279,997 170,931 Concrete 61,987 32,222 24,544 Railroad 183,342 137,274 74,821 Aggregates 18,879 24,139 10,506 Others 270 2,669 2,464 Subtotal 1,460,284 892,193 625,880 Reconciliation—Effect from restatement in constant currency 1,803,436 2,371,192 2,054,460 Total 3,263,720 3,263,385 2,680,340 2019 2018 2017 Net revenue less cost of sales, selling, administrative expenses and other gains and losses Cement, masonry cement and lime—Argentina 6,985,812 4,578,560 2,812,056 Cement—Paraguay 914,079 516,110 305,753 Concrete 72,940 117,880 30,320 Railroad 189,698 73,006 150,513 Aggregates (19,658 ) (22,086 ) (9,841 ) Others (4,466 ) 11,231 27,264 Subtotal 8,138,405 5,274,701 3,316,065 Reconciliation—Effect from restatement in constant currency (195,775 ) 2,415,868 3,569,405 Total 7,942,630 7,690,569 6,885,470 Reconciling items: Tax on bank accounts debits and credits (403,835 ) (391,043 ) (468,908 ) Financial results, net (1,808,542 ) (2,557,584 ) (417,495 ) Income tax (1,686,453 ) (1,741,314 ) (341,425 ) Net profit for the year 4,043,800 3,000,628 5,657,642 |
Summary of Geographical Information | 2019 2018 Geographical information Non-current Argentina 42,120,268 30,181,986 Paraguay 5,604,624 6,335,157 Total 47,724,892 36,517,143 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Net Debt to Equity Ratio | The net debt to equity ratio of the fiscal years ended on December 31, 2019 and 2018 is as follows: 2019 2018 Debt (i) 12,225,842 9,172,531 Cash and cash equivalents 2,567,160 4,464,000 Net debt 9,658,682 4,708,531 Equity (ii) 29,327,572 25,464,233 Net debt to equity ratio 0.33 0.18 (i) Debt is defined as current and non-current (ii) Shareholders’ equity includes all of the Group’s reserves and capital, which are managed as capital. |
Summary of Financial Instruments | Categories of financial instruments 2019 2018 Financial assets At amortized cost: Cash and banks 1,547,551 1,240,979 Investments 88,336 2,764,968 Accounts receivable 2,909,238 3,410,099 At fair value through profit and loss: Investments 931,273 458,053 2019 2018 Financial liabilities Amortized cost 23,507,954 19,483,211 |
Summary of Monetary Assets and Liabilities Denominated in Foreign Currency | The amounts of monetary assets and liabilities denomi n 2019 2018 Liabilities US Dollars 8,137,716 5,872,153 Euro 2,068,442 534,620 Real 38 38 Argentine Pesos 10,212,160 9,371,954 Guaraníes 3,406,466 4,414,059 Assets US Dollars 318,454 1,730,812 Euro 2,963 1,678 Real 145 137 Argentine Pesos 4,480,185 6,493,525 Guaraníes 1,706,938 1,459,233 |
Disclosure of Foreign Currency Sensitivity Analysis | US Dollar effect Euro effect 2019 2019 Loss for the year 1,954,816 516,370 Decrease in net equity 1,954,816 516,370 |
Summary of Interest Rate Risk Management | 2019 2018 Financial assets Investments held to maturity (1) 88,336 2,764,968 Investments at fair value through profit or loss (2) 931,273 458,053 Financial liabilities Amortized cost (3) 12,225,842 9,172,531 (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. December 31, 2019 Weighted Less than 1 month 1-3 months 3 months to 1 year 1-3 3-6 Total Borrowings 47.6 % 1,670,780 573,563 3,569,265 5,985,325 1,807,096 13,606,029 December 31, 2018 Weighted Less than 1 month 1-3 months 3 months to 1-3 3-6 Total Borrowings 26.2 % 862,292 663,020 4,033,863 3,097,727 1,892,775 10,549,677 |
Schedule of Financial Assets and Financial Liabilities are Measured at Fair Value on a Recurring Basis | Financial assets / financial liabilities Fair value at: Hierarchy level 2019 2018 Investments in mutual funds 931,273 458,053 Level 1 Level 1: quoted bid prices in an active market. |
Legal Information - Additional
Legal Information - Additional Information (Detail) | Nov. 01, 2017ARS ($)Vote$ / sharesshares | Dec. 31, 2019ARS ($)VoteFacilityPlant$ / sharesshares | Dec. 31, 1993 | Dec. 31, 2018ARS ($)shares |
Disclosure of general information about financial statements [line items] | ||||
Fiscal year | 95 years | |||
Number of factories | Facility | 9 | |||
Number of plants | Plant | 11 | |||
Name of ultimate parent company | Caue Austria Holding GmbH | |||
Capital | $ | $ 59,602,649 | $ 59,603,000 | $ 59,603,000 | |
Number of common shares issued | shares | 596,026,490 | 596,026,000 | 596,026,000 | |
Par value per share | $ / shares | $ 0.10 | $ 0.10 | ||
Number of votes per share | Vote | 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 | |||
Caue Austria Holding GmbH [member] | ||||
Disclosure of general information about financial statements [line items] | ||||
Percentage of ownership held by parent company | 51.0437% |
Basis Of Preparation Of The C_4
Basis Of Preparation Of The Consolidated Financial Statements - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of subsidiaries [line items] | |||
Variation of index used for restatement of financial statements | 53.83 | 47.64 | 24.80 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cofesur S.A. [member] | |||
Disclosure of subsidiaries [line items] | |||
Main activity | Investment | ||
Place of incorporation and principle place of business | Argentina | ||
Percentage of direct and indirect equity interest rate | 100.00% | 100.00% | 100.00% |
Ferrosur Roca S.A. [member] | |||
Disclosure of subsidiaries [line items] | |||
Main activity | Rail freight transportation | ||
Place of incorporation and principle place of business | Argentina | ||
Percentage of direct and indirect equity interest rate | 80.00% | 80.00% | 80.00% |
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 | Marketing, selling and manufacture 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 Financial Information on Yguazu Cementos S A (Detail) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of subsidiaries [line items] | |||
Current assets | $ 11,352,867 | $ 14,041,167 | |
Non-current assets | 47,724,892 | 36,517,143 | |
Current liabilities | 16,481,169 | 15,123,958 | |
Non-current liabilities | 13,269,018 | 9,970,119 | |
Equity attributable to the owners of the company | 27,096,835 | 23,349,684 | |
Non-controlling interests | 2,230,737 | 2,114,549 | |
Net revenues | 38,952,001 | 41,237,747 | $ 38,209,835 |
Financial results, net | (1,808,542) | (2,557,584) | (417,495) |
Income tax | (1,686,453) | (1,741,314) | (341,425) |
Profit for the year | 4,043,800 | 3,000,628 | 5,657,642 |
Net cash generated by operating activities | 8,542,273 | 6,428,303 | 7,810,025 |
Net cash used in investing activities | (11,834,877) | (6,497,739) | (3,428,638) |
Net cash used in financing activities | 1,414,603 | (3,677,145) | 480,204 |
Yguazu Cementos S.A. [member] | |||
Disclosure of subsidiaries [line items] | |||
Current assets | 2,270,451 | 1,966,481 | |
Non-current assets | 5,604,624 | 6,335,157 | |
Current liabilities | 798,455 | 1,155,174 | |
Non-current liabilities | 2,656,224 | 3,295,021 | |
Equity attributable to the owners of the company | 2,254,476 | 1,964,300 | |
Non-controlling interests | 2,165,920 | 1,887,143 | |
Net revenues | 3,875,695 | 3,601,539 | 2,617,879 |
Financial results, net | (289,511) | (348,788) | (165,224) |
Depreciations | (578,759) | (525,009) | (387,808) |
Income tax | (70,377) | (48,818) | (27,974) |
Profit for the year | 749,413 | 546,272 | 501,248 |
Net cash generated by operating activities | 1,690,944 | 892,401 | 637,033 |
Net cash used in investing activities | (102,234) | (122,677) | (126,893) |
Net cash used in financing activities | $ (1,153,942) | $ (485,063) | $ (835,868) |
Basis Of Preparation Of The C_7
Basis Of Preparation Of The Consolidated Financial Statements - Summary of Financial Information on Yguazu Cementos S A (Parenthetical) (Detail) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of subsidiaries [line items] | ||||
Cash and cash equivalents | $ 2,567,160 | $ 4,464,000 | $ 7,221,922 | $ 2,276,867 |
Yguazu Cementos S.A. [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Cash and cash equivalents | $ 1,262,959 | $ 878,262 |
Basis Of Preparation Of The C_8
Basis Of Preparation Of The Consolidated Financial Statements - Summary of Financial Information on Ferrosur Roca S A (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of subsidiaries [line items] | |||
Current assets | $ 11,352,867,000 | $ 14,041,167,000 | |
Non-current assets | 47,724,892,000 | 36,517,143,000 | |
Current liabilities | 16,481,169,000 | 15,123,958,000 | |
Non-current liabilities | 13,269,018,000 | 9,970,119,000 | |
Equity attributable to owners of the company | 27,096,835,000 | 23,349,684,000 | |
Non-controlling interests | 2,230,737,000 | 2,114,549,000 | |
Net revenues | 38,952,001,000 | 41,237,747,000 | $ 38,209,835,000 |
Finance costs, net | (1,808,542,000) | (2,557,584,000) | (417,495,000) |
Income tax | (1,686,453,000) | (1,741,314,000) | (341,425,000) |
Loss for the year | 4,043,800,000 | 3,000,628,000 | 5,657,642,000 |
Net cash generated by / (used in) operating activities | 8,542,273,000 | 6,428,303,000 | 7,810,025,000 |
Net cash generated by / (used in) investing activities | (11,834,877,000) | (6,497,739,000) | (3,428,638,000) |
Net cash (used in) / generated by financing activities | 1,414,603,000 | (3,677,145,000) | 480,204,000 |
Ferrosur Roca S.A. [member] | |||
Disclosure of subsidiaries [line items] | |||
Current assets | 871,776,000 | 1,089,003,000 | |
Non-current assets | 2,221,041,000 | 2,781,400,000 | |
Current liabilities | 2,456,055,000 | 2,483,874,000 | |
Non-current liabilities | 312,678,000 | 241,231,000 | |
Equity attributable to owners of the company | 259,268,000 | 916,238,000 | |
Non-controlling interests | 64,817,000 | 229,059,000 | |
Net revenues | 3,646,421,000 | 3,980,359,000 | 4,030,339,000 |
Finance costs, net | (629,549) | (139,298,000) | (35,514,000) |
Depreciations | (617,810,000) | (580,899,000) | (428,492,000) |
Income tax | 59,122,000 | 220,830,000 | (81,850,000) |
Loss for the year | (812,933,000) | (170,838,000) | (86,101,000) |
Net cash generated by / (used in) operating activities | 295,950,000 | (266,488,000) | 384,436,000 |
Net cash generated by / (used in) investing activities | 54,605,000 | (416,651,000) | (646,724,000) |
Net cash (used in) / generated by financing activities | $ (316,514,000) | $ 674,960,000 | $ 256,693,000 |
Basis Of Preparation Of The C_9
Basis Of Preparation Of The Consolidated Financial Statements - Summary of Financial Information on Ferrosur Roca S A (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019ARS ($) | |
Ferrosur Roca SA [member] | Intragroup [Member] | |
Disclosure of subsidiaries [line items] | |
Intergroup transactions with related party | $ 347,062 |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies - Additional Information (Detail) - ARS ($) | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 |
Disclosure of significant accounting policies [line items] | ||||||
Goodwill impairment loss | $ 0 | $ 0 | $ 0 | |||
Applicable tax rate | 30.00% | 30.00% | 35.00% | |||
Personal assets tax rate | 0.25% | |||||
Receivables | $ 13,492,000 | $ 13,492,000 | $ 5,015,000 | |||
Legal reserve allowed proportion of subscribed capital adjustment | 20.00% | |||||
Law number two four six eight | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Index variation its impact on income tax | 30.00% | 55.00% | ||||
Law number two four six eight | Real Estate [Member] | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Real estate revaluation amount | 661,680,000 | $ 661,680,000 | ||||
Impact of revaluation on deferred tax assets | $ 255,784,000 | |||||
Tax on revaluation surplus | $ 66,168,000 | |||||
Law number two four six eight | Inflation variation exceeding one hundred percent | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Index variation its impact on income tax | 100.00% | |||||
Law number two four six eight | Tax year two thousand and twenty | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Index variation its impact on income tax | 15.00% | |||||
Deferred tax sssets and liabilities [member] | Law number two seven five four one | Tax year two thousand and twenty one | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Applicable tax rate | 30.00% | |||||
Deferred tax sssets and liabilities [member] | Law number two seven five four one | Tax year two thousand and twenty two and upwards | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Applicable tax rate | 25.00% | |||||
Top of range [member] | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Legal reserve as percentage of net income | 5.00% | |||||
Period of credit given to customers | 35 days | |||||
Bottom of range [member] | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Period of credit given to customers | 20 days | |||||
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% | 100.00% | |||
Ferrosur Roca S.A. [member] | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Proportion of ownership interest in subsidiary | 80.00% | 80.00% | 80.00% | |||
Yguazu Cementos S.A. [member] | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Proportion of ownership interest in subsidiary | 51.00% | 51.00% | 51.00% | |||
Non-controlling Interests [member] | Ferrosur Roca S.A. [member] | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Proportion of ownership interest in subsidiary | 20.00% | 20.00% | 20.00% | |||
Non-controlling Interests [member] | Yguazu Cementos S.A. [member] | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Proportion of ownership interest in subsidiary | 49.00% | 49.00% | 49.00% | |||
Yguazu Cementos S.A. [member] | Other capital adjustments [member] | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Business combination under common control | $ 403,406,965 | |||||
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% | |||
Argentina [member] | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Applicable tax rate | 30.00% | 30.00% | 35.00% | |||
Ferrosur Roca Management Trust [member] | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | |||||
2020 and onwards [member] | Argentina [member] | Deferred tax sssets and liabilities [member] | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Applicable tax rate | 25.00% | |||||
2019 [member] | Argentina [member] | Deferred tax sssets and liabilities [member] | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Applicable tax rate | 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 ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of information about unconsolidated structured entities controlled by investment entity [line items] | ||||
Current assets | $ 11,352,867 | $ 14,041,167 | ||
Current liabilities | 16,481,169 | 15,123,958 | ||
Equity | 29,327,572 | 25,464,233 | $ 21,737,963 | $ 13,021,601 |
Loss for the fiscal year | 4,043,800 | 3,000,628 | 5,657,642 | |
Ferrosur Roca Management Trust [member] | ||||
Disclosure of information about unconsolidated structured entities controlled by investment entity [line items] | ||||
Current assets | 104,416 | 86,126 | 116,091 | |
Current liabilities | 165 | 114 | 2,287 | |
Equity | 104,251 | 86,012 | 113,804 | |
Loss for the fiscal year | $ (9,656) | $ (8,718) | $ (44,585) |
Critical Accounting Judgments_3
Critical Accounting Judgments And Key Sources For Estimating Uncertainty - Additional Information (Detail) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Reconciliation of changes in goodwill [abstract] | |||
Goodwill impairment loss | $ 0 | $ 0 | $ 0 |
Critical Accounting Judgments_4
Critical Accounting Judgments And Key Sources For Estimating Uncertainty - Disclosure of Estimated Useful Life for Property Plant and Equipment and Other Intangible Assets (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
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 – Stripping cost | |
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 |
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 | 50 years |
Tools [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 | 5 years |
Bottom of Range [member] | Furniture and fixtures | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | 3 years |
Bottom of Range [member] | Transport and load vehicles | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | 4 years |
Bottom of Range [member] | Machinery and equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | 8 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] | Furniture and fixtures | |
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] | 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 |
Top of range [member] | Transport and load vehicles | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | 32 years |
Top of range [member] | Machinery and equipment [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 Revenues From Sales (Detail) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue [abstract] | |||
Sales of goods | $ 41,067,754 | $ 40,862,324 | $ 37,578,420 |
Domestic market | 40,980,400 | 40,841,247 | 37,567,483 |
External customers | 87,354 | 21,077 | 10,937 |
Services rendered | 2,159,668 | 2,309,830 | 2,446,475 |
(-) Bonus / Discounts | (4,275,421) | (1,934,407) | (1,815,060) |
Total | $ 38,952,001 | $ 41,237,747 | $ 38,209,835 |
Cost of Sales - Disclosure of C
Cost of Sales - Disclosure of Cost of Sale (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of cost of sales [line items] | |||
Inventories at the beginning of the year | $ 6,853,333,000 | $ 5,892,728,000 | $ 6,341,329,000 |
Finished products | 595,989,000 | 317,369,000 | 412,504 |
Products in progress | 1,656,335,000 | 1,414,029,000 | 1,799,461,000 |
Raw materials, materials, fuel and spare parts | 4,601,009,000 | 4,161,330,000 | 4,129,364,000 |
Currency translation differences | 273,804,000 | 149,228,000 | (13,124,000) |
Purchases and production expenses for the year | 27,997,878,000 | 31,551,389,000 | 28,038,808,000 |
Inventories at the end of the year | (6,983,021,000) | (6,853,333,000) | (5,892,728,000) |
Cost of sales | 28,141,994,000 | 30,740,012,000 | 28,474,285,000 |
Cost of sales [member] | |||
Disclosure of cost of sales [line items] | |||
Finished products | (489,582,000) | (595,989,000) | (317,369,000) |
Products in progress | (1,577,277,000) | (1,656,335,000) | (1,414,029,000) |
Raw materials, materials, fuel and spare parts | (4,916,162,000) | (4,601,009,000) | (4,161,330,000) |
Cost of sales | $ 28,141,994,000 | $ 30,740,012,000 | $ 28,474,285,000 |
Cost of Sales - Disclosure of P
Cost of Sales - Disclosure of Production Expenses (Detail) - Cost of sales [member] - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of expenses by nature [line items] | |||
Fees and service fees | $ 499,612 | $ 520,510 | $ 369,487 |
Salaries, wages and social security contributions | 4,923,151 | 5,196,957 | 5,221,971 |
Transport and travelling expenses | 198,551 | 238,417 | 220,057 |
Data processing | 17,976 | 24,647 | 20,710 |
Taxes, contributions and commissions | 458,430 | 457,683 | 421,472 |
Depreciation and amortizations | 3,165,250 | 3,335,667 | 2,735,231 |
Preservation and maintenance costs | 2,508,574 | 2,962,656 | 3,117,723 |
Communications | 28,311 | 26,738 | 24,828 |
Leases | 67,706 | 77,881 | 61,662 |
Employee benefits | 109,673 | 113,662 | 121,388 |
Water, natural gas and energy services | 11,318 | 9,021 | 9,248 |
Freight | 2,207,433 | 2,678,736 | 2,701,483 |
Fuel | 4,411,917 | 4,883,503 | 3,797,905 |
Insurance | 90,510 | 65,539 | 57,457 |
Packaging | 1,069,699 | 1,095,010 | 934,458 |
Electrical power | 2,807,288 | 3,135,468 | 2,403,440 |
Contractors | 2,084,512 | 2,292,933 | 1,851,299 |
Tolls | 3,182 | 6,125 | 11,333 |
Canon (Concession fee) | 28,390 | 27,815 | 28,084 |
Security | 155,059 | 182,777 | 200,176 |
Others | 357,230 | 350,773 | 401,645 |
Total | $ 25,203,772 | $ 27,682,518 | $ 24,711,057 |
Selling and Administrative Ex_3
Selling and Administrative Expenses - Disclosure Of Selling General And Administrative Expenses Table (Detail) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of selling and administrative expenses [line items] | |||
Total | $ 2,904,415 | $ 2,975,242 | $ 3,029,073 |
Selling and administrative expenses [member] | |||
Disclosure of selling and administrative expenses [line items] | |||
Managers and directors compensation and fees | 237,173 | 157,223 | 200,343 |
Fees and compensation for services | 201,971 | 219,683 | 136,931 |
Salaries, wages and social security contributions | 868,805 | 887,329 | 955,067 |
Transport and travelling expenses | 44,033 | 43,173 | 45,611 |
Data processing | 57,106 | 52,259 | 31,515 |
Advertising expenses | 65,525 | 68,105 | 74,393 |
Taxes, contributions and commissions | 732,114 | 845,531 | 933,579 |
Depreciation and amortizations | 169,759 | 97,049 | 65,707 |
Preservation and maintenance costs | 13,598 | 13,508 | 17,034 |
Communications | 28,433 | 28,841 | 21,652 |
Leases | 19,212 | 69,437 | 41,090 |
Employee benefits | 33,374 | 45,654 | 48,577 |
Water, natural gas and energy services | 4,973 | 4,501 | 2,487 |
Freight | 276,339 | 319,291 | 364,799 |
Insurance | 43,342 | 41,711 | 17,726 |
Allowance for doubtful accounts | 47,959 | 8,326 | (1,594) |
Security | 6,241 | 6,392 | 6,071 |
Others | 54,458 | 67,229 | 68,085 |
Total | $ 2,904,415 | $ 2,975,242 | $ 3,029,073 |
Other Gains And Losses - Summar
Other Gains And Losses - Summary of Other Income and Expenses, Net (Detail) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |||
Gain on disposal of property, plant and equipment | $ 3,421 | $ 20,905 | $ 11,656 |
Donations | (25,648) | (31,517) | (38,590) |
Technical assistance services provided | 11,252 | 6,611 | 1,945 |
Gain on tax credits acquired | 7,036 | 3,282 | 5,163 |
Contingencies | (40,515) | (11,581) | (45,165) |
Leases | 89,121 | 47,648 | 55,872 |
Service fee from ADS Depositary bank | 154,348 | 157,295 | |
Result from U.E.P.F.P. - Ferrosur Roca S.A. | 19,235 | ||
Miscellaneous | (7,629) | (21,620) | 11,582 |
Total | $ 37,038 | $ 168,076 | $ 178,993 |
Tax on Bank Accounts Debits A_2
Tax on Bank Accounts Debits And Credits - Additional Information (Detail) | Nov. 24, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 |
Statement [LineItems] | |||||
General tax rate for credits and debits | 1.20% | 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% | ||||
Percentage of credits included in profit or loss | 0.40% | ||||
Percentage of debits included in profit or loss | 0.60% | ||||
Law No. 27,432 [member] | |||||
Statement [LineItems] | |||||
Percentage of banking tax to be reduced | 20.00% | 20.00% | |||
Decree 409/2018 [member] | |||||
Statement [LineItems] | |||||
Percentage of bank credits and debits for income tax payment | 33.00% |
Financial Results - Summary of
Financial Results - Summary of Net Financing Income/(Loss) (Detail) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Exchange rate differences | |||
Foreign exchange gains | $ 43,094 | $ 626,067 | $ 158,601 |
Foreign exchange losses | (1,233,558) | (2,536,469) | (350,007) |
Total | (1,190,464) | (1,910,402) | (191,406) |
Financial income | |||
Unwinding of discounts on provisions and liabilities | 60,383 | 41,399 | 35,287 |
Interest from loans to related parties | 8,215 | ||
Total | 60,383 | 41,399 | 43,502 |
Financial expenses | |||
Interest on borrowings | (1,187,112) | (594,718) | (582,150) |
Interest from short-term investments | (48,217) | (45,436) | (41,960) |
Tax interest | (169,277) | (130,570) | |
Interest on leases | (39,640) | ||
Interest with related parties | (10,632) | (17,412) | |
Unwinding of discounts on receivables | (69,135) | (48,740) | (40,613) |
Others | (279,938) | (187,269) | (113,984) |
Total | $ (1,793,319) | $ (1,017,365) | $ (796,119) |
Income Tax Expense - Summary of
Income Tax Expense - Summary of Income Tax Expense (Detail) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Major components of tax expense (income) [abstract] | |||
Profit before income tax expense | $ 5,730,253 | $ 4,741,942 | $ 5,999,067 |
Income tax rate | 30.00% | 30.00% | 35.00% |
Income tax | $ (1,719,076) | $ (1,422,582) | $ (2,099,673) |
Adjustments for calculation of the effective income tax: | |||
Effect of different income tax rate in Paraguay | 163,958 | 119,018 | 149,277 |
Effects of the fiscal revaluation and adjustment to reflect inflation for accounting and tax purposes | 150,945 | (448,142) | (375,535) |
Effect of change in tax rate | (281,450) | (8,360) | 1,842,147 |
Other non-taxable income or non-deductible expense, net | (830) | 18,752 | 142,359 |
Total Income tax | (1,686,453) | (1,741,314) | (341,425) |
INCOME TAX | |||
Current | (1,103,295) | (1,614,317) | (1,634,401) |
Deferred | (583,158) | (126,997) | 1,292,976 |
Total Income tax | $ (1,686,453) | $ (1,741,314) | $ (341,425) |
Income Tax Expense - Summary _2
Income Tax Expense - Summary of Income Tax Expense (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of income taxes [line items] | |||
Statutory rate | 30.00% | 30.00% | 35.00% |
Argentina [member] | |||
Disclosure of income taxes [line items] | |||
Statutory rate | 30.00% | 30.00% | 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 Deferred Income Tax (Detail) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | $ 529,375 | $ 244,234 | $ 116,554 |
Deferred tax liabilities | (6,012,063) | (5,145,487) | (4,885,448) |
Total | (5,482,688) | (4,901,253) | (4,768,894) |
Loss carryforward from subsidiary [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 268,836 | 209,729 | 43,797 |
Provisions [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 93,254 | 24,123 | 53,452 |
Leases [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 41,345 | ||
Trade accounts receivable [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 12,475 | 1,446 | 2,168 |
Accounts payable [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 100,403 | ||
Others [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 13,062 | 8,936 | 17,137 |
Investments [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | (5,850) | (4,485) | (40,710) |
Other receivables [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | (39,915) | (32,858) | (4,454) |
Property, plant and equipment [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | (4,525,902) | (4,643,493) | (4,453,467) |
Borrowings [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | (1,084) | ||
Inventories [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | (594,220) | (437,629) | (348,962) |
Other Liabilities [members] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | (2,609) | ||
Taxes payable [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | (842,140) | ||
Other [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | $ (343) | $ (27,022) | $ (37,855) |
Income Tax Expense - Summary _4
Income Tax Expense - Summary of Unrecognized Taxable Temporary Difference Associated with Investments (Detail) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total | $ (153,669) | $ (445,662) | $ (318,540) |
Subsidiaries [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total | (153,609) | (444,753) | (317,631) |
Other [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total | $ (60) | $ (909) | $ (909) |
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 ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings per share [abstract] | |||
Profit attributable to the owners of the parent company used in the calculation of earnings per share – basic and diluted | $ 3,839,189 | $ 2,768,786 | $ 5,399,178 |
Weighted average number of ordinary shares for purposes of basic and diluted earnings per share | 596,026 | 596,026 | 571,026 |
Basic and diluted earnings per share | $ 6.4413 | $ 4.6454 | $ 9.4552 |
Property of Plant and Equipment
Property of Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | $ 45,021,164 | $ 33,655,357 | |
Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 95,006,813 | 80,642,194 | $ 71,416,855 |
Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | (49,985,649) | (46,986,837) | (43,250,106) |
Land [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 520,967 | 503,140 | |
Land [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 520,967 | 503,140 | 498,330 |
Plants and Buildings [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 7,752,256 | 7,883,545 | |
Machinery, equipment and spare parts [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 14,762,947 | 15,207,830 | |
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 | 36,286,269 | 35,826,655 | 33,015,771 |
Machinery, equipment and spare parts [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | (21,523,322) | (20,618,825) | (18,740,593) |
Transport and Load Vehicles [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 1,665,525 | 1,869,737 | |
Transport and Load Vehicles [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 5,990,833 | 5,807,330 | 5,490,511 |
Transport and Load Vehicles [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | (4,325,308) | (3,937,593) | (3,534,268) |
Furniture and fixtures [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 56,671 | 62,394 | |
Furniture and fixtures [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 1,685,750 | 1,673,118 | 1,655,874 |
Furniture and fixtures [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | (1,629,079) | (1,610,724) | (1,590,800) |
Quarries [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 3,327,855 | 3,018,008 | |
Tools [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 40,760 | 41,644 | |
Tools [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 293,668 | 279,164 | 267,085 |
Tools [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | (252,908) | (237,520) | (221,786) |
Construction in progress [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 16,894,183 | 5,069,059 | |
Construction in progress [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | $ 16,894,183 | $ 5,069,059 | $ 1,323,309 |
Property of Plant and Equipme_2
Property of Plant and Equipment - Additional Information (Detail) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | $ 45,021,164 | $ 33,655,357 |
Interest and exchange rate differences capitalized | % | 18.17% | |
In Argentina Pesos [member] | Top of range [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Interest and exchange rate differences capitalized | $ 479,000 | |
Cement plant works in progress [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | $ 15,684,774 |
Property of Plant and Equipme_3
Property of Plant and Equipment - Summary of Breakdown of Property, Plant and Equipment (Detail) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | $ 33,655,357 | |
Ending balance | 45,021,164 | $ 33,655,357 |
Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 80,642,194 | 71,416,855 |
Effect of foreign currency exchange differences | (394,524) | 1,777,206 |
Additions | 14,882,562 | 7,539,791 |
Disposals | (123,419) | (91,658) |
Ending balance | 95,006,813 | 80,642,194 |
Accumulated depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (46,986,837) | (43,250,106) |
Effect of foreign currency exchange differences | 113,922 | (440,225) |
Depreciations | (3,203,034) | (3,388,164) |
Disposals | 90,300 | 91,658 |
Ending balance | (49,985,649) | (46,986,837) |
Land [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 503,140 | |
Ending balance | 520,967 | 503,140 |
Land [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 503,140 | 498,330 |
Effect of foreign currency exchange differences | (1,037) | 4,810 |
Transfers | 18,864 | |
Ending balance | 520,967 | 503,140 |
Buildings [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 23,040,133 | 22,172,679 |
Effect of foreign currency exchange differences | (3) | 15 |
Additions | 36,956 | |
Transfers | 507,670 | 830,483 |
Ending balance | 23,547,800 | 23,040,133 |
Buildings [member] | Accumulated depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (15,156,588) | (14,584,453) |
Effect of foreign currency exchange differences | 3 | (15) |
Depreciations | (638,959) | (572,120) |
Ending balance | (15,795,544) | (15,156,588) |
Machinery, equipment and spare parts [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 15,207,830 | |
Ending balance | 14,762,947 | 15,207,830 |
Machinery, equipment and spare parts [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 35,826,655 | 33,015,771 |
Effect of foreign currency exchange differences | (361,526) | 1,636,899 |
Disposals | (98,959) | (71,128) |
Transfers | 920,099 | 1,245,113 |
Ending balance | 36,286,269 | 35,826,655 |
Machinery, equipment and spare parts [member] | Accumulated depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (20,618,825) | (18,740,593) |
Effect of foreign currency exchange differences | 104,697 | (410,515) |
Depreciations | (1,075,873) | (1,538,845) |
Disposals | 66,679 | 71,128 |
Ending balance | (21,523,322) | (20,618,825) |
Furniture and fixtures [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 62,394 | |
Ending balance | 56,671 | 62,394 |
Furniture and fixtures [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,673,118 | 1,655,874 |
Effect of foreign currency exchange differences | (627) | 1,646 |
Additions | 15,598 | |
Disposals | (77) | |
Transfers | 13,336 | |
Ending balance | 1,685,750 | 1,673,118 |
Furniture and fixtures [member] | Accumulated depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (1,610,724) | (1,590,800) |
Effect of foreign currency exchange differences | 199 | (784) |
Depreciations | (18,573) | (19,140) |
Disposals | 19 | |
Ending balance | (1,629,079) | (1,610,724) |
Quarries [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 8,443,595 | 6,993,296 |
Effect of foreign currency exchange differences | (21,837) | 100,107 |
Additions | 9,159 | 1,350,192 |
Transfers | 1,356,426 | |
Ending balance | 9,787,343 | 8,443,595 |
Quarries [member] | Accumulated depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (5,425,587) | (4,578,206) |
Effect of foreign currency exchange differences | 8,603 | (27,070) |
Depreciations | (1,042,504) | (820,311) |
Ending balance | (6,459,488) | (5,425,587) |
Tools [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 41,644 | |
Ending balance | 40,760 | 41,644 |
Tools [Member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 279,164 | 267,085 |
Additions | 12,079 | |
Transfers | 14,504 | |
Ending balance | 293,668 | 279,164 |
Tools [Member] | Accumulated depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (237,520) | (221,786) |
Depreciations | (15,388) | (15,734) |
Ending balance | (252,908) | (237,520) |
Assets under construction [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 5,069,059 | |
Ending balance | 16,894,183 | 5,069,059 |
Assets under construction [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 5,069,059 | 1,323,309 |
Effect of foreign currency exchange differences | (8,837) | 31,520 |
Additions | 14,873,403 | 5,789,826 |
Transfers | (3,039,442) | (2,075,596) |
Ending balance | 16,894,183 | 5,069,059 |
Transport and Load Vehicles [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,869,737 | |
Ending balance | 1,665,525 | 1,869,737 |
Transport and Load Vehicles [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 5,807,330 | 5,490,511 |
Effect of foreign currency exchange differences | (657) | 2,209 |
Additions | 335,140 | |
Disposals | (24,383) | (20,530) |
Transfers | 208,543 | |
Ending balance | 5,990,833 | 5,807,330 |
Transport and Load Vehicles [member] | Accumulated depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (3,937,593) | (3,534,268) |
Effect of foreign currency exchange differences | 420 | (1,841) |
Depreciations | (411,737) | (422,014) |
Disposals | 23,602 | 20,530 |
Ending balance | $ (4,325,308) | $ (3,937,593) |
Right Of Use Assets And Lease_2
Right Of Use Assets And Lease Liabilities - Summary of effect of initial application of IFRS 16 (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019ARS ($) | |
Right of use assets: | |
Begining Balance | $ 0 |
Ending Balance | 408,665 |
IFRS 16 [member] | |
Lease liabilities: | |
Begining Balance | 458,378 |
Additions | 29,885 |
Accretion of interest | 39,640 |
Foreign exchange gains/(losses) | 16,482 |
Effect of foreign currency exchange differences | (12) |
Payments | (101,696) |
Ending Balance | 442,677 |
Right of use assets: | |
Begining Balance | 458,378 |
Additions | 29,885 |
Depreciations | (79,589) |
Effect of foreign currency exchange differences | (9) |
Ending Balance | $ 408,665 |
Right Of Use Assets And Lease_3
Right Of Use Assets And Lease Liabilities - Additional Information (Detail) | Dec. 31, 2019 |
Local currency [member] | |
Discolsure Of Right Of Use Asset And Lease Liability [Line Items] | |
Average incremental rates | 50.30% |
Foreign currency [member] | |
Discolsure Of Right Of Use Asset And Lease Liability [Line Items] | |
Average incremental rates | 10.60% |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | $ 128,166 | $ 336,177 |
Software [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | $ 128,166 | 123,649 |
Mining exploitations rights [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | $ 212,528 |
Intangible Assets - Summary of
Intangible Assets - Summary of Changes in Intangible Assets (Detail) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | $ 336,177 | |
Ending balance | 128,166 | $ 336,177 |
Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 630,691 | 594,206 |
Effect of foreign currency exchange differences | (406) | 1,916 |
Increases | 57,078 | 34,569 |
Transfers | (212,528) | |
Ending balance | 474,835 | 630,691 |
Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | (294,514) | (248,572) |
Effect of foreign currency exchange differences | 326 | (1,287) |
Amortization | (52,481) | (44,655) |
Ending balance | (346,669) | (294,514) |
Software [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 123,649 | |
Ending balance | 128,166 | 123,649 |
Software [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 418,163 | 381,678 |
Effect of foreign currency exchange differences | (406) | 1,916 |
Increases | 57,078 | 34,569 |
Ending balance | 474,835 | 418,163 |
Software [member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | (294,514) | (248,572) |
Effect of foreign currency exchange differences | 326 | (1,287) |
Amortization | (52,481) | (44,655) |
Ending balance | (346,669) | (294,514) |
Mining exploitation rights | Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 212,528 | 212,528 |
Transfers | $ (212,528) | |
Ending balance | $ 212,528 |
Investments - Summary of Invest
Investments - Summary of Investments (Detail) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Non-current | |||
Investments in other companies Cementos del Plata S.A. | $ 2,557 | $ 2,557 | |
Total | 2,557 | 2,557 | |
Short-term investments | 1,019,609 | 3,223,021 | $ 6,793,164 |
Total | 1,019,609 | 3,223,021 | |
Mutual funds in pesos [member] | |||
Non-current | |||
Short-term investments | 931,273 | 458,053 | |
Fix term deposits in Pesos [Member] | |||
Non-current | |||
Short-term investments | 1,295,464 | ||
Short-term investments in foreign currency [member] | |||
Non-current | |||
Short-term investments | $ 88,336 | $ 1,469,504 |
Investments - Additional Inform
Investments - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
In US Dollars [member] | ||
Disclosure of detailed information about investment property [line items] | ||
Accrued interest annual nominal rate | 0.60% | 2.30% |
In Argentina Pesos [member] | ||
Disclosure of detailed information about investment property [line items] | ||
Accrued interest annual nominal rate | 56.80% | 54.00% |
Goodwill - Summary of Goodwill
Goodwill - Summary of Goodwill (Detail) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of information for cash-generating units [line items] | ||
Total | $ 25,501 | $ 25,501 |
Recycomb S.A.U. [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Total | $ 25,501 | $ 25,501 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Classes of current inventories [abstract] | ||
Spare parts | $ 1,599,010 | $ 1,086,218 |
Allowance for obsolete inventories | (30,355) | (44,361) |
Total | 1,568,655 | 1,041,857 |
Finished products | 489,582 | 595,989 |
Production in progress | 1,577,277 | 1,656,335 |
Raw materials, materials and spare parts | 2,791,835 | 2,868,792 |
Fuels | 555,672 | 690,360 |
Total | $ 5,414,366 | $ 5,811,476 |
Parent Company, Other shareho_3
Parent Company, Other shareholders, Associates And Other Related Parties Balances and Tansactions - Schedule of Outstanding Balances Between the Group and the Parent Company, Other Shareholders, Associates and Other Related Parties (Detail) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of transactions between related parties [line items] | ||
Other receivables | $ 102,912 | $ 13,980 |
Accounts payable | (426,760) | (412,424) |
InterCement Brasil S.A. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable | (74,497) | (108,792) |
Caue Austria Holding GmbH [member] | ||
Disclosure of transactions between related parties [line items] | ||
Other receivables | 13,492 | 7,533 |
InterCement Trading e Inversiones S.A. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Other receivables | 89,414 | 6,447 |
Accounts payable | (12,487) | (12,340) |
InterCement Portugal, S.A. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable | (339,776) | $ (291,292) |
InterCement Participacoes [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Other receivables | $ 6 |
Parent Company, Other shareho_4
Parent Company, Other shareholders, Associates And Other Related Parties Balances and Tansactions - Disclosure of Transactions Between the Group and Parent Companies, Associates and Related Parties (Detail) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
InterCement Brasil S.A. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Purchase of Goods and Services | $ (41,195) | $ (164,644) | $ (47,428) |
InterCement Trading e Inversiones S.A. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Purchase of Goods and Services | (97,432) | (229,936) | |
Sales of services | 81,260 | 73,698 | 13,267 |
InterCement Portugal, S.A. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Purchase of Goods and Services | $ (323,174) | (353,536) | (151,817) |
Services provided | 19,876 | ||
Sacopor S.A. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Purchase of Goods and Services | $ 404 | $ (55,322) |
Parent Company, Other shareho_5
Parent Company, Other shareholders, Associates And Other Related Parties Balances and Tansactions - Additional Information (Detail) - ARS ($) $ in Thousands | Aug. 17, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Related party transactions [abstract] | ||||
Percentage of charge equivalent to net sales for service received | 1.00% | |||
Key Management fees | $ 197,127 | $ 121,352 | $ 191,789 | |
Key management personnel compensation, other long-term employee benefits | $ 15,020 |
Parent Company, Other shareho_6
Parent Company, Other shareholders, Associates And Other Related Parties Balances and Tansactions - Disclosure of Dividend (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017ARS ($) | |
Disclosure of transactions between related parties [line items] | |
Dividends approved | $ 1,187,475 |
InterCement Brasil S.A. [member] | |
Disclosure of transactions between related parties [line items] | |
Dividends approved | 1,180,882 |
Third parties [member] | |
Disclosure of transactions between related parties [line items] | |
Dividends approved | $ 6,593 |
Other Receivables - Summary of
Other Receivables - Summary of Other Receivables (Detail) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Non-current | ||
Tax credits | $ 38,559 | $ 133,264 |
Contributions to the Trust Fund to Strengthen the Inter-urban Railroad System (F.F.F.S.F.I.) (Note 39) | 104,251 | 86,013 |
Prepaid expenses | 47,099 | 72,909 |
Advance to suppliers | 370,750 | 1,149,917 |
Guarantee deposits | 7,215 | 7,362 |
Total | 567,874 | 1,449,465 |
Current | ||
Tax credits | 359,619 | 200,035 |
Related parties receivables (Note 19) | 102,912 | 13,980 |
Prepaid expenses | 64,566 | 117,080 |
Guarantee deposits | 266 | 7,564 |
Reimbursements receivable | 21,278 | 29,436 |
Advances to suppliers | 33,517 | 39,499 |
Salaries advances and loans to employees | 13,927 | 12,569 |
Balance receivable under the ADSs Program | 118,333 | |
Receivables from sales of property, plant and equipment | 8,356 | 36,908 |
Miscellaneous | 14,856 | 14,220 |
Total | 619,297 | 589,624 |
Detail of tax credits by tax: | ||
Income tax | 239,066 | 24,425 |
Value Added Tax | 55,738 | 148,948 |
Turnover tax | 61,206 | 26,168 |
Others | 3,609 | 494 |
Total | $ 359,619 | $ 200,035 |
Trade Accounts Receivable - Sum
Trade Accounts Receivable - Summary of Trade Accounts Receivables (Detail) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and other receivables [abstract] | ||
Accounts receivable | $ 10,612 | $ 13,781 |
Allowance for doubtful accounts | (8,302) | (7,552) |
Total | 2,310 | 6,229 |
Accounts receivable | 2,737,716 | 2,967,451 |
Receivable with U.E.P.F.P. - Ferrosur Roca S.A. | 204,665 | |
Accounts receivable in litigation | 54,854 | 30,445 |
Notes receivable | 6,390 | 278 |
Foreign customers | 17,558 | 4,997 |
Subtotal | 2,816,518 | 3,207,836 |
Allowance for doubtful accounts | (64,474) | (31,769) |
Total | $ 2,752,044 | $ 3,176,067 |
Trade Accounts Receivable - S_2
Trade Accounts Receivable - Summary of Maturities of Accounts Receivable (Detail) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
To fall due [member] | ||
Disclosure of accounts receivable [line items] | ||
Financial assets | $ 1,688,683 | $ 2,613,653 |
Trade receivables [member] | ||
Disclosure of accounts receivable [line items] | ||
Financial assets | 2,827,130 | 3,221,617 |
Trade receivables [member] | Past due 0 to 30 days [member] | ||
Disclosure of accounts receivable [line items] | ||
Financial assets | 829,119 | 403,789 |
Trade receivables [member] | 31 to 60 days [member] | ||
Disclosure of accounts receivable [line items] | ||
Financial assets | 94,386 | 74,451 |
Trade receivables [member] | 61 to 90 days [member] | ||
Disclosure of accounts receivable [line items] | ||
Financial assets | 42,100 | 50,885 |
Trade receivables [member] | More than 90 days [member] | ||
Disclosure of accounts receivable [line items] | ||
Financial assets | $ 172,842 | $ 78,839 |
Trade Accounts Receivable - S_3
Trade Accounts Receivable - Summary of Financial Assets That Are Either Past Due or Impaired (Detail) - Trade receivables [member] - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | $ 2,827,130 | $ 3,221,617 |
Past due 0 to 30 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 829,119 | 403,789 |
31 to 60 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 94,386 | 74,451 |
61 to 90 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 42,100 | 50,885 |
More than 90 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 172,842 | 78,839 |
Financial assets past due but not impaired [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | $ 1,065,671 | $ 568,643 |
Average age | 28 days | 32 days |
Financial assets past due but not impaired [member] | Past due 0 to 30 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | $ 829,119 | $ 403,789 |
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 | 94,386 | 74,451 |
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 | 42,100 | 50,885 |
Financial assets past due but not impaired [member] | More than 90 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 100,066 | 39,518 |
Financial assets impaired [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 72,776 | 39,321 |
Financial assets impaired [member] | More than 90 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | $ 72,776 | $ 39,321 |
Trade Accounts Receivable - S_4
Trade Accounts Receivable - Summary of Changes in Allowance for Doubtful Accounts (Detail) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure of financial assets [line items] | |||
Beginning balance | $ 39,321 | $ 43,207 | |
Increases | 8,443 | ||
Effect of foreign currency exchange difference | 47,848 | 1,423 | |
Increases | (394) | ||
Decreases | [1] | (13,999) | (13,752) |
Ending balance | $ 72,776 | $ 39,321 | |
[1] | Corresponds to insolvency procedures of a client and the effect of the inflation adjustment. |
Cash and Banks - Schedule of Ca
Cash and Banks - Schedule of Cash and Banks (Detail) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of cash and cash equivalents [line items] | |||
Cash and banks | $ 1,547,551 | $ 1,240,979 | $ 428,758 |
In pesos [member] | |||
Disclosure of cash and cash equivalents [line items] | |||
Cash and banks | 280,367 | 357,411 | |
In US Dollars [member] | |||
Disclosure of cash and cash equivalents [line items] | |||
Cash and banks | 44,363 | 56,736 | |
In Reales [member] | |||
Disclosure of cash and cash equivalents [line items] | |||
Cash and banks | 145 | 137 | |
In Guaraníes [member] | |||
Disclosure of cash and cash equivalents [line items] | |||
Cash and banks | 1,220,831 | 825,243 | |
In Euros [member] | |||
Disclosure of cash and cash equivalents [line items] | |||
Cash and banks | $ 1,845 | $ 1,452 |
Capital Stock and Other Relat_3
Capital Stock and Other Related Accounts - Summary of Capital Stock and Other Capital Related Accounts (Detail) - ARS ($) | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 01, 2017 |
Disclosure of capital stock and other capital related accounts [abstract] | |||
Capital | $ 59,603,000 | $ 59,603,000 | $ 59,602,649 |
Adjustment to capital | 3,469,948,000 | 3,469,948,000 | |
Share premium | 6,373,169,000 | 6,373,169,000 | |
Merger premium | 1,151,256,000 | 1,151,256,000 | |
Total | $ 11,053,976,000 | $ 11,053,976,000 |
Capital Stock and Other Relat_4
Capital Stock and Other Related Accounts - Summary of Issued, Paid-in and Registered Capital (Detail) - shares | Dec. 31, 2019 | Dec. 31, 2018 | 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 (in thousand) | 596,026,000 | 596,026,000 | 596,026,490 |
Capital Stock and Other Capital
Capital Stock and Other Capital Related Accounts - Summary of Issued, Paid-in and Registered Capital (Parenthetical) (Detail) | Nov. 01, 2017Vote$ / shares | Dec. 31, 2019Vote$ / shares |
Disclosure of capital stock and other capital related accounts [abstract] | ||
Par value per share | $ / shares | $ 0.10 | $ 0.10 |
Number of votes per share | Vote | 1 | 1 |
Capital Stock and Other Capit_2
Capital Stock and Other Capital Related Accounts - Additional Information (Detail) | Nov. 01, 2017ARS ($)Vote$ / sharesshares | Dec. 31, 2019ARS ($)sharesVote$ / shares | Dec. 31, 2018ARS ($)shares | Nov. 03, 2017$ / 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 | ||||
Number of votes per share | Vote | 1 | 1 | ||||
Proceeds from initial public offering, net of issuance costs | $ | $ 1,866,725,717 | |||||
Capital | $ | $ 59,602,649 | $ 59,603,000 | $ 59,603,000 | |||
Number of common shares issued | 596,026,490 | 596,026,000 | 596,026,000 | |||
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 | $ 3.8 | ||||
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% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Detail) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of reserves and accumulated others comprehensive income [line items] | ||
Balances at the beginning of the year | $ 422,254 | |
Ending balance | 330,216 | $ 422,254 |
Reserve for conversion of transactions in foreign currency [member] | ||
Disclosure of reserves and accumulated others comprehensive income [line items] | ||
Balances at the beginning of the year | 422,254 | 52,164 |
Exchange differences on translating foreign operations of the year attributable to the owners of the Company | (92,038) | 370,090 |
Ending balance | $ 330,216 | $ 422,254 |
Borrowings - Summary of Composi
Borrowings - Summary of Composition of Borrowings (Detail) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [line items] | ||
Non-current | $ 6,689,001 | $ 4,010,964 |
Current | 5,536,841 | 5,161,566 |
Loans | 12,225,842 | 9,172,530 |
In US Dollars and Euros [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Loans | 6,013,920 | 3,730,201 |
In Argentine Pesos and Guaranies [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Loans | $ 6,211,922 | $ 5,442,329 |
Borrowings - Summary of Detail
Borrowings - Summary of Detail Information of Borrowings (Detail) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Aug. 12, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about borrowings [line items] | |||
Amount | $ 12,225,842 | $ 9,172,530 | |
Loma Negra C.I.A.S.A. [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Amount | 6,814,405 | 3,198,119 | |
Ferrosur Roca S.A. [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Amount | 2,395,085 | 1,914,009 | |
Yguazu Cementos S.A. [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Amount | $ 3,016,352 | 4,050,463 | |
Recycomb S.A.U. [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Amount | 9,939 | ||
In US Dollars [member] | Banco Patagonia 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 | 8.73% | ||
Due date | Feb-20 | ||
Amount | $ 72,441 | ||
In US Dollars [member] | Banco Latinoamericano de Comercio Exterior S.A [member] | Ferrosur Roca S.A. [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Amount | 875,987 | ||
In US Dollars [member] | Industrial And Commercial Bank of China [member] | Loma Negra C.I.A.S.A. [member] | LIBOR plus 5.00% [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | 3 Month-Libor+ 5.00% | ||
Borrowings adjustment to interest rate basis | 5.00% | ||
Due date | Nov-20 | ||
Amount | $ 1,573,154 | 2,274,676 | |
In US Dollars [member] | Industrial And Commercial Bank of China [member] | Loma Negra C.I.A.S.A. [member] | LIBOR plus 5.50% [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | 3 Month-Libor+ 5.50% | ||
Borrowings adjustment to interest rate basis | 5.50% | ||
Due date | Jun-20 | ||
Amount | $ 600,365 | 579,538 | |
In US Dollars [member] | Industrial and Commercial Bank of China one [member] | Loma Negra C.I.A.S.A. [member] | LIBOR plus 4.25% [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | 6 Month-Libor+ 4.25% | ||
Borrowings adjustment to interest rate basis | 4.25% | ||
Due date | Mar-21 | ||
Amount | $ 156,446 | ||
In US Dollars [member] | Industrial and Commercial Bank of China two [member] | Loma Negra C.I.A.S.A. [member] | LIBOR plus 4.25% [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | 6 Month-Libor+ 4.25% | ||
Borrowings adjustment to interest rate basis | 4.25% | ||
Due date | Apr-21 | ||
Amount | $ 183,584 | ||
In US Dollars [member] | Industrial and Commercial Bank of China three [member] | Loma Negra C.I.A.S.A. [member] | LIBOR plus 4.25% [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | 6 Month-Libor+ 4.25% | ||
Borrowings adjustment to interest rate basis | 4.25% | ||
Due date | May-21 | ||
Amount | $ 509,859 | ||
In US Dollars [member] | Industrial and Commercial Bank of China four [member] | Loma Negra C.I.A.S.A. [member] | LIBOR plus 4.25% [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | 6 Month-Libor+ 4.25% | ||
Borrowings adjustment to interest rate basis | 4.25% | ||
Due date | Jun-21 | ||
Amount | $ 122,546 | ||
In US Dollars [member] | Industrial and Commercial Bank of China five [member] | Loma Negra C.I.A.S.A. [member] | LIBOR plus 4.25% [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | 6 Month-Libor+ 4.25% | ||
Borrowings adjustment to interest rate basis | 4.25% | ||
Due date | Jul-21 | ||
Amount | $ 30,178 | ||
In US Dollars [member] | Industrial and Commercial Bank of China six [member] | Loma Negra C.I.A.S.A. [member] | LIBOR plus 4.25% [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | 6 Month-Libor+ 4.25% | ||
Borrowings adjustment to interest rate basis | 4.25% | ||
Due date | Aug-21 | ||
Amount | $ 640,230 | ||
In US Dollars [member] | Industrial and Commercial Bank of China seven [member] | Loma Negra C.I.A.S.A. [member] | LIBOR plus 4.25% [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | 6 Month-Libor+ 4.25% | ||
Borrowings adjustment to interest rate basis | 4.25% | ||
Due date | Sep-21 | ||
Amount | $ 101,489 | ||
In US Dollars [member] | Industrial and Commercial Bank of China eight [member] | Loma Negra C.I.A.S.A. [member] | LIBOR plus 4.25% [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | 6 Month-Libor+ 4.25% | ||
Borrowings adjustment to interest rate basis | 4.25% | ||
Due date | Oct-21 | ||
Amount | $ 207,364 | ||
In US Dollars [member] | Industrial and Commercial Bank of China nine [member] | Loma Negra C.I.A.S.A. [member] | LIBOR plus 4.25% [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | 6 Month-Libor+ 4.25% | ||
Borrowings adjustment to interest rate basis | 4.25% | ||
Due date | Nov-21 | ||
Amount | $ 264,289 | ||
In US Dollars [member] | Industrial and Commercial Bank of China ten [member] | Loma Negra C.I.A.S.A. [member] | LIBOR plus 4.25% [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | 6 Month-Libor+ 4.25% | ||
Borrowings adjustment to interest rate basis | 4.25% | ||
Due date | Dic-21 | ||
Amount | $ 185,775 | ||
In US Dollars [member] | Banco Patagonia S.A. one [member] | Loma Negra C.I.A.S.A. [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 9.45% | ||
Due date | Jan-20 | ||
Amount | $ 18,922 | ||
In US Dollars [member] | HSBC Bank [member] | Ferrosur Roca S.A. [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 9.11% | 8.75% | |
Due date | Aug-20 | ||
Amount | $ 607,060 | ||
In Argentine Pesos and Guaranies [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Amount | $ 6,211,922 | 5,442,329 | |
In Argentine Pesos and Guaranies [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% | ||
Due date | Aug -25 | ||
Amount | $ 1,946,234 | 2,375,014 | |
In Argentine Pesos and Guaranies [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% | ||
Due date | Aug -25 | ||
Amount | $ 1,070,118 | 1,561,240 | |
In Argentine Pesos and Guaranies [Member] | Banco Ita S.A.- Paraguay [member] | Yguazu Cementos S.A. [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Amount | 114,209 | ||
In Argentine Pesos and Guaranies [Member] | Banco Provincia de Buenos Aires [member] | Loma Negra C.I.A.S.A. [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Amount | 27,684 | ||
In Argentine Pesos and Guaranies [Member] | Banco Provincia de Buenos Aires One [member] | Loma Negra C.I.A.S.A. [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Amount | 56,778 | ||
In Argentine Pesos and Guaranies [Member] | Banco Provincia de Buenos Aires two [member] | Loma Negra C.I.A.S.A. [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Amount | 8,606 | ||
In Argentine Pesos and Guaranies [Member] | HSBC Bank Argentina S.A [member] | Loma Negra C.I.A.S.A. [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Amount | 242,849 | ||
In Argentine Pesos and Guaranies [Member] | HSBC Bank Argentina S.A [member] | Ferrosur Roca S.A. [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Amount | 242,849 | ||
In Argentine Pesos and Guaranies [Member] | Banco Macro S.A. [member] | Loma Negra C.I.A.S.A. [member] | BADLAR plus 8.00% [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | BADLAR + 8.00% | ||
Borrowings adjustment to interest rate basis | 8.00% | ||
Due date | Mar-21 | ||
Amount | $ 1,007,654 | ||
In Argentine Pesos and Guaranies [Member] | Checking account advances [member] | Loma Negra C.I.A.S.A. [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 52.62% | ||
Due date | Ene-20 | ||
Amount | $ 399,891 | 7,988 | |
In Argentine Pesos and Guaranies [Member] | Checking account advances [member] | Ferrosur Roca S.A. [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 59.82% | ||
Due date | Ene-20 | ||
Amount | $ 1,788,025 | 795,173 | |
In Argentine Pesos and Guaranies [Member] | Checking account advances [member] | Recycomb S.A.U. [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Amount | 9,939 | ||
In Euro [member] | Banco Itaú 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 | 4.00% | ||
Due date | Apr-21 | ||
Amount | $ 90,500 | ||
In Euro [member] | Banco Itaú S.A. one [member] | Loma Negra C.I.A.S.A. [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 4.00% | ||
Due date | May-21 | ||
Amount | $ 21,590 | ||
In Euro [member] | Banco Itaú S.A. two [member] | Loma Negra C.I.A.S.A. [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 4.00% | ||
Due date | Jun-21 | ||
Amount | $ 114,709 | ||
In Euro [member] | Banco Itaú S.A. three [member] | Loma Negra C.I.A.S.A. [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 4.00% | ||
Due date | Jul-21 | ||
Amount | $ 291,134 | ||
In Euro [member] | Banco Itaú S.A. four [member] | Loma Negra C.I.A.S.A. [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 4.00% | ||
Due date | Aug-21 | ||
Amount | $ 25,741 | ||
In Euro [member] | Banco Itaú S.A. five [member] | Loma Negra C.I.A.S.A. [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 4.00% | ||
Due date | Sep-21 | ||
Amount | $ 1,223 | ||
In Euro [member] | Banco Itaú S.A. six [member] | Loma Negra C.I.A.S.A. [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 4.00% | ||
Due date | Oct-21 | ||
Amount | $ 195,321 | ||
US Dollar and EUR [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Amount | $ 6,013,920 | $ 3,730,201 |
Borrowings - Summary of borrowi
Borrowings - Summary of borrowings by Company (Detail) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [line items] | ||
Amount | $ 12,225,842 | $ 9,172,530 |
Ferrosur Roca S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount | 2,395,085 | 1,914,009 |
Recycomb S.A.U. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount | 9,939 | |
Yguazu Cementos S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount | 3,016,352 | 4,050,463 |
Loma Negra C.I.A.S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount | $ 6,814,405 | $ 3,198,119 |
Borrowings - Additional Informa
Borrowings - Additional Information - Loma Negra C.I.A.S.A. (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2019EUR (€) | May 31, 2017USD ($)Installment | Jun. 30, 2016ARS ($)Installment | Dec. 31, 2019ARS ($) | Dec. 31, 2017Installment | Dec. 31, 2019USD ($) | Dec. 31, 2018ARS ($) | Apr. 06, 2017ARS ($) | Jun. 30, 2016USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||||||||
Amount | $ 12,225,842 | $ 9,172,530 | |||||||
Loma Negra C.I.A.S.A. [member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Amount | $ 6,814,405 | $ 3,198,119 | |||||||
Loma Negra C.I.A.S.A. [member] | Banco Provincia de Buenos Aires two [member] | BADLAR interest rate [member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Number of semi-annual installments | Installment | 25 | 25 | |||||||
Loma Negra C.I.A.S.A. [member] | Banco Macro S.A. [member] | BADLAR interest rate [member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Maturity period | 15 months | ||||||||
In Argentina Pesos [member] | Banco Provincia de Buenos Aires two [member] | BADLAR corrected plus 2 % [member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
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] | |||||||||
Number of monthly installments | Installment | 25 | ||||||||
In Argentina Pesos [member] | Loma Negra C.I.A.S.A. [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 | ||||||||
In Argentina Pesos [member] | Loma Negra C.I.A.S.A. [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 | ||||||||
In Argentina Pesos [member] | Loma Negra C.I.A.S.A. [member] | Industrial And Commercial Bank of China [member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Amount | $ 600,365 | ||||||||
In Argentina Pesos [member] | Loma Negra C.I.A.S.A. [member] | Industrial And Commercial Bank of China [member] | Floating interest rate [member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Amount | 1,573,154 | ||||||||
In Argentina Pesos [member] | Loma Negra C.I.A.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 | ||||||||
In Argentina Pesos [member] | Loma Negra C.I.A.S.A. [member] | Banco Macro S.A. [member] | BADLAR interest rate [member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount | 1,000,000 | ||||||||
Amount | 1,007,654 | ||||||||
In Argentina Pesos [member] | Loma Negra C.I.A.S.A. [member] | Checking account advances [member] | Fixed interest rate [member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Amount | $ 399,891 | ||||||||
Average interest rate | 49.80% | 49.80% | |||||||
In Argentina Pesos [member] | Loma Negra C.I.A.S.A. [member] | Industrial And Commercial Bank Of China Argentina [member] | LIBOR plus 4.25% [member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Amount | $ 2,401,760 | ||||||||
In Argentina Pesos [member] | Loma Negra C.I.A.S.A. [member] | Banco Itaú Unibanco S.A [member] | Floating interest rate [member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Amount | 740,218 | ||||||||
In Argentina Pesos [member] | Loma Negra C.I.A.S.A. [member] | Banco Patagonia S.A. [member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Amount | $ 91,363 | ||||||||
In US Dollars [member] | Industrial And Commercial Bank of China [member] | LIBOR plus 3.75 [member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Number of semi-annual installments | Installment | 5 | ||||||||
In US Dollars [member] | Loma Negra C.I.A.S.A. [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 | $ 50,000,000 | |||||||
In US Dollars [member] | Loma Negra C.I.A.S.A. [member] | Industrial And Commercial Bank Of China Argentina [member] | LIBOR plus 4.25% [member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount | $ 40,919,350 | ||||||||
Maturity period | 2 years | ||||||||
Borrowings interest rate | 4.25% | 4.25% | |||||||
In US Dollars [member] | Loma Negra C.I.A.S.A. [member] | Banco Patagonia S.A. [member] | Fixed interest rate [member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Amount | $ 72,441 | ||||||||
Borrowings interest rate | 8.73% | 8.73% | |||||||
In Euro [member] | Loma Negra C.I.A.S.A. [member] | Banco Itaú Unibanco S.A [member] | Floating interest rate [member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount | € | € 10,880,903 | ||||||||
Maturity period | 2 years | ||||||||
Borrowings interest rate | 4.00% |
Borrowings - Additional Infor_2
Borrowings - Additional Information - Ferrosur Roca S.A. (Detail) $ in Thousands | Aug. 12, 2019USD ($) | Aug. 31, 2018USD ($) | Dec. 31, 2019ARS ($)Agreement | Dec. 31, 2018ARS ($) | Dec. 31, 2017ARS ($) |
Disclosure of detailed information about borrowings [line items] | |||||
Amount | $ 12,225,842 | $ 9,172,530 | |||
Ferrosur Roca S.A. [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Amount | 2,395,085 | 1,914,009 | |||
In Argentina Pesos [member] | Ferrosur Roca S.A. [member] | Checking account advances [member] | Fixed interest rate [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Amount | $ 1,788,025 | ||||
Average interest rate | 57.30% | ||||
In Argentina Pesos [member] | Ferrosur Roca S.A. [member] | HSBC Bank [member] | Fixed interest rate [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Amount | $ 607,060 | ||||
In US Dollars [member] | Ferrosur Roca S.A. [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Number of quarterly installments | Agreement | 9 | ||||
In US Dollars [member] | Ferrosur Roca S.A. [member] | Banco Latinoamericano de Comercio Exterior S.A [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Amount | $ 875,987 | ||||
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] | |||||
Borrowing term | 365 days | ||||
In US Dollars [member] | Ferrosur Roca S.A. [member] | HSBC Bank [member] | Fixed interest rate [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Face amount | $ 10,000,000 | ||||
Amount | $ 607,060 | ||||
Maturity period | 365 days | ||||
Borrowings interest rate | 8.75% | 9.11% | |||
Guarantees [member] | Ferrosur Roca S.A. [member] | HSBC Bank [member] | Fixed interest rate [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Face amount | $ 10,000,000 | ||||
Amount | $ 607,060 | ||||
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 | ||||
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 |
Borrowings - Additional Infor_3
Borrowings - Additional Information - Yguazu Cementos S.A. (Detail) | Aug. 08, 2018PYG (₲)Installment | Dec. 31, 2019PYG (₲)AgreementBank | Aug. 31, 2018PYG (₲) | Aug. 08, 2017PYG (₲) |
Paraguayan banks [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Number of loan agreements | Agreement | 2 | |||
Number of banks | Bank | 2 | |||
Sudameris Bank S.A.E.C.A. [member] | Prime rate plus 0.82 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Periodic payment | ₲ 11,200,000,000 | |||
In Guaraní [member] | Yguazu Cementos S.A. [member] | Paraguayan banks [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face amount | ₲ 423,000,000,000 | |||
In Guaraní [member] | Yguazu Cementos S.A. [member] | 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 | |||
In Guaraní [member] | Yguazu Cementos S.A. [member] | 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% | |||
Periodic payment | ₲ 17,000,000,000 | |||
In Guaraní [member] | Yguazu Cementos S.A. [member] | 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 | |||
In Guaraní [member] | Yguazu Cementos S.A. [member] | 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% | |||
In Guaraní [member] | Yguazu Cementos S.A. [member] | 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% | |||
In Guaraní [member] | Yguazu Cementos S.A. [member] | 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] $ in Thousands | 12 Months Ended |
Dec. 31, 2019ARS ($) | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Beginning balance | $ 9,172,531 |
New borrowings | 9,495,864 |
Interest accrued | 1,233,907 |
Effect of exchange rate differences | (176,595) |
Effect of exchange rate differences on translating foreign operations | 479,700 |
Interest payments | (2,248,504) |
Principal payments | (5,731,061) |
Ending balance | $ 12,225,842 |
Borrowings - Maturity Schedule
Borrowings - Maturity Schedule of Long-term Borrowings (Detail) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 6,689,001 | $ 4,010,964 |
2021 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 4,089,122 | |
2022 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 519,976 | |
2023 onwards [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 2,079,903 |
Accounts Payable - Summary of A
Accounts Payable - Summary of Accounts Payable (Detail) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Non-current | ||
Accounts payable for investments in Property, plant and equipment | $ 139,378 | $ 595,581 |
Total | 139,378 | 595,581 |
Current | ||
Suppliers | 2,151,876 | 3,184,291 |
Related parties (Note 19) | 426,760 | 412,424 |
Accounts payable for Investments in Property, plant and equipment | 5,375,989 | 2,554,204 |
Expenses accrual | 1,109,223 | 1,314,914 |
Total | $ 9,063,848 | $ 7,465,833 |
Provisions - Summary of Provisi
Provisions - Summary of Provisions (Detail) - ARS ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of other provisions [line items] | |||
Non current provisions | $ 566,369,000 | $ 450,168,000 | $ 365,892 |
Labor and social security [member] | |||
Disclosure of other provisions [line items] | |||
Non current provisions | 87,117,000 | 73,545,000 | 100,354,000 |
Environmental restoration [member] | |||
Disclosure of other provisions [line items] | |||
Non current provisions | 400,724,000 | 286,313,000 | 183,069 |
Civil works and other [member] | |||
Disclosure of other provisions [line items] | |||
Non current provisions | $ 78,528,000 | $ 90,310,000 | $ 82,469 |
Provisions - Summary of Changes
Provisions - Summary of Changes in Provisions (Detail) - ARS ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of other provisions [line items] | ||
Beginning balance | $ 450,168,000 | $ 365,892 |
Increases | 208,115,000 | 255,730 |
Decreases | (91,914,000) | (171,454) |
Ending balance | 566,369,000 | 450,168,000 |
Labor and social security [member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 73,545,000 | 100,354,000 |
Increases | 32,424,000 | 24,014 |
Decreases | (18,852,000) | (50,823) |
Ending balance | 87,117,000 | 73,545,000 |
Environmental restoration [member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 286,313,000 | 183,069 |
Increases | 166,948,000 | 174,667 |
Decreases | (52,537,000) | (71,423) |
Ending balance | 400,724,000 | 286,313,000 |
Civil works and others [member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 90,310,000 | 82,469 |
Increases | 8,743,000 | 57,049 |
Decreases | (20,525,000) | (49,208) |
Ending balance | $ 78,528,000 | $ 90,310,000 |
Provisions - Additional Informa
Provisions - Additional Information (Detail) $ in Millions | Dec. 31, 2019ARS ($) |
Disclosure of other provisions [line items] | |
Estimated amount of cash flow for uncertain contingencies | $ 116.4 |
Tax contingencies [member] | |
Disclosure of other provisions [line items] | |
Estimated amount of cash flow for uncertain contingencies | 60.2 |
Labor claims [member] | |
Disclosure of other provisions [line items] | |
Estimated amount of cash flow for uncertain contingencies | 40.4 |
Administrative proceedings [member] | |
Disclosure of other provisions [line items] | |
Estimated amount of cash flow for uncertain contingencies | $ 15.7 |
Tax Liabilities - Summary of Ta
Tax Liabilities - Summary of Tax Liabilities (Detail) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current tax liabilities | ||
Current tax liabilities | $ 542,737 | $ 1,199,201 |
Income tax [member] | ||
Current tax liabilities | ||
Current tax liabilities | 80,815 | 566,445 |
Value added tax [member] | ||
Current tax liabilities | ||
Current tax liabilities | 331,167 | 145,119 |
Turnover tax [member] | ||
Current tax liabilities | ||
Current tax liabilities | 64,109 | 72,445 |
Other taxes, withholdings and perceptions [member] | ||
Current tax liabilities | ||
Current tax liabilities | $ 66,646 | $ 415,192 |
Other Liabilities - Disclosure
Other Liabilities - Disclosure of Other Liabilities (Detail) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Miscellaneous liabilities [abstract] | ||
Termination payment plans | $ 51,489 | $ 12,153 |
Total | 51,489 | 12,153 |
Termination payment plans | 69,663 | 44,360 |
Dividends to minority shareholders | 5,107 | 9,739 |
Others | 8,555 | 8,651 |
Total | $ 83,325 | $ 62,750 |
Cash and Cash Equivalents - Dis
Cash and Cash Equivalents - Disclosure of Detailed Information About Cash and Cash Equivalents (Detail) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents [abstract] | ||||
Cash and banks | $ 1,547,551 | $ 1,240,979 | $ 428,758 | |
Short-term investments (Note 16) | 1,019,609 | 3,223,021 | 6,793,164 | |
Cash and cash equivalents | $ 2,567,160 | $ 4,464,000 | $ 7,221,922 | $ 2,276,867 |
Non-Cash Transactions - Summary
Non-Cash Transactions - Summary of Non-cash Transactions (Detail) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of significant non cash transaction [line items] | |||
Acquisitions of property, plant and equipment financed with trade payables | $ 3,040,096 | $ 1,237,171 | |
Right of use assets | $ 488,263 | ||
Acquisition of 2.36% of interest in Cofesur S.A.U. | $ 80,480 | ||
Settlement of account payable for purchases to InterCement Brasil S.A. with other receivables | 79,342 | ||
InterCement Brasil S.A. [member] | |||
Disclosure of significant non cash transaction [line items] | |||
Acquisition of interest in Yguazú Cementos S.A. cancelled with the settlement of loans with InterCement Brasil S.A. | $ 221,638 |
Segment Information - Summary o
Segment Information - Summary of Segment Reporting (Detail) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of operating segments [line items] | |||
Revenue before effect from restatement in constant currency | $ 31,827,864 | $ 22,162,867 | $ 15,286,536 |
Reconciliation - Effect from restatement in constant currency | 7,124,137 | 19,074,880 | 22,923,299 |
Revenue | 38,952,001 | 41,237,747 | 38,209,835 |
Cost of sales before effect from restatement in constant currency | 21,470,176 | 15,435,963 | 10,850,066 |
Reconciliation - Effect from restatement in constant currency | 6,671,818 | 15,304,049 | 17,624,219 |
Cost of sales | 28,141,994 | 30,740,012 | 28,474,285 |
Selling administrative expenses and other gains and losses | 2,867,377 | 2,807,166 | 2,850,080 |
Reconciliation - Effect from restatement in constant currency | 648,092 | 1,354,962 | 1,729,673 |
Depreciation and amortization expense | 3,263,720 | 3,263,385 | 2,680,340 |
Reconciliation - Effect from restatement in constant currency | 1,803,436 | 2,371,192 | 2,054,460 |
Reconciliation - Effect from restatement in constant currency | (195,775) | 2,415,868 | 3,569,405 |
Net revenue less cost of sales, selling, administrative expenses and other gains and losses | 7,942,630 | 7,690,569 | 6,885,470 |
Tax on bank accounts debits and credits | (403,835) | (391,043) | (468,908) |
Financial results, net | (1,808,542) | (2,557,584) | (417,495) |
Income tax | (1,686,453) | (1,741,314) | (341,425) |
NET PROFIT FOR THE YEAR | 4,043,800 | 3,000,628 | 5,657,642 |
Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Selling administrative expenses and other gains and losses before effect from restatement in constant currency | 2,219,285 | 1,452,204 | 1,120,407 |
Depreciation and amortization expense before effect from restatement in constant currency | 1,460,284 | 892,193 | 625,880 |
Net revenue less cost of sales selling administrative expenses and other gains and losses before effect from restatement in constant currency | 8,138,405 | 5,274,701 | 3,316,065 |
Operating segments [member] | Cement masonry cement and lime segment [member] | Argentina [member] | |||
Disclosure of operating segments [line items] | |||
Revenue before effect from restatement in constant currency | 24,006,607 | 16,282,614 | 11,649,137 |
Cost of sales before effect from restatement in constant currency | 15,250,255 | 10,619,292 | 7,986,358 |
Selling administrative expenses and other gains and losses before effect from restatement in constant currency | 1,770,540 | 1,084,763 | 850,723 |
Depreciation and amortization expense | 721,976 | 415,892 | 342,614 |
Net revenue less cost of sales selling administrative expenses and other gains and losses before effect from restatement in constant currency | 6,985,812 | 4,578,560 | 2,812,056 |
Operating segments [member] | Cement Segment [member] | Paraguay [member] | |||
Disclosure of operating segments [line items] | |||
Revenue before effect from restatement in constant currency | 3,189,887 | 1,959,635 | 1,152,607 |
Cost of sales before effect from restatement in constant currency | 2,179,536 | 1,379,209 | 803,221 |
Selling administrative expenses and other gains and losses before effect from restatement in constant currency | 96,272 | 64,316 | 43,634 |
Depreciation and amortization expense | 473,830 | 279,997 | 170,931 |
Net revenue less cost of sales selling administrative expenses and other gains and losses before effect from restatement in constant currency | 914,079 | 516,110 | 305,753 |
Operating segments [member] | Concrete Segment [member] | |||
Disclosure of operating segments [line items] | |||
Revenue before effect from restatement in constant currency | 3,953,907 | 3,657,339 | 1,903,346 |
Cost of sales before effect from restatement in constant currency | 3,761,272 | 3,421,581 | 1,795,052 |
Selling administrative expenses and other gains and losses before effect from restatement in constant currency | 119,696 | 117,878 | 77,974 |
Depreciation and amortization expense | 61,987 | 32,222 | 24,544 |
Net revenue less cost of sales selling administrative expenses and other gains and losses before effect from restatement in constant currency | 72,940 | 117,880 | 30,320 |
Operating segments [member] | Railroad segment [member] | |||
Disclosure of operating segments [line items] | |||
Revenue before effect from restatement in constant currency | 2,981,609 | 2,136,182 | 1,608,081 |
Cost of sales before effect from restatement in constant currency | 2,610,253 | 1,913,366 | 1,352,376 |
Selling administrative expenses and other gains and losses before effect from restatement in constant currency | 181,658 | 149,810 | 105,192 |
Depreciation and amortization expense | 183,342 | 137,274 | 74,821 |
Net revenue less cost of sales selling administrative expenses and other gains and losses before effect from restatement in constant currency | 189,698 | 73,006 | 150,513 |
Operating segments [member] | Aggregates Segment [member] | |||
Disclosure of operating segments [line items] | |||
Revenue before effect from restatement in constant currency | 498,112 | 334,207 | 261,293 |
Cost of sales before effect from restatement in constant currency | 525,504 | 360,466 | 266,722 |
Selling administrative expenses and other gains and losses before effect from restatement in constant currency | (7,733) | (4,173) | 4,412 |
Depreciation and amortization expense | 18,879 | 24,139 | 10,506 |
Net revenue less cost of sales selling administrative expenses and other gains and losses before effect from restatement in constant currency | (19,658) | (22,086) | (9,841) |
Operating segments [member] | All other segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue before effect from restatement in constant currency | 157,252 | 117,898 | 133,110 |
Cost of sales before effect from restatement in constant currency | 102,866 | 67,057 | 67,375 |
Selling administrative expenses and other gains and losses before effect from restatement in constant currency | 58,852 | 39,610 | 38,472 |
Depreciation and amortization expense | 270 | 2,669 | 2,464 |
Net revenue less cost of sales selling administrative expenses and other gains and losses before effect from restatement in constant currency | (4,466) | 11,231 | 27,264 |
Elimination of intersegment amounts [member] | |||
Disclosure of operating segments [line items] | |||
Revenue before effect from restatement in constant currency | (2,959,510) | (2,325,008) | (1,421,038) |
Cost of sales before effect from restatement in constant currency | $ (2,959,510) | $ (2,325,008) | $ (1,421,038) |
Segment Information - Summary_2
Segment Information - Summary of Geographical Information (Detail) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of geographical areas [line items] | ||
Non current assets | $ 47,724,892 | $ 36,517,143 |
Argentina [member] | ||
Disclosure of geographical areas [line items] | ||
Non current assets | 42,120,268 | 30,181,986 |
Paraguay [member] | ||
Disclosure of geographical areas [line items] | ||
Non current assets | $ 5,604,624 | $ 6,335,157 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Operating segments [member] | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019ARS ($) | Dec. 31, 2018ARS ($) | Dec. 31, 2017ARS ($) | Dec. 31, 2016ARS ($) | |
Disclosure of net debt equity ratio [abstract] | ||||
Debt | $ 12,225,842 | $ 9,172,530 | ||
Cash and cash equivalents | 2,567,160 | 4,464,000 | $ 7,221,922 | $ 2,276,867 |
Net debt | 9,658,682 | 4,708,531 | ||
Equity (ii) | $ 29,327,572 | $ 25,464,233 | $ 21,737,963 | $ 13,021,601 |
Net debt to equity ratio | 0.33 | 0.18 |
Financial Instruments - Summa_2
Financial Instruments - Summary of Financial Instruments (Detail) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortised cost | $ 23,507,954 | $ 19,483,211 |
Cash And Banks [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at amortised cost | 1,547,551 | 1,240,979 |
Investment [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at amortised cost | 88,336 | 2,764,968 |
Financial assets at fair value through profit or loss | 931,273 | 458,053 |
Accounts receivables [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at amortised cost | $ 2,909,238 | $ 3,410,099 |
Financial Instruments - Summa_3
Financial Instruments - Summary of Monetary Assets and Liabilities Denominated in Foreign Currency (Detail) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
In US Dollars [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | $ 8,137,716 | $ 5,872,153 |
Financial assets | 318,454 | 1,730,812 |
In Euro [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 2,068,442 | 534,620 |
Financial assets | 2,963 | 1,678 |
In Reales [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 38 | 38 |
Financial assets | 145 | 137 |
In Argentina Pesos [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 10,212,160 | 9,371,954 |
Financial assets | 4,480,185 | 6,493,525 |
In Guaraníes [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 3,406,466 | 4,414,059 |
Financial assets | $ 1,706,938 | $ 1,459,233 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019ARS ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018ARS ($) | |
Disclosure of interest rate risk [line items] | |||
Percentage of increase in foreign currency exchange rate | 25.00% | 25.00% | |
Increase (decrease) in working capital | $ 5,128,302 | ||
Financial loans at amortized cost | 23,507,954 | $ 19,483,211 | |
Level 1 of fair value hierarchy [member] | |||
Disclosure of interest rate risk [line items] | |||
Financial loans at amortized cost | $ 12,335,000 | ||
BADLAR Plus 1 [member] | |||
Disclosure of interest rate risk [line items] | |||
Borrowing interest rate basis | 1.00% | ||
Increase in financial expense | $ 545 | ||
LIBOR [member] | |||
Disclosure of interest rate risk [line items] | |||
Borrowing interest rate basis | 1.00% | ||
Increase in financial expense | $ 667 | ||
Average interest rate [member] | |||
Disclosure of interest rate risk [line items] | |||
Borrowing interest rate basis | 1.00% | ||
Increase in financial expense | $ 1,742 |
Financial Instruments - Disclos
Financial Instruments - Disclosure of Foreign Currency Sensitivity Analysis - (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019ARS ($) | |
In US Dollars [member] | |
Disclosure foreign currency sensitivity analysis [line items] | |
Loss for the year | $ 1,954,816 |
Decrease in net equity | 1,954,816 |
In Euro [member] | |
Disclosure foreign currency sensitivity analysis [line items] | |
Loss for the year | 516,370 |
Decrease in net equity | $ 516,370 |
Financial Instruments - Summa_4
Financial Instruments - Summary of Interest Rate Risk Management (Detail) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of interest rate risk [line items] | ||
Amortized cost | $ 23,507,954 | $ 19,483,211 |
Interest rate risk [member] | Financial assets, class [member] | ||
Disclosure of interest rate risk [line items] | ||
Investments held to maturity | 88,336 | 2,764,968 |
Investments measured at fair value through profit or loss | 931,273 | 458,053 |
Interest rate risk [member] | Financial liabilities, class [member] | ||
Disclosure of interest rate risk [line items] | ||
Amortized cost | $ 12,225,842 | $ 9,172,531 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Contractual Maturity for Non-derivative Financial Liabilities with Agreed Repayment Periods (Detail) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | $ 13,606,029 | $ 10,549,677 |
Weighted average [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Weighted average effective interest rate % | 47.60% | 26.20% |
Not later than 1 month [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | $ 1,670,780 | $ 862,292 |
1-3 months [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 573,563 | 663,020 |
3 months to 1 year [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 3,569,265 | 4,033,863 |
1 to 3 years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 5,985,325 | 3,097,727 |
3-6 years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | $ 1,807,096 | $ 1,892,775 |
Financial Instruments - Sched_2
Financial Instruments - Schedule of Financial Assets and Financial Liabilities are Measured at Fair Value on a Recurring Basis (Detail) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of fair value measurement of assets [line items] | ||
Fair value | $ 59,077,759 | $ 50,558,310 |
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 | $ 931,273 | $ 458,053 |
Fair value hierarchy | Level 1 |
Guarantees Granted to Subsidi_2
Guarantees Granted to Subsidiaries - Additional Information (Detail) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [line items] | ||
Amount | $ 12,225,842 | $ 9,172,530 |
Ferrosur Roca S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount | 2,395,085 | $ 1,914,009 |
Guarantees [member] | Ferrosur Roca S.A. [member] | HSBC Bank [Member] | Fixed interest rate [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Face amount | $ 10,000,000 | |
Interest rate | 9.11% | |
Amount | $ 607,060 | |
Line of credit | $ 1,788,025 |
Restricted Assets - Additional
Restricted Assets - Additional Information (Detail) $ in Thousands | Dec. 31, 2019ARS ($) | Dec. 31, 2019PYG (₲) | Aug. 08, 2017PYG (₲) |
Disclosure of restricted assets [line items] | |||
Judicial deposits | $ | $ 3,016 | ||
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 | ₲ 405,610,391,703 | ||
In Guaraní [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 Guaraní [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) ₲ in Thousands, € in Thousands, $ in Millions, $ in Millions | Dec. 31, 2019ARS ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2019PYG (₲) | Dec. 31, 2018ARS ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) |
Disclosure of commitments [line items] | |||||||
Contractual commitments to purchase slag, estimated undiscounted future cash flows | $ 845.6 | ||||||
Contractual commitment to purchase limestone | 2.5 | ||||||
Electrical energy consumption commitment annual payment | 597 | ||||||
December 31, 2023 [Member] | |||||||
Disclosure of commitments [line items] | |||||||
Electrical energy consumption commitment annual payment | ₲ | ₲ 325,846 | ||||||
Sinoma International Engenieering Co. Ltd. [member] | |||||||
Disclosure of commitments [line items] | |||||||
Commitment due to agreement | 545.3 | $ 3.2 | € 70 | $ 2,167.6 | $ 1,074 | € 41,600 | |
2019 [member] | |||||||
Disclosure of commitments [line items] | |||||||
Provision of natural gas commitment | 1,267 | ||||||
2020 [member] | |||||||
Disclosure of commitments [line items] | |||||||
Provision of natural gas commitment | 946 | ||||||
Electrical energy consumption commitment annual payment | 415.8 | ||||||
2021 [member] | |||||||
Disclosure of commitments [line items] | |||||||
Provision of natural gas commitment | 321 | ||||||
Electrical energy consumption commitment annual payment | $ 844.5 |
Investment Projects - Additiona
Investment Projects - Additional Information (Detail) $ in Thousands | Dec. 31, 2019ARS ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Jul. 21, 2017t |
Disclosure of detailed information about investment property [line items] | ||||
New cement plant capacity per day | t | 5,800 | |||
Project cost translation adjustment | $ 545,292 | $ 3,203,386 | € 69,778 | |
Outstanding payable balance | 4,454,197 | |||
Advances to suppliers | 194,054 | |||
Property, plant and equipment [member] | ||||
Disclosure of detailed information about investment property [line items] | ||||
Acquisitions of Property, plant and equipment | $ 8,714,000 |
Receivable from Railway Progr_2
Receivable from Railway Program Execution Unit - Additional Information (Detail) - ARS ($) $ in Thousands | Dec. 31, 2018 | Oct. 31, 2017 |
Disclosure of receivables [abstract] | ||
Receivable from railway program execution unit | $ 117,407 | |
Valuation of asset | $ 133,044 |
Trust of Administration - Addit
Trust of Administration - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019ARS ($)km | Dec. 31, 2018ARS ($) | Dec. 31, 2017ARS ($) | |
Disclosure trust of administration [line items] | |||
Annual fee contributions percentage | 3.00% | ||
Contributions | $ | $ 29,507 | $ 71,174 | $ 70,000 |
Improvement of railway | 29,215 | ||
Parish Sur - Azul Norte [member] | |||
Disclosure trust of administration [line items] | |||
Improvement of railway | 259 | ||
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, 2019 | |
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, 2019 | |
Top of range [member] | |
Disclosue Of Concession [line items] | |
Extension term for concession agreements | 10 years |
Measures Adopted by the Argen_2
Measures Adopted by the Argentine Economy After the 2019 Presidential National Elections - Additional Information (Detail) - USD ($) | Jan. 01, 2020 | Dec. 31, 2019 | Nov. 24, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Measures Adopted By TheCountrySEconomy [Line Items] | ||||||
Income tax adjustments | 100.00% | |||||
Decrease in total annual sales, percent | 20.40% | |||||
Employers' contributions payable | 18.00% | |||||
General tax rate for credits and debits | 1.20% | 0.60% | 0.60% | 0.60% | ||
Tax rate levied from foreign transportation | 30.00% | |||||
Purchase of bank notes and foreign currency for savings | $ 200 | |||||
Bottom of range [member] | ||||||
Disclosure Of Measures Adopted By TheCountrySEconomy [Line Items] | ||||||
Consumption on foreign trade statistics | 2.50% | |||||
Top of range [member] | ||||||
Disclosure Of Measures Adopted By TheCountrySEconomy [Line Items] | ||||||
Consumption on foreign trade statistics | 3.00% | |||||
Forecast [Member] | ||||||
Disclosure Of Measures Adopted By TheCountrySEconomy [Line Items] | ||||||
Current statutory rate | 25.00% | |||||
Dividend withholding percentage | 13.00% | |||||
Current [member] | ||||||
Disclosure Of Measures Adopted By TheCountrySEconomy [Line Items] | ||||||
Current statutory rate | 30.00% | |||||
Dividend withholding percentage | 7.00% |
Subsequent Events - Additional
Subsequent Events - Additional information (Detail) | Jan. 27, 2020 |
Major business combination [member] | Caue Austria Holding GmbH [member] | |
Disclosure of non-adjusting events after reporting period [line items] | |
Transfer of ownership interest, Percent | 51.0437% |