Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2020shares | |
Document information [line items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
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 | 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 |
ICFR Auditor Attestation Flag | 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 Statement Of Profi
Consolidated Statement Of Profit Or Loss And Other Comprehensive Income $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020ARS ($)$ / shares | Dec. 31, 2019ARS ($)$ / shares | Dec. 31, 2018ARS ($)$ / shares | |
Profit or loss [abstract] | |||
Revenues | $ 41,623,255 | $ 47,753,090 | $ 51,238,154 |
Cost of sales | (29,026,378) | (34,706,159) | (38,393,415) |
Gross profit | 12,596,877 | 13,046,931 | 12,844,739 |
Losses from interest in companies | (403,791) | 0 | 0 |
Selling and administrative expenses | (3,454,641) | (3,805,215) | (3,865,497) |
Impairment of property, plant and equipment | (946,954) | ||
Other gains and losses | 147,185 | 61,220 | 205,743 |
Tax on debits and credits to bank accounts | (489,365) | (549,783) | (532,369) |
FINANCIAL RESULTS, NET | |||
Exchange rate differences | 1,655,282 | (1,625,330) | (2,584,505) |
Gain on net monetary position | 839,109 | 1,517,775 | 447,609 |
Financial income | 81,616 | 82,206 | 56,361 |
Financial expenses | (1,508,240) | (2,042,668) | (926,534) |
Profit before tax | 8,517,078 | 6,685,136 | 5,645,547 |
INCOME TAX EXPENSE | |||
Current | (2,387,112) | (1,423,878) | (2,151,495) |
Deferred | 123,552 | (776,258) | (152,679) |
NET PROFIT FOR THE YEAR FROM CONTINUED OPERATIONS | 6,253,518 | 4,485,000 | 3,341,373 |
Net profit for the year from discontinued operations | 5,128,601 | 1,020,255 | 743,697 |
NET PROFIT FOR THE YEAR | 11,382,119 | 5,505,255 | 4,085,070 |
Items to be reclassified through profit and loss: | |||
Exchange differences on translating foreign operations | (286,411) | (245,680) | 987,894 |
Total other comprehensive income | (286,411) | (245,680) | 987,894 |
Total comprehensive income | 11,095,708 | 5,259,575 | 5,072,964 |
Net income attributable to: | |||
Owners of the parent company | 11,351,024 | 5,226,692 | 3,769,442 |
Non-controlling interest | 31,095 | 278,563 | 315,628 |
NET PROFIT FOR THE YEAR | 11,382,119 | 5,505,255 | 4,085,070 |
Total comprehensive income attributable to: | |||
Owners of the parent company | 11,204,950 | 5,101,392 | 4,273,284 |
Non-controlling interest | (109,242) | 158,183 | 799,680 |
Total comprehensive income | $ 11,095,708 | $ 5,259,575 | $ 5,072,964 |
Earnings per share (basic and diluted): | |||
From continued operations (in pesos) | $ / shares | $ 10.8625 | $ 7.8962 | $ 5.6879 |
From continued and discontinued operations (in pesos) | $ / shares | $ 19.0445 | $ 8.7692 | $ 6.3243 |
Consolidated Statement Of Balan
Consolidated Statement Of Balance Sheet - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Non-current assets | ||
Property, plant and equipment | $ 53,557,065 | $ 53,774,641 |
Right of use assets | 447,413 | 555,384 |
Intangible assets | 192,333 | 171,467 |
Investments | 3,481 | 6,021,434 |
Goodwill | 34,717 | 34,717 |
Inventories | 2,156,154 | 2,037,914 |
Other receivables | 480,816 | 765,175 |
Total non-current assets | 56,871,979 | 63,360,732 |
Current assets | ||
Inventories | 5,491,783 | 6,592,903 |
Other receivables | 1,217,190 | 764,614 |
Trade accounts receivable | 2,989,390 | 3,231,790 |
Investments | 4,108,923 | 1,388,102 |
Cash and banks | 266,625 | 387,445 |
Total current assets | 14,073,911 | 12,364,854 |
Total assets | 70,945,890 | 75,725,586 |
SHAREHOLDERS' EQUITY AND LIABILITIES | ||
Capital stock and other capital related accounts | 15,048,948 | 15,048,948 |
Reserves | 18,719,432 | 16,164,590 |
Retained earnings | 11,351,024 | 5,226,692 |
Accumulated other comprehensive income | 449,558 | |
Equity attributable to owners of the parent company | 45,119,404 | 36,889,788 |
Non-controlling interest | 271,215 | 3,036,939 |
Total shareholders' equity | 45,390,619 | 39,926,727 |
Non-current liabilities | ||
Borrowings | 1,869,583 | 5,566,955 |
Lease liabilities | 390,405 | 462,918 |
Accounts payable | 102,435 | 189,750 |
Provisions | 487,466 | 758,943 |
Salaries and social security contributions | 38,267 | |
Other liabilities | 111,772 | 70,097 |
Deferred tax liabilities | 7,276,106 | 7,399,657 |
Total non-current liabilities | 10,276,034 | 14,448,320 |
Current liabilities | ||
Borrowings | 4,571,257 | 6,970,898 |
Lease liabilities | 140,403 | 138,614 |
Advances from customers | 731,925 | 259,635 |
Salaries and social security contributions | 1,421,916 | 1,277,573 |
Accounts payable | 5,393,016 | 11,891,250 |
Tax liabilities | 2,884,059 | 699,129 |
Other liabilities | 136,661 | 113,440 |
Total current liabilities | 15,279,237 | 21,350,539 |
Total liabilities | 25,555,271 | 35,798,859 |
Total shareholders' equity and liabilities | $ 70,945,890 | $ 75,725,586 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Shareholders' Equity - ARS ($) $ in Thousands | Total | Capital Stock [member] | Capital adjustments [member] | Share premium [member] | Other capital adjustments [member] | Merger premium [member] | Legal reserve [member] | Environmental reserve [member] | Optional reserve [member] | Future Dividends Reserve [member] | Exchange differences on translation of foreign operations gain / (losses) [member] | Retained Earnings [member] | Shareholders' equity attributable to owners of the parent company | Non-controlling Interest [member] |
Beginning balance at Dec. 31, 2017 | $ 29,594,188 | $ 59,603 | $ 4,745,549 | $ 10,348,877 | $ (1,672,407) | $ 1,567,326 | $ 216,042 | $ 7,502 | $ 63,092 | $ 71,017 | $ 12,108,512 | $ 27,515,113 | $ 2,079,075 | |
Appropriation as per Annual Shareholders' Meeting held on April 16, 2020: | ||||||||||||||
Legal reserve | 1,693 | (1,693) | ||||||||||||
Optional reserve | $ 4,487,323 | (4,487,323) | ||||||||||||
Other comprehensive income | 987,894 | 503,842 | 503,842 | 484,052 | ||||||||||
Net income for the year | 4,085,070 | 3,769,442 | 3,769,442 | 315,628 | ||||||||||
Other capital adjustments | (1,672,407) | $ 1,672,407 | ||||||||||||
Ending balance at Dec. 31, 2018 | 34,667,152 | 59,603 | 4,745,549 | 8,676,470 | 1,567,326 | 217,735 | 7,502 | 4,487,323 | 63,092 | 574,859 | 11,388,938 | 31,788,397 | 2,878,755 | |
Appropriation as per Annual Shareholders' Meeting held on April 16, 2020: | ||||||||||||||
Legal reserve | 569,447 | (569,447) | ||||||||||||
Optional reserve | 10,819,491 | (10,819,491) | ||||||||||||
Other comprehensive income | (245,680) | (125,301) | (125,301) | (120,379) | ||||||||||
Net income for the year | 5,505,255 | 5,226,692 | 5,226,692 | 278,563 | ||||||||||
Ending balance at Dec. 31, 2019 | 39,926,727 | 59,603 | 4,745,549 | 8,676,470 | 1,567,326 | 787,182 | 7,502 | 15,306,814 | 63,092 | 449,558 | 5,226,692 | 36,889,788 | 3,036,939 | |
Appropriation as per Annual Shareholders' Meeting held on April 16, 2020: | ||||||||||||||
Legal reserve | 173,848 | (173,848) | ||||||||||||
Optional reserve | 5,052,844 | (5,052,844) | ||||||||||||
Distribution of dividends | (2,671,850) | (2,608,758) | $ (63,092) | (2,671,850) | ||||||||||
Other comprehensive income | (286,411) | (146,074) | (146,074) | (140,337) | ||||||||||
Reclassification of exchange differences on translation of foreign operation (Note 42) | (303,484) | $ (303,484) | (303,484) | |||||||||||
Derecognition of non-controlling interest due to sale of subsidiary | (3,060,273) | (3,060,273) | ||||||||||||
Capital contribution to Ferrosur Roca S.A.—Minority shareholders | 403,791 | 403,791 | ||||||||||||
Net income for the year | 11,382,119 | 11,351,024 | 11,351,024 | 31,095 | ||||||||||
Ending balance at Dec. 31, 2020 | $ 45,390,619 | $ 59,603 | $ 4,745,549 | $ 8,676,470 | $ 1,567,326 | $ 961,030 | $ 7,502 | $ 17,750,900 | $ 11,351,024 | $ 45,119,404 | $ 271,215 |
Consolidated Statement Of Cash
Consolidated Statement Of Cash Flows - ARS ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
Net profit for the year from continuing operations | $ 6,253,518 | $ 4,485,000 | $ 3,341,373 | |||
Net profit for the year from discontinued operations | 5,128,601 | 1,020,255 | 743,697 | |||
Net profit for the year | 11,382,119 | 5,505,255 | 4,085,070 | |||
Adjustments to reconcile net profit to net cash generated by operating activities | ||||||
Income tax expense | 3,780,642 | 2,295,947 | 2,370,635 | |||
Depreciation and amortization | 3,987,936 | 3,655,322 | 3,728,041 | |||
Provisions | (93,206) | 68,091 | 147,781 | |||
Interest expense | 1,186,647 | 1,349,383 | 449,351 | |||
Exchange rate differences | (2,821,500) | (415,085) | 303,154 | |||
Investment losses recognized | 403,791 | |||||
Gain on disposal of property, plant and equipment | 40,692 | (4,657) | (35,291) | |||
Income from the operation of Yguazú Cementos S.A (Note 42) | (6,645,683) | (1,116,066) | (810,159) | |||
Impairment of property, plant and equipment (Note 13) | 946,954 | |||||
Gain on monetary position | (839,109) | (1,517,775) | (447,609) | |||
Recognition of allowance for other doubtful receivables | 156,523 | |||||
Changes in operating assets and liabilities | ||||||
Inventories | 788,549 | 87,893 | (869,045) | |||
Other receivables | 92,068 | 602,760 | 416,552 | |||
Trade accounts receivable | (541,437) | (905,649) | (1,595,864) | |||
Advances from customers | 525,780 | (35,533) | (210,327) | |||
Accounts payable | (248,948) | 1,372,276 | 1,793,516 | |||
Salaries and social security contributions | 515,390 | 482,075 | 144,625 | |||
Provisions | (48,345) | (148,318) | (232,013) | |||
Tax liabilities | (100,084) | 342,747 | (20,372) | |||
Other liabilities | 156,198 | 86,035 | (43,626) | |||
Income tax paid | (1,237,409) | (2,378,465) | (2,167,162) | |||
Net cash generated by continuing operating activities | 11,387,568 | 9,326,236 | 7,007,257 | |||
Net cash generated by discontinued operating activities (Note 42) | 837,590 | 1,511,718 | 1,576,277 | |||
Net cash generated by operating activities | 12,225,158 | 10,837,954 | 8,583,534 | |||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
Proceeds from sale of interest in Yguazú Cementos S.A. (Note 42) | 8,344,118 | |||||
Proceeds from disposal of property, plant and equipment | 39,801 | 88,614 | 10,435 | |||
Payments to acquire property, plant and equipment | (9,638,982) | (15,945,596) | (6,990,286) | |||
Payments to acquire intangibles assets | (86,564) | (75,736) | (45,844) | |||
Contributions to FFFSFI | (87,857) | (40,170) | (96,897) | |||
Advance payments to acquire property, plant and equipment | (1,556,455) | |||||
Net cash used in continuing investing activities | (1,429,484) | (15,972,888) | (8,679,047) | |||
Net cash used in discontinued investing activities (Note 42) | (137,227) | (48,890) | (167,013) | |||
Net cash used in investing activities | (1,566,711) | (16,021,778) | (8,846,060) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Proceeds from borrowings | 12,691,980 | 12,927,725 | 2,895,259 | |||
Interest paid | (2,908,836) | (2,638,155) | (1,498,897) | |||
Lease payments | (147,111) | (137,244) | ||||
Dividend paid | (2,663,733) | |||||
Repayment of borrowings | (17,475,599) | (6,654,287) | (5,574,086) | |||
Net cash (used in) generated by continuing financing activities | (10,503,299) | 3,498,039 | (4,177,724) | |||
Net cash used in discontinued financing activities (Note 42) | (2,573,229) | (1,570,984) | (660,367) | |||
Net cash (used in) generated by financing activities | (13,076,528) | 1,927,055 | (4,838,091) | |||
Net decrease in cash and cash equivalents | (2,418,081) | (3,256,769) | (5,100,617) | |||
Less: Net effect of discontinued operations (Note 42) | 1,872,866 | 108,156 | (748,897) | |||
Cash and cash equivalents at the beginning of the year | 1,775,547 | [1] | 4,881,645 | [1] | 9,485,823 | |
Effect of restating in constant currency of cash and cash equivalents | (156,797) | (220,586) | (205,023) | |||
Effects of the exchange rate differences on cash and cash equivalents in foreign currency | 3,302,013 | 263,101 | 1,450,359 | |||
Cash and cash equivalents at the end of the year | $ 4,375,548 | $ 1,775,547 | [1] | $ 4,881,645 | [1] | |
[1] | The cash and cash equivalents as of December 31, 2019 and 2018 from the discontinued operations amounted to 1,719,399 and 1,195,670. |
Consolidated Statement Of Cas_2
Consolidated Statement Of Cash Flows (Parenthetical) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Discontinued operations [member] | ||
Statement [line items] | ||
Cash and cash equivalents | $ 1,719,399 | $ 1,195,670 |
Legal Information
Legal Information | 12 Months Ended |
Dec. 31, 2020 | |
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”, “the Company” or “the Group”) is a stock company organized under the laws of the Argentine Republic. Fiscal year number: Fiscal year No. 96 beginning on January 1, 2020. Principal business of the Group: The Company and its subsidiaries, mentioned below, are referred to in these 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 had 1 in Paraguay until August 21, 2020. (See Note 42). The Company also has 11 concrete plants. The Group, through its subsidiary Cofesur S.A.U., has a controlling interest Ferrosur Roca S.A., a company that operates the railway cargo network of Ferrocarril Roca under a concession granted by the Argentine government in 1993 for a term of 30 years, which allows access of several of Loma Negra´s cement production plants to the railway 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; which has been subsequently subject to the renegotiation and realignment of the concession agreement in order to mitigate the consequences that seriously affect the course of business of that company and disrupt the balance of the concession contract. As of the date of issuance of these consolidated financial statements, Ferrosur Roca S.A. has not yet been called to start the renegotiation process under the scope of the Comisi ó n Especial de Renegociaci ó n de Contratos non-current The Group also controls Recycomb S.A.U., a company engaged in the treatment and recycling of industrial waste for use as fuel or raw material. Finally, on August 21, 2020, the Company sold its stake in Yguazú Cementos S.A., a company incorporated in the Republic of Paraguay engaged in the manufacturing and marketing of cement. Information relating to the sale of its interest and its main effects is described in Note 42. Date of registration in the Argentinian General Inspection of Justice: • Inscription of the bylaws: August 5, 1926 under No 38, Book 46. • Last amendment registered to the bylaws: August 29, 2017, under No 17,557, book 85, Corporations Volume. • Correlative Number of Registration with the Inspección General de Justicia (local regulatory agency): Number of: 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.” with the Public Registry of Commerce of Azul, Province of Buenos Aires, under the Number 38, Book 46. On August 25, 1927, the Company adopted its current name and on August 27, 1984, the Company was also registered with the General Board of Legal Entities of the Province of Buenos Aires under number 747. The Annual and Special Shareholders’ Meeting held on April 16, 2020 resolved to amend Article Fourteen of the Bylaws in order to incorporate the power of the Board of Directors of the Company to decide on the issuance of notes, in accordance with section 9 of the Law on Notes No. 23,576, as amended. As of the date of issuance of these consolidated financial statements, such amendments have not been registered with the IGJ. Parent company: InterCement Trading e Inversiones S.A. with 51.0437% of the Company’s capital stock and votes. On January 6, 2021, InterCement Trading e Inversiones S.A. transferred its entire interest in Loma Negra C.I.A.S.A. to InterCement Trading e Inversiones Argentina S.L, a company belonging to the same economic group. Capital structure: The subscribed for and paid in capital amounts to $ 59,603, 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, 2020 | |
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, 2020 and 2019 and for the fiscal years ended December 31, 2020, 2019 and 2018 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 the consolidated financial statements in constant currency, as 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, 2019 and 2018, 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 in accordance with the figures and other information for this current fiscal year. These figures have been restated in the current fiscal year’s end-of-period Due to the sale of the shareholding in Yguazú Cementos S.A., as described in Note 42, the assets and liabilities associated with such investment are unconsolidated and classified in a single line within non-current Non-current These consolidated financial statements were approved by the Board of Directors on April 29, 2021, 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, 2020, 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. As a result, the consolidated financial statements are stated in the unit of currency that was current as at the end of this fiscal year. According to IAS 29, the restatement of the financial statements is necessary when the functional currency of an entity is that of a hyperinflationary economy. IAS 29 provides certain guidelines for illustrative purposes to define a situation in which hyperinflation is deemed to arise, including (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%. 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 (CPI) at the national level and as published by Instituto Nacional de Estadística y Censos Taking such index into account, inflation was 36.14%, 53.83% and 47,64% in the years ended December 31, 2020, 2019 and 2018, respectively, and 100% accumulated in three years during each of the years presented was reached. 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 at the current unit of measurement as of the end of the reporting period. In an inflationary period, holding monetary assets causes losses in the purchasing power and holding monetary liabilities generates gains in the purchasing power, provided that such items are not subject to an adjustment mechanism that may otherwise offset these effects. 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 based on 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 in non-monetary (vi) The restatement of non-monetary non-monetary Restatement of the statement of profit or loss and other comprehensive income: (i) Expenses and revenues are restated as the date of they are accrued for accounting purposes except for those profit or loss items related to the consumption of assets measured in purchasing power currency of a date previous to the recording of such consumption (such as depreciation, impairment, and other use of assets valued at historical cost); and except also for any profit or loss arising from comparing two measurements expressed in a currency with a purchasing power from different dates, for which it is necessary to identify the amounts compared, their separate restatement and their comparison based on the new restated amounts. (ii) In the case of financial income and expenses, including foreign exchange gain (loss), from lent or borrowed funds, the Group has decided to present them in real terms, i.e. net of the effect of inflation on the assets and liabilities that generated these income or expenses. (iii) Net profit or loss from the maintaining monetary assets and liabilities is reported in a separate item of profit and loss and other comprehensive income. Restatement of the statement of changes in shareholders’ equity: All equity components are restated by applying 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 “adjustment capital” account. Other comprehensive income resulting after the transition date of the implementation of IAS 29 is recorded in is recorded net of the inflation effect. Restatement of the statement of cash flows: IAS 29 requires that all entries in this statement should be restated in terms of the unit of measurement that is current at the end of the reporting period. The monetary gain or loss generated from 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 for the reconciliation between cash and cash equivalents at the beginning 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 at year-end non-monetary non-current Fair value is the price that the Group would be received to sell an assets or paid to transfer 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) prices in active markets for identical assets and liabilities to which the entity has access as 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 as current and non-current: The Group classifies assets and liabilities in the consolidated statement of financial position as current and non-current. An asset is 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 end of the reporting period; or d) the asset is cash or cash equivalent unless it is restricted and cannot be exchanged or used to settle a liability for at least twelve months after the end of the reporting period. All other assets are classified as non-current. A liability is 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 twelve months after the end of the reporting period; or d) fails to have an unconditional right to defer settlement of the liability for at least twelve months after the end of 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 fiscal year of the Group starts 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 amount of recorded assets and liabilities and the contingent assets and liabilities disclosed as of the reporting date, as well as the revenues and expenses recognized during each year. Future profit or loss may differ from the estimates and assessments made as of the date of preparation of these consolidated financial statements. The description of estimates and significant accounting judgments made by the Group’s Board in the application of accounting policies as well as the areas with greater degree of complexity requiring further 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 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. • IFRS 9, IFRS 7, IFRS 4, IFRS 16, and IAS 39 Interest Rate Benchmark Reform In August 2020, IASB issued amendments to IFRS 9, IAS 39 and IFRS 7 Financial Instruments: Disclosures, which completes the second and last phase of its work to answer to the effects of the interbank offered rates (IBOR) reform in financial reporting. The amendments provide temporary exceptions that address the effects on financial reporting when an interbank offered rate is replaced by an alternative risk-free interest rate. These amendments are effective for fiscal years beginning on or after January 1, 2021. The management of the Group understands that the application of these amendments will not have a material impact on the Group’s consolidated financial statements. • IFRS 3 Reference to the Conceptual Framework In May 2020, the IASB issued Amendments to IFRS 3 Business Combinations. The amendments are mainly intended to replace a reference to the framework for the preparation and presentation of financial statements, issued in 1989, with a reference to the conceptual framework for financial information issued in March 2018, without significantly changing its requirements. IASB also added an exception to the recognition principle of IFRS 3 to avoid the issue of potential ‘day 2’ gains or losses arising from liabilities and contingent liabilities that would fall within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC 21 Levies, if incurred separately. The above mentioned amendments shall be effective for fiscal years beginning on or after January 1, 2022, and shall be applied prospectively. The management of the Group understands that the application of these amendments will not have a material impact on the Group’s consolidated financial statements. • IAS 16 Proceeds before Intended Use of Property, Plant and Equipment In May 2020, the IASB issued amendments to IAS 16 Property, Plant and Equipment in order to prohibit entities deducting from the cost of an item of property, plant and equipment, any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, the proceeds from the sale of those items, including the costs incurred for producing them, shall be recognized in profit or loss. The amendment is effective as from the fiscal years beginning January 1, 2022 and shall be applied retroactively to the items of property, plant and equipment available for use on or after the beginning of the earliest period presented in which the entity first applies the amendment. The management of the Group understands that the application of these amendments will not have a material impact on the Group’s consolidated financial statements. • IAS 37 Cost of Fulfilling an Onerous Contract In May 2020, the IASB issued amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets to specify the costs an entity should include when assessing whether a contract is onerous or loss-making. The amendments apply a directly related cost approach. Costs directly related to a contract for the provision of goods or services include both incremental costs and an allocation of costs directly related to the activities of the contract. General and administrative costs are not directly related to a contract and are excluded unless they are explicitly attributable to the counterparty under the contract. The amendments shall be effective for fiscal years beginning on or after January 1, 2022. The Group shall apply these amendments to contracts for which it has not yet fulfilled all its obligations at the beginning of the fiscal year in which it first applies the amendments. The management of the Group understands that the application of these amendments will not have a material impact on the Group’s consolidated financial statements.. • IFRS 1 — As part of the Annual Improvements to IFRS Standards 2018-2020, the IASB issued an amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards. The amendment allows a subsidiary to choose to apply IFRS 1.D16(a) to measure its cumulative translation difference using the amounts reported by the parent company based on the parent company’s date of transition to IFRSs. This amendment also applies to an associate or joint business that chooses to apply IFRS 1.D16(a). The amendment is effective for fiscal years beginning on or after January 1, 2022, and early application is permitted. The management of the Group understands that the application of these amendments will not have a material impact on the Group’s consolidated financial statements. • IFRS 9 Fees in the ‘10 per cent’ test for derecognition of financial liabilities As part of its 2018-2020 annual improvements to IFRS standards process the IASB issued amendment to IFRS 9. The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other’s behalf. An entity applies the amendment to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment. The amendment is effective for fiscal years beginning on or after January 1, 2022, and early application is permitted. The Group shall apply the amendment to financial liabilities that are modified or exchanged on or after the beginning of the reporting year in which it first applies the amendment. The management of the Group does not expect that the application of these amendments will have a material impact on the Group’s consolidated financial statements. • IFRS 16 Lease Incentives The amendment removes the illustration of reimbursement of leasehold improvements by the lessor in the illustrative example 13 accompanying IFRS 16; thus removing the potential for confusion regarding the treatment of lease incentives when applying IFRS 16. The modification is not expected to have an impact on the Group’s consolidated financial statements. • IAS 41 Agriculture — Taxation in Fair Value Measurement As part of the Annual Improvements to IFRS Standards 2018-2020, the IASB issued an amendment to IAS 41 Agriculture. The amendment removes the requirement in paragraph 22 of IAS 41 for entities to exclude taxation cash flows when measuring the fair value of assets under the scope of IAS 41. The amendment is effective for fiscal years beginning on or after January 1, 2022, and early application is permitted. This amendment is not applicable to the Group. • IAS 1 — Non-Current In January 2020, the IASB issued amendments to IAS 1 “Presentation of Financial Statements” to specify the requirements for the classification of liabilities as current or non-current. • 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 Adoption of new standards and interpretation The Group has adopted all the improvements and new standards and interpretations issued by IASB that are relevant to its operations and that are effective for the financial year ended December 31, 2020. As from January 1, 2020, the Group began to apply the following standards: • Amendments to the conceptual framework references of different standards The conceptual framework is not a standard and none of the concepts contained therein prevails over the concepts or requirements of any standard. The purpose of the conceptual framework is to assist IASB in the development of standards, to assist the persons engaged in the preparation of financial information to develop consistent accounting policies where there is no applicable standard in place, and to help all parties to understand and interpret the existing standards. IASB has made amendments to a set of standards when it issued the conceptual framework in March 2018, which establishes financial concepts and prepares a guide of standards for persons engaged in the preparation of financial information in order to help users of financial information to understand it better. These amendments have not had an impact on the Group’s consolidated financial statements. • IFRS 3 Definition of a Business In October 2018, the IASB issued amendments to the definition of business in IFRS 3 Business Combinations to assist entities to establish whether an acquired set of activities and assets is a business or not. The IASB clarifies the minimum requirements for a business; removes the assessment of whether market participants are capable of replacing any missing elements; adds guidance to help entities assess whether an acquired process is substantive; narrows the definitions of a business and outputs; and introduces an optional fair value concentration test. The amendment to IFRS 3 clarifies that to be considered a business, an integrated set of activities and assets must include, at a minimum, an input and a process that together significantly contribute to the ability to create output. These amendments have not had an impact on the Group’s consolidated financial statements, but they might affect future fiscal years if the Group carries out a business combination. • IAS 1 and IAS 8 - Definition of material information The amendments provide a new definition of material that states, “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, which provide financial information about a specific reporting entity.” The amendments clarify that materiality will depend on the nature or magnitude of information, either individually or in combination with other information, in the context of the financial statements. A misstatement of information is material if it could reasonably be expected to influence decisions made by the primary users. These amendments have not had an impact on the Group’s consolidated financial statements. • IFRS 9, IFRS 7 and IAS 39 Interest Rate Benchmark Reform In September 2019, the IASB issued amendments to IFRS 9, IAS 39 and IFRS 7 Financial Instruments: Disclosures”, which concludes Phase I of its work to respond to the effects of the interbank offered rates (IBOR) reform in financial reporting. The amendments allow hedge accounting to continue during the period of uncertainty before the replacement of an existing interest rate benchmark for an alternative risk-free interest rate. These amendments have not had an impact on the Group’s consolidated financial statements since the Group has no interest rate hedging operations. • IFRS 16 COVID-19-Related On 28 May 2020, the IASB issued Covid-19-Related Rent Concessions—amendment to IFRS 16 Leases. The amendments provide relief to lessees from applying IFRS 16 guidance on lease modification accounting for rent concessions arising as a direct consequence of the Covid-19 pandemic. As a practical expedient, a lessee may elect not to assess whether a Covid-19 related rent concession from a lessor is a lease modification. A lessee that makes this election accounts for any change in lease payments resulting from the Covid-19 related rent concession the same way it would account for the change under IFRS 16, if the change were not a lease modification. The amendment applies to annual reporting periods beginning on or after 1 June 2020. Earlier application is permitted. This amendment had no impact on the consolidated financial statements of the Group. 2.5. Basis of consolidation These consolidated financial statements include the financial statements of the Company and the companies controlled by the Group. 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 will re-assess 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 • Potential voting rights held by the Group, other shareholders or other parties; • Rights arising from contractual arrangements; and • Any and all additional events or circumstances that indicate that the Group has, or fails to have, the current ability to direct the relevant activities of the investee when decisions need to be made, including voting patterns at previous shareholders’ meetings. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control over the subsidiary. Specifically, the revenues and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income since the date on which the Group obtains control until the date on which the Group ceases to control the subsidiary. Profits or losses of each component of other comprehensive income are attributed to the owners of the Group and the non-controlling 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 includes the following subsidiaries: Subsidiary Main business Country % of direct and indirect interest as of December 31, December 31, December 31, 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 (1) Directly controlled by Cofesur S.A.U. Below is a summary of the financial information for Ferrosur Roca S.A., a subsidiary with a material non-controlling 2020 2019 Current assets 971,734 1,186,841 Non-current 1,588,289 3,023,738 Current liabilities 879,157 3,343,688 Non-current 324,795 425,681 Shareholders’ equity attributable to owners of the parent company 1,084,856 352,968 Non-controlling 271,215 88,242 2020 2019 2018 Revenues 3,595,634 4,964,258 5,418,884 Financial results, net 375,153 (857,072 ) (216,212 ) Depreciation (817,204 ) (841,090 ) (790,839 ) Income tax 95,305 80,489 308,611 Net losses for the year (*) (1,104,096 ) (1,106,732 ) (243,852 ) (*) As of December 31, 2020 and 2019, net losses include an income for elimination of intragroup transactions of 11,867 and 472,492, respectively. 2020 2019 2018 Net cash generated by / (used in) operating activities 240,521 402,908 (362,798 ) Net cash generated by / (used in) investing activities (412,998 ) 74,338 (567,231 ) Net cash generated by / (used in) financing activities (673,538 ) (786,408 ) 918,895 Effects of the exchange rate differences on cash and cash equivalents in foreign currency 841,997 (18,119 ) (6,177 ) Finally, as mentioned in Note 42, on August 21, 2020 the Company sold its interest in Yguazú Cementos S.A., therefore the amounts related to the aforementioned business are presented as discontinued for all periods presented. |
Summary Of Main Accounting Poli
Summary Of Main Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of significant accounting policies | 3. SUMMARY OF MAIN 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 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 the products sold are transferred in accordance with the specific delivery terms agreed with the customer. Revenues from the sale of goods are measured at fair value of the consideration received or to be collected, net of commercial discounts. No financing components are considered in the transaction since credit terms vary greatly between 20 and 35 days, depending on the specific terms agreed upon by the Group, which is consistent with market practices. Some agreements with customers offer commercial discounts or volume-based discounts. If revenues cannot be reliably measured, the Group defers revenue recognition until the uncertainty is resolved. However, due to the fact that performance obligations relate mainly to the delivery of the acquired good and that both the price and any discount granted are specifically agreed between the parties, there are in practice no uncertainties associated with revenue recognition. 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 is measured using the expected value or the most likely amount method, whichever is expected to better predict the amount based on the terms and conditions of the agreement. The products sold by the Group in general are not returned by customers once they have approved their quality, which occurs at 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 in the amount of 34,717 is due to the acquisition of Recycomb S.A.U. and is measured at cost restated at the end of the reporting period currency, as mentioned in 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 interests and any previous interest held over the fair value of the net identifiable assets acquired and liabilities assumed. Goodwill is not amortized, but rather tested for impairment on an annual basis. For impairment testing purposes, goodwill is allocated to each of the Group’s cash-generating units that are expected to benefit from the synergies of the relevant combination. Cash-generating units to which goodwill is allocated are tested for impairment on an annual basis, or more frequently if there are indications that the unit may have been 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. As of December 31, 2020, 2019 and 2018, the Group has not recognized any goodwill impairment loss. 3.3. Investments in other companies These are investments in which the Group has no significant influence . Given that these investments do not have a market price quoted 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 identified at the end of each reporting period. 3.4. Leases The Group adopted IFRS 16 during the previous year. The relevant changes were applied to the initial balances for that year. The nature and 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: a) Financial leases: the financial leases that transfer to the Group substantially all the risks and advantages inherent in the ownership of the leased asset and are capitalized at the time of lease inception either at the fair value of the property leased or the present value of the minimum lease payments, whichever is less. Lease payments are divided between interest and the repayment of the principal amount of the loan. Interest charges are recognized as financial cost in the statement of comprehensive income. The leased asset is depreciated throughout its useful life. However, if there is no reasonable certainty that the Group will obtain property at the end of term of the lease, the asset will be depreciated throughout its estimated useful life or in the term of the lease, whichever shorter. b) Operating leases: the operating leases are recognized as operating expenses in the statement of comprehensive income on a straight line throughout the term of the lease. Starting with the enforcement of IFRS 16, the Group has adopted a new model of accounting for the recognition and measurement of all the leases, which is hereinbelow described: The accounting model for the recognition and measurement of all leases is as follows: Right-of-use The Group recognizes a right of use asset at the beginning of each lease (the date on which the underlying asset is available for use). Right of use assets are measured at cost, net of accumulated depreciation and impairment losses, and adjusted to reflect any remeasurement of liabilities and to recognize changes in the currency purchasing power. The cost of the right of use assets includes the amount of the recognized lease liabilities, initial direct costs incurred, and lease payments made at or before the lease start date, less any incentives received. Unless the Group is certain that it will acquire the asset at the end of the lease, right of use assets are depreciated on a straight-line basis over the shorter of their estimated useful lives and the lease term (calculated based on the term of the relevant agreements, including renewal provisions in the event that they are highly likely to continue). The right of use assets are subject to impairment. Lease liabilities: Lease liabilities are measured at the present value of future lease payments to be made throughout the lease term, for which market rates have been used according to the nature and term of each agreement. Lease payments include fixed payments, less any lease incentives to be received, variable payments depending on an index or rate and amounts expected to be paid under residual value guarantees. Lease payments also include the exercise price of any purchase option of the leased underlying asset, and any penalties for terminating the lease, provided that it is reasonably likely that the Group will exercise such options. Variable payments that do not depend on an index or rate are recognized in profit or loss for the year of occurrence of the condition to which they are subject. The accrual of the present value recognized for each lease is accounted by the Group in the comprehensive income of each year. Operating lease income: The income from the operating lease of buildings and equipment is recognized every month during the lease term. Leases in which the Group does not transfer substantially all the risks and benefits inherent in the ownership of the asset are classified as operating leases. The initial direct costs incurred in negotiating an operating lease are in addition to the carrying amount of the leased asset and are recognized throughout the lease term on the same basis as lease income. 3.5. Foreign currency and functional currency The 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 where the entity operates) for all the Group companies with domicile in the Republic of Argentina, and the reporting currency of the consolidated financial statements. In the case of Yguazú Cementos S.A., a company located in Paraguay and whose interest was sold by the Group on August 21, 2020 (Note 42), the functional currency is the Guaraní. For the purposes of presenting these consolidated financial statements, the assets and liabilities of the Group’s foreign operations are translated to pesos at the foreign exchange rate prevailing at the end of each year. Revenue and expense items are translated at the average exchange rates for each month; however, if the exchange rates fluctuate significantly during the reporting year, the exchange rate at the date of transactions shall be used, with the subsegment restatement of such items by applying the rates at the month of accrual, pursuant to the adjustment procedure described in Note 2.2. Exchange gain or loss, if any, are recognized in other comprehensive income and accumulated in shareholders’ equity (and are attributed to non-controlling interests, as applicable). Any exchange gain or loss from monetary items is recognized in the profit or loss for the month, net of the effect of inflation on the items that generated them, except for those arising from foreign currency borrowings related to finance qualifying assets, such us assets under construction for future productive use, which were included in the cost of such assets for being considered as an adjustment to the cost of interest accrued on such foreign currency denominated borrowings. In the consolidated financial statements, the assets and liabilities in foreign currency of the Group are translated to pesos using the foreign exchange rate at the end of each year. Goodwill and adjustments at fair value arising from the acquisition of investments are recognized as assets and liabilities of the acquiree and are translated using the exchange rate at the year-end 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 during the fiscal year in which they are incurred, net of the effect of inflation on the liabilities that generated them. 3.7. Taxation 3.7.1. Income tax The Group assesses the income tax to be recorded in accordance with the deferred tax method, which considers the effect of temporary differences originating in the different bases for the measurement of assets and liabilities according to accounting and taxing criteria, and of the existing tax losses and unused tax credits susceptible of deduction from 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 the expected changes in tax rates were suspended and it was resolved to maintain the original 30% tax rate up to the fiscal years starting and including January 1, 2021. The 25% tax rate shall be effective for the fiscal years beginning on or after January 1, 2022. 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 the 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 taxable temporary differences in the future. Deferred tax assets are recognized for all deductible temporary differences to the extent that the Group is likely to have future tax profit against which it is possible to account for those deductible temporary differences. Such deferred tax assets and liabilities are not recognized when temporary difference arose from goodwill or the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable nor the accounting profit. 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 using 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 assets and liabilities at the end of the 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 only if (a) it has 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 or loss and other comprehensive income . Current and deferred taxes are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in shareholders’ equity, in which case the current and deferred taxes are also recognized in other comprehensive income or directly in shareholders’ equity, respectively. When the current tax or deferred tax arises from the initial accounting of a business combination, the tax effect is included in the accounting for the business combination. 3.7.2. Personal asset tax – 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 the personal property tax of 0.25% over the value of any shares or the American Depositary Shares (ADSs) issued by Argentine entities held as of December 31 of each year. The tax is applied to the Argentine issuers of such shares, who must pay this tax on behalf of the relevant shareholders and is based on the value of the shares (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 Property Tax Law, the Group has the right to obtain a reimbursement of the tax paid from the shareholders to whom the above tax is applicable, through the reimbursement procedure deemed appropriate by the Group. As of December 31, 2020 and 2019, the Group caries receivables in this respect amounts 38,856 and 18,368, respectively. 3.7.3. Tax reform The Tax Reform Law No. 27,430, as amended by Law 27,468, provides for as follows, with respect to the tax inflation adjustment, to be effective for the fiscal years beginning on or after January 1, 2018: (a) that such 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, Law of Social Solidarity and Reactivation in the Framework of the Public Emergency, the calculation of the tax inflation adjustment was changed to one sixth in the fiscal year and the five remaining sixths, in equal parts, in the immediately following five fiscal periods. As a result of the fact that the conditions for applying the tax inflation adjustment were met at the end of this year, the current and deferred income tax was recorded by incorporating the effects resulting from its application. Revaluation of certain assets for tax purposes: The Tax Reform Law No. 27,430 enacted by the Executive Branch on December 29, 2017, establishes a tax revaluation option, which allows taxpayers, only once, to revalue for tax purposes certain of their assets existing as of the end of the first fiscal year ended after December 29, 2017 -the law-, The exercise of the option entails payment of a special tax concerning all the revalued assets in accordance with the tax rates established for each type of asset and confers the right to deduct, upon calculating income tax, a depreciation that incorporates the effect of the revaluation Those who exercise the option of revaluing their assets in accordance with Law No. 27,430 must (i) waive the right to commence any court or administrative proceedings to claim, for tax purposes, the application of any kind of restatement procedure until the date of the first fiscal year ending after the coming into force of that Law, and (ii) abandon any actions and rights invoked in proceedings brought in respect of fiscal years ended before. 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. The Group exercised the option of revalue its depreciable property, plant and equipment tax purposes and paid the special tax during fiscal year 2019. 3.8. Property, plant and equipment Property, plant and equipment held for use in the production or supply of goods and services, including the stripping and quarry exploitation costs mentioned in Note 3.18, or for administrative purposes, are carried at the cost restated in constant currency at the end of the reporting period, in accordance with Note 2.2, minus accumulated depreciation and impairment loss. The lands owned by the Group are not subject to depreciation. 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, less any recognized impairment loss. The cost included 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. Assets held under financial leases are depreciated over their estimated useful life, which is equivalent to those of the assets held, or, if lower, over the relevant lease term. Gain or loss from the disposal or write-off The Group assesses the recoverability of the value of its property, plant and equipment items whenever any indication of impairment is identified. The assessments are carried out considering the cash-generating units established by the Group. 3.9. Intangible assets Intangible assets with finite useful lives that were separately acquired are carried at the cost restated in constant currency at the end of the reporting period , as described in Note 2.2, less accumulated depreciation and impairment losses. The estimated useful life and the depreciation method are reviewed at the end of each fiscal year, with the effect of any changes in estimates being accounted for on a prospective basis. Intangible assets with indefinite useful lives that were separately acquired are carried at the cost restated in constant currency at the end of the reporting period, as described in Note 2.2, less accumulated impairment losses. Intangible assets are derecognized when no future economic benefits are expected from their use or disposal. Gains or losses from a derecognized intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the profit or loss statement when the asset is derecognized. 3.10. Impairment of tangible and intangible assets At the end of each fiscal year, the Group reviews the carrying amounts of its tangible and intangible assets in order to assess whether there is any indication that an asset might be impaired. The Group calculates the recoverable amount per cash-generating unit. The recoverable amount of an asset is the higher of the fair value less cost of disposal and its value in use. In assessing value in use, the estimated future cash flows are discounted to the present value using a pre-tax year-end If the recoverable value of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying value of the asset (or cash-generating unit) is reduced to its recoverable value. 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 the reporting 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 the acquisition cost according to the Weighted Average Price method. Cost is calculated for each of the plants owned by the Group. • Finished goods and work in progress: at the acquisition cost of direct materials and labor plus a proportion of manufacturing overheads based on normal operating capacity, but excluding borrowing costs. Cost is calculated for each of the plants owned by the Group. The net realizable value of an inventories component is the estimated selling price for that component in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make the sale, calculated as of the end of the reporting period. In assessing recoverable amounts, 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 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, provided that they can be calculated, 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 unwinding of the discount 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 other than the unwinding of discount 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 free areas by the removal of quarries using the provisions recognized for that purpose. 3.13. Financial Instruments A financial instrument arises from any contract that results in the recognition of a financial asset in one entity and a financial liability or equity instrument in another entity. Financial assets and liabilities are initially measured at fair value. Transaction costs that are attributable to the acquisition or issue of financial 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 or liabilities on the initial cost of 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. In general, the Group receives short-term advances from its customers. Pursuant to the practical expedient of IFRS 15, the Group does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between when the entity transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. The Group does not receive any long-term advances from its customers. 3.14. Financial Assets According to IFRS 9 Financial instruments, the Group classifies 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 of the Group 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 meet the conditions mentioned above, IFRS 9 contains an option to designate, at initial recognition, a financial asset as measured at fair value if doing so eliminates or significantly reduces an account mismatch that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases. The Group has not recognized financial assets at fair value using this option. A s • Financial assets at fair value through profit or loss If one of the above two criteria is not met, the financial asset is classified as an asset measured at “fair value through profit or loss”. At the end of these consolidated financial statements, the Group’s financial assets at fair value through profit or loss include mutual funds classified as current investments. Recognition and Measurement: Acquisitions and disposals of financial assets are recognized on the date on which the Group promises to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from such instruments and the risks and benefits related to their ownership have been terminated or assigned. Financial assets at amortized cost are initially recognized at fair value plus transaction costs. These assets accrue interest based on the effective interest rate method. Financial assets at fair value through profit or loss are initially recognized at fair value and transaction costs are recognized as expenses in the statement of profit or loss |
Critical Accounting Judgments A
Critical Accounting Judgments And Key Sources For Estimating Uncertainty | 12 Months Ended |
Dec. 31, 2020 | |
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Critical Accounting Judgments And Key Sources For Estimating Uncertainty | 4. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES FOR ESTIMATION UNCERTAINTY In the application of the Group´s accounting policies described in Note 2, the Group´s management has been 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 considered to be relevant. It should be noted that actual results could differ from those estimates. Underlying estimates and assumptions are continuously reviewed. The effects of revisions to the accounting estimates are recognized in the year in which the estimates are reviewed. 4.1. Critical judgments in applying accounting policies The following are the critical judgments, in addition to those involving estimations (Note 4.2), made by Management 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. Ferrosur Roca S.A. Concession Management has reviewed the Group’s interest in Ferrosur Roca S.A., taking into account the provisions of IFRIC 12 Service Concession Arrangements, which provides guidance on the accounting by operators for public-to-private Based on the fact that the grantor neither controls nor regulates which services should be provided by the operator or the infrastructure, to whom it must provide them, and at what price, the Management arrived at the conclusion that Ferrosur Roca S.A. Concession is out of the scope of IFRIC 12 and, therefore, the Group does not apply its provisions. Accordingly, the Group has recorded the assets received from the concession and those subsequently acquired under IAS 16 Property, plant and equipment. The concession bidding terms and conditions grant an original term of thirty years (1993-2023) and provide for an extension for an additional ten years. Although the Group has requested the above extension (Note 1), as of the date of issuance of these consolidated financial statements, Ferrosur Roca S.A. has not yet been called to start the renegotiation process under the scope of the Special Commission for Contract Renegotiation (“CERC”). In this respect, the Management of the Group understands that it has duly and timely met all the requirements established to obtain an extension of the concession. The Group considers the extended concession period for the purposes of all required accounting assessments and estimates, especially those related to the recoverability of certain non-current 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 during the next fiscal 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 calculation of the value in use requires management to estimate the future cash flows expected to arise from the cash-generating unit and an appropriate discount rate in order to calculate the 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, 2020, 2019 and 2018. 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 Fields 50 to 100 years Quarries - Stripping cost Based on estimated tons Buildings 5 to 50 years Machinery 8 to 35 years Furniture and fixtures 3 to 10 years Tools 5 years Software 5 years Transportation and load vehicles 4 to 32 years The assets used in the concession of Ferrosur Roca S.A. are depreciated over the shorter of their estimated useful lives or the remaining concession term. An impairment exists when the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The calculation of fair value less costs to sell is based on available data from binding sales transactions conducted under market conditions for similar assets or observable market prices less incremental costs of asset disposal. The calculation of the value in use is based on a discounted cash flow model. Cash flows are derived from the budget for next year, extrapolated for subsequent years using a growth rate, and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the performance of the assets of the cash-generating unit being tested. The recoverable amount is sensitive to the discount rate used for the discounted cash flow model, as well as the expected future cash inflows and the growth rate used for extrapolation purposes. These estimates are the most relevant in the related estimates. Note 13 provides more information on impairment analysis and assumptions used. 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 due to estimates based on different interpretations of regulations, opinions and final assessments of damages. Therefore, any change in the circumstances related to this type of contingencies may have a significant impact on the amount of the provision for contingencies recorded. In the normal course of its business, the Group selects tax criteria and accounting positions based on a reasonable interpretation of the current regulations, also taking into consideration the opinion of its tax and legal advisors along with the evidence available up to the date of issuance of these financial statements. Nevertheless, in the event of situations where the assessment of a third party and the actual existence of a damage for the Group are uncertain, the Group has assessed the issues considering their significance in relation to the financial statements and has not made a provision as it is has not been required under any existing accounting standards. The Group makes judgments and estimates to assess whether it is necessary to record costs and make 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 laws and regulations, discovery and analysis of 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 estimates in the timing and realization of deferred tax assets and the frequency of income tax payments. In order to measure the effect of deferral on investments in controlled or associated companies, Management has determined the presumption that they will not be disposed of in the foreseeable future and therefore no deferred tax has been recorded. 4.2.5. Use of judgment in the determination of lease periods The Group determines the lease term as the non-cancellable The Group applies judgment in determining whether it will renew its leases, considering all relevant factors that create an economic incentive for it to exercise those options. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Revenues | 5. REVENUES 2020 2019 2018 Sale of products 56,254,241 50,633,488 50,727,051 - Domestic market 56,205,492 50,514,564 50,698,357 - External customers 48,749 118,924 28,694 Services rendered 2,043,557 2,940,185 3,144,616 (-) Bonuses / Discounts (16,674,543 ) (5,820,583 ) (2,633,513 ) Total 41,623,255 47,753,090 51,238,154 |
Cost of Sales
Cost of Sales | 12 Months Ended |
Dec. 31, 2020 | |
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Cost of Sales | 6. COST OF SALES 2020 2019 2018 Inventories at the beginning of the year 8,630,817 8,540,744 7,308,076 Finished products 614,789 759,654 399,619 Products in progress 1,919,671 1,872,214 1,581,371 Raw materials, materials, fuel and spare parts 6,096,357 5,908,876 5,327,086 Purchases and production expenses for the year 28,043,498 34,796,232 39.626.083 Inventories at the end of the year (7,647,937 ) (8,630,817 ) (8,540,744 ) Finished products (471,045 ) (614,789 ) (759,654 ) Products in progress (899,962 ) (1,919,671 ) (1,872,214 ) Raw materials, materials, fuel and spare parts (6,276,930 ) (6,096,357 ) (5,908,876 ) Cost of sales 29,026,378 34,706,159 38,393,415 The detail of the production costs is as follows: 2020 2019 2018 Fees and compensation for services 620,385 667,308 698,292 Salaries, wages and social security contributions (1) 5,094,794 6,515,359 6,920,023 Transport and traveling expenses 192,606 240,804 297,299 Data processing 13,033 24,472 33,555 Taxes, duties, contributions and commissions 582,460 613,604 616,704 Depreciation and amortization 3,619,223 3,539,130 3,827,616 Preservation and maintenance costs 2,705,465 3,286,911 3,923,728 Communications 35,714 38,540 36,381 Leases 28,809 69,294 91,445 Employee benefits 111,871 143,947 147,862 Water, natural gas and energy services 8,546 15,408 12,282 Freight 2,026,915 2,465,000 3,121,482 Thermal energy 3,211,117 5,775,549 6,437,351 Insurance 95,963 114,216 79,793 Packaging 1,414,832 1,353,610 1,387,384 Electric power 2,705,470 3,633,421 4,093,427 Contractors 1,901,636 2,729,942 3,024,927 Tolls 109,168 4,332 8,338 Canon (concession fee) 38,306 38,650 37,867 Security 192,702 205,408 243,766 Others 390,106 459,402 458,138 Total 25,099,121 31,934,307 35,497,660 (1) It includes, as of December 31, 2020, the Work and Production Assistance (“ATP”) received by Ferrosur Roca S.A., which amounted to approximately 95,879, as mentioned in Note 44. |
Selling and Administrative Expe
Selling and Administrative Expenses | 12 Months Ended |
Dec. 31, 2020 | |
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Selling and Administrative Expenses | 7. SELLING AND ADMINISTRATIVE EXPENSES 2020 2019 2018 Managers and directors compensation fees 291,783 322,889 214,045 Fees and compensation for services 289,061 233,633 265,237 Salaries, wages and social security contributions 856,672 1,113,590 1,114,213 Transport and traveling expenses 19,066 57,308 55,495 Data processing 62,906 77,745 71,146 Advertising expenses 77,411 82,957 84,397 Taxes, duties, contributions and commissions 877,682 996,575 1,150,756 Depreciation and amortization 285,158 230,486 132,122 Preservation and maintenance 11,154 17,182 16,530 Communications 30,074 35,568 34,764 Leases 12,288 21,340 88,673 Employee benefits 33,085 39,675 49,651 Water, natural gas and energy services 4,125 5,135 4,690 Freight 457,166 375,495 433,662 Insurance 75,536 58,400 55,603 Allowance for doubtful accounts 6,001 63,789 8140 Security 7,960 7,234 7,520 Others 57,513 66,214 78,853 Total 3,454,641 3,805,215 3,865,497 |
Other Gains And Losses
Other Gains And Losses | 12 Months Ended |
Dec. 31, 2020 | |
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Other Gains And Losses | 8. OTHER GAINS AND LOSSES 2020 2019 2018 Gain on disposal of property, plant and equipment (40,692 ) 4,657 28,461 Donations (30,580 ) (34,918 ) (42,907 ) Technical services and assistance 7,221 15,319 9,000 Personal asset tax - Substitute responsible (3,999 ) (14,612 ) (12,382 ) Gain over tax credit assignment 8,855 9,578 4,468 Contingencies (30,333 ) (55,157 ) (15,767 ) Leases 129,653 121,329 64,868 Service fee from ADS Depositary bank 40,124 — 210,130 Collection of loss 56,430 — — Miscellaneous 10,506 15,024 (40.128 ) Total 147,185 61,220 205,743 |
Tax on Debits And Credits to Ba
Tax on Debits And Credits to Bank Accounts | 12 Months Ended |
Dec. 31, 2020 | |
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Tax on Debits And Credits to Bank Accounts | 9. TAX ON DEBITS AND CREDITS TO BANK ACCOUNTS The general tax rate on bank credits and debits is 0.6% for amounts debited and credited in the bank accounts of companies based in Argentina. Regarding credited and debited amounts, 33% of both items can be taken as payment on account of other taxes. Sixty seven percent of the credits and debits is included in this line item in the statement of profit or loss and other comprehensive income. Pursuant to Law No. 27,432, the National Executive Branch may set forth that the percentage of the said tax which is not computable as payment on account of income tax should be progressively written down by up to twenty percent (20%) per year from January 1, 2018. Moreover, it can be established that, in 2022, the tax provided for in Law No. 25,413, as amended, shall be fully computed as payment on account of the income tax. On May 7, 2018, Decree 409/2018 was published in the Official Gazette, which established that taxpayers within the scope of the general twelve per thousand tax may allocate 33% of the amounts credited and debited in the respective bank accounts to partial payment of income tax. |
Financial Results, Net
Financial Results, Net | 12 Months Ended |
Dec. 31, 2020 | |
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Financial Results, Net | 10. FINANCIAL RESULTS, NET 2020 2019 2018 Exchange rate differences Profit from operations with securities (Note 42) 3,183,801 — — Foreign exchange gains 88,265 58,668 852,331 Foreign exchange losses (1,616,784 ) (1,683,998 ) (3,436,836 ) Total 1,655,282 (1,625,330 ) (2,584,505 ) Financial income Unwinding of discounts on provisions and liabilities 81,616 82,206 56,361 Total 81,616 82,206 56,361 Financial expenses Interest on borrowings (395,868 ) (1,212,585 ) (379,312 ) Interest from short-term investments (355,384 ) (66,383 ) (80,280 ) Tax interest (58,184 ) (230,455 ) (177,759 ) Interest on leases (49,998 ) (53,636 ) — Unwinding of discounts on receivables (237,913 ) (107,492 ) (66,355 ) Others (410,893 ) (372,117 ) (222,828 ) Total (1,508,240 ) (2,042,668 ) (926,534 ) |
Income Tax Expenses
Income Tax Expenses | 12 Months Ended |
Dec. 31, 2020 | |
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Income Tax Expenses | 11. INCOME TAX EXPENSES 2020 2019 2018 Profit before income tax expenses 8,517,078 6,685,136 5,645,547 Profit before income tax from discontinued operations 6,645,683 1,116,066 810,159 Accounting income before income tax 15,162,761 7,801,202 6,455,706 Income tax rate 30 % 30 % 30 % Income tax with statutory tax rate (4,548,828 ) (2,340,361 ) (1,936,712 ) Adjustments for calculation of the effective income tax: Effect of derecognition of Yguazú Cementos S.A. 642,649 223,213 162,032 Impairment of tax losses recognized in Ferrosur Roca S.A. (160,903 ) — — Effects of the fiscal revaluation and inflation adjustments for accounting and tax purposes 187,159 205,498 (610,103 ) Effect of change in tax rate 122,149 (383,166 ) (11,382 ) Other non-taxable non-deductible (22,868 ) (1,131 ) 25,530 Total income tax (3,780,642 ) (2,295,947 ) (2,370,635 ) Income tax Current (3,897,349 ) (1,502,032 ) (2,197,740 ) Deferred 116,707 (793,915 ) (172,895 ) Total (3,780,642 ) (2,295,947 ) (2,370,635 ) Income tax included in the statement of other comprehensive income (2,263,560 ) (2,200,136 ) (2,304,174 ) Income tax from discontinued operations (1,517,082 ) (95,811 ) (66,461 ) 11.1. The deferred income tax assets and liabilities are as follows: 2020 2019 2018 Assets Loss carryforward from subsidiary 143,235 365,995 285,526 Leases 24,684 56,287 — Provisions 54,081 126,957 32,842 Other receivables 29,311 — — Accounts Payable — 136,689 — Salaries and social security contributions 9,567 — — Other liabilities 22,668 — — Trade receivables 17,106 16,984 1,969 Others 6,250 10,501 10,648 Total deferred tax assets 306,902 713,413 330,985 2020 2019 2018 Liabilities Investments (23,383 ) (5,994 ) (2,115 ) Other receivables — (54,340 ) (44,733 ) Property, plant and equipment (5,353,939 ) (6,092,226 ) (6,275,493 ) Borrowings (2,978 ) (1,476 ) (3,797 ) Inventories (756,617 ) (808,974 ) (595,790 ) Other liabilities — (3,551 ) (11,278 ) Taxes payable (tax inflation adjustment) (1,445,822 ) (1,146,495 ) — Others (269 ) (14 ) (21,177 ) Total deferred tax liabilities (7,583,008 ) (8,113,070 ) (6,954,383 ) Total net deferred tax liabilities (7,276,106 ) (7,399,657 ) (6,623,398 ) 11.2. Unrecognized temporary differences on investments and other interests The temporary differences related to investments in subsidiaries and other interests for which no deferred tax liabilities have been recognized are mainly due to the Group not expecting to receive dividends from such companies, because their profits are reinvested in its businesses. The detail of unrecognized temporary differences is as follows: 2020 2019 2018 Subsidiaries 88,996 (81,945 ) (283,360 ) Others (847 ) (839 ) (823 ) Total 88,149 (82,784 ) (284,183 ) The Group determined that the benefits not distributed by its controlled companies will not be distributed in the near future. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
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: 2020 2019 2018 Profit attributable to the owners of the parent company used in the calculation of basic and diluted earnings per share - From continued operations 6,474,337 4,706,343 3,390,144 - Net for the year 11,351,024 5,226,692 3,769,442 Weighted average number of ordinary shares for the purposes of basic and diluted earnings per share (in thousands of shares) 596,026 596,026 596,026 Basic and diluted earnings per share - From continued operations (in pesos) 10.8625 7.8962 5.6879 - From continued and discontinued operations (in pesos) 19.0445 8.7692 6.3243 The weighted average number of outstanding shares was 596,026,490 for the years ended December 31, 2020, 2019 and 2018, respectively, like the basic weighted average number of shares, since there are no convertible debt instruments at the end of each reporting period. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Property, Plant and Equipment | 13. PROPERTY, PLANT AND EQUIPMENT 2020 2019 Cost 122,218,774 117,890,380 Accumulated depreciation (68,661,709 ) (64,115,739 ) Total 53,557,065 53,774,641 Lands 679,274 679,480 Plant and buildings 9,684,368 10,470,949 Machinery, equipment and spare parts 12,662,024 13,245,669 Transportation and load vehicles 1,266,586 2,259,053 Furniture and fixtures 51,669 62,418 Quarries 4,042,336 4,021,560 Tools 53,879 55,489 Construction in process 25,116,929 22,980,023 Total 53,557,065 53,774,641 Cost Lands Buildings Machinery, Transportation Furniture and fixtures Fields Tools Works in Total Balance as of January 1, 2019 653,798 31,283,859 37,967,461 7,890,511 2,264,064 10,626,324 380,056 6,981,868 98,047,941 Additions — — — — — — — 20,010,462 20,010,462 Disposal — — (134,723 ) (33,195 ) (105 ) — — — (168,023 ) Transfers 25,682 691,145 1,142,255 277,325 9,509 1,846,646 19,745 (4,012,307 ) — Balance as of December 31, 2019 679,480 31,975,004 38,974,993 8,134,641 2,273,468 12,472,970 399,801 22,980,023 117,890,380 Additions — — — — — — — 4,552,479 4,552,479 Disposal (206 ) (12,829 ) (42,700 ) (146,204 ) — (22,146 ) — — (224,085 ) Transfers — 630,125 575,099 246,239 27,803 915,582 20,725 (2,415,573 ) — Balance as of December 31, 2020 679,274 32,592,300 39,507,392 8,234,676 2,301,271 13,366,406 420,526 25,116,929 122,218,774 Accumulated depreciation Buildings Machinery, Transportation Furniture and Fields Tools Total Balance as of January 1, 2019 (20,634,172 ) (25,008,607 ) (5,348,290 ) (2,187,157 ) (7,144,573 ) (323,362 ) (60,646,161 ) Disposals — 90,777 32,132 28 — — 122,937 Depreciation (869,883 ) (811,494 ) (559,430 ) (23,921 ) (1,306,837 ) (20,950 ) (3,592,515 ) Balance as of December 31, 2019 (21,504,055 ) (25,729,324 ) (5,875,588 ) (2,211,050 ) (8,451,410 ) (344,312 ) (64,115,739 ) Impairment (526,553 ) (117,084 ) (282,889 ) (16,758 ) (1,954 ) (1,716 ) (946,954 ) Disposals 12,829 41,867 50,199 — 22,146 — 127,041 Depreciation charge (890,153 ) (1,040,827 ) (859,812 ) (21,794 ) (892,852 ) (20,619 ) (3,726,057 ) Balance as of December 31, 2020 (22,907,932 ) (26,845,368 ) (6,968,090 ) (2,249,602 ) (9,324,070 ) (366,647 ) (68,661,709 ) During this fiscal year, pursuant to Decree No. 297/2020 issued by the Argentine government, as amended and extended from time to time, which established the social, preventive and compulsory isolation, the construction process of the new cement plant L’Amalí II in the city of Olavarría, province of Buenos Aires, has been suspended for approximately one month. At present, the work continues to be executed under strict health protocols established by the Provincial Government and the Group. The total amount invested in the plant mentioned above as of December 31, 2020 is 23,779,437. 13.1. Capitalization of borrowing cost The Group has taken out several borrowings and has used other instruments for the settlement of trade payables in foreign currency in order to finance part of the investment mentioned above. IAS 23 establishes that borrowing costs of loans or other liabilities directly attributable to the acquisition, construction or production of a qualifying asset that requires a substantial period of time before it is ready for its intended use are capitalized as part of the cost of that asset, except for the portion of these costs that compensate the creditor for the effects of inflation, provided that it is likely to result in future economic benefits for the Group and can be reliably measured. All other borrowing costs are accounted for as expenses in the period in which they are incurred. Borrowing costs include interest, foreign exchange gain or loss and other costs incurred by the Group in connection with the execution of the respective borrowing agreements. Due to the fact that the aforementioned indebtedness of the Group is mostly in foreign currency, it evaluates at each closing date whether the exchange gain or loss arising from such debts attributable to the construction of such asset constitutes an adjustment of the interest costs of those borrowings that should be capitalized together with those interests. In view of the above, the Group has capitalized interest and exchange gains or losses actually incurred in the current fiscal year for 794,591, considering for that purpose as maximum capitalization limit the threshold that would have been consistent with an equivalent rate in pesos, net of the effects of inflation on the liabilities generating them. The actual interest rate, i.e., net of the effect due to exposure to inflation, used to determine the cap limit of the actual costs for borrowings (interest and exchange gain or loss) to be capitalized amounted to 7%. 13.2. Impairment of property, plant and equipment The Group tests property, plant and equipment for impairment on an annual basis or when circumstances indicate that their carrying value can be impaired. The impairment test conducted by the Group for property, plant and equipment is based on estimates of the recoverable amount per cash-generating unit, such as the higher of fair value less costs to sell and value in use. In assessing the value in use, the estimated future cash flows are discounted using a discount rate reflecting the market assessments as of the end of the period with respect to the time value of money considering the risks that are specific to the assets involved. The calculation of the value in use for all cash-generating units is more sensitive to the following assumptions which, as described below, were considered by the Group Management in the development of the impairment test: volumes, prices, gross margins, levels of operating and capital expenditure in property, plant and equipment and working capital, discount rate, growth rate used to extrapolate cash flows beyond the forecast period, macroeconomic variables estimated to be present during the projection horizon including, without limitation, exchange rates, inflation levels, and GDP growth. The Group has also considered a number of other factors in reviewing impairment indicators, such as market capitalization, participation in each of the segments where it does business, unused installed capacity, industry trends, and other factors, together with the increase in property, plant and equipment balances due to the application of the restatement in currency as a result of the application of IAS 29. At the end of this fiscal year, considering the particular impacts of the COVID-19 As a result of the scenario described above, the Group conducted an impairment test as of December 31, 2020 on all the different cash-generating units, as mentioned in Note 32, and determined that the carrying amount of rail services and aggregates cash-generating units exceeds the value in use of the assets involved. As a result of the analysis carried out, the Group recognized a loss due to impairment of property, plant and equipment that amounted to 946,954 in the consolidated statement of profit or loss and other comprehensive income. Cement, Masonry Cement and Lime Cash-generating Unit The determination of the recoverable amount of cement, masonry cement and lime cash-generating unit is based on a calculation of the value in use of the assets involved using cash flow projections from the financial budgets approved by the Company’s Management. Projected cash flows have been updated to reflect variations in the demand for traded products, such as the Argentine macroeconomic variables that have an impact on the Company’s businesses. The discount rate used in cash flow projections is 13.4% in US dollars considering that cash flows have been prepared in that currency. As a result of the analysis carried out, no impairment has been determined for this cash-generating unit as of December 31, 2020. Concrete Cash-generating Unit The determination of the recoverable amount of concrete cash-generating unit is based on a calculation of the value in use of the assets involved using cash flow projections from the financial budgets approved by the Company’s Management. Projected cash flows have been updated to reflect variations in the demand for traded products, such as the Argentine macroeconomic variables that have an impact on the Company’s businesses. The discount rate used in cash flow projections is 13.4% in US dollars considering that cash flows have been prepared in that currency. As a result of the analysis carried out, no impairment has been determined for this cash-generating unit as of December 31, 2020. Aggregates Cash-generating Unit The determination of the recoverable amount of aggregates cash-generating unit is based on a calculation of the value in use of the assets involved using cash flow projections from the financial budgets approved by the Company’s Management. Projected cash flows have been updated to reflect variations in the demand for traded products, such as the Argentine macroeconomic variables that have an impact on the Company’s businesses. The discount rate in dollars used in cash flow projections is 13.4%. As a result of the analysis carried out, the Company recognized a loss for this cash-generating unit that amounted to 162,506 in the consolidated statement of profit or loss and other comprehensive income as of December 31, 2020. Rail Services Cash-generating Unit The determination of the recoverable amount of rail services cash-generating unit is based on a calculation of the value in use of the assets involved using cash flow projections from the financial budgets approved by the Company’s Management. Projected cash flows have been updated to reflect variations in the demand for traded services, such as the Argentine macroeconomic variables that have an impact on the Company’s businesses. The discount rate in dollars used in cash flow projections is 14.4% in US dollars considering that cash flows have been prepared in that currency. As a result of the analysis carried out, the Group recognized a loss for this cash-generating unit that amounted to 784,448 in the consolidated statement of profit or loss and other comprehensive income as of December 31, 2020. |
Right Of Use Assets And Lease L
Right Of Use Assets And Lease Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Right Of Use Asset And Lease Liability [Abstract] | |
Right Of Use Assets And Lease Liabilities | 14. RIGHT OF USE ASSETS AND LEASE LIABILITIES The Group has entered into lease agreements primarily for the lease of offices and premises. The evolution of right of use assets and lease liabilities as of December 31, 2020, as compared with December 31, 2019, is as follows: 2020 2019 Lease liabilities: As of the beginning of the year 601,532 622,131 Additions 4,655 40,686 Financial restatements 49,998 53,636 Foreign Exchange gain /(losses) 21,734 22,323 Payments (147,111 ) (137,244 ) As of the end of the year 530,808 601,532 Right of use assets: As of the beginning of the year 555,384 622,131 Additions 4,655 40,686 Depreciation (112,626 ) (107,433 ) As of the end of the year 447,413 555,384 The average incremental rates used for the determination of the current value of the Group’s leases in local and foreign currency are 49.1% and 10.8%, respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Intangible Assets | 15. INTANGIBLE ASSETS 2020 2019 Software 192,333 171,467 Total 192,333 171,467 Cost: Software Concession Total Balance as of January 1, 2019 556,879 289,337 846,216 Additions 75,736 — 75,736 Transfers (*) — (289,337 ) (289,337 ) Balance as of December 31, 2019 632,615 — 632,615 Additions 86,564 — 86,564 Balance as of December 31, 2020 719,179 — 719,179 Accumulated depreciation: Software Concession Total Balance as of January 1, 2019 (391,478 ) — (391,478 ) Amortization (69,670 ) — (69,670 ) Balance as of December 31, 2019 (461,148 ) — (461,148 ) Amortization (65,698 ) — (65,698 ) Balance as of December 31, 2020 (526,846 ) — (526,846 ) The Group classified mining exploitation rights as intangible assets. (*) During 2019, the Group acquired the land over which it has mining rights and, as a consequence, transferred such rights to property, plant and equipment for being part of the quarries, as they were ready to be used. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Investments | 16. INVESTMENTS 2020 2019 Non-Current Investments in other companies: - Cementos del Plata S.A. 3,481 3,481 - Yguazú Cementos S.A. (Note 42) — 6,017,953 Total 3,481 6,021,434 Current Short-term investments: - Mutual fund in pesos 2,366,695 1,267,841 - Fix-term 1,742,228 — - Short-term investments in foreign currency — 120,261 Total 4,108,923 1,388,102 Short-term investments in pesos accrue interest at an annual nominal rate of approximately 31.05% and 56.8% as of December 31, 2020 and 2019, respectively. Short-term investments in US dollars accrued interest as of December 31, 2019 at a 0.6% annual nominal average interest. 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 funding needs. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Goodwill | 17. GOODWILL 2020 2019 Cost Recycomb S.A.U. 34,717 34,717 Total 34,717 34,717 For impairment testing purposes, goodwill was allocated to the following cash-generating unit: waste treatment. 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 hypothesis used in the determination of the recoverable value are consistent with the ones disclosed in note B.2 and used for impairment test of property, plant and equipment. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Inventories | 18. INVENTORIES 2020 2019 Non-Current Spare Parts 2,231,681 2,079,240 Allowance for obsolete inventories (75,527 ) (41,326 ) Total 2,156,154 2,037,914 Current Finished products 471,045 614,789 Production in progress 899,962 1,919,671 Raw materials, materials and spare parts 3,509,763 3,477,990 Fuels 611,013 580,453 Total 5,491,783 6,592,903 |
Parent Company, Other sharehold
Parent Company, Other shareholders, Associates and Other Related Parties Balances and Tansactions | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
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 balances and transactions between the Group and its subsidiaries were eliminated and are not included in this note. The balances between the Group and related parties as of December 31, 2020 and 2019 are as follows: 2020 2019 Related parties: InterCement Brasil S.A. Accounts Payable (88,108 ) (77,661 ) InterCement Trading e Inversiones S.A. Other receivables 212,605 121,729 Accounts Payable (19,255 ) (17,000 ) InterCement Portugal S.A. Accounts Payable — (462,573 ) Caue Austria Holding GmbH Other receivables — 18,368 Intercement Participações S.A. Other receivables 46,034 8 Accounts Payable (179,178 ) — The total of related party balances per item as of December 31, 2020 and 2019 is as follows: 2020 2019 Other receivables 258,639 140,105 Accounts Payable (286,541 ) (557,234 ) The transactions between the Group and related parties during the fiscal years ended December 31, 2020, 2019 and 2018, respectively, are detailed as follows: 2020 2019 2018 InterCement Brasil S.A. – purchases of goods and services (131 ) (15,162 ) (162,993 ) InterCement Trading e Inversiones S.A. – services provided 47,147 110,628 100,334 InterCement Portugal S.A. – services received (228,921 ) (439,972 ) (480,832 ) Intercement Participações S.A. – services received (213,919 ) — — Intercement Participações S.A. – services provided 47,134 — — Sacopor S.A. – purchases of goods and services — — 551 InterCement Trading e Inversiones S.A. – purchases of goods and services — — (123,437 ) The amount charged to income as fixed and variable remuneration for key management personnel of the Group was 214,173, 268,369 and 165,209 during the fiscal years ended December 31, 2020, 2019 and 2018, respectively. Additionally, 22,490 and 20,448 have been accrued as long-term incentive program, during the fiscal years ended December 31, 2020 and 2019 (Note 3.17). No expenditure has been recognized in this or previous fiscal years in respect of bad or doubtful accounts related to amounts owed by related parties. During this year, the Company made a capital contribution to Ferrosur Roca S.A. for 2,018,956 through Cofesur S.A.U.. Taking into account the conditions contained in the by-laws The Annual Shareholders’ Meeting of the Company held on September 30, 2020 approved the distribution of dividends for a total of 2,671,850. |
Other Recievables
Other Recievables | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Other Recievables | 20. OTHER RECEIVABLES 2020 2019 Non-Current Advance to suppliers 310,317 504,741 Receivable for sale of interest in Yguazú Cementos S.A. (Note 42) 42,052 — Tax credits 38,323 52,494 Contributions to the Trust Fund to Strengthen the Inter-urban Railroad System (F.F.F.S.F.I.) 131,784 141,928 Prepaid expenses 81,681 64,121 Guarantee deposits 1,367 1,891 Miscellaneous 7,076 — Subtotal 612,600 765,175 Allowance for other doubtful accounts (131,784 ) — Total 480,816 765,175 Current Income tax credits — 325,466 Value added tax credits — 11,605 Turnover tax credits 115,602 83,326 Other tax credits — 343 Receivables for sale of interest in Yguazú Cementos S.A. (Note 42) 546,678 — Related party receivables (Note 19) 258,639 140,105 Prepaid expenses 181,784 87,666 Guarantee deposits 184 362 Reimbursements receivable 31,785 28,644 Advance payments to suppliers 23,232 36,126 Salaries advances and loans to employees 1,222 18,960 Receivables from sales of property, plant and equipment 27,983 11,375 Miscellaneous 30,081 20,636 Total 1,217,190 764,614 |
Trade Receivables
Trade Receivables | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Trade Receivables | 21. TRADE RECEIVABLES 2020 2019 Accounts receivable 2,917,099 3,210,686 Accounts receivable in litigations 56,770 74,678 Notes receivable 16,756 8,700 Foreign customers 66,730 23,903 Subtotal 3,057,355 3,317,967 Allowance for doubtful accounts (67,965 ) (86,177 ) Total 2,989,390 3,231,790 The trade receivables disclosed above are carried at amortized cost. Interest are recognized on overdue trade receivables at current market rates. The Group measures the allowance for doubtful receivables for an amount equal to the losses expected throughout the life of the receivable. The determination of the loss expected to be recognized is calculated based on a percentage of uncollectability according to maturity ranges for each receivable. This historical percentage should address the expectations of future credit collectability and therefore those estimated behavior changes. Before accepting a 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 receivables disclosed in the preceding paragraphs include the amounts (see aging analysis below) which are overdue as of December 31, 2020 and 2019. Accounts receivable aging is as follows: 2020 2019 To expire 1,709,167 1,825,878 Past due: 0 to 30 days 703,764 1,077,750 31 to 60 days 50,045 121,859 61 to 90 days 16,310 57,242 More than 90 days 578,069 235,238 Total 3,057,355 3,317,967 Trade receivables disclosed above include certain amounts (see aging analysis below) that are past due at the end of each reporting period, but for which the Group has not recognized an allowance for doubtful receivables because there has not been a significant change in credit quality and the amounts are still considered recoverable. Aging of past due, but not impaired, accounts receivable is as follows: 2020 2019 Past due: 0 to 30 days 703,764 1,077,750 31 to 60 days 50,045 121,859 61 to 90 days 16,310 57,242 More than 90 days 510,104 149,061 Total 1,280,223 1,405,912 Average age of overdue balances (in days) 47 28 The average age of past due and impaired balances is as follows: 2020 2019 Past due: More than 90 days 67,965 86,177 Total 67,965 86,177 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 each reporting period. The concentration of the credit risk is limited due to the fact that the customer base is large and independent. Changes in the allowance for doubtful receivables were as follows: Balance as of January 1, 2019 41,461 Increases 63,789 Decreases (*) (19,073 ) Balance as of December 31, 2019 86,177 Increases 6,001 Decreases (*) (24,213 ) Balance as of December 31, 2020 67,965 (*) Includes allocation of provisions for specific purposes and inflation adjustment effect. |
Cash and Banks
Cash and Banks | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Cash and Banks | 22. CASH AND BANKS 2020 2019 In Pesos 252,445 381,692 In Dollars 13,103 4,596 In Reales 4 181 In Guaraníes — 69 In Euros 1,073 907 Total 266,625 387,445 |
Capital Stock and Other Related
Capital Stock and Other Related Accounts | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Capital Stock and Other Related Accounts | 23. CAPITAL STOCK AND OTHER RELATED ACCOUNTS 2020 2019 Capital stock 59,603 59,603 Capital adjustment 4,745,549 4,745,549 Share premium 8,676,470 8,676,470 Merger premium 1,567,326 1,567,326 Total 15,048,948 15,048,948 The issued, paid-in Common stock with a face value of $ 0.10 per share and entitled to 1 vote each, fully paid-in 596,026 596,026 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Accumulated Other Comprehensive Income | 24. ACCUMULATED OTHER COMPREHENSIVE INCOME 2020 2019 Accrual for translation of operations in foreign operations Balance at the beginning of the year 449,558 574,859 Foreign exchange gain /(losses) due to translation of operations in foreign currencies (146,074 ) (125,301 ) Reclassification to foreign exchange gains /(losses) of items previously recognized in other comprehensive income (303,484 ) — Balance at the end of the year — 449,558 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Borrowings | 25. BORROWINGS 25.1. Composition of borrowings 2020 2019 Borrowings - In foreign currency 6,409,334 8,187,386 - In local currency 31,506 4,350,467 Total 6,440,840 12,537,853 Non-current 1,869,583 5,566,955 Current borrowings 4,571,257 6,970,898 Total 6,440,840 12,537,853 25.2 Detail of Borrowings 2020 2019 Re. Company Rate Last maturity Amount Amount Borrowings in foreign currency—USD Industrial and Commercial Bank of China (1 ) Loma Negra C.I.A.S.A. 6-Month Libor + 4.25% Mar-21 217,772 212,987 Industrial and Commercial Bank of China (1 ) Loma Negra C.I.A.S.A. 6-Month Apr-21 255,547 249,933 Industrial and Commercial Bank of China (1 ) Loma Negra C.I.A.S.A. 6-Month May-21 709,718 694,126 Industrial and Commercial Bank of China (1 ) Loma Negra C.I.A.S.A. 6-Month Jun-21 170,582 166,834 Industrial and Commercial Bank of China (1 ) Loma Negra C.I.A.S.A. 6-Month Jul-21 42,008 41,085 Industrial and Commercial Bank of China (1 ) Loma Negra C.I.A.S.A. 6-Month Aug-21 891,194 871,613 Industrial and Commercial Bank of China (1 ) Loma Negra C.I.A.S.A. 6-Month Sep-21 141,306 138,169 Industrial and Commercial Bank of China (1 ) Loma Negra C.I.A.S.A. 6-Month Oct-21 290,080 282,306 Industrial and Commercial Bank of China (1 ) Loma Negra C.I.A.S.A. 6-Month Nov-21 372,047 359,803 Industrial and Commercial Bank of China (1 ) Loma Negra C.I.A.S.A. 6-Month Dec-21 262,785 252,915 Industrial and Commercial Bank of China (1 ) Loma Negra C.I.A.S.A. 6-Month Jan-22 75,180 — Industrial and Commercial Bank of China (1 ) Loma Negra C.I.A.S.A. 6-Month Feb-22 39,362 — Industrial and Commercial Bank of China (2 ) Loma Negra C.I.A.S.A. 6-Month Libor Jan-22 600,115 — Industrial and Commercial Bank of China (2 ) Loma Negra C.I.A.S.A. 6-Month Jan-22 543,884 — Industrial and Commercial Bank of China (Dubai) (3 ) Loma Negra C.I.A.S.A. 3-Month Nov-23 656,390 2,141,700 Industrial and Commercial Bank of China (Dubai) (4 ) Loma Negra C.I.A.S.A. — — — 817,340 Banco Patagonia (5 ) Loma Negra C.I.A.S.A. — — — 124,381 HSBC Bank (9 ) Ferrosur Roca S.A. — — — 826,455 2020 2019 Re. Company Rate Last maturity Amount Amount Borrowings in foreign currency - EUR Banco Itaú S.A. (6 ) Loma Negra C.I.A.S.A. 4% Apr-21 139,540 123,207 Banco Itaú S.A. (6 ) Loma Negra C.I.A.S.A. 4% May-21 33,290 29,394 Banco Itaú S.A. (6 ) Loma Negra C.I.A.S.A. 4% Jun-21 176,877 156,164 Banco Itaú S.A. (6 ) Loma Negra C.I.A.S.A. 4% Jul-21 448,896 396,353 Banco Itaú S.A. (6 ) Loma Negra C.I.A.S.A. 4% Aug-21 39,690 35,045 Banco Itaú S.A. (6 ) Loma Negra C.I.A.S.A. 4% Sep-21 1,886 1,665 Banco Itaú S.A. (6 ) Loma Negra C.I.A.S.A. 4% Oct-21 301,185 265,911 Total borrowings in foreign currency 6,409,334 8,187,386 2020 2019 Re. Company Rate Last maturity Amount Amount Borrowings in local currency Banco Macro (7 ) Loma Negra C.I.A.S.A. — — — 1,371,826 Bank overdrafts (10 ) Ferrosur Roca S.A. 34% Jan-21 13,836 2,434,227 Bank overdrafts (8 ) Loma Negra C.I.A.S.A. 34% Jan-21 17,670 544,414 Total borrowings in local currency 31,506 4,350,467 Total 6,440,840 12,537,853 Industrial and Commercial Bank of China Industrial and Commercial Bank of China (1) In the course of 2019, 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 d (2) During this fiscal year Loma Negra entered into a new loan agreement with Industrial and Commercial Bank of China for USD 13,127,766, payable upon maturity in January 2022. The loan accrues interest at the corrected Libor rate plus 7.375%, payable monthly. (3) 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 (4) 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 were accrued at a variable nominal interest rate on the basis of the LIBO rate to be paid on a quarterly basis. This loan demanded satisfaction of the net debt / EBITDA ratio, which has been always satisfied. 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 817,340. This agreement was repaid as of December 31, 2020. Banco Patagonia (5) In the course of 2019, Loma Negra entered into several USD-denominated Banco Itaú (6) 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, 2020, the amount pending payment under this loan was 1,141,364. Banco Macro S.A. (7) 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. This agreement was repaid as of December 31, 2020. Bank overdrafts (8) As of December 31, 2020, the Company maintains banks overdrafts of 17,670, accruing an average interest rate of 34%. Ferrosur Roca S.A . HSBC Bank (9) 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 826,455. This agreement was repaid as of December 31, 2020. Bank overdrafts (10) As of December 31, 2020, Ferrosur Roca S.A. maintains banks overdrafts for 13,836, accruing an average interest rate of 34%. The opening of borrowings by company is detailed below: 2020 2019 Total of borrowings by company: - Loma Negra C.I.A.S.A. 6,427,004 9,277,171 - Ferrosur Roca S.A. 13,836 3,260,682 Total 6,440,840 12,537,853 25.3 Movements of borrowings The movements of borrowings for the fiscal year ended December 31, 2020 are disclosed below: Balances as of January 1, 2020 12,537,853 New borrowings and financing 12,691,980 Accrued interest 1,136,649 Effects of foreign exchange rate variation 458,793 Interest payments (2,908,836 ) Principal payments (17,475,599 ) Balance as of December 31, 2020 6,440,840 As of December 31, 2020, the long-term borrowings have the following maturity schedule: Fiscal year 2022 1,543,273 2023 326,310 Total 1,869,583 |
Accounts Payable
Accounts Payable | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Accounts Payable | 26. ACCOUNTS PAYABLE 2020 2019 Non-Current Accounts payable for investments in property, plant and equipment 102,435 189,750 Total 102,435 189,750 Current Suppliers 3,202,358 2,505,011 Related parties (Note 19) 286,541 557,234 Accounts payable for investments in property, plant and equipment 1,061,380 7,318,903 Provisions for expenses 842,737 1,510,102 Total 5,393,016 11,891,250 |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2020 | |
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Provisions | 27. PROVISIONS 2020 2019 Labor and social security 100,076 118,602 Environmental restoration 290,096 533,434 Civil and other 97,294 106,907 Total 487,466 758,943 Changes in provisio n Labor and Environmental Civil and other Total Balance as of January 1, 2019 100,125 389,788 122,949 612,862 Increases (*) 44,143 215,168 11,903 271,214 Decreases (**) (25,666 ) (71,522 ) (27,945 ) (125,133 ) Balance as of December 31, 2019 118,602 533,434 106,907 758,943 Increases / Recoveries (*) (***) (12,634 ) (219,577 ) 7,619 (224,592 ) Decreases (**) (5,892 ) (23,761 ) (17,232 ) (46,885 ) Balance as of December 31, 2020 100,076 290,096 97,294 487,466 (*) Includes the inflation adjustment effect. (**) Includes allocation of provisions for specific purposes. (***) The recovery of the environmental provision is connected to changes in the measurement of liabilities arising from the estimated restoration schedule and the discount rates used as of December 31, 2020, the effect of which has been deducted from the cost of the relevant assets. The provision for labor and social security claims represents the present value of the best estimate of future cash flows that will be required for the Group to cover labor and social security litigations. All the provisioned claims are of a similar nature and none of them is individually significant. Environmental provisions are the provisions made to affor d The provision for civil and other claims represents the present value of the best estimate of future cash flows that will be required for the Group to cover tax, administrative and civil litigations. All the provisioned claims are of a similar nature and none of them is individually significant. Based on management best estimates, and considering the opinion of the company external counsels, as of December 31, 2020 there are claims against the Group classified as possible contingencies. The potential risk amount of those claims is $ 551.3 million, mainly including $ 239.8 million related to tax contingencies, $ 150.8 million related to labor contingencies, and $ 160.7 million related to administrative and other proceedings. The Group has not recognized a provision for such possible claims, as it is not required under the IFRS. As of the date of issuance of these consolidated financial statements, the Group understands that there are no elements to determine other contingencies that could occur and have a negative impact on the consolidated financial statements. Finally, in the normal course of its business, the Group selects tax criteria and accounting positions based on a reasonable interpretation of the current regulations, also taking into consideration the opinion of its tax and legal advisors along with the evidence available up to the date of issuance of these consolidated financial statements. Nevertheless, there are situations where the assessment of a third party and the actual existence of a damage for the Group are uncertain. In such cases, the Group has evaluated the issues considering their significance in relation to the consolidated financial statements and has not recognized a provision as it is not required by the current accounting standards. |
Taxes Liabilities
Taxes Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
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Taxes Liabilities | 28. TAX LIABILITIES 2020 2019 Income tax 2,264,920 77,744 Value added tax 407,713 450,853 Turnover tax 101,834 87,278 Other taxes, withholdings and perceptions 109,592 83,254 Total 2,884,059 699,129 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
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Other Liabilities | 29. OTHER LIABILITIES 2020 2019 Non-Curren t Termination payment plans 111,772 70,097 Total 111,772 70,097 Current Termination payment plans 105,644 94,839 Dividends payable to minority shareholders 15,068 6,952 Others 15,949 11,649 Total 136,661 113,440 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2020 | |
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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), which are easily convertible into cash and that have low risk of changes in their value. 2020 2019 2018 Cash and banks (Note 22) 266,625 387,445 493,805 Short-term investments (Note 16) 4,108,923 1,388,102 4,387,840 Cash and cash equivalents 4,375,548 1,775,547 4,881,645 |
Non-Cash Transactions
Non-Cash Transactions | 12 Months Ended |
Dec. 31, 2020 | |
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Non-Cash Transactions | 31. NON-CASH Below is a detail o f 2020 2019 2018 - Acquisition of financed property, plant and equipment 943,226 4,138,804 1,502,872 - Right of use assets and lease liabilities 4,655 664,724 — - Sale of interest in Yguazú Cementos S.A. 588,730 — — |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
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Segment Information | 32. SEGMENT INFORMATION The Group has adopted IFRS 8 Operating Segments, that requires operating segments to be identified on the basis of internal reports regarding components of the Company that are regularly reviewed by the Executive Committee, the chief operating decision maker, in order to allocate resources and to assess their performance. This analysis is based on monthly information consisting of historical figures (not adjusted for inflation) of the identified segments. The information reviewed by the main decision maker consists of the historical details for each month accumulated until the end of the reporting periods being analyzed, which is the reason why they differ from the inflation-adjusted figures as described in Note 2.2. For management purposes, both financially and operatively, the Group has classified its businesses as follows: i) Cement, masonry cement and lime: this segment includes profit or loss from the cement, masonry cement and lime business in Argentina, from procurement of raw materials in quarries, the manufacturing process of clinker and quicklime and their subsequent grinding with certain aggregates for the production of cement, masonry cement and lime. ii) Concrete: this segment includes profits or loss from the production and sale of ready-mix iii) Aggregates: this segment includes the profits or loss from the aggregates business, from obtaining to crushing the stone. iv) Rail Services: this segment includes profits or loss from the provision of the rail transportation service. v) Others: this segment includes profits or loss from the industrial waste treatment and recycling business for use as fuel . In the classification of activities by segments and in the information presented below, the “Cement - Paraguay” segment has been excluded as this operation has been discontinued as of August 21, 2020 due to the sale of the Group’s interest in that company (Note 42) . 2020 2019 2018 Revenues Cement, masonry cement and lime 33,127,520 24,006,607 16,282,614 Concrete 1,799,175 3,953,907 3,657,339 Rail services 3,088,837 2,981,609 2,136,182 Aggregates 356,863 498,112 334,207 Others 173,917 157,252 117,898 Segment-to-segment (2,287,266 ) (2,959,510 ) (2,325,008 ) Total 36,259,046 28,637,977 20,203,232 Reconciliation—effect from restatement in constant currency 5,364,209 19,115,113 31,034,922 Total 41,623,255 47,753,090 51,238,154 2020 2019 2018 Cost of sales Cement, masonry cement and lime 19,192,151 15,250,255 10,619,292 Concrete 2,291,800 3,761,272 3,421,581 Rail services 3,031,098 2,610,253 1,913,366 Aggregates 439,325 525,504 360,466 Others 114,556 102,866 67,057 Segment-to-segment (2,287,266 ) (2,959,510 ) (2,325,008 ) Total 22,781,664 19,290,640 14,056,754 Reconciliation—effect from restatement in constant currency 6,244,714 15,415,519 24,336,661 Total 29,026,378 34,706,159 38,393,415 2020 2019 2018 Selling, administrative and other expenses Cement, masonry cement and lime 2,380,026 1,770,540 1,084,763 Concrete 30,491 119,696 117,878 Rail services 168,615 181,658 149,810 Aggregates (1,247 ) (7,733 ) (4,173 ) Others 70,910 58,852 39,610 Total 2,648,795 2,123,013 1,387,888 Reconciliation - effect from restatement in constant currency 658,661 1,620,982 2,271,866 Total 3,307,456 3,743,995 3,659,754 2020 2019 2018 Depreciation and amortization Cement, masonry cement and lime 801,603 721,976 415,892 Concrete 188,627 61,987 32,222 Rail services 250,098 183,342 137,274 Aggregates 22,533 18,879 24,139 Others 4,426 270 2,669 Total 1,267,287 986,454 612,196 Reconciliation - effect from restatement in constant currency 2,608,023 2,668,868 3,115,845 Total 3,875,310 3,655,322 3,728,041 2020 2019 2018 Revenues less cost of sales, selling and administrative expenses, and other gains and losses Cement, masonry cement and lime 11,555,343 6,985,812 4,578,559 Concrete (523,116 ) 72,939 117,880 Rail services (110,876 ) 189,698 73,006 Aggregates (81,215 ) (19,659 ) (22,086 ) Others (11,549 ) (4,466 ) 11,231 Total 10,828,587 7,224,324 4,758,590 Reconciliation - Effect from restatement in constant currency (1,539,166 ) 2,078,612 4,426,395 Total 9,289,421 9,302,936 9,184,985 Reconciling items Tax on debits and credits to bank accounts (489,365 ) (549,783 ) (532,369 ) Income (loss) from interest in companies (403,791 ) — — Asset impairment - Rail Services (784,448 ) — — Asset impairment - Aggregates (162,506 ) — — Financial results (loss), net 1,067,767 (2,068,017 ) (3,007,069 ) Income tax (2,263,560 ) (2,200,136 ) (2,304,174 ) Net profit for the year from discontinued operations 5,128,601 1,020,255 743,697 Net profit for the year 11,382,119 5,505,255 4,085,070 In relation to the segregation of profit or loss by geographic segment, the Group carries out 100% of its activities and operations in Argentina, considering the statements contained in Note 42 regarding the sale of its interest in Yguazú Cementos S.A. No customer contributed 10% or more of the Group’s revenue for the ye a |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
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Financial Instruments | 33. FINANCIAL INSTRUMENTS 33.1 Capital risk management The Group manages its capital stock to ensure that its entit i The Group participates in operations involving financial instruments, recognized as equity items, which are intended to meet their needs and to reduce exposure to market, currency and interest rate risks. These risks, as well as their respective instruments, are managed through the definition of strategies, the implementation of control systems, and the determination of exposure limits. The Group’s capital structure consists of the net debt (borrowings as detailed in Note 25 offset against cash balances, banks and cash-equivalent investments) and shareholders’ equity (consisting of issued capital stock, reserves and retained earnings). The Group is not subject to any external 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 reporting fiscal years is as follows: 2020 2019 Debt (i) 6,440,840 12,537,853 Cash and cash equivalents 4,375,548 1,775,547 Net debt 2,065,292 10,762,306 Shareholders’ Equity (ii) 45,390,619 39,926,727 Net debt to equity ratio and shareholders’ equity 0.05 0.27 (i) Debt is defined as long and short-term borrowings (Note 25). (ii) Shareholders’ equity includes all of the Group’s reserves and capital stock, which are managed as capital stock. 33.2 Categories of financial instruments 2020 2019 Financial Assets At amortized cost: Cash and banks 266,625 387,445 Investments 1,742,228 120,261 Accounts receivable 3,935,234 3,434,395 At fair value through profit and loss: Investments 2,366,695 1,267,841 2020 2019 Financial Liabilities Amortized cost 17,059,774 27,380,623 At the end of this reporting period, there are no significant credit risk concentrations for debt instruments designated at fair value through profit and loss. The carrying amount reflected above represents the Group’s maximum exposure to credit risk for such borrowings and accounts receivable. 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 carrying amounts of monetary assets and liabilities denominated in foreign currency at the end of the fiscal years ended December 31, 2020 and 2019 are as follows: 2020 2019 Liabilities: United States Dollars 6,366,932 10,883,971 Euros 1,636,418 3,820,520 Reales 41 — 2020 2019 Assets: United States Dollars 1,168,895 371,479 Euros 20,122 2,429 Reales 4 181 33.4.1. Foreign currency sensitivity analysis The Group is mainly exposed to the US Dollar and Euro, considering that the Group’s functional currency is the Argentine peso. The following table details the Group’s sensitivity to an increase in the exchange rate of the US Dollar and the Euro as of December 31, 2020. The sensitivity rate is the rate used when reporting exchange rate risk internally to key management staff and represents management’s assessment of a possible reasonable change in exchange rates. The sensitivity analysis includes only outstanding monetary items denominated in foreign currency and adjusts their translation on the balance sheet day for a 25% change in the exchange rate, considering for its calculation the whole of the items of the subsidiaries. US Dollar effect Euro effect Loss for the year 1,299,509 404,074 Decrease in of shareholders’ equity 1,299,509 404,074 33.5 Interest rate risk management The Group is exposed to the risk of significant fluctuations in interest rates because the entities in the Group have borrowings at both fixed and floating interest rates. Risk is managed by the Group by maintaining an appropriate combination of fixed- and floating-rate borrowings. Hedging is regularly evaluated for consistency with interest rates and defined risk, ensuring that the most profitable hedge strategies are applied. 2020 2019 Financial Assets: Investments held to maturity (1) 1,742,228 120,261 Investments at fair value through profit or loss (2) 2,366,695 1,267,841 Financial Liabilities: Amortized cost (3) 6,440,840 12,537,853 (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 has been determined on the exposure to interest rates for both derivates and non-derivate instruments at the end of the reporting period. For floating rate liabilities, the analysis is prepared assuming that the amount of the liabilities outstanding at the end of the reporting period were outstanding for the whole year. A 100 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates. In the event that the average BADLAR rate applicable to financial liabilities during the fiscal year ended December 31, 2020 were 1.0% higher than the average interest rate during that fiscal year, financial expenses for the fiscal year ended December 31, 2020 would have increased by approximately 31,354. Moreover, in the event that the average LIBO rate applicable to financial liabilities for the fiscal year ended December 31, 2020 were 1.0% higher than the average interest rate during that fiscal year, the financial expenditure for the financial year ended December 31, 2020 would have been increased by approximately USD 746 thousand. With regard to financial assets, a 1.0% increase in the average interest rate during the fiscal year ended December 31, 2020 would have increased the financial income by approximately 15,796. 33.6 credit risk management Credit risk refers to the risk that one of the parties will fail to comply with its contractual obligations and resulting in a financial loss to the Group. The Group has adopted a policy of engaging only with solvent parties and obtaining sufficient collateral, where appropriate, as a way of mitigating the risk of financial loss caused by defaults. Credit exposure is controlled by counterparty limits, which are reviewed and approved from periodically. Trade receivables are made up of a significant number of customers. Credit assessment is continuously performed on the financial condition of the accounts receivable . Credit risk on liquid funds and financial instruments is limited because the counterparties are banks with high credit ratings assigned by credit rating agencies. The carrying amount of financial assets recognized in the consolidated financial statements, which is net of impairment losses, represents the maximum exposure to credit risk, regardless of the guarantees of accounts or other credit enhancements. 33.7 Liquidity risk management The Group’s Board of Directors has the ultimate responsibility for liquidity management, having established an appropriate framework for liquidity management so that management can handle short-, medium- and long-term financing requirements, as well as the Group’s liquidity management. The Group manages liquidity risk by maintaining reserves, adequate financial and lending facilities, continuously monitoring projected and actual cash flows, and reconciling the maturity profiles of financial assets and liabilities. As the Group carefully manages liquidity risk, it maintains cash and bank balances, liquid instruments, and available funds. As of December 31, 2020, the consolidated financial statements show a negative working capital of 1,205,326. Given the nature of the Company’s business, which has foreseeable cash flows, it can operate with negative working capital. This condition is not related to insolvency, but rather to 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 as the Group has generated cash flow from its operating activities, as a result of its good performance, and has access to borrowings and financial resources, as explained in Note 25. The following tables detail the Group’s remaining contractual maturity dates for its non-derivative Borrowings Weighted Less than 1 From 1 From 3 From 1 to From 3 to Total As of December 31, 2020 42.5 % 84,621 306,292 4,389,070 1,976,622 — 6,756,605 As of December 31, 2019 47.6 % 2,274,610 780,852 4,859,219 8,148,457 2,460,191 18,523,328 Leases Weighted Less From 1 From 3 From 1 From 3 to More than Total As of December 31, 2020 ( *) 13,369 26,612 108,568 192,487 269,519 119,786 730,341 As of December 31, 2019 ( *) 13,359 26,747 107,188 239,919 262,356 203,187 852,759 (*) The average rates in Pesos were 49.1% and 50.3% for the years ended December 31, 2020 and 2019, respectively. And the average rates in US Dollars were 10.8% and 10.7% for the years ended December 31, 2020 and 2019, respectively. 33.8 Fair value measurements Some of the Group’s financial assets and liabilities are measured at fair value at the end of this reporting period. The following table provides information on how the fair values of these financial assets and liabilities are measured (particularly, valuation techniques and inputs used). Fair value at: Hierarchy level Financial assets / (financial liabilities) 2020 2019 Assets: Mutual Funds 2,366,695 1,267,841 Level 1 Level 1: quoted prices in active markets. Fair value of financial assets and financial liabilities measured at amortized cost: The estimated fair value of borrowings based on the interest rates offered to the Group (Level 3) for financial borrowings amounted to 6,482,563 as of December 31, 2020. The Board considers that the carrying amounts of the remaining financial assets and liabilities recognized at the amortized cost in the consolidated financial statements approximate their fair values. |
Guarantees Granted to Subsidiar
Guarantees Granted to Subsidiaries | 12 Months Ended |
Dec. 31, 2020 | |
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Guarantees Granted to Subsidiaries | 34. GUARANTEES GRANTED TO SUBSIDIARIES The Company guarantees the bank overdrafts borrowed by Ferrosur Roca S.A. in the normal conduct of its business, and the letters of credit to be entered into by the company to finance imports up to a maximum amount of 900 million. As of December 31, 2020, Ferrosur Roca S.A. has 13,836 as balances for current account advances. |
Restricted Assets
Restricted Assets | 12 Months Ended |
Dec. 31, 2020 | |
Investments accounted for using equity method [abstract] | |
Restricted Assets | 35. RESTRICTED ASSETS As of the date of these consolidated financial statements, the Group has judicial deposits for 3,068, which are recognized under other current and non-current |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2020 | |
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Commitments | 36.COMMITMENTS The Group has certain contractual commitments to purchase clinker, which are effective until 2022. The estimated future cash flows are approximately 637.8 million between 2021 and 2022. Moreover, it also has commitments to purchase limestone up to 2025 for an annual average of 2.5 million. In the ordinary course of business and in order to ensure the supply of key inputs, the Group entered into contracts for the supply of gas, assuming payment commitments for a total amount of approximately 798.7 million to be paid during the fiscal year 2021. In addition, the Group has entered into power supply agreements with certain suppliers for a total amount of 13,096.1 million to be paid 1,191.5 million during 2021 and 2022, respectively, and 10,713.6 million between 2023 and 2037. Finally, under the agreement entered into between the Group and Sinoma International Engineering Co. Ltd to build a new cement plant, the Company assumed commitments for a total of 2,215.4 million plus USD 107.7 million and EUR 41.3 million. Taking into account that, as agreed, the values in pesos (2,215.4 million) are subject to a periodic adjustment according to an adjustment formula, the amounts committed as of December 31, 2020 are USD 1.4 million, EUR 0.4 million and $ 285.2 million. |
Investment Projects
Investment Projects | 12 Months Ended |
Dec. 31, 2020 | |
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Investment Projects | 37. INVESTMENT PROJECTS At the Board Meeting held on July 21, 2017, the Board of Directors of the Group approved the offer of Sinoma International Engineering Co. Ltd. (“Sinoma”) for the construction of a new cement plant with a production capacity of 5,800 tons per day of clinker. The offer included engineering, provision and shipment of all the equipment that will make up the plant, and the onsite construction and assembly works. Phase I of the basic engineering and soil studies started in August 2017 and was completed during the last quarter of 2017. In 2018, phase 2 of this project was started, which included the civil works of the plant and the supply of equipment. During 2020 and 2019, payments were made in the framework of a project for 8,104 and 11,863 million for acquisitions of property, plant and equipment and advance payments, respectively. As a result of the COVID-19 As of December 31, 2020, the committed balance is USD 1.4 million, EUR 0.4 million and $ 285.2 million. |
Trust of Administration
Trust of Administration | 12 Months Ended |
Dec. 31, 2020 | |
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Trust of Administration | 38. TRUST OF ADMINISTRATION On February 5, 2013, a trust agreement was entered into between Ferrosur Roca S.A. and Banco de la Nación Argentina to conduct the formalization process necessary to manage the funds paid by Ferrosur Roca S.A. for the investment works intended to strengthen the interurban rail system. The trust assets are the amounts contributed by the trustor which are amounts resulting from the application of the Memorandum of Agreement entered into between the Group and Unidad de Renegociación y Análisis de Contratos de Servicios Públicos With the enactment of Resolution No. 218 by the Ministry of Transport on July 27, 2016, which was published on August 3, 2016, the procedure for the certification of works proposed by the railway concessionaires was established. 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. Based on the regulation, the Company recognizes in other receivables the contributions to the Trust Fund for the Strengthening of the Interurban Railway System (“FFFSFI”) for which it has the right of reimbursement for infrastructure works under the concession agreements. The contributions made during 2020 amounted to 87,857. As the use of the funds must be approved by the regulatory authority, the Group has no right to conduct the relevant activities. The trustee manages the transactions and invests the funds mainly in term deposits. The Group recognizes interest income and trustee fees in gains or losses. In year 2019, the first work proposed to the National State was completed with the contributions made by the Company to the FFFSFI. The same consisted of the heavy improvement of railway structure and mechanized treatment of 29.215 KM of track between km. 259 and km. 288,215 Parish Sur - Azul Norte in the Cañuelas-Olavarría branch. During 2020, the second work was carried out according to this methodology and completed, also on the Monte division between kilometers 295 and 305. |
Restrictions to Dividend Distri
Restrictions to Dividend Distribution | 12 Months Ended |
Dec. 31, 2020 | |
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Restrictions to Dividend Distribution | 39. RESTRICTIONS TO DIVIDEND DISTRIBUTION In accordance with the provisions of Law 19,550, the Group is required to make a legal reserve of not less than 5% of the positive result arising from the sum of the income for the year, the adjustments from previous years, transfers of other comprehensive income to retained earnings, and accumulated income (losses) from previous years, to complete 20% of the sum of the capital stock and the balance of capital adjustment. The Group is subject to normal restrictions on the payment of dividends in the event of an alleged breach under 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 (the Company) 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 ratio shall 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”. For the purposes of clarifying the above, one or more of the following events are defined as “substantial event” with respect to the Group: (a) the beginning of the construction of a new cement plant; (b) the completion of an acquisition of any entity (limited liability companies, corporations, joint ventures, associations, trusts or any other company); or (c) the performance of any other investment by the Company. As of the date of issuance of these consolidated financial statements, the Group is not affected by the restrictions mentioned in the preceding paragraphs. On September 1, 2019, the Central Bank of the Argentine Republic issued Communication “A” 6,770, subsequently amended by Communication “A” 6,869, where the requirements for access to the exchange market are established for remittance abroad of foreign currency as profits and dividends to non-resident shareholders. |
Ferrosur Roca S.A. Concession -
Ferrosur Roca S.A. Concession - Argentine Railway Law | 12 Months Ended |
Dec. 31, 2020 | |
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Ferrosur Roca S.A. Concession - Argentine Railway Law | 40. FERROSUR ROCA S.A. CONCESSION On March 11, 1993, Ferrosur Roca S.A. obtained the concession of the General Roca National Cargo Railway Network with the exception of the Altamirano-Miramar corridor and the urban sections, through the approval of the concession contract formalized by National Executive Branch Decree No. 2681/92, after the presentation made through a national and international tender and formalized to that effect. Ferrosur Roca S.A. is indirectly controlled by the Company, through Cofesur S.A.U. which owns 80% of the interest, 16% of which belongs to the National State and the remaining 4% belongs to the workers of Ferrosur Roca S.A. through a trust created for this purpose. The term of the concession is 30 years, which expires in March 2023, and provides for an extension of an additional 10 years. The area of influence is concentrated in the center and south of the province of Buenos Aires, north of the province of Río Negro and Neuquén. It has access to the ports of Buenos Aires, Dock Sud, La Plata, Quequén and Bahía Blanca. Ferrosur Roca S.A. has requested the above-mentioned extension in due time on March 8, 2018 and in line with the bidding terms and conditions and the concession agreement. On November 7, 2018, Decree 1027/2018, which regulated Law 27,136, was published in the Official Gazette. The relevant subjects are: readjustment of existing concession contracts with the possibility of extending them for a term not greater than 10 years, full implementation of open access the day following the expiration of the last concession contract (of the three private concessions existing today), including extensions, with the possibility of initiating this modality in systems that are in place when the planned investments are made; revision of technical standards; revision of the sanction regime, and creation of the registry of operators. In response to the request for an extension made in due course, the Secretary of Transport Management replied on March 20, 2019 and informed that the concession contract will be realigned under the scope of the CERC created for this purpose and that this process will include the analysis of the extension of the concession term up to a maximum of 10 years in order to enable the implementation of the “open access” mode. On May 13, 2020, Ferrosur Roca S.A. issued a note to the Ministry of Transport to inform that the application of an extension of the concession timely submitted was subject to the renegotiation and realignment of the concession agreement in order to mitigate the consequences that seriously affect the course of business of that company and disrupt the balance of the concession contract. Therefore, in the event that no agreement is reached in terms satisfactory to both parties that allow the economic feasibility of the concession in the future, the Company reserves the right to withdraw the application for an extension requested in due course. However, Ferrosur Roca S.A. has stated through various notes its intention to negotiate some of the outstanding issues and received as a response that the issues will be dealt with within the scope of the CERC. In addition, on March 29, 2021, through Resolution No. 219/2021, the CNRT approved the Rules for the National Registry of Railroad Operators and granted such capacity to Ferrosur Roca S.A. and the other current railway concessionaires. Pursuant to such Resolution, once the “open access” scheme is in force, any registered railroad operator will be allowed to provide railroad services regardless of who holds the ownership or possession of the facilities of the loading point or destination. In this sense, the National Government must adopt the necessary measures in order to resume the full administration of the railway infrastructure . The registration in the railroad operators registry is subject to the compliance of certain requirements depending on the type of service (transport of people or goods), the filing of the information required by the CNRT, the compliance with any other regulations issued by the CNRT and the applicable law, and the compliance with the payment of a registration fee and annual fee. The obligations of the operators under this Registry includes the notification to the CNRT of any changes in its corporate structure, the sale of its equity and/or any circumstance adversely affecting the railroad services or the compliance with the requirements and conditions pursuant to which the registration was granted, among others; and the filing of its annual financial statements. The rules also created a set of provisions for determining the regime of violations to the rules and provide that the CNRT will prepare an annual report on each operator’s performance and compliance with the rules and other applicable law. As of the date of issuance of these financial statements, Ferrosur Roca S.A. has not been called to start the renegotiation process under the scope of the CERC, and has not held any other meeting. It is also important to reiterate that at the end of this year the National State did not do any work on the infrastructure of the concessions, an essential condition for the implementation of the “open access” system. Finally, as of the date of issuance of these financial statements, the Group Management understands that it has timely and duly taken all the steps provided for in the concession contract for the purpose of obtaining the extension of the concession for an additional period of 10 years. However, to date, the extension has not been granted and the Group is therefore awaiting news to that end. In this regard, the Management of the Group has considered the extended concession period for the purposes of all required assessments and accounting estimates, especially those related to the recoverability of certain non-current |
Complaints Brought Against the
Complaints Brought Against the Group and Others in the United States | 12 Months Ended |
Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |
Complaints Brought Against the Group and Others in the United States | 41. COMPLAINTS BROUGHT AGAINST THE GROUP AND OTHERS IN THE UNITED STATES During 2018, the following lawsuits were brought in the United States (“USA”) against the Group, its directors and some of its first-line managers and the controlling shareholder at the time of the Company’s initial public offering of 2017 (“Initial Public Offering” or “IPO”). 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 the complaint, the plaintiff alleges assumed violations of the US 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 opposed the motion to dismiss. On October 22, 2020, the US state court partially granted the request for dismissal timely filed by the Company. Accordingly, on February 1, 2021, the Company appealed the decision with respect to the allegations of the complaint that were not dismissed in the first instance. Therefore, as of the date of issuance of these consolidated financial statements the lawsuit continues with respect to the allegations that were not dismissed by the court. Moreover, to date, the complaint has not been certified as a class action. 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 the complaint, the plaintiff alleges assumed violations of the US Federal Securities Law on grounds very similar to those alleged 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 submitted a motion to dismiss against the complaint filed by the plaintiff. On April 27, 2020, the Court sustained the motion to dismiss filed by the Company. Pursuant to this first instance judgment, the court dismissed all the accusations made in the class action lawsuit against the Company, the controlling shareholder, its board members, and certain first-line managers at the time of the IPO. Finally, on July 21, 2020, the plaintiffs voluntarily withdrew the appeal filed against the judgment of first instance that fully admitted the motion to dismiss submitted by the Company. Accordingly, a final and conclusive judgment was rendered in favor of the Company and the rest of the defendants and the lawsuit came to an end. |
Sale Of Interest In Yguazu Ceme
Sale Of Interest In Yguazu Cementos S.A.-Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
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Sale Of Interest In Yguazu Cementos S.A.-Discontinued Operations | 42. SALE OF INTEREST IN YGUAZÚ CEMENTOS S.A.—DISCONTINUED OPERATIONS On August 21, 2020, the Group decided to sell the interest in the Paraguayan company Yguazú Cementos S.A., which represented 51% of such company’s capital stock, to a company related to the Paraguayan shareholder of Yguazú Cementos S.A. The Group approved the above sale because the Board of Directors has considered that the goals established for the investment in Yguazú Cementos S.A. have been met, in line with the strategic goals of the Group, which are the constant pursuit and implementation of high potential projects. For this reason, after having started the marketing operations in Paraguay in 2000, built and operated the plant since 2013, and currently achieving high production and profitability standards, the Group has decided its sale. As of the date of issuance of these consolidated financial statements, the Group has collected 93% of the total amount agreed for the transaction, and the remaining price amount will be collected in 13 consecutive monthly installments between January 2021 and January 2022. Due to the fact that the transaction amount has been established in foreign currency and made available abroad, the Group has conducted various transactions with Argentine securities nominated in US dollars bought in the US market and sold in the Argentine market, which has generated a profit that has been classified within the financial results, that has been classified within the financial statements net as “Profit from operations with securities” (Note 10). Due to the transaction described above, the Group classified the income associated with the transaction of Yguazú Cementos S.A. as a discontinued operation, which represented the entire cement operating segment in Paraguay until August 21, 2020. With this income classified as discontinued operations, the cement segment in Paraguay is no longer presented in the segment note. In addition, the balances as for the period ended December 31, 2019 and 2018, and income or loss as of December 31, 2019, which are presented for comparative purposes and arise from the consolidated financial statements as of that date, have certain reclassifications related to the sale of the interest mentioned above for their comparative presentation with those of this period. The results of the discontinued operations, which have been included in the profit for the year, were as follows: 2020 2019 2018 Revenues 2,969,459 5,276,393 4,903,157 Operating costs and expenses (2,236,741 ) (3,766,185 ) (3,618,156 ) Financial results, net (159,589 ) (394,142 ) (474,842 ) Reclassification of foreign exchange gains /(losses) recognized in other comprehensive income 303,484 — — Gain on disposal of discontinued operations (*) 5,769,070 — — Profit (loss) before income tax 6,645,683 1,116,066 810,159 Income tax (1,517,082 ) (95,811 ) (66,461 ) Net profit for the year from discontinued operations 5,128,601 1,020,255 743,698 Net profit for the year from discontinued operations attributable to: Owners of the parent company 4,876,687 520,347 379,298 Non-controlling 251,914 499,908 364,399 Net profit for the year from discontinued operations per (basic and diluted) share attributable to: Owners of the parent company (in pesos) 8.1820 0.8730 0.6364 Non-controlling 0.4227 0.8387 0.6114 (*) It is the agreed price of the transaction, which amounted to 9,013,416, net of the derecognition of the equity value of the long term investment by 3,185,411 and the costs related to the sale for 58,935. The information summarized in the statement of cash flows generated by the Yguazú Cementos S.A. transaction for the years ended December 31, 2020, 2019 and 2018 are as follows: 2020 2019 2018 Net cash generated by operating activities 837,590 1,511,718 1,576,277 Net cash used in investing activities (137,227 ) (48,890 ) (167,013 ) Net cash used in financing activities (2,573,229 ) (1,570,984 ) (660,367 ) Total funds used during the fiscal year for discontinued operations (1,872,865 ) (108,155 ) 748,897 The main assets and liabilities of Yguazú Cementos S.A. as of December 31, 2019 a 2019 Assets Property, plant and equipment 7,517,437 Inventories 875,908 Other assets 90,427 Trade receivables 518,002 Cash and banks 1,719,399 Total assets 10,721,173 Liabilities Borrowings 4,106,480 Accounts payable 448,327 Deferred tax liabilities 64,506 Other liabilities 83,906 Total liabilities 4,703,219 Shareholders’ equity attributable to owners of the parent company 3,069,256 Non-controlling 2,948,698 Total shareholders’ equity and liabilities 6,017,954 |
The Argentine Economic Context
The Argentine Economic Context | 12 Months Ended |
Dec. 31, 2020 | |
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The Argentine Economic Context | 43. THE ARGENTINE ECONOMIC CONTEXT On October 27, 2019, Argentina held presidential elections, which ended up in the election of Alberto Fernández as President of the Nation, who was inaugurated on December 10, 2019 and started a process of changes in the decisions adopted by the previous administration. The priority of the new administration was to implement solutions for the difficulties in the economic and social areas. To this end, the national government has carried out the necessary efforts to renegotiate the payment of the external debt, and has incorporated measures aimed at preserving the reserves of the Central Bank of the Argentine Republic, reducing the fiscal deficit and obtaining improvements in productive capacity, among other various measures mentioned below. The central issues of the macroeconomic scenario in Argentina are as follows: a. Economic Activity The economic activity in 2019 showed a downturn that subsequently sustained remained stable and then increased due to the COVID-19 b. Fiscal Imbalance The decrease in the activity and the subsequent reduction in collections led to a significant fiscal imbalance, with the Argentine economy estimated to fall by 10% in 2020, as compared to an estimated 4% decrease in the global GDP. c. Monetary Imbalance This imbalance has been particularly driven by the issuance of money to finance the expansion of public spending allocated to subsidies to alleviate the effects of the COVID-19 d. International Reserves The fall in the international reserves of the Central Bank of Argentina (“BCRA”), accompanied by an increase in its monetary liabilities, has led to a tightening of the foreign exchange regulations that imposed restrictions on the accumulation and use of foreign currency and on foreign payments, which in turn created a significant gap between the official exchange rate and that of freer foreign exchange markets. e. Sovereign Debt The agreement reached in August 2020 with foreign private creditors for the exchange of notes for USD 63,500 million with maturities between 2029 and 2046 has been regarded as a positive aspect that made it possible to extend the first interest and principal payments until 2024 and represents savings of about USD 38 billion over the next 10 years. The agreement with private creditors makes it possible to better address a new debt-cancellation program with the International Monetary Fund (“IMF”), which is expected to take longer and can bring about a tax, labor, and pension reform. f. Inflation The national consumer price index published by INDEC accumulated 36.1% in the year. This increase occurs in an inflation scenario repressed by the prevailing recession, and due to a framework of uncertainty that causes the population to accumulate or place funds in government-driven financial instruments. |
Effects Of Covid-19 On The Grou
Effects Of Covid-19 On The Group | 12 Months Ended |
Dec. 31, 2020 | |
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Effects Of Covid-19 On The Group | 44. EFFECTS OF COVID-19 On March 11, 2020, the World Health Organization declared the outbreak of the new coronavirus (COVID-19) . With the recent and rapid development of this outbreak, the countries where the Group has operations have required the entities to limit or suspend commercial operations and implemented travel restrictions and quarantine measures. In this regard, on March 19, 2020, the National Executive Branch, by means of Decree No. 297/2020, established the social, preventive and compulsory isolation. By virtue of that decree, the Group: (i) temporarily suspended the production and dispatch of cement, concrete, and aggregate operations until the necessary conditions to resume activities were in place; (ii) temporarily suspended the construction project of the second line of the L’Amalí plant in Olavarría city, until the necessary conditions were met to resume activities; (iii) implemented the use of remote work for all administrative employees of the Group; and (iv) created a crisis committee to monitor and evaluate the implementation of measures to mitigate the effects resulting from this situation. From the date of the aforementioned decree and until the date of issuance of these consolidated financial statements, certain activities and services have been authorized by the National Executive due to a gradual flexibilization of the isolation scheme established in March. According to the flexibilization mentioned above, the Company has resumed the production and dispatch of cement, concrete and aggregate operations since April 6, 2020, working with the current volumes of market demand which are about 5.6% below the volumes recorded in the previous fiscal year. On the other hand, the Company obtained the authorization to resume the second-line works in L’Amalí plant, under the strict sanitary protocols established by the Provincial Government and the Group. In relation to the railway activity operated through the subsidiary Ferrosur Roca S.A., due to the situation described above, on April 13, 2020, this subsidiary submitted before the Ministry of Labor, Employment and Security of the Nation a preventive crisis procedure for the purpose of applying for certain benefits stipulated in article 6(b) of the Necessity and Urgency Decree No. 332 of 2020. As a result of this submission, such company obtained Work and Production Assistance (“ATP”) for the months of April and May; further negotiations were held with the unions that ended up in a joint submission for the payment of non-remunerative putting-off lay-offs, COVID-19 Finally, as of the date of issuance of these consolidated financial statements, the Group continues its evaluations in order to adapt its operational structure to the current volumes of operation, working jointly with the various control agencies, and different industry stakeholders, and has not identified any adjustments in the valuation of assets or in relation to the adequacy of liabilities to be recognized in these consolidated financial statements. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
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Subsequent Events | 45. SUBSEQUENT EVENTS The Group has considered events after December 31, 2020 to assess whether it is necessary to recognize or disclose them in these consolidated financial statements. Such events were assessed until April 29, 2021, the date when the consolidated financial statements were available for issue. 45.1 Assignment of Parent Company Shares On January 06, 2021, InterCement Trading e Inversiones S.A. transferred its total ownership interest in Loma Negra C.I.A.S.A., which represented 51.0437% of its capital stock, to InterCement Trading e Inversiones Argentina S. L 45.2 Acquisition of Treasury Stock On February 12, 2021, the Board of Directors of the Company approved a plan for the acquisition of treasury stock, for a period of 90 days and a maximum amount of 750 million. Acquisitions will be carried out in accordance with the market opportunities, dates, prices and quantities established by the Company’s Management. The purpose of the approved repurchase plan is to efficiently dispose of a portion of the Company’s liquidity, which may result in a greater return of value to the shareholders considering the current attractive value of the share. The maximum amount to be invested is up to 750 million or the lowest amount resulting from the acquisition to reach 10% of the capital stock. Treasury stock may not, on the whole, exceed the limit of 10% of the capital stock in accordance with Article 64 of the Capital Market Law. Such acquisition shall be made with realized and liquid profits, since the Company has the necessary liquidity to carry out the approved acquisition of treasury stock without affecting its solvency. Until the date of issuance of these financial statements, the Company acquired 673,900 treasury shares for a total value of 114,832. |
Basis Of Preparation Of The C_2
Basis Of Preparation Of The Consolidated Financial Statements (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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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, 2020 and 2019 and for the fiscal years ended December 31, 2020, 2019 and 2018 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 the consolidated financial statements in constant currency, as 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, 2019 and 2018, 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 in accordance with the figures and other information for this current fiscal year. These figures have been restated in the current fiscal year’s end-of-period Due to the sale of the shareholding in Yguazú Cementos S.A., as described in Note 42, the assets and liabilities associated with such investment are unconsolidated and classified in a single line within non-current Non-current These consolidated financial statements were approved by the Board of Directors on April 29, 2021, 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, 2020, 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. As a result, the consolidated financial statements are stated in the unit of currency that was current as at the end of this fiscal year. According to IAS 29, the restatement of the financial statements is necessary when the functional currency of an entity is that of a hyperinflationary economy. IAS 29 provides certain guidelines for illustrative purposes to define a situation in which hyperinflation is deemed to arise, including (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%. 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 (CPI) at the national level and as published by Instituto Nacional de Estadística y Censos Taking such index into account, inflation was 36.14%, 53.83% and 47,64% in the years ended December 31, 2020, 2019 and 2018, respectively, and 100% accumulated in three years during each of the years presented was reached. 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 at the current unit of measurement as of the end of the reporting period. In an inflationary period, holding monetary assets causes losses in the purchasing power and holding monetary liabilities generates gains in the purchasing power, provided that such items are not subject to an adjustment mechanism that may otherwise offset these effects. 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 based on 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 in non-monetary (vi) The restatement of non-monetary non-monetary Restatement of the statement of profit or loss and other comprehensive income: (i) Expenses and revenues are restated as the date of they are accrued for accounting purposes except for those profit or loss items related to the consumption of assets measured in purchasing power currency of a date previous to the recording of such consumption (such as depreciation, impairment, and other use of assets valued at historical cost); and except also for any profit or loss arising from comparing two measurements expressed in a currency with a purchasing power from different dates, for which it is necessary to identify the amounts compared, their separate restatement and their comparison based on the new restated amounts. (ii) In the case of financial income and expenses, including foreign exchange gain (loss), from lent or borrowed funds, the Group has decided to present them in real terms, i.e. net of the effect of inflation on the assets and liabilities that generated these income or expenses. (iii) Net profit or loss from the maintaining monetary assets and liabilities is reported in a separate item of profit and loss and other comprehensive income. Restatement of the statement of changes in shareholders’ equity: All equity components are restated by applying 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 “adjustment capital” account. Other comprehensive income resulting after the transition date of the implementation of IAS 29 is recorded in is recorded net of the inflation effect. Restatement of the statement of cash flows: IAS 29 requires that all entries in this statement should be restated in terms of the unit of measurement that is current at the end of the reporting period. The monetary gain or loss generated from 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 for the reconciliation between cash and cash equivalents at the beginning 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 at year-end non-monetary non-current Fair value is the price that the Group would be received to sell an assets or paid to transfer 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) prices in active markets for identical assets and liabilities to which the entity has access as 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 as current and non-current: The Group classifies assets and liabilities in the consolidated statement of financial position as current and non-current. An asset is 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 end of the reporting period; or d) the asset is cash or cash equivalent unless it is restricted and cannot be exchanged or used to settle a liability for at least twelve months after the end of the reporting period. All other assets are classified as non-current. A liability is 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 twelve months after the end of the reporting period; or d) fails to have an unconditional right to defer settlement of the liability for at least twelve months after the end of 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 fiscal year of the Group starts 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 amount of recorded assets and liabilities and the contingent assets and liabilities disclosed as of the reporting date, as well as the revenues and expenses recognized during each year. Future profit or loss may differ from the estimates and assessments made as of the date of preparation of these consolidated financial statements. The description of estimates and significant accounting judgments made by the Group’s Board in the application of accounting policies as well as the areas with greater degree of complexity requiring further judgment, are disclosed in Note 4. The Group´s significant accounting policies are described below. |
Standards and interpretations issued but not yet effective | 2.4. Standards and interpretations issued but not yet effective The following is a detail of 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. • IFRS 9, IFRS 7, IFRS 4, IFRS 16, and IAS 39 Interest Rate Benchmark Reform In August 2020, IASB issued amendments to IFRS 9, IAS 39 and IFRS 7 Financial Instruments: Disclosures, which completes the second and last phase of its work to answer to the effects of the interbank offered rates (IBOR) reform in financial reporting. The amendments provide temporary exceptions that address the effects on financial reporting when an interbank offered rate is replaced by an alternative risk-free interest rate. These amendments are effective for fiscal years beginning on or after January 1, 2021. The management of the Group understands that the application of these amendments will not have a material impact on the Group’s consolidated financial statements. • IFRS 3 Reference to the Conceptual Framework In May 2020, the IASB issued Amendments to IFRS 3 Business Combinations. The amendments are mainly intended to replace a reference to the framework for the preparation and presentation of financial statements, issued in 1989, with a reference to the conceptual framework for financial information issued in March 2018, without significantly changing its requirements. IASB also added an exception to the recognition principle of IFRS 3 to avoid the issue of potential ‘day 2’ gains or losses arising from liabilities and contingent liabilities that would fall within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC 21 Levies, if incurred separately. The above mentioned amendments shall be effective for fiscal years beginning on or after January 1, 2022, and shall be applied prospectively. The management of the Group understands that the application of these amendments will not have a material impact on the Group’s consolidated financial statements. • IAS 16 Proceeds before Intended Use of Property, Plant and Equipment In May 2020, the IASB issued amendments to IAS 16 Property, Plant and Equipment in order to prohibit entities deducting from the cost of an item of property, plant and equipment, any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, the proceeds from the sale of those items, including the costs incurred for producing them, shall be recognized in profit or loss. The amendment is effective as from the fiscal years beginning January 1, 2022 and shall be applied retroactively to the items of property, plant and equipment available for use on or after the beginning of the earliest period presented in which the entity first applies the amendment. The management of the Group understands that the application of these amendments will not have a material impact on the Group’s consolidated financial statements. • IAS 37 Cost of Fulfilling an Onerous Contract In May 2020, the IASB issued amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets to specify the costs an entity should include when assessing whether a contract is onerous or loss-making. The amendments apply a directly related cost approach. Costs directly related to a contract for the provision of goods or services include both incremental costs and an allocation of costs directly related to the activities of the contract. General and administrative costs are not directly related to a contract and are excluded unless they are explicitly attributable to the counterparty under the contract. The amendments shall be effective for fiscal years beginning on or after January 1, 2022. The Group shall apply these amendments to contracts for which it has not yet fulfilled all its obligations at the beginning of the fiscal year in which it first applies the amendments. The management of the Group understands that the application of these amendments will not have a material impact on the Group’s consolidated financial statements.. • IFRS 1 — As part of the Annual Improvements to IFRS Standards 2018-2020, the IASB issued an amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards. The amendment allows a subsidiary to choose to apply IFRS 1.D16(a) to measure its cumulative translation difference using the amounts reported by the parent company based on the parent company’s date of transition to IFRSs. This amendment also applies to an associate or joint business that chooses to apply IFRS 1.D16(a). The amendment is effective for fiscal years beginning on or after January 1, 2022, and early application is permitted. The management of the Group understands that the application of these amendments will not have a material impact on the Group’s consolidated financial statements. • IFRS 9 Fees in the ‘10 per cent’ test for derecognition of financial liabilities As part of its 2018-2020 annual improvements to IFRS standards process the IASB issued amendment to IFRS 9. The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other’s behalf. An entity applies the amendment to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment. The amendment is effective for fiscal years beginning on or after January 1, 2022, and early application is permitted. The Group shall apply the amendment to financial liabilities that are modified or exchanged on or after the beginning of the reporting year in which it first applies the amendment. The management of the Group does not expect that the application of these amendments will have a material impact on the Group’s consolidated financial statements. • IFRS 16 Lease Incentives The amendment removes the illustration of reimbursement of leasehold improvements by the lessor in the illustrative example 13 accompanying IFRS 16; thus removing the potential for confusion regarding the treatment of lease incentives when applying IFRS 16. The modification is not expected to have an impact on the Group’s consolidated financial statements. • IAS 41 Agriculture — Taxation in Fair Value Measurement As part of the Annual Improvements to IFRS Standards 2018-2020, the IASB issued an amendment to IAS 41 Agriculture. The amendment removes the requirement in paragraph 22 of IAS 41 for entities to exclude taxation cash flows when measuring the fair value of assets under the scope of IAS 41. The amendment is effective for fiscal years beginning on or after January 1, 2022, and early application is permitted. This amendment is not applicable to the Group. • IAS 1 — Non-Current In January 2020, the IASB issued amendments to IAS 1 “Presentation of Financial Statements” to specify the requirements for the classification of liabilities as current or non-current. • 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 Adoption of new standards and interpretation The Group has adopted all the improvements and new standards and interpretations issued by IASB that are relevant to its operations and that are effective for the financial year ended December 31, 2020. As from January 1, 2020, the Group began to apply the following standards: • Amendments to the conceptual framework references of different standards The conceptual framework is not a standard and none of the concepts contained therein prevails over the concepts or requirements of any standard. The purpose of the conceptual framework is to assist IASB in the development of standards, to assist the persons engaged in the preparation of financial information to develop consistent accounting policies where there is no applicable standard in place, and to help all parties to understand and interpret the existing standards. IASB has made amendments to a set of standards when it issued the conceptual framework in March 2018, which establishes financial concepts and prepares a guide of standards for persons engaged in the preparation of financial information in order to help users of financial information to understand it better. These amendments have not had an impact on the Group’s consolidated financial statements. • IFRS 3 Definition of a Business In October 2018, the IASB issued amendments to the definition of business in IFRS 3 Business Combinations to assist entities to establish whether an acquired set of activities and assets is a business or not. The IASB clarifies the minimum requirements for a business; removes the assessment of whether market participants are capable of replacing any missing elements; adds guidance to help entities assess whether an acquired process is substantive; narrows the definitions of a business and outputs; and introduces an optional fair value concentration test. The amendment to IFRS 3 clarifies that to be considered a business, an integrated set of activities and assets must include, at a minimum, an input and a process that together significantly contribute to the ability to create output. These amendments have not had an impact on the Group’s consolidated financial statements, but they might affect future fiscal years if the Group carries out a business combination. • IAS 1 and IAS 8 - Definition of material information The amendments provide a new definition of material that states, “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, which provide financial information about a specific reporting entity.” The amendments clarify that materiality will depend on the nature or magnitude of information, either individually or in combination with other information, in the context of the financial statements. A misstatement of information is material if it could reasonably be expected to influence decisions made by the primary users. These amendments have not had an impact on the Group’s consolidated financial statements. • IFRS 9, IFRS 7 and IAS 39 Interest Rate Benchmark Reform In September 2019, the IASB issued amendments to IFRS 9, IAS 39 and IFRS 7 Financial Instruments: Disclosures”, which concludes Phase I of its work to respond to the effects of the interbank offered rates (IBOR) reform in financial reporting. The amendments allow hedge accounting to continue during the period of uncertainty before the replacement of an existing interest rate benchmark for an alternative risk-free interest rate. These amendments have not had an impact on the Group’s consolidated financial statements since the Group has no interest rate hedging operations. • IFRS 16 COVID-19-Related On 28 May 2020, the IASB issued Covid-19-Related Rent Concessions—amendment to IFRS 16 Leases. The amendments provide relief to lessees from applying IFRS 16 guidance on lease modification accounting for rent concessions arising as a direct consequence of the Covid-19 pandemic. As a practical expedient, a lessee may elect not to assess whether a Covid-19 related rent concession from a lessor is a lease modification. A lessee that makes this election accounts for any change in lease payments resulting from the Covid-19 related rent concession the same way it would account for the change under IFRS 16, if the change were not a lease modification. The amendment applies to annual reporting periods beginning on or after 1 June 2020. Earlier application is permitted. This amendment had no impact on the consolidated financial statements of the Group. |
Basis of consolidation | 2.5. Basis of consolidation These consolidated financial statements include the financial statements of the Company and the companies controlled by the Group. 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 will re-assess 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 • Potential voting rights held by the Group, other shareholders or other parties; • Rights arising from contractual arrangements; and • Any and all additional events or circumstances that indicate that the Group has, or fails to have, the current ability to direct the relevant activities of the investee when decisions need to be made, including voting patterns at previous shareholders’ meetings. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control over the subsidiary. Specifically, the revenues and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income since the date on which the Group obtains control until the date on which the Group ceases to control the subsidiary. Profits or losses of each component of other comprehensive income are attributed to the owners of the Group and the non-controlling 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 includes the following subsidiaries: Subsidiary Main business Country % of direct and indirect interest as of December 31, December 31, December 31, 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 (1) Directly controlled by Cofesur S.A.U. Below is a summary of the financial information for Ferrosur Roca S.A., a subsidiary with a material non-controlling 2020 2019 Current assets 971,734 1,186,841 Non-current 1,588,289 3,023,738 Current liabilities 879,157 3,343,688 Non-current 324,795 425,681 Shareholders’ equity attributable to owners of the parent company 1,084,856 352,968 Non-controlling 271,215 88,242 2020 2019 2018 Revenues 3,595,634 4,964,258 5,418,884 Financial results, net 375,153 (857,072 ) (216,212 ) Depreciation (817,204 ) (841,090 ) (790,839 ) Income tax 95,305 80,489 308,611 Net losses for the year (*) (1,104,096 ) (1,106,732 ) (243,852 ) (*) As of December 31, 2020 and 2019, net losses include an income for elimination of intragroup transactions of 11,867 and 472,492, respectively. 2020 2019 2018 Net cash generated by / (used in) operating activities 240,521 402,908 (362,798 ) Net cash generated by / (used in) investing activities (412,998 ) 74,338 (567,231 ) Net cash generated by / (used in) financing activities (673,538 ) (786,408 ) 918,895 Effects of the exchange rate differences on cash and cash equivalents in foreign currency 841,997 (18,119 ) (6,177 ) Finally, as mentioned in Note 42, on August 21, 2020 the Company sold its interest in Yguazú Cementos S.A., therefore the amounts related to the aforementioned business are presented as discontinued for all periods presented. |
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 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 the products sold are transferred in accordance with the specific delivery terms agreed with the customer. Revenues from the sale of goods are measured at fair value of the consideration received or to be collected, net of commercial discounts. No financing components are considered in the transaction since credit terms vary greatly between 20 and 35 days, depending on the specific terms agreed upon by the Group, which is consistent with market practices. Some agreements with customers offer commercial discounts or volume-based discounts. If revenues cannot be reliably measured, the Group defers revenue recognition until the uncertainty is resolved. However, due to the fact that performance obligations relate mainly to the delivery of the acquired good and that both the price and any discount granted are specifically agreed between the parties, there are in practice no uncertainties associated with revenue recognition. 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 is measured using the expected value or the most likely amount method, whichever is expected to better predict the amount based on the terms and conditions of the agreement. The products sold by the Group in general are not returned by customers once they have approved their quality, which occurs at 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. |
Supply of services | 3.2. Goodwill The goodwill recorded by the Group in the amount of 34,717 is due to the acquisition of Recycomb S.A.U. and is measured at cost restated at the end of the reporting period currency, as mentioned in 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 interests and any previous interest held over the fair value of the net identifiable assets acquired and liabilities assumed. Goodwill is not amortized, but rather tested for impairment on an annual basis. For impairment testing purposes, goodwill is allocated to each of the Group’s cash-generating units that are expected to benefit from the synergies of the relevant combination. Cash-generating units to which goodwill is allocated are tested for impairment on an annual basis, or more frequently if there are indications that the unit may have been 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. As of December 31, 2020, 2019 and 2018, the Group has not recognized any goodwill 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 investments do not have a market price quoted 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 identified at the end of each reporting period. |
Leases | 3.4. Leases The Group adopted IFRS 16 during the previous year. The relevant changes were applied to the initial balances for that year. The nature and 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: a) Financial leases: the financial leases that transfer to the Group substantially all the risks and advantages inherent in the ownership of the leased asset and are capitalized at the time of lease inception either at the fair value of the property leased or the present value of the minimum lease payments, whichever is less. Lease payments are divided between interest and the repayment of the principal amount of the loan. Interest charges are recognized as financial cost in the statement of comprehensive income. The leased asset is depreciated throughout its useful life. However, if there is no reasonable certainty that the Group will obtain property at the end of term of the lease, the asset will be depreciated throughout its estimated useful life or in the term of the lease, whichever shorter. b) Operating leases: the operating leases are recognized as operating expenses in the statement of comprehensive income on a straight line throughout the term of the lease. Starting with the enforcement of IFRS 16, the Group has adopted a new model of accounting for the recognition and measurement of all the leases, which is hereinbelow described: The accounting model for the recognition and measurement of all leases is as follows: Right-of-use The Group recognizes a right of use asset at the beginning of each lease (the date on which the underlying asset is available for use). Right of use assets are measured at cost, net of accumulated depreciation and impairment losses, and adjusted to reflect any remeasurement of liabilities and to recognize changes in the currency purchasing power. The cost of the right of use assets includes the amount of the recognized lease liabilities, initial direct costs incurred, and lease payments made at or before the lease start date, less any incentives received. Unless the Group is certain that it will acquire the asset at the end of the lease, right of use assets are depreciated on a straight-line basis over the shorter of their estimated useful lives and the lease term (calculated based on the term of the relevant agreements, including renewal provisions in the event that they are highly likely to continue). The right of use assets are subject to impairment. Lease liabilities: Lease liabilities are measured at the present value of future lease payments to be made throughout the lease term, for which market rates have been used according to the nature and term of each agreement. Lease payments include fixed payments, less any lease incentives to be received, variable payments depending on an index or rate and amounts expected to be paid under residual value guarantees. Lease payments also include the exercise price of any purchase option of the leased underlying asset, and any penalties for terminating the lease, provided that it is reasonably likely that the Group will exercise such options. Variable payments that do not depend on an index or rate are recognized in profit or loss for the year of occurrence of the condition to which they are subject. The accrual of the present value recognized for each lease is accounted by the Group in the comprehensive income of each year. Operating lease income: The income from the operating lease of buildings and equipment is recognized every month during the lease term. Leases in which the Group does not transfer substantially all the risks and benefits inherent in the ownership of the asset are classified as operating leases. The initial direct costs incurred in negotiating an operating lease are in addition to the carrying amount of the leased asset and are recognized throughout the lease term on the same basis as lease income. |
Foreign currency and functional currency | 3.5. Foreign currency and functional currency The 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 where the entity operates) for all the Group companies with domicile in the Republic of Argentina, and the reporting currency of the consolidated financial statements. In the case of Yguazú Cementos S.A., a company located in Paraguay and whose interest was sold by the Group on August 21, 2020 (Note 42), the functional currency is the Guaraní. For the purposes of presenting these consolidated financial statements, the assets and liabilities of the Group’s foreign operations are translated to pesos at the foreign exchange rate prevailing at the end of each year. Revenue and expense items are translated at the average exchange rates for each month; however, if the exchange rates fluctuate significantly during the reporting year, the exchange rate at the date of transactions shall be used, with the subsegment restatement of such items by applying the rates at the month of accrual, pursuant to the adjustment procedure described in Note 2.2. Exchange gain or loss, if any, are recognized in other comprehensive income and accumulated in shareholders’ equity (and are attributed to non-controlling interests, as applicable). Any exchange gain or loss from monetary items is recognized in the profit or loss for the month, net of the effect of inflation on the items that generated them, except for those arising from foreign currency borrowings related to finance qualifying assets, such us assets under construction for future productive use, which were included in the cost of such assets for being considered as an adjustment to the cost of interest accrued on such foreign currency denominated borrowings. In the consolidated financial statements, the assets and liabilities in foreign currency of the Group are translated to pesos using the foreign exchange rate at the end of each year. Goodwill and adjustments at fair value arising from the acquisition of investments are recognized as assets and liabilities of the acquiree and are translated using the exchange rate at the year-end |
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 during the fiscal year in which they are incurred, net of the effect of inflation on the liabilities that generated them. |
Taxes | 3.7. Taxation 3.7.1. Income tax The Group assesses the income tax to be recorded in accordance with the deferred tax method, which considers the effect of temporary differences originating in the different bases for the measurement of assets and liabilities according to accounting and taxing criteria, and of the existing tax losses and unused tax credits susceptible of deduction from 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 the expected changes in tax rates were suspended and it was resolved to maintain the original 30% tax rate up to the fiscal years starting and including January 1, 2021. The 25% tax rate shall be effective for the fiscal years beginning on or after January 1, 2022. 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 the 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 taxable temporary differences in the future. Deferred tax assets are recognized for all deductible temporary differences to the extent that the Group is likely to have future tax profit against which it is possible to account for those deductible temporary differences. Such deferred tax assets and liabilities are not recognized when temporary difference arose from goodwill or the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable nor the accounting profit. 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 using 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 assets and liabilities at the end of the 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 only if (a) it has 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 or loss and other comprehensive income . Current and deferred taxes are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in shareholders’ equity, in which case the current and deferred taxes are also recognized in other comprehensive income or directly in shareholders’ equity, respectively. When the current tax or deferred tax arises from the initial accounting of a business combination, the tax effect is included in the accounting for the business combination. 3.7.2. Personal asset tax – 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 the personal property tax of 0.25% over the value of any shares or the American Depositary Shares (ADSs) issued by Argentine entities held as of December 31 of each year. The tax is applied to the Argentine issuers of such shares, who must pay this tax on behalf of the relevant shareholders and is based on the value of the shares (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 Property Tax Law, the Group has the right to obtain a reimbursement of the tax paid from the shareholders to whom the above tax is applicable, through the reimbursement procedure deemed appropriate by the Group. As of December 31, 2020 and 2019, the Group caries receivables in this respect amounts 38,856 and 18,368, respectively. 3.7.3. Tax reform The Tax Reform Law No. 27,430, as amended by Law 27,468, provides for as follows, with respect to the tax inflation adjustment, to be effective for the fiscal years beginning on or after January 1, 2018: (a) that such 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, Law of Social Solidarity and Reactivation in the Framework of the Public Emergency, the calculation of the tax inflation adjustment was changed to one sixth in the fiscal year and the five remaining sixths, in equal parts, in the immediately following five fiscal periods. As a result of the fact that the conditions for applying the tax inflation adjustment were met at the end of this year, the current and deferred income tax was recorded by incorporating the effects resulting from its application. Revaluation of certain assets for tax purposes: The Tax Reform Law No. 27,430 enacted by the Executive Branch on December 29, 2017, establishes a tax revaluation option, which allows taxpayers, only once, to revalue for tax purposes certain of their assets existing as of the end of the first fiscal year ended after December 29, 2017 -the law-, The exercise of the option entails payment of a special tax concerning all the revalued assets in accordance with the tax rates established for each type of asset and confers the right to deduct, upon calculating income tax, a depreciation that incorporates the effect of the revaluation Those who exercise the option of revaluing their assets in accordance with Law No. 27,430 must (i) waive the right to commence any court or administrative proceedings to claim, for tax purposes, the application of any kind of restatement procedure until the date of the first fiscal year ending after the coming into force of that Law, and (ii) abandon any actions and rights invoked in proceedings brought in respect of fiscal years ended before. 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. The Group exercised the option of revalue its depreciable property, plant and equipment tax purposes and paid the special tax during fiscal year 2019. |
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 the stripping and quarry exploitation costs mentioned in Note 3.18, or for administrative purposes, are carried at the cost restated in constant currency at the end of the reporting period, in accordance with Note 2.2, minus accumulated depreciation and impairment loss. The lands owned by the Group are not subject to depreciation. 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, less any recognized impairment loss. The cost included 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. Assets held under financial leases are depreciated over their estimated useful life, which is equivalent to those of the assets held, or, if lower, over the relevant lease term. Gain or loss from the disposal or write-off The Group assesses the recoverability of the value of its property, plant and equipment items whenever any indication of impairment is identified. The assessments are carried out considering the cash-generating units established by the Group. |
Intangible assets | 3.9. Intangible assets Intangible assets with finite useful lives that were separately acquired are carried at the cost restated in constant currency at the end of the reporting period , as described in Note 2.2, less accumulated depreciation and impairment losses. The estimated useful life and the depreciation method are reviewed at the end of each fiscal year, with the effect of any changes in estimates being accounted for on a prospective basis. Intangible assets with indefinite useful lives that were separately acquired are carried at the cost restated in constant currency at the end of the reporting period, as described in Note 2.2, less accumulated impairment losses. Intangible assets are derecognized when no future economic benefits are expected from their use or disposal. Gains or losses from a derecognized intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the profit or loss statement when the asset is derecognized. |
Impairment of tangible and intangible assets | 3.10. Impairment of tangible and intangible assets At the end of each fiscal year, the Group reviews the carrying amounts of its tangible and intangible assets in order to assess whether there is any indication that an asset might be impaired. The Group calculates the recoverable amount per cash-generating unit. The recoverable amount of an asset is the higher of the fair value less cost of disposal and its value in use. In assessing value in use, the estimated future cash flows are discounted to the present value using a pre-tax year-end If the recoverable value of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying value of the asset (or cash-generating unit) is reduced to its recoverable value. 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 the reporting 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 the acquisition cost according to the Weighted Average Price method. Cost is calculated for each of the plants owned by the Group. • Finished goods and work in progress: at the acquisition cost of direct materials and labor plus a proportion of manufacturing overheads based on normal operating capacity, but excluding borrowing costs. Cost is calculated for each of the plants owned by the Group. The net realizable value of an inventories component is the estimated selling price for that component in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make the sale, calculated as of the end of the reporting period. In assessing recoverable amounts, 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 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, provided that they can be calculated, 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 unwinding of the discount 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 other than the unwinding of discount 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 free areas by the removal of quarries using the provisions recognized for that purpose. |
Financial instruments | 3.13. Financial Instruments A financial instrument arises from any contract that results in the recognition of a financial asset in one entity and a financial liability or equity instrument in another entity. Financial assets and liabilities are initially measured at fair value. Transaction costs that are attributable to the acquisition or issue of financial 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 or liabilities on the initial cost of 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. In general, the Group receives short-term advances from its customers. Pursuant to the practical expedient of IFRS 15, the Group does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between when the entity transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. The Group does not receive any long-term advances from its customers. |
Financial assets | 3.14. Financial Assets According to IFRS 9 Financial instruments, the Group classifies 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 of the Group 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 meet the conditions mentioned above, IFRS 9 contains an option to designate, at initial recognition, a financial asset as measured at fair value if doing so eliminates or significantly reduces an account mismatch that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases. The Group has not recognized financial assets at fair value using this option. A s • Financial assets at fair value through profit or loss If one of the above two criteria is not met, the financial asset is classified as an asset measured at “fair value through profit or loss”. At the end of these consolidated financial statements, the Group’s financial assets at fair value through profit or loss include mutual funds classified as current investments. Recognition and Measurement: Acquisitions and disposals of financial assets are recognized on the date on which the Group promises to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from such instruments and the risks and benefits related to their ownership have been terminated or assigned. Financial assets at amortized cost are initially recognized at fair value plus transaction costs. These assets accrue interest based on the effective interest rate method. Financial assets at fair value through profit or loss are initially recognized at fair value and transaction costs are recognized as expenses in the statement of profit or loss and other comprehensive income. They are subsequently measured at fair value. Changes in fair values and gains or losses on the sale of financial assets at fair value through profit or loss are recognized in “Financial results, net” in the statement of profit or loss and other comprehensive income. In general, the Group uses the transaction price to determine the fair value of a financial instrument at initial recognition. In all other cases, the Group only records a gain or loss at initial recognition if the fair value of the instrument is evidenced by other comparable and observable market transactions for the same instrument or is based on a valuation technique incorporating only observable market data. Any gains or losses not recognized at initial recognition of a financial asset are subsequently recognized only to the extent that they arise from a change in the factors (including time) that market participants would consider in establishing the price. The results of debt instruments that are measured at amortized cost and are not designated in a hedging relationship are recognized in the profit or loss and other comprehensive income statement when financial assets are derecognized or an impairment is recognized and during the amortization process using the effective interest rate method. The Group reclassifies all investments in debt instruments only when there is a change in the business model used to manage such assets. Financial asset impairment The Group assesses at the end of each fiscal year whether there is any objective evidence that a financial asset or group of financial assets measured at amortized cost is impaired. The impairment is recorded only if there is objective evidence of impairment as the result of one or more events that occurred after the initial recognition of the asset and that impairment can be reliably estimated. The evidence of impairment includes indications that the debtors or a group of debtors are suffering serious financial difficulties, breaches or arrears in interest or principal payments, the likelihood that they will be declared bankrupt or in reorganization proceedings, and when such observable data indicate that there is a decrease in the estimated future cash flows. The amount of the impairment is measured as the difference between the carrying amount of the asset and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the original effective interest rate of the financial asset. The carrying amount of the asset is written down and the amount of the loss is recognized the profit or loss and other comprehensive income statement. As a practical measure, the Group may measure impairment based on 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 liabilities are offset whenever there is a legal right to offset such assets and liabilities and there is an intention to settle them on a net basis, or to realize the asset and settle the liability simultaneously. Derecognition of a financial asset The Company shall derecognize a financial asset only when the contractual rights on the financial assets cash flows expire and transfer the substantial risks and advantages inherent to ownership of the financial asset. If the Company does not transfer or retain substantially all the risks and advantages inherent to the ownership and retains the control over the asset transferred, the Company shall recognize its interest in the asset and the associated obligation at the amounts payable. If the Company retains substantially all the risks and advantages inherent to property on the transferred financial asset, the Company shall continue to recognize the financial asset and shall also recognize a collateral loan for the receipts. On derecognition of a financial asset in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income and accumulated in equity is recognized in profit or loss. On derecognition of a financial asset other than in its entirety (e.g. when the Group retains an option to repurchase part of a transferred asset), the Group allocates the previous carrying amount of the financial asset between the part it continues to recognize under continuing involvement, and the part it no longer recognized on the basis of the relative fair values of those parts on the date of the transfer. The difference between the carrying amount allocated to the part that is no longer recognized and the sum of the consideration received for the part no longer recognized and any cumulative gain or loss allocated to it that had been recognized in other comprehensive income is recognized in profit or loss. A cumulative gain or loss that had been recognized in other comprehensive income is allocated between the part that continues to be recognized and the part that is no longer recognized on the basis of the relative fair values of those parts. |
Ferrocarril Roca Management Trust | 3.15. Ferrocarril Roca Management Trust The interest in the Trust for the Strengthening of the Interurban Rail System (“FFFSFI”) was carried at cost, considering the value of the contributions made, net of trust expenses, plus net financing profit accrued until the end of the fiscal year. The amounts that may not be recovered or applied against future recoverable capital expenditure have been reduced to their recoverable value by recording an impairment allowance at the end of this fiscal year. The entity is not controlled by Ferrosur Roca S.A. (Note 38). |
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 an entity of the Group are recognized 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 the profit or loss statement stemming from purchases, sales, issuance or cancellation of the Group’s own equity instruments. Capital Stock Component Accounts Capital Stock and Share Premium: It comprises the contributions made by the shareholders represented by outstanding shares at nominal value. Adjustment to the capital: The capital stock component accounts were restated by recognizing the effects of changes in the purchasing power of the currency by applying the procedure described in Note 2.2. The capital stock account was maintained at nominal value and the adjustment derived from such monetary restatement is disclosed in capital adjustment account. Capital adjustment is not available for distribution in cash or in goods; however, it can be capitalized by issuing additional shares. In addition, the adjustment mentioned above may be used to cover losses for the year, according to the order of absorption of accumulated losses, as explained below in “Retained Earnings”. Merger premium: This reflects the recognition of premiums originated in mergers between the Parent Company and Ecocemento S.A. and Compañía de Servicios a la Construcción S.A. in the years 2002 and 2010, respectively. Merger premium balances were restated in constant currency at the of the reporting period by applying the adjustment procedure described in Note 2.2 based on the respective merger dates. 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. 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. Accumulated other comprehensive income: This includes income and losses recognized directly in equity and transferred from equity to the profit or loss statement or accumulated retained earnings, as defined in IFRS. Exchange difference on translating foreign operations: This is the reserve generated from the translation of the financial statements of subsidiary Yguazú Cementos S.A. to the Group’s functional currency in the manner set forth in Note 3.5. During the current fiscal year, this reserve was derecognized from accumulated other comprehensive income due to the sale of its interest in Yguazú Cementos S.A. on August 21, 2020 (Note 42). Retained earnings: Retained earnings include the accumulated income or losses with no specific allocation, which, if positive, can be distributed by means of a decision of the Shareholders’ Meeting, provided that they are not subject to any legal restrictions. It includes profit or loss from previous fiscal years that were not distributed, the amounts transferred from other comprehensive income, and adjustments from previous fiscal years by application of new accounting standards. Retained earnings are restated in constant currency at the end of the reporting period by applying the adjustment procedure described in Note 2.2, considering the movements taking place each fiscal year. Non-controlling This corresponds to the ownership by non-controlling • As of December 31, 2020, Ferrosur Roca S.A. (20%) representing the interest that is not owned by Loma Negra C.I.A.S.A. • As of December 31, 2019, and 2018, Yguazú Cementos S.A. (49%) and Ferrosur Roca S.A. (20%) representing the interest that is not owned by 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 through profit or loss is a financial liability classified either as held for trading or at fair value 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 recorded at fair value, with any gains or losses arising from the remeasurement being 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 other financial results. Fair value is determined as described in Note 33. Financial liabilities (other than financial liabilities held for trading) or contingent consideration to be paid by an acquirer as a part of a business combination may be designated as a liability at fair value through profit and loss upon initial recognition if: • Such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or • Financial liabilities are part of a group of financial assets or liabilities or both, which is managed and whose performance is assessed on the basis of fair value, in accordance with the Group’s documented risk management or investment strategy, and information about the Group is provided internally on that basis; or • They are part of a contract containing one or more embedded derivatives, and IFRS 9 allows the entire combined contract to be carried at fair value through profit and loss. The Company has no financial liabilities measured at fair value to be presented in the statement of financial position. Other financial liabilities: Other financial liabilities, including borrowings and trade and other payables, are initially recognized at fair value, net of transaction costs. Subsequent to initial recognition, other financial liabilities are then measured at amortized cost using the effective interest rate method, with interest expenses recognized based on actual return. Financial liabilities are classified as current liabilities unless the Group has an unconditional right to defer settlement for more than twelve months after the date of the financial statements. iv) Financial liabilities in foreign currency: The fair value of financial liabilities in foreign currency is determined in that foreign currency and translated at the exchange rate at the end of each fiscal year. The foreign currency component is part of its profit or loss at fair value. For financial liabilities classified as at fair value through profit or loss, the foreign currency component is recognized in profit or loss. For debt instruments denominated in foreign currency classified at amortized cost, gains and losses in foreign currency are determined on the basis of the amortized cost of the liability and recognized in “Exchange rate differences” (Note 10) under the “Financial results net” in the statement of profit or loss and other comprehensive income. v) Derecognition of financial liabilities: The Group must derecognize financial liabilities if, and only if, the obligations of the Group expire, are settled or satisfied. |
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 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 recognized in connection with short-term employee benefits are measured at the non-discounted amount of the benefits that are expected to be paid in connection with the related service. The liabilities recognized with respect to other long-term employee benefits (severance payment plans resulting from specific plans for employees leaving the Group and receiving a compensation payable in installments) 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 long-term interest of the company and its shareholders. Under this program, a liability was recorded to reflect the fair value of the obligations resulting from the incentive plan as they are settled in cash. Such fair value is determined at the beginning and at the end of the fiscal year through the plan settlement date. To calculate the fair value, the Group uses the Black-Scholes valuation method. Changes in fair value are recorded as an expense during the vesting period and any changes in the fair value are recognized in salaries, wages and social security contributions within the statement of profit or loss and other comprehensive income and the related liability is recognized in non-current |
Stripping costs and quarry exploitation | 3.18. Stripping costs and quarry exploitation Following the guidelines established by IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine, stripping costs and initial preparation of open-pit In the ordinary course of business, the Company 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. 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 Company’s Management arrives at the conclusion 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. These costs are recognized as expenses in the period in which they are incurred. All capitalized stripping, exploration and evaluation costs are subject to impairment testing. In the case of determining a potential impairment indicator, the Company carries out an assessment of its recoverability together with the group of related operating assets, which represents the cash-generating unit to which exploration is attributed. |
Basis Of Preparation Of The C_3
Basis Of Preparation Of The Consolidated Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement [LineItems] | |
Summary of Significant Investments in Subsidiaries | The consolidated information disclosed in these consolidated financial statements includes the following subsidiaries: Subsidiary Main business Country % of direct and indirect interest as of December 31, December 31, December 31, 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 (1) Directly controlled by Cofesur S.A.U. |
Ferrosur Roca S.A. [member] | |
Statement [LineItems] | |
Summary of Financial Information of Subsidiaries with Material Non-controlling Interests | 2020 2019 Current assets 971,734 1,186,841 Non-current 1,588,289 3,023,738 Current liabilities 879,157 3,343,688 Non-current 324,795 425,681 Shareholders’ equity attributable to owners of the parent company 1,084,856 352,968 Non-controlling 271,215 88,242 2020 2019 2018 Revenues 3,595,634 4,964,258 5,418,884 Financial results, net 375,153 (857,072 ) (216,212 ) Depreciation (817,204 ) (841,090 ) (790,839 ) Income tax 95,305 80,489 308,611 Net losses for the year (*) (1,104,096 ) (1,106,732 ) (243,852 ) (*) As of December 31, 2020 and 2019, net losses include an income for elimination of intragroup transactions of 11,867 and 472,492, respectively. 2020 2019 2018 Net cash generated by / (used in) operating activities 240,521 402,908 (362,798 ) Net cash generated by / (used in) investing activities (412,998 ) 74,338 (567,231 ) Net cash generated by / (used in) financing activities (673,538 ) (786,408 ) 918,895 Effects of the exchange rate differences on cash and cash equivalents in foreign currency 841,997 (18,119 ) (6,177 ) |
Critical Accounting Judgments_2
Critical Accounting Judgments And Key Sources For Estimating Uncertainty (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 Fields 50 to 100 years Quarries - Stripping cost Based on estimated tons Buildings 5 to 50 years Machinery 8 to 35 years Furniture and fixtures 3 to 10 years Tools 5 years Software 5 years Transportation and load vehicles 4 to 32 years |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Disclosure of Net Revenues From Sales | 2020 2019 2018 Sale of products 56,254,241 50,633,488 50,727,051 - Domestic market 56,205,492 50,514,564 50,698,357 - External customers 48,749 118,924 28,694 Services rendered 2,043,557 2,940,185 3,144,616 (-) Bonuses / Discounts (16,674,543 ) (5,820,583 ) (2,633,513 ) Total 41,623,255 47,753,090 51,238,154 |
Cost of Sales (Tables)
Cost of Sales (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Disclosure of Cost of Sale | 2020 2019 2018 Inventories at the beginning of the year 8,630,817 8,540,744 7,308,076 Finished products 614,789 759,654 399,619 Products in progress 1,919,671 1,872,214 1,581,371 Raw materials, materials, fuel and spare parts 6,096,357 5,908,876 5,327,086 Purchases and production expenses for the year 28,043,498 34,796,232 39.626.083 Inventories at the end of the year (7,647,937 ) (8,630,817 ) (8,540,744 ) Finished products (471,045 ) (614,789 ) (759,654 ) Products in progress (899,962 ) (1,919,671 ) (1,872,214 ) Raw materials, materials, fuel and spare parts (6,276,930 ) (6,096,357 ) (5,908,876 ) Cost of sales 29,026,378 34,706,159 38,393,415 |
Disclosure of Expenses | The detail of the production costs is as follows: 2020 2019 2018 Fees and compensation for services 620,385 667,308 698,292 Salaries, wages and social security contributions (1) 5,094,794 6,515,359 6,920,023 Transport and traveling expenses 192,606 240,804 297,299 Data processing 13,033 24,472 33,555 Taxes, duties, contributions and commissions 582,460 613,604 616,704 Depreciation and amortization 3,619,223 3,539,130 3,827,616 Preservation and maintenance costs 2,705,465 3,286,911 3,923,728 Communications 35,714 38,540 36,381 Leases 28,809 69,294 91,445 Employee benefits 111,871 143,947 147,862 Water, natural gas and energy services 8,546 15,408 12,282 Freight 2,026,915 2,465,000 3,121,482 Thermal energy 3,211,117 5,775,549 6,437,351 Insurance 95,963 114,216 79,793 Packaging 1,414,832 1,353,610 1,387,384 Electric power 2,705,470 3,633,421 4,093,427 Contractors 1,901,636 2,729,942 3,024,927 Tolls 109,168 4,332 8,338 Canon (concession fee) 38,306 38,650 37,867 Security 192,702 205,408 243,766 Others 390,106 459,402 458,138 Total 25,099,121 31,934,307 35,497,660 (1) It includes, as of December 31, 2020, the Work and Production Assistance (“ATP”) received by Ferrosur Roca S.A., which amounted to approximately 95,879, as mentioned in Note 44. |
Selling and Administrative Ex_2
Selling and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Disclosure of selling, general and administrative expenses | 2020 2019 2018 Managers and directors compensation fees 291,783 322,889 214,045 Fees and compensation for services 289,061 233,633 265,237 Salaries, wages and social security contributions 856,672 1,113,590 1,114,213 Transport and traveling expenses 19,066 57,308 55,495 Data processing 62,906 77,745 71,146 Advertising expenses 77,411 82,957 84,397 Taxes, duties, contributions and commissions 877,682 996,575 1,150,756 Depreciation and amortization 285,158 230,486 132,122 Preservation and maintenance 11,154 17,182 16,530 Communications 30,074 35,568 34,764 Leases 12,288 21,340 88,673 Employee benefits 33,085 39,675 49,651 Water, natural gas and energy services 4,125 5,135 4,690 Freight 457,166 375,495 433,662 Insurance 75,536 58,400 55,603 Allowance for doubtful accounts 6,001 63,789 8140 Security 7,960 7,234 7,520 Others 57,513 66,214 78,853 Total 3,454,641 3,805,215 3,865,497 |
Other Gains And Losses (Tables)
Other Gains And Losses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Detailed Information About Other Income and Expenses Net | 2020 2019 2018 Gain on disposal of property, plant and equipment (40,692 ) 4,657 28,461 Donations (30,580 ) (34,918 ) (42,907 ) Technical services and assistance 7,221 15,319 9,000 Personal asset tax - Substitute responsible (3,999 ) (14,612 ) (12,382 ) Gain over tax credit assignment 8,855 9,578 4,468 Contingencies (30,333 ) (55,157 ) (15,767 ) Leases 129,653 121,329 64,868 Service fee from ADS Depositary bank 40,124 — 210,130 Collection of loss 56,430 — — Miscellaneous 10,506 15,024 (40.128 ) Total 147,185 61,220 205,743 |
Financial Results, Net (Tables)
Financial Results, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Net Financing Income/(Loss) | 2020 2019 2018 Exchange rate differences Profit from operations with securities (Note 42) 3,183,801 — — Foreign exchange gains 88,265 58,668 852,331 Foreign exchange losses (1,616,784 ) (1,683,998 ) (3,436,836 ) Total 1,655,282 (1,625,330 ) (2,584,505 ) Financial income Unwinding of discounts on provisions and liabilities 81,616 82,206 56,361 Total 81,616 82,206 56,361 Financial expenses Interest on borrowings (395,868 ) (1,212,585 ) (379,312 ) Interest from short-term investments (355,384 ) (66,383 ) (80,280 ) Tax interest (58,184 ) (230,455 ) (177,759 ) Interest on leases (49,998 ) (53,636 ) — Unwinding of discounts on receivables (237,913 ) (107,492 ) (66,355 ) Others (410,893 ) (372,117 ) (222,828 ) Total (1,508,240 ) (2,042,668 ) (926,534 ) |
Income Tax Expenses (Tables)
Income Tax Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Income Tax Expense | 2020 2019 2018 Profit before income tax expenses 8,517,078 6,685,136 5,645,547 Profit before income tax from discontinued operations 6,645,683 1,116,066 810,159 Accounting income before income tax 15,162,761 7,801,202 6,455,706 Income tax rate 30 % 30 % 30 % Income tax with statutory tax rate (4,548,828 ) (2,340,361 ) (1,936,712 ) Adjustments for calculation of the effective income tax: Effect of derecognition of Yguazú Cementos S.A. 642,649 223,213 162,032 Impairment of tax losses recognized in Ferrosur Roca S.A. (160,903 ) — — Effects of the fiscal revaluation and inflation adjustments for accounting and tax purposes 187,159 205,498 (610,103 ) Effect of change in tax rate 122,149 (383,166 ) (11,382 ) Other non-taxable non-deductible (22,868 ) (1,131 ) 25,530 Total income tax (3,780,642 ) (2,295,947 ) (2,370,635 ) Income tax Current (3,897,349 ) (1,502,032 ) (2,197,740 ) Deferred 116,707 (793,915 ) (172,895 ) Total (3,780,642 ) (2,295,947 ) (2,370,635 ) Income tax included in the statement of other comprehensive income (2,263,560 ) (2,200,136 ) (2,304,174 ) Income tax from discontinued operations (1,517,082 ) (95,811 ) (66,461 ) |
Summary of Deffered Income Tax | 2020 2019 2018 Assets Loss carryforward from subsidiary 143,235 365,995 285,526 Leases 24,684 56,287 — Provisions 54,081 126,957 32,842 Other receivables 29,311 — — Accounts Payable — 136,689 — Salaries and social security contributions 9,567 — — Other liabilities 22,668 — — Trade receivables 17,106 16,984 1,969 Others 6,250 10,501 10,648 Total deferred tax assets 306,902 713,413 330,985 2020 2019 2018 Liabilities Investments (23,383 ) (5,994 ) (2,115 ) Other receivables — (54,340 ) (44,733 ) Property, plant and equipment (5,353,939 ) (6,092,226 ) (6,275,493 ) Borrowings (2,978 ) (1,476 ) (3,797 ) Inventories (756,617 ) (808,974 ) (595,790 ) Other liabilities — (3,551 ) (11,278 ) Taxes payable (tax inflation adjustment) (1,445,822 ) (1,146,495 ) — Others (269 ) (14 ) (21,177 ) Total deferred tax liabilities (7,583,008 ) (8,113,070 ) (6,954,383 ) Total net deferred tax liabilities (7,276,106 ) (7,399,657 ) (6,623,398 ) |
Summary of Unrecognized Taxable Temporary Difference Associated with Investments | The detail of unrecognized temporary differences is as follows: 2020 2019 2018 Subsidiaries 88,996 (81,945 ) (283,360 ) Others (847 ) (839 ) (823 ) Total 88,149 (82,784 ) (284,183 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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: 2020 2019 2018 Profit attributable to the owners of the parent company used in the calculation of basic and diluted earnings per share - From continued operations 6,474,337 4,706,343 3,390,144 - Net for the year 11,351,024 5,226,692 3,769,442 Weighted average number of ordinary shares for the purposes of basic and diluted earnings per share (in thousands of shares) 596,026 596,026 596,026 Basic and diluted earnings per share - From continued operations (in pesos) 10.8625 7.8962 5.6879 - From continued and discontinued operations (in pesos) 19.0445 8.7692 6.3243 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Property, Plant and Equipment | 2020 2019 Cost 122,218,774 117,890,380 Accumulated depreciation (68,661,709 ) (64,115,739 ) Total 53,557,065 53,774,641 Lands 679,274 679,480 Plant and buildings 9,684,368 10,470,949 Machinery, equipment and spare parts 12,662,024 13,245,669 Transportation and load vehicles 1,266,586 2,259,053 Furniture and fixtures 51,669 62,418 Quarries 4,042,336 4,021,560 Tools 53,879 55,489 Construction in process 25,116,929 22,980,023 Total 53,557,065 53,774,641 Cost Lands Buildings Machinery, Transportation Furniture and fixtures Fields Tools Works in Total Balance as of January 1, 2019 653,798 31,283,859 37,967,461 7,890,511 2,264,064 10,626,324 380,056 6,981,868 98,047,941 Additions — — — — — — — 20,010,462 20,010,462 Disposal — — (134,723 ) (33,195 ) (105 ) — — — (168,023 ) Transfers 25,682 691,145 1,142,255 277,325 9,509 1,846,646 19,745 (4,012,307 ) — Balance as of December 31, 2019 679,480 31,975,004 38,974,993 8,134,641 2,273,468 12,472,970 399,801 22,980,023 117,890,380 Additions — — — — — — — 4,552,479 4,552,479 Disposal (206 ) (12,829 ) (42,700 ) (146,204 ) — (22,146 ) — — (224,085 ) Transfers — 630,125 575,099 246,239 27,803 915,582 20,725 (2,415,573 ) — Balance as of December 31, 2020 679,274 32,592,300 39,507,392 8,234,676 2,301,271 13,366,406 420,526 25,116,929 122,218,774 Accumulated depreciation Buildings Machinery, Transportation Furniture and Fields Tools Total Balance as of January 1, 2019 (20,634,172 ) (25,008,607 ) (5,348,290 ) (2,187,157 ) (7,144,573 ) (323,362 ) (60,646,161 ) Disposals — 90,777 32,132 28 — — 122,937 Depreciation (869,883 ) (811,494 ) (559,430 ) (23,921 ) (1,306,837 ) (20,950 ) (3,592,515 ) Balance as of December 31, 2019 (21,504,055 ) (25,729,324 ) (5,875,588 ) (2,211,050 ) (8,451,410 ) (344,312 ) (64,115,739 ) Impairment (526,553 ) (117,084 ) (282,889 ) (16,758 ) (1,954 ) (1,716 ) (946,954 ) Disposals 12,829 41,867 50,199 — 22,146 — 127,041 Depreciation charge (890,153 ) (1,040,827 ) (859,812 ) (21,794 ) (892,852 ) (20,619 ) (3,726,057 ) Balance as of December 31, 2020 (22,907,932 ) (26,845,368 ) (6,968,090 ) (2,249,602 ) (9,324,070 ) (366,647 ) (68,661,709 ) |
Right Of Use Assets And Lease_2
Right Of Use Assets And Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Right Of Use Asset And Lease Liability [Abstract] | |
Summary of effect of initial application of IFRS 16 | The evolution of right of use assets and lease liabilities as of December 31, 2020, as compared with December 31, 2019, is as follows: 2020 2019 Lease liabilities: As of the beginning of the year 601,532 622,131 Additions 4,655 40,686 Financial restatements 49,998 53,636 Foreign Exchange gain /(losses) 21,734 22,323 Payments (147,111 ) (137,244 ) As of the end of the year 530,808 601,532 Right of use assets: As of the beginning of the year 555,384 622,131 Additions 4,655 40,686 Depreciation (112,626 ) (107,433 ) As of the end of the year 447,413 555,384 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Schedule of Intangible Assets | 2020 2019 Software 192,333 171,467 Total 192,333 171,467 |
Summary of Changes in Intangible Assets | Cost: Software Concession Total Balance as of January 1, 2019 556,879 289,337 846,216 Additions 75,736 — 75,736 Transfers (*) — (289,337 ) (289,337 ) Balance as of December 31, 2019 632,615 — 632,615 Additions 86,564 — 86,564 Balance as of December 31, 2020 719,179 — 719,179 Accumulated depreciation: Software Concession Total Balance as of January 1, 2019 (391,478 ) — (391,478 ) Amortization (69,670 ) — (69,670 ) Balance as of December 31, 2019 (461,148 ) — (461,148 ) Amortization (65,698 ) — (65,698 ) Balance as of December 31, 2020 (526,846 ) — (526,846 ) |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Investments | 2020 2019 Non-Current Investments in other companies: - Cementos del Plata S.A. 3,481 3,481 - Yguazú Cementos S.A. (Note 42) — 6,017,953 Total 3,481 6,021,434 Current Short-term investments: - Mutual fund in pesos 2,366,695 1,267,841 - Fix-term 1,742,228 — - Short-term investments in foreign currency — 120,261 Total 4,108,923 1,388,102 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Goodwill | 2020 2019 Cost Recycomb S.A.U. 34,717 34,717 Total 34,717 34,717 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Inventories | 2020 2019 Non-Current Spare Parts 2,231,681 2,079,240 Allowance for obsolete inventories (75,527 ) (41,326 ) Total 2,156,154 2,037,914 Current Finished products 471,045 614,789 Production in progress 899,962 1,919,671 Raw materials, materials and spare parts 3,509,763 3,477,990 Fuels 611,013 580,453 Total 5,491,783 6,592,903 |
Parent Company, Other shareho_2
Parent Company, Other shareholders, Associates and Other Related Parties Balances and Tansactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Schedule of Outstanding Balances Between the Group and the Related Party Tansactions and Balances | The balances between the Group and related parties as of December 31, 2020 and 2019 are as follows: 2020 2019 Related parties: InterCement Brasil S.A. Accounts Payable (88,108 ) (77,661 ) InterCement Trading e Inversiones S.A. Other receivables 212,605 121,729 Accounts Payable (19,255 ) (17,000 ) InterCement Portugal S.A. Accounts Payable — (462,573 ) Caue Austria Holding GmbH Other receivables — 18,368 Intercement Participações S.A. Other receivables 46,034 8 Accounts Payable (179,178 ) — |
Summary of Balances of Related Party Transactions | The total of related party balances per item as of December 31, 2020 and 2019 is as follows: 2020 2019 Other receivables 258,639 140,105 Accounts Payable (286,541 ) (557,234 ) |
Disclosure of Transactions Between the Group and Parent Companies, Associates and Related Parties | The transactions between the Group and related parties during the fiscal years ended December 31, 2020, 2019 and 2018, respectively, are detailed as follows: 2020 2019 2018 InterCement Brasil S.A. – purchases of goods and services (131 ) (15,162 ) (162,993 ) InterCement Trading e Inversiones S.A. – services provided 47,147 110,628 100,334 InterCement Portugal S.A. – services received (228,921 ) (439,972 ) (480,832 ) Intercement Participações S.A. – services received (213,919 ) — — Intercement Participações S.A. – services provided 47,134 — — Sacopor S.A. – purchases of goods and services — — 551 InterCement Trading e Inversiones S.A. – purchases of goods and services — — (123,437 ) |
Other Recievables (Tables)
Other Recievables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Other Receivables | 2020 2019 Non-Current Advance to suppliers 310,317 504,741 Receivable for sale of interest in Yguazú Cementos S.A. (Note 42) 42,052 — Tax credits 38,323 52,494 Contributions to the Trust Fund to Strengthen the Inter-urban Railroad System (F.F.F.S.F.I.) 131,784 141,928 Prepaid expenses 81,681 64,121 Guarantee deposits 1,367 1,891 Miscellaneous 7,076 — Subtotal 612,600 765,175 Allowance for other doubtful accounts (131,784 ) — Total 480,816 765,175 Current Income tax credits — 325,466 Value added tax credits — 11,605 Turnover tax credits 115,602 83,326 Other tax credits — 343 Receivables for sale of interest in Yguazú Cementos S.A. (Note 42) 546,678 — Related party receivables (Note 19) 258,639 140,105 Prepaid expenses 181,784 87,666 Guarantee deposits 184 362 Reimbursements receivable 31,785 28,644 Advance payments to suppliers 23,232 36,126 Salaries advances and loans to employees 1,222 18,960 Receivables from sales of property, plant and equipment 27,983 11,375 Miscellaneous 30,081 20,636 Total 1,217,190 764,614 |
Trade Receivables (Tables)
Trade Receivables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Trade Accounts Receivables | 2020 2019 Accounts receivable 2,917,099 3,210,686 Accounts receivable in litigations 56,770 74,678 Notes receivable 16,756 8,700 Foreign customers 66,730 23,903 Subtotal 3,057,355 3,317,967 Allowance for doubtful accounts (67,965 ) (86,177 ) Total 2,989,390 3,231,790 |
Summary of Maturities of Accounts Receivable | The trade receivables disclosed in the preceding paragraphs include the amounts (see aging analysis below) which are overdue as of December 31, 2020 and 2019. Accounts receivable aging is as follows: 2020 2019 To expire 1,709,167 1,825,878 Past due: 0 to 30 days 703,764 1,077,750 31 to 60 days 50,045 121,859 61 to 90 days 16,310 57,242 More than 90 days 578,069 235,238 Total 3,057,355 3,317,967 |
Summary of Financial Assets That Are Either Past Due or Impaired | Aging of past due, but not impaired, accounts receivable is as follows: 2020 2019 Past due: 0 to 30 days 703,764 1,077,750 31 to 60 days 50,045 121,859 61 to 90 days 16,310 57,242 More than 90 days 510,104 149,061 Total 1,280,223 1,405,912 Average age of overdue balances (in days) 47 28 The average age of past due and impaired balances is as follows: 2020 2019 Past due: More than 90 days 67,965 86,177 Total 67,965 86,177 |
Summary of Changes in Allowance for Doubtful Accounts | Changes in the allowance for doubtful receivables were as follows: Balance as of January 1, 2019 41,461 Increases 63,789 Decreases (*) (19,073 ) Balance as of December 31, 2019 86,177 Increases 6,001 Decreases (*) (24,213 ) Balance as of December 31, 2020 67,965 (*) Includes allocation of provisions for specific purposes and inflation adjustment effect. |
Cash and Banks (Tables)
Cash and Banks (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Schedule of cash and banks | 2020 2019 In Pesos 252,445 381,692 In Dollars 13,103 4,596 In Reales 4 181 In Guaraníes — 69 In Euros 1,073 907 Total 266,625 387,445 |
Capital Stock and Other Relat_2
Capital Stock and Other Related Accounts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Disclosure of detailed information of capital stock and other capital related accounts | 2020 2019 Capital stock 59,603 59,603 Capital adjustment 4,745,549 4,745,549 Share premium 8,676,470 8,676,470 Merger premium 1,567,326 1,567,326 Total 15,048,948 15,048,948 The issued, paid-in Common stock with a face value of $ 0.10 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, 2020 | |
Text block [abstract] | |
Schedule of Accumulated Other Comprehensive Income | 2020 2019 Accrual for translation of operations in foreign operations Balance at the beginning of the year 449,558 574,859 Foreign exchange gain /(losses) due to translation of operations in foreign currencies (146,074 ) (125,301 ) Reclassification to foreign exchange gains /(losses) of items previously recognized in other comprehensive income (303,484 ) — Balance at the end of the year — 449,558 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Composition of Borrowings | Composition of borrowings 2020 2019 Borrowings - In foreign currency 6,409,334 8,187,386 - In local currency 31,506 4,350,467 Total 6,440,840 12,537,853 Non-current 1,869,583 5,566,955 Current borrowings 4,571,257 6,970,898 Total 6,440,840 12,537,853 |
Summary of detail information of loans | Detail of Borrowings 2020 2019 Re. Company Rate Last maturity Amount Amount Borrowings in foreign currency—USD Industrial and Commercial Bank of China (1 ) Loma Negra C.I.A.S.A. 6-Month Libor + 4.25% Mar-21 217,772 212,987 Industrial and Commercial Bank of China (1 ) Loma Negra C.I.A.S.A. 6-Month Apr-21 255,547 249,933 Industrial and Commercial Bank of China (1 ) Loma Negra C.I.A.S.A. 6-Month May-21 709,718 694,126 Industrial and Commercial Bank of China (1 ) Loma Negra C.I.A.S.A. 6-Month Jun-21 170,582 166,834 Industrial and Commercial Bank of China (1 ) Loma Negra C.I.A.S.A. 6-Month Jul-21 42,008 41,085 Industrial and Commercial Bank of China (1 ) Loma Negra C.I.A.S.A. 6-Month Aug-21 891,194 871,613 Industrial and Commercial Bank of China (1 ) Loma Negra C.I.A.S.A. 6-Month Sep-21 141,306 138,169 Industrial and Commercial Bank of China (1 ) Loma Negra C.I.A.S.A. 6-Month Oct-21 290,080 282,306 Industrial and Commercial Bank of China (1 ) Loma Negra C.I.A.S.A. 6-Month Nov-21 372,047 359,803 Industrial and Commercial Bank of China (1 ) Loma Negra C.I.A.S.A. 6-Month Dec-21 262,785 252,915 Industrial and Commercial Bank of China (1 ) Loma Negra C.I.A.S.A. 6-Month Jan-22 75,180 — Industrial and Commercial Bank of China (1 ) Loma Negra C.I.A.S.A. 6-Month Feb-22 39,362 — Industrial and Commercial Bank of China (2 ) Loma Negra C.I.A.S.A. 6-Month Libor Jan-22 600,115 — Industrial and Commercial Bank of China (2 ) Loma Negra C.I.A.S.A. 6-Month Jan-22 543,884 — Industrial and Commercial Bank of China (Dubai) (3 ) Loma Negra C.I.A.S.A. 3-Month Nov-23 656,390 2,141,700 Industrial and Commercial Bank of China (Dubai) (4 ) Loma Negra C.I.A.S.A. — — — 817,340 Banco Patagonia (5 ) Loma Negra C.I.A.S.A. — — — 124,381 HSBC Bank (9 ) Ferrosur Roca S.A. — — — 826,455 2020 2019 Re. Company Rate Last maturity Amount Amount Borrowings in foreign currency - EUR Banco Itaú S.A. (6 ) Loma Negra C.I.A.S.A. 4% Apr-21 139,540 123,207 Banco Itaú S.A. (6 ) Loma Negra C.I.A.S.A. 4% May-21 33,290 29,394 Banco Itaú S.A. (6 ) Loma Negra C.I.A.S.A. 4% Jun-21 176,877 156,164 Banco Itaú S.A. (6 ) Loma Negra C.I.A.S.A. 4% Jul-21 448,896 396,353 Banco Itaú S.A. (6 ) Loma Negra C.I.A.S.A. 4% Aug-21 39,690 35,045 Banco Itaú S.A. (6 ) Loma Negra C.I.A.S.A. 4% Sep-21 1,886 1,665 Banco Itaú S.A. (6 ) Loma Negra C.I.A.S.A. 4% Oct-21 301,185 265,911 Total borrowings in foreign currency 6,409,334 8,187,386 2020 2019 Re. Company Rate Last maturity Amount Amount Borrowings in local currency Banco Macro (7 ) Loma Negra C.I.A.S.A. — — — 1,371,826 Bank overdrafts (10 ) Ferrosur Roca S.A. 34% Jan-21 13,836 2,434,227 Bank overdrafts (8 ) Loma Negra C.I.A.S.A. 34% Jan-21 17,670 544,414 Total borrowings in local currency 31,506 4,350,467 Total 6,440,840 12,537,853 Industrial and Commercial Bank of China Industrial and Commercial Bank of China (1) In the course of 2019, 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 d (2) During this fiscal year Loma Negra entered into a new loan agreement with Industrial and Commercial Bank of China for USD 13,127,766, payable upon maturity in January 2022. The loan accrues interest at the corrected Libor rate plus 7.375%, payable monthly. (3) 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 (4) 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 were accrued at a variable nominal interest rate on the basis of the LIBO rate to be paid on a quarterly basis. This loan demanded satisfaction of the net debt / EBITDA ratio, which has been always satisfied. 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 817,340. This agreement was repaid as of December 31, 2020. Banco Patagonia (5) In the course of 2019, Loma Negra entered into several USD-denominated Banco Itaú (6) 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, 2020, the amount pending payment under this loan was 1,141,364. Banco Macro S.A. (7) 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. This agreement was repaid as of December 31, 2020. Bank overdrafts (8) As of December 31, 2020, the Company maintains banks overdrafts of 17,670, accruing an average interest rate of 34%. Ferrosur Roca S.A . HSBC Bank (9) 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 826,455. This agreement was repaid as of December 31, 2020. Bank overdrafts (10) As of December 31, 2020, Ferrosur Roca S.A. maintains banks overdrafts for 13,836, accruing an average interest rate of 34%. The opening of borrowings by company is detailed below: 2020 2019 Total of borrowings by company: - Loma Negra C.I.A.S.A. 6,427,004 9,277,171 - Ferrosur Roca S.A. 13,836 3,260,682 Total 6,440,840 12,537,853 |
Schedule of Movements of Loans | The movements of borrowings for the fiscal year ended December 31, 2020 are disclosed below: Balances as of January 1, 2020 12,537,853 New borrowings and financing 12,691,980 Accrued interest 1,136,649 Effects of foreign exchange rate variation 458,793 Interest payments (2,908,836 ) Principal payments (17,475,599 ) Balance as of December 31, 2020 6,440,840 |
Maturity Schedule of Long-term Borrowings | As of December 31, 2020, the long-term borrowings have the following maturity schedule: Fiscal year 2022 1,543,273 2023 326,310 Total 1,869,583 |
Accounts Payable (Tables)
Accounts Payable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Accounts Payable | 2020 2019 Non-Current Accounts payable for investments in property, plant and equipment 102,435 189,750 Total 102,435 189,750 Current Suppliers 3,202,358 2,505,011 Related parties (Note 19) 286,541 557,234 Accounts payable for investments in property, plant and equipment 1,061,380 7,318,903 Provisions for expenses 842,737 1,510,102 Total 5,393,016 11,891,250 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Other Provisions | 2020 2019 Labor and social security 100,076 118,602 Environmental restoration 290,096 533,434 Civil and other 97,294 106,907 Total 487,466 758,943 |
Summary of Changes in Provisions | Changes in provisio n Labor and Environmental Civil and other Total Balance as of January 1, 2019 100,125 389,788 122,949 612,862 Increases (*) 44,143 215,168 11,903 271,214 Decreases (**) (25,666 ) (71,522 ) (27,945 ) (125,133 ) Balance as of December 31, 2019 118,602 533,434 106,907 758,943 Increases / Recoveries (*) (***) (12,634 ) (219,577 ) 7,619 (224,592 ) Decreases (**) (5,892 ) (23,761 ) (17,232 ) (46,885 ) Balance as of December 31, 2020 100,076 290,096 97,294 487,466 (*) Includes the inflation adjustment effect. (**) Includes allocation of provisions for specific purposes. (***) The recovery of the environmental provision is connected to changes in the measurement of liabilities arising from the estimated restoration schedule and the discount rates used as of December 31, 2020, the effect of which has been deducted from the cost of the relevant assets. |
Taxes Liabilities (Tables)
Taxes Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments accounted for using equity method [abstract] | |
Summary of Taxes Liabilities | 2020 2019 Income tax 2,264,920 77,744 Value added tax 407,713 450,853 Turnover tax 101,834 87,278 Other taxes, withholdings and perceptions 109,592 83,254 Total 2,884,059 699,129 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Disclosure of Other Liabilities | 2020 2019 Non-Curren t Termination payment plans 111,772 70,097 Total 111,772 70,097 Current Termination payment plans 105,644 94,839 Dividends payable to minority shareholders 15,068 6,952 Others 15,949 11,649 Total 136,661 113,440 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Disclosure of Detailed Information About Cash and Cash Equivalents | 2020 2019 2018 Cash and banks (Note 22) 266,625 387,445 493,805 Short-term investments (Note 16) 4,108,923 1,388,102 4,387,840 Cash and cash equivalents 4,375,548 1,775,547 4,881,645 |
Non-Cash Transactions (Tables)
Non-Cash Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Non-Cash transactions | Below is a detail o f 2020 2019 2018 - Acquisition of financed property, plant and equipment 943,226 4,138,804 1,502,872 - Right of use assets and lease liabilities 4,655 664,724 — - Sale of interest in Yguazú Cementos S.A. 588,730 — — |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Segment Reporting | 2020 2019 2018 Revenues Cement, masonry cement and lime 33,127,520 24,006,607 16,282,614 Concrete 1,799,175 3,953,907 3,657,339 Rail services 3,088,837 2,981,609 2,136,182 Aggregates 356,863 498,112 334,207 Others 173,917 157,252 117,898 Segment-to-segment (2,287,266 ) (2,959,510 ) (2,325,008 ) Total 36,259,046 28,637,977 20,203,232 Reconciliation—effect from restatement in constant currency 5,364,209 19,115,113 31,034,922 Total 41,623,255 47,753,090 51,238,154 2020 2019 2018 Cost of sales Cement, masonry cement and lime 19,192,151 15,250,255 10,619,292 Concrete 2,291,800 3,761,272 3,421,581 Rail services 3,031,098 2,610,253 1,913,366 Aggregates 439,325 525,504 360,466 Others 114,556 102,866 67,057 Segment-to-segment (2,287,266 ) (2,959,510 ) (2,325,008 ) Total 22,781,664 19,290,640 14,056,754 Reconciliation—effect from restatement in constant currency 6,244,714 15,415,519 24,336,661 Total 29,026,378 34,706,159 38,393,415 2020 2019 2018 Selling, administrative and other expenses Cement, masonry cement and lime 2,380,026 1,770,540 1,084,763 Concrete 30,491 119,696 117,878 Rail services 168,615 181,658 149,810 Aggregates (1,247 ) (7,733 ) (4,173 ) Others 70,910 58,852 39,610 Total 2,648,795 2,123,013 1,387,888 Reconciliation - effect from restatement in constant currency 658,661 1,620,982 2,271,866 Total 3,307,456 3,743,995 3,659,754 2020 2019 2018 Depreciation and amortization Cement, masonry cement and lime 801,603 721,976 415,892 Concrete 188,627 61,987 32,222 Rail services 250,098 183,342 137,274 Aggregates 22,533 18,879 24,139 Others 4,426 270 2,669 Total 1,267,287 986,454 612,196 Reconciliation - effect from restatement in constant currency 2,608,023 2,668,868 3,115,845 Total 3,875,310 3,655,322 3,728,041 2020 2019 2018 Revenues less cost of sales, selling and administrative expenses, and other gains and losses Cement, masonry cement and lime 11,555,343 6,985,812 4,578,559 Concrete (523,116 ) 72,939 117,880 Rail services (110,876 ) 189,698 73,006 Aggregates (81,215 ) (19,659 ) (22,086 ) Others (11,549 ) (4,466 ) 11,231 Total 10,828,587 7,224,324 4,758,590 Reconciliation - Effect from restatement in constant currency (1,539,166 ) 2,078,612 4,426,395 Total 9,289,421 9,302,936 9,184,985 Reconciling items Tax on debits and credits to bank accounts (489,365 ) (549,783 ) (532,369 ) Income (loss) from interest in companies (403,791 ) — — Asset impairment - Rail Services (784,448 ) — — Asset impairment - Aggregates (162,506 ) — — Financial results (loss), net 1,067,767 (2,068,017 ) (3,007,069 ) Income tax (2,263,560 ) (2,200,136 ) (2,304,174 ) Net profit for the year from discontinued operations 5,128,601 1,020,255 743,697 Net profit for the year 11,382,119 5,505,255 4,085,070 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Net Debt to Equity Ratio | The net debt to equity ratio of the reporting fiscal years is as follows: 2020 2019 Debt (i) 6,440,840 12,537,853 Cash and cash equivalents 4,375,548 1,775,547 Net debt 2,065,292 10,762,306 Shareholders’ Equity (ii) 45,390,619 39,926,727 Net debt to equity ratio and shareholders’ equity 0.05 0.27 (i) Debt is defined as long and short-term borrowings (Note 25). (ii) Shareholders’ equity includes all of the Group’s reserves and capital stock, which are managed as capital stock. |
Summary of Financial Instruments | Categories of financial instruments |
Summary of Monetary Assets and Liabilities Denominated in Foreign Currency | |
Disclosure of Foreign Currency Sensitivity Analysis | |
Summary of Interest Rate Risk Management | |
Schedule of Contractual Maturity for Non-derivative Financial Liabilities with Agreed Repayment Periods | The contractual maturity is based on the earliest date on which the Group may be required to pay. |
Schedule of Financial Assets and Financial Liabilities are Measured at Fair Value on a Recurring Basis |
Sale Of Interest In Yguazu Ce_2
Sale Of Interest In Yguazu Cementos S.A.-Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Income Statement From Continuing and Discontinued Operations | The results of the discontinued operations, which have been included in the profit for the year, were as follows: 2020 2019 2018 Revenues 2,969,459 5,276,393 4,903,157 Operating costs and expenses (2,236,741 ) (3,766,185 ) (3,618,156 ) Financial results, net (159,589 ) (394,142 ) (474,842 ) Reclassification of foreign exchange gains /(losses) recognized in other comprehensive income 303,484 — — Gain on disposal of discontinued operations (*) 5,769,070 — — Profit (loss) before income tax 6,645,683 1,116,066 810,159 Income tax (1,517,082 ) (95,811 ) (66,461 ) Net profit for the year from discontinued operations 5,128,601 1,020,255 743,698 Net profit for the year from discontinued operations attributable to: Owners of the parent company 4,876,687 520,347 379,298 Non-controlling 251,914 499,908 364,399 Net profit for the year from discontinued operations per (basic and diluted) share attributable to: Owners of the parent company (in pesos) 8.1820 0.8730 0.6364 Non-controlling 0.4227 0.8387 0.6114 (*) It is the agreed price of the transaction, which amounted to 9,013,416, net of the derecognition of the equity value of the long term investment by 3,185,411 and the costs related to the sale for 58,935. |
Summary of Cash Flows From Continuing and Discontinued Operations | The information summarized in the statement of cash flows generated by the Yguazú Cementos S.A. transaction for the years ended December 31, 2020, 2019 and 2018 are as follows: 2020 2019 2018 Net cash generated by operating activities 837,590 1,511,718 1,576,277 Net cash used in investing activities (137,227 ) (48,890 ) (167,013 ) Net cash used in financing activities (2,573,229 ) (1,570,984 ) (660,367 ) Total funds used during the fiscal year for discontinued operations (1,872,865 ) (108,155 ) 748,897 |
Summary of Asset and Liabilities From Continuing and Discontinued Operations | The main assets and liabilities of Yguazú Cementos S.A. as of December 31, 2019 a 2019 Assets Property, plant and equipment 7,517,437 Inventories 875,908 Other assets 90,427 Trade receivables 518,002 Cash and banks 1,719,399 Total assets 10,721,173 Liabilities Borrowings 4,106,480 Accounts payable 448,327 Deferred tax liabilities 64,506 Other liabilities 83,906 Total liabilities 4,703,219 Shareholders’ equity attributable to owners of the parent company 3,069,256 Non-controlling 2,948,698 Total shareholders’ equity and liabilities 6,017,954 |
Legal Information - Additional
Legal Information - Additional Information (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020ARS ($)VoteFacilityPlant$ / sharesshares | Dec. 31, 1993 | Dec. 31, 2019ARS ($)shares | |
Disclosure of general information about financial statements [line items] | |||
Fiscal year | 96 years | ||
Number of factories | Facility | 9 | ||
Number of plants | Plant | 11 | ||
Name of ultimate parent company | InterCement Trading e Inversiones S.A. | ||
Capital | $ | $ 59,603 | $ 59,603 | |
Number of common shares issued | shares | 596,026,000 | 596,026,000 | |
Par value per share | $ / shares | $ 0.10 | ||
Number of votes per share | Vote | 1 | ||
Ferrosur Roca S.A. [member] | |||
Disclosure of general information about financial statements [line items] | |||
Concession extension period | 10 years | ||
Concession period | 30 years | ||
InterCement Trading e Inversiones S.A. [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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of subsidiaries [line items] | |||
Terms for deemed hyperinflation of functional currency | (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%. | ||
Variation of index used for restatement of financial statements | 36.14 | 53.83 | 47.64 |
Accumulated price index movements in the three years | 100.00% |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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% |
Basis Of Preparation Of The C_6
Basis Of Preparation Of The Consolidated Financial Statements - Summary of Financial Information on Ferrosur Roca S A (Detail) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of subsidiaries [line items] | |||
Current assets | $ 14,073,911 | $ 12,364,854 | |
Non-current assets | 56,871,979 | 63,360,732 | |
Current liabilities | 15,279,237 | 21,350,539 | |
Non-current liabilities | 10,276,034 | 14,448,320 | |
Equity attributable to owners of the company | 45,119,404 | 36,889,788 | |
Non-controlling interests | 271,215 | 3,036,939 | |
Revenues | 41,623,255 | 47,753,090 | $ 51,238,154 |
Financial results, net | 1,067,767 | (2,068,017) | (3,007,069) |
Income tax | 3,780,642 | 2,295,947 | 2,370,635 |
Loss for the year | 11,382,119 | 5,505,255 | 4,085,070 |
Net cash generated by / (used in) operating activities | 12,225,158 | 10,837,954 | 8,583,534 |
Net cash generated by / (used in) investing activities | (1,566,711) | (16,021,778) | (8,846,060) |
Net cash generated by / (used in) financing activities | (13,076,528) | 1,927,055 | (4,838,091) |
Effects of the exchange rate differences on cash and cash equivalents in foreign currency | 3,302,013 | 263,101 | 1,450,359 |
Ferrosur Roca S.A. [member] | |||
Disclosure of subsidiaries [line items] | |||
Current assets | 971,734 | 1,186,841 | |
Non-current assets | 1,588,289 | 3,023,738 | |
Current liabilities | 879,157 | 3,343,688 | |
Non-current liabilities | 324,795 | 425,681 | |
Equity attributable to owners of the company | 1,084,856 | 352,968 | |
Non-controlling interests | 271,215 | 88,242 | |
Revenues | 3,595,634 | 4,964,258 | 5,418,884 |
Financial results, net | 375,153 | (857,072) | (216,212) |
Depreciations | (817,204) | (841,090) | (790,839) |
Income tax | 95,305 | 80,489 | 308,611 |
Loss for the year | (1,104,096) | (1,106,732) | (243,852) |
Net cash generated by / (used in) operating activities | 240,521 | 402,908 | (362,798) |
Net cash generated by / (used in) investing activities | (412,998) | 74,338 | (567,231) |
Net cash generated by / (used in) financing activities | (673,538) | (786,408) | 918,895 |
Effects of the exchange rate differences on cash and cash equivalents in foreign currency | $ 841,997 | $ (18,119) | $ (6,177) |
Basis Of Preparation Of The C_7
Basis Of Preparation Of The Consolidated Financial Statements - Summary of Financial Information on Ferrosur Roca S A (Parenthetical) (Detail) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Ferrosur Roca SA [member] | Intragroup [Member] | ||
Disclosure of subsidiaries [line items] | ||
Intergroup transactions with related party | $ 11,867 | $ 472,492 |
Summary Of Main Accounting Po_2
Summary Of Main Accounting Policies - Additional Information (Detail) - ARS ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of significant accounting policies [line items] | ||||
Goodwill impairment loss | $ 0 | $ 0 | $ 0 | |
Applicable tax rate | 30.00% | 30.00% | 30.00% | |
Personal assets tax rate | 0.25% | |||
Receivables | $ 38,856,000 | $ 18,368,000 | ||
Legal reserve allowed proportion of subscribed capital adjustment | 20.00% | |||
Recycomb S.A.U. [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Goodwill impairment loss | $ 34,717,000 | |||
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 | 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 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 | |||
Ferrosur Roca S.A. [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Proportion of ownership interest in subsidiary | 80.00% | 80.00% | 80.00% | |
Non-controlling Interest [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 Interest [member] | Yguazu Cementos S.A. [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Proportion of ownership interest in subsidiary | (49.00%) | (49.00%) | ||
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% |
Critical Accounting Judgments_3
Critical Accounting Judgments And Key Sources For Estimating Uncertainty - Additional Information (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Reconciliation of changes in goodwill [abstract] | ||
Goodwill impairment loss | $ 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, 2020 | |
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 | Based on estimated tons |
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] | Fields [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 |
Bottom of Range [member] | 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] | Machinery [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 |
Bottom of Range [member] | Furniture and fixtures [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | 3 years |
Bottom of Range [member] | Transport and load vehicles [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | 4 years |
Top of range [member] | Fields [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] | Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | 50 years |
Top of range [member] | Machinery [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 |
Top of range [member] | Furniture and fixtures [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | 10 years |
Top of range [member] | Transport and load vehicles [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | 32 years |
Revenues - Disclosure of Net Re
Revenues - Disclosure of Net Revenues From Sales (Detail) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue [abstract] | |||
Sale of products | $ 56,254,241 | $ 50,633,488 | $ 50,727,051 |
- Domestic market | 56,205,492 | 50,514,564 | 50,698,357 |
- External customers | 48,749 | 118,924 | 28,694 |
Services rendered | 2,043,557 | 2,940,185 | 3,144,616 |
(-) Bonuses / Discounts | (16,674,543) | (5,820,583) | (2,633,513) |
Total | $ 41,623,255 | $ 47,753,090 | $ 51,238,154 |
Cost of Sales - Disclosure of C
Cost of Sales - Disclosure of Cost of Sale (Detail) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of cost of sales [line items] | |||
Inventories at the beginning of the year | $ 8,630,817 | $ 8,540,744 | $ 7,308,076 |
Finished products | 614,789 | 759,654 | 399,619 |
Products in progress | 1,919,671 | 1,872,214 | 1,581,371 |
Raw materials, materials, fuel and spare parts | 6,096,357 | 5,908,876 | 5,327,086 |
Purchases and production expenses for the year | 28,043,498 | 34,796,232 | 39,626,083 |
Inventories at the end of the year | (7,647,937) | (8,630,817) | (8,540,744) |
Cost of sales | 29,026,378 | 34,706,159 | 38,393,415 |
Cost of sales [member] | |||
Disclosure of cost of sales [line items] | |||
Finished products | (471,045) | (614,789) | (759,654) |
Products in progress | (899,962) | (1,919,671) | (1,872,214) |
Raw materials, materials, fuel and spare parts | (6,276,930) | (6,096,357) | (5,908,876) |
Cost of sales | $ 29,026,378 | $ 34,706,159 | $ 38,393,415 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of expenses by nature [line items] | |||
Fees and compensation for services | $ 620,385 | $ 667,308 | $ 698,292 |
Salaries, wages and social security contributions | 5,094,794 | 6,515,359 | 6,920,023 |
Transport and traveling expenses | 192,606 | 240,804 | 297,299 |
Data processing | 13,033 | 24,472 | 33,555 |
Taxes, duties, contributions and commissions | 582,460 | 613,604 | 616,704 |
Depreciation and amortization | 3,619,223 | 3,539,130 | 3,827,616 |
Preservation and maintenance costs | 2,705,465 | 3,286,911 | 3,923,728 |
Communications | 35,714 | 38,540 | 36,381 |
Leases | 28,809 | 69,294 | 91,445 |
Employee benefits | 111,871 | 143,947 | 147,862 |
Water, natural gas and energy services | 8,546 | 15,408 | 12,282 |
Freight | 2,026,915 | 2,465,000 | 3,121,482 |
Thermal energy | 3,211,117 | 5,775,549 | 6,437,351 |
Insurance | 95,963 | 114,216 | 79,793 |
Packaging | 1,414,832 | 1,353,610 | 1,387,384 |
Electric power | 2,705,470 | 3,633,421 | 4,093,427 |
Contractors | 1,901,636 | 2,729,942 | 3,024,927 |
Tolls | 109,168 | 4,332 | 8,338 |
Canon (concession fee) | 38,306 | 38,650 | 37,867 |
Security | 192,702 | 205,408 | 243,766 |
Others | 390,106 | 459,402 | 458,138 |
Total | $ 25,099,121 | $ 31,934,307 | $ 35,497,660 |
Cost of Sales - Disclosure of_2
Cost of Sales - Disclosure of Production Expenses (Parenthetical) (Detail) $ in Thousands | Dec. 31, 2020ARS ($) |
Ferrosur Roca S.A. [member] | |
Disclosure of expenses by nature [line items] | |
Work and production assistance | $ 95,879 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of selling and administrative expenses [line items] | |||
Total | $ 3,454,641 | $ 3,805,215 | $ 3,865,497 |
Selling and administrative expenses [member] | |||
Disclosure of selling and administrative expenses [line items] | |||
Managers and directors compensation fees | 291,783 | 322,889 | 214,045 |
Fees and compensation for services | 289,061 | 233,633 | 265,237 |
Salaries, wages and social security contributions | 856,672 | 1,113,590 | 1,114,213 |
Transport and traveling expenses | 19,066 | 57,308 | 55,495 |
Data processing | 62,906 | 77,745 | 71,146 |
Advertising expenses | 77,411 | 82,957 | 84,397 |
Taxes, duties, contributions and commissions | 877,682 | 996,575 | 1,150,756 |
Depreciation and amortizations | 285,158 | 230,486 | 132,122 |
Preservation and maintenance | 11,154 | 17,182 | 16,530 |
Communications | 30,074 | 35,568 | 34,764 |
Leases | 12,288 | 21,340 | 88,673 |
Employee benefits | 33,085 | 39,675 | 49,651 |
Water, natural gas and energy services | 4,125 | 5,135 | 4,690 |
Freight | 457,166 | 375,495 | 433,662 |
Insurance | 75,536 | 58,400 | 55,603 |
Allowance for doubtful accounts | 6,001 | 63,789 | 8,140 |
Security | 7,960 | 7,234 | 7,520 |
Others | 57,513 | 66,214 | 78,853 |
Total | $ 3,454,641 | $ 3,805,215 | $ 3,865,497 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Analysis of income and expense [abstract] | |||
Gain on disposal of property, plant and equipment | $ (40,692) | $ 4,657 | $ 28,461 |
Donations | (30,580) | (34,918) | (42,907) |
Technical services and assistance | 7,221 | 15,319 | 9,000 |
Personal asset tax - Substitute responsible | (3,999) | (14,612) | (12,382) |
Gain over tax credit assignment | 8,855 | 9,578 | 4,468 |
Contingencies | (30,333) | (55,157) | (15,767) |
Leases | 129,653 | 121,329 | 64,868 |
Service fee from ADS Depositary bank | 40,124 | 210,130 | |
Collection of loss | 56,430 | ||
Miscellaneous | 10,506 | 15,024 | (40,128) |
Total | $ 147,185 | $ 61,220 | $ 205,743 |
Tax on Debits And Credits to _2
Tax on Debits And Credits to Bank Accounts - Additional Information (Detail) | 12 Months Ended | 20 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | |
Statement [LineItems] | ||||
General tax rate for credits and debits | 0.60% | 0.60% | 0.60% | |
Percentage of other taxes applied on amounts credited and debited as payment | 33.00% | |||
Percentage of credits included in profit or loss and comprehensive income | 67.00% | |||
Percentage of debits included in profit or loss and comprehensive income | 67.00% | |||
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, Net - Summar
Financial Results, Net - Summary of Net Financing Income/(Loss) (Detail) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Exchange rate differences | |||
Profit from operations with securities | $ 3,183,801 | ||
Foreign exchange gains | 88,265 | $ 58,668 | $ 852,331 |
Foreign exchange losses | (1,616,784) | (1,683,998) | (3,436,836) |
Total | 1,655,282 | (1,625,330) | (2,584,505) |
Financial income | |||
Unwinding of discounts on provisions and liabilities | 81,616 | 82,206 | 56,361 |
Total | 81,616 | 82,206 | 56,361 |
Financial expenses | |||
Interest on borrowings | (395,868) | (1,212,585) | (379,312) |
Interest from short-term investments | (403,791) | 0 | 0 |
Tax interest | (58,184) | (230,455) | (177,759) |
Interest on leases | (49,998) | (53,636) | |
Unwinding of discounts on receivables | (237,913) | (107,492) | (66,355) |
Others | (410,893) | (372,117) | (222,828) |
Total | $ (1,508,240) | $ (2,042,668) | $ (926,534) |
Income Tax Expenses - Summary o
Income Tax Expenses - Summary of Income Tax Expense (Detail) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Major components of tax expense (income) [abstract] | |||
Profit before income tax | $ 8,517,078 | $ 6,685,136 | $ 5,645,547 |
Profit before income tax from discontinued operations | 6,645,683 | 1,116,066 | 810,159 |
Accounting income before income tax | $ 15,162,761 | $ 7,801,202 | $ 6,455,706 |
Income tax rate | 30.00% | 30.00% | 30.00% |
Income tax with statutory tax rate | $ (4,548,828) | $ (2,340,361) | $ (1,936,712) |
Adjustments for calculation of the effective income tax: | |||
Effect of derecognition of Yguazú Cementos S.A. | 642,649 | 223,213 | 162,032 |
Impairment of tax losses recognized in Ferrosur Roca S.A. | (160,903) | ||
Effects of the fiscal revaluation and inflation adjustments for accounting and tax purposes | 187,159 | 205,498 | (610,103) |
Effect of change in tax rate | 122,149 | (383,166) | (11,382) |
Other non-taxable income or non-deductible expense, net | (22,868) | (1,131) | 25,530 |
Total Income tax | (3,780,642) | (2,295,947) | (2,370,635) |
Income tax | |||
Current | (3,897,349) | (1,502,032) | (2,197,740) |
Deferred | 116,707 | (793,915) | (172,895) |
Total Income tax | (3,780,642) | (2,295,947) | (2,370,635) |
Income tax included in the statement of other comprehensive income | (2,263,560) | (2,200,136) | (2,304,174) |
Income tax from discontinued operations | $ (1,517,082) | $ (95,811) | $ (66,461) |
Income Tax Expenses - Summary_2
Income Tax Expenses - Summary of Deferred Income Tax (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | $ 306,902 | $ 713,413 | $ 330,985 |
Deferred tax liabilities | (7,583,008) | (8,113,070) | (6,954,383) |
Total | (7,276,106) | (7,399,657) | (6,623,398) |
Loss carryforward from subsidiary [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 143,235 | 365,995 | 285,526 |
Leases [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 24,684 | 56,287 | |
Provisions [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 54,081 | 126,957 | 32,842 |
Investments [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | (23,383) | (5,994) | (2,115) |
Other receivables [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 29,311 | ||
Deferred tax liabilities | (54,340) | (44,733) | |
Property, plant and equipment [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | (5,353,939) | (6,092,226) | (6,275,493) |
Borrowings [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | (2,978) | (1,476) | (3,797) |
Inventories [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | (756,617) | (808,974) | (595,790) |
Other Liabilities [members] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 22,668 | ||
Deferred tax liabilities | (3,551) | (11,278) | |
Taxes payable [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | (1,445,822) | (1,146,495) | |
Accounts payable [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 136,689 | ||
Salaries and social security contributions [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 9,567 | ||
Trade receivables [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 17,106 | 16,984 | 1,969 |
Other [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | (269) | (14) | (21,177) |
Others [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | $ 6,250 | $ 10,501 | $ 10,648 |
Income Tax Expenses - Summary_3
Income Tax Expenses - Summary of Unrecognized Taxable Temporary Difference Associated with Investments (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total | $ 88,149 | $ (82,784) | $ (284,183) |
Subsidiaries [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total | 88,996 | (81,945) | (283,360) |
Other [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total | $ (847) | $ (839) | $ (823) |
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) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020ARS ($)$ / sharesshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019ARS ($)$ / sharesshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018ARS ($)$ / sharesshares | Dec. 31, 2018USD ($)shares | |
Earnings per share [abstract] | ||||||
Profit attributable to the owners of the parent company used in the calculation of basic and diluted earnings per share | $ 11,351,024 | $ 5,226,692 | $ 3,769,442 | |||
- From continued operations | $ | 6,253,518 | 4,485,000 | 3,341,373 | |||
- Net for the year | $ 11,351,024 | $ 5,226,692 | $ 3,769,442 | |||
Weighted average number of ordinary shares for the purposes of basic and diluted earnings per share | shares | 596,026 | 596,026 | 596,026 | 596,026 | 596,026 | 596,026 |
- From continued operations (in pesos) | $ 10.8625 | $ 7.8962 | $ 5.6879 | |||
- From continued and discontinued operations (in pesos) | $ 19.0445 | $ 8.7692 | $ 6.3243 |
Earnings Per Share - Summary _2
Earnings Per Share - Summary of Earnings and Weighted Average Number of Ordinary Shares used in Calculation of Basic Earnings per Share (Parenthetical) (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings per share [abstract] | |||
Weighted average number of outstanding shares | 596,026 | 596,026 | 596,026 |
Property of Plant and Equipment
Property of Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | $ 53,557,065 | $ 53,774,641 | |
Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 122,218,774 | 117,890,380 | $ 98,047,941 |
Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | (68,661,709) | (64,115,739) | (60,646,161) |
Lands [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 679,274 | 679,480 | |
Lands [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 679,274 | 679,480 | 653,798 |
Plant and buildings [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 9,684,368 | 10,470,949 | |
Machinery, equipment and spare parts [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 12,662,024 | 13,245,669 | |
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 | 39,507,392 | 38,974,993 | 37,967,461 |
Machinery, equipment and spare parts [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | (26,845,368) | (25,729,324) | (25,008,607) |
Transportation and load vehicles [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 1,266,586 | 2,259,053 | |
Transportation and load vehicles [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 8,234,676 | 8,134,641 | 7,890,511 |
Transportation and load vehicles [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | (6,968,090) | (5,875,588) | (5,348,290) |
Furniture and fixtures [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 51,669 | 62,418 | |
Furniture and fixtures [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 2,301,271 | 2,273,468 | 2,264,064 |
Furniture and fixtures [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | (2,249,602) | (2,211,050) | (2,187,157) |
Quarries [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 4,042,336 | 4,021,560 | |
Tools [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 53,879 | 55,489 | |
Tools [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 420,526 | 399,801 | 380,056 |
Tools [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | (366,647) | (344,312) | (323,362) |
Construction in process [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 25,116,929 | 22,980,023 | |
Construction in process [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | $ 25,116,929 | $ 22,980,023 | $ 6,981,868 |
Property of Plant and Equipme_2
Property of Plant and Equipment - Additional Information (Detail) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | $ 53,557,065 | $ 53,774,641 |
Interest and exchange rate differences capitalized | $ 794,591 | |
Interest and exchange rate differences capitalized | % | 7.00% | |
Impairment loss, property plant and equipment | $ 946,954 | |
Cement masonry cement and lime cash generating unit [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rate, cash flow projections | 13.40% | |
Concrete cash generating unit [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rate, cash flow projections | 13.40% | |
Aggregates cash generating units [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rate, cash flow projections | 13.40% | |
Impairment loss, cash generating unit | $ 162,506 | |
Rail services cash generating unit [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rate, cash flow projections | 14.40% | |
Impairment loss, cash generating unit | $ 784,448 | |
Cement plant works in progress [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | $ 23,779,437 |
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, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | $ 53,774,641 | |
Impairment | 946,954 | |
Ending balance | 53,557,065 | $ 53,774,641 |
Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 117,890,380 | 98,047,941 |
Additions | 4,552,479 | 20,010,462 |
Disposal | (224,085) | (168,023) |
Ending balance | 122,218,774 | 117,890,380 |
Accumulated depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (64,115,739) | (60,646,161) |
Impairment | (946,954) | |
Disposal | 127,041 | 122,937 |
Depreciation charge | (3,726,057) | (3,592,515) |
Ending balance | (68,661,709) | (64,115,739) |
Land [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 679,480 | |
Ending balance | 679,274 | 679,480 |
Land [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 679,480 | 653,798 |
Disposal | (206) | |
Transfers | 25,682 | |
Ending balance | 679,274 | 679,480 |
Buildings [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 31,975,004 | 31,283,859 |
Disposal | (12,829) | |
Transfers | 630,125 | 691,145 |
Ending balance | 32,592,300 | 31,975,004 |
Buildings [member] | Accumulated depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (21,504,055) | (20,634,172) |
Impairment | (526,553) | |
Disposal | 12,829 | |
Depreciation charge | (890,153) | (869,883) |
Ending balance | (22,907,932) | (21,504,055) |
Machinery, equipment and spare parts [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 13,245,669 | |
Ending balance | 12,662,024 | 13,245,669 |
Machinery, equipment and spare parts [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 38,974,993 | 37,967,461 |
Disposal | (42,700) | (134,723) |
Transfers | 575,099 | 1,142,255 |
Ending balance | 39,507,392 | 38,974,993 |
Machinery, equipment and spare parts [member] | Accumulated depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (25,729,324) | (25,008,607) |
Impairment | (117,084) | |
Disposal | 41,867 | 90,777 |
Depreciation charge | (1,040,827) | (811,494) |
Ending balance | (26,845,368) | (25,729,324) |
Furniture and fixtures [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 62,418 | |
Ending balance | 51,669 | 62,418 |
Furniture and fixtures [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 2,273,468 | 2,264,064 |
Disposal | (105) | |
Transfers | 27,803 | 9,509 |
Ending balance | 2,301,271 | 2,273,468 |
Furniture and fixtures [member] | Accumulated depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (2,211,050) | (2,187,157) |
Impairment | (16,758) | |
Disposal | 28 | |
Depreciation charge | (21,794) | (23,921) |
Ending balance | (2,249,602) | (2,211,050) |
Fields [Member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 12,472,970 | 10,626,324 |
Disposal | (22,146) | |
Transfers | 915,582 | 1,846,646 |
Ending balance | 13,366,406 | 12,472,970 |
Fields [Member] | Accumulated depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (8,451,410) | (7,144,573) |
Impairment | (1,954) | |
Disposal | 22,146 | |
Depreciation charge | (892,852) | (1,306,837) |
Ending balance | (9,324,070) | (8,451,410) |
Tools [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 55,489 | |
Ending balance | 53,879 | 55,489 |
Tools [Member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 399,801 | 380,056 |
Transfers | 20,725 | 19,745 |
Ending balance | 420,526 | 399,801 |
Tools [Member] | Accumulated depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (344,312) | (323,362) |
Impairment | (1,716) | |
Depreciation charge | (20,619) | (20,950) |
Ending balance | (366,647) | (344,312) |
Construction in process [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 22,980,023 | |
Ending balance | 25,116,929 | 22,980,023 |
Construction in process [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 22,980,023 | 6,981,868 |
Additions | 4,552,479 | 20,010,462 |
Transfers | (2,415,573) | (4,012,307) |
Ending balance | 25,116,929 | 22,980,023 |
Transport and Load Vehicles [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 2,259,053 | |
Ending balance | 1,266,586 | 2,259,053 |
Transport and Load Vehicles [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 8,134,641 | 7,890,511 |
Disposal | (146,204) | (33,195) |
Transfers | 246,239 | 277,325 |
Ending balance | 8,234,676 | 8,134,641 |
Transport and Load Vehicles [member] | Accumulated depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (5,875,588) | (5,348,290) |
Impairment | (282,889) | |
Disposal | 50,199 | 32,132 |
Depreciation charge | (859,812) | (559,430) |
Ending balance | $ (6,968,090) | $ (5,875,588) |
Right Of Use Assets And Lease_3
Right Of Use Assets And Lease Liabilities - Summary of effect of initial application of IFRS 16 (Detail) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Right of use assets: | ||
As of the beginning of the year | $ 555,384 | |
As of the end of the year | 447,413 | $ 555,384 |
IFRS 16 [member] | ||
Lease liabilities: | ||
As of the beginning of the year | 601,532 | 622,131 |
Additions | 4,655 | 40,686 |
Financial restatements | 49,998 | 53,636 |
Foreign Exchange gain /(losses) | 21,734 | 22,323 |
Payments | (147,111) | (137,244) |
As of the end of the year | 530,808 | 601,532 |
Right of use assets: | ||
As of the beginning of the year | 555,384 | 622,131 |
Additions | 4,655 | 40,686 |
Depreciation | (112,626) | (107,433) |
As of the end of the year | $ 447,413 | $ 555,384 |
Right Of Use Assets And Lease_4
Right Of Use Assets And Lease Liabilities - Additional Information (Detail) | Dec. 31, 2020 |
Local currency [member] | |
Discolsure Of Right Of Use Asset And Lease Liability [Line Items] | |
Average incremental rates | 49.10% |
Foreign currency [member] | |
Discolsure Of Right Of Use Asset And Lease Liability [Line Items] | |
Average incremental rates | 10.80% |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | $ 192,333 | $ 171,467 |
Software [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | $ 192,333 | $ 171,467 |
Intangible Assets - Summary of
Intangible Assets - Summary of Changes in Intangible Assets (Detail) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | $ 171,467 | |
Ending balance | 192,333 | $ 171,467 |
Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 632,615 | 846,216 |
Increases | 86,564 | 75,736 |
Transfers | (289,337) | |
Ending balance | 719,179 | 632,615 |
Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | (461,148) | (391,478) |
Amortization | (65,698) | (69,670) |
Ending balance | (526,846) | (461,148) |
Software [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 171,467 | |
Ending balance | 192,333 | 171,467 |
Software [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 632,615 | 556,879 |
Increases | 86,564 | 75,736 |
Ending balance | 719,179 | 632,615 |
Software [member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | (461,148) | (391,478) |
Amortization | (65,698) | (69,670) |
Ending balance | $ (526,846) | (461,148) |
Mining exploitation rights | Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 289,337 | |
Transfers | $ (289,337) |
Investments - Summary of Invest
Investments - Summary of Investments (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Non-current | |||
Total | $ 3,481 | $ 6,021,434 | |
Short-term investments | 4,108,923 | 1,388,102 | $ 4,387,840 |
Total | 4,108,923 | 1,388,102 | |
Cementos del Plata S.A. [member] | |||
Non-current | |||
Investments in other companies | 3,481 | 3,481 | |
Yguazu Cementos S.A. [member] | |||
Non-current | |||
Investments in other companies | 6,017,953 | ||
Mutual funds in pesos [member] | |||
Non-current | |||
Short-term investments | 2,366,695 | 1,267,841 | |
Fix term deposits in Pesos [Member] | |||
Non-current | |||
Short-term investments | $ 1,742,228 | ||
Short-term investments in foreign currency [member] | |||
Non-current | |||
Short-term investments | $ 120,261 |
Investments - Additional Inform
Investments - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
In US Dollars [member] | ||
Disclosure of detailed information about investment property [line items] | ||
Accrued interest annual nominal rate | 0.60% | |
In Argentina Pesos [member] | ||
Disclosure of detailed information about investment property [line items] | ||
Accrued interest annual nominal rate | 31.05% | 56.80% |
Goodwill - Summary of Goodwill
Goodwill - Summary of Goodwill (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of information for cash-generating units [line items] | ||
Total | $ 34,717 | $ 34,717 |
Recycomb S.A.U. [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Total | $ 34,717 | $ 34,717 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Classes of current inventories [abstract] | ||
Spare parts | $ 2,231,681 | $ 2,079,240 |
Allowance for obsolete inventories | (75,527) | (41,326) |
Total | 2,156,154 | 2,037,914 |
Finished products | 471,045 | 614,789 |
Production in progress | 899,962 | 1,919,671 |
Raw materials, materials and spare parts | 3,509,763 | 3,477,990 |
Fuels | 611,013 | 580,453 |
Total | $ 5,491,783 | $ 6,592,903 |
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 Related Party Tansactions and Balances (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of transactions between related parties [line items] | ||
Other receivables | $ 258,639 | $ 140,105 |
Accounts payable | (286,541) | (557,234) |
InterCement Brasil S.A. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable | (88,108) | (77,661) |
InterCement Trading e Inversiones S.A. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Other receivables | 212,605 | 121,729 |
Accounts payable | (19,255) | (17,000) |
InterCement Portugal, S.A. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable | (462,573) | |
Caue Austria Holding GmbH [member] | ||
Disclosure of transactions between related parties [line items] | ||
Other receivables | 18,368 | |
Intercement Participações S.A.[member] | ||
Disclosure of transactions between related parties [line items] | ||
Other receivables | 46,034 | $ 8 |
Accounts payable | $ (179,178) |
Parent Company, Other shareho_4
Parent Company, Other shareholders, Associates and Other Related Parties Balances and Tansactions - Summary of Balances of Related Party Transactions (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Outstanding balances for related party transactions [abstract] | ||
Other receivables | $ 258,639 | $ 140,105 |
Accounts payable | $ (286,541) | $ (557,234) |
Parent Company, Other shareho_5
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
InterCement Brasil S.A. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Purchase of Goods and Services | $ (131) | $ (15,162) | $ (162,993) |
InterCement Portugal, S.A. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Purchase of Goods and Services | (228,921) | (439,972) | (480,832) |
InterCement Trading e Inversiones S.A. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Purchase of Goods and Services | (123,437) | ||
Services provided | 47,147 | $ 110,628 | 100,334 |
Sacopor S.A. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Purchase of Goods and Services | $ 551 | ||
Intercement Participações S.A.[member] | |||
Disclosure of transactions between related parties [line items] | |||
Purchase of Goods and Services | (213,919) | ||
Services provided | $ 47,134 |
Parent Company, Other shareho_6
Parent Company, Other shareholders, Associates and Other Related Parties Balances and Tansactions - Additional Information (Detail) - ARS ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of transactions between related parties [line items] | ||||
Provision for guarantees granted or recevied over outstanding balances | $ 0 | |||
Key Management fees | 214,173 | $ 268,369 | $ 165,209 | |
Key management personnel compensation, other long-term employee benefits | 22,490 | 20,448 | ||
Loss from Interest in Companies | (403,791) | $ 0 | $ 0 | |
Dividends Paid | $ 2,671,850 | |||
Expense recognised during period for Bad or doubtful debts fro related party transactions | 0 | |||
Common Class A and Class B [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Loss from Interest in Companies | 403,791 | |||
Ferrosur Roca S.A. [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Capital Contributions | $ 2,018,956 | |||
Cofesur S.A.U [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Percentage of Capital Commitments | 100.00% | |||
Percentage of Capital Commitments But Subscribed Only Maximum Limit of Issued Shares | 80.00% |
Other Receivables - Summary of
Other Receivables - Summary of Other Receivables (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Non-current | ||
Advance to suppliers | $ 310,317 | $ 504,741 |
Receivables for sale of interest in Yguazú Cementos S.A. | 42,052 | |
Tax credits | 38,323 | 52,494 |
Contributions to the Trust Fund to Strengthen the Inter-urban Railroad System (F.F.F.S.F.I.) | 131,784 | 141,928 |
Prepaid expenses | 81,681 | 64,121 |
Guarantee deposits | 1,367 | 1,891 |
Miscellaneous | 7,076 | |
Subtotal | 480,816 | 765,175 |
Allowance for other doubtful accounts | (131,784) | |
Total | 480,816 | 765,175 |
Current | ||
Income tax credits | 0 | 325,466 |
Value added tax credits | 11,605 | |
Turnover tax credits | 115,602 | 83,326 |
Other tax credits | 343 | |
Receivables for sale of interest in Yguazú Cementos S.A. | 546,678 | |
Related parties receivables | 258,639 | 140,105 |
Prepaid expenses | 181,784 | 87,666 |
Guarantee deposits | 184 | 362 |
Reimbursements receivable | 31,785 | 28,644 |
Advance payments to suppliers | 23,232 | 36,126 |
Salaries advances and loans to employees | 1,222 | 18,960 |
Receivables from sales of property, plant and equipment | 27,983 | 11,375 |
Miscellaneous | 30,081 | 20,636 |
Total | $ 1,217,190 | $ 764,614 |
Trade Accounts Receivable - Sum
Trade Accounts Receivable - Summary of Trade Accounts Receivables (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Trade and other receivables [abstract] | ||
Accounts receivable | $ 2,917,099 | $ 3,210,686 |
Accounts receivable in litigations | 56,770 | 74,678 |
Notes receivable | 16,756 | 8,700 |
Foreign customers | 66,730 | 23,903 |
Subtotal | 3,057,355 | 3,317,967 |
Allowance for doubtful accounts | (67,965) | (86,177) |
Total | $ 2,989,390 | $ 3,231,790 |
Trade Accounts Receivable - S_2
Trade Accounts Receivable - Summary of Maturities of Accounts Receivable (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
To fall due [member] | ||
Disclosure of accounts receivable [line items] | ||
Financial assets | $ 1,709,167 | $ 1,825,878 |
Trade receivables [member] | ||
Disclosure of accounts receivable [line items] | ||
Financial assets | 3,057,355 | 3,317,967 |
Trade receivables [member] | Past due 0 to 30 days [member] | ||
Disclosure of accounts receivable [line items] | ||
Financial assets | 703,764 | 1,077,750 |
Trade receivables [member] | 31 to 60 days [member] | ||
Disclosure of accounts receivable [line items] | ||
Financial assets | 50,045 | 121,859 |
Trade receivables [member] | 61 to 90 days [member] | ||
Disclosure of accounts receivable [line items] | ||
Financial assets | 16,310 | 57,242 |
Trade receivables [member] | More than 90 days [member] | ||
Disclosure of accounts receivable [line items] | ||
Financial assets | $ 578,069 | $ 235,238 |
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, 2020 | Dec. 31, 2019 | |
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | $ 3,057,355 | $ 3,317,967 |
Past due 0 to 30 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 703,764 | 1,077,750 |
31 to 60 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 50,045 | 121,859 |
61 to 90 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 16,310 | 57,242 |
More than 90 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 578,069 | 235,238 |
Financial assets past due but not impaired [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | $ 1,280,223 | $ 1,405,912 |
Average age | 47 days | 28 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 | $ 703,764 | $ 1,077,750 |
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 | 50,045 | 121,859 |
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 | 16,310 | 57,242 |
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 | 510,104 | 149,061 |
Financial assets impaired [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 67,965 | 86,177 |
Financial assets impaired [member] | More than 90 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | $ 67,965 | $ 86,177 |
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, 2020 | Dec. 31, 2019 | ||
Disclosure of financial assets [line items] | |||
Beginning balance | $ 86,177 | $ 41,461 | |
Increases | 63,789 | ||
Increases | 6,001 | ||
Decreases | [1] | (24,213) | (19,073) |
Ending balance | $ 67,965 | $ 86,177 | |
[1] | Includes allocation of provisions for specific purposes and inflation adjustment effect. |
Cash and Banks - Schedule of Ca
Cash and Banks - Schedule of Cash and Banks (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of cash and cash equivalents [line items] | |||
Cash and banks | $ 266,625 | $ 387,445 | $ 493,805 |
In pesos [member] | |||
Disclosure of cash and cash equivalents [line items] | |||
Cash and banks | 252,445 | 381,692 | |
In US Dollars [member] | |||
Disclosure of cash and cash equivalents [line items] | |||
Cash and banks | 13,103 | 4,596 | |
In Reales [member] | |||
Disclosure of cash and cash equivalents [line items] | |||
Cash and banks | 4 | 181 | |
In Guaraníes [member] | |||
Disclosure of cash and cash equivalents [line items] | |||
Cash and banks | 69 | ||
In Euros [member] | |||
Disclosure of cash and cash equivalents [line items] | |||
Cash and banks | $ 1,073 | $ 907 |
Capital Stock and Other Relat_3
Capital Stock and Other Related Accounts - Summary of Capital Stock and Other Capital Related Accounts (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of capital stock and other capital related accounts [abstract] | ||
Capital | $ 59,603 | $ 59,603 |
Adjustment to capital | 4,745,549 | 4,745,549 |
Share premium | 8,676,470 | 8,676,470 |
Merger premium | 1,567,326 | 1,567,326 |
Total | $ 15,048,948 | $ 15,048,948 |
Capital Stock and Other Relat_4
Capital Stock and Other Related Accounts - Summary of Issued, Paid-in and Registered Capital (Detail) - shares | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of capital stock and other capital related accounts [abstract] | ||
Common stock with a face value of $ 0.10 per share and entitled to 1 vote each, fully paid-in (in thousands) | 596,026,000 | 596,026,000 |
Capital Stock and Other Relat_5
Capital Stock and Other Related Accounts - Summary of Issued, Paid-in and Registered Capital (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2020Vote$ / shares | |
Disclosure of capital stock and other capital related accounts [abstract] | |
Par value per share | $ / shares | $ 0.10 |
Number of votes per share | Vote | 1 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Detail) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of reserves and accumulated others comprehensive income [line items] | |||
Balances at the beginning of the year | $ 449,558 | ||
Foreign exchange gain /(losses) due to translation of operations in foreign currencies | (286,411) | $ (245,680) | $ 987,894 |
Ending balance | 449,558 | ||
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 | 449,558 | 574,859 | |
Foreign exchange gain /(losses) due to translation of operations in foreign currencies | (146,074) | (125,301) | |
Reclassification to foreign exchange gains /(losses) of items previously recognized in other comprehensive income | (303,484) | ||
Ending balance | $ 0 | $ 449,558 | $ 574,859 |
Borrowings - Summary of Composi
Borrowings - Summary of Composition of Borrowings (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about borrowings [line items] | ||
Non-current borrowings | $ 1,869,583 | $ 5,566,955 |
Current borrowings | 4,571,257 | 6,970,898 |
Loans | 6,440,840 | 12,537,853 |
In Foreign Currency [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Loans | 6,409,334 | 8,187,386 |
In Local Currency [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Loans | $ 31,506 | $ 4,350,467 |
Borrowings - Summary of Detail
Borrowings - Summary of Detail Information of Borrowings (Detail) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about borrowings [line items] | ||
Amount | $ 6,440,840 | $ 12,537,853 |
Loma Negra C.I.A.S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount | 6,427,004 | 9,277,171 |
Ferrosur Roca S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount | $ 13,836 | 3,260,682 |
United States Dollars [member] | Banco Patagonia S.A. [member] | Loma Negra C.I.A.S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount | 124,381 | |
United States Dollars [member] | Industrial And Commercial Bank of China [member] | Loma Negra C.I.A.S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount | 817,340 | |
United States 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% | |
Borrowings adjustment to interest rate basis | 5.00% | |
Due date | Nov-23 | |
Amount | $ 656,390 | 2,141,700 |
United States Dollars [member] | Industrial And Commercial Bank of China [member] | Loma Negra C.I.A.S.A. [member] | Libor + 7.375% | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 7.375% | |
Borrowings interest rate basis | Libor rate plus 7.375% | |
Due date | January 2022 | |
United States 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 | $ 217,772 | 212,987 |
United States 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 | $ 255,547 | 249,933 |
United States 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 | $ 709,718 | 694,126 |
United States 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 | $ 170,582 | 166,834 |
United States 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 | $ 42,008 | 41,085 |
United States 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 | $ 891,194 | 871,613 |
United States 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 | $ 141,306 | 138,169 |
United States 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 | $ 290,080 | 282,306 |
United States 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 | $ 372,047 | 359,803 |
United States 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 | Dec-21 | |
Amount | $ 262,785 | 252,915 |
United States Dollars [member] | Industrial and Commercial Bank of China eleven [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 | Jan-22 | |
Amount | $ 75,180 | |
United States Dollars [member] | Industrial and Commercial Bank of China twelve [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 | Feb-22 | |
Amount | $ 39,362 | |
United States Dollars [member] | Industrial and Commercial Bank of China thirteen [member] | Loma Negra C.I.A.S.A. [member] | Libor + 7.375% | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate basis | 6-Month Libor + 7.375% | |
Borrowings adjustment to interest rate basis | 7.375% | |
Due date | Jan-22 | |
Amount | $ 600,115 | |
United States Dollars [member] | Industrial and Commercial Bank of China fourteen [member] | Loma Negra C.I.A.S.A. [member] | Libor + 7.375% | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate basis | 6-Month Libor + 7.375% | |
Borrowings adjustment to interest rate basis | 7.375% | |
Due date | Jan-22 | |
Amount | $ 543,884 | |
United States Dollars [member] | HSBC Bank [member] | Ferrosur Roca S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount | 826,455 | |
Euro [member] | Loma Negra C.I.A.S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount | $ 6,409,334 | 8,187,386 |
Euro [member] | Banco Itaú S.A. [member] | Loma Negra C.I.A.S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 4.00% | |
Due date | Apr-21 | |
Amount | $ 139,540 | 123,207 |
Euro [member] | Banco Itaú S.A. one [member] | Loma Negra C.I.A.S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 4.00% | |
Due date | May-21 | |
Amount | $ 33,290 | 29,394 |
Euro [member] | Banco Itaú S.A. two [member] | Loma Negra C.I.A.S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 4.00% | |
Due date | Jun-21 | |
Amount | $ 176,877 | 156,164 |
Euro [member] | Banco Itaú S.A. three [member] | Loma Negra C.I.A.S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 4.00% | |
Due date | Jul-21 | |
Amount | $ 448,896 | 396,353 |
Euro [member] | Banco Itaú S.A. four [member] | Loma Negra C.I.A.S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 4.00% | |
Due date | Aug-21 | |
Amount | $ 39,690 | 35,045 |
Euro [member] | Banco Itaú S.A. five [member] | Loma Negra C.I.A.S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 4.00% | |
Due date | Sep-21 | |
Amount | $ 1,886 | 1,665 |
Euro [member] | Banco Itaú S.A. six [member] | Loma Negra C.I.A.S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 4.00% | |
Due date | Oct-21 | |
Amount | $ 301,185 | 265,911 |
Local currency [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount | $ 31,506 | 4,350,467 |
Local currency [member] | Banco Macro S.A. [member] | Loma Negra C.I.A.S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount | 1,371,826 | |
Local currency [member] | Advances in current account one [member] | Ferrosur Roca S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 34.00% | |
Due date | Jan-21 | |
Amount | $ 13,836 | 2,434,227 |
Local currency [member] | Advances in current account two [member] | Loma Negra C.I.A.S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 34.00% | |
Due date | Jan-21 | |
Amount | $ 17,670 | $ 544,414 |
Borrowings - Summary of borrowi
Borrowings - Summary of borrowings by Company (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about borrowings [line items] | ||
Amount | $ 6,440,840 | $ 12,537,853 |
Ferrosur Roca S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount | 13,836 | 3,260,682 |
Loma Negra C.I.A.S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount | $ 6,427,004 | $ 9,277,171 |
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 ($)Installment | Dec. 31, 2020USD ($)InstallmentAgreement | Dec. 31, 2019ARS ($) | Dec. 31, 2020ARS ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2016USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||||||
Amount | $ 12,537,853 | $ 6,440,840 | ||||||
Loma Negra C.I.A.S.A. [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Amount | $ 9,277,171 | 6,427,004 | ||||||
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] | Loma Negra C.I.A.S.A. [member] | Industrial And Commercial Bank of China [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Amount | $ 817,340 | |||||||
In Argentina Pesos [member] | Loma Negra C.I.A.S.A. [member] | Industrial And Commercial Bank of China [member] | Fixed interest rate [member] | Amended Loan Agreement [Member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Amount | 656,390 | |||||||
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 | 2,141,700 | |||||||
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 | |||||||
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 | $ 17,670 | |||||||
Average interest rate | 34.00% | 34.00% | ||||||
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 | 3,269,772 | $ 4,611,580 | ||||||
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 | $ 1,141,364 | |||||||
In US Dollars [member] | Industrial And Commercial Bank of China [member] | BADLAR interest rate [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] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Amount | $ 817,340 | |||||||
In US Dollars [member] | Loma Negra C.I.A.S.A. [member] | Industrial And Commercial Bank of China [member] | Fixed interest rate [member] | Amended Loan Agreement [Member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Number of quarterly installments | Agreement | 8 | |||||||
Maturity period | November 2023 | |||||||
Number of installments for loan repayment | Installment | 9 | |||||||
Borrowings first periodic repayment amount | $ 5,200,000 | |||||||
Borrowings remaining quaterly installments repayment amount | $ 975,000 | |||||||
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 [member] | LIBOR plus 7.375% [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Face amount | $ 13,127,766 | |||||||
Borrowings interest rate | 7.375% | 7.375% | ||||||
Maturity period | January 2022 | |||||||
Borrowings, interest rate basis | Libor rate plus 7.375% | |||||||
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% | ||||||
Borrowings, interest rate basis | Libor rate plus 4.25%. | |||||||
Euro [member] | Loma Negra C.I.A.S.A. [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Amount | $ 8,187,386 | $ 6,409,334 | ||||||
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 ($) | Dec. 31, 2020ARS ($) | Dec. 31, 2019ARS ($) |
Disclosure of detailed information about borrowings [line items] | |||
Amount | $ 6,440,840 | $ 12,537,853 | |
Ferrosur Roca S.A. [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Amount | 13,836 | 3,260,682 | |
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 | 826,455 | ||
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 | $ 13,836 | ||
Average interest rate | 34.00% | ||
United States Dollars [member] | Ferrosur Roca S.A. [member] | HSBC Bank [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Amount | $ 826,455 | ||
United States 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 | ||
Maturity period | 365 days | ||
Borrowings interest rate | 8.75% |
Borrowings - Schedule of Moveme
Borrowings - Schedule of Movements of Borrowings (Detail) - Long-term borrowings [member] $ in Thousands | 12 Months Ended |
Dec. 31, 2020ARS ($) | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Beginning balance | $ 12,537,853 |
New borrowings and financing | 12,691,980 |
Accrued interest | 1,136,649 |
Effects of foreign exchange rate variation | 458,793 |
Interest payments | (2,908,836) |
Principal payments | (17,475,599) |
Ending balance | $ 6,440,840 |
Borrowings - Maturity Schedule
Borrowings - Maturity Schedule of Long-term Borrowings (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 1,869,583 | $ 5,566,955 |
2022 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 1,543,273 | |
2023 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 326,310 |
Accounts Payable - Summary of A
Accounts Payable - Summary of Accounts Payable (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Non-Current | ||
Accounts payable for investments in Property, plant and equipment | $ 102,435 | $ 189,750 |
Total | 102,435 | 189,750 |
Current | ||
Suppliers | 3,202,358 | 2,505,011 |
Related parties (Note 19) | 286,541 | 557,234 |
Accounts payable for Investments in Property, plant and equipment | 1,061,380 | 7,318,903 |
Provisions for expenses | 842,737 | 1,510,102 |
Total | $ 5,393,016 | $ 11,891,250 |
Provisions - Summary of Provisi
Provisions - Summary of Provisions (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of other provisions [line items] | |||
Non current provisions | $ 487,466 | $ 758,943 | $ 612,862 |
Labor and social security [member] | |||
Disclosure of other provisions [line items] | |||
Non current provisions | 100,076 | 118,602 | 100,125 |
Environmental restoration [member] | |||
Disclosure of other provisions [line items] | |||
Non current provisions | 290,096 | 533,434 | 389,788 |
Civil and other [member] | |||
Disclosure of other provisions [line items] | |||
Non current provisions | $ 97,294 | $ 106,907 | $ 122,949 |
Provisions - Summary of Changes
Provisions - Summary of Changes in Provisions (Detail) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of other provisions [line items] | ||
Beginning balance | $ 758,943 | $ 612,862 |
Increases | (224,592) | 271,214 |
Decreases | (46,885) | (125,133) |
Ending balance | 487,466 | 758,943 |
Labor and social security [member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 118,602 | 100,125 |
Increases | (12,634) | 44,143 |
Decreases | (5,892) | (25,666) |
Ending balance | 100,076 | 118,602 |
Environmental restoration [member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 533,434 | 389,788 |
Increases | (219,577) | 215,168 |
Decreases | (23,761) | (71,522) |
Ending balance | 290,096 | 533,434 |
Civil and other [member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 106,907 | 122,949 |
Increases | 7,619 | 11,903 |
Decreases | (17,232) | (27,945) |
Ending balance | $ 97,294 | $ 106,907 |
Provisions - Additional Informa
Provisions - Additional Information (Detail) $ in Millions | Dec. 31, 2020ARS ($) |
Disclosure of other provisions [line items] | |
Estimated amount of cash flow for uncertain contingencies | $ 551.3 |
Tax contingencies [member] | |
Disclosure of other provisions [line items] | |
Estimated amount of cash flow for uncertain contingencies | 239.8 |
Labor contingencies [member] | |
Disclosure of other provisions [line items] | |
Estimated amount of cash flow for uncertain contingencies | 150.8 |
Administrative and other proceedings [member] | |
Disclosure of other provisions [line items] | |
Estimated amount of cash flow for uncertain contingencies | $ 160.7 |
Taxes Liabilities - Summary of
Taxes Liabilities - Summary of Taxes Liabilities (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current tax liabilities | ||
Current tax liabilities | $ 2,884,059 | $ 699,129 |
Income tax [member] | ||
Current tax liabilities | ||
Current tax liabilities | 2,264,920 | 77,744 |
Value added tax [member] | ||
Current tax liabilities | ||
Current tax liabilities | 407,713 | 450,853 |
Turnover tax [member] | ||
Current tax liabilities | ||
Current tax liabilities | 101,834 | 87,278 |
Other taxes, withholdings and perceptions [member] | ||
Current tax liabilities | ||
Current tax liabilities | $ 109,592 | $ 83,254 |
Other Liabilities - Disclosure
Other Liabilities - Disclosure of Other Liabilities (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Miscellaneous liabilities [abstract] | ||
Termination payment plans | $ 111,772 | $ 70,097 |
Total | 111,772 | 70,097 |
Termination payment plans | 105,644 | 94,839 |
Dividends payable to minority shareholders | 15,068 | 6,952 |
Others | 15,949 | 11,649 |
Total | $ 136,661 | $ 113,440 |
Cash and Cash Equivalents - Dis
Cash and Cash Equivalents - Disclosure of Detailed Information About Cash and Cash Equivalents (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Cash and cash equivalents [abstract] | ||||||
Cash and banks (Note 22) | $ 266,625 | $ 387,445 | $ 493,805 | |||
Short-term investments (Note 16) | 4,108,923 | 1,388,102 | 4,387,840 | |||
Cash and cash equivalents | $ 4,375,548 | $ 1,775,547 | [1] | $ 4,881,645 | [1] | $ 9,485,823 |
[1] | The cash and cash equivalents as of December 31, 2019 and 2018 from the discontinued operations amounted to 1,719,399 and 1,195,670. |
Non-Cash Transactions - Summary
Non-Cash Transactions - Summary of Non-cash Transactions (Detail) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of significant non cash transaction [line items] | |||
Acquisition of financed property, plant and equipment | $ 943,226 | $ 4,138,804 | $ 1,502,872 |
Right of use assets and lease liabilities | 4,655 | $ 664,724 | |
Yguazu Cementos S.A. [member] | |||
Disclosure of significant non cash transaction [line items] | |||
Sale of interest in Yguazú Cementos S.A. | $ 588,730 |
Segment Information - Summary o
Segment Information - Summary of Segment Reporting (Detail) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of operating segments [line items] | |||
Revenue before effect from restatement in constant currency | $ 36,259,046 | $ 28,637,977 | $ 20,203,232 |
Reconciliation—effect from restatement in constant currency | 5,364,209 | 19,115,113 | 31,034,922 |
Revenue | 41,623,255 | 47,753,090 | 51,238,154 |
Cost of sales before effect from restatement in constant currency | 22,781,664 | 19,290,640 | 14,056,754 |
Reconciliation—effect from restatement in constant currency | 6,244,714 | 15,415,519 | 24,336,661 |
Cost of sales | 29,026,378 | 34,706,159 | 38,393,415 |
Selling administrative and other expenses | 3,307,456 | 3,743,995 | 3,659,754 |
Reconciliation - effect from restatement in constant currency | 658,661 | 1,620,982 | 2,271,866 |
Depreciation and amortization expense | 3,875,310 | 3,655,322 | 3,728,041 |
Reconciliation - effect from restatement in constant currency | 2,608,023 | 2,668,868 | 3,115,845 |
Reconciliation - Effect from restatement in constant currency | (1,539,166) | 2,078,612 | 4,426,395 |
Net revenues less cost of sales, selling and administrative expenses, and other gains and losses | 9,289,421 | 9,302,936 | 9,184,985 |
Tax on debits and credits to bank accounts | (489,365) | (549,783) | (532,369) |
Income (loss) from interest in companies | (403,791) | 0 | 0 |
Financial results (loss), net | 1,067,767 | (2,068,017) | (3,007,069) |
Income tax | 3,780,642 | 2,295,947 | 2,370,635 |
Net profit for the year from discontinued operations | 5,128,601 | 1,020,255 | 743,697 |
NET PROFIT FOR THE YEAR | 11,382,119 | 5,505,255 | 4,085,070 |
Rail Services Segment [member] | |||
Disclosure of operating segments [line items] | |||
Financial results (loss), net | (784,448) | ||
Aggregates Segment [member] | |||
Disclosure of operating segments [line items] | |||
Financial results (loss), net | (162,506) | ||
Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Selling administrative and other expenses before effect from restatement in constant currency | 2,648,795 | 2,123,013 | 1,387,888 |
Depreciation and amortization expense before effect from restatement in constant currency | 1,267,287 | 986,454 | 612,196 |
Net revenues less cost of sales selling administrative expenses and other gains and losses before effect from restatement in constant currency | 10,828,587 | 7,224,324 | 4,758,590 |
Operating segments [member] | Cement masonry cement and lime segment [member] | |||
Disclosure of operating segments [line items] | |||
Revenue before effect from restatement in constant currency | 33,127,520 | 24,006,607 | 16,282,614 |
Cost of sales before effect from restatement in constant currency | 19,192,151 | 15,250,255 | 10,619,292 |
Selling administrative and other expenses before effect from restatement in constant currency | 2,380,026 | 1,770,540 | 1,084,763 |
Depreciation and amortization expense | 801,603 | 721,976 | 415,892 |
Net revenues less cost of sales selling administrative expenses and other gains and losses before effect from restatement in constant currency | 11,555,343 | 6,985,812 | 4,578,559 |
Operating segments [member] | Concrete Segment [member] | |||
Disclosure of operating segments [line items] | |||
Revenue before effect from restatement in constant currency | 1,799,175 | 3,953,907 | 3,657,339 |
Cost of sales before effect from restatement in constant currency | 2,291,800 | 3,761,272 | 3,421,581 |
Selling administrative and other expenses before effect from restatement in constant currency | 30,491 | 119,696 | 117,878 |
Depreciation and amortization expense | 188,627 | 61,987 | 32,222 |
Net revenues less cost of sales selling administrative expenses and other gains and losses before effect from restatement in constant currency | (523,116) | 72,939 | 117,880 |
Operating segments [member] | Rail Services Segment [member] | |||
Disclosure of operating segments [line items] | |||
Revenue before effect from restatement in constant currency | 3,088,837 | 2,981,609 | 2,136,182 |
Cost of sales before effect from restatement in constant currency | 3,031,098 | 2,610,253 | 1,913,366 |
Selling administrative and other expenses before effect from restatement in constant currency | 168,615 | 181,658 | 149,810 |
Depreciation and amortization expense | 250,098 | 183,342 | 137,274 |
Net revenues less cost of sales selling administrative expenses and other gains and losses before effect from restatement in constant currency | (110,876) | 189,698 | 73,006 |
Operating segments [member] | Aggregates Segment [member] | |||
Disclosure of operating segments [line items] | |||
Revenue before effect from restatement in constant currency | 356,863 | 498,112 | 334,207 |
Cost of sales before effect from restatement in constant currency | 439,325 | 525,504 | 360,466 |
Selling administrative and other expenses before effect from restatement in constant currency | (1,247) | (7,733) | (4,173) |
Depreciation and amortization expense | 22,533 | 18,879 | 24,139 |
Net revenues less cost of sales selling administrative expenses and other gains and losses before effect from restatement in constant currency | (81,215) | (19,659) | (22,086) |
Operating segments [member] | All other segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue before effect from restatement in constant currency | 173,917 | 157,252 | 117,898 |
Cost of sales before effect from restatement in constant currency | 114,556 | 102,866 | 67,057 |
Selling administrative and other expenses before effect from restatement in constant currency | 70,910 | 58,852 | 39,610 |
Depreciation and amortization expense | 4,426 | 270 | 2,669 |
Net revenues less cost of sales selling administrative expenses and other gains and losses before effect from restatement in constant currency | (11,549) | (4,466) | 11,231 |
Segment-to-segment deletions [member] | |||
Disclosure of operating segments [line items] | |||
Revenue before effect from restatement in constant currency | (2,287,266) | (2,959,510) | (2,325,008) |
Cost of sales before effect from restatement in constant currency | $ (2,287,266) | $ (2,959,510) | $ (2,325,008) |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Operating segments [member] | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of operating segments [line items] | ||
Percentage of entity's revenue | 10.00% | 10.00% |
Number of customers contributing more than ten percent of revenue | 0 | 0 |
Financial Instruments - Summary
Financial Instruments - Summary of Net Debt to Equity Ratio (Detail) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020ARS ($) | Dec. 31, 2019ARS ($) | Dec. 31, 2018ARS ($) | Dec. 31, 2017ARS ($) | |||
Disclosure of net debt equity ratio [abstract] | ||||||
Debt | $ 6,440,840 | $ 12,537,853 | ||||
Cash and cash equivalents | 4,375,548 | 1,775,547 | [1] | $ 4,881,645 | [1] | $ 9,485,823 |
Net debt | 2,065,292 | 10,762,306 | ||||
Shareholders' Equity | $ 45,390,619 | $ 39,926,727 | $ 34,667,152 | $ 29,594,188 | ||
Net debt to equity ratio and shareholders' equity | 0.05 | 0.27 | ||||
[1] | The cash and cash equivalents as of December 31, 2019 and 2018 from the discontinued operations amounted to 1,719,399 and 1,195,670. |
Financial Instruments - Summa_2
Financial Instruments - Summary of Financial Instruments (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortised cost | $ 17,059,774 | $ 27,380,623 |
Cash And Banks [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at amortised cost | 266,625 | 387,445 |
Investment [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at amortised cost | 1,742,228 | 120,261 |
Financial assets at fair value through profit or loss | 2,366,695 | 1,267,841 |
Accounts receivables [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at amortised cost | $ 3,935,234 | $ 3,434,395 |
Financial Instruments - Summa_3
Financial Instruments - Summary of Monetary Assets and Liabilities Denominated in Foreign Currency (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
In United States Dollars [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | $ 6,366,932 | $ 10,883,971 |
Financial assets | 1,168,895 | 371,479 |
In Euros [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 1,636,418 | 3,820,520 |
Financial assets | 20,122 | 2,429 |
In Reales [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 41 | |
Financial assets | $ 4 | $ 181 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020ARS ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019ARS ($) | |
Disclosure of interest rate risk [line items] | |||
Percentage of increase in foreign currency exchange rate | 25.00% | 25.00% | |
Increase (decrease) in working capital | $ 1,205,326 | ||
Financial loans at amortized cost | 17,059,774 | $ 27,380,623 | |
Level 1 of fair value hierarchy [member] | |||
Disclosure of interest rate risk [line items] | |||
Financial loans at amortized cost | $ 6,482,563 | ||
BADLAR Plus 1 [member] | |||
Disclosure of interest rate risk [line items] | |||
Borrowing interest rate basis | 1.00% | ||
Increase in financial expense | $ 31,354 | ||
LIBOR [member] | |||
Disclosure of interest rate risk [line items] | |||
Borrowing interest rate basis | 1.00% | ||
Increase in financial expense | $ 746 | ||
Average interest rate [member] | |||
Disclosure of interest rate risk [line items] | |||
Borrowing interest rate basis | 1.00% | ||
Increase in financial expense | $ 15,796 |
Financial Instruments - Disclos
Financial Instruments - Disclosure of Foreign Currency Sensitivity Analysis - (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020ARS ($) | |
In US Dollars [member] | |
Disclosure foreign currency sensitivity analysis [line items] | |
Loss for the year | $ 1,299,509 |
Decrease in of shareholders' equity | 1,299,509 |
In Euro [member] | |
Disclosure foreign currency sensitivity analysis [line items] | |
Loss for the year | 404,074 |
Decrease in of shareholders' equity | $ 404,074 |
Financial Instruments - Summa_4
Financial Instruments - Summary of Interest Rate Risk Management (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of interest rate risk [line items] | ||
Amortized cost | $ 17,059,774 | $ 27,380,623 |
Interest rate risk [member] | Financial assets, class [member] | ||
Disclosure of interest rate risk [line items] | ||
Investments held to maturity | 1,742,228 | 120,261 |
Investments measured at fair value through profit or loss | 2,366,695 | 1,267,841 |
Interest rate risk [member] | Financial liabilities, class [member] | ||
Disclosure of interest rate risk [line items] | ||
Amortized cost | $ 6,440,840 | $ 12,537,853 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Contractual Maturity for Non-derivative Financial Liabilities with Agreed Repayment Periods (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | $ 6,756,605 | $ 18,523,328 |
Leases | $ 730,341 | $ 852,759 |
Weighted average [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Weighted average effective interest rate % | 42.50% | 47.60% |
Not later than 1 month [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | $ 84,621 | $ 2,274,610 |
Leases | 13,369 | 13,359 |
1-3 months [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 306,292 | 780,852 |
Leases | 26,612 | 26,747 |
3 months to 1 year [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 4,389,070 | 4,859,219 |
Leases | 108,568 | 107,188 |
1 to 3 years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 1,976,622 | 8,148,457 |
Leases | 192,487 | 239,919 |
3-6 years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 0 | 2,460,191 |
Leases | 269,519 | 262,356 |
More than 6 years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Leases | $ 119,786 | $ 203,187 |
Financial Instruments - Sched_2
Financial Instruments - Schedule of Contractual Maturity for Non-derivative Financial Liabilities with Agreed Repayment Periods (Parenthetical) (Detail) - Weighted average [member] | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Weighted average effective interest rate % | 42.50% | 47.60% |
Lease liabilities [member] | In Pesos [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Weighted average effective interest rate % | 49.10% | 50.30% |
Lease liabilities [member] | In US Dollars [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Weighted average effective interest rate % | 10.80% | 10.70% |
Financial Instruments - Sched_3
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, 2020 | Dec. 31, 2019 | |
Disclosure of fair value measurement of assets [line items] | ||
Fair value | $ 70,945,890 | $ 75,725,586 |
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 | $ 2,366,695 | $ 1,267,841 |
Fair value hierarchy | Level 1 |
Guarantees Granted to Subsidi_2
Guarantees Granted to Subsidiaries - Additional Information (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about borrowings [line items] | ||
Amount | $ 6,440,840 | $ 12,537,853 |
Ferrosur Roca S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount | 13,836 | $ 3,260,682 |
Guarantees [member] | Ferrosur Roca S.A. [member] | Current Account Advances [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Line of credit | 13,836 | |
Guarantees [member] | Ferrosur Roca S.A. [member] | Top of range [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount | $ 900,000 |
Restricted Assets - Additional
Restricted Assets - Additional Information (Detail) $ in Thousands | Dec. 31, 2020ARS ($) |
Disclosure of restricted assets [line items] | |
Judicial deposits | $ 3,068 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) € in Millions, $ in Millions, $ in Millions | Dec. 31, 2020ARS ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019ARS ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) |
Disclosure of commitments [line items] | ||||||
Contractual commitments to purchase slag, estimated undiscounted future cash flows | $ 6,378 | |||||
Contractual commitment to purchase limestone | 2.5 | |||||
Sinoma International Engenieering Co. Ltd. [member] | ||||||
Disclosure of commitments [line items] | ||||||
Commitment due to agreement | 285.2 | $ 1.4 | € 0.4 | $ 2,215.4 | $ 107.7 | € 413 |
2021 [member] | ||||||
Disclosure of commitments [line items] | ||||||
Provision of natural gas commitment | 798.7 | |||||
Electrical energy consumption commitment annual payment | 13,096.1 | |||||
2022 [member] | ||||||
Disclosure of commitments [line items] | ||||||
Electrical energy consumption commitment annual payment | 1,191.5 | |||||
2022 [member] | ||||||
Disclosure of commitments [line items] | ||||||
Electrical energy consumption commitment annual payment | $ 10,713 |
Investment Projects - Additiona
Investment Projects - Additional Information (Detail) $ in Thousands, € in Millions, $ in Millions | Jul. 21, 2017t | Dec. 31, 2020ARS ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019ARS ($) |
Disclosure of detailed information about investment property [line items] | |||||
New cement plant capacity per day | t | 5,800 | ||||
Project cost translation adjustment | $ 285,200 | $ 1.4 | € 0.4 | ||
Advance payments | 675,987 | ||||
Property, plant and equipment [member] | |||||
Disclosure of detailed information about investment property [line items] | |||||
Acquisitions of Property, plant and equipment | $ 8,104,000 | $ 11,863,000 |
Trust of Administration - Addit
Trust of Administration - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020ARS ($)km | Dec. 31, 2019ARS ($) | Dec. 31, 2018ARS ($) | |
Disclosure of management trust [line items] | |||
Contributions | $ | $ 87,857 | $ 40,170 | $ 96,897 |
Improvement of railway | 29.215 | ||
Parish Sur - Azul Norte [member] | |||
Disclosure of management trust [line items] | |||
Improvement of railway | 259 | ||
Cauelas-Olavarra branch [member] | |||
Disclosure of management trust [line items] | |||
Improvement of railway | 288,215 | ||
Monte Division [member] | Bottom of Range [member] | |||
Disclosure of management trust [line items] | |||
Improved distance of railway completed | 295 | ||
Monte Division [member] | Top of Range [member] | |||
Disclosure of management trust [line items] | |||
Improved distance of railway completed | 305 |
Restrictions to Dividend Dist_2
Restrictions to Dividend Distribution - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020Contracts | |
Disclosue Of Concession [line items] | |
Actual term for concession agreements | 30 years |
Expiration period for concession agreements | March 2023 |
Number of private concessions contract still in force | 3 |
Cofesur S.A.U [member] | |
Disclosue Of Concession [line items] | |
Proportion of ownership interest in subsidiary | 80.00% |
National State [member] | |
Disclosue Of Concession [line items] | |
Proportion of ownership interest in subsidiary | 16.00% |
Workers of Ferrosur Roca S.A. [member] | |
Disclosue Of Concession [line items] | |
Proportion of ownership interest in subsidiary | 4.00% |
Top of range [member] | |
Disclosue Of Concession [line items] | |
Extension term for concession agreements | 10 years |
Sale Of Interest In Yguazu Ce_3
Sale Of Interest In Yguazu Cementos S.A.-Discontinued Operations - Additional Information (Detail) - Yguazu Cementos S.A. [member] - Discontinued operations [member] | Aug. 21, 2020 | Dec. 31, 2020 |
Statement [line items] | ||
Proportion of ownership interest in subsidiary | 51.00% | |
Percentage of total consideration collected | 93.00% | |
Number of monthly installments | 13 months | |
Bottom of Range [member] | ||
Statement [line items] | ||
Number of monthly installments due | January 2021 | |
Top of range [member] | ||
Statement [line items] | ||
Number of monthly installments due | January 2022 |
Sale Of Interest In Yguazu Ce_4
Sale Of Interest In Yguazu Cementos S.A.-Discontinued Operations - Summary of Income Statement From Continuing and Discontinued Operations (Detail) - ARS ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Revenues | $ 41,623,255 | $ 47,753,090 | $ 51,238,154 |
Financial results, net | 1,067,767 | (2,068,017) | (3,007,069) |
Reclassification of foreign exchange gains /(losses) recognized in other comprehensive income | 303,484 | ||
Profit (loss) before income tax | 8,517,078 | 6,685,136 | 5,645,547 |
Income tax | 3,780,642 | 2,295,947 | 2,370,635 |
Net profit for the year from discontinued operations | $ 5,128,601 | $ 1,020,255 | $ 743,697 |
Net profit for the year from discontinued operations per (basic and diluted) share attributable to: | |||
Basic and diluted earnings (loss) per share from discontinued operations | $ 19.0445 | $ 8.7692 | $ 6.3243 |
Equity attributable to owners of parent [member] | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Reclassification of foreign exchange gains /(losses) recognized in other comprehensive income | $ 303,484 | ||
Discontinued operations [member] | Loma Yguazu Cementos S.A. [Member] | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Revenues | 2,969,459 | $ 5,276,393 | $ 4,903,157 |
Operating costs and expenses | (2,236,741) | (3,766,185) | (3,618,156) |
Financial results, net | (159,589) | (394,142) | (474,842) |
Reclassification of foreign exchange gains /(losses) recognized in other comprehensive income | 303,484 | ||
Gain on disposal of discontinued operations | 5,769,070 | ||
Profit (loss) before income tax | 6,645,683 | 1,116,066 | 810,159 |
Income tax | (1,517,082) | (95,811) | (66,461) |
Net profit for the year from discontinued operations | 5,128,601 | 1,020,255 | 743,698 |
Net profit for the year from discontinued operations attributable to: | |||
Owners of the parent company | 4,876,687 | 520,347 | 379,298 |
Non-controlling interest | $ 251,914 | $ 499,908 | $ 364,399 |
Discontinued operations [member] | Loma Yguazu Cementos S.A. [Member] | Equity attributable to owners of parent [member] | |||
Net profit for the year from discontinued operations per (basic and diluted) share attributable to: | |||
Basic and diluted earnings (loss) per share from discontinued operations | $ 8.1820 | $ 0.8730 | $ 0.6364 |
Discontinued operations [member] | Loma Yguazu Cementos S.A. [Member] | Non-controlling Interest [member] | |||
Net profit for the year from discontinued operations per (basic and diluted) share attributable to: | |||
Basic and diluted earnings (loss) per share from discontinued operations | $ 0.4227 | $ 0.8387 | $ 0.6114 |
Sale Of Interest In Yguazu Ce_5
Sale Of Interest In Yguazu Cementos S.A.-Discontinued Operations - Summary of Income Statement From Continuing and Discontinued Operations (Parenthetical) (Detail) - Discontinued operations [member] $ in Thousands | 12 Months Ended |
Dec. 31, 2020ARS ($) | |
Disclosure of analysis of single amount of discontinued operations [line items] | |
Consideration paid in cash | $ 9,013,416 |
Gains (losses) on disposals of investments | 58,935 |
Bottom of Range [member] | |
Disclosure of analysis of single amount of discontinued operations [line items] | |
Investments in subsidiaries | $ 3,185,411 |
Sale Of Interest In Yguazu Ce_6
Sale Of Interest In Yguazu Cementos S.A.-Discontinued Operations - Summary of Cash Flows From Continuing And Discontinued Operations (Detail) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Cash Flows From Continuing And Discontinued Operation [Line Items] | |||
Net cash generated by operating activities | $ 837,590 | $ 1,511,718 | $ 1,576,277 |
Net cash used in investing activities | (137,227) | (48,890) | (167,013) |
Net cash used in financing activities | (2,573,229) | (1,570,984) | (660,367) |
Discontinued operations [member] | Loma Yguazu Cementos S.A. [Member] | |||
Disclosure Of Cash Flows From Continuing And Discontinued Operation [Line Items] | |||
Net cash generated by operating activities | 837,590 | 1,511,718 | 1,576,277 |
Net cash used in investing activities | (137,227) | (48,890) | (167,013) |
Net cash used in financing activities | (2,573,229) | (1,570,984) | (660,367) |
Total funds used during the fiscal year for discontinued operations | $ (1,872,865) | $ (108,155) | $ 748,897 |
Sale Of Interest In Yguazu Ce_7
Sale Of Interest In Yguazu Cementos S.A.-Discontinued Operations - Summary of Asset and Liabilities From Continuing and Discontinued Operations (Detail) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | |||
Property, plant and equipment | $ 53,557,065 | $ 53,774,641 | |
Inventory | 5,491,783 | 6,592,903 | |
Total assets | 70,945,890 | 75,725,586 | |
LIABILITIES | |||
Borrowings | 6,440,840 | 12,537,853 | |
Deferred tax liabilities | 7,276,106 | 7,399,657 | |
Total liabilities | 25,555,271 | 35,798,859 | |
Shareholders' equity attributable to owners of the parent company | 45,119,404 | 36,889,788 | |
Non-controlling interest | 271,215 | 3,036,939 | |
Total shareholders' equity and liabilities | $ 70,945,890 | 75,725,586 | |
Discontinued operations [member] | |||
Assets | |||
Cash and banks | 1,719,399 | $ 1,195,670 | |
Loma Yguazu Cementos S.A. [Member] | Discontinued operations [member] | |||
Assets | |||
Property, plant and equipment | 7,517,437 | ||
Inventory | 875,908 | ||
Other assets | 90,427 | ||
Trade receivables | 518,002 | ||
Cash and banks | 1,719,399 | ||
Total assets | 10,721,173 | ||
LIABILITIES | |||
Borrowings | 4,106,480 | ||
Accounts payable | 448,327 | ||
Deferred tax liabilities | 64,506 | ||
Other liabilities | 83,906 | ||
Total liabilities | 4,703,219 | ||
Shareholders' equity attributable to owners of the parent company | 3,069,256 | ||
Non-controlling interest | 2,948,698 | ||
Total shareholders' equity and liabilities | $ 6,017,954 |
The Argentine Economic Context
The Argentine Economic Context - Additional Information (Detail) $ in Thousands, $ in Millions | Aug. 31, 2020USD ($) | Sep. 30, 2020 | Dec. 31, 2020ARS ($) | Dec. 31, 2019ARS ($) |
Statement [line items] | ||||
Borrowings | $ 6,440,840 | $ 12,537,853 | ||
INDEC [member] | ||||
Statement [line items] | ||||
Percentage of increase decrease in inflation rate | 36.10% | |||
INDEC [member] | COVID -19 [Member] | ||||
Statement [line items] | ||||
Percentage of increase decrease in unemployment rate | 13.00% | |||
Sovereign Debt [member] | ||||
Statement [line items] | ||||
Descrption of extension of first principal and interest payments | as a positive aspect that made it possible to extend the first interest and principal payments until 2024 | |||
Borrowings payments extension result in savings of amount | $ 38,000 | |||
Sovereign Debt [member] | Foreign Private Creditors [member] | ||||
Statement [line items] | ||||
Borrowings | $ 63,500 | |||
World GDP [member] | COVID -19 [Member] | ||||
Statement [line items] | ||||
Percentage of reduction of revenues resulting to estimated fall of major tax imbalance | 4.00% | |||
Argentina [member] | Argentine Economy [member] | COVID -19 [Member] | ||||
Statement [line items] | ||||
Percentage of reduction of revenues resulting to estimated fall of major tax imbalance | 10.00% | |||
Annual subsidized rate | 24.00% | |||
Percent of credit line for small taxpayers and self-employed workers | 0.00% | |||
Bottom of Range [member] | Sovereign Debt [member] | Foreign Private Creditors [member] | ||||
Statement [line items] | ||||
Borrowings, maturity | 2029 | |||
Top of range [member] | Sovereign Debt [member] | Foreign Private Creditors [member] | ||||
Statement [line items] | ||||
Borrowings, maturity | 2046 |
Effects Of Covid-19 On The Gr_2
Effects Of Covid-19 On The Group - Additional Information (Detail) | Apr. 06, 2020 |
Top of range [member] | |
Statement [line items] | |
Percentage of current year volumes of market demand | 5.60% |
Subsequent Events - Additional
Subsequent Events - Additional information (Detail) - ARS ($) $ in Thousands | Feb. 12, 2021 | Jan. 06, 2021 |
Subsequent Event [member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Description of treasury stock acquired maximum usage period | 90 days | |
Acquisition of treasury stock | $ 114,832 | |
Treasury stock shares acquired | 673,900 | |
Top of range [member] | Subsequent Event [member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Acquisition of treasury stock | $ 750,000 | |
Maximum amount of investment | $ 750,000 | |
Top of range [member] | Subsequent Event [member] | Capital Stock [member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Percentage of investment in treasury stock for the lowest amount resulting from the acquisition | 10.00% | |
Top of range [member] | Subsequent Event [member] | Capital Stock [member] | Article 64 [member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Percentage of maximum limit of treasury stock which entity is required to absorb | 10.00% | |
Major business combination [member] | InterCement Trading e Inversiones S.A. [member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Transfer of ownership interest, Percent | 51.0437% |