Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document - Document and Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Trading Symbol | LOMA |
Entity Registrant Name | Loma Negra Compania Industrial Argentina Sociedad Anonima |
Entity Central Index Key | 1,711,375 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 596,026,490 |
Consolidated Statement of Profi
Consolidated Statement of Profit or Loss and Other Comprehensive Income - ARS ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Profit or loss [abstract] | ||||
Net revenue | $ 15,286,534,926 | $ 9,874,443,208 | $ 7,870,953,893 | |
Cost of sales | (10,850,065,285) | (7,264,522,456) | (5,808,497,475) | |
Gross profit | 4,436,469,641 | 2,609,920,752 | 2,062,456,418 | |
Share of profit (loss) of associates | 36,631,307 | (105,140,743) | ||
Selling and administrative expenses | (1,199,056,938) | (929,330,913) | (712,436,283) | |
Other gains and losses | 78,650,541 | 123,851,396 | 50,076,831 | |
Tax on debits and credits to bank accounts | (188,020,636) | (140,033,765) | (109,513,061) | |
FINANCE COSTS, NET | ||||
Exchange rate differences | (313,054,932) | (261,025,771) | (158,849,947) | |
Financial income | 103,816,676 | 41,149,762 | 26,153,475 | |
Financial expenses | (632,904,705) | (721,411,397) | (458,867,829) | |
Profit before tax | 2,285,899,647 | 759,751,371 | 593,878,861 | |
INCOME TAX EXPENSE | ||||
Current | (651,110,917) | (238,702,150) | (209,816,188) | |
Deferred | 65,572,961 | (19,032,175) | (32,542,926) | |
NET PROFIT FOR THE YEAR | 1,700,361,691 | 502,017,046 | 351,519,747 | |
Items to be reclassified through profit and loss: | ||||
Exchange differences on translating foreign operations | 198,329,237 | 34,343,627 | 53,160,907 | |
Cash flow hedges | [1] | (54,402,733) | 56,310,034 | |
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME | 198,329,237 | (20,059,106) | 109,470,941 | |
TOTAL COMPREHENSIVE INCOME | 1,898,690,928 | 481,957,940 | 460,990,688 | |
Net Profit (loss) for the year attributable to: | ||||
Owners of the Company | 1,590,842,382 | 491,173,013 | 348,299,466 | |
Non-controlling interests | 109,519,309 | 10,844,033 | 3,220,281 | |
NET PROFIT | 1,700,361,691 | 502,017,046 | 351,519,747 | |
Total comprehensive income (loss) attributable to: | ||||
Owners of the Company | 1,691,993,604 | 471,113,907 | 457,770,407 | |
Non-controlling interests | 206,697,324 | 10,844,033 | 3,220,281 | |
TOTAL COMPREHENSIVE INCOME | $ 1,898,690,928 | $ 481,957,940 | $ 460,990,688 | |
Earnings per share (basic and diluted) | $ 2.790 | $ 0.868 | $ 0.615 | |
[1] | Net of income tax effect (Note 24). |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Non-current assets | ||
Property, plant and equipment | $ 5,978,676,491 | $ 4,880,927,203 |
Intangible assets | 75,466,722 | 57,047,422 |
Investments | 330,062 | 330,062 |
Goodwill | 39,347,434 | 39,347,434 |
Inventories | 214,721,953 | 176,021,243 |
Other receivables | 145,174,686 | 229,281,406 |
Trade accounts receivable | 78,430,745 | |
Total non-current assets | 6,453,717,348 | 5,461,385,515 |
Current assets | ||
Inventories | 1,833,791,084 | 1,717,088,995 |
Other receivables | 241,657,017 | 226,314,680 |
Trade accounts receivable | 1,263,410,505 | 629,163,568 |
Investments | 2,990,913,013 | 694,208,774 |
Cash and banks | 188,774,700 | 233,844,913 |
Total current assets | 6,518,546,319 | 3,500,620,930 |
Total assets | 12,972,263,667 | 8,962,006,445 |
SHAREHOLDERS' EQUITY AND LIABILITIES | ||
Capital stock and other capital related accounts | 1,922,100,728 | 87,209,608 |
Reserves | 59,163,641 | 43,706,351 |
Retained earnings | 1,590,842,382 | 460,157,290 |
Accumulated other comprehensive income | 250,444,714 | 149,293,492 |
Equity attributable to the owners of the Company | 3,822,551,465 | 740,366,741 |
Non-controlling interests | 593,242,693 | 390,144,836 |
Total shareholders' equity | 4,415,794,158 | 1,130,511,577 |
Non-current liabilities | ||
Borrowings | 2,604,280,835 | 1,277,054,290 |
Accounts payable | 71,388,595 | 81,912,576 |
Provisions | 161,095,990 | 120,683,488 |
Tax liabilities | 342,209 | 1,087,580 |
Other liabilities | 15,740,729 | 28,273,858 |
Deferred tax liabilities | 229,291,404 | 292,892,013 |
Total non-current liabilities | 3,082,139,762 | 1,801,903,805 |
Current liabilities | ||
Borrowings | 1,759,598,408 | 3,061,974,070 |
Accounts payable | 2,361,541,364 | 2,226,100,262 |
Advances from customers | 206,360,071 | 106,956,982 |
Salaries and social security payables | 541,829,106 | 380,151,193 |
Tax liabilities | 573,083,940 | 225,086,288 |
Other liabilities | 31,916,858 | 29,322,268 |
Total current liabilities | 5,474,329,747 | 6,029,591,063 |
Total liabilities | 8,556,469,509 | 7,831,494,868 |
Total shareholders' equity and liabilities | $ 12,972,263,667 | $ 8,962,006,445 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - ARS ($) | Total | Capital Stock [member] | Adjustment to Capital [member] | [1] | Share Premium [member] | Other capital adjustments [member] | Merger Premium [member] | [2] | Legal reserve [member] | Environmental reserve [member] | Future Dividends Reserve [member] | Cash flow hedging reserve [member] | Exchange Differences on Translating Foreign Operations [member] | Retained Earnings [member] | Equity Attributable to Owners of the Company [member] | Non-controlling Interests [member] |
Beginning balance at Dec. 31, 2015 | $ 1,497,788,462 | $ 56,602,649 | $ 151,390,644 | $ 183,902,074 | $ 98,721,206 | $ 41,598,659 | $ 1,444,425 | $ 416,976,161 | $ 54,402,733 | $ 114,949,865 | $ 349,671,383 | $ 1,469,659,799 | $ 28,128,663 | |||
Distribution of cash dividends | (380,687,106) | (380,687,106) | (380,687,106) | |||||||||||||
Partial release of optional reserve for future Dividends | (416,312,894) | (416,312,894) | (416,312,894) | |||||||||||||
Other comprehensive income | (20,059,106) | $ (54,402,733) | 34,343,627 | (20,059,106) | ||||||||||||
Business combination under common control | (52,234,825) | $ (403,406,965) | (403,406,965) | 351,172,140 | ||||||||||||
NET PROFIT FOR THE YEAR | 502,017,046 | 491,173,013 | 491,173,013 | 10,844,033 | ||||||||||||
Ending balance at Dec. 31, 2016 | 1,130,511,577 | 56,602,649 | 151,390,644 | 183,902,074 | (403,406,965) | 98,721,206 | 41,598,659 | 1,444,425 | 663,267 | 149,293,492 | 460,157,290 | 740,366,741 | 390,144,836 | |||
Distribution of cash dividends | (444,700,000) | (444,700,000) | (444,700,000) | |||||||||||||
Increase in optional reserve for future dividends | 15,457,290 | (15,457,290) | ||||||||||||||
Issuance of common stock from initial public offering, net of issuance costs | 1,866,725,717 | 3,000,000 | 1,863,725,717 | 1,866,725,717 | ||||||||||||
Other comprehensive income | 198,329,237 | 101,151,222 | 101,151,222 | 97,178,015 | ||||||||||||
Business combination under common control | (35,434,064) | (31,834,597) | (31,834,597) | (3,599,467) | ||||||||||||
NET PROFIT FOR THE YEAR | 1,700,361,691 | 1,590,842,382 | 1,590,842,382 | 109,519,309 | ||||||||||||
Ending balance at Dec. 31, 2017 | $ 4,415,794,158 | $ 59,602,649 | $ 151,390,644 | $ 2,047,627,791 | $ (435,241,562) | $ 98,721,206 | $ 41,598,659 | $ 1,444,425 | $ 16,120,557 | $ 250,444,714 | $ 1,590,842,382 | $ 3,822,551,465 | $ 593,242,693 | |||
[1] | Adjustment for inflation up to February 28th, 2003 - See Note 3.16.b) | |||||||||||||||
[2] | See Note 3.16 c) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - ARS ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
NET PROFIT FOR THE YEAR | $ 1,700,361,691 | $ 502,017,046 | $ 351,519,747 |
Adjustments to reconcile net profit to net cash provided by operating activities | |||
Income tax expense | 585,537,956 | 257,734,325 | 242,359,114 |
Depreciation and amortization | 625,880,708 | 509,073,880 | 333,956,297 |
Provisions | 61,293,686 | 36,379,703 | 24,995,318 |
Interest | 533,117,802 | 594,598,148 | 393,757,671 |
Share of profit (loss) of associates | (36,631,307) | 105,140,743 | |
Investment income recognized in profit | (7,966,242) | (112,039,773) | (158,494,542) |
Exchange rate differences | 261,086,171 | 271,656,002 | 253,078,707 |
Gain on disposal of Property, plant and equipment | (5,799,175) | (31,315,437) | (3,909,421) |
Changes in operating assets and liabilities | |||
Inventories | (87,735,857) | (562,166,309) | (211,358,257) |
Other receivables | 41,365,888 | (140,932,111) | (81,556,400) |
Trade accounts receivable | (535,018,838) | (164,726,684) | (87,387,645) |
Advances from customers | 99,403,089 | 32,758,193 | 26,624,857 |
Accounts payable | 133,303,218 | 450,394,525 | 379,555,491 |
Salaries and social security payables | 160,373,981 | 113,400,684 | 30,297,189 |
Provisions | (31,610,711) | (16,685,934) | (16,878,695) |
Tax liabilities | (17,007,156) | 56,868,398 | (40,069,120) |
Other liabilities | (11,752,234) | 19,249,181 | 9,837,034 |
Cash generated from operations | 3,504,833,977 | 1,779,632,530 | 1,551,468,088 |
Income tax paid | (284,522,838) | (166,708,107) | (168,391,995) |
Net cash generated by operating activities | 3,220,311,139 | 1,612,924,423 | 1,383,076,093 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Proceeds from disposal of Property, plant and equipment | 13,571,501 | 22,399,342 | 6,001,998 |
Payments to acquire Property, plant and equipment | (1,246,113,978) | (643,073,919) | (472,532,197) |
Payments to acquire intangible assets | (28,065,101) | (26,279,675) | (22,307,623) |
Interest received | 30,300,476 | ||
Contributions to F.F.F.S.F.I. (Note 38) | (27,825,262) | (23,956,029) | |
Cash from business combinations under common control | 207,927,790 | 30,552 | |
Net cash used in investing activities | (1,258,132,364) | (462,982,491) | (488,807,270) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from borrowings | 2,927,783,765 | 1,597,236,466 | 829,064,617 |
Interest paid | (532,101,489) | (600,560,695) | (417,259,343) |
Dividends paid | (442,886,305) | (853,136,862) | (16,642) |
Repayment of borrowings | (3,521,683,295) | (840,235,934) | (1,262,052,887) |
Proceeds from initial public offering, net of issuance costs | 1,866,725,717 | ||
Net cash generated by (used in) financing activities | 297,838,393 | (696,697,025) | (850,264,255) |
Net increase (decrease) in cash and cash equivalents | 2,260,017,168 | 453,244,907 | 44,004,568 |
Cash and cash equivalents at the beginning of the year | 803,285,795 | 328,404,790 | 260,836,959 |
Effects of the exchange rate differences on cash and cash equivalents in foreign currency | 116,384,750 | 21,636,098 | 23,563,263 |
Cash and cash equivalents at the end of the year | $ 3,179,687,713 | $ 803,285,795 | $ 328,404,790 |
Legal Information
Legal Information | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Legal Information | 1. LEGAL INFORMATION Legal address Reconquista 1088 – 7th. Floor, Ciudad Autónoma de Buenos Aires, Argentina Loma Negra Compañía Industrial Argentina S.A. (hereinafter “Loma Negra”, the “Company” or “the Group”) is a stock company organized according to Argentine Law. The address of its registered office is Reconquista 1088 – 7 th Fiscal year number: Fiscal year number 93 which began on January 1, 2017. Principal business of the Company: The main activity of the Company is the manufacturing and marketing of cement and its by-products, The Company has nine factories in Argentina, in the provinces of Buenos Aires, Neuquén, San Juan and Catamarca. It also has 18 concrete plants. In addition, the Company, through its subsidiary Cofesur S.A., has control over Ferrosur Roca S.A., a company that operates the rail network Railroad Roca under a concession granted by the Argentine government in 1993 for a period of 30 years, allowing access to several of the Loma Negra’s cement plants to the rail network. At the date of issuance of these financial statements Ferrosur Roca S.A. has requested for the extension of the concession for 10 more years, as estipulated in the concession contract. The Company also owns Recycomb S.A.U., a corporation engaged in the treatment and recycling of industrial waste intended to be used as fuel or raw material-, and Yguazú Cementos S.A., a company organized in the Republic of Paraguay dedicated to the manufacture and marketing of cement. Date of registration in the Public Registry of Commerce and General Inspection of Justice Inscription of the bylaws: August 5 th Last amendment registered to the bylaws: August 29 th Correlative Number of Registration with the Inspección General de Justicia: 1,914,357 CUIT: 30-50053085-1 Date of expiration: July 3 rd The Company was founded in 1926 and on August 5, 1926 it was registered as a “sociedad anónima” (stock company according to Argentine Law, originally under the name “Compañía Argentina Ganadera Agrícola Comercial e Industrial S.A.” being registered with the Public Registry of Commerce of Azul, Province of Buenos Aires, under the Number 38, Folio 46. On August 25, 1927, the Company adopted its current name and on August 27, 1984, the Company was also registered with the General Office of Legal Entities of the Province of Buenos Aires under the Number 747. The Company’s date of expiration is July 3, 2116. The Ordinary and Extraordinary General Assembly of July 3, 2017 resolved: i) to transfer the legal address of the Company from Cuartel No. VIII Loma Negra, Olavarría, Province of Buenos Aires to Reconquista 1088 - 7th floor, City of Buenos Aires, place where the central administration office is located, ii) extend the period of duration of the Company expiring accordingly on July 3, 2116, iv) update the corporate purpose that according to Article 4 of its bylaws, includes the execution of commercial, industrial, real estate and financial activities, being also authorized to mining activities and construction industry as well as being the holder of transportation concessions and public services, v) replacing the nominative shares by book entry and its reduction of nominal value, vi) update and adapt the operation of the administration to the public offering regime, vii) creation of the auditing committee, viii) updating and adaptation of the Supervisory Committee, ix) updating and adaptation of the functioning of the governing body to the public offering regime and other updates. On August 29, 2017, said modifications were registered in the General Inspection of Justice (“I.G.J.”) under Number 17557 of book 85, volume - of companies by shares. The correlative number of I.G.J. of the Company is 1,914,357. Parent company As of December 31, 2017 the parent Company is Loma Negra Holding GmbH, which holds directly the 51.0437% of the Company’s shares. During September 2017, Loma Negra’s Board of Directors was notified of the share transfers under which InterCement Brasil S.A. transferred its shareholding. Loma Negra Holding GmbH is a limited liability company incorporated under the laws of Austria and registered with the General Inspection of Justice in Argentina (the Argentine Register for companies - “IGJ”, and is also indirectly controlled by the same group Camargo Corrêa. By virtue of (i) the waiver of its right of pre-emptive Capital structure: The capital of the Company amounts to 59,602,649, represented by 596,026,490 common shares of $ 0.10 par value each and one vote per share. |
Basis of Preperation of the Con
Basis of Preperation of the Consolidated Financial Statements | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Basis of Preperation of the Consolidated Financial Statements | 2. BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS 2.1 Compliance status These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These consolidated financial statements have been approved by the Board of Directors in the meeting held on March 8, 2018. 2.2 Basis of preparation These financial statements have been prepared on a historic cost basis, except for certain financial instruments that are measured at fair values at the end of each reporting period, as explained in the accounting policies below. In general, the historic cost is calculated based on the fair value of the consideration paid in exchange for goods or services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for leasing transactions that are within the scope of IAS 17, and measurements that have some similarities to fair value but are not fair value, such as net realizable value in IAS 2 or value in use in IAS 36. In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the measurement date; • Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and • Level 3 inputs are unobservable inputs for the asset or liability. Current and non-current The presentation in the statement of financial position makes a distinction between current and non-current 12-month Fiscal year-end The Company’s fiscal year begins on January 1 and ends on December 31, each year. Currency Consolidated information attached is stated in Pesos ($), Argentine’s legal currency, based on the financial information of Loma Negra and its subsidiaries, presented in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”). IAS 29 “Financial reporting in hyperinflationary economies”, requires the consolidated financial statements of an entity whose functional currency belongs to a hyperinflationary economy to be stated in terms of the measuring current unit at the end of the fiscal year. For such purpose, in general, inflation is to be computed in non-monetary Over the last years, certain macroeconomic variables affecting Company’s business, such as payroll costs, input prices, borrowing and exchange rates, have experienced significant changes. In case that the restatement of the consolidated financial statements becomes applicable, the corresponding adjustment should be resumed, and calculated from the last date the Company had restated its financial statements in order to reflect inflation effects, as established by applicable regulation. Both circumstances should be taken into consideration by these financial statements’ users. Use of estimates The preparation of financial statements at a certain date requires the Management to make estimates and assessments affecting the amount of assets and liabilities recorded, contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the period. Actual future results might differ from the estimates and assessments made at the date of preparation of these consolidated financial statements. The description of any significant estimates and accounting judgments made by Management in applying the accounting policies, as well as the main estimates and areas with greater degree of complexity and which require more critical judgments, are disclosed in Note 4. The principal accounting policies are described below. Application of new and revised International Financial Reporting Standards • Adoption of new and revised standards The Company has adopted all of the new and revised standards and interpretations issued by the IASB that are relevant to its operations and that are mandatorily effective at December 31, 2017. The application of these amendments has had no impact on the disclosures or amounts recognized in the Company’s consolidated financial statements. • New accounting pronouncements The Company has not applied the following new and revised IFRSs that have been issued but are not yet mandatorily effective: IFRS 9 Financial Instruments 1 IFRS 15 Revenue from contracts with customer 1 IFRS 16 Leases 2 IFRIC 22 Foreign Currency Transactions and Advance Consideration 1 IFRIC 23 Uncertainty over Income Tax Treatments 4 Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture 3 Amendments to IFRS 2 Share-based payments 1 Amendment to IFRS 15 Revenue from contracts with customer 1 Amendments to IAS 28 Annual improvements 2014 -2016 Cycle 1 Amendment to IAS 28 Long-term Interests in Associates and Joint Ventures 4 Amendment to IFRS 9 Prepayment Features with Negative Compensation 4 Amendments to IFRS 3 and11 and IAS 12 and 23 Annual improvements 2015-2017 Cycle 5 1 Effective for annual periods beginning on or after January 1, 2018. Early adoption is permitted. 2 Effective for annual periods beginning on or after January 1, 2019. Early adoption is permitted if IFRS 15 has also been applied. 3 Effective date deferred indefinitely. 4 Effective for annual periods beginning on or after January 1, 2019. Early adoption is permitted. 5 Effective for annual periods beginning on or after January 1, 2019. • In November 2009, the International Accounting Standards Board (IASB) issued IFRS 9, which introduced new requirements for the classification and measurement of financial assets. IFRS 9 was subsequently amended in October 2010 to include requirements for the classification and measurement of financial liabilities and for derecognition, and in November 2013 to include the new requirements for general hedge accounting. On July 24, 2014, the IASB published the final version of IFRS 9 ‘Financial Instruments’. IFRS 9, as revised in July 2014, introduces a new expected credit loss impairment model. The expected credit loss model requires an entity to account for expected credit losses and changes in those expected credit losses at each reporting date to reflect changes in credit risk since initial recognition. In other words, it is no longer necessary for a credit event to have occurred before credit losses are recognized. Also limited changes to the classification and measurement requirements for financial assets by introducing a ‘fair value through other comprehensive income’ (FVTOCI) measurement category for certain simple debt instruments. Based on the analysis of the Company’s financial assets and financial liabilities as of December 31, 2017 on the basis of the facts and circumstances that exists at that date, the directors of the Company have performed a preliminary assessment of the impact of IFRS 9 to the Company’s consolidated financial statements as follows: • Classification and measurement: all financial assets and financial liabilities will continue to be measured on the same bases as is currently adopted under IAS 39. • Impairment: the Group expects to apply the simplified approach to recognize lifetime expected credit losses for is trade receivables, as required or permitted by IFRS 9. As regards to listed bonds, the directors of the Company consider that they have low credit risk given the credit rating. In relation to financial guarantees to related parties, the directors have assess that there is not an increase in the credit risk of these transactions • Hedge accounting: the management of the Company does not anticipate that the application of the IFRS 9 Hedge accounting requirements will have a material impact on the Company’s consolidated financial statements. Based on these assessments, the directors do not anticipate that the application of IFRS 9 will have a material impact in the financial statements of the Company. It should be noted that the above assessment was made based on an analysis of the Company’s financial assets and financial liabilities as of December 31, 2017 on the bases of the facts and circumstances that existed at that date. This new standard is effective for periods beginning on or after January 1, 2018. • On May 28, 2014, the IASB published its new revenue Standard, IFRS 15 “Revenue from Contracts with Customers”. IFRS 15 provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. IFRS 15 will supersede the current revenue recognition guidance including IAS 18 Revenue, IAS 11 Construction Contracts and the related interpretations when it becomes effective. The core principle of IFRS 15 is that an entity should recognize revenue to depict the transfer or promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Specifically, the standard introduces a five-step approach to revenue recognition: • Step 1: Identify the contract with the customer • Step 2: Identify the performance obligations in the contract • Step 3: Determine the transaction price • Step 4: Allocate the transaction price to the performance obligations in the contracts • Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. On April 12, 2016, the IASB published amendments with clarifications to IFRS 15 ‘Revenue from Contracts with Customers’. The amendments address the following topics: identifying performance obligations, principal versus agent considerations, and licensing, and provide some transition relief for modified contracts and completed contracts. Under IFRS 15, an entity recognizes revenue when or as performance obligation is satisfied, i.e. when control of the goods or services underlying the particular performance obligation is transferred to the customer. Far more prescriptive guidance has been added in IFRS 15 to deal with specific scenarios. Furthermore, extensive disclosures are required by IFRS 15. The new standard is effective for annual periods beginning on or after January 1, 2018. Early adoption is permitted. The standard permits a modified retrospective approach for the adoption. Under this approach entities will recognize transitional adjustments in retained earnings on the date of initial application (e.g. January 1, 2017), i.e. without restating the comparative period. They will only need to apply the new rules to contracts that are not completed as of the date of initial application. The Company has completed an impact assessment of the application of IFRS 15 on the Company’s consolidated financial statements and do not anticipate material changes in the amount of revenue. • On January 13, 2016, the IASB issued the IFRS 16 which specifies how an IFRS reporter will recognize, measure, present and disclose leases. The standard provides a single lessee accounting model, with the distinction between operating and finance leases removed, requiring lessees to recognize assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value to be accounted for by simply recognizing an expense, typically straight line, over the lease term. Lessors continue to classify leases as operating or finance, with IFRS 16’s approach to lessor accounting substantially unchanged from its predecessor, IAS 17. IFRS 16 supersedes IAS 17 and related interpretations. Furthermore, extensive disclosures are required by IFRS 16. As of December 31, 2017, the Company has non–cancellable operating lease commitments of 27 million for office space and office equipment. IAS 17 does not require the recognition of any right-of-use • On December 8, 2016, the IASB published IFRIC 22, which was developed by the IFRS Interpretations Committee to clarify the accounting for transactions that include the receipt or payment of advance consideration in a foreign currency. The interpretation is being issued to reduce diversity in practice related to the exchange rate used when an entity reports transactions that are denominated in a foreign currency in accordance with IAS 21 in circumstances in which consideration is received or paid before the related asset, expense, or income is recognized. • The interpretation is effective prospectively for annual periods beginning on or after January 1, 2018. Early adoption is permitted. The management of the Company does not anticipate that the application of this interpretation will have a material impact on the Company’s Financial Statements. • On June 7, 2017, the IASB published IFRIC 23 “Uncertainty over Income Tax Treatments”, which was developed by the IFRS Interpretations Committee to clarify the accounting for uncertainties in income taxes. The interpretation is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments under IAS 12. The interpretation specifically considers: • Whether tax treatments should be considered collectively. • Assumptions for taxation authorities’ examinations. • The determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates. • The effect of changes in facts and circumstances. The interpretation is effective for annual periods beginning on or after January 1, 2019. Early adoption is permitted. The management of the Company does not anticipate that the application of this interpretation will have a material impact on the Company’s consolidated financial statements. The Company has not opted for early application. • On September 11, 2014, the IASB issued amendments to IFRS 10 and IAS 28. These amendments clarify the treatment of the sale or contribution of assets from an investor to its associate or joint venture, as follows: • require full recognition in the investor’s financial statements of gains and losses arising on the sale or contribution of assets that constitute a business (as defined in IFRS 3 Business Combinations); • require the partial recognition of gains and losses where the assets do not constitute a business, i.e. a gain or loss is recognized only to the extent of the unrelated investors’ interests in that associate or joint venture. These requirements apply regardless of the legal form of the transaction, e.g. whether the sale or contribution of assets occurs by an investor transferring shares in any subsidiary that holds the assets (resulting in loss of control of the subsidiary), or by the direct sale of the assets themselves. On December 17, 2015, the IASB issued an amendment that defers the effective date of the September 2014 amendments to these standards indefinitely until the research project on the equity method has been concluded. Earlier application of the September 2014 amendments continues to be permitted. • On June 20, 2016, the IASB issued amendments to IFRS 2 (share-based payments). The amendments clarify the accounting for cash-settled share-based payment transactions that include a performance condition, the classification of share-based payment transactions with net settlement features, and the accounting for modifications of share-based payment transactions from cash-settled to equity-settled. The directors of the Company do not anticipate that the application of these amendments will have a material impact on the Group’s consolidated financial statements. The amendments are effective prospectively for annual periods beginning on or after January 1, 2018. Early adoption is permitted. • On December 8, 2016, the IASB issued amendments to IAS 28 (Investments in associates and joint ventures) as a result of the IASB’s annual improvement 2014–2016 project. The amendment clarifies that the election to measure at fair value through profit or loss an investment in an associate or a joint venture that is held by an entity that is a venture capital organization, or other qualifying entity, is available for each investment in an associate or joint venture on an investment-by- The management of the Company does not anticipate that the application of this amendment will have a material impact on the Company’s consolidated financial statements. The amendment to IAS 28 is effective for annual periods beginning on or after January 1, 2018. Early adoption is permitted. • On October 12, 2017, the IASB published the amendment to IAS 28 “Long-term Interests in Associates and Joint Ventures”. This amendment clarifies that an entity applies IFRS 9 Financial Instruments to long-term interests in an associate or joint venture that form part of the net investment in the associate or joint venture but to which the equity method is not applied. The amendments are effective for periods beginning on or after 1 January 2019. Earlier application is permitted. It is not practicable to provide a reasonable financial estimate of the effect until the management complete a review of the application of the amendment. The Company has not opted for early application. • On October 12, 2017, the IASB published the amendment to IFRS 9 “Prepayment Features with Negative Compensation”. This amendment modifies the existing requirements in IFRS 9 regarding termination rights in order to allow measurement at amortized cost (or, depending on the business model, at fair value through other comprehensive income) even in the case of negative compensation payments. Under the amendments, the sign of the prepayment amount is not relevant, i. e. depending on the interest rate prevailing at the time of termination, a payment may also be made in favor of the contracting party effecting the early repayment. The calculation of this compensation payment must be the same for both the case of an early repayment penalty and the case of an early repayment gain. The final amendments also contain (in the Basis for Conclusions) a clarification regarding the accounting for a modification or exchange of a financial liability measured at amortized cost that does not result in the derecognition of the financial liability. The IASB clarifies that an entity recognizes any adjustment to the amortized cost of the financial liability arising from a modification or exchange in profit or loss at the date of the modification or exchange. A retrospective change of the accounting treatment may therefore become necessary if in the past the effective interest rate was adjusted and not the amortized cost amount. The amendments are effective for periods beginning on or after January 1, 2019. Earlier application is permitted. It is not practicable to provide a reasonable financial estimate of the effect until the management complete a review of the application of the amendment. The Company has not opted for early application. • On December 12, 2017, the IASB issued amendments to the following standards as result of the IASB’s annual improvements 2015-2017 project: • IFRS 3 (Business combinations): clarifies that when an entity obtains control of a business that is a joint operation, it remeasures previously held interests in that business. • IFRS 11 (Joint arrangements): clarifies that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure previously held interests in that business. • IAS 12 (Income tax): clarifies that all income tax consequences of dividends (i.e. distribution of profits) should be recognized in profit or loss, regardless of how the tax arises. • IAS 23 (Borrowing costs): clarifies that if any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalization rate on general borrowings. The management of the Company does not anticipate that the application of these amendments will have a material impact on the Group’s consolidated financial statements. The amendments are all effective for annual periods beginning on or after January 1, 2019. 2.3 Basis of consolidation These consolidated financial statements include the consolidated financial position, results of operations and cash flows of the Company and its consolidated subsidiaries. Control is achieved where the company has the power over the investee; exposure, or rights, to variable returns from its involvement with the investee and the ability to use its power over the investee to affect the amount of the returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company’s voting rights in an investee are sufficient to give it power, including: a) the size of the Company’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; b) potential voting rights held by the Company, other vote holders or other parties; c) rights arising from other contractual arrangements; and d) any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company losses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income for since the date the Company gains control until the date when the Company ceases to control its subsidiary. Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling non-controlling non-controlling When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. Acquired companies are accounted for under the acquisition method whereby they are included in the consolidated financial statements from their acquisition date. The income (loss) of subsidiaries acquired or disposed of are included in the consolidated statement of comprehensive income from the date of acquisition until the effective date of disposal, if applicable. All intercompany transactions and balances between the Company and its subsidiaries have been eliminated in the consolidation process. Detailed below are the subsidiaries whose financial statements have been included in these consolidated financial statements: Main activity Place of % of direct and indirect equity 12-31-2017 12-31-2016 12-31-2015 Subsidiaries: Cofesur S.A. (1) Holding Argentina 100.00 97.64 97.64 Ferrosur Roca S.A. (2) Train cargo transportation Argentina 80.00 78.12 78.12 Recycomb S.A.U. Waste recycling Argentina 100.00 100.00 100.00 Yguazú Cementos S.A. (3) Manufacture and marketing of cement and construction materials Paraguay 51.00 51.00 35.00 (1) As of December 2016, Loma Negra C.I.A.S.A. had advance funds for the purchase of an additional equity interest of 2.36%. This acquisition needed to be authorized by the Argentine State. On March 6, 2017, the transaction aforementioned was finally approved. (2) Controlled directly by Cofesur S.A. (3) Company controlled due to the business combination under common control made on December 22, 2016 (note 16). As a result, the statement of financial position line items of Yguazú Cementos S.A. as of December 31, 2016 were included in the consolidated statement of financial position of the Company as of December 31, 2016; in the case of the consolidated statement of profit or loss and other comprehensive income, the equity in profit or loss of Yguazú Cementos S.A. is presented in the line “Share of profit (loss) of associates” in each of the years presented since the consolidation of results for the 10-day Summarized financial information in respect of each of the Group’s subsidiaries that has material non-controlling a) Yguazú Cementos S.A. As of 12.31.2017 12.31.2016 Current assets (1) 494,986,225 519,436,580 Non-current 2,358,756,400 2,016,522,494 Current liabilities (2) 385,487,026 1,811,949,703 Non-current 1,332,533,280 7,307,114 Equity attributable to the owners of the Company 579,237,344 365,530,116 Non-controlling 556,484,975 351,172,141 (1) Includes 111,943,934 and 207,927,790 of cash and cash equivalents as of December 31, 2017 and December 31, 2016, respectively. (2) Includes the financial loans described in note 25. The summarized figures presented for Yguazú Cementos S.A. as of December 31, 2017 (as a consolidated subsidiary) reflect the book values of the assets and liabilities (see Note 16.1) and adjustments to conform to the Company’s accounting policies. For the year ended 12.31.2017 Net revenue 1,152,606,929 Finance cost, net (72,745,405 ) Depreciation (170,745,386 ) Income tax (12,316,307 ) Profit for the year 220,690,826 For the year ended 12.31.2017 Net cash generated by operating activities 280,474,575 Net cash used in investing activities (55,868,811 ) Net cash used in financing activities (368,018,079 ) b) Ferrosur Roca S.A. As of 12.31.2017 12.31.2016 Current assets 448,672,962 227,349,424 Non-current 757,054,777 710,404,407 Current liabilities 838,820,242 594,786,019 Non-current 183,118,912 166,101,662 Equity attributable to the owners of the Company 147,030,869 138,159,696 Non-controlling 36,757,716 38,706,454 For the year ended 12.31.2017 12.31.2016 12.31.2015 Net revenue 1,608,080,671 1,223,681,686 919,729,670 Finance costs, net (124,903,098 ) (128,933,963 ) (92,795,807 ) Depreciation (74,821,293 ) (54,995,175 ) (44,853,392 ) Income tax (3,002,588 ) (26,964,252 ) (8,555,315 ) Profit or (loss) for the year 6,922,435 49,982,654 15,147,453 For the year ended 12.31.2017 12.31.2016 12.31.2015 Net cash generated by operating activities 90,167,989 260,874,828 163,772,758 Net cash used in investing activities (198,133,153 ) (165,530,937 ) (109,782,503 ) Net cash (used in) generated by financing activities 107,211,129 (90,434,660 ) (76,456,255 ) 2.3.1. Business combination between entities under common control A business combination involving entities or businesses under common control is a business combination in which all of the combining entities or businesses are ultimately controlled by the same party or parties both before and after the business combination and the control is not transitory. The transactions between entities under common control are scoped out of IFRS 3 and there is no authoritative literature for these transactions under IFRS. As a result, the Group adopted an accounting practice in which the assets and liabilities of the acquired entity are recognized at the book values recorded in the ultimate parent entity’s consolidated financial statements. The components of equity of the acquired companies are added to the same components within Group equity except that any share capital and investments in the books of the acquiring entity is cancelled and the differences, if any, is adjusted in the Other capital adjustments. The Company has elected to not restate the information for any of the periods presented in its consolidated financial statements. In accordance with IAS 8, Management has adopted an accounting practice on which the predecessor basis of accounting is used to record the carrying amount of the net assets acquired. 2.3.2. Changes in the Group’s ownership interests in existing subsidiaries Changes in the Group’s ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group’s interests and the non-controlling non-controlling When the Group loses control of a subsidiary, a gain or loss is recognized in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Significant Accounting Policies | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 3.1 Revenue recognition Revenue is measured at the fair value of the consideration received or to be received, reduced for estimated customer returns, rebates and other similar allowances. 3.1.1 Sale of goods Revenue from the sale of goods is recognized at time all the following conditions are satisfied: • the Group has transferred to the buyer the significant risks and rewards of ownership of the goods; • the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • the amount of revenue can be measured reliably; • it is probable that the economic benefits associated with the transaction will flow to the Group; and • the costs incurred or to be incurred in respect of the transaction can be measured reliably. 3.1.2 Services rendered Transportation revenues are recognized at the time the service is provided. 3.1.3 Income from dividends and interest income Where they exist, income from investment dividends are recognized after the shareholders’ rights to receive payment thereof are established (provided there is a probability that the economic benefits will flow to the company and the ordinary revenues may be reliably measured). Interest income was recognized after determining the probability that the Group should receive the economic benefits associated with the transaction and that the amount thereof should be reliably measured. Interest income was recorded on a short-term basis with reference to the principal outstanding and the applicable effective interest rate, which is the discount rate that perfectly matches the cash flows receivable or payable estimated over the expected life of the financial instrument with the net book value of financial assets or liabilities with regard to the initial recognition. 3.2 Goodwill The goodwill recorded by the Company corresponds to the acquisitions of Cofesur S.A., La Preferida de Olavarría S.A. (company merged with Loma Negra C.I.A.S.A. as of January 1, 2015) and Recycomb S.A.U., for acquisitions prior to IFRS adoption. Goodwill, in accordance with the applicable standard at the time of recognition, corresponds to the amount of the transferred consideration, the amount of any non-controlling Goodwill is not amortized but tested for impairment. For purposes of conducting the impairment test, goodwill is assigned to each of the Group’s cash generating units expected to benefit from the synergies of the relevant combination. The cash generating units to which goodwill is assigned are subject to annual, or more frequent, impairment tests, when there are indicators of impairment. If the recoverable amount of the cash generating unit is lower than the unit’s book amount, the impairment loss is firstly applied to reducing the carrying amount of goodwill assigned to the unit, and is then applied proportionately to the unit’s other assets. The carrying amount of each asset in the reporting unit is used as basis. The impairment loss recognized for goodwill is not reversed in any subsequent period. Any impairment loss for goodwill is recognized directly in profit or loss. On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. The Company has not recognized any impairment loss in the years ended December 31, 2017 and 2016. The Group’s policy for goodwill arising on the acquisition of an associate is described at note 3.3.1 below. 3.3 Investments in associates and other companies 3.3.1 Investments in associates An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those investees. The results and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with IFRS 5. Under the equity method, an investment in an associate is initially recognized in the consolidated statement of financial position at cost and adjusted thereafter to recognize the Group’s share of the profit or loss and other comprehensive income of the associate. When the Group’s share of losses of an associate exceeds the Group’s interest in that associate (which includes any long-term interests that, in substance, form part of the Group’s net investment in the associate), the Group discontinues recognising its share of further losses. Additional losses are recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate. An investment in an associate is accounted for using the equity method from the date on which the investee becomes an associate. On acquisition of the investment in an associate, any excess of the cost of the investment over the Group’s share of the net fair value of the identifiable assets and liabilities of the investee is recognized as goodwill, which is included within the carrying amount of the investment. Any excess of the Group’s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognized immediately in profit or loss in the period in which the investment is acquired. The requirements of IAS 39 are applied to determine whether it is necessary to recognize any impairment loss with respect to the Group’s investment in an associate. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 Impairment of Assets as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its carrying amount, Any impairment loss recognized forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognized in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases The Group discontinues the use of the equity method from the date when the investment ceases to be an associate, or when the investment is classified as held for sale. When the Group retains an interest in the former associate and the retained interest is a financial asset, the Group measures the retained interest at fair value at that date and the fair value is regarded as its fair value on initial recognition in accordance with IAS 39. The difference between the carrying amount of the associate at the date the equity method was discontinued, and the fair value of any retained interest and any proceeds from disposing of a part interest in the associate is included in the determination of the gain or loss on disposal of the associate or joint venture. In addition, the Group accounts for all amounts previously recognized in other comprehensive income in relation to that associate or joint venture on the same basis as would be required if that associate had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognized in other comprehensive income by that associate or joint venture would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment) when the equity method is discontinued. When the Group reduces its ownership interest in an associate or a joint venture but the Group continues to use the equity method, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognized in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities. Yguazú Cementos S.A. The summarized figures presented for Yguazú Cementos S.A. for the year ended December 31, 2016, reflect the amounts resulting from the available information received from Yguazú Cementos S.A. adjusted to conform with IFRS, the Company’s accounting policies and other classification adjustments to conform with Company’s policies. For the year ended 12.31.2016 12.31.2015 Net revenue 929,986,113 692,832,808 Finance costs, net (76,670,474 ) (375,987,448 ) Depreciation (155,534,466 ) (109,705,677 ) Income tax (10,680,022 ) 8,598,480 Profit or (loss) for the year 104,660,877 (300,402,124 ) For the year ended 12.31.2016 12.31.2015 Net cash generated by (used in) operating activities 350,159,307 211,115,257 Net cash used in investing activities (42,353,241 ) (63,727,785 ) Net cash (used in) generated by financing activities (249,682,864 ) (88,925,782 ) 3.3.2 Investment in other company It is an investment in a company where the Group has not significant influence. Since this equity investment does not have a quoted market price in an active market and its fair value cannot be reliably measured such unquoted equity investment is measured at cost less any identified impairment losses at the end of each reporting period. 3.4 Leasing Leases are classified as finance leases whenever the terms of the lease substantially transferred all the risks and rewards of the ownership to lessee. All other leases are classified as operating leases. The Group as lessor Amounts due from lessees under finance leases are recognized as receivables at the amount of the Group’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group’s net investment outstanding in respect of the leases. Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized on a straight-line basis over the lease term. The Group as lessee Assets held under finance leases are initially recognized as assets of the Group at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the consolidated statement of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognized immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalized in accordance with the Group’s general policy on borrowing costs. Contingent rentals are recognized as expenses in the periods in which they are incurred. Operating lease payments are recognized as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognized as an expense in the period in which they are incurred. In the event that lease incentives are received to enter into operating leases, such incentives are recognized as a liability. The aggregate benefit of incentives is recognized as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. 3.5 Foreign currency and functional currency These consolidated financial statements are presented in Argentine pesos (legal currency of Argentina), which is also the functional currency (currency of the main economic environment in which a company operates) for all the companies with legal address in Argentina. In the case of the subsidiary Yguazú Cementos S.A., located in Paraguay, its functional currency is Guarani. For the purposes of presenting these consolidated financial statements, the assets and liabilities of the Group’s foreign operations are translated into pesos using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in equity (and attributed to non-controlling Exchange differences on monetary items are recognized in profit or loss in the year, except those which resulted from foreign-currency denominated borrowings related to the assets under construction for their future productive use, which were included in the cost of such assets as they are considered as an adjustment to the interest expense related to such foreign-currency denominated borrowings. In the consolidated financial statements, the assets and liabilities of the Group’s foreign operations are translated into Argentine pesos using exchange rates prevailing at the end of each fiscal year. Goodwill and adjustments to fair value arising from the acquisition of subsidiaries are recognized as assets and liabilities of the acquire and are translated into the reporting currency at the exchange rate prevailing on the balance sheet date. Any resulting exchange difference is recognized in other comprehensive income. When an investment is sold or disposed of, any exchange difference is recognized in the statement of income as a gain or loss on sale/disposal. 3.6 Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualified assets that necessarily take a substantial period of time to get ready for their intended use or sale are capitalized as part of the cost of the pertinent asset, until such time as the assets are substantially ready for their intended use or sale. Income earned on short-term investments in specific outstanding borrowings to be used in qualified assets is deducted from the costs of borrowings that may qualify for capitalization. All the other borrowing costs are recognized in profit or loss in the period in which they are incurred. 3.7 Taxation The Group recognizes income tax applying the liability method, which considers the effect of temporary differences between the carrying amount and tax bases of assets and liabilities and the tax loss carry forwards and other tax credits, which may be used to offset future taxable income, at the current statutory rate of 35%. Additionally, upon the determination of taxable profit, the Group calculates tax on minimum presumed income applying the current 1% tax rate to taxable assets as of the end of each year. This tax complements income tax. The Group’s tax liability will be the higher of the determination of tax on minimum presumed income and the Group’s tax liability related to income tax, calculated applying the current 35% income tax rate to taxable income for the year. However, if the tax on minimum presumed income exceeds income tax during one tax year, such excess may be computed as prepayment of any income tax excess over the tax on minimum presumed income that may be generated in the next ten years. Under Law No. 25,063, dividends distributed, either in cash or in kind, in excess of accumulated taxable income as of the end of the year immediately preceding the dividend payment or distribution date, shall be subject to a 35% income tax withholding as a sole and final payment, except for those distributed to shareholders resident in countries benefited from treaties for the avoidance of double taxation, which will be subject to a minor tax rate. Additionally, on September 20, 2013, Law No. 26,893 was enacted, establishing changes to the Income Tax Law, and determining, among other things, an obligation respecting such tax as a single and final payment of 10% on dividends paid in cash or in kind (except in shares) to foreign beneficiaries and individuals residing in Argentina, in addition to the 35% retention mentioned above. The dispositions of this Law came in force on September 23, 2013, the date of its publication in the Official Gazette. On July 22, 2016, Law No. 27,260 was enacted and, among other things, removed the aforementioned requirement. Income tax expense represents the amount of the tax currently payable and deferred tax. 3.7.1.1 Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit before tax’ as reported in the Consolidated Statement of Comprehensive Income because of items of income, or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the fiscal year. 3.7.1.2 Deferred tax Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognized if the temporary difference arises from the initial recognition of goodwill. The carrying amount of deferred tax assets is reviewed at the end of each fiscal year and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the fiscal year. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the fiscal year, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset only if a) there is a legally enforceable right to offset by the tax authority and b) deferred tax assets and liabilities relate to income taxes levied by the same tax authority, having the Group the intention of settle assets and liabilities on a net basis. Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. 3.7.1.3 Current and deferred tax Current and deferred tax are recognized in profit or loss, and included in comprehensive income. Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. 3.7.2. Personal assets tax – Substitute responsible Individuals and foreign entities, as well as their undistributed estates, regardless of whether they are domiciled or located in Argentina or abroad, are subject to personal assets tax of 0.25% of the value of any shares issued by Argentine entities, held at December 31 of each year. The tax is levied on the Argentine issuers of such shares, which must pay this tax in substitution of the relevant shareholders, and is based on the equity value (following the equity method), or the book value of the shares derived from the latest financial statements at December 31 of each year. Pursuant to the Personal Assets Tax Law, the Group is entitled to seek reimbursement of such paid tax from the applicable shareholders, using the method the Group considers appropriate. In September 2016, the tax authority approved the exemption request for this tax payment for 2016, 2017 and 2018 for being a compliant taxpayer under Law N° 27,260/2016. As of December 31, 2017 and 2016, the Company had recorded 224,639 and 35,445,260, respectively, amounts included within Other receivables. 3.7.3 Tax reform in Argentina On December 29, 2017, Argentina enacted a comprehensive tax reform (Law No. 27,430) through publication in the Official Gazette. The Law is effective from January 1, 2018. Specifically, introduces amendments to income tax (both at corporate and individual levels), value added tax (VAT), tax procedural law, criminal tax law, social security contributions, excise tax, tax on fuels, and tax on the transfer of real estate. At a corporate level, the law decreases the corporate income tax rate from 35% to 30% for fiscal years starting January 1, 2018 to December 31, 2019, and to 25% for fiscal years starting January 1, 2020 and onwards. The Law also establishes dividend withholding tax rates of 7% for profits accrued during fiscal years starting January 1, 2018 to December 31, 2019, and 13% for profits accrued in fiscal years starting January 1, 2020 and onwards. The new withholding rates apply to distributions made to shareholders qualifying as resident individuals or nonresidents. Even though the combined effective rate for shareholders on distributed income (corporate income tax rates plus dividend withholding rates on the after tax profit) will be close to the prior 35% rate, this change is aimed at promoting the reinvestment of profits. Additionally, the Law repeals the “equalization tax” (i.e., 35% withholding applicable to dividends distributed in excess of the accumulated taxable income) for income accrued from January 1, 2018. 3.8 Property, plant and equipment Property, plant and equipment held for being used in the production or supply of goods and services, or for administrative purposes, are carried at cost, less any depreciation and cumulative impairment loss. Lands were not depreciated. Properties under construction for administrative, production, supply or other purposes are carried at cost, less any recognized impairment loss. The cost included professional fees and, in the case of qualified assets, borrowing costs capitalized in accordance with the Group’s accounting policy. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use. Depreciation is recognized so as to write-off The assets maintained under finance lease are depreciated over their useful life estimated equal to useful life of the assets under the lease, or, if the latter is shorter, over the term of the corresponding lease. Gain or loss derived of the write-off 3.9 Intangible assets Intangible assets with finite useful lives, acquired separately, are carried at cost less accumulated amortization and accumulated impairment losses, if any. The method of amortization of Mining exploitation rights will be determined at the time it become used by the Company. The estimated useful life and amortization method are reviewed at the end of the fiscal year, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives, acquired separately, are carried at cost less accumulated impairment losses. Derecognition of intangible assets An intangible asset is derecognized on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in profit or loss when the asset is derecognized. 3.10 Impairment of tangible and intangible assets At the end of the fiscal year, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indications exist, the recoverable amounts of the assets is estimated in order to determine the impairment loss (if any). The Group estimated the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax year-end Intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss. When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss. 3.11 Inventories Inventories are stated at the lower of acquisition cost or 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. 3.12 Provisions Provisions are recognized when the Group have a present obligation (legal or constructive) as a result of a past event and it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation, at the end of the fiscal year, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the estimated cash flow for repayment of the existing obligation, its book value represents the current value of such cash flow. When some or all of the economic benefits required to settle a provision are expected to be recovered, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. 3.13 Environmental restoration Under legal provisions, the land used for mining and quarries is subject to environmental restoration in Argentina. The estimated present value of the asset retirement obligation is recorded as a long-term liability, with a corresponding increase in the carrying amount of the related asset, subject to depreciation. The liability recorded is increased each fiscal period due to the passage of time and this change is charged to net profit or loss. The asset retirement obligation can also increase or decrease due to changes in the estimated timing of cash flows, changes in the discount rate and/or changes in the original estimated undiscounted costs. Increases or decreases in the obligation will result in a corresponding change in the carrying amount of the related asset. Actual costs incurred upon settlement of the asset retirement obligation are charged against the asset retirement obligation to the extent of the liability recorded. The Company discounts the costs related to asset retirement obligations using the discount rate that reflects the current market assessment of the time value of money and risks specific to the liabilities that have not been reflected in the cash flow estimates. Asset retirement obligations are remeasured at each reporting period in order to reflect the discount rates in effect at that time. In addition, the Group follows the practice of progressively restoring the spaces freed by the removal of quarries using the allowances created for such purposes. 3.14 Financial instruments Financial assets and financial liabilities are recognized when a group entity becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financials assets and financial liabilities (other than financial assets and liabilities at fair value through profit or loss) are added or deducted from the fair value of the financial assets of financial liabilities, as appropriate, on initial recognition. Transactions costs directly attributable to the acquisition of financial assets of financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. 3.15 Financial assets Financial assets are classified into the following specified categories: financial assets ‘at fair value through profit or loss’ (FVTPL), ‘held-to-maturity’ ‘available-for-sale’ i) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss (“FVTPL”) are financial assets held for trading. Financial assets are included in this category whether acquired primarily to be sold in the immediate future. Financial assets at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognized in profit or loss. The net gain or loss recognized in profit or loss incorporates any dividend or interest earned on the financial asset and is included in the ‘other gains and losses’ line item. Fair value is determined in the manner described in note 34. ii) Effective interest method The effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. Income is recognized on an effective interest basis for debt instruments other than those financial assets classified as at FVTPL. iii) Loans and receivables The loans and receivables are non-derivative non-current The assets under accounts receivable are recorded at their amortized cost by applying the effective interest method, net of any allowance for impairment, if applicable. iv) Financial assets held-to-maturity These are non-derivative Subsequent to initial recognition, held-to-maturity v) Unconsolidated Ferrocarril Roca Management Trust The 100% interest in the Ferrocarril Roca Management Trust is valued at cost, taking into account the value of contributions made, net of trust expenses, including the financial income accrued as of the balance sheet date. This unconsolidated structured entity refers to the entity which is not controlled by the Company (Note 37). As of December 31,2017 and 31, 2016, the Company’s participation in the unconsolidated trust is as follows: As of 12.31.2017 12.31.2016 Current assets 51,112,722 90,065,227 Current liabilities 1,006,901 87,150 Equity 50,105,821 89,978,077 Income for the year 3,210, |
Critical accounting judgments a
Critical accounting judgments and key sources used for estimating uncertaint | 12 Months Ended |
Dec. 31, 2017 | |
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Critical accounting judgments and key sources used for estimating uncertaint | 4. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES USED FOR ESTIMATING UNCERTAINT In the application of the Group’s accounting policies, which are described in note 3, the directors of the Company are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next fiscal year. 4.1 Critical judgements in applying accounting policies The following are the critical judgements, apart from those involving estimations (see note 4.2 below), that the directors have made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognized in the consolidated financial statements. 4.1.1 Concession of Ferrosur Roca S.A. The directors have reviewed the Group’s participation in Ferrosur Roca S.A. based on the guidelines of IFRIC 12, which gives guidance on the accounting by operators for public-to-private Based on the fact that the grantor does not control or regulates what services the operator must provide with the infrastructure or to whom it must provide them and at what price, the Directors concluded that the concession of Ferrosur Roca S.A. is out of scope and, therefore, the Company does not apply the provisions of IFRIC 12. Accordingly, the Company has recorded the assets received from the concession and those subsequently acquired under IAS 16 “Property, plant and equipment”. 4.2 Key sources of estimation uncertainty The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next fiscal year). 4.2.1 Impairment of goodwill Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units to which goodwill has been allocated. The value in use calculation requires the directors to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. Where the actual future cash flows are less than expected, a material impairment loss may arise. The carrying amount of goodwill was 39,347,434 at 31 December 2017 and 2016. There was no impairment of goodwill since their recognition. 4.2.2 Property, plant and equipment and other intangible assets The following is the estimated useful life for each component of Property, plant and equipment and other intangible assets: Useful life Quarries 100 years Quarries – Cost of surface excavations Units of production Plants and buildings 25 to 50 years Machinery, equipment and spare parts 10 to 35 years Furniture and fixtures 10 years Tools and devices 5 years Software 5 years Transport and load vehicles 5 years The assets affected by the concession of Ferrosur Roca (Note 1) are depreciated according to the respective useful life with the limit of the remaining concession years. As described in Notes 3.2, 3.8 and 3.9, the Group annually revises the tangible and intangible assets estimate useful life, respectively. 4.2.3 Provisions for lawsuits and other contingencies The final settlement cost of complaints and litigation may vary since estimates are based on different interpretations of rules, opinions and final assessment of damages. Therefore, any change in the circumstances related to this type of contingencies may have a significant impact on the amount of the provision for contingencies accounted for by the Company. The Company makes judgments and estimates to assess whether it is necessary to record costs and set up provisions for environmental cleanup and remediation works based on the current information related to costs and expected remediation plans. In the case of environmental provisions, the costs may differ from the estimates due to changes in legislation, regulations, discovery and analysis of the local conditions, as well as changes in cleanup technologies. Therefore, any change in the factors or circumstances related to this type of provisions, as well as any amendment to the rules and regulations may thus have a significant impact on the provisions recorded in these consolidated financial statements. 4.2.4 Income tax and deferred income tax assets and liabilities The proper assessment of income tax expenses depends on several factors, including interpretations related to tax treatment for transactions and/or events that are not expressly provided for by current tax law, as well as estimates of the timing and realization of deferred income taxes. The actual collection and payment of income tax expenses may differ from these estimates due to, among others, changes in applicable tax regulations and/or their interpretations, as well as unanticipated future transactions impacting the Group’s tax balances. In order to determine the effect of deferral on the investment in controlled or associate companies, the Board of Directors have reviewed the Company’s business plans and concluded that they will not be sold in the near future and, therefore, no deferred tax liability has been recorded for such investments. |
Net Revenue
Net Revenue | 12 Months Ended |
Dec. 31, 2017 | |
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Net Revenue | 5. NET REVENUE 12.31.2017 12.31.2016 12.31.2015 Sales of goods 15,039,126,134 9,702,984,510 7,837,767,309 Domestic market 15,034,669,438 9,700,155,661 7,832,718,325 External customers 4,456,696 2,828,849 5,048,984 Services rendered 974,675,955 672,154,789 479,126,948 (-) Bonus / Discounts (727,267,163 ) (500,696,091 ) (445,940,364 ) Total 15,286,534,926 9,874,443,208 7,870,953,893 |
Cost of Sales
Cost of Sales | 12 Months Ended |
Dec. 31, 2017 | |
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Cost of Sales | 6. COST OF SALES 12.31.2017 12.31.2016 12.31.2015 Inventories at the beginning of the year 1,893,110,238 1,149,148,017 937,789,760 Finished products 141,811,446 88,253,896 100.664.946 Products in progress 611,224,018 221,614,930 142.891.109 Raw materials, materials, spare parts and fuels 1,140,074,774 839,279,191 694,233,705 Acquisition of inventories from business combination under common control (Note 16) 181,795,914 Currency translation differences 37,467,329 Purchases and production expenses for the year 10,968,000,755 7,826,688,763 6,019,855,732 Purchases 1,717,979,151 1,186,017,343 982,393,494 Production expenses 9,250,021,604 6,640,671,420 5,037,462,238 Inventories at the end of the year (2,048,513,037 ) (1,893,110,238 ) (1,149,148,017 ) Finished products (163,360,814 ) (141,811,446 ) (88,253,896 ) Products in progress (536,131,353 ) (611,224,018 ) (221,614,930 ) Raw materials, materials, spare parts, fuels and transit (1,349,020,870 ) (1,140,074,774 ) (839,279,191 ) Cost of sales 10,850,065,285 7,264,522,456 5,808,497,475 The detail of production expenses is as follows: 12.31.2017 12.31.2016 12.31.2015 Fees and compensation for services 151,673,784 47,113,221 34,397,004 Salaries, wages and social security charges 2,086,896,570 1,481,271,792 1,080,334,612 Transport and travelling expenses 88,214,842 58,832,563 41,562,188 Data processing 8,356,653 5,019,037 3,043,006 Taxes, contributions and commissions 167,772,786 118,499,467 94,746,427 Depreciation 636,340,748 496,276,064 321,218,289 Preservation and maintenance costs 1,094,651,627 804,883,164 594,298,917 Communications 9,918,041 8,257,581 6,307,361 Leases 24,714,188 24,086,042 9,799,723 Employee benefits 48,680,437 32,901,197 25,540,733 Water, natural gas and energy services 3,667,657 2,556,005 1,501,884 Freight 1,094,050,471 525,926,147 543,209,855 Thermal energy 1,487,981,855 1,169,019,254 937,692,064 Insurance 22,216,570 17,342,955 12,476,569 Packaging 372,470,018 344,022,485 267,066,779 Electrical power 957,781,503 764,384,506 508,408,065 Contractors 739,133,948 555,180,078 398,542,270 Tolls 3,983,187 9,914,218 4,162,335 Canon 11,143,956 8,379,420 22,870,512 Security 80,169,951 58,181,906 40,943,623 Others 160,202,812 108,624,318 89,340,022 Total 9,250,021,604 6,640,671,420 5,037,462,238 |
Selling and Administrative Expe
Selling and Administrative Expenses | 12 Months Ended |
Dec. 31, 2017 | |
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Selling and Administrative Expenses | 7. SELLING AND ADMINISTRATIVE EXPENSES 12.31.2017 12.31.2016 12.31.2015 Managers, directors and trustees’ fees 82,545,414 56,245,833 41,450,469 Fees and compensation for services 55,272,907 38,903,933 28,868,326 Salaries, wages and social security charges 379,000,373 338,886,731 249,198,981 Transport and travelling expenses 18,276,082 12,953,874 9,286,291 Data processing 12,140,776 9,861,482 7,205,049 Advertising expenses 29,809,668 21,879,658 17,230,314 Taxes, contributions and commissions 373,688,284 249,386,803 211,921,874 Depreciation and amortization 14,682,374 12,797,816 12,738,008 Preservation and maintenance costs 6,845,057 4,148,916 3,079,765 Communications 8,661,854 7,276,515 5,225,196 Leases 16,327,670 13,633,690 10,267,076 Employee benefits 19,538,673 11,518,598 7,949,917 Water, natural gas and energy services 971,358 484,698 216,798 Freight 145,665,092 120,204,361 88,406,528 Insurance 6,619,761 3,661,215 944,090 Allowance for doubtful accounts (712,460 ) 6,446,074 393,893 Security 2,441,916 1,182,728 931,904 Others 27,282,139 19,857,988 17,121,804 Total 1,199,056,938 929,330,913 712,436,283 |
Other Gains and Losses
Other Gains and Losses | 12 Months Ended |
Dec. 31, 2017 | |
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Other Gains and Losses | 8. OTHER GAINS AND LOSSES 12.31.2017 12.31.2016 12.31.2015 Gain on disposal of Property, plant and equipment 5,799,175 31,315,437 3,909,421 Donations (15,420,542 ) (14,347,944 ) (11,153,019 ) Technical assistance and services provided 856,198 8,154,147 559,258 Gain on tax credits acquired 2,048,779 3,872,647 3,456,071 Canon recovery - Ferrosur Roca S.A. (Note 39) — 84,441,612 — Contingencies (17,875,923 ) (3,472,583 ) (9,027,709 ) Result from U.E.P.F.P. - Ferrosur Roca S.A. (Note 38) 8,259,698 — 46,505,630 Service fee from ADS Depositary bank 69,254,438 — — Leases 22,265,721 16,980,577 9,143,605 Miscellaneous 3,462,997 (3,092,497 ) 6,683,574 Total 78,650,541 123,851,396 50,076,831 |
Tax on Debits and Credits to Ba
Tax on Debits and Credits to Bank Accounts | 12 Months Ended |
Dec. 31, 2017 | |
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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 is 0.6% (six per thousand) for credits and 0.6% (six per thousand) for debits in the amounts credited to or debited from the Company’s bank accounts. On the amount levied on credits, 0.2% may be considered as a payment to be taken into account when calculating the Income Tax. The 0.4% on credits and 0.6% on debits is included in this line of profit or loss. |
Finance Costs, Net
Finance Costs, Net | 12 Months Ended |
Dec. 31, 2017 | |
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Finance Costs, Net | 10. FINANCE COSTS, NET 12.31.2017 12.31.2016 12.31.2015 Exchange rate differences Foreign exchange gains 120,939,219 163,489,521 248,889,974 Foreign exchange losses (433,994,151 ) (424,515,292 ) (407,739,921 ) Total (313,054,932 ) (261,025,771 ) (158,849,947 ) Financial income Interest from short-term investments 80,949,998 6,710,642 6,965,026 Interest from loans to related parties 3,616,730 15,009,696 9,587,759 Unwinding of discounts on receivables 19,249,948 19,429,424 9,600,690 Total 103,816,676 41,149,762 26,153,475 Financial expenses Interest on borrowings (518,424,024 ) (586,322,379 ) (386,386,183 ) Interest on borrowings with related parties (6,803,091 ) (7,269,913 ) (7,536,747 ) Unwinding of discounts on provisions and liabilities (60,763,361 ) (79,284,725 ) (27,012,250 ) Others (46,914,229 ) (48,534,380 ) (37,932,649 ) Total (632,904,705 ) (721,411,397 ) (458,867,829 ) |
Income Tax Expense
Income Tax Expense | 12 Months Ended |
Dec. 31, 2017 | |
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Income Tax Expense | 11. INCOME TAX EXPENSE 12.31.2017 12.31.2016 12.31.2015 Profit before income tax expense 2,285,899,647 759,751,371 593,878,861 Statutory rate 35 % 35 % 35 % Income tax at statutory rate (800,064,876 ) (265,912,980 ) (207,857,601 ) Adjustments for calculation of the effective income tax: Effect of different statutory income tax rate in Paraguay (*) 58,251,784 — — Expenses of capital issue (1) 50,075,999 — — Share of profit (loss) of associates — 12,820,957 (36,799,260 ) Change in tax rate (note 3.7.3) 94,798,090 — — Other non-taxable non-deductible 11,401,047 (4,642,302 ) 2,297,747 Income tax expense (585,537,956 ) (257,734,325 ) (242,359,114 ) (*) Statutory income tax rate in Argentina in 2017 was 35%, while in Paraguay was 10%. (1) Disclosed in Equity, net of Capital increase 12.31.2017 12.31.2016 12.31.2015 INCOME TAX EXPENSE Current (651,110,917 ) (238,702,150 ) (209,816,188 ) Deferred 65,572,961 (19,032,175 ) (32,542,926 ) Total (585,537,956 ) (257,734,325 ) (242,359,114 ) 11.1) The deferred income tax charged to income is composed as follows: 12.31.2017 12.31.2016 12.31.2015 Assets Carryforward subsidiary tax losses 19,283,035 — 38,421 Provisions 23,533,897 22,003,693 20,696,371 Trade accounts receivable 954,472 21,379,619 21,379,618 Others 7,545,122 6,453,592 — Sub-total 51,316,526 49,836,904 42,114,410 Liabilities Accounts payable (17,923,933 ) — (8,280,460 ) Other receivables — (60,402,707 ) (51,803,977 ) Property, plant and equipment (246,016,904 ) (279,594,390 ) (247,196,754 ) Others (16,667,093 ) (2,731,820 ) (1,385,944 ) Sub-total (280,607,930 ) (342,728,917 ) (308,667,135 ) Total (229,291,404 ) (292,892,013 ) (266,552,725 ) 11.2) Unrecognised taxable temporary difference associated with investment and interest 12.31.2017 12.31.2016 12.31.2015 Taxable temporary differences in relation to investments in subsidiaries and associates for which deferred tax liabilities have not been recognized are attributable to the following: - Subsidiaries (89,599,508 ) (54,802,640 ) (6,488,478 ) - Associates — — (13,062,391 ) - Others (59,773 ) (83,682 ) (83,682 ) (89,659,281 ) (54,886,323 ) (19,634,551 ) |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Profit or loss [abstract] | |
Earnings Per Share | 12. EARNINGS PER SHARE Basic and diluted earnings per share The earnings and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows: 12.31.2017 12.31.2016 12.31.2015 Net profit attributable to Owners of the Company—Earnings used in the calculation of basic earnings per share 1,590,842,382 491,173,013 348,299,466 Weighted average number of ordinary shares for purposes of basic and diluted earnings per share (1) 571,026,490 566,026,490 566,026,490 Basic and diluted earnings per share 2.79 0.868 0.615 (1) The weighted average number of outstanding shares was 571,026,490 and 566,026,490 as of December 31, 2017, 2016 and 2015, respectively, for the purposes of calculating both the basic and diluted earnings per share since there are not outstanding non-convertible |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
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Property, Plant and Equipment | 13. PROPERTY, PLANT AND EQUIPMENT 12.31.2017 12.31.2016 Cost 10,217,306,449 8,376,720,986 Accumulated depreciation (4,238,629,958 ) (3,495,793,783 ) Total 5,978,676,491 4,880,927,203 Land 37,642,361 36,162,817 Plant and buildings 790,301,574 744,839,769 Machinery, equipment and spare parts 3,722,384,044 2,959,823,921 Transport and load vehicles 439,139,338 287,181,987 Furniture and fixtures 16,920,388 13,810,449 Quarries 579,601,085 429,197,452 Tools and devices 14,827,210 11,395,746 Work in progress 377,860,491 398,515,062 Total 5,978,676,491 4,880,927,203 As of December 31, 2017, the breakdown is as follows: 13. PROPERTY, PLANT AND EQUIPMENT (Cont.) Cost Land Plants and Machinery, Transport and Furniture Quarries Tools and Work in Total Balances as of January 1, 2016 30,126,726 1,549,752,475 2,099,981,800 480,908,249 123,311,403 589,358,349 25,140,153 255,726,133 5,154,305,288 Business combination under common control (Note 16) 6,486,368 28,336 2,158,470,335 3,127,920 2,061,912 134,996,703 — 1,373,246 2,306,544,820 Additions — — — 90,649,867 — 383,142,698 6,264,333 442,983,575 923,040,473 Disposals (450,277 ) — (618,137 ) (6,080,942 ) (20,239 ) — — — (7,169,595 ) Transfers — 102,690,577 195,085,826 — 3,791,489 — — (301,567,892 ) — Balances as of December 31, 2016 36,162,817 1,652,471,388 4,452,919,824 568,605,094 129,144,565 1,107,497,750 31,404,486 398,515,062 8,376,720,986 Effect of foreign currency exchange differences 1,479,544 4,706 497,424,954 687,099 473,669 30,792,831 — 8,380,401 539,243,204 Additions — — — 207,735,655 6,229,778 400,489,338 7,241,286 687,713,771 1,309,409,828 Disposals — — — (8,067,569 ) — — — — (8,067,569 ) Transfers — 106,764,112 609,984,631 — — — — (716,748,743 ) — Balances as of December 31, 2017 37,642,361 1,759,240,206 5,560,329,409 768,960,279 135,848,012 1,538,779,919 38,645,772 389,886,273 10,217,306,449 13. PROPERTY, PLANT AND EQUIPMENT (Cont.) Accumulated depreciation Land Plants and Machinery, Transport and Furniture and Quarries Tools and Total Balances as of January 1, 2016 — (859,137,796 ) (1,053,283,647 ) (241,131,264 ) (110,151,232 ) (350,179,193 ) (16,954,928 ) (2,630,838,060 ) Business combination under common control (Note 16) — (28,336 ) (364,045,860 ) (3,084,505 ) (1,332,248 ) (1,774,435 ) — (370,265,384 ) Depreciation charge — — 470,870 5,052,477 14,286 — — 5,537,633 Disposals — (48,465,487 ) (76,237,266 ) (42,259,815 ) (3,864,922 ) (326,346,670 ) (3,053,812 ) (500,227,972 ) Balances as of December 31, 2016 — (907,631,619 ) (1,493,095,903 ) (281,423,107 ) (115,334,116 ) (678,300,298 ) (20,008,740 ) (3,495,793,783 ) Effect of foreign currency exchange differences — (4,706 ) (104,105,141 ) (521,145 ) (214,576 ) (4,159,156 ) — (108,904,724 ) Depreciation charge — (61,302,307 ) (240,844,321 ) (55,303,717 ) (3,378,932 ) (276,719,380 ) (3,809,822 ) (641,358,479 ) Disposals — 7,427,028 7,427,028 Balances as of December 31, 2017 — (968,938,632 ) (1,837,945,365 ) (329,820,941 ) (118,927,624 ) (959,178,834 ) (23,818,562 ) (4,238,629,958 ) |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
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Intangible Assets | 14. INTANGIBLE ASSETS 12.31.2017 12.31.2016 Software 44,960,664 26,541,364 Mining exploitation rights 30,506,058 30,506,058 75,466,722 57,047,422 Cost Software Mining Total Balances as of January 1, 2016 45,263,657 30,506,058 75,769,715 Additions 12,390,941 — 12,390,941 Business combination under common control (Note 16) 2,082,349 — 2,082,349 Disposals (74,661 ) — (74,661 ) Balances as of December 31, 2016 59,662,286 30,506,058 90,168,344 Effect of foreign currency Exchange differences 483,545 — 483,545 Additions 28,065,101 — 28,065,101 Disposals (111,539 ) — (111,539 ) Balances as of December 31, 2017 88,099,393 30,506,058 118,605,451 Accumulated amortization Balances as of January 1, 2016 (22,540,446 ) — (22,540,446 ) Business combination under common control (Note 16) (1,743,279 ) — (1,743,279 ) Disposals 8,711 — 8,711 Amortization (8,845,908 ) — (8,845,908 ) Balances as of December 31, 2016 (33,120,922 ) — (33,120,922 ) Effect of foreign currency Exchange differences (251,999 ) — (251,999 ) Additions (9,877,347 ) — (9,877,347 ) Disposals 111,539 — 111,539 Balances as of December 31, 2017 (43,138,729 ) — (43,138,729 ) The Company classifies mining exploitation rights as intangible assets, which are valued at the cost. The use of mining rights has not started as of December 31, 2017. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2017 | |
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Investments | 15. INVESTMENTS 12.31.2017 12.31.2016 Non-current In other companies Cementos del Plata S.A. 330,062 330,062 Total 330,062 330,062 The share of profit (loss) is as follows: 12.31.2017 12.31.2016 Yguazú Cementos S.A. (Note 16) — 36,631,307 Total — 36,631,307 12.31.2017 12.31.2016 Current Short-term investments In pesos (1) 1,982,957,634 470,780,626 In foreign currency (2) 1,007,955,379 98,660,256 Loans to related parties – InterCement Brasil S:A. (Note 19) — 124,767,892 Total 2,990,913,013 694,208,774 (1) The Group holds short-term investments denominated in pesos represented principally by participation in Mutual Funds (726,097,716 and 470,780,626 as of December 31, 2017 and 2016, respectively), Bonds issued by the Central Bank of the Argentine Republic (1,256,394,950 as of December 31, 2017). Such investments accrue interest at an annual nominal rate of approximately 27% and 23.5% as of December 31, 2017 and 2016, respectively. (2) The Group holds short-term investments denominated in US Dollars represented by Money Market Mutual Funds for a total amount of 1,007,955,379 and 70,942,028 as of December 31, 2017 and 2016, respectively, and accrue interest at an annual nominal interest rate of 1.8% and 0.1% as of December 31, 2017 and 2016, respectively. As of December 31, 2016, the Group also held short-term investments in Guarani for 27,718,228, represented by Certificate of Deposits, and accrued interest at an annual nominal rate of approximately 4.25%. These short-term investments are maintained for investment purposes and are made for variable periods ranging from one to three months, depending on the Group’s fund needs and strategy. |
Business Combination Under Comm
Business Combination Under Common Control | 12 Months Ended |
Dec. 31, 2017 | |
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Business Combination Under Common Control | 16. BUSINESS COMBINATION UNDER COMMON CONTROL Business combination during the year Name Principal Activity Principal place Proportion of ownership 12.31.2017 12.31.2016 12.31.2015 Yguazú Cementos S.A. Manufacture and marketing of cement Paraguay 51 % 51 % 35 % In November 2012, Loma Negra C.I.A.S.A. acquired 5,411 non-endorsable paid-in On December 22, 2016, Loma Negra C.I.A.S.A. acquired from InterCement Brasil S.A., its Parent company, 3,834 non-endorsable paid-in As of the consolidated financial statements date, as a result of such acquisition, the Company holds a 51.0017% on the capital of Yguazú Cementos S.A. Acquisition of Yguazú Cementos S.A. has been recognized at book value of the acquiree’s assets and liabilities. The difference between the purchase price paid and book value of the net assets transferred was recorded as other capital adjustments. 16.1 Book-value of assets and liabilities transferred (in pesos): For purposes of recognition of the assets and liabilities transferred from this business combination, the Company has considered in its consolidated financial statements the balances from Yguazú Cementos S.A. recorded by its parent considering other classification adjustment to conform with Company’s policies as of December 31, 2016. 12.31.2016 Current assets Inventories 181,795,914 Trade accounts receivable 91,555,806 Other receivables 38,157,070 Cash and cash equivalents 207,927,790 Non-current Property, plant and equipment 1,936,279,436 Intangible assets 339,070 Trade accounts receivable 84,063 Other receivables 79,819,925 Current liabilities Trade and other payables (319,240,220 ) Borrowings (1,476,726,832 ) Payroll and social security payables (4,936,114 ) Tax liabilities (11,046,537 ) Non-current Deferred tax liabilities (7,307,114 ) Net Assets 716,702,257 16.2 Net cash generated by acquisition of subsidiaries 12.31.2016 Consideration paid in cash — Less: Cash and cash equivalents acquired 207,927,790 Net cash received from acquisition of subsidiaries 207,927,790 Other capital adjustments resulting from the purchase (in pesos) 12.31.2016 Consideration (Note 31) 518,091,291 Plus: Previous equity interest 250,845,790 Plus: Non-controlling 351,172,141 Less: Net assets at book value (716,702,257 ) Other capital adjustments 403,406,965 There is no contingent consideration. 16.3 Effect of acquisitions on the Group’s income Included in the profit for the year ended December 31, 2016 is 36,631,307 attributable to the Share of profit (loss) for the participation of 35% that the Company held in Yguazú Cementos S.A. Since the additional acquisition of the 16.0017% shares of Yguazú Cementos S.A. was consummated on December 22, 2016, the Company has evaluated that the consolidation of the results of Yguazú Cementos S.A. for the 10-day Should the acquisition has been effected on January 1, 2016, considering a 51% participation during 2016, the additional profit for the year ended December 31, 2016 should have increased for 16,745,740, amounting to 476,903,030 and revenue should have increased for about 929,986,114 amounting to 10,804,429,321 for the same period. 16.4 Non-controlling |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2017 | |
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Goodwill | 17. GOODWILL 12.31.2017 12.31.2016 Cost Cofesur S.A. 18,942,491 18,942,491 Recycomb S.A.U. 2,873,689 2,873,689 La Preferida de Olavarría S.A. 17,531,254 17,531,254 Total 39,347,434 39,347,434 Allocation of goodwill to cash-generating units For purposes of impairment testing, goodwill was allocated to the following cash generating units: 12.31.2017 12.31.2016 Railroad 18,942,491 18,942,491 Aggregates 2,873,689 17,531,254 Others 17,531,254 2,873,689 Total 39,347,434 39,347,434 Cash-generating unit: Railroad 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 covering a five-year period. The key assumptions used in the value in use calculations for the Railroad cash-generating unit are as follows: • The period covered includes the remaining years of the concession. • Services rendered: Average of transport capacity usage in the period immediately before the budget period. The values assigned to the assumption reflect past experience and are consistent with the Company’s. The directors believe that the volume for the next five years is reasonably achievable. The directors believe that any reasonable possible change in the key assumptions on which recoverable amount is based would not cause the aggregate carrying amount to exceed the aggregate recoverable amount of the cash-generating unit. Cash-generating units: Aggregates and Others The recoverable amount of these cash-generating units is determined based on a value in use calculation which uses cash flow projections based on financial budgets approved by the directors covering a five-year period. The key assumptions used in the value in use calculations for the aggregates and others units are as follows: • Production volume: Average production volume in the period immediately before the budget period. The values assigned to the assumption reflect past experience and are consistent with the Company’s. The directors believe that the volume for the next five years is reasonably achievable. • Cash flow projections during the budget period are based on the same expected gross margins and raw materials throughout the budget period and beyond that five-year period. The directors believe that any reasonable possible change in the key assumptions on which recoverable amount is based would not cause the aggregate carrying amount to exceed the aggregate recoverable amount of the cash-generating units. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
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Inventories | 18. INVENTORIES 12.31.2017 12.31.2016 Non-current Spare parts 216,475,015 178,154,305 Allowance for obsolete inventories (1,753,062 ) (2,133,062 ) Total 214,721,953 176,021,243 Current Finished products 163,360,814 141,811,446 Products in progress 536,131,353 611,224,018 Raw materials, materials and spare parts 869,931,673 743,930,982 Inventory in transit 514,276 14,824,828 Fuels 263,852,968 205,297,721 Total 1,833,791,084 1,717,088,995 |
Parent Company, Other Sharehold
Parent Company, Other Shareholders, Associates and Other Related Parties Balances and Transactions | 12 Months Ended |
Dec. 31, 2017 | |
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Parent Company, Other Shareholders, Associates and Other Related Parties Balances and Transactions | 19. PARENT COMPANY, OTHER SHAREHOLDERS, ASSOCIATES AND OTHER RELATED PARTIES BALANCES AND TRANSACTIONS Balances and transactions between the Company and its subsidiaries have been eliminated on consolidation and are not disclosed in this note. Details of transactions between the Group and other related parties are disclosed below. The outstanding balances between the Group and the Parent company, other shareholders, associates and other related parties as of December 31, 2017 and 2016 are as follows: 12.31.2017 12.31.2016 Related companies InterCement Brasil S.A. Loans (Investment) — 124,767,892 Other receivables — 41,737,180 Accounts payable (2,722,388 ) (172,153,538 ) Camargo Correa S.A. Other receivables — 35,721,149 CCCimentos Participacoes LTDA Other receivables — 1,341,509 Other liabilities - Dividends payable — — Cimpor Trading e Inversiones S.A. Trade accounts receivables 5,838,363 26,240,458 Accounts payable (194,808,865 ) (377,295,476 ) Cimpor Servicios de Apoio a Gestao S.A. Trade accounts receivable 13,868,021 4,770,992 Accounts payable (64,142,910 ) — Cimpor - Cimentos de Portugal, SGPS, S.A. Accounts payable — (14,400,608 ) Sacopor S.A. Accounts payable (14,154,182 ) — Summary of balances as of December 31, 2017 and 2016 is as follows: Loans (investment) — 124,767,892 Trade accounts receivable 19,706,384 31,011,450 Other receivables — 78,799,838 Accounts payable (275,828,345 ) (563,849,622 ) Other liabilities — Dividends payable — — The transactions between the Group and parent companies, associates and related parties as of December 31, 2017, 2016 and 2015 are detailed as follows: Interest and Exchange rate differences Sale/(Purchase) of Goods and Services 12.31.2017 12.31.2016 12.31.2015 12.31.2017 12.31.2016 12.31.2015 Associates Yguazú Cementos S.A. (a) — 3,505,877 4,704,537 — 4,025,439 9,320,974 Other related parties InterCement Brasil S.A. (b) y (c) 1,234,479 103,468,732 149,368,918 (19,121,394 ) (603,821,090 ) — Cimpor Trading e Inversiones S.A. (a) (13,525,772 ) (2,196,283 ) — (88,017,758 ) (189,671,576 ) (28,358,217 ) Cimpor Serv. de Apoio a Gestao S.A.(a) y (d) 887,061 — — (56,189,502 ) 4,770,992 — Sacopor S.A.(a) (254,420 ) — — (33,357,279 ) — — (a) Corresponds to the sale and purchase of goods and services and the difference in the exchange of balances in foreign currency if applicable. (b) Amounts under “Interest and Exchange rate differences” include: i) interest accrued on the loan granted to InterCement Brasil S.A. for u$s 26.8 million, which accrue an annual nominal rate of 3% maturing July 2017. On December 22, 2016, Loma Negra C.I.A.S.A. acquired 16.0017% of Yguazú Cementos S.A. from InterCement Brasil S.A. and settled an amount of 412,435,636 of the purchased price with the loan granted to said parent company. Interest accrued to that date were paid by InterCement Brasil S.A. pursuant to the agreement; ii) interest on another loan agreement for u$s 5 million, which accrue an annual nominal rate of 3.9% maturing in November 2016. On that date the parties agreed to compound the outstanding interest and set a new annual interest rate of 4.7%. On July 3, 2017 such amount was applied to paying off the outstanding liability related to the purchase of shares of stock in Yguazú Cementos S.A. as indicated above, and iii) financial results accrued in favor of InterCement Brasil S.A. by its guarantee on a loan of the Company until July 2016. (c) Includes 518,091,291 for the period ended in December 31, 2017 corresponding to the purchase of shares of Yguazú Cementos S.A. as described in note 16. (d) On July 21, 2017 Loma Negra C.I.A.S.A. accepted the offer letter received Cimpor Serv. de Apoio a Gestao S.A., for the transfer of technical know-how Dividends approved 12.31.2017 12.31.2016 InterCement Brasil S.A. 442,230,891 712,077,809 CCCimentos Participacoes Ltda. — 80,497,006 Third parties 2,469,109 4,425,185 Total 444,700,000 797,000,000 The dividends approved by the Company were paid in the respective year. The amount recognized in the statement of comprehensive income related to Key Management fees amounted to 76,872,494 and 56,245,833 for the years ended December 31, 2017 and 2016, respectively. The fees are short-term benefits The Group did not recognized any expense in the current year or in prior years regarding bad or doubtful accounts related to amounts owed by related parties. |
Other Recievables
Other Recievables | 12 Months Ended |
Dec. 31, 2017 | |
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Other Recievables | 20. OTHER RECEIVABLES 12.31.2017 12.31.2016 Non-current Tax credits 80,874,026 92,271,030 Other receivables to Canon—Ferrosur Roca S.A. (Note 37) 50,105,821 91,550,175 Advance payment for acquisition of shares (Note 19) (*) — 35,434,064 Advances to suppliers 2,907,688 — Guarantee deposits 7,953,818 1,941,451 Miscellaneous 3,333,333 8,084,686 Total 145,174,686 229,281,406 Current Tax credits 125,511,539 97,954,552 Related parties receivables (Note 19) — 43,365,774 Prepaid expenses 54,133,979 14,199,214 Guarantee deposits 3,773,462 9,353,393 Reimbursement receivables 15,550,209 13,988,747 Advances to suppliers 26,077,417 19,129,087 Salaries advances and loans to employees 5,404,217 10,879,811 Receivables from sales of Property, plant and equipment 5,271,119 11,455,008 Miscellaneous 5,935,075 5,989,094 Total 241,657,017 226,314,680 (*) In 2007, the Company acquired 1,623,474 shares of Cofesur S.A.—representing an interest of 2.36%—to Camargo Correa S.A. (Note 19), which required the approval of the Government to be effective. On March 6th, 2017, the Government approved the acquisition of the shares making it effective since then. |
Trade Accounts Receivable
Trade Accounts Receivable | 12 Months Ended |
Dec. 31, 2017 | |
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Trade Accounts Receivable | 21. TRADE ACCOUNTS RECEIVABLE 12.31.2017 12.31.2016 Non-current Receivables with U.E.P.F.P. - Ferrosur Roca S.A. (Note 38) — 78,346,682 Accounts receivable — 84,063 Total — 78,430,745 12.31.2017 12.31.2016 Current Accounts receivable 1,124,643,588 600,079,718 Related parties (Note 19) 19,706,384 31,011,450 Receivable with U.E.P.F.P. - Ferrosur Roca S.A. (Note 38) 117,407,006 — Accounts receivable in litigation 19,023,292 15,084,404 Notes receivables 39,290 4,636,897 Foreign customers 1,614,237 1,210,027 Subtotal 1,282,433,797 652,022,496 Allowance for doubtful accounts (19,023,292 ) (22,858,928 ) Total 1,263,410,505 629,163,568 Trade receivables are valued at amortized cost. The average credit period of cement business is 6.6 days and for concrete business 36 days. Interest on past due trade receivables is recognized at the effective market rates, The Group has recognized an allowance for doubtful accounts based on an individual analysis of the recoverability of the accounts receivable. Prior to accepting any new client, the Group carries out an in-house Trade receivables include the past-due The maturities of accounts receivable are as follows: 12.31.2017 12.31.2016 To become due 1,054,635,837 615,446,254 Past due 0 to 30 days 164,083,454 61,409,894 31 to 60 days 20,355,633 17,361,956 61 to 90 days 5,919,318 10,014,138 More than 91 days 37,439,555 26,220,999 Total 1,282,433,797 730,453,241 Trade receivables disclosed above include certain amounts (see below for aged analysis) that are past due at the end of the reporting period for which the Group has not recognized an allowance for doubtful debts because there has not been a significant change in credit quality and the amounts are still considered recoverable. Age of receivables that are past due but not impaired 12.31.2017 12.31.2016 Past due 0 to 30 days 164,083,454 61,409,894 31 to 60 days 20,355,633 17,361,956 61 to 90 days 5,919,318 10,014,138 More than 91 days 18,416,263 3,362,071 Total 208,774,668 92,148,059 Average age (days) 27 32 Age of impaired trade receivables 12.31.2017 12.31.2016 Past due More than 91 days 19,023,292 22,858,928 Total 19,023,292 22,858,928 In determining the recoverability of a trade receivable, the Group considers any change in the credit quality of the trade receivable from the date the credit was initially granted up to the end of the reporting period. The concentration of credit risk is limited due to the fact that the customer base is large and unrelated. The allowance for doubtful debts is determined based on an individual analysis of the outstanding balances of receivables; accordingly, all the amount of the allowance refers to individual customers. The impairment recognized represents the difference between the carrying amount of these trade receivables and the present value of the expected liquidation proceeds. The Group does not hold any collateral over these balances. Changes in the allowance for doubtful accounts were the following: Balances as of January 1, 2016 12,810,070 Increases (*) 6,446,075 Business combination (Note 16) 3,905,333 Uses (302,550 ) Balances as of December 31, 2016 22,858,928 Effect of foreign currency exchange difference 660,147 Increases 1,296,255 Uses (5,792,038 ) Balances as of December 31, 2017 19,023,292 (*) The increase mainly corresponds to the insolvency procedures of a client in 2016. |
Cash and Banks
Cash and Banks | 12 Months Ended |
Dec. 31, 2017 | |
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Cash and Banks | 22. CASH AND BANKS 12.31.2017 12.31.2016 In Pesos 69,772,041 43,161,288 In US Dollars 15,028,797 90,393,486 In Reales 60,615 12,978 In Guarani 102,925,439 100,013,593 In Euros 987,808 263,568 Total 188,774,700 233,844,913 |
Capital Stock and Other Capital
Capital Stock and Other Capital Related Accounts | 12 Months Ended |
Dec. 31, 2017 | |
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Capital Stock and Other Capital Related Accounts | 23. CAPITAL STOCK AND OTHER CAPITAL RELATED ACCOUNTS 12.31.2017 12.31.2016 Capital stock 59,602,649 56,602,649 Adjustment to capital 151,390,644 151,390,644 Share premium 2,047,627,791 183,902,074 Other capital adjustments (Note 16) (435,241,562 ) (403,406,965 ) Merger premium 98,721,206 98,721,206 Total 1,922,100,728 87,209,608 The issued, paid-in 12.31.2017 12.31.2016 Common stock with a face value of $ 0.1 per share and entitled to 1 vote each, fully paid-in 596,026,490 566,026,490 On November 1, 2017, Loma Negra CIASA made a public offering of shares on the New York and Buenos Aires Stock Exchanges. The Company offered a subscription of ordinary, book-entry shares with a par value of $ 0.10 each and one vote per share for a total of up to 30,000,000 common shares to be issued in accordance with the capital increase provided by the competent bodies of the society. The new shares were offered to the investing public in Argentina simultaneously with the public offering of the new shares represented in American Depositary Shares (“ADSs”) in the United States and together with the public offering of existing shares of Loma Negra Holding GmbH. After the pre-emptive By virtue of the facts described in the preceding paragraph, as of November 1, 2017, the capital of the Company amounts to 59,602,649, represented by 596,026,490 common shares of $ 0.10 par value each and one vote per share. The Company accounted for the acquisition of the 2.36% of equity share in Cofesur S.A., which was approved by Government in March, 2017. Since the Company had acquired such participation from Camargo Correa S.A., it applied its accounting policy for acquisitions of entities under common control and recognized the participation at their carrying amount, being the excess of the purchase price over such amount disclosed in Equity under the caption Other capital adjustments. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2017 | |
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Accumulated Other Comprehensive Income | 24. ACCUMULATED OTHER COMPREHENSIVE INCOME 12.31.2017 12.31.2016 12.31.2015 Cash flow hedging reserve Balances at the beginning of the year — 54,402,733 (1,907,301 ) Net change on revaluation of hedging instruments — (8,341,700 ) 84,945,905 Income tax related to gains/losses recognized in other comprehensive income — 2,919,595 (29,731,067 ) Amounts reclassified to (profit) or loss — (75,354,812 ) 1,684,882 Income tax related to amounts reclassified to profit or loss — 26,374,184 (589,686 ) Balances at the end of the year — — 54,402,733 Exchange differences on translating foreign operations Balances at the beginning of the year 149,293,492 114,949,865 61,788,958 Exchange differences of the year attributable to the owners of the Company 101,151,222 34,343,627 53,160,907 Balances at the end of the year 250,444,714 149,293,492 114,949,865 Total accumulated other comprehensive income 250,444,714 149,293,492 169,352,598 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2017 | |
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Borrowings | 25. BORROWINGS 25.1 Composition of borrowings 31.12.2017 31.12.2016 Borrowings In foreign currency 3,351,761,052 3,358,702,428 In local currency 1,012,118,191 980,325,932 Total 4,363,879,243 4,339,028,360 Non-current 2,604,280,835 1,277,054,290 Current 1,759,598,408 3,061,974,070 Total 4,363,879,243 4,339,028,360 Secured borrowings are included as it is detailed in Note 34. 25.2 Detail of borrowings 31.12.2017 31.12.2016 Company Ref. Rate Due-date Amount Amount Borrowings in foreign currency – u$s Banco Supervielle S.A. Loma Negra C.I.A.S.A. 6 5% Sep-17 — 111,672,996 Banco Patagonia S.A. Ferrosur Roca S.A. 12 5.75% Jul-18 89,305,446 74,721,781 Industrial and Commercial Bank of China (Dubai) Loma Negra C.I.A.S.A. 8 3 Months Libor + 3.75% May-20 1,228,430,137 — Industrial and Commercial Bank of China (Dubai) Loma Negra C.I.A.S.A. 5 3 Months Libor + 3.4% Jun-19 563,979,469 791,854,007 Itaú-Unibanco S.A. - New York Loma Negra C.I.A.S.A. 1 6 Months Libor + 2.9% Mar-18 — 903,726,812 Inter-American Development Bank (IDB) Yguazú Cementos S.A. 16 6 Months Libor + 3.5% Aug-21 — 621,509,323 Corporación Andina de Fomento (CAF) Yguazú Cementos S.A. 16 6 Months Libor + 3.5% Aug-21 — 621,509,323 Borrowings in foreign currency – Guaraníes Banco Continental S.A.E.C.A. Yguazú Cementos S.A. 17 8.5% Aug-25 887,929,000 — Sudameris Bank S.A.E.C.A. Yguazú Cementos S.A. 17 9.0% Aug-25 582,117,000 — Banco Itaú S.A.- Paraguay Yguazú Cementos S.A. 15 7.5% Aug-17 — 233,708,186 Total borrowings in foreign currency 3,351,761,052 3,358,702,428 Borrowings in local currency Banco Provincia de Buenos Aires Loma Negra C.I.A.S.A. 2 BADLAR + 4% Sep-18 16,345,799 32,000,000 Banco Provincia de Buenos Aires Loma Negra C.I.A.S.A. 4 BADLAR + 2% Mar-19 89,590,643 149,206,763 Banco Provincia de Buenos Aires Loma Negra C.I.A.S.A. 4 BADLAR + 2% Jun-19 108,753,068 150,822,338 Banco Provincia de Buenos Aires Loma Negra C.I.A.S.A. 4 BADLAR + 2% Jul-19 15,133,621 19,879,350 HSBC Bank Argentina S.A. Loma Negra C.I.A.S.A. 7 21.75% Apr-19 157,865,753 — HSBC Bank Argentina S.A. Ferrosur Roca S.A. 13 21.75% Apr-19 157,865,753 — Banco Patagonia S.A. Loma Negra C.I.A.S.A. 3 BADLAR corrected + 1.65% Jul-18 70,391,979 164,392,235 Banco Patagonia S.A. Ferrosur Roca S.A. 11 BADLAR corrected + 0.5% Oct-18 60,777,576 122,079,572 Banco Santander Rio S.A. Loma Negra C.I.A.S.A. 3 BADLAR corrected + 4% Jul-18 87,562,256 204,298,831 Syndicated Ferrosur Roca S.A. 10 BADLAR corrected + 3.95% Jul-17 — 36,093,092 Bank overdrafts Loma Negra C.I.A.S.A. 9 29% Jan-18 12,871,347 8,266,151 Bank overdrafts Recycomb S.A.U. 29% Jan-18 314,071 — Bank overdrafts Ferrosur Roca S.A. 14 29% Jan-18 234,646,325 93,287,600 Total borrowings in local currency 1,012,118,191 980,325,932 Total 4,363,879,243 4,339,028,360 Loma Negra C.I.A.S.A.: (1) On July 28, 2011, a loan agreement for u$s 55,212,000 was entered into with ITAÚ-UNIBANCO S.A. – New York Branch. Such loan was originally due in July 2016 and accrued interest at a Libor-based floating rate plus and a spread payable half-yearly as from January 2012. During the 2016, the loan term was extended and the principal will be settled in three equal installments four-monthly, expiring the first in July 2017. Such loan was guaranteed by InterCement Brasil S.A. On May 15, 2017, the board of directors approved the early payment of two loan installments with Itaú UNIBANCO S.A. New York Branch, whose maturities were scheduled for July 30 and November 2017, respectively. This payment was for a total amount of $ 585,891,679 (u$s 37,514,318.49 including interest accrued until that date). On September 22, 2017, the Board of Directors approved the early cancellation of the last installment of the aforementioned loan that had maturity on March 30, 2018 plus interest accrued until that date, which totals $ 323,955,310 (u$s 18,538,123). (2) On September 30, 2013, the Company subscribed a loan agreement with Banco Provincia de Buenos Aires for a total amount of 80,000,000. This loan will be settled in ten semiannual equal and consecutive installments accruing an fixed interest rated upt the third year and BADLAR variable rate for the remaining period. (3) On July 21 and July 22, 2015, the Company subscribed loans agreements with Banco Patagonia S.A. and Banco Santander Rio S.A. for total amount of 200,000,000 and 250,000,000, respectively. Both loans will be settled in nine quarterly, equal and consecutive installments, overcoming the first one twelve months after the disbursement and accruing a BADLAR corrected based floating interest rate with quarterly repayments. (4) In March and June, 2016, the Company subscribed two loans agreements with Banco Provincia de Buenos Aires for total amount of 150,000,000 each. Both loans will be settled in twenty-five monthly, equal and consecutive installments, overcoming the first one twelve month after the disbursement and accruing a BADLAR based floating interest rate with monthly repayments. Additionally, on June, 2016, the Company subscribed another loan agreement with Banco Provincia de Buenos Aires for total amount of 20,000,000 under the same conditions described. (5) In June, 2016, the Company subscribed a loan agreement with Industrial and Commercial Bank of China (Dubai) for total amount of u$s 50,000,000 to be settled in five semi-annual, equal and consecutive installments with a twelve month grace period after the disbursement, accruing a nominal floating interest rate based on Libor with quarterly repayments. This loan requeries the compliance of the ratio Net Debt / EBITDA, which has been complied with up to the date of issuance of the financial statements. (6) On September 16, 2016, the Company subscribed a loan agreement with Banco Supervielle S.A. for total amount of u$s 7,000,000 to be settled on September 16, 2017. Fixed interest rate was payable on a quarterly basis. (7) On April 6, 2017, the Company subscribed a loan agreement with HSBC Bank Argentina S.A. amounting 150,000,000 due on April 4, 2019, accruing a nominal fixed interest rate with quarterly repayments. This loan requeries the compliance with the ratio Net Debt / EBITDA, which has been complied with up to the date of issuance of the financial statements. (8) In May 2017, the Company subscribed a loan agreement with Industrial and Commercial Bank of China (Dubai) . amounting 1,003,109,250 (u$s 65,000,000) to be settled in five semi-annual, equal and consecutive installments, accruing a nominal floating interest rate based on Libor. The first installment is due 365 days after the disbursement. This loan requeries the compliance of the ratio Net Debt / EBITDA, which has been complied with up to the date of issuance of the financial statements (9) As of December 31, 2017, the Company has bank overdrafts for total amount of 12,871,347. Ferrosur Roca S.A.: (10) On May 24, 2012, Ferrosur Roca S.A. obtained financing from a group of banks for 150,000,000, which was used to refinance financial debts, working capital and investments. Such loan would be repaid by way of eleven quarterly, equal and consecutive installments of 12,495,000 each and an additional final installment of 12,555,000, the first one with a maturity after fifteen months from the execution date. During the first year, the loan accrued interest at a fixed annual rate, and since the thirteenth month it would accrue interest at a floating nominal rate based on the BADLAR private corrected rate (BADCOR). Compensatory interest accrued on a quarterly basis from May 24, 2012. Ferrosur Roca S.A. had undertaken to assume certain obligations and conditions. Additionally, Loma Negra C.I.A.S.A. guaranteed the loan. This loan was renegotiated on January 21, 2014 with the payment of interest accrued until that date. The principal owed until that date will be repaid in 10 quarterly, equal and consecutive installments of 11,364,545 each, plus an additional final installment of 11,364,550, the first of which expires after twelve months from the signature of the addendum to the original loan agreement. Interest accrues at a nominal floating rate based on the BADLAR private corrected (BADCOR) and is paid on a quarterly basis. Furthermore, Loma Negra C.I.A.S.A. ratified the agreement by providing a guarantee for the loan. The remaining conditions have not changed from those established in the original agreement. (11) On October 21, 2015 Ferrosur Roca S.A. subscribed a loan agreement with Banco Patagonia S.A. for total amount of 130,000,000 to be settled in nine quarterly, equal and consecutive installments of 14,444,444 each, the first one with a maturity after twelve months from execution date. Compensatory interest accrues a nominal floating interest rate based on BADLAR private corrected (BADCOR). Loma Negra C.I.A.S.A. guarantee the loan. (12) On August 5, 2016, Ferrosur Roca S.A. subscribed a loan agreement with Banco Patagonia S.A. for a total amount of u$s 4,700,000 to be settled in three quarterly, equal, consecutive installments of u$s 1,566,666 each, overcoming the first one on January 25, 2018. Compensatory interest accrues a nominal fixed interest rate. (13) In 2017, Ferrosur Roca S.A. subscribed a loan agreement with HSBC Bank Argentina for a total amount of $ 150,000,000 due on April 4, 2019. Compensatory interest accrues a nominal fixed interest rate. This loan requeries the compliance of the ratio Net Debt / EBITDA, which has been complied with up to the date of issuance of the financial statements (14) As of December 31, 2016, Ferrosur Roca S.A: had bank overdrafts for total amount of 234,646,325. Yguazú Cementos S.A.: (15) On October 19, 2016, Yguazú Cementos S.A. subscribed two loan agreements with Banco Itaú S.A. for total amount of PYG. 83,775,750,000 equivalents to 230,254,370. Both loans will be settled in 120 days, accruing a fixed interest rate, to be settled at maturity. (16) On January 25, 2013, Yguazú Cementos S.A. subscribed two loans agreements with Inter-american Development Bank (IDB) and Corporación Andina de Fomento (CAF), for total amount of U$S 38,465,000, each. The outstanding principal was to be repaid in semi-annual equal and consecutive installments of U$S 7,690,000 plus an additional installment of U$S 7,720,000 until August 2021. Interest accrue at LIBOR plus an spread and is payable semi-annually. These loans were secured with collateral and guaranteed by InterCement Brasil S.A. Yguazú Cementos S.A. had to comply with covenants pursuant to these agreements, which were monitored by the Company’s Management and Board of Directors. In August, 2017, the loan was prepaid. (17) On August 8, 2017, Yguazú Cementos S.A. entered into two loan agreements with two Paraguayan Banks and agreed the following terms: Banco Continental S.A.E.C.A.: Principal amount: 255,000,000,000 Guaranies (715,500,000) Maturity: 8 years Interest Rate: 8.5% for the first year. After the first anniversary, the interest rate shall be adjusted according to an average of rates published by the Banco Central de Paraguay plus 0.32%. In no case the interest rate shall be lower than 8.5%. Interests will be paid every six months starting in February 2018. Payment of principal: 15 equal and consecutive installments on a semiannual basis, starting in August, 2018. Sudameris Bank S.A.E.C.A. Principal Amount: 168,000,000,000 Guaranies (534,240,000) Maturity: 8 years Interest Rate: 9% for the first year. After the first anniversary, the interest rate shall be adjusted according to an average of rates published by the Banco Central de Paraguay, plus 0.82% In no case the interest rate shall be lower than 9%. Interests will be paid every six months starting in February 2018. Payment of principal: 15 equal and consecutive installments on a semiannual basis, starting in August, 2018. The proceeds of such loans shall be used to prepay all the outstanding amounts of the loans granted in 2013 by the Inter-American Development Bank (“IDB”) and Corporación Andina de Fomento (“CAF”) described in (16) above, together with short term debt with Banco Itaú Paraguay. Yguazú Cementos S.A. has to comply with financial covenants (EBITDA/Borrowing interest; Liabilities/Net equity), which have been complied with. 25.3 Movements of borrowings The movements of borrowings for the year ended December 31, 2017 are outlined below: Balances as of January 1, 2017 4,339,028,360 New borrowings 2,927,783,765 Interest accrual 518,424,024 Effect of foreign currency exchange differences 287,691,637 Effect of exchange rate differences 330,042,463 Interest payments (517,407,711 ) Principal payments (3,521,683,295 ) Balances as of December 31, 2017 4,363,879,243 As of December 31, 2017 the long-term loans have the following maturity schedule: Year 2019 1,224,825,913 2020 434,677,082 2021 190,371,798 2022 and following 754,406,042 Total 2,604,280,835 |
Accounts Payable
Accounts Payable | 12 Months Ended |
Dec. 31, 2017 | |
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Accounts Payable | 26. ACCOUNTS PAYABLE 12.31.2017 12.31.2016 Non-current Accounts payable for investments in Property, plant and equipment 71,388,595 69,989,797 Expense accrual — 11,922,779 Total 71,388,595 81,912,576 Current Suppliers 1,239,573,602 1,017,699,633 Related parties (Note 19) 275,828,345 563,849,622 Accounts payable for acquisitions of Property, plant and equipment 235,005,411 280,599,659 Expenses accrual 611,134,006 363,951,348 Total 2,361,541,364 2,226,100,262 |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2017 | |
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Provisions | 27. PROVISIONS 12.31.2017 12.31.2016 Non-current Labor and Social Security 44,184,248 29,256,783 Environmental restoration 80,602,101 59,616,013 Civil and others 36,309,641 31,810,692 Total 161,095,990 120,683,488 Changes in the provisions were as follows: Labor and Environmental Civil and Total Balances as of January 1, 2016 19,874,101 53,538,707 34,022,986 107,435,794 Increases 13,585,938 13,199,149 3,148,541 29,933,628 Uses (4,203,256 ) (7,121,843 ) (5,360,835 ) (16,685,934 ) Balances as of December 31, 2016 29,256,783 59,616,013 31,810,692 120,683,488 Increases 24,395,945 28,617,633 19,009,635 72,023,213 Uses (9,468,480 ) (7,631,545 ) (14,510,686 ) (31,610,711 ) Balances as of December 31, 2017 44,184,248 80,602,101 36,309,641 161,095,990 The provision for Labor and Social Security represents the best estimate of the future outflow of economic benefits that will be required under the Group’s Labor and social security obligations for the final settlement cost of complaints and litigations. All the claims provisioned are of a similar nature and are not individually material The provision for Environmental restoration represents the present value of the estimated costs for environmental cleanup and remediation works relating mainly to querries and plants and based on the current information related to costs and expected remediation plans. The provision for Civil and others represents the present value of the directors’ best estimate of the future outflow of economic benefits that will be required under the Group’s obligations for the final settlement cost of complaints and litigations derived from tax claims and damages. All the claims provisioned under tax or damages, respectively, are of a similar nature and are not individually material. Based on management best estimates, and considering the opinion of the company external counsel, as of December 31, 2017 there are claims against the Company classified as uncertain contingencies. The estimated amount of cashflow thereof amounts to 57.4 million, including mainly 14.6 million related to tax obligations and 25.6 million related to labor obligation and 17.0 million related to administrative obligation. At the date of issuance of these consolidated financial statements, the Group understands that there are no elements to determine other contingencies that could have a negative impact on the consolidated financial statements. |
Tax Liabilities
Tax Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
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Tax Liabilities | 28. TAX LIABILITIES 12.31.2017 12.31.2016 Non-current Facilities payment plans 342,209 1,087,580 Total 342,209 1,087,580 Current Income tax expense 336,262,373 49,995,504 Value added tax 149,872,919 102,065,724 Turnover tax 38,557,514 23,546,780 Other taxes, withholdings and perceptions 48,391,134 49,478,280 Total 573,083,940 225,086,288 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
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Other Liabilities | 29. OTHER LIABILITIES 12.31.2017 12.31.2016 Non-current Termination payment plans 15,740,729 28,273,858 Total 15,740,729 28,273,858 12.31.2017 12.31.2016 Current Termination payment plans 21,351,249 22,559,784 Dividends with minority shareholders 7,948,017 6,134,322 Others 2,617,592 628,162 Total 31,916,858 29,322,268 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2017 | |
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Cash and Cash Equivalents | 30. CASH AND CASH EQUIVALENTS For the purposes of the consolidated statement of cash flows, cash and cash equivalents include cash, bank accounts and short-term investments with high liquidity (with maturities of less than 90 days from the date of acquisition). Cash and cash equivalents at the end of the fiscal year as shown in the consolidated statement of cash flows can be reconciled to the related items in the consolidated statement of financial position as follows: 12.31.2017 12.31.2016 Cash and Banks 188,774,700 233,844,913 Short-term investments and others (Note 15) 2,990,913,013 569,440,882 Cash and cash equivalents 3,179,687,713 803,285,795 |
Non-cash Transactions
Non-cash Transactions | 12 Months Ended |
Dec. 31, 2017 | |
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Non-cash Transactions | 31. NON-CASH Below is a list of transactions that did not involve cash flow movements in the fiscal year of acquisition: 12.31.2017 12.31.2016 - Acquisition of Property, plant and equipment financed with trade payables 9,671,103 279,966,554 - Acquisition of 2.36% of interest in Cofesur S.A. (*) 35,434,064 — - Acquisition of interest in Yguazú Cementos S.A. financed with the settlement of loans with related parties (Note 16) 97,583,285 518,091,291 - Accounts payable settlement with amounts receivable under financial leasing — 172,579,157 - Settlement of receivable for acquisition of Property, plant and equipment 34,932,897 — (*) Loma Negra C.I.A.S.A. applied an advance for acquisition of investment to the payment of the additional equity. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
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Segment Information | 32. SEGMENT INFORMATION The Company has adopted IFRS 8 - Operating segments, that require operating segments to be identified on the basis of internal reports regarding components of the Company that are regularly reviewed by the Executive Committee, chief operating decision maker, in order to allocate resources to the segments and to assess their performance. For the purposes of managing its business both financially and operatively, the Company has classified its businesses as follows: i) Cement, masonry cement and lime: this segment includes results from the cement, masonry cement and lime business, and comprises the procurement of the raw materials for quarries, the manufacturing process of clinker / quicklime and their subsequent grinding with certain additions intended to obtain the cement, masonry cement and lime. ii) Concrete: this segment includes the results of revenues generated from the production and sale of ready-mix iii) Aggregates: this segment includes the results of revenues generated from the production and sale of granitic aggregates. iv) Railroad: this segment includes the results of revenues generated from the provision of the railroad transportation service. v) Others: this segment includes the results of the industrial waste treatment and recycling business for use as fuel o raw material, and the aggregate business. 12.31.2017 12.31.2016 12.31.2015 Net revenue Cement, masonry cement and lime - Argentina 11,649,136,962 8,314,392,402 6,701,278,244 Cement - Paraguay 1,152,606,929 — — Concrete 1,903,346,280 1,044,559,627 793,708,600 Railroad 1,608,080,671 1,223,681,686 919,729,670 Aggregates 261,292,612 189,491,197 144,660,326 Others 133,109,926 75,636,911 56,554,737 Eliminations (1,421,038,454 ) (973,318,615 ) (744,977,684 ) Total 15,286,534,926 9,874,443,208 7,870,953,893 Cost of sales Cement, masonry cement and lime - Argentina 7,986,358,455 6,045,620,325 4,874,303,722 Cement - Paraguay 803,220,686 — — Concrete 1,795,052,472 968,360,040 755,769,143 Railroad 1,352,375,734 1,011,559,523 773,417,805 Aggregates 266,721,854 176,603,548 116,830,030 Others 67,374,539 35,697,635 33,154,459 Eliminations (1,421,038,454 ) (973,318,615 ) (744,977,684 ) Total 10,850,065,285 7,264,522,456 5,808,497,475 Selling, administrative expenses and other gains and losses Cement, masonry cement and lime - Argentina 850,722,982 726,012,191 575,834,891 Cement - Paraguay 43,633,705 — — Concrete 77,974,017 49,143,560 34,190,768 Railroad 105,192,391 (4,235,303 ) 20,862,201 Aggregates 4,411,761 5,217,097 6,772,681 Others 38,471,541 29,341,972 24,698,911 Total 1,120,406,397 805,479,517 662,359,452 12.31.2017 12.31.2016 12.31.2015 Depreciation and amortization Cement, masonry cement and lime - Argentina 342,614,418 432,545,694 270,935,703 Cement - Paraguay 170,931,104 — — Concrete 24,544,240 12,492,535 9,755,647 Railroad 74,821,293 54,995,174 44,853,392 Aggregates 10,505,708 7,115,732 6,471,004 Others 2,463,945 1,924,745 1,940,551 Total 625,880,708 509,073,880 333,956,297 Net revenue less cost of sales, selling, administrative expenses and other gains and losses Cement, masonry cement and lime - Argentina 2,812,055,525 1,542,759,886 1,251,139,631 Cement - Paraguay 305,752,538 — — Concrete 30,319,791 27,056,027 3,748,690 Railroad 150,512,546 216,357,466 125,449,664 Aggregates (9,841,002 ) 7,670,552 21,057,615 Others 27,263,846 10,597,304 (1,298,633 ) Total 3,316,063,244 1,804,441,235 1,400,096,967 Reconciling items: Share of profit (loss) of associates — 36,631,307 (105,140,743 ) Tax on debits and credits banks accounts (188,020,636 ) (140,033,765 ) (109,513,061 ) Finance costs, net (842,142,961 ) (941,287,406 ) (591,564,301 ) Income tax (585,537,956 ) (257,734,325 ) (242,359,114 ) Total 1,700,361,691 502,017,046 351,519,747 12.31.2017 12.31.2016 Geographical information Non-current Argentina 4,094,960,948 3,444,863,021 Paraguay 2,358,756,400 2,016,522,494 For these purposes, non-current Net revenues for the years ended December 31, 2017, 2016 and 2015 are derived from business in Argentina and Paraguay. No single customer contributed 10% or more of the Group’s revenue for 2017, 2016 and 2015. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
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Financial Instruments | 33. FINANCIAL INSTRUMENTS 33.1 Capital management The Group manages its capital to ensure that entities that comprise it will be able to continue as a going concern while maximizing the return to shareholders through the optimization of debt and equity balances. The Group’s overall strategy did not have changes in 2017 and 2016. The Company and its subsidiaries participate in operations involving financial instruments, recorded in equity accounts, which used to face their needs, as well as to reduce exposure to market, currency and interest rate risks. The management of these risks, as well as their respective instruments, is performed by defining strategies, establishing control systems and determining exposure limits. The capital structure of the Group consists of net debt (borrowings as detailed in note 25 offset by cash and cash equivalents balances) and Shareholders’ Equity of the Group (comprising issued capital stock and other capital related accounts, reserves, retained earnings, accumulated other comprehensive income and non-controlling The Group is not subject to any externally imposed capital requirements. The Group’s risk management committee reviews the capital structure of the Group. Net debt to equity ratio The net debt to equity ratio of the year is as follows: 12.31.2017 12.31.2016 Debt (i) 4,363,879,243 4,339,028,360 Cash and cash equivalents 3,179,687,713 803,285,795 Net debt 1,184,191,530 3,535,742,565 Equity (ii) 4,415,794,158 1,130,511,577 Net debt to equity ratio 0.27 3.13 (i) Debt is defined as current and non-current (ii) Equity includes all reserves and capital of the Group which are managed as capital. 33.2 Categories of financial instruments 12.31.2017 12.31.2016 Financial assets Cash and banks 188,774,700 233,844,913 Fair value through profit or loss 1,734,518,063 541,722,654 Held to maturity investments 1,256,394,950 27,718,228 Loans and receivables 1,305,227,521 926,540,358 12.31.2017 12.31.2016 Financial liabilities Amortized cost 7,959,722,044 7,310,962,385 At the end of the reporting period, there are not significant concentrations of credit risk for loans and receivables designated at FVTPL. The carrying amount reflected above represents the Group’s maximum exposure to credit risk for such loans and receivables. 33.3 Objectives of financial risk management The Treasury function, offers services to business, coordinates access to domestic and international financial markets, monitors and manages the financial risks related to the Group’s operations through internal risk reports, which analyze exposures depending on the degree and extent thereof. These risks include market risk (including currency risk, interest rates at fair value risk and price risk), credit risk and liquidity risk. The Company and its subsidiaries do not employ or traded derivative financial instruments for speculative purposes. Monitoring compliance with these provisions policy is made by the executive committee and the internal audit team. 33.4 Exchange risk management The Group carries out transactions in foreign currency; and is hence exposed to exchange rate fluctuations. Exposures in the exchange rate are managed within approved policy parameters using foreign exchange contracts. The amounts of monetary assets and liabilities denominated in foreign currency at the end of the reported year are as follows: 12.31.2017 12.31.2016 Liabilities US Dollars 2,155,076,310 3,602,828,793 Guarani 1,577,012,129 272,717,762 Euro 202,586,489 235,771,525 Real 14,488 12,359 Assets US Dollars 1,068,483,893 321,575,956 Guarani 330,166,837 325,933,382 Euro 6,354,120 17,781,524 Real 60,615 12,978 Foreign currency sensitivity analysis The Group is mainly exposed to the US dollar. The following table shows the sensitivity of the Group to an increase in the US dollar exchange rate. The sensitivity rate is that used when reporting to the top executive level and represents the management’s assessment of a possible reasonable change in exchange rates. The sensitivity analysis only includes outstanding foreign-currency monetary items and adjusts translation of such items on the balance sheet date considering a reasonably possible 25% increase in the exchange rate. US Dollar effect Guaraní effect 12.31.2017 12.31.2017 Loss for the year 271,648 — Decrease in net equity 271,648 283,931 33.5 Forward foreign exchange contracts It is the policy of the Group to enter into forward foreign exchange contracts to cover specific foreign currency payments and receipts from time to time. The Group may also enter into forward foreign exchange contracts to manage the risk associated with anticipated sales and purchase transactions. Basis adjustments are made to the carrying amounts of non-financial In 2016, the Group entered into forward foreign exchange contracts to hedge the exchange rate risk arising from purchases of some services. There are not outstanding transactions as of December 31, 2017 and 2016. 33.6 Interest rate risk management The Group is exposed to the risk of significant fluctuations in interest rates, due to the companies in the Group borrows at both, fixed and floating rate. The risk is managed by the Group having an appropriate mix between loans with fixed rate and floating rate. Hedging activities are evaluated regularly to align with interest rates and risk defined, ensuring that the most profitable coverage strategies are applied. 12.31.2017 12.31.2016 Financial assets Held to maturity investments (1) 1,256,394,950 27,718,228 Fair value through profit or loss (2) 1,734,518,063 541,722,654 Loans (3) — 124,767,892 Financial liabilities Amortized cost (4) 4,363,879,243 4,339,028,360 (1) Short-term loan receivables fixed rate. (2) Short-term loan receivables floating rate. (3) Correspond to loans granted to the Parent company at a fixed rate in US dollars. (4) Includes borrowings as detailed in Note 25. 33.6.1 Interest rate sensitivity analysis The sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and non-derivative In the event that the average BADLAR rate applicable to our financial assets and indebtedness during the year ended December 31, 2017 were 1.0% higher than the average interest rate during such period, our financial expenses in the same period would have increased by approximately 6.3 million. In the event that the average LIBO rate applicable to our financial liabilities during the year ended December 31, 2017 were 1.0% higher than the average interest rate during such period, our financial expenses in the same period would have increased by approximately u$s 1.5 million. With respect to our financial assets, an increase of 1.0% in the average interest rate during the year ended December 31, 2017, would have increased our financial income by 3.7 million. 33.6.2 Interest rate swap contracts Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the Group to mitigate the risk of changing interest rates on the fair value of issued fixed rate debt and the cash flow exposures on the issued variable rate debt. The fair value of interest rate swaps at the end of the reporting period is determined by discounting the future cash flows using the curves at the end of the reporting period and the credit risk inherent in the contract, and is disclosed below. The average interest rate is based on the outstanding balances at the end of the reporting period. 33.7 Credit risk management Credit risk refers to the risk that one party fails to comply with its contractual obligations resulting in a financial loss for the Group. The Group has adopted a policy of only solvent parties involved and get sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults, Credit exposure is controlled by counterparty limits that are reviewed and approved periodically. Trade receivables are composed of a large number of customers. Continuous credit assessment is performed on the financial condition of accounts receivable. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by credit rating agencies. The carrying amount of financial assets recognized in the consolidated financial statements, which is net of impairment losses, represents the maximum exposure to credit risk without considering collateral accounts or other credit enhancements. 33.8 Liquidity risk management The Board has the ultimate responsibility for the liquidity risk management, having established an appropriate framework for liquidity management so that management can handle financing requirements in short, medium and long-term as well as management Group liquidity. The Group manages liquidity risk by maintaining reserves, adequate financial and loan facilities, continuously monitoring the projected and real cash flows and reconciling the maturity profiles of financial assets and liabilities. The Company practices a careful liquidity risk management and, therefore, keeps cash and other instruments liquid, as well as available fund. However, as of December 31, 2016, the consolidated financial statements reflected a negative working capital of 2,528,970 thousands. Given the nature of the activity of the company, which has predictable funds flows, can operate with negative working capital. This condition is not related to insolvency, but rather a strategic decision. However, the Company reversed this situation during 2017, mainly through new long-term loans and the capital increase in 30,000,000 shares of 0.1 $ par value each, for a value of usd 3.8 per share. This placement represented a capital increase of USD 114,000,000 without considering the expenses associated with the issue. The Management of the Company considers that the liquidity risk exposure is low since the Company has been generating cash flow from its operating activities, supported on strong profits, has access to loans and financial resources, as explained in Note 25. The following tables detail the Group’s remaining contractual maturity for its non-derivative Weighted Less than 1-3 3 months to 1-3 3-6 Total % 31 December 2017 Borrowings 23.3 % 381,820,796 266,196,448 1,367,997,486 2,225,112,937 910,660,113 5,151,787,780 381,820,796 266,196,448 1,367,997,486 2,225,112,937 910,660,113 5,151,787,780 Weighted Less than 1-3 3 months to 1-3 3-6 Total % 31 December 2016 Borrowings 21.7 264,378,805 423,283,132 1,678,381,825 2,332,273,362 130,762,023 4,829,079,147 264,378,805 423,283,132 1,678,381,825 2,332,273,362 130,762,023 4,829,079,147 33.9 Fair value measurements This note provides information about how the Group determines fair values of various financial assets and financial liabilities. 33.9.1 Fair value of the Group’s financial assets and financial liabilities that are measured at fair value on a recurring basis Some of the Group’s financial assets and financial liabilities are measured at fair value at the end of each reporting period. The following table gives information about how the fair values of these financial assets and financial liabilities are determined (in particular, the valuation technique(s) and inputs used). Financial assets/ Fair value as at Fair value Valuation technique(s) and key input(s) financial liabilities 12.31.2017 12.31.2016 hierarchy 1)Investments in Mutual funds 1,734,518,063 569,440,882 Level 1 Quoted bid prices in an active market 33.9.2 Fair value of financial assets and financial liabilities that are not measured at fair value (but fair value disclosures are required) The estimated fair value of the loans, considering interest rates offered to the Group (Level 3) for financial loans, amounted to 4.127 million as of December 31, 2017. The directors consider that the carrying amounts of financial assets and other financial liabilities recognized in the consolidated financial statements approximate their fair values. |
Guarantees Granted to Subsidiar
Guarantees Granted to Subsidiaries | 12 Months Ended |
Dec. 31, 2017 | |
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Guarantees Granted to Subsidiaries | 34. GUARANTEES GRANTED TO SUBSIDIARIES On October 21, 2015 Ferrosur Roca S.A. subscribed a loan agreement with Banco Patagonia S.A. for an amount of 130,000,000. Such Loan was guaranteed by Loma Negra C.I.A.S.A. The balance outstanding as of December 31, 2017 is 60,777,576. During 2016, Ferrosur Roca S.A. subscribed a loan agreement with Banco Patagonia S.A. for an amount of u$s 4,700,000. Such Loan was guaranteed by Loma Negra C.I.A.S.A. The balance outstanding as of December 31, 2017 is 89,305,446. In April 2017, Ferrosur Roca S.A. subscribed a loan with HSBC Bank Argentina S.A. for an amount of 150,000,000. Such loan was guaranteed by Loma Negra C.I.A.S.A. and the outstanding balance as of December 31, 2017 amounts to 157,865,753. In addition, Loma Negra C.I.A.S.A. guarantees the bank overdrafts of Ferrosur Roca S.A. As of December 31, 2017, the outstanding balances amounted to 234,646,325. |
Restricted Assets
Restricted Assets | 12 Months Ended |
Dec. 31, 2017 | |
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Restricted Assets | 35. RESTRICTED ASSETS As of December 31, 2016, the Group has judicial deposits for a total amount of 8,030,999, which are shown within other current and non-current On August 8, 2017 Yguazú Cementos S.A. entered into two loan agreements with Banco Continenteal S.A.E.C.A. and Sudameris Bank S.A.E.C.A. for a total amount of guaraníes 255,000,000 (715,500,000) and guaraníes 168,000,000 (534,240,000), respectively. In order to guarantee the payment of the new loans, Yguazú Cementos S.A. created liens (pledge and mortgage) over land and property (Villa Hayes Plant, Itapucumi quarry site and equipment ) in favor of the local banks for up to Gs. 423,000,000,000, equivalent to the amount of both loans. The balance owed for both loans as of December 31, 2017 is Guaraníes 435,519,313,708 ($ 1,470,046,000). |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2017 | |
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Commitments | 36. COMMITMENTS The Group has certain contractual commitments to purchase slag which are effective until 2022. The estimated undiscounted future cash flows amount to approximately 616.6 million between 2018 and 2022. In addition, the Company has contractual commitment to purchase limestone for an average amount of 2.5 million until 2025. The Company has also signed several contracts for the provision of natural gas, assuming firm commitments for a total amount of 394, 209 and 27 million payable during the 2018, 2019 and 2020, respectively. Additionally, the Company has entered into agreements with some electricity suppliers for a total amount of 109.9 and 89 million for 2018 and 2019 and 87 million to be annually paid between 2020 and 2037. This last commitment represents less than the 10% of the electrical energy consumption for the 2017. Due to the agreement signed with Sinoma International Engineering Co. Ltd. (Note 37), the Company has committed amounting to 2,167,648,300 plus u$s 107,414,700 plus Euros 41,574,600). Since the commitments denominated in pesos are adjusted based in a adjustment formula, the total commitment as of December 31, 2017 amounts to 2,397,552,260. |
Investment Projects
Investment Projects | 12 Months Ended |
Dec. 31, 2017 | |
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Investment Projects | 37. INVESTMENT PROJECTS On July 21, 2017, the Board accepted the Offer received from the Chinese company Sinoma International Engenieering Co. Ltd. (“Sinoma”) for the construction of a new cement plant with a capacity of 5,800 tons per day of clinker. The offer includes the engineering, provision and shipment of all the equipment for the plant and its construction. The work will be executed in two phases: a) Phase 1: basic engineering of the new plant and study of soil in situ (5 months). b) Phase 2: equipment provision and plant construction (26 months). The Company has the right to notify Sinoma the start-up Total cost of the project amounts to 5,000,000,000 (2,167,648,300 plus u$s 107,414,700 plus Euros 41,574,600) The costs in local currency will be adjusted periodically in accordance with an agreed formula. As of the date of issuance of the financial statements, Phase 2 is under construction. |
Receivable From Railway Program
Receivable From Railway Program Execution Unit | 12 Months Ended |
Dec. 31, 2017 | |
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Receivable From Railway Program Execution Unit | 38. RECEIVABLE FROM RAILWAY PROGRAM EXECUTION UNIT On September 11, 1998, the subsidiary Ferrosur Roca S.A. started a legal action to request compensation for the use of the railway by the Provincial Railway Program Execution Unit against the Province of Buenos Aires and the Provincial Railway Program Execution Unit. During 2016, the Company reassessed the measurement of the receivable which amounted to 78,346,682 as of December 31, 2016. During 2017, final agreement was accepted by the Province of Buenos Aires and Ferrosur Roca S.A. The Company considered in its assessment all the available evidence and concluded that the valuation of the asset as of December 31, 2017 amounts to 117,407,006. According to the opinion of the Company’s local legal advisors, the estimate period of collection will be over the next twelve months after the year-end. |
Trust of Administration
Trust of Administration | 12 Months Ended |
Dec. 31, 2017 | |
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Trust of Administration | 39. TRUST OF ADMINISTRATION Since 2008, the subsidiary Ferrosur Roca S.A. must make annual fee contributions (canon) of the 3% of its total revenues to a fund for the improvement of the interurban railroad system. However, until 2013, the procedure for contributing the amounts accrued had not been established. On February 5, 2013, a trust agreement was signed between Ferrosur Roca S.A. and Banco de la Nación Argentina (the Bank) in order to fulfill the formalization process necessary to manage the funds paid by Ferrosur Roca S.A. as payment for the investment works intended to strengthen the interurban rail system. Until December 31, 2015, the amounts transferred to the Trust were considered contingent assets since, although the amounts were deposited in a Trust, there was significant uncertainty in relation to the fact that the future economic benefits were expected to flow to the entity. On July 27, 2016, the Ministry of Transportation issued the Rule N° 218, establishing a procedure for the certification of proposed works by rail concessionaires. Based on the new regulation, the Company recognized all the amounts transferred to the Trust under the line Other receivables from Trust of Administration. The contributions of the year amounted to 27,825,262. Prior year contributions were recognized also as a receivable for 84,441,612, as disclosed in Other gains and losses. The use of the funds has to be approved by the regulatory authority; accordingly, the Company is not entitled to direct the relevant activities. The Bank manages transactions and invests the funds mainly in time deposits. The Company recognize the interest income and the Bank’s fees in profit or loss. On May 24, 2017, the Secretary of Transport Management approved the called “Improvement of 29,215 kilometers of railway” work, for a total amount of 114,364,785 that will be affected by the bank to the payment of Company’s suppliers. |
Restrictions to Dividends Distr
Restrictions to Dividends Distribution | 12 Months Ended |
Dec. 31, 2017 | |
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Restrictions to Dividends Distribution | 40. RESTRICTIONS TO DIVIDENDS DISTRIBUTION In accordance with the provisions of Companies’ Law No. 19,550, the Company has to appropriate to the legal reserve no less than 5% of the sum of net income for the year adjusted by any amount that could have been transferred form accumulated other comprehensive income (loss) to retained earnings plus any adjustment recognized directly in retained earnings, until such reserve reaches 20% of the subscribed capital plus adjustment to capital. In addition, the Company is subject to customary restrictions on the payment of dividends upon the occurrence of an event of default within the framework of certain agreements or if such payment could otherwise result in an event of default. The restrictions mentioned in the previous paragraph arise from the loan agreements that the Company entered into with the Industrial and Commercial Bank of China (Dubai). According to these, the borrower (Loma Negra) will not allow any dividend payment to be made unless: (a) no default or event of default has occurred and continues or occurs as a result of such payment; and (b) the borrower complies, both before and after the payment of dividends, with the ratio of net debt to EBITDA. This reason must not exceed the end of each year of: (a) 3.50: 1.00 at any time before the occurrence of a “substantial event”; and (b) 4.50: 1.00 at any time on or after the occurrence of a “substantial event”. In order to clarify the aforementioned, a “substantial event” with respect to the Company is defined as one or more of the following events: (a) the beginning of the construction of a new cement plant; (b) the consummation of an acquisition of any entity (limited liability companies, joint-stock company, joint venture, association, trust or any other company); or (c) the performance of any other investment by Loma Negra. As of the date of issuance of these financial statements, the Company is not affected by the restrictions mentioned in the preceding paragraphs. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
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Subsequent Events | 41. SUBSEQUENT EVENTS The Group has evaluated subsequent events as at December 31, 2017 to assess the need for potential recognition or disclosure in these consolidated financial statements. Such events were assessed until March 8, 2018 the date these Consolidated financial statements were available to be issued. On January 24, 2018, the Board of Directors of the Company approved an incentive program for certain hierarchical personnel calculated on the value of the shares. In this regard, a certain number of virtual shares of the Company will be delivered to certain employees of the Company together with the option to exercise the benefits granted under the Program. The exercise of the Option, will give the possibility of obtaining an economic benefit, which will result from the difference between the value of each Virtual Share in US dollars at the exercise date of the Option (the “Exercise Price”) multiplied by the amount of Virtual Shares exercised, less the value of each Virtual Share in US dollars on each Option Grant Date (the “Award Price”) multiplied by the number of Virtual Shares exercised. On March 7, 2018 and with the approval of its majority shareholder (Cofesur S.A.), the Board of Ferrosur Roca S.A. resolved unanimously to request the extension of the concession for 10 more years, according to what is established in the Concession Contract. |
Condensed Unconsolidated Financ
Condensed Unconsolidated Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
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Condensed Unconsolidated Financial Information | 42. CONDENSED UNCONSOLIDATED FINANCIAL INFORMATION Since the condensed unconsolidated financial information required by Rule 12-04 S-X non-current The condensed unconsolidated financial information of Loma Negra C.I.A.S.A., as of December 31, 2017 and 2016, and for the years then ended presented herein were prepared considering the same accounting policies as described in note 3, except that consolidated subsidiaries are reflected using the equity method of accounting as required by S-X 12-04. CONDENSED UNCONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 12.31.2017 12.31.2016 12.31.2015 Net revenue 13,159,252,042 9,202,288,419 7,391,826,945 Cost of sales (9,393,608,968 ) (6,844,429,106 ) (5,499,766,931 ) Gross profit 3,765,643,074 2,357,859,313 1,892,060,014 Share of profit (loss) of associates 132,502,436 76,375,721 (93,296,443 ) Selling and administrative expenses (989,129,898 ) (803,913,285 ) (614,736,554 ) Other gains and losses 56,021,137 23,540,414 (2,061,784 ) Tax on debits and credits to bank accounts (167,152,274 ) (124,756,957 ) (95,833,334 ) FINANCE COSTS, NET Exchange rate differences (336,757,288 ) (248,687,255 ) (168,473,564 ) Financial income 81,363,922 36,518,123 23,867,474 Financial expenses (392,554,396 ) (597,529,686 ) (362,012,267 ) Profit before tax 2,149,936,713 719,406,388 579,513,542 INCOME TAX EXPENSE Current (626,247,633 ) (210,210,679 ) (197,726,871 ) Deferred 67,153,302 (18,022,696 ) (33,487,205 ) NET PROFIT FOR THE YEAR 1,590,842,382 491,173,013 348,299,466 OTHER COMPREHENSIVE INCOME Items to be reclassified through profit and loss: Exchange differences on translating foreign operations 101,151,222 34,343,627 53,160,907 Cash flow hedges — (54,402,733 ) 56,310,034 TOTAL OTHER COMPREHENSIVE (LOSS) INCOME 101,151,222 (20,059,106 ) 109,470,941 TOTAL COMPREHENSIVE INCOME 1,691,993,604 471,113,907 457,770,407 Earnings per share (basic and diluted)(*) : 2.79 0.868 0.615 (*) In 2016, the Company has given retroactive effect to the number of shares in order to reflect the new capital structure after the share split described in note 40. CONDENSED UNCONSOLIDATED STATEMENTS OF FINANCIAL POSITION 12.31.2017 12.31.2016 ASSETS Non-current Property, plant and equipment 3,013,834,370 2,425,630,468 Intangible assets 74,760,496 56,708,351 Investments 787,797,282 550,544,157 Goodwill 39,347,434 39,347,434 Inventories 177,461,120 163,115,656 Other receivables 25,397,006 39,875,515 Trade accounts receivable — — Total non-current 4,118,597,708 3,275,221,581 Current assets Inventories 1,550,863,799 1,471,291,076 Other receivables 218,053,883 269,829,692 Trade accounts receivable 797,537,082 412,428,725 Investments 2,971,682,497 661,707,327 Cash and banks 69,755,413 45,038,268 Total current assets 5,607,892,674 2,860,295,088 Total assets 9,726,490,382 6,135,516,669 SHAREHOLDERS’ EQUITY AND LIABILITIES Total shareholders’ equity 3,822,551,465 740,366,741 LIABILITIES Non-current Borrowings 1,128,759,400 1,144,716,538 Accounts payable 71,388,595 69,989,790 Provisions 128,838,045 98,860,518 Tax liabilities 342,209 1,087,580 Other liabilities 14,865,351 27,252,775 Deferred tax liabilities 238,166,558 305,319,860 Total non-current 1,582,360,158 1,647,227,061 Current liabilities Borrowings 1,222,164,672 1,391,402,945 Accounts payable 1,955,082,172 1,781,390,125 Advances from customers 197,508,557 106,956,982 Salaries and social security payables 407,187,941 269,940,259 Tax liabilities 511,046,146 171,004,073 Other liabilities 28,589,271 27,228,483 Total current liabilities 4,321,578,759 3,747,922,867 Total liabilities 5,903,938,917 5,395,149,928 Total shareholders’ equity and liabilities 9,726,490,382 6,135,516,669 CONDENSED UNCONSOLIDATED STATEMENT OF CASH FLOWS 12.31.2017 12.31.2016 12.31.2015 CASH FLOWS FROM OPERATING ACTIVITIES Net profit for the year 1,590,842,382 491,173,013 348,299,466 Adjustments to reconcile net profit to net cash provided by operating activities Income tax expense 559,094,331 228,233,375 231,214,076 Depreciation and amortization 377,664,366 452,153,963 287,162,353 Provisions 41,718,393 29,164,683 18,647,042 Interests 314,472,800 473,687,084 304,389,966 Share of profit (loss) of associates (132,502,436 ) (76,375,721 ) 93,296,443 Investment income recognized in profit (7,966,242 ) (112,039,773 ) (158,494,542 ) Exchange rate differences 282,874,884 266,660,078 253,231,201 Gain on disposal of Property, plant and equipment (5,799,175 ) (31,315,437 ) (3,807,978 ) Changes in operating assets and liabilities Inventories (68,775,774 ) (562,873,693 ) (211,369,295 ) Other receivables (11,244,428 ) (131,335,105 ) (86,527,045 ) Trade accounts receivable (385,054,594 ) (116,059,543 ) 12,477,146 Advances from customers 90,551,575 32,758,193 26,624,857 Accounts payable 356,869,945 518,299,468 331,361,579 Salaries and social security payables 137,247,682 77,584,771 14,119,580 Provisions (23,820,411 ) (15,486,008 ) (14,797,438 ) Tax liabilities (26,162,921 ) 54,319,019 (35,646,213 ) Other liabilities (12,840,331 ) 12,688,349 14,652,724 Cash generated from operations 3,077,170,046 1,591,236,716 1,424,833,922 Income tax paid (255,937,638 ) (162,645,969 ) (163,950,193 ) Net cash generated by operating activities 2,821,232,408 1,428,590,747 1,260,883,729 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from disposal of Property, plant and equipment 13,571,500 22,024,470 5,888,030 Payments to acquire Property, plant and equipment (1,019,196,721 ) (584,435,941 ) (405,783,811 ) Payments to acquire intangible assets (27,743,774 ) (26,279,674 ) (22,311,523 ) Investments 30,300,477 — 608,223 Net cash used in investing activities (1,003,068,518 ) (588,691,145 ) (421,599,081 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings 1,235,382,385 1,433,184,756 609,999,606 Interest paid (338,372,188 ) (476,299,533 ) (331,420,444 ) Dividends paid (442,886,305 ) (853,119,146 ) (16,642 ) Repayment of borrowings (1,748,563,710 ) (704,497,010 ) (1,053,265,230 ) Capital increase 1,866,725,717 — — Net cash used in financing activities 572,285,899 (600,730,933 ) (774,702,710 ) Net increase (decrease) in cash and cash equivalents 2,390,449,789 239,168,669 239,168,669 Cash and cash equivalents at the beginning of the year 581,977,703 322,490,643 234,497,937 Effects of the exchange rate differences on cash and cash equivalents in foreign currency 69,010,418 20,318,391 23,410,768 Cash and cash equivalents at the end of the year 3,041,437,910 581,977,703 322,490,643 In addition, the main items refer to: 1) Borrowings 1.1 Composition of borrowings 12.31.2017 12.31.2016 Borrowings: -In foreign currency 1,792,409,606 1,807,253,815 -In local currency 558,514,466 728,865,668 Total 2,350,924,072 2,536,119,483 Non-current 1,128,759,400 1,144,716,538 Current 1,222,164,672 1,391,402,945 Total 2,350,924,072 2,536,119,483 1.2 Detail of loans 12.31.2017 12.31.2016 Interest Rate Due date Amount Amount Borrowings in foreign currency - u$s Banco Supervielle 5% Sep-17 — 111,672,996 Industrial and Commercial Bank of China (Dubai) 3 Month Libor + 3.4% Jun-19 563,979,469 791,854,007 Itaú-Unibanco S.A. - New York 6 Month Libor + 2.9% Mar-18 — 903,726,812 Industrial and Commercial Bank of China (Dubai) 3 Month Libor + 3.75% May-20 1,228,430,137 — 1,792,409,606 1,807,253,815 Borrowings in local currency Banco Provincia de Buenos Aires BADLAR + 4% Sep-18 16,345,799 32,000,000 Banco Provincia de Buenos Aires BADLAR + 2% Mar-19 89,590,643 149,206,763 Banco Provincia de Buenos Aires BADLAR + 2% Jun-19 108,753,068 150,822,338 Banco Provincia de Buenos Aires BADLAR + 2% Jul-19 15,133,621 19,879,350 HSBC Bank Argentina S.A. 21.75% Apr-19 157,865,753 — Banco Patagonia BADLAR corrected + 1.65% Jul-18 70,391,979 164,392,235 Banco Santander Rio S.A. BADLAR corrected + 4% Jul-18 87,562,256 204,298,831 Bank overdrafts Daily Overdraft Rate Jan-18 12,871,347 8,266,151 558,514,466 728,865,668 Total 2,350,924,072 2,536,119,483 The following tables detail the Company’s remaining contractual maturity for its borrowings with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows based on the earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows. To the extent that interest flows are floating rate, the undiscounted amount is derived from interest rate curves at the end of the reporting period. The contractual maturity is based on the earliest date on which the Company may be required to pay. Weighted Less than 1-3 3 months to 1-3 3-5 years Total % 31 December 2017 Borrowings 23.8 89,813,137 145,807,915 1,127,382,816 1,197,749,276 — 2,560,753,144 89,813,137 145,807,915 1,127,382,816 1,197,749,276 — 2,560,753,144 Weighted Less than 1-3 3 months to 1-3 3-5 years Total % 31 December 2016 Borrowings 21.7 111,702,060 38,711,312 1,441,791,071 1,240,238,670 — 2,832,443,113 111,702,060 38,711,312 1,441,791,071 1,240,238,670 — 2,832,443,113 2) Accounts payable 12.31.2017 12.31.2016 Non-current Accounts payable for investments in Property, plant and equipment 71,388,595 69,989,797 Total 71,388,595 69,989,797 3) Provisions 12.31.2017 12.31.2016 Non-current Labor and Social Security 38,881,287 23,822,356 Environmental restoration 80,602,101 59,616,013 Civil and others 9,354,657 15,422,149 Total 128,838,045 98,860,518 4) Other liabilities 12.31.2017 12.31.2016 Non-current Termination payment plans 14,865,351 27,252,775 Total 14,865,351 27,252,775 5) Tax liabilities 12.31.2017 12.31.2016 Non-current Facilities payment plans 342,209 1,087,580 Total 342,209 1,087,580 6) Deferred tax liabilities 6.1 The deferred income tax charged to income is composed as follows: 12.31.2017 12.31.2016 Assets Provisions 14,823,820 14,365,654 Others 6,584,426 1,593,756 Total 21,408,246 15,959,410 Liabilities Investments (17,923,933 ) — Other receivables — (60,402,707 ) Property, plant and equipment (238,728,247 ) (256,749,345 ) Others (2,922,623 ) (4,127,218 ) Total (259,574,803 ) (321,279,270 ) Total Deferred income tax liabilities (238,166,558 ) (305,319,860 ) 6.3 Unrecognised taxable temporary difference associated with investment and interest 12.31.2017 12.31.2016 Taxable temporary differences in relation to investments in subsidiaries and associates for which deferred tax liabilities have not been recognized are attributable to the following: - Subsidiaries (89,599,508 ) (54,802,640 ) - Others (59,773 ) (83,682 ) (89,659,281 ) (54,886,323 ) |
Basis of Preperation of the C48
Basis of Preperation of the Consolidated Financial Statements (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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Compliance status | 2.1 Compliance status These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These consolidated financial statements have been approved by the Board of Directors in the meeting held on March 8, 2018. |
Basis of preparation | 2.2 Basis of preparation These financial statements have been prepared on a historic cost basis, except for certain financial instruments that are measured at fair values at the end of each reporting period, as explained in the accounting policies below. In general, the historic cost is calculated based on the fair value of the consideration paid in exchange for goods or services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for leasing transactions that are within the scope of IAS 17, and measurements that have some similarities to fair value but are not fair value, such as net realizable value in IAS 2 or value in use in IAS 36. In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the measurement date; • Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and • Level 3 inputs are unobservable inputs for the asset or liability. |
Current and non-current classification | Current and non-current The presentation in the statement of financial position makes a distinction between current and non-current 12-month Fiscal year-end The Company’s fiscal year begins on January 1 and ends on December 31, each year. Currency Consolidated information attached is stated in Pesos ($), Argentine’s legal currency, based on the financial information of Loma Negra and its subsidiaries, presented in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”). IAS 29 “Financial reporting in hyperinflationary economies”, requires the consolidated financial statements of an entity whose functional currency belongs to a hyperinflationary economy to be stated in terms of the measuring current unit at the end of the fiscal year. For such purpose, in general, inflation is to be computed in non-monetary Over the last years, certain macroeconomic variables affecting Company’s business, such as payroll costs, input prices, borrowing and exchange rates, have experienced significant changes. In case that the restatement of the consolidated financial statements becomes applicable, the corresponding adjustment should be resumed, and calculated from the last date the Company had restated its financial statements in order to reflect inflation effects, as established by applicable regulation. Both circumstances should be taken into consideration by these financial statements’ users. |
Use of estimates | Use of estimates The preparation of financial statements at a certain date requires the Management to make estimates and assessments affecting the amount of assets and liabilities recorded, contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the period. Actual future results might differ from the estimates and assessments made at the date of preparation of these consolidated financial statements. The description of any significant estimates and accounting judgments made by Management in applying the accounting policies, as well as the main estimates and areas with greater degree of complexity and which require more critical judgments, are disclosed in Note 4. The principal accounting policies are described below. |
Application of new and revised International Financial Reporting Standards | Application of new and revised International Financial Reporting Standards • Adoption of new and revised standards The Company has adopted all of the new and revised standards and interpretations issued by the IASB that are relevant to its operations and that are mandatorily effective at December 31, 2017. The application of these amendments has had no impact on the disclosures or amounts recognized in the Company’s consolidated financial statements. • New accounting pronouncements The Company has not applied the following new and revised IFRSs that have been issued but are not yet mandatorily effective: IFRS 9 Financial Instruments 1 IFRS 15 Revenue from contracts with customer 1 IFRS 16 Leases 2 IFRIC 22 Foreign Currency Transactions and Advance Consideration 1 IFRIC 23 Uncertainty over Income Tax Treatments 4 Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture 3 Amendments to IFRS 2 Share-based payments 1 Amendment to IFRS 15 Revenue from contracts with customer 1 Amendments to IAS 28 Annual improvements 2014 -2016 Cycle 1 Amendment to IAS 28 Long-term Interests in Associates and Joint Ventures 4 Amendment to IFRS 9 Prepayment Features with Negative Compensation 4 Amendments to IFRS 3 and11 and IAS 12 and 23 Annual improvements 2015-2017 Cycle 5 1 Effective for annual periods beginning on or after January 1, 2018. Early adoption is permitted. 2 Effective for annual periods beginning on or after January 1, 2019. Early adoption is permitted if IFRS 15 has also been applied. 3 Effective date deferred indefinitely. 4 Effective for annual periods beginning on or after January 1, 2019. Early adoption is permitted. 5 Effective for annual periods beginning on or after January 1, 2019. • In November 2009, the International Accounting Standards Board (IASB) issued IFRS 9, which introduced new requirements for the classification and measurement of financial assets. IFRS 9 was subsequently amended in October 2010 to include requirements for the classification and measurement of financial liabilities and for derecognition, and in November 2013 to include the new requirements for general hedge accounting. On July 24, 2014, the IASB published the final version of IFRS 9 ‘Financial Instruments’. IFRS 9, as revised in July 2014, introduces a new expected credit loss impairment model. The expected credit loss model requires an entity to account for expected credit losses and changes in those expected credit losses at each reporting date to reflect changes in credit risk since initial recognition. In other words, it is no longer necessary for a credit event to have occurred before credit losses are recognized. Also limited changes to the classification and measurement requirements for financial assets by introducing a ‘fair value through other comprehensive income’ (FVTOCI) measurement category for certain simple debt instruments. Based on the analysis of the Company’s financial assets and financial liabilities as of December 31, 2017 on the basis of the facts and circumstances that exists at that date, the directors of the Company have performed a preliminary assessment of the impact of IFRS 9 to the Company’s consolidated financial statements as follows: • Classification and measurement: all financial assets and financial liabilities will continue to be measured on the same bases as is currently adopted under IAS 39. • Impairment: the Group expects to apply the simplified approach to recognize lifetime expected credit losses for is trade receivables, as required or permitted by IFRS 9. As regards to listed bonds, the directors of the Company consider that they have low credit risk given the credit rating. In relation to financial guarantees to related parties, the directors have assess that there is not an increase in the credit risk of these transactions • Hedge accounting: the management of the Company does not anticipate that the application of the IFRS 9 Hedge accounting requirements will have a material impact on the Company’s consolidated financial statements. Based on these assessments, the directors do not anticipate that the application of IFRS 9 will have a material impact in the financial statements of the Company. It should be noted that the above assessment was made based on an analysis of the Company’s financial assets and financial liabilities as of December 31, 2017 on the bases of the facts and circumstances that existed at that date. This new standard is effective for periods beginning on or after January 1, 2018. • On May 28, 2014, the IASB published its new revenue Standard, IFRS 15 “Revenue from Contracts with Customers”. IFRS 15 provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. IFRS 15 will supersede the current revenue recognition guidance including IAS 18 Revenue, IAS 11 Construction Contracts and the related interpretations when it becomes effective. The core principle of IFRS 15 is that an entity should recognize revenue to depict the transfer or promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Specifically, the standard introduces a five-step approach to revenue recognition: • Step 1: Identify the contract with the customer • Step 2: Identify the performance obligations in the contract • Step 3: Determine the transaction price • Step 4: Allocate the transaction price to the performance obligations in the contracts • Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. On April 12, 2016, the IASB published amendments with clarifications to IFRS 15 ‘Revenue from Contracts with Customers’. The amendments address the following topics: identifying performance obligations, principal versus agent considerations, and licensing, and provide some transition relief for modified contracts and completed contracts. Under IFRS 15, an entity recognizes revenue when or as performance obligation is satisfied, i.e. when control of the goods or services underlying the particular performance obligation is transferred to the customer. Far more prescriptive guidance has been added in IFRS 15 to deal with specific scenarios. Furthermore, extensive disclosures are required by IFRS 15. The new standard is effective for annual periods beginning on or after January 1, 2018. Early adoption is permitted. The standard permits a modified retrospective approach for the adoption. Under this approach entities will recognize transitional adjustments in retained earnings on the date of initial application (e.g. January 1, 2017), i.e. without restating the comparative period. They will only need to apply the new rules to contracts that are not completed as of the date of initial application. The Company has completed an impact assessment of the application of IFRS 15 on the Company’s consolidated financial statements and do not anticipate material changes in the amount of revenue. • On January 13, 2016, the IASB issued the IFRS 16 which specifies how an IFRS reporter will recognize, measure, present and disclose leases. The standard provides a single lessee accounting model, with the distinction between operating and finance leases removed, requiring lessees to recognize assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value to be accounted for by simply recognizing an expense, typically straight line, over the lease term. Lessors continue to classify leases as operating or finance, with IFRS 16’s approach to lessor accounting substantially unchanged from its predecessor, IAS 17. IFRS 16 supersedes IAS 17 and related interpretations. Furthermore, extensive disclosures are required by IFRS 16. As of December 31, 2017, the Company has non–cancellable operating lease commitments of 27 million for office space and office equipment. IAS 17 does not require the recognition of any right-of-use • On December 8, 2016, the IASB published IFRIC 22, which was developed by the IFRS Interpretations Committee to clarify the accounting for transactions that include the receipt or payment of advance consideration in a foreign currency. The interpretation is being issued to reduce diversity in practice related to the exchange rate used when an entity reports transactions that are denominated in a foreign currency in accordance with IAS 21 in circumstances in which consideration is received or paid before the related asset, expense, or income is recognized. • The interpretation is effective prospectively for annual periods beginning on or after January 1, 2018. Early adoption is permitted. The management of the Company does not anticipate that the application of this interpretation will have a material impact on the Company’s Financial Statements. • On June 7, 2017, the IASB published IFRIC 23 “Uncertainty over Income Tax Treatments”, which was developed by the IFRS Interpretations Committee to clarify the accounting for uncertainties in income taxes. The interpretation is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments under IAS 12. The interpretation specifically considers: • Whether tax treatments should be considered collectively. • Assumptions for taxation authorities’ examinations. • The determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates. • The effect of changes in facts and circumstances. The interpretation is effective for annual periods beginning on or after January 1, 2019. Early adoption is permitted. The management of the Company does not anticipate that the application of this interpretation will have a material impact on the Company’s consolidated financial statements. The Company has not opted for early application. • On September 11, 2014, the IASB issued amendments to IFRS 10 and IAS 28. These amendments clarify the treatment of the sale or contribution of assets from an investor to its associate or joint venture, as follows: • require full recognition in the investor’s financial statements of gains and losses arising on the sale or contribution of assets that constitute a business (as defined in IFRS 3 Business Combinations); • require the partial recognition of gains and losses where the assets do not constitute a business, i.e. a gain or loss is recognized only to the extent of the unrelated investors’ interests in that associate or joint venture. These requirements apply regardless of the legal form of the transaction, e.g. whether the sale or contribution of assets occurs by an investor transferring shares in any subsidiary that holds the assets (resulting in loss of control of the subsidiary), or by the direct sale of the assets themselves. On December 17, 2015, the IASB issued an amendment that defers the effective date of the September 2014 amendments to these standards indefinitely until the research project on the equity method has been concluded. Earlier application of the September 2014 amendments continues to be permitted. • On June 20, 2016, the IASB issued amendments to IFRS 2 (share-based payments). The amendments clarify the accounting for cash-settled share-based payment transactions that include a performance condition, the classification of share-based payment transactions with net settlement features, and the accounting for modifications of share-based payment transactions from cash-settled to equity-settled. The directors of the Company do not anticipate that the application of these amendments will have a material impact on the Group’s consolidated financial statements. The amendments are effective prospectively for annual periods beginning on or after January 1, 2018. Early adoption is permitted. • On December 8, 2016, the IASB issued amendments to IAS 28 (Investments in associates and joint ventures) as a result of the IASB’s annual improvement 2014–2016 project. The amendment clarifies that the election to measure at fair value through profit or loss an investment in an associate or a joint venture that is held by an entity that is a venture capital organization, or other qualifying entity, is available for each investment in an associate or joint venture on an investment-by- The management of the Company does not anticipate that the application of this amendment will have a material impact on the Company’s consolidated financial statements. The amendment to IAS 28 is effective for annual periods beginning on or after January 1, 2018. Early adoption is permitted. • On October 12, 2017, the IASB published the amendment to IAS 28 “Long-term Interests in Associates and Joint Ventures”. This amendment clarifies that an entity applies IFRS 9 Financial Instruments to long-term interests in an associate or joint venture that form part of the net investment in the associate or joint venture but to which the equity method is not applied. The amendments are effective for periods beginning on or after 1 January 2019. Earlier application is permitted. It is not practicable to provide a reasonable financial estimate of the effect until the management complete a review of the application of the amendment. The Company has not opted for early application. • On October 12, 2017, the IASB published the amendment to IFRS 9 “Prepayment Features with Negative Compensation”. This amendment modifies the existing requirements in IFRS 9 regarding termination rights in order to allow measurement at amortized cost (or, depending on the business model, at fair value through other comprehensive income) even in the case of negative compensation payments. Under the amendments, the sign of the prepayment amount is not relevant, i. e. depending on the interest rate prevailing at the time of termination, a payment may also be made in favor of the contracting party effecting the early repayment. The calculation of this compensation payment must be the same for both the case of an early repayment penalty and the case of an early repayment gain. The final amendments also contain (in the Basis for Conclusions) a clarification regarding the accounting for a modification or exchange of a financial liability measured at amortized cost that does not result in the derecognition of the financial liability. The IASB clarifies that an entity recognizes any adjustment to the amortized cost of the financial liability arising from a modification or exchange in profit or loss at the date of the modification or exchange. A retrospective change of the accounting treatment may therefore become necessary if in the past the effective interest rate was adjusted and not the amortized cost amount. The amendments are effective for periods beginning on or after January 1, 2019. Earlier application is permitted. It is not practicable to provide a reasonable financial estimate of the effect until the management complete a review of the application of the amendment. The Company has not opted for early application. • On December 12, 2017, the IASB issued amendments to the following standards as result of the IASB’s annual improvements 2015-2017 project: • IFRS 3 (Business combinations): clarifies that when an entity obtains control of a business that is a joint operation, it remeasures previously held interests in that business. • IFRS 11 (Joint arrangements): clarifies that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure previously held interests in that business. • IAS 12 (Income tax): clarifies that all income tax consequences of dividends (i.e. distribution of profits) should be recognized in profit or loss, regardless of how the tax arises. • IAS 23 (Borrowing costs): clarifies that if any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalization rate on general borrowings. The management of the Company does not anticipate that the application of these amendments will have a material impact on the Group’s consolidated financial statements. The amendments are all effective for annual periods beginning on or after January 1, 2019. |
Basis of consolidation | 2.3 Basis of consolidation These consolidated financial statements include the consolidated financial position, results of operations and cash flows of the Company and its consolidated subsidiaries. Control is achieved where the company has the power over the investee; exposure, or rights, to variable returns from its involvement with the investee and the ability to use its power over the investee to affect the amount of the returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company’s voting rights in an investee are sufficient to give it power, including: a) the size of the Company’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; b) potential voting rights held by the Company, other vote holders or other parties; c) rights arising from other contractual arrangements; and d) any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company losses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income for since the date the Company gains control until the date when the Company ceases to control its subsidiary. Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling non-controlling non-controlling When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. Acquired companies are accounted for under the acquisition method whereby they are included in the consolidated financial statements from their acquisition date. The income (loss) of subsidiaries acquired or disposed of are included in the consolidated statement of comprehensive income from the date of acquisition until the effective date of disposal, if applicable. All intercompany transactions and balances between the Company and its subsidiaries have been eliminated in the consolidation process. Detailed below are the subsidiaries whose financial statements have been included in these consolidated financial statements: Main activity Place of % of direct and indirect equity 12-31-2017 12-31-2016 12-31-2015 Subsidiaries: Cofesur S.A. (1) Holding Argentina 100.00 97.64 97.64 Ferrosur Roca S.A. (2) Train cargo transportation Argentina 80.00 78.12 78.12 Recycomb S.A.U. Waste recycling Argentina 100.00 100.00 100.00 Yguazú Cementos S.A. (3) Manufacture and marketing of cement and construction materials Paraguay 51.00 51.00 35.00 (1) As of December 2016, Loma Negra C.I.A.S.A. had advance funds for the purchase of an additional equity interest of 2.36%. This acquisition needed to be authorized by the Argentine State. On March 6, 2017, the transaction aforementioned was finally approved. (2) Controlled directly by Cofesur S.A. (3) Company controlled due to the business combination under common control made on December 22, 2016 (note 16). As a result, the statement of financial position line items of Yguazú Cementos S.A. as of December 31, 2016 were included in the consolidated statement of financial position of the Company as of December 31, 2016; in the case of the consolidated statement of profit or loss and other comprehensive income, the equity in profit or loss of Yguazú Cementos S.A. is presented in the line “Share of profit (loss) of associates” in each of the years presented since the consolidation of results for the 10-day Summarized financial information in respect of each of the Group’s subsidiaries that has material non-controlling a) Yguazú Cementos S.A. As of 12.31.2017 12.31.2016 Current assets (1) 494,986,225 519,436,580 Non-current 2,358,756,400 2,016,522,494 Current liabilities (2) 385,487,026 1,811,949,703 Non-current 1,332,533,280 7,307,114 Equity attributable to the owners of the Company 579,237,344 365,530,116 Non-controlling 556,484,975 351,172,141 (1) Includes 111,943,934 and 207,927,790 of cash and cash equivalents as of December 31, 2017 and December 31, 2016, respectively. (2) Includes the financial loans described in note 25. The summarized figures presented for Yguazú Cementos S.A. as of December 31, 2017 (as a consolidated subsidiary) reflect the book values of the assets and liabilities (see Note 16.1) and adjustments to conform to the Company’s accounting policies. For the year ended 12.31.2017 Net revenue 1,152,606,929 Finance cost, net (72,745,405 ) Depreciation (170,745,386 ) Income tax (12,316,307 ) Profit for the year 220,690,826 For the year ended 12.31.2017 Net cash generated by operating activities 280,474,575 Net cash used in investing activities (55,868,811 ) Net cash used in financing activities (368,018,079 ) b) Ferrosur Roca S.A. As of 12.31.2017 12.31.2016 Current assets 448,672,962 227,349,424 Non-current 757,054,777 710,404,407 Current liabilities 838,820,242 594,786,019 Non-current 183,118,912 166,101,662 Equity attributable to the owners of the Company 147,030,869 138,159,696 Non-controlling 36,757,716 38,706,454 For the year ended 12.31.2017 12.31.2016 12.31.2015 Net revenue 1,608,080,671 1,223,681,686 919,729,670 Finance costs, net (124,903,098 ) (128,933,963 ) (92,795,807 ) Depreciation (74,821,293 ) (54,995,175 ) (44,853,392 ) Income tax (3,002,588 ) (26,964,252 ) (8,555,315 ) Profit or (loss) for the year 6,922,435 49,982,654 15,147,453 For the year ended 12.31.2017 12.31.2016 12.31.2015 Net cash generated by operating activities 90,167,989 260,874,828 163,772,758 Net cash used in investing activities (198,133,153 ) (165,530,937 ) (109,782,503 ) Net cash (used in) generated by financing activities 107,211,129 (90,434,660 ) (76,456,255 ) 2.3.1. Business combination between entities under common control A business combination involving entities or businesses under common control is a business combination in which all of the combining entities or businesses are ultimately controlled by the same party or parties both before and after the business combination and the control is not transitory. The transactions between entities under common control are scoped out of IFRS 3 and there is no authoritative literature for these transactions under IFRS. As a result, the Group adopted an accounting practice in which the assets and liabilities of the acquired entity are recognized at the book values recorded in the ultimate parent entity’s consolidated financial statements. The components of equity of the acquired companies are added to the same components within Group equity except that any share capital and investments in the books of the acquiring entity is cancelled and the differences, if any, is adjusted in the Other capital adjustments. The Company has elected to not restate the information for any of the periods presented in its consolidated financial statements. In accordance with IAS 8, Management has adopted an accounting practice on which the predecessor basis of accounting is used to record the carrying amount of the net assets acquired. 2.3.2. Changes in the Group’s ownership interests in existing subsidiaries Changes in the Group’s ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group’s interests and the non-controlling non-controlling When the Group loses control of a subsidiary, a gain or loss is recognized in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling |
Revenue recognition | 3.1 Revenue recognition Revenue is measured at the fair value of the consideration received or to be received, reduced for estimated customer returns, rebates and other similar allowances. |
Sale of goods | 3.1.1 Sale of goods Revenue from the sale of goods is recognized at time all the following conditions are satisfied: • the Group has transferred to the buyer the significant risks and rewards of ownership of the goods; • the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • the amount of revenue can be measured reliably; • it is probable that the economic benefits associated with the transaction will flow to the Group; and • the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Services rendered | 3.1.2 Services rendered Transportation revenues are recognized at the time the service is provided. |
Income from dividends and interest income | 3.1.3 Income from dividends and interest income Where they exist, income from investment dividends are recognized after the shareholders’ rights to receive payment thereof are established (provided there is a probability that the economic benefits will flow to the company and the ordinary revenues may be reliably measured). Interest income was recognized after determining the probability that the Group should receive the economic benefits associated with the transaction and that the amount thereof should be reliably measured. Interest income was recorded on a short-term basis with reference to the principal outstanding and the applicable effective interest rate, which is the discount rate that perfectly matches the cash flows receivable or payable estimated over the expected life of the financial instrument with the net book value of financial assets or liabilities with regard to the initial recognition. |
Goodwill | 3.2 Goodwill The goodwill recorded by the Company corresponds to the acquisitions of Cofesur S.A., La Preferida de Olavarría S.A. (company merged with Loma Negra C.I.A.S.A. as of January 1, 2015) and Recycomb S.A.U., for acquisitions prior to IFRS adoption. Goodwill, in accordance with the applicable standard at the time of recognition, corresponds to the amount of the transferred consideration, the amount of any non-controlling Goodwill is not amortized but tested for impairment. For purposes of conducting the impairment test, goodwill is assigned to each of the Group’s cash generating units expected to benefit from the synergies of the relevant combination. The cash generating units to which goodwill is assigned are subject to annual, or more frequent, impairment tests, when there are indicators of impairment. If the recoverable amount of the cash generating unit is lower than the unit’s book amount, the impairment loss is firstly applied to reducing the carrying amount of goodwill assigned to the unit, and is then applied proportionately to the unit’s other assets. The carrying amount of each asset in the reporting unit is used as basis. The impairment loss recognized for goodwill is not reversed in any subsequent period. Any impairment loss for goodwill is recognized directly in profit or loss. On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. The Company has not recognized any impairment loss in the years ended December 31, 2017 and 2016. The Group’s policy for goodwill arising on the acquisition of an associate is described at note 3.3.1 below. |
Investments in associates | 3.3.1 Investments in associates An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those investees. The results and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with IFRS 5. Under the equity method, an investment in an associate is initially recognized in the consolidated statement of financial position at cost and adjusted thereafter to recognize the Group’s share of the profit or loss and other comprehensive income of the associate. When the Group’s share of losses of an associate exceeds the Group’s interest in that associate (which includes any long-term interests that, in substance, form part of the Group’s net investment in the associate), the Group discontinues recognising its share of further losses. Additional losses are recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate. An investment in an associate is accounted for using the equity method from the date on which the investee becomes an associate. On acquisition of the investment in an associate, any excess of the cost of the investment over the Group’s share of the net fair value of the identifiable assets and liabilities of the investee is recognized as goodwill, which is included within the carrying amount of the investment. Any excess of the Group’s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognized immediately in profit or loss in the period in which the investment is acquired. The requirements of IAS 39 are applied to determine whether it is necessary to recognize any impairment loss with respect to the Group’s investment in an associate. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 Impairment of Assets as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its carrying amount, Any impairment loss recognized forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognized in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases The Group discontinues the use of the equity method from the date when the investment ceases to be an associate, or when the investment is classified as held for sale. When the Group retains an interest in the former associate and the retained interest is a financial asset, the Group measures the retained interest at fair value at that date and the fair value is regarded as its fair value on initial recognition in accordance with IAS 39. The difference between the carrying amount of the associate at the date the equity method was discontinued, and the fair value of any retained interest and any proceeds from disposing of a part interest in the associate is included in the determination of the gain or loss on disposal of the associate or joint venture. In addition, the Group accounts for all amounts previously recognized in other comprehensive income in relation to that associate or joint venture on the same basis as would be required if that associate had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognized in other comprehensive income by that associate or joint venture would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment) when the equity method is discontinued. When the Group reduces its ownership interest in an associate or a joint venture but the Group continues to use the equity method, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognized in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities. Yguazú Cementos S.A. The summarized figures presented for Yguazú Cementos S.A. for the year ended December 31, 2016, reflect the amounts resulting from the available information received from Yguazú Cementos S.A. adjusted to conform with IFRS, the Company’s accounting policies and other classification adjustments to conform with Company’s policies. For the year ended 12.31.2016 12.31.2015 Net revenue 929,986,113 692,832,808 Finance costs, net (76,670,474 ) (375,987,448 ) Depreciation (155,534,466 ) (109,705,677 ) Income tax (10,680,022 ) 8,598,480 Profit or (loss) for the year 104,660,877 (300,402,124 ) For the year ended 12.31.2016 12.31.2015 Net cash generated by (used in) operating activities 350,159,307 211,115,257 Net cash used in investing activities (42,353,241 ) (63,727,785 ) Net cash (used in) generated by financing activities (249,682,864 ) (88,925,782 ) |
Investment in other company | 3.3.2 Investment in other company It is an investment in a company where the Group has not significant influence. Since this equity investment does not have a quoted market price in an active market and its fair value cannot be reliably measured such unquoted equity investment is measured at cost less any identified impairment losses at the end of each reporting period. |
Leasing | 3.4 Leasing Leases are classified as finance leases whenever the terms of the lease substantially transferred all the risks and rewards of the ownership to lessee. All other leases are classified as operating leases. The Group as lessor Amounts due from lessees under finance leases are recognized as receivables at the amount of the Group’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group’s net investment outstanding in respect of the leases. Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized on a straight-line basis over the lease term. The Group as lessee Assets held under finance leases are initially recognized as assets of the Group at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the consolidated statement of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognized immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalized in accordance with the Group’s general policy on borrowing costs. Contingent rentals are recognized as expenses in the periods in which they are incurred. Operating lease payments are recognized as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognized as an expense in the period in which they are incurred. In the event that lease incentives are received to enter into operating leases, such incentives are recognized as a liability. The aggregate benefit of incentives is recognized as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. |
Foreign currency and functional currency | 3.5 Foreign currency and functional currency These consolidated financial statements are presented in Argentine pesos (legal currency of Argentina), which is also the functional currency (currency of the main economic environment in which a company operates) for all the companies with legal address in Argentina. In the case of the subsidiary Yguazú Cementos S.A., located in Paraguay, its functional currency is Guarani. For the purposes of presenting these consolidated financial statements, the assets and liabilities of the Group’s foreign operations are translated into pesos using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in equity (and attributed to non-controlling Exchange differences on monetary items are recognized in profit or loss in the year, except those which resulted from foreign-currency denominated borrowings related to the assets under construction for their future productive use, which were included in the cost of such assets as they are considered as an adjustment to the interest expense related to such foreign-currency denominated borrowings. In the consolidated financial statements, the assets and liabilities of the Group’s foreign operations are translated into Argentine pesos using exchange rates prevailing at the end of each fiscal year. Goodwill and adjustments to fair value arising from the acquisition of subsidiaries are recognized as assets and liabilities of the acquire and are translated into the reporting currency at the exchange rate prevailing on the balance sheet date. Any resulting exchange difference is recognized in other comprehensive income. When an investment is sold or disposed of, any exchange difference is recognized in the statement of income as a gain or loss on sale/disposal. |
Borrowing costs | 3.6 Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualified assets that necessarily take a substantial period of time to get ready for their intended use or sale are capitalized as part of the cost of the pertinent asset, until such time as the assets are substantially ready for their intended use or sale. Income earned on short-term investments in specific outstanding borrowings to be used in qualified assets is deducted from the costs of borrowings that may qualify for capitalization. All the other borrowing costs are recognized in profit or loss in the period in which they are incurred. |
Taxation | 3.7 Taxation The Group recognizes income tax applying the liability method, which considers the effect of temporary differences between the carrying amount and tax bases of assets and liabilities and the tax loss carry forwards and other tax credits, which may be used to offset future taxable income, at the current statutory rate of 35%. Additionally, upon the determination of taxable profit, the Group calculates tax on minimum presumed income applying the current 1% tax rate to taxable assets as of the end of each year. This tax complements income tax. The Group’s tax liability will be the higher of the determination of tax on minimum presumed income and the Group’s tax liability related to income tax, calculated applying the current 35% income tax rate to taxable income for the year. However, if the tax on minimum presumed income exceeds income tax during one tax year, such excess may be computed as prepayment of any income tax excess over the tax on minimum presumed income that may be generated in the next ten years. Under Law No. 25,063, dividends distributed, either in cash or in kind, in excess of accumulated taxable income as of the end of the year immediately preceding the dividend payment or distribution date, shall be subject to a 35% income tax withholding as a sole and final payment, except for those distributed to shareholders resident in countries benefited from treaties for the avoidance of double taxation, which will be subject to a minor tax rate. Additionally, on September 20, 2013, Law No. 26,893 was enacted, establishing changes to the Income Tax Law, and determining, among other things, an obligation respecting such tax as a single and final payment of 10% on dividends paid in cash or in kind (except in shares) to foreign beneficiaries and individuals residing in Argentina, in addition to the 35% retention mentioned above. The dispositions of this Law came in force on September 23, 2013, the date of its publication in the Official Gazette. On July 22, 2016, Law No. 27,260 was enacted and, among other things, removed the aforementioned requirement. Income tax expense represents the amount of the tax currently payable and deferred tax. 3.7.1.1 Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit before tax’ as reported in the Consolidated Statement of Comprehensive Income because of items of income, or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the fiscal year. 3.7.1.2 Deferred tax Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognized if the temporary difference arises from the initial recognition of goodwill. The carrying amount of deferred tax assets is reviewed at the end of each fiscal year and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the fiscal year. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the fiscal year, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset only if a) there is a legally enforceable right to offset by the tax authority and b) deferred tax assets and liabilities relate to income taxes levied by the same tax authority, having the Group the intention of settle assets and liabilities on a net basis. Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. 3.7.1.3 Current and deferred tax Current and deferred tax are recognized in profit or loss, and included in comprehensive income. Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. 3.7.2. Personal assets tax – Substitute responsible Individuals and foreign entities, as well as their undistributed estates, regardless of whether they are domiciled or located in Argentina or abroad, are subject to personal assets tax of 0.25% of the value of any shares issued by Argentine entities, held at December 31 of each year. The tax is levied on the Argentine issuers of such shares, which must pay this tax in substitution of the relevant shareholders, and is based on the equity value (following the equity method), or the book value of the shares derived from the latest financial statements at December 31 of each year. Pursuant to the Personal Assets Tax Law, the Group is entitled to seek reimbursement of such paid tax from the applicable shareholders, using the method the Group considers appropriate. In September 2016, the tax authority approved the exemption request for this tax payment for 2016, 2017 and 2018 for being a compliant taxpayer under Law N° 27,260/2016. As of December 31, 2017 and 2016, the Company had recorded 224,639 and 35,445,260, respectively, amounts included within Other receivables. 3.7.3 Tax reform in Argentina On December 29, 2017, Argentina enacted a comprehensive tax reform (Law No. 27,430) through publication in the Official Gazette. The Law is effective from January 1, 2018. Specifically, introduces amendments to income tax (both at corporate and individual levels), value added tax (VAT), tax procedural law, criminal tax law, social security contributions, excise tax, tax on fuels, and tax on the transfer of real estate. At a corporate level, the law decreases the corporate income tax rate from 35% to 30% for fiscal years starting January 1, 2018 to December 31, 2019, and to 25% for fiscal years starting January 1, 2020 and onwards. The Law also establishes dividend withholding tax rates of 7% for profits accrued during fiscal years starting January 1, 2018 to December 31, 2019, and 13% for profits accrued in fiscal years starting January 1, 2020 and onwards. The new withholding rates apply to distributions made to shareholders qualifying as resident individuals or nonresidents. Even though the combined effective rate for shareholders on distributed income (corporate income tax rates plus dividend withholding rates on the after tax profit) will be close to the prior 35% rate, this change is aimed at promoting the reinvestment of profits. Additionally, the Law repeals the “equalization tax” (i.e., 35% withholding applicable to dividends distributed in excess of the accumulated taxable income) for income accrued from January 1, 2018. |
Property, plant and equipment | 3.8 Property, plant and equipment Property, plant and equipment held for being used in the production or supply of goods and services, or for administrative purposes, are carried at cost, less any depreciation and cumulative impairment loss. Lands were not depreciated. Properties under construction for administrative, production, supply or other purposes are carried at cost, less any recognized impairment loss. The cost included professional fees and, in the case of qualified assets, borrowing costs capitalized in accordance with the Group’s accounting policy. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use. Depreciation is recognized so as to write-off The assets maintained under finance lease are depreciated over their useful life estimated equal to useful life of the assets under the lease, or, if the latter is shorter, over the term of the corresponding lease. Gain or loss derived of the write-off |
Intangible assets | 3.9 Intangible assets Intangible assets with finite useful lives, acquired separately, are carried at cost less accumulated amortization and accumulated impairment losses, if any. The method of amortization of Mining exploitation rights will be determined at the time it become used by the Company. The estimated useful life and amortization method are reviewed at the end of the fiscal year, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives, acquired separately, are carried at cost less accumulated impairment losses. Derecognition of intangible assets An intangible asset is derecognized on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in profit or loss when the asset is derecognized. |
Impairment of tangible and intangible assets | 3.10 Impairment of tangible and intangible assets At the end of the fiscal year, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indications exist, the recoverable amounts of the assets is estimated in order to determine the impairment loss (if any). The Group estimated the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax year-end Intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss. When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss. |
Inventories | 3.11 Inventories Inventories are stated at the lower of acquisition cost or 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. |
Provisions | 3.12 Provisions Provisions are recognized when the Group have a present obligation (legal or constructive) as a result of a past event and it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation, at the end of the fiscal year, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the estimated cash flow for repayment of the existing obligation, its book value represents the current value of such cash flow. When some or all of the economic benefits required to settle a provision are expected to be recovered, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. |
Environmental restoration | 3.13 Environmental restoration Under legal provisions, the land used for mining and quarries is subject to environmental restoration in Argentina. The estimated present value of the asset retirement obligation is recorded as a long-term liability, with a corresponding increase in the carrying amount of the related asset, subject to depreciation. The liability recorded is increased each fiscal period due to the passage of time and this change is charged to net profit or loss. The asset retirement obligation can also increase or decrease due to changes in the estimated timing of cash flows, changes in the discount rate and/or changes in the original estimated undiscounted costs. Increases or decreases in the obligation will result in a corresponding change in the carrying amount of the related asset. Actual costs incurred upon settlement of the asset retirement obligation are charged against the asset retirement obligation to the extent of the liability recorded. The Company discounts the costs related to asset retirement obligations using the discount rate that reflects the current market assessment of the time value of money and risks specific to the liabilities that have not been reflected in the cash flow estimates. Asset retirement obligations are remeasured at each reporting period in order to reflect the discount rates in effect at that time. In addition, the Group follows the practice of progressively restoring the spaces freed by the removal of quarries using the allowances created for such purposes. |
Financial instruments | 3.14 Financial instruments Financial assets and financial liabilities are recognized when a group entity becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financials assets and financial liabilities (other than financial assets and liabilities at fair value through profit or loss) are added or deducted from the fair value of the financial assets of financial liabilities, as appropriate, on initial recognition. Transactions costs directly attributable to the acquisition of financial assets of financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. |
Financial assets | 3.15 Financial assets Financial assets are classified into the following specified categories: financial assets ‘at fair value through profit or loss’ (FVTPL), ‘held-to-maturity’ ‘available-for-sale’ i) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss (“FVTPL”) are financial assets held for trading. Financial assets are included in this category whether acquired primarily to be sold in the immediate future. Financial assets at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognized in profit or loss. The net gain or loss recognized in profit or loss incorporates any dividend or interest earned on the financial asset and is included in the ‘other gains and losses’ line item. Fair value is determined in the manner described in note 34. ii) Effective interest method The effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. Income is recognized on an effective interest basis for debt instruments other than those financial assets classified as at FVTPL. iii) Loans and receivables The loans and receivables are non-derivative non-current The assets under accounts receivable are recorded at their amortized cost by applying the effective interest method, net of any allowance for impairment, if applicable. iv) Financial assets held-to-maturity These are non-derivative Subsequent to initial recognition, held-to-maturity v) Unconsolidated Ferrocarril Roca Management Trust The 100% interest in the Ferrocarril Roca Management Trust is valued at cost, taking into account the value of contributions made, net of trust expenses, including the financial income accrued as of the balance sheet date. This unconsolidated structured entity refers to the entity which is not controlled by the Company (Note 37). As of December 31,2017 and 31, 2016, the Company’s participation in the unconsolidated trust is as follows: As of 12.31.2017 12.31.2016 Current assets 51,112,722 90,065,227 Current liabilities 1,006,901 87,150 Equity 50,105,821 89,978,077 Income for the year 3,210,358 11,478,251 vi) Financial assets available for sale Financial assets that are either designated as assets held for sale (“AFS”) or are not classified as (a) loans and receivables, (b) held-to-maturity Such financial assets are measured at fair value, with any gain or loss recognized under other comprehensive income. Upon sale or impairment of the asset, the accumulated gain or loss previously recognized in other comprehensive income is reclassified under income for the year. These financial assets are classified as other non-current vii) Impairment of financial asset Financial assets other than those valued at fair value with changes to profit or loss, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected. The objective impairment evidence should include: • Significant financial difficulties of the issuer or obligor; or • Default on contract clauses, such as non-payment • The borrower is likely to file for bankruptcy or any other form of financial reorganization; or • The disappearance of an active market for that financial asset because of financial difficulties. For certain categories of financial assets, such as trade receivables, where the impairment test on the asset has been assessed on an individual basis and found that the asset is not individually impaired, such asset is to be included in the collective impairment test. The objective evidence of an accounts receivable portfolio being impaired includes the past experience of the Company regarding receivable collection, as well as any changes that are evident in the local and national economic conditions related to payment default. For financial assets carried at amortized cost, the amount of the impairment loss recognized is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate. For financial assets that are carried at cost, the amount of the impairment loss is measured as the difference between the asset’s carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods. The carrying amount of the financial assets is directly written down by the impairment loss, except for trade receivables where the book value is written down through an allowance for bad debts. Where a trade receivable is considered a bad debt, it is written off against the allowance. The changes in the carrying value of the allowance for bad debts is recognized in the statement of comprehensive income. For financial assets measured at amortized cost, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized. viii) Derecognition of a financial asset The Company shall derecognize a financial asset only when the contractual rights on the financial assets cash flows expire and transfer the substantial risks and advantages inherent to ownership of the financial asset. If the Company does not transfer or retain substantially all the risks and advantages inherent to the ownership and retains the control over the asset transferred, the Company shall recognize its interest in the asset and the associated obligation at the amounts payable. If the Company retains substantially all the risks and advantages inherent to property on the transferred financial asset, the Company shall continue to recognize the financial asset and shall also recognize a collateral loan for the receipts. On derecognition of a financial asset in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income and accumulated in equity is recognized in profit or loss. On derecognition of a financial asset other than in its entirety (e.g. when the Group retains an option to repurchase part of a transferred asset), the Group allocates the previous carrying amount of the financial asset between the part it continues to recognize under continuing involvement, and the part it no longer recognized on the basis of the relative fair values of those parts on the date of the transfer. The difference between the carrying amount allocated to the part that is no longer recognized and the sum of the consideration received for the part no longer recognized and any cumulative gain or loss allocated to it that had been recognized in other comprehensive income is recognized in profit or loss. A cumulative gain or loss that had been recognized in other comprehensive income is allocated between the part that continues to be recognized and the part that is no longer recognized on the basis of the relative fair values of those parts. |
Financial liabilities and equity instruments | 3.16 Financial liabilities and equity instruments i) Classification as debt or equity Debt and equity instruments issued by a group entity are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangement and the definitions of a financial liability and an equity instrument. ii) Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by a group entity are recognized at the proceeds received, net of direct issue costs. Repurchase of the Company’s own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Company’s own equity instruments. Capital stock and other capital related accounts a) Capital stock and share premium It is composed by contributions made by the shareholders. Capital stock is represented by shares and includes subscribed shares at their nominal value. b) Adjustment to capital Adjustment to capital recognize the effects of changes in the purchasing power of the Argentine peso until February 28, 2003. Capital stock account has been maintained at its nominal value and the adjustment deriving from the restatement mentioned before, has been disclosed in Adjustment to capital account. Adjustment to capital may not be distributed in cash or in kind. However, it can be capitalized by issuing additional shares. In addition, this adjustment may be used to settle accumulated losses, according to absorption of cumulative losses order, as explained below, in “Accumulated earnings”. c) Merger premiums These pertain to the recognition of the premiums originated in mergers, mainly from the merger with Ecocementos S.A. and Compañía de Servicios a la Construcción S.A. in 2002 and 2010, respectively. The balances as of December 31, 2014 derives from merges prior to the adoption of IFRS. The merger for 2015 was recognized to book values. d) Other capital adjustments In the year ended December 31, 2016, it was included in this caption an amount of 403,406,965 related to the excess of the consideration for the 16% equity interest –in Yguazú Cementos S.A. acquired to InterCement Brasil S.A. (Parent company) over the book values recorded by such entity (Note 16). During the year ended December 31, 2017, the Company accounted for the acquisition of the 2.36% of equity share in Cofesur S.A., which was approved by Government in March, 2017. Since the Company had acquired such participation from Camargo Correa S.A., it applied its accounting policy for acquisitions of entities under common control and recognized the participation at their carrying amount, being the excess of the purchase price over such amount disclosed in Equity under the caption adjustments in Owners’ contributions Legal reserve In accordance with the provisions of Law No. 19,550, the Company has to appropriate to the legal reserve no less than 5% of the sum of net income for the year adjusted by any amount that could have been transferred form accumulated other comprehensive income (loss) to retained earnings plus any adjustment recognized directly in retained earnings, until such reserve reaches 20% of the subscribed capital plus adjustment to capital. Environmental reserve and Future dividends reserve Corresponds to the allocation made by the Company’s Shareholders’ meeting, whereby a specific amount is transferred to the reserve environmental issues and for future dividends, respectively. Other comprehensive income Includes income and expenses recognized directly in equity accounts and the transfer of such items from equity accounts to the income statement of the year or to retained earnings, as defined by IFRS. a) Cash flow hedging reserve Corresponds to the reserve generated by the financial instruments designated as hedging. b) Exchange differences on translating foreign operations Corresponds to the reserve generated by the conversion of the financial statements of the subsidiary Yguazú Cementos S.A. into the Company’s presentation currency, as indicated in note 3.5. Retained earnings Includes accumulated gains or losses without a specific appropriation that being positive can be distributed upon the decision of the Shareholders’ meeting, while not subject to legal restrictions. Additionally, it includes the net profit of previous years that was not distributed, the amounts transferred from other comprehensive income and adjustments to income of previous years produced by the application of new accounting standards. Non-controlling Corresponds to the interest in the net assets acquired and net income of: • As of December 31, 2017: Yguazú Cementos S.A. (49%) and Ferrosur Roca S.A. (20%), representing the rights on shares that are not owned by Loma Negra C.I.A.S.A. • As of December 31, 2016: Yguazu Cementos S.A. (49%), Ferrosur Roca S.A. (20%) and Cofesur S.A. (2.36%) representing the rights on shares that are not owned by Loma Negra C.I.A.S.A. iii) Financial liabilities Financial liabilities are classified as either financial liabilities at FVTPL or other financial liabilities. Financial liabilities at fair value through profit or loss A financial liability at fair value with changes through profit or loss is a financial liability classified either as held for trading or at fair value with changes through profit or loss. A financial liability is classified as held for trading if: a) It is acquired or incurred principally for the purpose of selling or repurchasing it in the near term; or b) It is part of a portfolio of identified financial instruments that are managed together and, at a later date, there arises evidence for the first time of a recent actual pattern of short-term profit taking; or c) It is a derivative, except for a derivative that is a designated and effective hedging instrument. Financial liabilities at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognized in profit or loss. The net gain or loss recognized in profit or loss incorporates any interest paid on the financial liability and is included in the ‘other gains and losses’ line item. Fair value is determined in the manner described in note 33. A financial liability other than a financial liability held for trading or contingent consideration that may be paid by an acquirer as part of a business combination may be designated as at FVTPL upon initial recognition if: • such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or • the financial liability forms part of a group of financial assets or financial liabilities or both, which is managed and its performance is evaluated on a fair value basis, in accordance with the Group’s documented risk management or investment strategy, and information about the grouping is provided internally on that basis; or • it forms part of a contract containing one or more embedded derivatives, and IAS 39 permits the entire combined contract to be designated as at FVTPL. Other financial liabilities Other financial liabilities, including borrowings and trade and other payables, are initially recognized at fair value, net of costs directly attributable to their acquisition (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) Subsequent to initial recognition, other financial liabilities are measured at amortized cost using the effective interest method, with interest income recognized based on the effective yield. Financial liabilities are classified as current liabilities unless the Company has an unconditional right to defer its settlement for more than 12 months from the balance sheet date. iv) Financial liabilities in foreign currency The fair value of financial liabilities denominated in foreign currency is determined in that foreign currency and then translated at the exchange rate prevailing at the end of each reporting period. The foreign currency component forms part of its profit or loss at fair value. As regards financial liabilities classified as fair value with changes through profit or loss, the foreign currency component is recognized in profit and loss. In the case of debt instruments denominated in foreign currency classified at amortized cost, determination of exchange differences is based on the asset amortized cost and recognized under “Exchange differences” (note 10), “Financial income” to the Statement of Comprehensive Income. v) Derecognition of a financial liability The Company shall derecognized a financial liability if, and only if, the Company’s liabilities expire, are discharged or satisfied. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss. |
Derivative financial instruments | 3.17 Derivative financial instruments The Group entered into a variety of derivative financial instruments to manage its exposure to interest rates and foreign exchange rate risks, including agreements for foreign exchange hedge agreements, interest rate swaps and foreign exchange swaps. Derivatives had been initially recognized at fair value at the date the derivative contracts are entered into and were subsequently remeasured to their fair value at the end of each fiscal year. The resulting gain or loss has been recognized in profit or loss immediately, except in cases where the derivative was appointed and was effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. The Group has agreements designated as cash flow hedges. The resulting gain or loss from contracts in force determined as effective hedging during the year has been recognized directly in other comprehensive income. Derivatives embedded in non-derivative Hedge accounting The Group designates certain hedging instruments, which include derivatives, embedded derivatives and non- At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk. Note 33 sets out details of the fair values of the derivative instruments used for hedging purposes. During 2017 and 2016 the Group has only entered into “Cash flow hedges”. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income and accumulated under the heading of cash flow hedging reserve. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss, and is included in the ‘other gains and losses’ line item. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognized hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial non-financial non-financial non-financial Hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss recognized in other comprehensive income and accumulated in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in profit or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in profit or loss, if any. |
Short-term and other long-term employee benefits | 3.18 Short-term and other long-term employee benefits A liability is recognized for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave in the period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service. Liabilities recognized in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service. Liabilities recognized in respect of other long-term employee benefits (termination payment plans, which derive of specific plans for employees who leave the Company and receive an agreed compensation to be paid in installments) are measured at the present value of the estimated future cash outflows expected to be made by the Group. |
Basis of Preperation of the C49
Basis of Preperation of the Consolidated Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Significant Investments in Subsidiaries | Detailed below are the subsidiaries whose financial statements have been included in these consolidated financial statements: Main activity Place of % of direct and indirect equity interest as of 12-31-2017 12-31-2016 12-31-2015 Subsidiaries: Cofesur S.A. (1) Holding Argentina 100.00 97.64 97.64 Ferrosur Roca S.A. (2) Train cargo transportation Argentina 80.00 78.12 78.12 Recycomb S.A.U. Waste recycling Argentina 100.00 100.00 100.00 Yguazú Cementos S.A. (3) Manufacture and marketing of cement and construction materials Paraguay 51.00 51.00 35.00 (1) As of December 2016, Loma Negra C.I.A.S.A. had advance funds for the purchase of an additional equity interest of 2.36%. This acquisition needed to be authorized by the Argentine State. On March 6, 2017, the transaction aforementioned was finally approved. (2) Controlled directly by Cofesur S.A. (3) Company controlled due to the business combination under common control made on December 22, 2016 (note 16). As a result, the statement of financial position line items of Yguazú Cementos S.A. as of December 31, 2016 were included in the consolidated statement of financial position of the Company as of December 31, 2016; in the case of the consolidated statement of profit or loss and other comprehensive income, the equity in profit or loss of Yguazú Cementos S.A. is presented in the line “Share of profit (loss) of associates” in each of the years presented since the consolidation of results for the 10-day |
Yguaz Cementos S.A. [member] | |
Summary of Financial Information on Ferrosur Roca S A | a) Yguazú Cementos S.A. As of 12.31.2017 12.31.2016 Current assets (1) 494,986,225 519,436,580 Non-current 2,358,756,400 2,016,522,494 Current liabilities (2) 385,487,026 1,811,949,703 Non-current 1,332,533,280 7,307,114 Equity attributable to the owners of the Company 579,237,344 365,530,116 Non-controlling 556,484,975 351,172,141 (1) Includes 111,943,934 and 207,927,790 of cash and cash equivalents as of December 31, 2017 and December 31, 2016, respectively. (2) Includes the financial loans described in note 25. The summarized figures presented for Yguazú Cementos S.A. as of December 31, 2017 (as a consolidated subsidiary) reflect the book values of the assets and liabilities (see Note 16.1) and adjustments to conform to the Company’s accounting policies. For the year ended 12.31.2017 Net revenue 1,152,606,929 Finance cost, net (72,745,405 ) Depreciation (170,745,386 ) Income tax (12,316,307 ) Profit for the year 220,690,826 For the year ended 12.31.2017 Net cash generated by operating activities 280,474,575 Net cash used in investing activities (55,868,811 ) Net cash used in financing activities (368,018,079 ) |
Ferrosur Roca S.A. [member] | |
Summary of Financial Information on Ferrosur Roca S A | As of 12.31.2017 12.31.2016 Current assets 448,672,962 227,349,424 Non-current 757,054,777 710,404,407 Current liabilities 838,820,242 594,786,019 Non-current 183,118,912 166,101,662 Equity attributable to the owners of the Company 147,030,869 138,159,696 Non-controlling 36,757,716 38,706,454 For the year ended 12.31.2017 12.31.2016 12.31.2015 Net revenue 1,608,080,671 1,223,681,686 919,729,670 Finance costs, net (124,903,098 ) (128,933,963 ) (92,795,807 ) Depreciation (74,821,293 ) (54,995,175 ) (44,853,392 ) Income tax (3,002,588 ) (26,964,252 ) (8,555,315 ) Profit or (loss) for the year 6,922,435 49,982,654 15,147,453 For the year ended 12.31.2017 12.31.2016 12.31.2015 Net cash generated by operating activities 90,167,989 260,874,828 163,772,758 Net cash used in investing activities (198,133,153 ) (165,530,937 ) (109,782,503 ) Net cash (used in) generated by financing activities 107,211,129 (90,434,660 ) (76,456,255 ) |
Summary of Significant Accoun50
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Disclosure Of Accounting Policy And Other Classification Adjustments | For the year ended 12.31.2016 12.31.2015 Net revenue 929,986,113 692,832,808 Finance costs, net (76,670,474 ) (375,987,448 ) Depreciation (155,534,466 ) (109,705,677 ) Income tax (10,680,022 ) 8,598,480 Profit or (loss) for the year 104,660,877 (300,402,124 ) For the year ended 12.31.2016 12.31.2015 Net cash generated by (used in) operating activities 350,159,307 211,115,257 Net cash used in investing activities (42,353,241 ) (63,727,785 ) Net cash (used in) generated by financing activities (249,682,864 ) (88,925,782 ) |
Disclosure of information about unconsolidated structured entities controlled by investment entity | As of 12.31.2017 12.31.2016 Current assets 51,112,722 90,065,227 Current liabilities 1,006,901 87,150 Equity 50,105,821 89,978,077 Income for the year 3,210,358 11,478,251 |
Critical accounting judgments51
Critical accounting judgments and key sources used for estimating uncertaint (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Disclosure of Estimated Useful Life for Property Plant and Equipment and Other Intangible Assets | The following is the estimated useful life for each component of Property, plant and equipment and other intangible assets: Useful life Quarries 100 years Quarries – Cost of surface excavations Units of production Plants and buildings 25 to 50 years Machinery, equipment and spare parts 10 to 35 years Furniture and fixtures 10 years Tools and devices 5 years Software 5 years Transport and load vehicles 5 years |
Net Revenue (Tables)
Net Revenue (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Disclosure of Net Revenue | 12.31.2017 12.31.2016 12.31.2015 Sales of goods 15,039,126,134 9,702,984,510 7,837,767,309 Domestic market 15,034,669,438 9,700,155,661 7,832,718,325 External customers 4,456,696 2,828,849 5,048,984 Services rendered 974,675,955 672,154,789 479,126,948 (-) Bonus / Discounts (727,267,163 ) (500,696,091 ) (445,940,364 ) Total 15,286,534,926 9,874,443,208 7,870,953,893 |
Cost of Sales (Tables)
Cost of Sales (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Disclosure of Cost of Sale | 12.31.2017 12.31.2016 12.31.2015 Inventories at the beginning of the year 1,893,110,238 1,149,148,017 937,789,760 Finished products 141,811,446 88,253,896 100.664.946 Products in progress 611,224,018 221,614,930 142.891.109 Raw materials, materials, spare parts and fuels 1,140,074,774 839,279,191 694,233,705 Acquisition of inventories from business combination under common control (Note 16) 181,795,914 Currency translation differences 37,467,329 Purchases and production expenses for the year 10,968,000,755 7,826,688,763 6,019,855,732 Purchases 1,717,979,151 1,186,017,343 982,393,494 Production expenses 9,250,021,604 6,640,671,420 5,037,462,238 Inventories at the end of the year (2,048,513,037 ) (1,893,110,238 ) (1,149,148,017 ) Finished products (163,360,814 ) (141,811,446 ) (88,253,896 ) Products in progress (536,131,353 ) (611,224,018 ) (221,614,930 ) Raw materials, materials, spare parts, fuels and transit (1,349,020,870 ) (1,140,074,774 ) (839,279,191 ) Cost of sales 10,850,065,285 7,264,522,456 5,808,497,475 |
Disclosure of Expenses | The detail of production expenses is as follows: 12.31.2017 12.31.2016 12.31.2015 Fees and compensation for services 151,673,784 47,113,221 34,397,004 Salaries, wages and social security charges 2,086,896,570 1,481,271,792 1,080,334,612 Transport and travelling expenses 88,214,842 58,832,563 41,562,188 Data processing 8,356,653 5,019,037 3,043,006 Taxes, contributions and commissions 167,772,786 118,499,467 94,746,427 Depreciation 636,340,748 496,276,064 321,218,289 Preservation and maintenance costs 1,094,651,627 804,883,164 594,298,917 Communications 9,918,041 8,257,581 6,307,361 Leases 24,714,188 24,086,042 9,799,723 Employee benefits 48,680,437 32,901,197 25,540,733 Water, natural gas and energy services 3,667,657 2,556,005 1,501,884 Freight 1,094,050,471 525,926,147 543,209,855 Thermal energy 1,487,981,855 1,169,019,254 937,692,064 Insurance 22,216,570 17,342,955 12,476,569 Packaging 372,470,018 344,022,485 267,066,779 Electrical power 957,781,503 764,384,506 508,408,065 Contractors 739,133,948 555,180,078 398,542,270 Tolls 3,983,187 9,914,218 4,162,335 Canon 11,143,956 8,379,420 22,870,512 Security 80,169,951 58,181,906 40,943,623 Others 160,202,812 108,624,318 89,340,022 Total 9,250,021,604 6,640,671,420 5,037,462,238 |
Selling and Administrative Ex54
Selling and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Disclosure of selling, general and administrative expenses | 12.31.2017 12.31.2016 12.31.2015 Managers, directors and trustees’ fees 82,545,414 56,245,833 41,450,469 Fees and compensation for services 55,272,907 38,903,933 28,868,326 Salaries, wages and social security charges 379,000,373 338,886,731 249,198,981 Transport and travelling expenses 18,276,082 12,953,874 9,286,291 Data processing 12,140,776 9,861,482 7,205,049 Advertising expenses 29,809,668 21,879,658 17,230,314 Taxes, contributions and commissions 373,688,284 249,386,803 211,921,874 Depreciation and amortization 14,682,374 12,797,816 12,738,008 Preservation and maintenance costs 6,845,057 4,148,916 3,079,765 Communications 8,661,854 7,276,515 5,225,196 Leases 16,327,670 13,633,690 10,267,076 Employee benefits 19,538,673 11,518,598 7,949,917 Water, natural gas and energy services 971,358 484,698 216,798 Freight 145,665,092 120,204,361 88,406,528 Insurance 6,619,761 3,661,215 944,090 Allowance for doubtful accounts (712,460 ) 6,446,074 393,893 Security 2,441,916 1,182,728 931,904 Others 27,282,139 19,857,988 17,121,804 Total 1,199,056,938 929,330,913 712,436,283 |
Other Gains and Losses (Tables)
Other Gains and Losses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Detailed Information About Other Gains and Losses | 12.31.2017 12.31.2016 12.31.2015 Gain on disposal of Property, plant and equipment 5,799,175 31,315,437 3,909,421 Donations (15,420,542 ) (14,347,944 ) (11,153,019 ) Technical assistance and services provided 856,198 8,154,147 559,258 Gain on tax credits acquired 2,048,779 3,872,647 3,456,071 Canon recovery - Ferrosur Roca S.A. (Note 39) — 84,441,612 — Contingencies (17,875,923 ) (3,472,583 ) (9,027,709 ) Result from U.E.P.F.P. - Ferrosur Roca S.A. (Note 38) 8,259,698 — 46,505,630 Service fee from ADS Depositary bank 69,254,438 — — Leases 22,265,721 16,980,577 9,143,605 Miscellaneous 3,462,997 (3,092,497 ) 6,683,574 Total 78,650,541 123,851,396 50,076,831 |
Finance Costs, Net (Tables)
Finance Costs, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Finance Costs | 12.31.2017 12.31.2016 12.31.2015 Exchange rate differences Foreign exchange gains 120,939,219 163,489,521 248,889,974 Foreign exchange losses (433,994,151 ) (424,515,292 ) (407,739,921 ) Total (313,054,932 ) (261,025,771 ) (158,849,947 ) Financial income Interest from short-term investments 80,949,998 6,710,642 6,965,026 Interest from loans to related parties 3,616,730 15,009,696 9,587,759 Unwinding of discounts on receivables 19,249,948 19,429,424 9,600,690 Total 103,816,676 41,149,762 26,153,475 Financial expenses Interest on borrowings (518,424,024 ) (586,322,379 ) (386,386,183 ) Interest on borrowings with related parties (6,803,091 ) (7,269,913 ) (7,536,747 ) Unwinding of discounts on provisions and liabilities (60,763,361 ) (79,284,725 ) (27,012,250 ) Others (46,914,229 ) (48,534,380 ) (37,932,649 ) Total (632,904,705 ) (721,411,397 ) (458,867,829 ) |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Income Tax Expense | 12.31.2017 12.31.2016 12.31.2015 Profit before income tax expense 2,285,899,647 759,751,371 593,878,861 Statutory rate 35 % 35 % 35 % Income tax at statutory rate (800,064,876 ) (265,912,980 ) (207,857,601 ) Adjustments for calculation of the effective income tax: Effect of different statutory income tax rate in Paraguay (*) 58,251,784 — — Expenses of capital issue (1) 50,075,999 — — Share of profit (loss) of associates — 12,820,957 (36,799,260 ) Change in tax rate (note 3.7.3) 94,798,090 — — Other non-taxable non-deductible 11,401,047 (4,642,302 ) 2,297,747 Income tax expense (585,537,956 ) (257,734,325 ) (242,359,114 ) (*) Statutory income tax rate in Argentina in 2017 was 35%, while in Paraguay was 10%. (1) Disclosed in Equity, net of Capital increase |
Summary of Income Tax Expense, Current and Deferred | INCOME TAX EXPENSE 12.31.2017 12.31.2016 12.31.2015 Current (651,110,917 ) (238,702,150 ) (209,816,188 ) Deferred 65,572,961 (19,032,175 ) (32,542,926 ) Total (585,537,956 ) (257,734,325 ) (242,359,114 ) |
Summary of Deferred Income Tax charged to Income | 11.1) The deferred income tax charged to income is composed as follows: 12.31.2017 12.31.2016 12.31.2015 Assets Carryforward subsidiary tax losses 19,283,035 — 38,421 Provisions 23,533,897 22,003,693 20,696,371 Trade accounts receivable 954,472 21,379,619 21,379,618 Others 7,545,122 6,453,592 — Sub-total 51,316,526 49,836,904 42,114,410 Liabilities Accounts payable (17,923,933 ) — (8,280,460 ) Other receivables — (60,402,707 ) (51,803,977 ) Property, plant and equipment (246,016,904 ) (279,594,390 ) (247,196,754 ) Others (16,667,093 ) (2,731,820 ) (1,385,944 ) Sub-total (280,607,930 ) (342,728,917 ) (308,667,135 ) Total (229,291,404 ) (292,892,013 ) (266,552,725 ) |
Summary of Unrecognised Taxable Temporary Difference Associated with Investment and Interest | 11.2) Unrecognised taxable temporary difference associated with investment and interest 12.31.2017 12.31.2016 12.31.2015 Taxable temporary differences in relation to investments in subsidiaries and associates for which deferred tax liabilities have not been recognized are attributable to the following: - Subsidiaries (89,599,508 ) (54,802,640 ) (6,488,478 ) - Associates — — (13,062,391 ) - Others (59,773 ) (83,682 ) (83,682 ) (89,659,281 ) (54,886,323 ) (19,634,551 ) |
Loma Negra C.I.A.S.A. [member] | |
Summary of Deferred Income Tax charged to Income | The deferred income tax charged to income is composed as follows: 12.31.2017 12.31.2016 Assets Provisions 14,823,820 14,365,654 Others 6,584,426 1,593,756 Total 21,408,246 15,959,410 Liabilities Investments (17,923,933 ) — Other receivables — (60,402,707 ) Property, plant and equipment (238,728,247 ) (256,749,345 ) Others (2,922,623 ) (4,127,218 ) Total (259,574,803 ) (321,279,270 )) Total Deferred income tax liabilities (238,166,558 ) (305,319,860 ) |
Summary of Unrecognised Taxable Temporary Difference Associated with Investment and Interest | Unrecognised taxable temporary difference associated with investment and interest 12.31.2017 12.31.2016 Taxable temporary differences in relation to investments in subsidiaries and associates for which deferred tax liabilities have not been recognized are attributable to the following: - Subsidiaries (89,599,508 ) (54,802,640 ) - Others (59,773 ) (83,682 ) (89,659,281 ) (54,886,323 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Profit or loss [abstract] | |
Summary of Earnings and Weighted Average Number of Ordinary Shares used in Calculation of Basic Earnings per Share | The earnings and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows: 12.31.2017 12.31.2016 12.31.2015 Net profit attributable to Owners of the Company—Earnings used in the calculation of basic earnings per share 1,590,842,382 491,173,013 348,299,466 Weighted average number of ordinary shares for purposes of basic and diluted earnings per share (1) 571,026,490 566,026,490 566,026,490 Basic and diluted earnings per share 2.79 0.868 0.615 (1) The weighted average number of outstanding shares was 571,026,490 and 566,026,490 as of December 31, 2017, 2016 and 2015, respectively, for the purposes of calculating both the basic and diluted earnings per share since there are not outstanding non-convertible |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Property, Plant and Equipment | 12.31.2017 12.31.2016 Cost 10,217,306,449 8,376,720,986 Accumulated depreciation (4,238,629,958 ) (3,495,793,783 ) Total 5,978,676,491 4,880,927,203 Land 37,642,361 36,162,817 Plant and buildings 790,301,574 744,839,769 Machinery, equipment and spare parts 3,722,384,044 2,959,823,921 Transport and load vehicles 439,139,338 287,181,987 Furniture and fixtures 16,920,388 13,810,449 Quarries 579,601,085 429,197,452 Tools and devices 14,827,210 11,395,746 Work in progress 377,860,491 398,515,062 Total 5,978,676,491 4,880,927,203 As of December 31, 2017, the breakdown is as follows: 13. PROPERTY, PLANT AND EQUIPMENT (Cont.) Cost Land Plants and Machinery, Transport and Furniture Quarries Tools and Work in Total Balances as of January 1, 2016 30,126,726 1,549,752,475 2,099,981,800 480,908,249 123,311,403 589,358,349 25,140,153 255,726,133 5,154,305,288 Business combination under common control (Note 16) 6,486,368 28,336 2,158,470,335 3,127,920 2,061,912 134,996,703 — 1,373,246 2,306,544,820 Additions — — — 90,649,867 — 383,142,698 6,264,333 442,983,575 923,040,473 Disposals (450,277 ) — (618,137 ) (6,080,942 ) (20,239 ) — — — (7,169,595 ) Transfers — 102,690,577 195,085,826 — 3,791,489 — — (301,567,892 ) — Balances as of December 31, 2016 36,162,817 1,652,471,388 4,452,919,824 568,605,094 129,144,565 1,107,497,750 31,404,486 398,515,062 8,376,720,986 Effect of foreign currency exchange differences 1,479,544 4,706 497,424,954 687,099 473,669 30,792,831 — 8,380,401 539,243,204 Additions — — — 207,735,655 6,229,778 400,489,338 7,241,286 687,713,771 1,309,409,828 Disposals — — — (8,067,569 ) — — — — (8,067,569 ) Transfers — 106,764,112 609,984,631 — — — — (716,748,743 ) — Balances as of December 31, 2017 37,642,361 1,759,240,206 5,560,329,409 768,960,279 135,848,012 1,538,779,919 38,645,772 389,886,273 10,217,306,449 13. PROPERTY, PLANT AND EQUIPMENT (Cont.) Accumulated depreciation Land Plants and Machinery, Transport and Furniture and Quarries Tools and Total Balances as of January 1, 2016 — (859,137,796 ) (1,053,283,647 ) (241,131,264 ) (110,151,232 ) (350,179,193 ) (16,954,928 ) (2,630,838,060 ) Business combination under common control (Note 16) — (28,336 ) (364,045,860 ) (3,084,505 ) (1,332,248 ) (1,774,435 ) — (370,265,384 ) Depreciation charge — — 470,870 5,052,477 14,286 — — 5,537,633 Disposals — (48,465,487 ) (76,237,266 ) (42,259,815 ) (3,864,922 ) (326,346,670 ) (3,053,812 ) (500,227,972 ) Balances as of December 31, 2016 — (907,631,619 ) (1,493,095,903 ) (281,423,107 ) (115,334,116 ) (678,300,298 ) (20,008,740 ) (3,495,793,783 ) Effect of foreign currency exchange differences — (4,706 ) (104,105,141 ) (521,145 ) (214,576 ) (4,159,156 ) — (108,904,724 ) Depreciation charge — (61,302,307 ) (240,844,321 ) (55,303,717 ) (3,378,932 ) (276,719,380 ) (3,809,822 ) (641,358,479 ) Disposals — 7,427,028 7,427,028 Balances as of December 31, 2017 — (968,938,632 ) (1,837,945,365 ) (329,820,941 ) (118,927,624 ) (959,178,834 ) (23,818,562 ) (4,238,629,958 ) |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Schedule of Intangible Assets | 12.31.2017 12.31.2016 Software 44,960,664 26,541,364 Mining exploitation rights 30,506,058 30,506,058 75,466,722 57,047,422 |
Summary of Changes in Intangible Assets | Cost Software Mining Total Balances as of January 1, 2016 45,263,657 30,506,058 75,769,715 Additions 12,390,941 — 12,390,941 Business combination under common control (Note 16) 2,082,349 — 2,082,349 Disposals (74,661 ) — (74,661 ) Balances as of December 31, 2016 59,662,286 30,506,058 90,168,344 Effect of foreign currency Exchange differences 483,545 — 483,545 Additions 28,065,101 — 28,065,101 Disposals (111,539 ) — (111,539 ) Balances as of December 31, 2017 88,099,393 30,506,058 118,605,451 Accumulated amortization Balances as of January 1, 2016 (22,540,446 ) — (22,540,446 ) Business combination under common control (Note 16) (1,743,279 ) — (1,743,279 ) Disposals 8,711 — 8,711 Amortization (8,845,908 ) — (8,845,908 ) Balances as of December 31, 2016 (33,120,922 ) — (33,120,922 ) Effect of foreign currency Exchange differences (251,999 ) — (251,999 ) Additions (9,877,347 ) — (9,877,347 ) Disposals 111,539 — 111,539 Balances as of December 31, 2017 (43,138,729 ) — (43,138,729 ) |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Investments | 12.31.2017 12.31.2016 Non-current In other companies Cementos del Plata S.A. 330,062 330,062 Total 330,062 330,062 12.31.2017 12.31.2016 Current Short-term investments In pesos (1) 1,982,957,634 470,780,626 In foreign currency (2) 1,007,955,379 98,660,256 Loans to related parties – InterCement Brasil S:A. (Note 19) — 124,767,892 Total 2,990,913,013 694,208,774 (1) The Group holds short-term investments denominated in pesos represented principally by participation in Mutual Funds (726,097,716 and 470,780,626 as of December 31, 2017 and 2016, respectively), Bonds issued by the Central Bank of the Argentine Republic (1,256,394,950 as of December 31, 2017). Such investments accrue interest at an annual nominal rate of approximately 27% and 23.5% as of December 31, 2017 and 2016, respectively. (2) The Group holds short-term investments denominated in US Dollars represented by Money Market Mutual Funds for a total amount of 1,007,955,379 and 70,942,028 as of December 31, 2017 and 2016, respectively, and accrue interest at an annual nominal interest rate of 1.8% and 0.1% as of December 31, 2017 and 2016, respectively. As of December 31, 2016, the Group also held short-term investments in Guarani for 27,718,228, represented by Certificate of Deposits, and accrued interest at an annual nominal rate of approximately 4.25%. |
Summary of Share of Profit (Loss) | 12.31.2017 12.31.2016 Yguazú Cementos S.A. (Note 16) — 36,631,307 Total — 36,631,307 |
Business Combination Under Co62
Business Combination Under Common Control (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Transactions Recognised Separately From Acquisition of Assets and Assumption of Liabilities in Business Combination | 12.31.2016 Current assets Inventories 181,795,914 Trade accounts receivable 91,555,806 Other receivables 38,157,070 Cash and cash equivalents 207,927,790 Non-current Property, plant and equipment 1,936,279,436 Intangible assets 339,070 Trade accounts receivable 84,063 Other receivables 79,819,925 Current liabilities Trade and other payables (319,240,220 ) Borrowings (1,476,726,832 ) Payroll and social security payables (4,936,114 ) Tax liabilities (11,046,537 ) Non-current Deferred tax liabilities (7,307,114 ) Net Assets 716,702,257 |
Summary of Cash Generated by Acquisition of Subsidiaries | Net cash generated by acquisition of subsidiaries 12.31.2016 Consideration paid in cash — Less: Cash and cash equivalents acquired 207,927,790 Net cash received from acquisition of subsidiaries 207,927,790 Other capital adjustments resulting from the purchase (in pesos) 12.31.2016 Consideration (Note 31) 518,091,291 Plus: Previous equity interest 250,845,790 Plus: Non-controlling 351,172,141 Less: Net assets at book value (716,702,257 ) Other capital adjustments 403,406,965 |
Yguaz Cementos S.A. [member] | |
Summary of Business Combination | Business combination during the year Name Principal Activity Principal place Proportion of ownership 12.31.2017 12.31.2016 12.31.2015 Yguazú Cementos S.A. Manufacture and marketing of cement Paraguay 51 % 51 % 35 % |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Goodwill | 12.31.2017 12.31.2016 Cost Cofesur S.A. 18,942,491 18,942,491 Recycomb S.A.U. 2,873,689 2,873,689 La Preferida de Olavarría S.A. 17,531,254 17,531,254 Total 39,347,434 39,347,434 |
Summary of Goodwill Allocated to Cash Generating Units | For purposes of impairment testing, goodwill was allocated to the following cash generating units: 12.31.2017 12.31.2016 Railroad 18,942,491 18,942,491 Aggregates 2,873,689 17,531,254 Others 17,531,254 2,873,689 Total 39,347,434 39,347,434 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Inventories | 12.31.2017 12.31.2016 Non-current Spare parts 216,475,015 178,154,305 Allowance for obsolete inventories (1,753,062 ) (2,133,062 ) Total 214,721,953 176,021,243 Current Finished products 163,360,814 141,811,446 Products in progress 536,131,353 611,224,018 Raw materials, materials and spare parts 869,931,673 743,930,982 Inventory in transit 514,276 14,824,828 Fuels 263,852,968 205,297,721 Total 1,833,791,084 1,717,088,995 |
Parent Company, Other Shareho65
Parent Company, Other Shareholders, Associates and Other Related Parties Balances and Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Schedule of Outstanding Balances Between the Group and the Parent Company, Other Shareholders, Associates and Other Related Parties | The outstanding balances between the Group and the Parent company, other shareholders, associates and other related parties as of December 31, 2017 and 2016 are as follows: 12.31.2017 12.31.2016 Related companies InterCement Brasil S.A. Loans (Investment) — 124,767,892 Other receivables — 41,737,180 Accounts payable (2,722,388 ) (172,153,538 ) Camargo Correa S.A. Other receivables — 35,721,149 CCCimentos Participacoes LTDA Other receivables — 1,341,509 Other liabilities - Dividends payable — — Cimpor Trading e Inversiones S.A. Trade accounts receivables 5,838,363 26,240,458 Accounts payable (194,808,865 ) (377,295,476 ) Cimpor Servicios de Apoio a Gestao S.A. Trade accounts receivable 13,868,021 4,770,992 Accounts payable (64,142,910 ) — Cimpor - Cimentos de Portugal, SGPS, S.A. Accounts payable — (14,400,608 ) Sacopor S.A. Accounts payable (14,154,182 ) — |
Summary of Balances of Related Party Transactions | Summary of balances as of December 31, 2017 and 2016 is as follows: Loans (investment) — 124,767,892 Trade accounts receivable 19,706,384 31,011,450 Other receivables — 78,799,838 Accounts payable (275,828,345 ) (563,849,622 ) Other liabilities — Dividends payable — — |
Disclosure of Transactions Between the Group and Parent Companies, Associates and Related Parties | The transactions between the Group and parent companies, associates and related parties as of December 31, 2017, 2016 and 2015 are detailed as follows: Interest and Exchange rate differences Sale/(Purchase) of Goods and Services 12.31.2017 12.31.2016 12.31.2015 12.31.2017 12.31.2016 12.31.2015 Associates Yguazú Cementos S.A. (a) — 3,505,877 4,704,537 — 4,025,439 9,320,974 Other related parties InterCement Brasil S.A. (b) y (c) 1,234,479 103,468,732 149,368,918 (19,121,394 ) (603,821,090 ) — Cimpor Trading e Inversiones S.A. (a) (13,525,772 ) (2,196,283 ) — (88,017,758 ) (189,671,576 ) (28,358,217 ) Cimpor Serv. de Apoio a Gestao S.A.(a) y (d) 887,061 — — (56,189,502 ) 4,770,992 — Sacopor S.A.(a) (254,420 ) — — (33,357,279 ) — — (a) Corresponds to the sale and purchase of goods and services and the difference in the exchange of balances in foreign currency if applicable. (b) Amounts under “Interest and Exchange rate differences” include: i) interest accrued on the loan granted to InterCement Brasil S.A. for u$s 26.8 million, which accrue an annual nominal rate of 3% maturing July 2017. On December 22, 2016, Loma Negra C.I.A.S.A. acquired 16.0017% of Yguazú Cementos S.A. from InterCement Brasil S.A. and settled an amount of 412,435,636 of the purchased price with the loan granted to said parent company. Interest accrued to that date were paid by InterCement Brasil S.A. pursuant to the agreement; ii) interest on another loan agreement for u$s 5 million, which accrue an annual nominal rate of 3.9% maturing in November 2016. On that date the parties agreed to compound the outstanding interest and set a new annual interest rate of 4.7%. On July 3, 2017 such amount was applied to paying off the outstanding liability related to the purchase of shares of stock in Yguazú Cementos S.A. as indicated above, and iii) financial results accrued in favor of InterCement Brasil S.A. by its guarantee on a loan of the Company until July 2016. (c) Includes 518,091,291 for the period ended in December 31, 2017 corresponding to the purchase of shares of Yguazú Cementos S.A. as described in note 16. (d) On July 21, 2017 Loma Negra C.I.A.S.A. accepted the offer letter received Cimpor Serv. de Apoio a Gestao S.A., for the transfer of technical know-how |
Disclosure of Dividend | Dividends approved 12.31.2017 12.31.2016 InterCement Brasil S.A. 442,230,891 712,077,809 CCCimentos Participacoes Ltda. — 80,497,006 Third parties 2,469,109 4,425,185 Total 444,700,000 797,000,000 |
Other Recievables (Tables)
Other Recievables (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Other Receivables | 12.31.2017 12.31.2016 Non-current Tax credits 80,874,026 92,271,030 Other receivables to Canon—Ferrosur Roca S.A. (Note 37) 50,105,821 91,550,175 Advance payment for acquisition of shares (Note 19) (*) — 35,434,064 Advances to suppliers 2,907,688 — Guarantee deposits 7,953,818 1,941,451 Miscellaneous 3,333,333 8,084,686 Total 145,174,686 229,281,406 Current Tax credits 125,511,539 97,954,552 Related parties receivables (Note 19) — 43,365,774 Prepaid expenses 54,133,979 14,199,214 Guarantee deposits 3,773,462 9,353,393 Reimbursement receivables 15,550,209 13,988,747 Advances to suppliers 26,077,417 19,129,087 Salaries advances and loans to employees 5,404,217 10,879,811 Receivables from sales of Property, plant and equipment 5,271,119 11,455,008 Miscellaneous 5,935,075 5,989,094 Total 241,657,017 226,314,680 (*) In 2007, the Company acquired 1,623,474 shares of Cofesur S.A.—representing an interest of 2.36%—to Camargo Correa S.A. (Note 19), which required the approval of the Government to be effective. On March 6th, 2017, the Government approved the acquisition of the shares making it effective since then. |
Trade Accounts Receivable (Tabl
Trade Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Trade Accounts Receivables | 12.31.2017 12.31.2016 Non-current Receivables with U.E.P.F.P. - Ferrosur Roca S.A. (Note 38) — 78,346,682 Accounts receivable — 84,063 Total — 78,430,745 12.31.2017 12.31.2016 Current Accounts receivable 1,124,643,588 600,079,718 Related parties (Note 19) 19,706,384 31,011,450 Receivable with U.E.P.F.P. - Ferrosur Roca S.A. (Note 38) 117,407,006 — Accounts receivable in litigation 19,023,292 15,084,404 Notes receivables 39,290 4,636,897 Foreign customers 1,614,237 1,210,027 Subtotal 1,282,433,797 652,022,496 Allowance for doubtful accounts (19,023,292 ) (22,858,928 ) Total 1,263,410,505 629,163,568 |
Summary of Maturities of Accounts Receivable | The maturities of accounts receivable are as follows: 12.31.2017 12.31.2016 To become due 1,054,635,837 615,446,254 Past due 0 to 30 days 164,083,454 61,409,894 31 to 60 days 20,355,633 17,361,956 61 to 90 days 5,919,318 10,014,138 More than 91 days 37,439,555 26,220,999 Total 1,282,433,797 730,453,241 |
Summary of Financial Assets That Are Either Past Due or Impaired | Age of receivables that are past due but not impaired 12.31.2017 12.31.2016 Past due 0 to 30 days 164,083,454 61,409,894 31 to 60 days 20,355,633 17,361,956 61 to 90 days 5,919,318 10,014,138 More than 91 days 18,416,263 3,362,071 Total 208,774,668 92,148,059 Average age (days) 27 32 Age of impaired trade receivables 12.31.2017 12.31.2016 Past due More than 91 days 19,023,292 22,858,928 Total 19,023,292 22,858,928 |
Summary of Changes in Allowance for Doubtful Accounts | Changes in the allowance for doubtful accounts were the following: Balances as of January 1, 2016 12,810,070 Increases (*) 6,446,075 Business combination (Note 16) 3,905,333 Uses (302,550 ) Balances as of December 31, 2016 22,858,928 Effect of foreign currency exchange difference 660,147 Increases 1,296,255 Uses (5,792,038 ) Balances as of December 31, 2017 19,023,292 (*) The increase mainly corresponds to the insolvency procedures of a client in 2016. |
Cash and Banks (Tables)
Cash and Banks (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Schedule of cash and banks | 12.31.2017 12.31.2016 In Pesos 69,772,041 43,161,288 In US Dollars 15,028,797 90,393,486 In Reales 60,615 12,978 In Guarani 102,925,439 100,013,593 In Euros 987,808 263,568 Total 188,774,700 233,844,913 |
Capital Stock and Other Capit69
Capital Stock and Other Capital Related Accounts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Disclosure of detailed information of capital stock and other capital related accounts | 12.31.2017 12.31.2016 Capital stock 59,602,649 56,602,649 Adjustment to capital 151,390,644 151,390,644 Share premium 2,047,627,791 183,902,074 Other capital adjustments (Note 16) (435,241,562 ) (403,406,965 ) Merger premium 98,721,206 98,721,206 Total 1,922,100,728 87,209,608 |
Disclosure of issued paid in and registered capital | The issued, paid-in 12.31.2017 12.31.2016 Common stock with a face value of $ 0.1 per share and entitled to 1 vote each, fully paid-in 596,026,490 566,026,490 |
Accumulated Other Comprehensi70
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Schedule of Accumulated Other Comprehensive Income | 12.31.2017 12.31.2016 12.31.2015 Cash flow hedging reserve Balances at the beginning of the year — 54,402,733 (1,907,301 ) Net change on revaluation of hedging instruments — (8,341,700 ) 84,945,905 Income tax related to gains/losses recognized in other comprehensive income — 2,919,595 (29,731,067 ) Amounts reclassified to (profit) or loss — (75,354,812 ) 1,684,882 Income tax related to amounts reclassified to profit or loss — 26,374,184 (589,686 ) Balances at the end of the year — — 54,402,733 Exchange differences on translating foreign operations Balances at the beginning of the year 149,293,492 114,949,865 61,788,958 Exchange differences of the year attributable to the owners of the Company 101,151,222 34,343,627 53,160,907 Balances at the end of the year 250,444,714 149,293,492 114,949,865 Total accumulated other comprehensive income 250,444,714 149,293,492 169,352,598 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Composition of Borrowings | Composition of borrowings 31.12.2017 31.12.2016 Borrowings In foreign currency 3,351,761,052 3,358,702,428 In local currency 1,012,118,191 980,325,932 Total 4,363,879,243 4,339,028,360 Non-current 2,604,280,835 1,277,054,290 Current 1,759,598,408 3,061,974,070 Total 4,363,879,243 4,339,028,360 |
Summary of Detail Information of Borrowings | Detail of borrowings 31.12.2017 31.12.2016 Company Ref. Rate Due-date Amount Amount Borrowings in foreign currency – u$s Banco Supervielle S.A. Loma Negra C.I.A.S.A. 6 5% Sep-17 — 111,672,996 Banco Patagonia S.A. Ferrosur Roca S.A. 12 5.75% Jul-18 89,305,446 74,721,781 Industrial and Commercial Bank of China (Dubai) Loma Negra C.I.A.S.A. 8 3 Months Libor + 3.75% May-20 1,228,430,137 — Industrial and Commercial Bank of China (Dubai) Loma Negra C.I.A.S.A. 5 3 Months Libor + 3.4% Jun-19 563,979,469 791,854,007 Itaú-Unibanco S.A. - New York Loma Negra C.I.A.S.A. 1 6 Months Libor + 2.9% Mar-18 — 903,726,812 Inter-American Development Bank (IDB) Yguazú Cementos S.A. 16 6 Months Libor + 3.5% Aug-21 — 621,509,323 Corporación Andina de Fomento (CAF) Yguazú Cementos S.A. 16 6 Months Libor + 3.5% Aug-21 — 621,509,323 Borrowings in foreign currency – Guaraníes Banco Continental S.A.E.C.A. Yguazú Cementos S.A. 17 8.5% Aug-25 887,929,000 — Sudameris Bank S.A.E.C.A. Yguazú Cementos S.A. 17 9.0% Aug-25 582,117,000 — Banco Itaú S.A.- Paraguay Yguazú Cementos S.A. 15 7.5% Aug-17 — 233,708,186 Total borrowings in foreign currency 3,351,761,052 3,358,702,428 Borrowings in local currency Banco Provincia de Buenos Aires Loma Negra C.I.A.S.A. 2 BADLAR + 4% Sep-18 16,345,799 32,000,000 Banco Provincia de Buenos Aires Loma Negra C.I.A.S.A. 4 BADLAR + 2% Mar-19 89,590,643 149,206,763 Banco Provincia de Buenos Aires Loma Negra C.I.A.S.A. 4 BADLAR + 2% Jun-19 108,753,068 150,822,338 Banco Provincia de Buenos Aires Loma Negra C.I.A.S.A. 4 BADLAR + 2% Jul-19 15,133,621 19,879,350 HSBC Bank Argentina S.A. Loma Negra C.I.A.S.A. 7 21.75% Apr-19 157,865,753 — HSBC Bank Argentina S.A. Ferrosur Roca S.A. 13 21.75% Apr-19 157,865,753 — Banco Patagonia S.A. Loma Negra C.I.A.S.A. 3 BADLAR corrected + 1.65% Jul-18 70,391,979 164,392,235 Banco Patagonia S.A. Ferrosur Roca S.A. 11 BADLAR corrected + 0.5% Oct-18 60,777,576 122,079,572 Banco Santander Rio S.A. Loma Negra C.I.A.S.A. 3 BADLAR corrected + 4% Jul-18 87,562,256 204,298,831 Syndicated Ferrosur Roca S.A. 10 BADLAR corrected + 3.95% Jul-17 — 36,093,092 Bank overdrafts Loma Negra C.I.A.S.A. 9 29% Jan-18 12,871,347 8,266,151 Bank overdrafts Recycomb S.A.U. 29% Jan-18 314,071 — Bank overdrafts Ferrosur Roca S.A. 14 29% Jan-18 234,646,325 93,287,600 Total borrowings in local currency 1,012,118,191 980,325,932 Total 4,363,879,243 4,339,028,360 Loma Negra C.I.A.S.A.: (1) On July 28, 2011, a loan agreement for u$s 55,212,000 was entered into with ITAÚ-UNIBANCO S.A. – New York Branch. Such loan was originally due in July 2016 and accrued interest at a Libor-based floating rate plus and a spread payable half-yearly as from January 2012. During the 2016, the loan term was extended and the principal will be settled in three equal installments four-monthly, expiring the first in July 2017. Such loan was guaranteed by InterCement Brasil S.A. On May 15, 2017, the board of directors approved the early payment of two loan installments with Itaú UNIBANCO S.A. New York Branch, whose maturities were scheduled for July 30 and November 2017, respectively. This payment was for a total amount of $ 585,891,679 (u$s 37,514,318.49 including interest accrued until that date). On September 22, 2017, the Board of Directors approved the early cancellation of the last installment of the aforementioned loan that had maturity on March 30, 2018 plus interest accrued until that date, which totals $ 323,955,310 (u$s 18,538,123). (2) On September 30, 2013, the Company subscribed a loan agreement with Banco Provincia de Buenos Aires for a total amount of 80,000,000. This loan will be settled in ten semiannual equal and consecutive installments accruing an fixed interest rated upt the third year and BADLAR variable rate for the remaining period. (3) On July 21 and July 22, 2015, the Company subscribed loans agreements with Banco Patagonia S.A. and Banco Santander Rio S.A. for total amount of 200,000,000 and 250,000,000, respectively. Both loans will be settled in nine quarterly, equal and consecutive installments, overcoming the first one twelve months after the disbursement and accruing a BADLAR corrected based floating interest rate with quarterly repayments. (4) In March and June, 2016, the Company subscribed two loans agreements with Banco Provincia de Buenos Aires for total amount of 150,000,000 each. Both loans will be settled in twenty-five monthly, equal and consecutive installments, overcoming the first one twelve month after the disbursement and accruing a BADLAR based floating interest rate with monthly repayments. Additionally, on June, 2016, the Company subscribed another loan agreement with Banco Provincia de Buenos Aires for total amount of 20,000,000 under the same conditions described. (5) In June, 2016, the Company subscribed a loan agreement with Industrial and Commercial Bank of China (Dubai) for total amount of u$s 50,000,000 to be settled in five semi-annual, equal and consecutive installments with a twelve month grace period after the disbursement, accruing a nominal floating interest rate based on Libor with quarterly repayments. This loan requeries the compliance of the ratio Net Debt / EBITDA, which has been complied with up to the date of issuance of the financial statements. (6) On September 16, 2016, the Company subscribed a loan agreement with Banco Supervielle S.A. for total amount of u$s 7,000,000 to be settled on September 16, 2017. Fixed interest rate was payable on a quarterly basis. (7) On April 6, 2017, the Company subscribed a loan agreement with HSBC Bank Argentina S.A. amounting 150,000,000 due on April 4, 2019, accruing a nominal fixed interest rate with quarterly repayments. This loan requeries the compliance with the ratio Net Debt / EBITDA, which has been complied with up to the date of issuance of the financial statements. (8) In May 2017, the Company subscribed a loan agreement with Industrial and Commercial Bank of China (Dubai) . amounting 1,003,109,250 (u$s 65,000,000) to be settled in five semi-annual, equal and consecutive installments, accruing a nominal floating interest rate based on Libor. The first installment is due 365 days after the disbursement. This loan requeries the compliance of the ratio Net Debt / EBITDA, which has been complied with up to the date of issuance of the financial statements (9) As of December 31, 2017, the Company has bank overdrafts for total amount of 12,871,347. Ferrosur Roca S.A.: (10) On May 24, 2012, Ferrosur Roca S.A. obtained financing from a group of banks for 150,000,000, which was used to refinance financial debts, working capital and investments. Such loan would be repaid by way of eleven quarterly, equal and consecutive installments of 12,495,000 each and an additional final installment of 12,555,000, the first one with a maturity after fifteen months from the execution date. During the first year, the loan accrued interest at a fixed annual rate, and since the thirteenth month it would accrue interest at a floating nominal rate based on the BADLAR private corrected rate (BADCOR). Compensatory interest accrued on a quarterly basis from May 24, 2012. Ferrosur Roca S.A. had undertaken to assume certain obligations and conditions. Additionally, Loma Negra C.I.A.S.A. guaranteed the loan. This loan was renegotiated on January 21, 2014 with the payment of interest accrued until that date. The principal owed until that date will be repaid in 10 quarterly, equal and consecutive installments of 11,364,545 each, plus an additional final installment of 11,364,550, the first of which expires after twelve months from the signature of the addendum to the original loan agreement. Interest accrues at a nominal floating rate based on the BADLAR private corrected (BADCOR) and is paid on a quarterly basis. Furthermore, Loma Negra C.I.A.S.A. ratified the agreement by providing a guarantee for the loan. The remaining conditions have not changed from those established in the original agreement. (11) On October 21, 2015 Ferrosur Roca S.A. subscribed a loan agreement with Banco Patagonia S.A. for total amount of 130,000,000 to be settled in nine quarterly, equal and consecutive installments of 14,444,444 each, the first one with a maturity after twelve months from execution date. Compensatory interest accrues a nominal floating interest rate based on BADLAR private corrected (BADCOR). Loma Negra C.I.A.S.A. guarantee the loan. (12) On August 5, 2016, Ferrosur Roca S.A. subscribed a loan agreement with Banco Patagonia S.A. for a total amount of u$s 4,700,000 to be settled in three quarterly, equal, consecutive installments of u$s 1,566,666 each, overcoming the first one on January 25, 2018. Compensatory interest accrues a nominal fixed interest rate. (13) In 2017, Ferrosur Roca S.A. subscribed a loan agreement with HSBC Bank Argentina for a total amount of $ 150,000,000 due on April 4, 2019. Compensatory interest accrues a nominal fixed interest rate. This loan requeries the compliance of the ratio Net Debt / EBITDA, which has been complied with up to the date of issuance of the financial statements (14) As of December 31, 2016, Ferrosur Roca S.A: had bank overdrafts for total amount of 234,646,325. Yguazú Cementos S.A.: (15) On October 19, 2016, Yguazú Cementos S.A. subscribed two loan agreements with Banco Itaú S.A. for total amount of PYG. 83,775,750,000 equivalents to 230,254,370. Both loans will be settled in 120 days, accruing a fixed interest rate, to be settled at maturity. (16) On January 25, 2013, Yguazú Cementos S.A. subscribed two loans agreements with Inter-american Development Bank (IDB) and Corporación Andina de Fomento (CAF), for total amount of U$S 38,465,000, each. The outstanding principal was to be repaid in semi-annual equal and consecutive installments of U$S 7,690,000 plus an additional installment of U$S 7,720,000 until August 2021. Interest accrue at LIBOR plus an spread and is payable semi-annually. These loans were secured with collateral and guaranteed by InterCement Brasil S.A. Yguazú Cementos S.A. had to comply with covenants pursuant to these agreements, which were monitored by the Company’s Management and Board of Directors. In August, 2017, the loan was prepaid. (17) On August 8, 2017, Yguazú Cementos S.A. entered into two loan agreements with two Paraguayan Banks and agreed the following terms: Banco Continental S.A.E.C.A.: Principal amount: 255,000,000,000 Guaranies (715,500,000) Maturity: 8 years Interest Rate: 8.5% for the first year. After the first anniversary, the interest rate shall be adjusted according to an average of rates published by the Banco Central de Paraguay plus 0.32%. In no case the interest rate shall be lower than 8.5%. Interests will be paid every six months starting in February 2018. Payment of principal: 15 equal and consecutive installments on a semiannual basis, starting in August, 2018. Sudameris Bank S.A.E.C.A. Principal Amount: 168,000,000,000 Guaranies (534,240,000) Maturity: 8 years Interest Rate: 9% for the first year. After the first anniversary, the interest rate shall be adjusted according to an average of rates published by the Banco Central de Paraguay, plus 0.82% In no case the interest rate shall be lower than 9%. Interests will be paid every six months starting in February 2018. Payment of principal: 15 equal and consecutive installments on a semiannual basis, starting in August, 2018. |
Schedule of Movements of Borrowings | The movements of borrowings for the year ended December 31, 2017 are outlined below: Balances as of January 1, 2017 4,339,028,360 New borrowings 2,927,783,765 Interest accrual 518,424,024 Effect of foreign currency exchange differences 287,691,637 Effect of exchange rate differences 330,042,463 Interest payments (517,407,711 ) Principal payments (3,521,683,295 ) Balances as of December 31, 2017 4,363,879,243 |
Maturity Schedule of Long-term Loans | As of December 31, 2017 the long-term loans have the following maturity schedule: Year 2019 1,224,825,913 2020 434,677,082 2021 190,371,798 2022 and following 754,406,042 Total 2,604,280,835 |
Loma Negra C.I.A.S.A. [member] | |
Summary of Composition of Borrowings | Composition of borrowings 12.31.2017 12.31.2016 Borrowings: - In foreign currency 1,792,409,606 1,807,253,815 - In local currency 558,514,466 728,865,668 Total 2,350,924,072 2,536,119,483 Non-current 1,128,759,400 1,144,716,538 Current 1,222,164,672 1,391,402,945 Total 2,350,924,072 2,536,119,483 |
Summary of Detail Information of Borrowings | Detail of loans 12.31.2017 12.31.2016 Interest Rate Due date Amount Amount Borrowings in foreign currency - u$s Banco Supervielle 5% Sep-17 — 111,672,996 Industrial and Commercial Bank of China (Dubai) 3 Month Libor + 3.4% Jun-19 563,979,469 791,854,007 Itaú-Unibanco S.A. - New York 6 Month Libor + 2.9% Mar-18 — 903,726,812 Industrial and Commercial Bank of China (Dubai) 3 Month Libor + 3.75% May-20 1,228,430,137 — 1,792,409,606 1,807,253,815 Borrowings in local currency Banco Provincia de Buenos Aires BADLAR + 4% Sep-18 16,345,799 32,000,000 Banco Provincia de Buenos Aires BADLAR + 2% Mar-19 89,590,643 149,206,763 Banco Provincia de Buenos Aires BADLAR + 2% Jun-19 108,753,068 150,822,338 Banco Provincia de Buenos Aires BADLAR + 2% Jul-19 15,133,621 19,879,350 HSBC Bank Argentina S.A. 21.75% Apr-19 157,865,753 — Banco Patagonia BADLAR corrected + 1.65% Jul-18 70,391,979 164,392,235 Banco Santander Rio S.A. BADLAR corrected + 4% Jul-18 87,562,256 204,298,831 Bank overdrafts Daily Overdraft Rate Jan-18 12,871,347 8,266,151 558,514,466 728,865,668 Total 2,350,924,072 2,536,119,483 |
Accounts Payable (Tables)
Accounts Payable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Accounts Payable | 12.31.2017 12.31.2016 Non-current Accounts payable for investments in Property, plant and equipment 71,388,595 69,989,797 Expense accrual — 11,922,779 Total 71,388,595 81,912,576 Current Suppliers 1,239,573,602 1,017,699,633 Related parties (Note 19) 275,828,345 563,849,622 Accounts payable for acquisitions of Property, plant and equipment 235,005,411 280,599,659 Expenses accrual 611,134,006 363,951,348 Total 2,361,541,364 2,226,100,262 |
Loma Negra C.I.A.S.A. [member] | |
Summary of Accounts Payable | 12.31.2017 12.31.2016 Non-current Accounts payable for investments in Property, plant and equipment 71,388,595 69,989,797 Total 71,388,595 69,989,797 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Other Provisions | 12.31.2017 12.31.2016 Non-current Labor and Social Security 44,184,248 29,256,783 Environmental restoration 80,602,101 59,616,013 Civil and others 36,309,641 31,810,692 Total 161,095,990 120,683,488 |
Summary of Changes in Provisions | Changes in the provisions were as follows: Labor and Environmental Civil and others Total Balances as of January 1, 2016 19,874,101 53,538,707 34,022,986 107,435,794 Increases 13,585,938 13,199,149 3,148,541 29,933,628 Uses (4,203,256 ) (7,121,843 ) (5,360,835 ) (16,685,934 ) Balances as of December 31, 2016 29,256,783 59,616,013 31,810,692 120,683,488 Increases 24,395,945 28,617,633 19,009,635 72,023,213 Uses (9,468,480 ) (7,631,545 ) (14,510,686 ) (31,610,711 ) Balances as of December 31, 2017 44,184,248 80,602,101 36,309,641 161,095,990 |
Loma Negra C.I.A.S.A. [member] | |
Summary of Other Provisions | 12.31.2017 12.31.2016 Non-current Labor and Social Security 38,881,287 23,822,356 Environmental restoration 80,602,101 59,616,013 Civil and others 9,354,657 15,422,149 Total 128,838,045 98,860,518 |
Tax Liabilities (Tables)
Tax Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Information About Tax Liabilities | 12.31.2017 12.31.2016 Non-current Facilities payment plans 342,209 1,087,580 Total 342,209 1,087,580 Current Income tax expense 336,262,373 49,995,504 Value added tax 149,872,919 102,065,724 Turnover tax 38,557,514 23,546,780 Other taxes, withholdings and perceptions 48,391,134 49,478,280 Total 573,083,940 225,086,288 |
Loma Negra C.I.A.S.A. [member] | |
Summary of Information About Tax Liabilities | 12.31.2017 12.31.2016 Non-current Facilities payment plans 342,209 1,087,580 Total 342,209 1,087,580 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Other Liabilities | 12.31.2017 12.31.2016 Non-current Termination payment plans 15,740,729 28,273,858 Total 15,740,729 28,273,858 12.31.2017 12.31.2016 Current Termination payment plans 21,351,249 22,559,784 Dividends with minority shareholders 7,948,017 6,134,322 Others 2,617,592 628,162 Total 31,916,858 29,322,268 |
Loma Negra C.I.A.S.A. [member] | |
Disclosure of Other Liabilities | 12.31.2017 12.31.2016 Non-current Termination payment plans 14,865,351 27,252,775 Total 14,865,351 27,252,775 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Disclosure of Detailed Information About Cash and Cash Equivalents | 12.31.2017 12.31.2016 Cash and Banks 188,774,700 233,844,913 Short-term investments and others (Note 15) 2,990,913,013 569,440,882 Cash and cash equivalents 3,179,687,713 803,285,795 |
Non-cash Transactions (Tables)
Non-cash Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Non-cash Transactions | Below is a list of transactions that did not involve cash flow movements in the fiscal year of acquisition: 12.31.2017 12.31.2016 - Acquisition of Property, plant and equipment financed with trade payables 9,671,103 279,966,554 - Acquisition of 2.36% of interest in Cofesur S.A. (*) 35,434,064 — - Acquisition of interest in Yguazú Cementos S.A. financed with the settlement of loans with related parties (Note 16) 97,583,285 518,091,291 - Accounts payable settlement with amounts receivable under financial leasing — 172,579,157 - Settlement of receivable for acquisition of Property, plant and equipment 34,932,897 — (*) Loma Negra C.I.A.S.A. applied an advance for acquisition of investment to the payment of the additional equity. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Segment Information | 12.31.2017 12.31.2016 12.31.2015 Net revenue Cement, masonry cement and lime - Argentina 11,649,136,962 8,314,392,402 6,701,278,244 Cement - Paraguay 1,152,606,929 — — Concrete 1,903,346,280 1,044,559,627 793,708,600 Railroad 1,608,080,671 1,223,681,686 919,729,670 Aggregates 261,292,612 189,491,197 144,660,326 Others 133,109,926 75,636,911 56,554,737 Eliminations (1,421,038,454 ) (973,318,615 ) (744,977,684 ) Total 15,286,534,926 9,874,443,208 7,870,953,893 Cost of sales Cement, masonry cement and lime - Argentina 7,986,358,455 6,045,620,325 4,874,303,722 Cement - Paraguay 803,220,686 — — Concrete 1,795,052,472 968,360,040 755,769,143 Railroad 1,352,375,734 1,011,559,523 773,417,805 Aggregates 266,721,854 176,603,548 116,830,030 Others 67,374,539 35,697,635 33,154,459 Eliminations (1,421,038,454 ) (973,318,615 ) (744,977,684 ) Total 10,850,065,285 7,264,522,456 5,808,497,475 Selling, administrative expenses and other gains and losses Cement, masonry cement and lime - Argentina 850,722,982 726,012,191 575,834,891 Cement - Paraguay 43,633,705 — — Concrete 77,974,017 49,143,560 34,190,768 Railroad 105,192,391 (4,235,303 ) 20,862,201 Aggregates 4,411,761 5,217,097 6,772,681 Others 38,471,541 29,341,972 24,698,911 Total 1,120,406,397 805,479,517 662,359,452 12.31.2017 12.31.2016 12.31.2015 Depreciation and amortization Cement, masonry cement and lime - Argentina 342,614,418 432,545,694 270,935,703 Cement - Paraguay 170,931,104 — — Concrete 24,544,240 12,492,535 9,755,647 Railroad 74,821,293 54,995,174 44,853,392 Aggregates 10,505,708 7,115,732 6,471,004 Others 2,463,945 1,924,745 1,940,551 Total 625,880,708 509,073,880 333,956,297 Net revenue less cost of sales, selling, administrative expenses and other gains and losses Cement, masonry cement and lime - Argentina 2,812,055,525 1,542,759,886 1,251,139,631 Cement - Paraguay 305,752,538 Concrete 30,319,791 27,056,027 3,748,690 Railroad 150,512,546 216,357,466 125,449,664 Aggregates (9,841,002 ) 7,670,552 21,057,615 Others 27,263,846 10,597,304 (1,298,633 ) Total 3,316,063,244 1,804,441,235 1,400,096,967 Reconciling items: Share of profit (loss) of associates 36,631,307 (105,140,743 ) Tax on debits and credits banks accounts (188,020,636 ) (140,033,765 ) (109,513,061 ) Finance costs, net (842,142,961 ) (941,287,406 ) (591,564,301 ) Income tax (585,537,956 ) (257,734,325 ) (242,359,114 ) Total 1,700,361,691 502,017,046 351,519,747 |
Summary of Geographical Information | 12.31.2017 12.31.2016 Geographical information Non-current assets Argentina 4,094,960,948 3,444,863,021 Paraguay 2,358,756,400 2,016,522,494 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Net Debt to Equity Ratio | The net debt to equity ratio of the year is as follows: 12.31.2017 12.31.2016 Debt (i) 4,363,879,243 4,339,028,360 Cash and cash equivalents 3,179,687,713 803,285,795 Net debt 1,184,191,530 3,535,742,565 Equity (ii) 4,415,794,158 1,130,511,577 Net debt to equity ratio 0.27 3.13 (i) Debt is defined as current and non-current (ii) Equity includes all reserves and capital of the Group which are managed as capital. |
Summary of Financial Instruments | Categories of financial instruments 12.31.2017 12.31.2016 Financial assets Cash and banks 188,774,700 233,844,913 Fair value through profit or loss 1,734,518,063 541,722,654 Held to maturity investments 1,256,394,950 27,718,228 Loans and receivables 1,305,227,521 926,540,358 12.31.2017 12.31.2016 Financial liabilities Amortized cost 7,959,722,044 7,310,962,385 |
Summary of Monetary Assets and Liabilities Denominated in Foreign Currency | The amounts of monetary assets and liabilities denominated in foreign currency at the end of the reported year are as follows: 12.31.2017 12.31.2016 Liabilities US Dollars 2,155,076,310 3,602,828,793 Guarani 1,577,012,129 272,717,762 Euro 202,586,489 235,771,525 Real 14,488 12,359 Assets US Dollars 1,068,483,893 321,575,956 Guarani 330,166,837 325,933,382 Euro 6,354,120 17,781,524 Real 60,615 12,978 |
Disclosure of Foreign Currency Sensitivity Analysis | US Dollar effect Guaraní effect (in thousands of pesos) (in thousands of pesos) 12.31.2017 12.31.2017 Loss for the year 271,648 Decrease in net equity 271,648 283,931 |
Summary of Interest Rate Risk Management | 12.31.2017 12.31.2016 Financial assets Held to maturity investments (1) 1,256,394,950 27,718,228 Fair value through profit or loss (2) 1,734,518,063 541,722,654 Loans (3) — 124,767,892 Financial liabilities Amortized cost (4) 4,363,879,243 4,339,028,360 (1) Short-term loan receivables fixed rate. (2) Short-term loan receivables floating rate. (3) Correspond to loans granted to the Parent company at a fixed rate in US dollars. (4) Includes borrowings as detailed in Note 25. |
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. Weighted Less than 1-3 3 months to 1-3 3-6 Total % 31 December 2017 Borrowings 23.3 % 381,820,796 266,196,448 1,367,997,486 2,225,112,937 910,660,113 5,151,787,780 381,820,796 266,196,448 1,367,997,486 2,225,112,937 910,660,113 5,151,787,780 Weighted Less than 1-3 3 months to 1-3 3-6 Total % 31 December 2016 Borrowings 21.7 264,378,805 423,283,132 1,678,381,825 2,332,273,362 130,762,023 4,829,079,147 264,378,805 423,283,132 1,678,381,825 2,332,273,362 130,762,023 4,829,079,147 |
Schedule of Financial Assets and Financial Liabilities are Measured at Fair Value on a Recurring Basis | Financial assets/ Fair value as at Fair value Valuation technique(s) financial liabilities 12.31.2017 12.31.2016 hierarchy and key input(s) 1)Investments in Mutual funds 1,734,518,063 569,440,882 Level 1 Quoted bid prices in an active market |
Loma Negra C.I.A.S.A. [member] | |
Schedule of Contractual Maturity for Non-derivative Financial Liabilities with Agreed Repayment Periods | Weighted Less than 1-3 3 months to 1-3 3-5 years Total % 31 December 2017 Borrowings 23.8 89,813,137 145,807,915 1,127,382,816 1,197,749,276 2,560,753,144 89,813,137 145,807,915 1,127,382,816 1,197,749,276 2,560,753,144 Weighted Less than 1-3 3 months to 1-3 3-5 Total % 31 December 2016 Borrowings 21.7 111,702,060 38,711,312 1,441,791,071 1,240,238,670 — 2,832,443,113 111,702,060 38,711,312 1,441,791,071 1,240,238,670 — 2,832,443,113 |
Condensed Unconsolidated Fina80
Condensed Unconsolidated Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Information AboutUnconsolidated Structured Entities | CONDENSED UNCONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 12.31.2017 12.31.2016 12.31.2015 Net revenue 13,159,252,042 9,202,288,419 7,391,826,945 Cost of sales (9,393,608,968 ) (6,844,429,106 ) (5,499,766,931 ) Gross profit 3,765,643,074 2,357,859,313 1,892,060,014 Share of profit (loss) of associates 132,502,436 76,375,721 (93,296,443 ) Selling and administrative expenses (989,129,898 ) (803,913,285 ) (614,736,554 ) Other gains and losses 56,021,137 23,540,414 (2,061,784 ) Tax on debits and credits to bank accounts (167,152,274 ) (124,756,957 ) (95,833,334 ) FINANCE COSTS, NET Exchange rate differences (336,757,288 ) (248,687,255 ) (168,473,564 ) Financial income 81,363,922 36,518,123 23,867,474 Financial expenses (392,554,396 ) (597,529,686 ) (362,012,267 ) Profit before tax 2,149,936,713 719,406,388 579,513,542 INCOME TAX EXPENSE Current (626,247,633 ) (210,210,679 ) (197,726,871 ) Deferred 67,153,302 (18,022,696 ) (33,487,205 ) NET PROFIT FOR THE YEAR 1,590,842,382 491,173,013 348,299,466 OTHER COMPREHENSIVE INCOME Items to be reclassified through profit and loss: Exchange differences on translating foreign operations 101,151,222 34,343,627 53,160,907 Cash flow hedges — (54,402,733 ) 56,310,034 TOTAL OTHER COMPREHENSIVE (LOSS) INCOME 101,151,222 (20,059,106 ) 109,470,941 TOTAL COMPREHENSIVE INCOME 1,691,993,604 471,113,907 457,770,407 Earnings per share (basic and diluted)(*) : 2.79 0.868 0.615 (*) In 2016, the Company has given retroactive effect to the number of shares in order to reflect the new capital structure after the share split described in note 40. CONDENSED UNCONSOLIDATED STATEMENTS OF FINANCIAL POSITION 12.31.2017 12.31.2016 ASSETS Non-current Property, plant and equipment 3,013,834,370 2,425,630,468 Intangible assets 74,760,496 56,708,351 Investments 787,797,282 550,544,157 Goodwill 39,347,434 39,347,434 Inventories 177,461,120 163,115,656 Other receivables 25,397,006 39,875,515 Trade accounts receivable — — Total non-current 4,118,597,708 3,275,221,581 Current assets Inventories 1,550,863,799 1,471,291,076 Other receivables 218,053,883 269,829,692 Trade accounts receivable 797,537,082 412,428,725 Investments 2,971,682,497 661,707,327 Cash and banks 69,755,413 45,038,268 Total current assets 5,607,892,674 2,860,295,088 Total assets 9,726,490,382 6,135,516,669 SHAREHOLDERS’ EQUITY AND LIABILITIES Total shareholders’ equity 3,822,551,465 740,366,741 LIABILITIES Non-current Borrowings 1,128,759,400 1,144,716,538 Accounts payable 71,388,595 69,989,790 Provisions 128,838,045 98,860,518 Tax liabilities 342,209 1,087,580 Other liabilities 14,865,351 27,252,775 Deferred tax liabilities 238,166,558 305,319,860 Total non-current 1,582,360,158 1,647,227,061 Current liabilities Borrowings 1,222,164,672 1,391,402,945 Accounts payable 1,955,082,172 1,781,390,125 Advances from customers 197,508,557 106,956,982 Salaries and social security payables 407,187,941 269,940,259 Tax liabilities 511,046,146 171,004,073 Other liabilities 28,589,271 27,228,483 Total current liabilities 4,321,578,759 3,747,922,867 Total liabilities 5,903,938,917 5,395,149,928 Total shareholders’ equity and liabilities 9,726,490,382 6,135,516,669 CONDENSED UNCONSOLIDATED STATEMENT OF CASH FLOWS 12.31.2017 12.31.2016 12.31.2015 CASH FLOWS FROM OPERATING ACTIVITIES Net profit for the year 1,590,842,382 491,173,013 348,299,466 Adjustments to reconcile net profit to net cash provided by operating activities Income tax expense 559,094,331 228,233,375 231,214,076 Depreciation and amortization 377,664,366 452,153,963 287,162,353 Provisions 41,718,393 29,164,683 18,647,042 Interests 314,472,800 473,687,084 304,389,966 Share of profit (loss) of associates (132,502,436 ) (76,375,721 ) 93,296,443 Investment income recognized in profit (7,966,242 ) (112,039,773 ) (158,494,542 ) Exchange rate differences 282,874,884 266,660,078 253,231,201 Gain on disposal of Property, plant and equipment (5,799,175 ) (31,315,437 ) (3,807,978 ) Changes in operating assets and liabilities Inventories (68,775,774 ) (562,873,693 ) (211,369,295 ) Other receivables (11,244,428 ) (131,335,105 ) (86,527,045 ) Trade accounts receivable (385,054,594 ) (116,059,543 ) 12,477,146 Advances from customers 90,551,575 32,758,193 26,624,857 Accounts payable 356,869,945 518,299,468 331,361,579 Salaries and social security payables 137,247,682 77,584,771 14,119,580 Provisions (23,820,411 ) (15,486,008 ) (14,797,438 ) Tax liabilities (26,162,921 ) 54,319,019 (35,646,213 ) Other liabilities (12,840,331 ) 12,688,349 14,652,724 Cash generated from operations 3,077,170,046 1,591,236,716 1,424,833,922 Income tax paid (255,937,638 ) (162,645,969 ) (163,950,193 ) Net cash generated by operating activities 2,821,232,408 1,428,590,747 1,260,883,729 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from disposal of Property, plant and equipment 13,571,500 22,024,470 5,888,030 Payments to acquire Property, plant and equipment (1,019,196,721 ) (584,435,941 ) (405,783,811 ) Payments to acquire intangible assets (27,743,774 ) (26,279,674 ) (22,311,523 ) Investments 30,300,477 — 608,223 Net cash used in investing activities (1,003,068,518 ) (588,691,145 ) (421,599,081 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings 1,235,382,385 1,433,184,756 609,999,606 Interest paid (338,372,188 ) (476,299,533 ) (331,420,444 ) Dividends paid (442,886,305 ) (853,119,146 ) (16,642 ) Repayment of borrowings (1,748,563,710 ) (704,497,010 ) (1,053,265,230 ) Capital increase 1,866,725,717 — — Net cash used in financing activities 572,285,899 (600,730,933 ) (774,702,710 ) Net increase (decrease) in cash and cash equivalents 2,390,449,789 239,168,669 239,168,669 Cash and cash equivalents at the beginning of the year 581,977,703 322,490,643 234,497,937 Effects of the exchange rate differences on cash and cash equivalents in foreign currency 69,010,418 20,318,391 23,410,768 Cash and cash equivalents at the end of the year 3,041,437,910 581,977,703 322,490,643 |
Legal Information - Additional
Legal Information - Additional Information (Detail) | Nov. 01, 2017ARS ($)Vote$ / sharesshares | Dec. 31, 2017ARS ($)VotePlantFacility$ / sharesshares | Dec. 31, 2016ARS ($)Vote$ / sharesshares | Dec. 31, 1993 |
Disclosure of general information about financial statements [line items] | ||||
Fiscal year | 93 years | |||
Number of factories | Facility | 9 | |||
Number of plants | Plant | 18 | |||
Name of ultimate parent company | Loma Negra Holding GmbH | |||
Capital stock | $ | $ 59,602,649 | $ 59,602,649 | $ 56,602,649 | |
Number of common shares issued | 596,026,490 | 596,026,490 | 566,026,490 | |
Par value per share | $ / shares | $ 0.10 | $ 0.10 | $ 0.1 | |
Number of votes per share | Vote | 1 | 1 | 1 | |
Ferrosur Roca S.A. [member] | ||||
Disclosure of general information about financial statements [line items] | ||||
Concession period | 30 years | |||
Concession extension period | 10 years | |||
Loma Negra Holding GmbH [member] | ||||
Disclosure of general information about financial statements [line items] | ||||
Percentage of ownership held by parent company | 51.0437% | |||
Increase in number of authorized shares | 30,000,000 | |||
Shares transferred | 258,650,000 | |||
Number of shares held by parent company | 304,233,740 | |||
Share price | $ / shares | $ 0.10 |
Basis of Preparation of the Con
Basis of Preparation of the Consolidated Financial Statements - Summary of Significant Investments in Subsidiaries (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cofesur S.A. [member] | |||
Disclosure of subsidiaries [line items] | |||
Main activity | Holding | ||
Place of incorporation and principle place of business | Argentina | ||
Percentage of direct and indirect equity interest rate | 100.00% | 97.64% | 97.64% |
Ferrosur Roca S.A. [member] | |||
Disclosure of subsidiaries [line items] | |||
Main activity | Train cargo transportation | ||
Place of incorporation and principle place of business | Argentina | ||
Percentage of direct and indirect equity interest rate | 80.00% | 78.12% | 78.12% |
Recycomb S.A.U. [member] | |||
Disclosure of subsidiaries [line items] | |||
Main activity | Waste recycling | ||
Place of incorporation and principle place of business | Argentina | ||
Percentage of direct and indirect equity interest rate | 100.00% | 100.00% | 100.00% |
Yguaz Cementos S.A. [member] | |||
Disclosure of subsidiaries [line items] | |||
Main activity | Manufacture and marketing of cement and construction materials | ||
Place of incorporation and principle place of business | Paraguay | ||
Percentage of direct and indirect equity interest rate | 51.00% | 51.00% | 35.00% |
Basis of Preparation of the C83
Basis of Preparation of the Consolidated Financial Statements - Summary of Significant Investments in Subsidiaries (Parenthetical) (Detail) | Mar. 31, 2017 |
Cofesur S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Interest acquired | 2.36% |
Basis of Preparation of the C84
Basis of Preparation of the Consolidated Financial Statements - Summary of Financial Information on Yguazu Cementos S A (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of subsidiaries [line items] | |||
Current assets | $ 6,518,546,319 | $ 3,500,620,930 | |
Non-current assets | 6,453,717,348 | 5,461,385,515 | |
Current liabilities | 5,474,329,747 | 6,029,591,063 | |
Non-current liabilities | 3,082,139,762 | 1,801,903,805 | |
Equity attributable to the owners of the Company | 3,822,551,465 | 740,366,741 | |
Non-controllinginterests | 593,242,693 | 390,144,836 | |
Net revenue | 15,286,534,926 | 9,874,443,208 | $ 7,870,953,893 |
Finance cost, net | (842,142,961) | (941,287,406) | (591,564,301) |
Income tax | (585,537,956) | (257,734,325) | (242,359,114) |
Profit for the year | 1,700,361,691 | 502,017,046 | 351,519,747 |
Net cash generated by operating activities | 3,220,311,139 | 1,612,924,423 | 1,383,076,093 |
Net cash used in investing activities | (1,258,132,364) | (462,982,491) | (488,807,270) |
Net cash used in financing activities | 297,838,393 | (696,697,025) | $ (850,264,255) |
Yguaz Cementos S.A. [member] | |||
Disclosure of subsidiaries [line items] | |||
Current assets | 494,986,225 | 519,436,580 | |
Non-current assets | 2,358,756,400 | 2,016,522,494 | |
Current liabilities | 385,487,026 | 1,811,949,703 | |
Non-current liabilities | 1,332,533,280 | 7,307,114 | |
Equity attributable to the owners of the Company | 579,237,344 | 365,530,116 | |
Non-controllinginterests | 556,484,975 | $ 351,172,141 | |
Net revenue | 1,152,606,929 | ||
Finance cost, net | (72,745,405) | ||
Depreciation | (170,745,386) | ||
Income tax | (12,316,307) | ||
Profit for the year | 220,690,826 | ||
Net cash generated by operating activities | 280,474,575 | ||
Net cash used in investing activities | (55,868,811) | ||
Net cash used in financing activities | $ (368,018,079) |
Basis of Preparation of the C85
Basis of Preparation of the Consolidated Financial Statements - Summary of Financial Information on Yguazu Cementos S A (Parenthetical) (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of subsidiaries [line items] | ||||
Cash and cash equivalents | $ 3,179,687,713 | $ 803,285,795 | $ 328,404,790 | $ 260,836,959 |
Yguaz Cementos S.A. [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Cash and cash equivalents | $ 111,943,934 | $ 207,927,790 |
Basis of Preparation of the C86
Basis of Preparation of the Consolidated Financial Statements - Summary of Financial Information on Ferrosur Roca S A (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of subsidiaries [line items] | |||
Current assets | $ 6,518,546,319 | $ 3,500,620,930 | |
Non-current assets | 6,453,717,348 | 5,461,385,515 | |
Current liabilities | 5,474,329,747 | 6,029,591,063 | |
Non-current liabilities | 3,082,139,762 | 1,801,903,805 | |
Equity attributable to the owners of the Company | 3,822,551,465 | 740,366,741 | |
Non-controllinginterests | 593,242,693 | 390,144,836 | |
Net revenue | 15,286,534,926 | 9,874,443,208 | $ 7,870,953,893 |
Finance costs, net | (842,142,961) | (941,287,406) | (591,564,301) |
Income tax | (585,537,956) | (257,734,325) | (242,359,114) |
Profit or (loss) for the year | 1,700,361,691 | 502,017,046 | 351,519,747 |
Net cash generated by operating activities | 3,220,311,139 | 1,612,924,423 | 1,383,076,093 |
Net cash used in investing activities | (1,258,132,364) | (462,982,491) | (488,807,270) |
Net cash (used in) generated by financing activities | 297,838,393 | (696,697,025) | (850,264,255) |
Ferrosur Roca S.A. [member] | |||
Disclosure of subsidiaries [line items] | |||
Current assets | 448,672,962 | 227,349,424 | |
Non-current assets | 757,054,777 | 710,404,407 | |
Current liabilities | 838,820,242 | 594,786,019 | |
Non-current liabilities | 183,118,912 | 166,101,662 | |
Equity attributable to the owners of the Company | 147,030,869 | 138,159,696 | |
Non-controllinginterests | 36,757,716 | 38,706,454 | |
Net revenue | 1,608,080,671 | 1,223,681,686 | 919,729,670 |
Finance costs, net | (124,903,098) | (128,933,963) | (92,795,807) |
Depreciation | (74,821,293) | (54,995,175) | (44,853,392) |
Income tax | (3,002,588) | (26,964,252) | (8,555,315) |
Profit or (loss) for the year | 6,922,435 | 49,982,654 | 15,147,453 |
Net cash generated by operating activities | 90,167,989 | 260,874,828 | 163,772,758 |
Net cash used in investing activities | (198,133,153) | (165,530,937) | (109,782,503) |
Net cash (used in) generated by financing activities | $ 107,211,129 | $ (90,434,660) | $ (76,456,255) |
Summary of Significant Accoun87
Summary of Significant Accounting Policies - Additional Information (Detail) - ARS ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2017 | |
Disclosure of significant accounting policies [line items] | ||||
Goodwill impairment loss | $ 0 | $ 0 | ||
Current statutory rate | 35.00% | |||
Tax rate at the end of each year | 1.00% | |||
Income tax withholding rate | 35.00% | |||
Percentage of single and final tax payment on dividend | 10.00% | |||
Personal assets tax rate | 0.25% | |||
Other receivables | $ 224,639 | 35,445,260 | ||
Business combination under common control | $ (35,434,064) | $ (52,234,825) | ||
Legal reserve allowed proportion of subscribed capital adjustment | 20.00% | |||
Top of Range [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Legal reserve as percentage of net income | 5.00% | |||
Cofesur S.A. [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Interest acquired | 2.36% | |||
Proportion of ownership interest in subsidiary | 100.00% | 97.64% | 97.64% | |
Proportion of noncontrolling interest held | 2.36% | |||
Yguaz Cementos S.A. [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Proportion of ownership interest in subsidiary | 51.00% | 51.00% | 35.00% | |
Ferrosur Roca S.A. [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Proportion of ownership interest in subsidiary | 80.00% | 78.12% | 78.12% | |
Proportion of noncontrolling interest held | 20.00% | |||
Other capital adjustments [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Business combination under common control | $ (31,834,597) | $ (403,406,965) | ||
Non-controlling Interests [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Business combination under common control | $ (3,599,467) | 351,172,140 | ||
Non-controlling Interests [member] | Yguaz Cementos S.A. [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Proportion of ownership interest in subsidiary | 49.00% | |||
Non-controlling Interests [member] | Ferrosur Roca S.A. [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Proportion of ownership interest in subsidiary | 20.00% | |||
Yguaz Cementos S.A. [member] | Other capital adjustments [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Business combination under common control | $ 403,406,965 | |||
Proportion of equity interest in subsidiary | 16.00% | |||
Ferrosur Roca Management Trust [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | |||
2019 [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Current statutory rate | 30.00% | |||
Dividend withholding percentage | 7.00% | |||
2020 and beyond [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Current statutory rate | 25.00% | |||
Dividend withholding percentage | 13.00% |
Summary of Significant Accoun88
Summary of Significant Accounting Policies - Disclosure of Accounting Policy And Other Classification Adjustments (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of associates and joint ventures [line items] | |||
Net revenue | $ 15,286,534,926 | $ 9,874,443,208 | $ 7,870,953,893 |
Finance costs, net | (842,142,961) | (941,287,406) | (591,564,301) |
Income tax | (585,537,956) | (257,734,325) | (242,359,114) |
Profit or (loss) for the year | 1,700,361,691 | 502,017,046 | 351,519,747 |
Net cash generated by (used in) operating activities | 3,220,311,139 | 1,612,924,423 | 1,383,076,093 |
Net cash used in investing activities | (1,258,132,364) | (462,982,491) | (488,807,270) |
Net cash (used in) generated by financing activities | $ 297,838,393 | (696,697,025) | (850,264,255) |
Yguaz Cementos S.A. [member] | |||
Disclosure of associates and joint ventures [line items] | |||
Net revenue | 929,986,113 | 692,832,808 | |
Finance costs, net | (76,670,474) | (375,987,448) | |
Depreciation | (155,534,466) | (109,705,677) | |
Income tax | (10,680,022) | 8,598,480 | |
Profit or (loss) for the year | 104,660,877 | (300,402,124) | |
Net cash generated by (used in) operating activities | 350,159,307 | 211,115,257 | |
Net cash used in investing activities | (42,353,241) | (63,727,785) | |
Net cash (used in) generated by financing activities | $ (249,682,864) | $ (88,925,782) |
Summary of Significant Accoun89
Summary of Significant Accounting Policies - Disclosure of Information About Unconsolidated Structured Entities Controlled by Investment Entity (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of information about unconsolidated structured entities controlled by investment entity [line items] | |||
Current assets | $ 6,518,546,319 | $ 3,500,620,930 | |
Current liabilities | 5,474,329,747 | 6,029,591,063 | |
Equity | 4,415,794,158 | 1,130,511,577 | $ 1,497,788,462 |
Income for the year | 15,286,534,926 | 9,874,443,208 | $ 7,870,953,893 |
Ferrosur Roca Management Trust [member] | |||
Disclosure of information about unconsolidated structured entities controlled by investment entity [line items] | |||
Current assets | 51,112,722 | 90,065,227 | |
Current liabilities | 1,006,901 | 87,150 | |
Equity | 50,105,821 | 89,978,077 | |
Income for the year | $ 3,210,358 | $ 11,478,251 |
Critical Accounting Judgments90
Critical Accounting Judgments and Key Sources Used for Estimating Uncertain - Additional Information (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Reconciliation of changes in goodwill [abstract] | ||
Goodwill | $ 39,347,434 | $ 39,347,434 |
Goodwill impairment loss | $ 0 | $ 0 |
Critical Accounting Judgement a
Critical Accounting Judgement and Key Sources used for Estimating Uncertaint - Disclosure of Estimated Useful Life for Property Plant and Equipment and Other Intangible Assets (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Software [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | 5 years |
Quarries [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | 100 years |
Quarries - Cost of surface excavations [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | Units of production |
Furniture and fixtures [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | 10 years |
Tools and Devices [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | 5 years |
Transport and Load Vehicles [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | 5 years |
Bottom of Range [member] | Plants and Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | 25 years |
Bottom of Range [member] | Machinery, Equipment and Spare Parts [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | 10 years |
Top of Range [member] | Plants and Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | 50 years |
Top of Range [member] | Machinery, Equipment and Spare Parts [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | 35 years |
Net Revenue - Disclosure of Net
Net Revenue - Disclosure of Net Revenue (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue [abstract] | |||
Sales of goods | $ 15,039,126,134 | $ 9,702,984,510 | $ 7,837,767,309 |
Domestic market | 15,034,669,438 | 9,700,155,661 | 7,832,718,325 |
External customers | 4,456,696 | 2,828,849 | 5,048,984 |
Services rendered | 974,675,955 | 672,154,789 | 479,126,948 |
(-) Bonus / Discounts | (727,267,163) | (500,696,091) | (445,940,364) |
Total | $ 15,286,534,926 | $ 9,874,443,208 | $ 7,870,953,893 |
Cost of Sales - Disclosure of C
Cost of Sales - Disclosure of Cost of Sale (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of cost of sales [line items] | |||
Cost of sales | $ 10,850,065,285 | $ 7,264,522,456 | $ 5,808,497,475 |
Inventories | 1,893,110,238 | 1,149,148,017 | 937,789,760 |
Finished products | 141,811,446 | 88,253,896 | 100,664,946 |
Products in progress | 611,224,018 | 221,614,930 | 142,891,109 |
Raw materials, materials, spare parts and fuels | 1,140,074,774 | 839,279,191 | 694,233,705 |
Acquisition of inventories from business combination under common control (Note 16) | 181,795,914 | ||
Cost of sales [member] | |||
Disclosure of cost of sales [line items] | |||
Currency translation differences | 37,467,329 | ||
Purchases and production expenses for the year | 10,968,000,755 | 7,826,688,763 | 6,019,855,732 |
Purchases | 1,717,979,151 | 1,186,017,343 | 982,393,494 |
Production expenses | 9,250,021,604 | 6,640,671,420 | 5,037,462,238 |
Cost of sales | $ 10,850,065,285 | $ 7,264,522,456 | $ 5,808,497,475 |
Cost of Sales - Disclosure of P
Cost of Sales - Disclosure of Production Expenses (Detail) - Cost of sales [member] - ARS ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of expenses by nature [line items] | |||
Fees and compensation for services | $ 151,673,784 | $ 47,113,221 | $ 34,397,004 |
Salaries, wages and social security charges | 2,086,896,570 | 1,481,271,792 | 1,080,334,612 |
Transport and travelling expenses | 88,214,842 | 58,832,563 | 41,562,188 |
Data processing | 8,356,653 | 5,019,037 | 3,043,006 |
Taxes, contributions and commissions | 167,772,786 | 118,499,467 | 94,746,427 |
Depreciation | 636,340,748 | 496,276,064 | 321,218,289 |
Preservation and maintenance costs | 1,094,651,627 | 804,883,164 | 594,298,917 |
Communications | 9,918,041 | 8,257,581 | 6,307,361 |
Leases | 24,714,188 | 24,086,042 | 9,799,723 |
Employee benefits | 48,680,437 | 32,901,197 | 25,540,733 |
Water, natural gas and energy services | 3,667,657 | 2,556,005 | 1,501,884 |
Freight | 1,094,050,471 | 525,926,147 | 543,209,855 |
Thermal energy | 1,487,981,855 | 1,169,019,254 | 937,692,064 |
Insurance | 22,216,570 | 17,342,955 | 12,476,569 |
Packaging | 372,470,018 | 344,022,485 | 267,066,779 |
Electrical power | 957,781,503 | 764,384,506 | 508,408,065 |
Contractors | 739,133,948 | 555,180,078 | 398,542,270 |
Tolls | 3,983,187 | 9,914,218 | 4,162,335 |
Canon | 11,143,956 | 8,379,420 | 22,870,512 |
Security | 80,169,951 | 58,181,906 | 40,943,623 |
Others | 160,202,812 | 108,624,318 | 89,340,022 |
Total | $ 9,250,021,604 | $ 6,640,671,420 | $ 5,037,462,238 |
Selling and Administrative Ex95
Selling and Administrative Expenses - Disclosure Of Selling General And Administrative Expenses Table (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of selling and administrative expenses [line items] | |||
Total | $ 1,199,056,938 | $ 929,330,913 | $ 712,436,283 |
Selling and administrative expenses [member] | |||
Disclosure of selling and administrative expenses [line items] | |||
Managers, directors and trustees' fees | 82,545,414 | 56,245,833 | 41,450,469 |
Fees and compensation for services | 55,272,907 | 38,903,933 | 28,868,326 |
Salaries, wages and social security charges | 379,000,373 | 338,886,731 | 249,198,981 |
Transport and travelling expenses | 18,276,082 | 12,953,874 | 9,286,291 |
Data processing | 12,140,776 | 9,861,482 | 7,205,049 |
Advertising expenses | 29,809,668 | 21,879,658 | 17,230,314 |
Taxes, contributions and commissions | 373,688,284 | 249,386,803 | 211,921,874 |
Depreciation and amortization | 14,682,374 | 12,797,816 | 12,738,008 |
Preservation and maintenance costs | 6,845,057 | 4,148,916 | 3,079,765 |
Communications | 8,661,854 | 7,276,515 | 5,225,196 |
Leases | 16,327,670 | 13,633,690 | 10,267,076 |
Employee benefits | 19,538,673 | 11,518,598 | 7,949,917 |
Water, natural gas and energy services | 971,358 | 484,698 | 216,798 |
Freight | 145,665,092 | 120,204,361 | 88,406,528 |
Insurance | 6,619,761 | 3,661,215 | 944,090 |
Allowance for doubtful accounts | (712,460) | 6,446,074 | 393,893 |
Security | 2,441,916 | 1,182,728 | 931,904 |
Others | 27,282,139 | 19,857,988 | 17,121,804 |
Total | $ 1,199,056,938 | $ 929,330,913 | $ 712,436,283 |
Other Gains and Losses - Summar
Other Gains and Losses - Summary of Other Gains And Losses Table (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Analysis of income and expense [abstract] | |||
Gain on disposal of Property, plant and equipment | $ 5,799,175 | $ 31,315,437 | $ 3,909,421 |
Donations | (15,420,542) | (14,347,944) | (11,153,019) |
Technical assistance and services provided | 856,198 | 8,154,147 | 559,258 |
Gain on tax credits acquired | 2,048,779 | 3,872,647 | 3,456,071 |
Canon recovery - Ferrosur Roca S.A. (Note 39) | 84,441,612 | ||
Contingencies | (17,875,923) | (3,472,583) | (9,027,709) |
Result from U.E.P.F.P. - Ferrosur Roca S.A. (Note 38) | 8,259,698 | 46,505,630 | |
Service fee from ADS Depositary bank | 69,254,438 | ||
Leases | 22,265,721 | 16,980,577 | 9,143,605 |
Miscellaneous | 3,462,997 | (3,092,497) | 6,683,574 |
Total | $ 78,650,541 | $ 123,851,396 | $ 50,076,831 |
Tax on Debits and Credits to 97
Tax on Debits and Credits to Bank Accounts - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Tax on debits and credits to bank accounts [abstract] | |
General tax rate for credits and debits | 0.60% |
Percentage of amount levied on credits payment to be taken into account for income tax calculation | 0.20% |
Percentage of credits included in profit or loss | 0.40% |
Percentage of debits included in profit or loss | 0.60% |
Finance Costs, Net - Summary of
Finance Costs, Net - Summary of Finance Income Costs (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Exchange rate differences | |||
Foreign exchange gains | $ 120,939,219 | $ 163,489,521 | $ 248,889,974 |
Foreign exchange losses | (433,994,151) | (424,515,292) | (407,739,921) |
Total | (313,054,932) | (261,025,771) | (158,849,947) |
Financial income | |||
Interest from short-term investments | 80,949,998 | 6,710,642 | 6,965,026 |
Interest from loans to related parties | 3,616,730 | 15,009,696 | 9,587,759 |
Unwinding of discounts on receivables | 19,249,948 | 19,429,424 | 9,600,690 |
Total | 103,816,676 | 41,149,762 | 26,153,475 |
Financial expenses | |||
Interest on borrowings | (518,424,024) | (586,322,379) | (386,386,183) |
Interest on borrowings with related parties | (6,803,091) | (7,269,913) | (7,536,747) |
Unwinding of discounts on provisions and liabilities | (60,763,361) | (79,284,725) | (27,012,250) |
Others | (46,914,229) | (48,534,380) | (37,932,649) |
Total | $ (632,904,705) | $ (721,411,397) | $ (458,867,829) |
Income Tax Expense - Summary of
Income Tax Expense - Summary of Income Tax Expense (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Major components of tax expense (income) [abstract] | |||
Profit before income tax expense | $ 2,285,899,647 | $ 759,751,371 | $ 593,878,861 |
Statutory rate | 35.00% | 35.00% | 35.00% |
Income tax at statutory rate | $ (800,064,876) | $ (265,912,980) | $ (207,857,601) |
Adjustments for calculation of the effective income tax: | |||
Effect of different statutory income tax rate in Paraguay | 58,251,784 | ||
Expenses of capital issue | 50,075,999 | ||
Share of profit (loss) of associates | 12,820,957 | (36,799,260) | |
Change in tax rate (note 3.7.3) | 94,798,090 | ||
Other non-taxable income or non-deductible expense, net | 11,401,047 | (4,642,302) | 2,297,747 |
Income tax expense | $ (585,537,956) | $ (257,734,325) | $ (242,359,114) |
Income Tax Expense - Summary100
Income Tax Expense - Summary of Income Tax Expense (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Income Taxes [Line Items] | |||
Statutory rate | 35.00% | 35.00% | 35.00% |
Argentina [member] | |||
Disclosure Of Income Taxes [Line Items] | |||
Statutory rate | 35.00% | ||
Paraguay [member] | |||
Disclosure Of Income Taxes [Line Items] | |||
Statutory rate | 10.00% |
Income Tax Expense - Summary101
Income Tax Expense - Summary of Income Tax Expense, Current and Deferred (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Major components of tax expense (income) [abstract] | |||
Current | $ (651,110,917) | $ (238,702,150) | $ (209,816,188) |
Deferred | 65,572,961 | (19,032,175) | (32,542,926) |
Income tax expense | $ (585,537,956) | $ (257,734,325) | $ (242,359,114) |
Income Tax Expense - Summary102
Income Tax Expense - Summary of Deferred Income Tax (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | $ 51,316,526 | $ 49,836,904 | $ 42,114,410 |
Liabilities | (280,607,930) | (342,728,917) | (308,667,135) |
Total | (229,291,404) | (292,892,013) | (266,552,725) |
Carryforward subsidiary tax losses [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 19,283,035 | 38,421 | |
Provisions [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 23,533,897 | 22,003,693 | 20,696,371 |
Trade accounts receivable [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 954,472 | 21,379,619 | 21,379,618 |
Others [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 7,545,122 | 6,453,592 | |
Accounts payable and investments [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Liabilities | (17,923,933) | (8,280,460) | |
Other receivables [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Liabilities | (60,402,707) | (51,803,977) | |
Property, plant and equipment [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Liabilities | (246,016,904) | (279,594,390) | (247,196,754) |
Others [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Liabilities | $ (16,667,093) | $ (2,731,820) | $ (1,385,944) |
Income Tax Expense - Summary103
Income Tax Expense - Summary of Unrecognized Taxable Temporary Difference Associated with Investment and Interest (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total | $ (89,659,281) | $ (54,886,323) | $ (19,634,551) |
Subsidiaries [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total | (89,599,508) | (54,802,640) | (6,488,478) |
Associates [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total | (13,062,391) | ||
Others [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total | $ (59,773) | $ (83,682) | $ (83,682) |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings and Weighted Average Number of Ordinary Shares used in Calculation of Basic Earnings per Share (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings per share [abstract] | |||
Net profit attributable to Owners of the Company-Earnings used in the calculation of basic earnings per share | $ 1,590,842,382 | $ 491,173,013 | $ 348,299,466 |
Weighted average number of ordinary shares for purposes of basic and diluted earnings per share | 571,026,490 | 566,026,490 | 566,026,490 |
Basic and diluted earnings per share | $ 2.790 | $ 0.868 | $ 0.615 |
Earnings Per Share - Summary105
Earnings Per Share - Summary of Earnings and Weighted Average Number of Ordinary Shares used in Calculation of Basic Earnings per Share (Parenthetical) (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings per share [abstract] | |||
Weighted average number of outstanding shares | 571,026,490 | 566,026,490 | 566,026,490 |
Property of Plant and Equipment
Property of Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | $ 5,978,676,491 | $ 4,880,927,203 | |
Property Plant and Equipment | 5,978,676,491 | 4,880,927,203 | |
Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 10,217,306,449 | 8,376,720,986 | $ 5,154,305,288 |
Property Plant and Equipment | 10,217,306,449 | 8,376,720,986 | 5,154,305,288 |
Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | (4,238,629,958) | (3,495,793,783) | (2,630,838,060) |
Property Plant and Equipment | (4,238,629,958) | (3,495,793,783) | (2,630,838,060) |
Land [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 37,642,361 | 36,162,817 | |
Property Plant and Equipment | 37,642,361 | 36,162,817 | |
Land [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 37,642,361 | 36,162,817 | 30,126,726 |
Property Plant and Equipment | 37,642,361 | 36,162,817 | 30,126,726 |
Plant and buildings [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 790,301,574 | 744,839,769 | |
Property Plant and Equipment | 790,301,574 | 744,839,769 | |
Plant and buildings [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 1,759,240,206 | 1,652,471,388 | 1,549,752,475 |
Property Plant and Equipment | 1,759,240,206 | 1,652,471,388 | 1,549,752,475 |
Plant and buildings [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | (968,938,632) | (907,631,619) | (859,137,796) |
Property Plant and Equipment | (968,938,632) | (907,631,619) | (859,137,796) |
Machinery, equipment and spare parts [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 3,722,384,044 | 2,959,823,921 | |
Property Plant and Equipment | 3,722,384,044 | 2,959,823,921 | |
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 | 5,560,329,409 | 4,452,919,824 | 2,099,981,800 |
Property Plant and Equipment | 5,560,329,409 | 4,452,919,824 | 2,099,981,800 |
Machinery, equipment and spare parts [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | (1,837,945,365) | (1,493,095,903) | (1,053,283,647) |
Property Plant and Equipment | (1,837,945,365) | (1,493,095,903) | (1,053,283,647) |
Transport and Load Vehicles [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 439,139,338 | 287,181,987 | |
Property Plant and Equipment | 439,139,338 | 287,181,987 | |
Transport and Load Vehicles [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 768,960,279 | 568,605,094 | 480,908,249 |
Property Plant and Equipment | 768,960,279 | 568,605,094 | 480,908,249 |
Transport and Load Vehicles [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | (329,820,941) | (281,423,107) | (241,131,264) |
Property Plant and Equipment | (329,820,941) | (281,423,107) | (241,131,264) |
Furniture and fixtures [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 16,920,388 | 13,810,449 | |
Property Plant and Equipment | 16,920,388 | 13,810,449 | |
Furniture and fixtures [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 135,848,012 | 129,144,565 | 123,311,403 |
Property Plant and Equipment | 135,848,012 | 129,144,565 | 123,311,403 |
Furniture and fixtures [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | (118,927,624) | (115,334,116) | (110,151,232) |
Property Plant and Equipment | (118,927,624) | (115,334,116) | (110,151,232) |
Quarries [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 579,601,085 | 429,197,452 | |
Property Plant and Equipment | 579,601,085 | 429,197,452 | |
Quarries [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 1,538,779,919 | 1,107,497,750 | 589,358,349 |
Property Plant and Equipment | 1,538,779,919 | 1,107,497,750 | 589,358,349 |
Quarries [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | (959,178,834) | (678,300,298) | (350,179,193) |
Property Plant and Equipment | (959,178,834) | (678,300,298) | (350,179,193) |
Tools and Devices [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 14,827,210 | 11,395,746 | |
Property Plant and Equipment | 14,827,210 | 11,395,746 | |
Tools and Devices [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 38,645,772 | 31,404,486 | 25,140,153 |
Property Plant and Equipment | 38,645,772 | 31,404,486 | 25,140,153 |
Tools and Devices [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | (23,818,562) | (20,008,740) | (16,954,928) |
Property Plant and Equipment | (23,818,562) | (20,008,740) | (16,954,928) |
Work in progress [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 377,860,491 | 398,515,062 | |
Property Plant and Equipment | 377,860,491 | 398,515,062 | |
Work in progress [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 389,886,273 | 398,515,062 | 255,726,133 |
Property Plant and Equipment | $ 389,886,273 | $ 398,515,062 | $ 255,726,133 |
Property of Plant and Equipm107
Property of Plant and Equipment - Summary of Breakdown of Property, Plant and Equipment (Detail) - ARS ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | $ 4,880,927,203 | |
Ending balance | 5,978,676,491 | $ 4,880,927,203 |
Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 8,376,720,986 | 5,154,305,288 |
Effect of foreign currency exchange differences | 539,243,204 | |
Business combination under common control (Note 16) | 2,306,544,820 | |
Additions | 1,309,409,828 | 923,040,473 |
Disposals | (8,067,569) | (7,169,595) |
Ending balance | 10,217,306,449 | 8,376,720,986 |
Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (3,495,793,783) | (2,630,838,060) |
Effect of foreign currency exchange differences | (108,904,724) | |
Business combination under common control (Note 16) | (370,265,384) | |
Depreciation charge | (641,358,479) | 5,537,633 |
Disposals | 7,427,028 | (500,227,972) |
Ending balance | (4,238,629,958) | (3,495,793,783) |
Land [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 36,162,817 | |
Ending balance | 37,642,361 | 36,162,817 |
Land [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 36,162,817 | 30,126,726 |
Effect of foreign currency exchange differences | 1,479,544 | |
Business combination under common control (Note 16) | 6,486,368 | |
Disposals | (450,277) | |
Ending balance | 37,642,361 | 36,162,817 |
Plant and buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 744,839,769 | |
Ending balance | 790,301,574 | 744,839,769 |
Plant and buildings [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,652,471,388 | 1,549,752,475 |
Effect of foreign currency exchange differences | 4,706 | |
Business combination under common control (Note 16) | 28,336 | |
Transfers | 106,764,112 | 102,690,577 |
Ending balance | 1,759,240,206 | 1,652,471,388 |
Plant and buildings [member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (907,631,619) | (859,137,796) |
Effect of foreign currency exchange differences | (4,706) | |
Business combination under common control (Note 16) | (28,336) | |
Depreciation charge | (61,302,307) | |
Disposals | (48,465,487) | |
Ending balance | (968,938,632) | (907,631,619) |
Machinery, equipment and spare parts [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 2,959,823,921 | |
Ending balance | 3,722,384,044 | 2,959,823,921 |
Machinery, equipment and spare parts [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 4,452,919,824 | 2,099,981,800 |
Effect of foreign currency exchange differences | 497,424,954 | |
Business combination under common control (Note 16) | 2,158,470,335 | |
Disposals | (618,137) | |
Transfers | 609,984,631 | 195,085,826 |
Ending balance | 5,560,329,409 | 4,452,919,824 |
Machinery, equipment and spare parts [member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (1,493,095,903) | (1,053,283,647) |
Effect of foreign currency exchange differences | (104,105,141) | |
Business combination under common control (Note 16) | (364,045,860) | |
Depreciation charge | (240,844,321) | 470,870 |
Disposals | (76,237,266) | |
Ending balance | (1,837,945,365) | (1,493,095,903) |
Transport and Load Vehicles [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 287,181,987 | |
Ending balance | 439,139,338 | 287,181,987 |
Transport and Load Vehicles [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 568,605,094 | 480,908,249 |
Effect of foreign currency exchange differences | 687,099 | |
Business combination under common control (Note 16) | 3,127,920 | |
Additions | 207,735,655 | 90,649,867 |
Disposals | (8,067,569) | (6,080,942) |
Ending balance | 768,960,279 | 568,605,094 |
Transport and Load Vehicles [member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (281,423,107) | (241,131,264) |
Effect of foreign currency exchange differences | (521,145) | |
Business combination under common control (Note 16) | (3,084,505) | |
Depreciation charge | (55,303,717) | 5,052,477 |
Disposals | 7,427,028 | (42,259,815) |
Ending balance | (329,820,941) | (281,423,107) |
Furniture and fixtures [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 13,810,449 | |
Ending balance | 16,920,388 | 13,810,449 |
Furniture and fixtures [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 129,144,565 | 123,311,403 |
Effect of foreign currency exchange differences | 473,669 | |
Business combination under common control (Note 16) | 2,061,912 | |
Additions | 6,229,778 | |
Disposals | (20,239) | |
Transfers | 3,791,489 | |
Ending balance | 135,848,012 | 129,144,565 |
Furniture and fixtures [member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (115,334,116) | (110,151,232) |
Effect of foreign currency exchange differences | (214,576) | |
Business combination under common control (Note 16) | (1,332,248) | |
Depreciation charge | (3,378,932) | 14,286 |
Disposals | (3,864,922) | |
Ending balance | (118,927,624) | (115,334,116) |
Quarries [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 429,197,452 | |
Ending balance | 579,601,085 | 429,197,452 |
Quarries [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,107,497,750 | 589,358,349 |
Effect of foreign currency exchange differences | 30,792,831 | |
Business combination under common control (Note 16) | 134,996,703 | |
Additions | 400,489,338 | 383,142,698 |
Ending balance | 1,538,779,919 | 1,107,497,750 |
Quarries [member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (678,300,298) | (350,179,193) |
Effect of foreign currency exchange differences | (4,159,156) | |
Business combination under common control (Note 16) | (1,774,435) | |
Depreciation charge | (276,719,380) | |
Disposals | (326,346,670) | |
Ending balance | (959,178,834) | (678,300,298) |
Tools and Devices [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 11,395,746 | |
Ending balance | 14,827,210 | 11,395,746 |
Tools and Devices [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 31,404,486 | 25,140,153 |
Additions | 7,241,286 | 6,264,333 |
Ending balance | 38,645,772 | 31,404,486 |
Tools and Devices [member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (20,008,740) | (16,954,928) |
Depreciation charge | (3,809,822) | |
Disposals | (3,053,812) | |
Ending balance | (23,818,562) | (20,008,740) |
Work in progress [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 398,515,062 | |
Ending balance | 377,860,491 | 398,515,062 |
Work in progress [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 398,515,062 | 255,726,133 |
Effect of foreign currency exchange differences | 8,380,401 | |
Business combination under common control (Note 16) | 1,373,246 | |
Additions | 687,713,771 | 442,983,575 |
Transfers | (716,748,743) | (301,567,892) |
Ending balance | $ 389,886,273 | $ 398,515,062 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | $ 75,466,722 | $ 57,047,422 |
Software [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 44,960,664 | 26,541,364 |
Mining rights [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | $ 30,506,058 | $ 30,506,058 |
Intangible Assets - Summary of
Intangible Assets - Summary of Changes in Intangible Assets (Detail) - ARS ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about intangible assets [line items] | ||
Balances as of January 1, 2016 | $ 57,047,422 | |
Balances as of December 31, 2016 | 75,466,722 | $ 57,047,422 |
Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balances as of January 1, 2016 | 90,168,344 | 75,769,715 |
Effect of foreign currency Exchange differences | 483,545 | |
Additions | 28,065,101 | 12,390,941 |
Business combination under common control (Note 16) | 2,082,349 | |
Disposals | (111,539) | (74,661) |
Balances as of December 31, 2016 | 118,605,451 | 90,168,344 |
Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balances as of January 1, 2016 | (33,120,922) | (22,540,446) |
Effect of foreign currency Exchange differences | (251,999) | |
Additions | (9,877,347) | |
Business combination under common control (Note 16) | (1,743,279) | |
Disposals | 111,539 | 8,711 |
Amortization | (8,845,908) | |
Balances as of December 31, 2016 | (43,138,729) | (33,120,922) |
Software [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balances as of January 1, 2016 | 26,541,364 | |
Balances as of December 31, 2016 | 44,960,664 | 26,541,364 |
Software [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balances as of January 1, 2016 | 59,662,286 | 45,263,657 |
Effect of foreign currency Exchange differences | 483,545 | |
Additions | 28,065,101 | 12,390,941 |
Business combination under common control (Note 16) | 2,082,349 | |
Disposals | (111,539) | (74,661) |
Balances as of December 31, 2016 | 88,099,393 | 59,662,286 |
Software [member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balances as of January 1, 2016 | (33,120,922) | (22,540,446) |
Effect of foreign currency Exchange differences | (251,999) | |
Additions | (9,877,347) | |
Business combination under common control (Note 16) | (1,743,279) | |
Disposals | 111,539 | 8,711 |
Amortization | (8,845,908) | |
Balances as of December 31, 2016 | (43,138,729) | (33,120,922) |
Mining rights [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balances as of January 1, 2016 | 30,506,058 | |
Balances as of December 31, 2016 | 30,506,058 | 30,506,058 |
Mining rights [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balances as of January 1, 2016 | 30,506,058 | 30,506,058 |
Balances as of December 31, 2016 | $ 30,506,058 | $ 30,506,058 |
Investments- Summary of Investm
Investments- Summary of Investments (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about investment property [line items] | |||
Non-current | $ 0 | $ 0 | |
In other companies Cementos del Plata S.A. | 330,062 | 330,062 | |
Total | 330,062 | 330,062 | |
Total | 36,631,307 | ||
In foreign currency | 2,990,913,013 | 569,440,882 | |
Loans to related parties - InterCement Brasil S:A. (Note 19) | (3,616,730) | (15,009,696) | $ (9,587,759) |
Total | 2,990,913,013 | 694,208,774 | |
InterCement Brasil S.A. [member] | |||
Disclosure of detailed information about investment property [line items] | |||
Loans to related parties - InterCement Brasil S:A. (Note 19) | 124,767,892 | ||
In Argentina Pesos [member] | |||
Disclosure of detailed information about investment property [line items] | |||
In foreign currency | 1,982,957,634 | 470,780,626 | |
In US Dollars [member] | |||
Disclosure of detailed information about investment property [line items] | |||
In foreign currency | $ 1,007,955,379 | 98,660,256 | |
Yguaz Cementos S.A. [member] | |||
Disclosure of detailed information about investment property [line items] | |||
Total | $ 36,631,307 |
Investments- Summary of Inve111
Investments- Summary of Investments (Parenthetical) (Detail) - ARS ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about investment property [line items] | ||
Short-term investments | $ 2,990,913,013 | $ 569,440,882 |
In Argentina Pesos [member] | ||
Disclosure of detailed information about investment property [line items] | ||
Short-term investments | $ 1,982,957,634 | $ 470,780,626 |
Accrued interest annual nominal rate | 27.00% | 23.50% |
In Argentina Pesos [member] | Bonds [member] | ||
Disclosure of detailed information about investment property [line items] | ||
Short-term investments | $ 1,256,394,950 | |
In Argentina Pesos [member] | Mutual funds [member] | ||
Disclosure of detailed information about investment property [line items] | ||
Short-term investments | 726,097,716 | $ 470,780,626 |
In US Dollars [member] | ||
Disclosure of detailed information about investment property [line items] | ||
Short-term investments | $ 1,007,955,379 | $ 98,660,256 |
Accrued interest annual nominal rate | 1.80% | 0.10% |
In Guarani [member] | ||
Disclosure of detailed information about investment property [line items] | ||
Short-term investments | $ 27,718,228 | |
Accrued interest annual nominal rate | 4.25% |
Investments- Additional Informa
Investments- Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Bottom of Range [member] | |
Disclosure of detailed information about investment property [line items] | |
Short term investment period | 1 month |
Top of Range [member] | |
Disclosure of detailed information about investment property [line items] | |
Short term investment period | 3 months |
Business Combination Under C113
Business Combination Under Common Control - Summary of Business Combination (Detail) - Yguaz Cementos S.A. [member] | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about business combination [line items] | |||
Principal Activity | Manufacture and marketing of cement | ||
Principal place of business | Paraguay | ||
Proportion of ownership interest/voting right held by the Group | 51.0017% | 51.00% | 35.00% |
Business Combination Under C114
Business Combination Under Common Control - Additional Information (Detail) | Dec. 22, 2016ARS ($)Acquisition | Nov. 30, 2012Acquisition | Dec. 31, 2016ARS ($)$ / shares | Dec. 31, 2015ARS ($) | Dec. 31, 2017ARS ($)$ / shares | Nov. 01, 2017$ / shares | Dec. 22, 2016₲ / shares |
Disclosure of detailed information about business combination [line items] | |||||||
Nominal value per share acquired | $ / shares | $ 0.1 | $ 0.10 | $ 0.10 | ||||
Share of profit (loss) of associates | $ 36,631,307 | $ (105,140,743) | |||||
Subsidiaries [member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Business acquisition transaction amount | 518,091,291 | ||||||
Contingent consideration | $ 0 | ||||||
Non-controlling interest | $ 351,172,141 | ||||||
Yguaz Cementos S.A. [member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Business acquisition number of shares acquired | Acquisition | 5,411 | ||||||
Percentage of subscribed and paid-in share capital acquired | 35.00% | ||||||
Proportion of ownership interest held | 51.00% | 35.00% | 51.0017% | ||||
Share of profit (loss) of associates | $ 36,631,307 | ||||||
Business acquisition percentage of ownership interests acquired | 35.00% | ||||||
Purchases of additional share acquired | 16.0017% | ||||||
Business acquisition percentage of ownership interests acquired, assumed beginning of the annual reporting period | 51.00% | ||||||
Increase in additional profit acquired | $ 16,745,740 | ||||||
Additional profit acquired | 476,903,030 | ||||||
Increase in revenue | 929,986,114 | ||||||
Net revenue | 10,804,429,321 | ||||||
Non-controlling interest | $ 351,172,141 | ||||||
InterCement Brasil S.A. [member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Business acquisition number of shares acquired | Acquisition | 3,834 | ||||||
Percentage of subscribed and paid-in share capital acquired | 16.0017% | ||||||
Nominal value per share acquired | ₲ / shares | ₲ 10,000,000 | ||||||
Business acquisition transaction amount | $ 518,091,291 | ||||||
Transaction amount settled with loan proceeds | 412,435,636 | ||||||
Acquisition costs | $ 0 |
Business Combination Under C115
Business Combination Under Common Control - Transactions Recognised Separately from Acquisition of Assets and Assumption of Liabilities in Business Combination (Detail) | Dec. 31, 2016ARS ($) |
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | |
Inventories | $ 181,795,914 |
Yguaz Cementos S.A. [member] | |
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | |
Inventories | 181,795,914 |
Trade accounts receivable | 91,555,806 |
Other receivables | 38,157,070 |
Cash and cash equivalents | 207,927,790 |
Property, plant and equipment | 1,936,279,436 |
Intangible assets | 339,070 |
Trade accounts receivable | 84,063 |
Other receivables | 79,819,925 |
Trade and other payables | (319,240,220) |
Borrowings | (1,476,726,832) |
Payroll and social security payables | (4,936,114) |
Tax liabilities | (11,046,537) |
Deferred tax liabilities | (7,307,114) |
Net Assets | $ 716,702,257 |
Business Combination Under C116
Business Combination Under Common Control - Summary of Cash Generated by Acquisition of Subsidiaries (Detail) - ARS ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2017 | |
Disclosure Of Cash Generated By Acquisition Of Subsidiaries [line items] | ||
Other capital adjustments | $ (403,406,965) | $ (435,241,562) |
Subsidiaries [member] | ||
Disclosure Of Cash Generated By Acquisition Of Subsidiaries [line items] | ||
Consideration paid in cash | 0 | |
Less: Cash and cash equivalents acquired | 207,927,790 | |
Net cash received from acquisition of subsidiaries | 207,927,790 | |
Consideration (Note 31) | 518,091,291 | |
Plus: Previous equity interest | 250,845,790 | |
Plus: Non-controlling interest | 351,172,141 | |
Less: Net assets at book value | (716,702,257) | |
Other capital adjustments | $ 403,406,965 |
Goodwill - Summary of Goodwill
Goodwill - Summary of Goodwill (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of information for cash-generating units [line items] | ||
Total | $ 39,347,434 | $ 39,347,434 |
Cofesur S.A. [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 18,942,491 | 18,942,491 |
Recycomb S.A.U. [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 2,873,689 | 2,873,689 |
La Preferida de Olavarria S.A. [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Total | $ 17,531,254 | $ 17,531,254 |
Goodwill - Summary of Goodwi118
Goodwill - Summary of Goodwill Allocated to Cash Generating Units (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of information for cash-generating units [line items] | ||
Total | $ 39,347,434 | $ 39,347,434 |
Railroad [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 18,942,491 | 18,942,491 |
Aggregates [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 2,873,689 | 17,531,254 |
Others [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Total | $ 17,531,254 | $ 2,873,689 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Classes of current inventories [abstract] | ||
Spare parts | $ 216,475,015 | $ 178,154,305 |
Allowance for obsolete inventories | (1,753,062) | (2,133,062) |
Total | 214,721,953 | 176,021,243 |
Finished products | 163,360,814 | 141,811,446 |
Products in progress | 536,131,353 | 611,224,018 |
Raw materials, materials and spare parts | 869,931,673 | 743,930,982 |
Inventory in transit | 514,276 | 14,824,828 |
Fuels | 263,852,968 | 205,297,721 |
Total | $ 1,833,791,084 | $ 1,717,088,995 |
Parent Company, Other Shareh120
Parent Company, Other Shareholders, Associates and Other Related Parties Balances and Transactions - Schedule of Outstanding Balances Between the Group and the Parent Company, Other Shareholders, Associates and Other Related Parties (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of transactions between related parties [line items] | ||
Loans (investment) | $ 124,767,892 | |
Trade accounts receivable | $ 19,706,384 | 31,011,450 |
Other receivables | 78,799,838 | |
Other liabilities - Dividends payable | 0 | 0 |
Accounts payable | (275,828,345) | (563,849,622) |
InterCement Brasil S.A. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Loans (investment) | 124,767,892 | |
Other receivables | 41,737,180 | |
Accounts payable | (2,722,388) | (172,153,538) |
Camargo Correa S.A. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Other receivables | 35,721,149 | |
CCCimentos Participacoes LTDA [member] | ||
Disclosure of transactions between related parties [line items] | ||
Other receivables | 1,341,509 | |
Other liabilities - Dividends payable | 0 | 0 |
Cimpor Trading e Inversiones S.A. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts receivable | 5,838,363 | 26,240,458 |
Accounts payable | (194,808,865) | (377,295,476) |
Cimpor Servicios de Apoio a Gestao S.A. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts receivable | 13,868,021 | 4,770,992 |
Accounts payable | (64,142,910) | |
Cimpor-Cimentos de Portugal, SGPS, S.A. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable | $ (14,400,608) | |
Sacopor S.A. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable | $ (14,154,182) |
Parent Company, Other Shareh121
Parent Company, Other Shareholders, Associates and Other Related Parties Balances and Transactions - Summary of Balances of Related Party Transactios (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Outstanding balances for related party transactions [abstract] | ||
Loans (investment) | $ 124,767,892 | |
Trade accounts receivable | $ 19,706,384 | 31,011,450 |
Other receivables | 78,799,838 | |
Accounts payable | (275,828,345) | (563,849,622) |
Other liabilities - Dividends payable | $ 0 | $ 0 |
Parent Company, Other Shareh122
Parent Company, Other Shareholders, Associates and Other Related Parties Balances and Transactions - Disclosure of Transactions Between the Group and Parent Companies, Associates and Related Parties (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
InterCement Brasil S.A. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Interest and Exchange rate differences | $ 1,234,479 | $ 103,468,732 | $ 149,368,918 |
Sale/(Purchase) of Goods and Services | (19,121,394) | (603,821,090) | |
Cimpor Trading e Inversiones S.A. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Interest and Exchange rate differences | (13,525,772) | (2,196,283) | |
Sale/(Purchase) of Goods and Services | (88,017,758) | (189,671,576) | (28,358,217) |
Cimpor Servicios de Apoio a Gestao S.A. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Interest and Exchange rate differences | 887,061 | ||
Sale/(Purchase) of Goods and Services | (56,189,502) | ||
Sale/(Purchase) of Goods and Services | 4,770,992 | ||
Sacopor S.A. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Interest and Exchange rate differences | (254,420) | ||
Sale/(Purchase) of Goods and Services | $ (33,357,279) | ||
Yguaz Cementos S.A. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Interest and Exchange rate differences | 3,505,877 | 4,704,537 | |
Sale/(Purchase) of Goods and Services | $ 4,025,439 | $ 9,320,974 |
Parent Company, Other Shareh123
Parent Company, Other Shareholders, Associates and Other Related Parties Balances and Transactions - Disclosure of Transactions Between the Group and Parent Companies, Associates and Related Parties (Parenthetical) (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2017ARS ($) | |
Disclosure of transactions between related parties [line items] | ||
Interest payable | $ 5 | |
Percentage of interest accrued | 3.90% | 3.90% |
Annual interest rate | 4.70% | |
Percentage of charge equivalent to net sales for service received | 1.00% | |
Yguaz Cementos S.A. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Consideration transferred | $ 518,091,291 | |
Yguaz Cementos S.A. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Percentage of interest acquired | 16.0017% | |
InterCement Brasil S.A. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Interest accrued | $ 26.8 | |
Percentage of interest accrued | 3.00% | 3.00% |
Consideration transferred | $ 412,435,636 |
Parent Company, Other Shareh124
Parent Company, Other Shareholders, Associates and Other Related Parties Balances and Transactions - Disclosure of Dividend (Detail) - ARS ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of transactions between related parties [line items] | ||
Dividends approved | $ 444,700,000 | $ 797,000,000 |
InterCement Brasil S.A. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends approved | 442,230,891 | 712,077,809 |
CCCimentos Participacoes LTDA [member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends approved | 80,497,006 | |
Third parties [member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends approved | $ 2,469,109 | $ 4,425,185 |
Parent Company, Other Shareh125
Parent Company, Other Shareholders, Associates and Other Related Parties Balances and Transactions - Additional Information (Detail) - ARS ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Related party transactions [abstract] | ||
Key Management fees | $ 76,872,494 | $ 56,245,833 |
Other Receivables - Summary of
Other Receivables - Summary of Other Receivables (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Non-current | ||
Tax credits | $ 80,874,026 | $ 92,271,030 |
Other receivables to Canon - Ferrosur Roca S.A. (Note 37) | 50,105,821 | 91,550,175 |
Advance payment for acquisition of shares (Note 19) | 35,434,064 | |
Advances to suppliers | 2,907,688 | |
Guarantee deposits | 7,953,818 | 1,941,451 |
Miscellaneous | 3,333,333 | 8,084,686 |
Total | 145,174,686 | 229,281,406 |
Current | ||
Tax credits | 125,511,539 | 97,954,552 |
Related parties receivables (Note 19) | 43,365,774 | |
Prepaid expenses | 54,133,979 | 14,199,214 |
Guarantee deposits | 3,773,462 | 9,353,393 |
Reimbursement receivables | 15,550,209 | 13,988,747 |
Advances to suppliers | 26,077,417 | 19,129,087 |
Salaries advances and loans to employees | 5,404,217 | 10,879,811 |
Receivables from sales of Property, plant and equipment | 5,271,119 | 11,455,008 |
Miscellaneous | 5,935,075 | 5,989,094 |
Total | $ 241,657,017 | $ 226,314,680 |
Other Receivables - Summary 127
Other Receivables - Summary of Other Receivables (Parenthetical) (Detail) - Cofesur S.A. [member] | Mar. 31, 2017shares |
Disclosure of other receivables [line items] | |
Number of shares acquired | 1,623,474 |
Interest acquired | 2.36% |
Trade Accounts Receivable - Sum
Trade Accounts Receivable - Summary of Trade Accounts Receivables (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Trade and other receivables [abstract] | ||
Receivables with U.E.P.F.P. - Ferrosur Roca S.A. (Note 38) | $ 78,346,682 | |
Accounts receivable | 84,063 | |
Total | 78,430,745 | |
Accounts receivable | $ 1,124,643,588 | 600,079,718 |
Related parties (Note 19) | 19,706,384 | 31,011,450 |
Receivable with U.E.P.F.P. - Ferrosur Roca S.A. (Note 38) | 117,407,006 | |
Accounts receivable in litigation | 19,023,292 | 15,084,404 |
Notes receivables | 39,290 | 4,636,897 |
Foreign customers | 1,614,237 | 1,210,027 |
Subtotal | 1,282,433,797 | 652,022,496 |
Allowance for doubtful accounts | (19,023,292) | (22,858,928) |
Total | $ 1,263,410,505 | $ 629,163,568 |
Trade Accounts Receivable - Add
Trade Accounts Receivable - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Cement business [member] | |
Disclosure of trade accounts receivables [line items] | |
Average credit period | 6 days 14 hours |
Concrete business [member] | |
Disclosure of trade accounts receivables [line items] | |
Average credit period | 36 days |
Trade Accounts Receivable - 130
Trade Accounts Receivable - Summary of Maturities of Accounts Receivable (Detail) - Trade receivables [member] - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of accounts receivable [line items] | ||
Financial assets | $ 1,282,433,797 | $ 730,453,241 |
0 to 30 days [member] | ||
Disclosure of accounts receivable [line items] | ||
Financial assets | 164,083,454 | 61,409,894 |
31 to 60 days [member] | ||
Disclosure of accounts receivable [line items] | ||
Financial assets | 20,355,633 | 17,361,956 |
61 to 90 days [member] | ||
Disclosure of accounts receivable [line items] | ||
Financial assets | 5,919,318 | 10,014,138 |
More than 91 days [member] | ||
Disclosure of accounts receivable [line items] | ||
Financial assets | 37,439,555 | 26,220,999 |
To become due [member] | ||
Disclosure of accounts receivable [line items] | ||
Financial assets | $ 1,054,635,837 | $ 615,446,254 |
Trade Accounts Receivable - 131
Trade Accounts Receivable - Summary of Financial Assets That Are Either Past Due or Impaired (Detail) - Trade receivables [member] | 12 Months Ended | |
Dec. 31, 2017ARS ($)d | Dec. 31, 2016ARS ($)d | |
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | $ 1,282,433,797 | $ 730,453,241 |
More than 91 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 37,439,555 | 26,220,999 |
0 to 30 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 164,083,454 | 61,409,894 |
31 to 60 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 20,355,633 | 17,361,956 |
61 to 90 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 5,919,318 | 10,014,138 |
Financial assets past due but not impaired [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | $ 208,774,668 | $ 92,148,059 |
Average age | d | 27 | 32 |
Financial assets past due but not impaired [member] | More than 91 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | $ 18,416,263 | $ 3,362,071 |
Financial assets past due but not impaired [member] | 0 to 30 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 164,083,454 | 61,409,894 |
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 | 20,355,633 | 17,361,956 |
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 | 5,919,318 | 10,014,138 |
Financial assets impaired [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 19,023,292 | 22,858,928 |
Financial assets impaired [member] | More than 91 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | $ 19,023,292 | $ 22,858,928 |
Trade Accounts Receivable - 132
Trade Accounts Receivable - Summary of Changes in Allowance for Doubtful Accounts (Detail) - Trade receivables [member] - ARS ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of financial assets [line items] | ||
Beginning balance | $ 22,858,928 | $ 12,810,070 |
Effect of foreign currency exchange difference | 660,147 | |
Increases | 1,296,255 | 6,446,075 |
Business combination (Note 16) | 3,905,333 | |
Uses | (5,792,038) | (302,550) |
Ending balance | $ 19,023,292 | $ 22,858,928 |
Cash and Banks - Schedule of Ca
Cash and Banks - Schedule of Cash and Banks (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of cash and cash equivalents [line items] | ||
Cash and banks | $ 188,774,700 | $ 233,844,913 |
In Argentina Pesos [member] | ||
Disclosure of cash and cash equivalents [line items] | ||
Cash and banks | 69,772,041 | 43,161,288 |
In US Dollars [member] | ||
Disclosure of cash and cash equivalents [line items] | ||
Cash and banks | 15,028,797 | 90,393,486 |
In Reales [member] | ||
Disclosure of cash and cash equivalents [line items] | ||
Cash and banks | 60,615 | 12,978 |
In Guarani [member] | ||
Disclosure of cash and cash equivalents [line items] | ||
Cash and banks | 102,925,439 | 100,013,593 |
In Euros [member] | ||
Disclosure of cash and cash equivalents [line items] | ||
Cash and banks | $ 987,808 | $ 263,568 |
Capital Stock and Other Capi134
Capital Stock and Other Capital Related Accounts - Summary of Capital Stock and Other Capital Related Accounts (Detail) - ARS ($) | Dec. 31, 2017 | Nov. 01, 2017 | Dec. 31, 2016 |
Disclosure of capital stock and other capital related accounts [abstract] | |||
Capital stock | $ 59,602,649 | $ 59,602,649 | $ 56,602,649 |
Adjustment to capital | 151,390,644 | 151,390,644 | |
Share premium | 2,047,627,791 | 183,902,074 | |
Other capital adjustments (Note 16) | (435,241,562) | (403,406,965) | |
Merger premium | 98,721,206 | 98,721,206 | |
Total | $ 1,922,100,728 | $ 87,209,608 |
Capital Stock and Other Capi135
Capital Stock and Other Capital Related Accounts - Summary of Issued, Paid-in and Registered Capital (Detail) - shares | Dec. 31, 2017 | Nov. 01, 2017 | Dec. 31, 2016 |
Disclosure of capital stock and other capital related accounts [abstract] | |||
Common stock with a face value of $ 0.1 per share and entitled to 1 vote each, fully paid-in (Note 31) | 596,026,490 | 596,026,490 | 566,026,490 |
Capital Stock and Other Capi136
Capital Stock and Other Capital Related Accounts - Summary of Issued, Paid-in and Registered Capital (Parenthetical) (Detail) | Nov. 01, 2017Vote$ / shares | Dec. 31, 2017Vote$ / shares | Dec. 31, 2016Vote$ / shares |
Disclosure of capital stock and other capital related accounts [abstract] | |||
Par value per share | $ / shares | $ 0.10 | $ 0.10 | $ 0.1 |
Number of votes per share | Vote | 1 | 1 | 1 |
Capital Stock and Other Capi137
Capital Stock and Other Capital Related Accounts - Additional Information (Detail) | Nov. 01, 2017ARS ($)Vote$ / sharesshares | Dec. 31, 2017ARS ($)Vote$ / sharesshares | Dec. 31, 2016ARS ($)Vote$ / sharesshares | Nov. 03, 2017$ / shares | Nov. 03, 2017$ / shares | Mar. 31, 2017 |
Disclosure of capital stock and other capital related accounts [line items] | ||||||
Maximum amount of shares issued | 30,000,000 | |||||
Par value per share | $ / shares | $ 0.10 | $ 0.10 | $ 0.1 | |||
Number of votes per share | Vote | 1 | 1 | 1 | |||
Proceeds from initial public offering, net of issuance costs | $ | $ 1,866,725,717 | |||||
Capital stock | $ | $ 59,602,649 | $ 59,602,649 | $ 56,602,649 | |||
Number of common shares issued | 596,026,490 | 596,026,490 | 566,026,490 | |||
Local Offer [member] | ||||||
Disclosure of capital stock and other capital related accounts [line items] | ||||||
Number of shares awarded | 20,940,252 | |||||
Subscription price per share | (per share) | $ 66.78 | $ 3.80 | ||||
International Offer [member] | ||||||
Disclosure of capital stock and other capital related accounts [line items] | ||||||
Number of shares awarded | 9,000,000 | |||||
Number of ordinary shares per ADS | 5 | |||||
International Offer [member] | American Depository Scheme [member] | ||||||
Disclosure of capital stock and other capital related accounts [line items] | ||||||
Number of shares awarded | 1,800,000 | |||||
Subscription price per share | (per share) | $ 333.89 | $ 19 | ||||
Cofesur S.A. [member] | ||||||
Disclosure of capital stock and other capital related accounts [line items] | ||||||
Interest acquired | 2.36% |
Accumulated Other Comprehens138
Accumulated Other Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Detail) - ARS ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Disclosure of analysis of other comprehensive income by item [line items] | ||||
Balances at the beginning of the year | $ 149,293,492 | $ 169,352,598 | ||
Net change on revaluation of hedging instruments | [1] | (54,402,733) | $ 56,310,034 | |
Ending balance | 250,444,714 | 149,293,492 | 169,352,598 | |
Cash flow hedging reserve [member] | ||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||
Balances at the beginning of the year | 54,402,733 | (1,907,301) | ||
Net change on revaluation of hedging instruments | (8,341,700) | 84,945,905 | ||
Income tax related to gains/losses recognized in other comprehensive income | 2,919,595 | (29,731,067) | ||
Amounts reclassified to (profit) or loss | (75,354,812) | 1,684,882 | ||
Income tax related to amounts reclassified to profit or loss | 26,374,184 | (589,686) | ||
Ending balance | 54,402,733 | |||
Reserve of change in value of foreign currency basis spreads [member] | ||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||
Balances at the beginning of the year | 149,293,492 | 114,949,865 | 61,788,958 | |
Exchange differences of the year attributable to the owners of the Company | 101,151,222 | 34,343,627 | 53,160,907 | |
Ending balance | $ 250,444,714 | $ 149,293,492 | $ 114,949,865 | |
[1] | Net of income tax effect (Note 24). |
Borrowings - Summary of Composi
Borrowings - Summary of Composition of Borrowings (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about borrowings [line items] | ||
Non-current | $ 2,604,280,835 | $ 1,277,054,290 |
Current | 1,759,598,408 | 3,061,974,070 |
Borrowings | 4,363,879,243 | 4,339,028,360 |
US Dollar and Guarani [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 3,351,761,052 | 3,358,702,428 |
In Argentina Pesos [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 1,012,118,191 | $ 980,325,932 |
Borrowings - Summary of Detail
Borrowings - Summary of Detail Information of Borrowings (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2017 | Aug. 08, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about borrowings [line items] | |||
Amount | $ 4,363,879,243 | $ 4,339,028,360 | |
US Dollar and Guarani [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Amount | 3,351,761,052 | 3,358,702,428 | |
In Argentina Pesos [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Amount | 1,012,118,191 | 980,325,932 | |
Loma Negra C.I.A.S.A. [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Amount | 2,350,924,072 | 2,536,119,483 | |
Loma Negra C.I.A.S.A. [member] | In US Dollars [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Amount | 1,792,409,606 | 1,807,253,815 | |
Loma Negra C.I.A.S.A. [member] | In Argentina Pesos [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Amount | $ 558,514,466 | 728,865,668 | |
Fixed interest rate [member] | Loma Negra C.I.A.S.A. [member] | Banco Supervielle S.A. [member] | In US Dollars [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 5.00% | ||
Due date | Sep17 | ||
Amount | 111,672,996 | ||
Fixed interest rate [member] | Loma Negra C.I.A.S.A. [member] | HSBC Bank Argentina S.A [member] | In Argentina Pesos [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 21.75% | ||
Due date | Apr19 | ||
Amount | $ 157,865,753 | ||
Fixed interest rate [member] | Loma Negra C.I.A.S.A. [member] | Bank overdrafts [member] | In Argentina Pesos [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 29.00% | ||
Due date | Jan18 | ||
Amount | $ 12,871,347 | 8,266,151 | |
Fixed interest rate [member] | Ferrosur Roca S.A. [member] | Banco Patagonia S.A. [member] | In US Dollars [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 5.75% | ||
Due date | Jul18 | ||
Amount | $ 89,305,446 | 74,721,781 | |
Fixed interest rate [member] | Ferrosur Roca S.A. [member] | HSBC Bank Argentina S.A [member] | In Argentina Pesos [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 21.75% | ||
Due date | Apr19 | ||
Amount | $ 157,865,753 | ||
Fixed interest rate [member] | Ferrosur Roca S.A. [member] | Bank overdrafts [member] | In Argentina Pesos [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 29.00% | ||
Due date | Jan18 | ||
Amount | $ 234,646,325 | 93,287,600 | |
Fixed interest rate [member] | Yguaz Cementos S.A. [member] | Banco Continental S.A.E.C.A. [member] | In Guarani [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 8.50% | 8.50% | |
Due date | Aug25 | ||
Amount | $ 887,929,000 | ||
Fixed interest rate [member] | Yguaz Cementos S.A. [member] | Sudameris Bank S.A.E.C.A. [member] | In Guarani [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 9.00% | 9.00% | |
Due date | Aug25 | ||
Amount | $ 582,117,000 | ||
Fixed interest rate [member] | Yguaz Cementos S.A. [member] | Banco Ita S.A.- Paraguay [member] | In Guarani [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 7.50% | ||
Due date | Aug17 | ||
Amount | 233,708,186 | ||
Fixed interest rate [member] | Recycomb S.A.U. [member] | Bank overdrafts [member] | In Argentina Pesos [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 29.00% | ||
Due date | Jan18 | ||
Amount | $ 314,071 | ||
LIBOR plus 3.75 [member] | Loma Negra C.I.A.S.A. [member] | Industrial And Commercial Bank Of China [member] | In US Dollars [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | 3 Months Libor + 3.75% | ||
Borrowings adjustment to interest rate basis | 3.75% | ||
Due date | May20 | ||
Amount | $ 1,228,430,137 | ||
LIBOR plus 3.4 [member] | Loma Negra C.I.A.S.A. [member] | Industrial And Commercial Bank Of China [member] | In US Dollars [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | 3 Months Libor + 3.4% | ||
Borrowings adjustment to interest rate basis | 3.40% | ||
Due date | Jun19 | ||
Amount | $ 563,979,469 | 791,854,007 | |
LIBOR plus 2.9 [member] | Loma Negra C.I.A.S.A. [member] | Itau Unibanco SA [member] | In US Dollars [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | 6 Months Libor + 2.9% | ||
Borrowings adjustment to interest rate basis | 2.90% | ||
Due date | Mar18 | ||
Amount | 903,726,812 | ||
LIBOR plus 3.5 [member] | Yguaz Cementos S.A. [member] | Interamerican Development Bank [member] | In US Dollars [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | 6 Months Libor + 3.5% | ||
Borrowings adjustment to interest rate basis | 3.50% | ||
Due date | Aug21 | ||
Amount | 621,509,323 | ||
LIBOR plus 3.5 [member] | Yguaz Cementos S.A. [member] | Corporacin Andina de Fomento [member] | In US Dollars [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | 6 Months Libor + 3.5% | ||
Borrowings adjustment to interest rate basis | 3.50% | ||
Due date | Aug21 | ||
Amount | 621,509,323 | ||
BADLAR plus 4% [member] | Loma Negra C.I.A.S.A. [member] | Banco Provincia de Buenos Aires [member] | In Argentina Pesos [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | BADLAR + 4% | ||
Borrowings adjustment to interest rate basis | 4.00% | ||
Due date | Sep18 | ||
Amount | $ 16,345,799 | 32,000,000 | |
BADLAR plus 2 % [member] | Loma Negra C.I.A.S.A. [member] | Banco Provincia de Buenos Aires One [member] | In Argentina Pesos [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | BADLAR + 2% | ||
Borrowings adjustment to interest rate basis | 2.00% | ||
Due date | Mar19 | ||
Amount | $ 89,590,643 | 149,206,763 | |
BADLAR plus 2 % [member] | Loma Negra C.I.A.S.A. [member] | Banco Provincia de Buenos Aires two [member] | In Argentina Pesos [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | BADLAR + 2% | ||
Borrowings adjustment to interest rate basis | 2.00% | ||
Due date | Jun19 | ||
Amount | $ 108,753,068 | 150,822,338 | |
BADLAR plus 2 % [member] | Loma Negra C.I.A.S.A. [member] | Banco Provincia de Buenos Aires three [member] | In Argentina Pesos [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | BADLAR + 2% | ||
Borrowings adjustment to interest rate basis | 2.00% | ||
Due date | Jul19 | ||
Amount | $ 15,133,621 | 19,879,350 | |
BADLAR corrected plus 1.65 % [member] | Loma Negra C.I.A.S.A. [member] | Banco Patagonia S.A. [member] | In Argentina Pesos [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | BADLAR corrected + 1.65% | ||
Borrowings adjustment to interest rate basis | 1.65% | ||
Due date | Jul18 | ||
Amount | $ 70,391,979 | 164,392,235 | |
BADLAR corrected plus 0.5 % [member] | Ferrosur Roca S.A. [member] | Banco Patagonia S.A. [member] | In Argentina Pesos [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | BADLAR corrected + 0.5% | ||
Borrowings adjustment to interest rate basis | 0.50% | ||
Due date | Oct18 | ||
Amount | $ 60,777,576 | 122,079,572 | |
BADLAR corrected plus 4 % [member] | Loma Negra C.I.A.S.A. [member] | Banco Santander Rio S.A. [member] | In Argentina Pesos [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | BADLAR corrected + 4% | ||
Borrowings adjustment to interest rate basis | 4.00% | ||
Due date | Jul18 | ||
Amount | $ 87,562,256 | 204,298,831 | |
BADLAR corrected plus 3.95 % [member] | Ferrosur Roca S.A. [member] | Syndicated bank loans [member] | In Argentina Pesos [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | BADLAR corrected + 3.95% | ||
Borrowings adjustment to interest rate basis | 3.95% | ||
Due date | Jul17 | ||
Amount | $ 36,093,092 |
Borrowings - Additional Informa
Borrowings - Additional Information - Loma Negra C.I.A.S.A. (Detail) - Loma Negra C.I.A.S.A. [member] | Sep. 22, 2017USD ($) | Sep. 22, 2017ARS ($) | May 15, 2017ARS ($)Installment | Apr. 06, 2017ARS ($) | Jul. 22, 2015ARS ($)Installment | Jul. 21, 2015ARS ($)Installment | Sep. 30, 2013ARS ($)Installment | Jul. 28, 2011USD ($) | May 31, 2017USD ($)Installment | Jun. 30, 2016USD ($)Installment | Mar. 31, 2016ARS ($)Installment | Mar. 15, 2017USD ($) | Dec. 31, 2016Installment | Dec. 31, 2017ARS ($) | May 31, 2017ARS ($) | Sep. 16, 2016USD ($) | Jun. 30, 2016ARS ($) |
In Argentina Pesos [member] | Fixed interest rate [member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Bank overdrafts | $ | $ 12,871,347 | ||||||||||||||||
In Argentina Pesos [member] | Banco Provincia de Buenos Aires [member] | BADLAR plus 4% [member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Face amount | $ | $ 80,000,000 | ||||||||||||||||
Number of semi-annual installments | Installment | 10 | ||||||||||||||||
In Argentina Pesos [member] | Banco Patagonia S.A. [member] | BADLAR corrected plus 1.65 % [member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Face amount | $ | $ 200,000,000 | ||||||||||||||||
Number of quarterly installments | Installment | 9 | ||||||||||||||||
In Argentina Pesos [member] | Banco Santander Rio S.A. [member] | BADLAR corrected plus 4 % [member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Face amount | $ | $ 250,000,000 | ||||||||||||||||
Number of quarterly installments | Installment | 9 | ||||||||||||||||
In Argentina Pesos [member] | Banco Provincia de Buenos Aires One [member] | BADLAR plus 2 % [member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Face amount | $ | $ 150,000,000 | ||||||||||||||||
Number of monthly installments | Installment | 25 | ||||||||||||||||
In Argentina Pesos [member] | Banco Provincia de Buenos Aires two [member] | BADLAR plus 2 % [member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Face amount | $ | $ 150,000,000 | ||||||||||||||||
Number of monthly installments | Installment | 25 | ||||||||||||||||
In Argentina Pesos [member] | Banco Provincia de Buenos Aires three [member] | BADLAR plus 2 % [member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Face amount | $ | $ 20,000,000 | ||||||||||||||||
Number of monthly installments | Installment | 25 | ||||||||||||||||
In Argentina Pesos [member] | HSBC Bank Argentina S.A [member] | Fixed interest rate [member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Face amount | $ | $ 150,000,000 | ||||||||||||||||
Due date | Apr. 4, 2019 | ||||||||||||||||
In US Dollars [member] | Industrial And Commercial Bank Of China [member] | LIBOR plus 3.4 [member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Face amount | $ | $ 50,000,000 | ||||||||||||||||
Number of semi-annual installments | Installment | 5 | ||||||||||||||||
In US Dollars [member] | Industrial And Commercial Bank Of China [member] | LIBOR plus 3.75 [member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Face amount | $ 65,000,000 | $ 1,003,109,250 | |||||||||||||||
Number of semi-annual installments | Installment | 5 | ||||||||||||||||
In US Dollars [member] | Banco Supervielle S.A. [member] | Fixed interest rate [member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Face amount | $ | $ 7,000,000 | ||||||||||||||||
In US Dollars [member] | Itau Unibanco SA [member] | LIBOR plus 2.9 [member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Face amount | $ | $ 55,212,000 | ||||||||||||||||
Original maturity | 2016-07 | ||||||||||||||||
Number of equal installments | Installment | 3 | ||||||||||||||||
Number of monthly installments | Installment | 4 | ||||||||||||||||
Number of loan installments early repayment approved | Installment | 2 | ||||||||||||||||
Debt forgiveness | $ 18,538,123 | $ 323,955,310 | $ 585,891,679 | $ 37,514,318.49 |
Borrowings - Additional Info142
Borrowings - Additional Information - Ferrosur Roca S.A. (Detail) - Guarantees [member] - Ferrosur Roca S.A. [member] | Aug. 05, 2016USD ($)Installment | Oct. 21, 2015ARS ($)Installment | Jan. 21, 2014ARS ($)Installment | May 24, 2012ARS ($)Installment | Apr. 30, 2017ARS ($) | Dec. 31, 2017ARS ($) |
In Argentina Pesos [member] | Fixed interest rate [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Bank overdrafts | $ 234,646,325 | |||||
In Argentina Pesos [member] | Syndicated bank loans [member] | BADLAR corrected plus 3.95 % [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Face amount | $ 150,000,000 | |||||
Number of quarterly installments | Installment | 10 | 11 | ||||
Periodic payments | $ 11,364,545 | $ 12,495,000 | ||||
Final balloon payment to be paid | $ 11,364,550 | $ 12,555,000 | ||||
In Argentina Pesos [member] | Banco Patagonia S.A. [member] | BADLAR corrected plus 0.5 % [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Face amount | $ 130,000,000 | |||||
Number of quarterly installments | Installment | 9 | |||||
Periodic payments | $ 14,444,444 | |||||
In Argentina Pesos [member] | HSBC Bank Argentina S.A [member] | Fixed interest rate [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Face amount | $ 150,000,000 | |||||
Due date | Apr. 4, 2019 | |||||
In US Dollars [member] | Banco Patagonia S.A. [member] | Fixed interest rate [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Face amount | $ 4,700,000 | |||||
Number of quarterly installments | Installment | 3 | |||||
Periodic payments | $ 1,566,666 |
Borrowings - Additional Info143
Borrowings - Additional Information - Yguazu Cementos S.A. (Detail) - In Guarani [member] - Yguaz Cementos S.A. [member] | Aug. 08, 2017ARS ($)InstallmentAgreementBank | Oct. 19, 2016ARS ($)Agreement | Jan. 25, 2013USD ($)Agreement | Dec. 31, 2017 | Aug. 08, 2017PYG (₲) | Oct. 19, 2016PYG (₲) |
Sudameris Bank S.A.E.C.A. [member] | Fixed interest rate [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Face amount | $ 534,240,000 | ₲ 168,000,000,000 | ||||
Maturity period | 8 years | |||||
Borrowings interest rate | 9.00% | 9.00% | 9.00% | |||
Number of equal installments | Installment | 15 | |||||
Sudameris Bank S.A.E.C.A. [member] | Prime rate plus 0.82 [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings adjustment to interest rate basis | 0.82% | 0.82% | ||||
Banco Ita S.A.- Paraguay [member] | Fixed interest rate [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Face amount | $ 230,254,370 | ₲ 83,775,750,000 | ||||
Number of loan agreements | Agreement | 2 | |||||
Borrowings interest rate | 7.50% | |||||
Interamerican Development Bank [member] | LIBOR plus 3.5 [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Face amount | $ 38,465,000 | |||||
Corporacin Andina de Fomento [member] | LIBOR plus 3.5 [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Face amount | $ 38,465,000 | |||||
IDB and CAF [member] | LIBOR plus 3.5 [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Number of loan agreements | Agreement | 2 | |||||
Periodic payments | $ 7,690,000 | |||||
Final balloon payment to be paid | $ 7,720,000 | |||||
Paraguayan banks [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Number of loan agreements | Agreement | 2 | |||||
Number of banks | Bank | 2 | |||||
Banco Continental S.A.E.C.A. [member] | Fixed interest rate [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Face amount | $ 715,500,000 | ₲ 255,000,000,000 | ||||
Maturity period | 8 years | |||||
Borrowings interest rate | 8.50% | 8.50% | 8.50% | |||
Number of equal installments | Installment | 15 | |||||
Banco Continental S.A.E.C.A. [member] | Prime rate plus 0.32 [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings adjustment to interest rate basis | 0.32% | 0.32% |
Borrowings - Schedule of Moveme
Borrowings - Schedule of Movements of Borrowings (Detail) - Long-term borrowings [member] | 12 Months Ended |
Dec. 31, 2017ARS ($) | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Beginning balance | $ 4,339,028,360 |
New borrowings | 2,927,783,765 |
Interest accrual | 518,424,024 |
Effect of foreign currency exchange differences | 287,691,637 |
Effect of exchange rate differences | 330,042,463 |
Interest payments | (517,407,711) |
Principal payments | (3,521,683,295) |
Ending balance | $ 4,363,879,243 |
Borrowings - Maturity Schedule
Borrowings - Maturity Schedule of Long-term Loans (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 2,604,280,835 | $ 1,277,054,290 |
2019 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 1,224,825,913 | |
2020 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 434,677,082 | |
2021 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 190,371,798 | |
2022 and beyond [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 754,406,042 |
Accounts Payable - Summary of A
Accounts Payable - Summary of Accounts Payable (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Non-current | ||
Accounts payable for investments in Property, plant and equipment | $ 71,388,595 | $ 69,989,797 |
Expense accrual | 11,922,779 | |
Total | 71,388,595 | 81,912,576 |
Current | ||
Suppliers | 1,239,573,602 | 1,017,699,633 |
Related parties (Note 19) | 275,828,345 | 563,849,622 |
Accounts payable for acquisitions of Property, plant and equipment | 235,005,411 | 280,599,659 |
Expenses accrual | 611,134,006 | 363,951,348 |
Total | $ 2,361,541,364 | $ 2,226,100,262 |
Provisions - Summary of Provisi
Provisions - Summary of Provisions (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of other provisions [line items] | |||
Non current provisions | $ 161,095,990 | $ 120,683,488 | $ 107,435,794 |
Labor and social security [member] | |||
Disclosure of other provisions [line items] | |||
Non current provisions | 44,184,248 | 29,256,783 | 19,874,101 |
Environmental restoration [member] | |||
Disclosure of other provisions [line items] | |||
Non current provisions | 80,602,101 | 59,616,013 | 53,538,707 |
Civil and others [member] | |||
Disclosure of other provisions [line items] | |||
Non current provisions | $ 36,309,641 | $ 31,810,692 | $ 34,022,986 |
Provisions - Summary of Changes
Provisions - Summary of Changes in Provisions (Detail) - ARS ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of other provisions [line items] | ||
Beginning balance | $ 120,683,488 | $ 107,435,794 |
Increases | 72,023,213 | 29,933,628 |
Uses | (31,610,711) | (16,685,934) |
Ending balance | 161,095,990 | 120,683,488 |
Labor and social security [member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 29,256,783 | 19,874,101 |
Increases | 24,395,945 | 13,585,938 |
Uses | (9,468,480) | (4,203,256) |
Ending balance | 44,184,248 | 29,256,783 |
Environmental restoration [member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 59,616,013 | 53,538,707 |
Increases | 28,617,633 | 13,199,149 |
Uses | (7,631,545) | (7,121,843) |
Ending balance | 80,602,101 | 59,616,013 |
Civil and others [member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 31,810,692 | 34,022,986 |
Increases | 19,009,635 | 3,148,541 |
Uses | (14,510,686) | (5,360,835) |
Ending balance | $ 36,309,641 | $ 31,810,692 |
Provisions - Additional Informa
Provisions - Additional Information (Detail) $ in Millions | Dec. 31, 2017ARS ($) |
Disclosure of other provisions [line items] | |
Estimated amount of cash flow for uncertain contingencies | $ 57.4 |
Tax obligations [member] | |
Disclosure of other provisions [line items] | |
Estimated amount of cash flow for uncertain contingencies | 14.6 |
Labor obligation [member] | |
Disclosure of other provisions [line items] | |
Estimated amount of cash flow for uncertain contingencies | 25.6 |
Administrative obligation [member] | |
Disclosure of other provisions [line items] | |
Estimated amount of cash flow for uncertain contingencies | $ 17 |
Tax Liabilities - Summary of Ta
Tax Liabilities - Summary of Tax Liabilities (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Non-current tax liabilities | ||
Non-current tax liabilities | $ 342,209 | $ 1,087,580 |
Current tax liabilities | ||
Current tax liabilities | 573,083,940 | 225,086,288 |
Facilities payment plans [member] | ||
Non-current tax liabilities | ||
Non-current tax liabilities | 342,209 | 1,087,580 |
Income tax expense [member] | ||
Current tax liabilities | ||
Current tax liabilities | 336,262,373 | 49,995,504 |
Value added tax [member] | ||
Current tax liabilities | ||
Current tax liabilities | 149,872,919 | 102,065,724 |
Turnover tax [member] | ||
Current tax liabilities | ||
Current tax liabilities | 38,557,514 | 23,546,780 |
Other taxes, withholdings and perceptions [member] | ||
Current tax liabilities | ||
Current tax liabilities | $ 48,391,134 | $ 49,478,280 |
Other Liabilities - Disclosure
Other Liabilities - Disclosure of Other Liabilities (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Miscellaneous liabilities [abstract] | ||
Termination payment plans | $ 15,740,729 | $ 28,273,858 |
Total | 15,740,729 | 28,273,858 |
Termination payment plans | 21,351,249 | 22,559,784 |
Dividends with minority shareholders | 7,948,017 | 6,134,322 |
Others | 2,617,592 | 628,162 |
Total | $ 31,916,858 | $ 29,322,268 |
Cash and Cash Equivalents - Dis
Cash and Cash Equivalents - Disclosure of Detailed Information About Cash and Cash Equivalents (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and cash equivalents [abstract] | ||||
Cash and banks | $ 188,774,700 | $ 233,844,913 | ||
Short-term investments and others (Note 15) | 2,990,913,013 | 569,440,882 | ||
Cash and cash equivalents | $ 3,179,687,713 | $ 803,285,795 | $ 328,404,790 | $ 260,836,959 |
Non-cash Transactions - Summary
Non-cash Transactions - Summary of Non-cash Transactions (Detail) - ARS ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Non Cash Transactions [Abstract] | ||
Acquisition of Property, plant and equipment financed with trade payables | $ 9,671,103 | $ 279,966,554 |
Acquisition of 2.36% of interest in Cofesur S.A. | 35,434,064 | |
Acquisition of interest in Yguazú Cementos S.A. financed with the settlement of loans with related parties (note 16) | 97,583,285 | 518,091,291 |
Accounts payable settlement with amounts receivable under financial leasing | $ 172,579,157 | |
Settlement of receivable for acquisition of Property, plant and equipment | $ 34,932,897 |
Non-cash Transactions - Summ154
Non-cash Transactions - Summary of Non-cash Transactions (Parenthetical) (Detail) | Mar. 31, 2017 |
Cofesur S.A. [member] | |
Disclosure of significant non cash transaction [line items] | |
Interest acquired | 2.36% |
Segment Information - Summary o
Segment Information - Summary of Segment Information (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of operating segments [line items] | |||
Revenue | $ 15,286,534,926 | $ 9,874,443,208 | $ 7,870,953,893 |
Cost of sales | 10,850,065,285 | 7,264,522,456 | 5,808,497,475 |
Selling administrative expenses and other gains and losses | 1,120,406,397 | 805,479,517 | 662,359,452 |
Depreciation and amortisation expense | 625,880,708 | 509,073,880 | 333,956,297 |
Net revenue less cost of sales selling administrative expenses and other gains and losses | 3,316,063,244 | 1,804,441,235 | 1,400,096,967 |
Share of profit (loss) of associates | 36,631,307 | (105,140,743) | |
Tax on debits and credits banks accounts | (188,020,636) | (140,033,765) | (109,513,061) |
Finance costs, net | (842,142,961) | (941,287,406) | (591,564,301) |
Income tax | (585,537,956) | (257,734,325) | (242,359,114) |
Total | 1,700,361,691 | 502,017,046 | 351,519,747 |
Operating segments [member] | Cement masonry cement and lime segment [member] | Argentina [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 11,649,136,962 | 8,314,392,402 | 6,701,278,244 |
Cost of sales | 7,986,358,455 | 6,045,620,325 | 4,874,303,722 |
Selling administrative expenses and other gains and losses | 850,722,982 | 726,012,191 | 575,834,891 |
Depreciation and amortisation expense | 342,614,418 | 432,545,694 | 270,935,703 |
Net revenue less cost of sales selling administrative expenses and other gains and losses | 2,812,055,525 | 1,542,759,886 | 1,251,139,631 |
Operating segments [member] | Cement Segment [member] | Paraguay [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 1,152,606,929 | ||
Cost of sales | 803,220,686 | ||
Selling administrative expenses and other gains and losses | 43,633,705 | ||
Depreciation and amortisation expense | 170,931,104 | ||
Net revenue less cost of sales selling administrative expenses and other gains and losses | 305,752,538 | ||
Operating segments [member] | Concrete Segment [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 1,903,346,280 | 1,044,559,627 | 793,708,600 |
Cost of sales | 1,795,052,472 | 968,360,040 | 755,769,143 |
Selling administrative expenses and other gains and losses | 77,974,017 | 49,143,560 | 34,190,768 |
Depreciation and amortisation expense | 24,544,240 | 12,492,535 | 9,755,647 |
Net revenue less cost of sales selling administrative expenses and other gains and losses | 30,319,791 | 27,056,027 | 3,748,690 |
Operating segments [member] | Railroad segment [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 1,608,080,671 | 1,223,681,686 | 919,729,670 |
Cost of sales | 1,352,375,734 | 1,011,559,523 | 773,417,805 |
Selling administrative expenses and other gains and losses | 105,192,391 | (4,235,303) | 20,862,201 |
Depreciation and amortisation expense | 74,821,293 | 54,995,174 | 44,853,392 |
Net revenue less cost of sales selling administrative expenses and other gains and losses | 150,512,546 | 216,357,466 | 125,449,664 |
Operating segments [member] | Aggregates Segment [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 261,292,612 | 189,491,197 | 144,660,326 |
Cost of sales | 266,721,854 | 176,603,548 | 116,830,030 |
Selling administrative expenses and other gains and losses | 4,411,761 | 5,217,097 | 6,772,681 |
Depreciation and amortisation expense | 10,505,708 | 7,115,732 | 6,471,004 |
Net revenue less cost of sales selling administrative expenses and other gains and losses | (9,841,002) | 7,670,552 | 21,057,615 |
Operating segments [member] | All other segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 133,109,926 | 75,636,911 | 56,554,737 |
Cost of sales | 67,374,539 | 35,697,635 | 33,154,459 |
Selling administrative expenses and other gains and losses | 38,471,541 | 29,341,972 | 24,698,911 |
Depreciation and amortisation expense | 2,463,945 | 1,924,745 | 1,940,551 |
Net revenue less cost of sales selling administrative expenses and other gains and losses | 27,263,846 | 10,597,304 | (1,298,633) |
Elimination of intersegment amounts [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | (1,421,038,454) | (973,318,615) | (744,977,684) |
Cost of sales | $ (1,421,038,454) | $ (973,318,615) | $ (744,977,684) |
Segment Information - Summar156
Segment Information - Summary of Geographical Information (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of geographical areas [line items] | ||
Non current assets | $ 6,453,717,348 | $ 5,461,385,515 |
Argentina [member] | ||
Disclosure of geographical areas [line items] | ||
Non current assets | 4,094,960,948 | 3,444,863,021 |
Paraguay [member] | ||
Disclosure of geographical areas [line items] | ||
Non current assets | $ 2,358,756,400 | $ 2,016,522,494 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Operating segments [member] | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of operating segments [line items] | |||
Percentage of entity's revenue | 10.00% | 10.00% | 10.00% |
Number of customers contributing more than ten percent of revenue | 0 | 0 | 0 |
Financial Instruments - Summary
Financial Instruments - Summary of Net Debt to Equity Ratio (Detail) | 12 Months Ended | |||
Dec. 31, 2017ARS ($) | Dec. 31, 2016ARS ($) | Dec. 31, 2015ARS ($) | Dec. 31, 2014ARS ($) | |
Disclosure of net debt equity ratio [abstract] | ||||
Debt | $ 4,363,879,243 | $ 4,339,028,360 | ||
Cash and cash equivalents | 3,179,687,713 | 803,285,795 | $ 328,404,790 | $ 260,836,959 |
Net debt | 1,184,191,530 | 3,535,742,565 | ||
Equity | $ 4,415,794,158 | $ 1,130,511,577 | $ 1,497,788,462 | |
Net debt to equity ratio | 0.27 | 3.13 |
Financial Instruments - Summ159
Financial Instruments - Summary of Financial Instruments (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about financial instruments [line items] | ||
Cash and banks | $ 188,774,700 | $ 233,844,913 |
Financial assets, class [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash and banks | 188,774,700 | 233,844,913 |
Fair value through profit or loss | 1,734,518,063 | 541,722,654 |
Held to maturity investments | 1,256,394,950 | 27,718,228 |
Loans and receivables | 1,305,227,521 | 926,540,358 |
Financial liabilities, class [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Amortized cost | $ 7,959,722,044 | $ 7,310,962,385 |
Financial Instruments - Summ160
Financial Instruments - Summary of Monetary Assets and Liabilities Denominated in Foreign Currency (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 |
In US Dollars [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | $ 2,155,076,310 | $ 3,602,828,793 |
Financial assets | 1,068,483,893 | 321,575,956 |
In Guarani [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 1,577,012,129 | 272,717,762 |
Financial assets | 330,166,837 | 325,933,382 |
In Euros [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 202,586,489 | 235,771,525 |
Financial assets | 6,354,120 | 17,781,524 |
In Reales [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 14,488 | 12,359 |
Financial assets | $ 60,615 | $ 12,978 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) | 12 Months Ended | ||||
Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2017ARS ($) | Dec. 31, 2016ARS ($)$ / shares | Dec. 31, 2017ARS ($)$ / sharesshares | Nov. 01, 2017$ / shares | |
Disclosure of interest rate risk [line items] | |||||
Percentage of increase in foreign currency exchange rate | 25.00% | 25.00% | |||
Increase in financial expense | $ 1,500,000 | $ 3,700,000 | |||
Increase (decrease) in working capital | $ (2,528,970,000) | ||||
Increased capital | $ 151,390,644 | $ 151,390,644 | |||
Par value per share | $ / shares | $ 0.1 | $ 0.10 | $ 0.10 | ||
Stock price | $ / shares | $ 3.8 | ||||
Loan [member] | Level 3 of fair value hierarchy [member] | |||||
Disclosure of interest rate risk [line items] | |||||
Estimated fair value of loans | $ 4,127,000 | ||||
Additional paid-in capital [member] | |||||
Disclosure of interest rate risk [line items] | |||||
Increased number of shares | shares | 30,000,000 | 30,000,000 | |||
Increased capital | $ 114,000,000 | ||||
Par value per share | $ / shares | $ 0.1 | ||||
BADLAR Plus 1 [member] | |||||
Disclosure of interest rate risk [line items] | |||||
Borrowing interest rate basis | 1.00% | 1.00% | |||
Increase in financial expense | $ 6,300,000 | ||||
LIBOR [Member] | |||||
Disclosure of interest rate risk [line items] | |||||
Borrowing interest rate basis | 1.00% | 1.00% | |||
Average interest rate [member] | |||||
Disclosure of interest rate risk [line items] | |||||
Borrowing interest rate basis | 1.00% | 1.00% |
Financial Instruments - Disclos
Financial Instruments - Disclosure of Foreign Currency Sensitivity Analysis - (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017ARS ($) | |
US Dollar to Pesos [member] | |
Disclosure foreign currency sensitivity analysis [line items] | |
Loss for the year | $ 271,648 |
Decrease in net equity | 271,648 |
Guarani to Pesos [member] | |
Disclosure foreign currency sensitivity analysis [line items] | |
Decrease in net equity | $ 283,931 |
Financial Instruments - Summ163
Financial Instruments - Summary of Interest Rate Risk Management (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Financial assets, class [member] | ||
Disclosure of interest rate risk [line items] | ||
Held to maturity investments | $ 1,256,394,950 | $ 27,718,228 |
Fair value through profit or loss | 1,734,518,063 | 541,722,654 |
Loans | 1,305,227,521 | 926,540,358 |
Financial liabilities, class [member] | ||
Disclosure of interest rate risk [line items] | ||
Amortized cost | 7,959,722,044 | 7,310,962,385 |
Interest rate risk [member] | Financial assets, class [member] | ||
Disclosure of interest rate risk [line items] | ||
Held to maturity investments | 1,256,394,950 | 27,718,228 |
Fair value through profit or loss | 1,734,518,063 | 541,722,654 |
Loans | 124,767,892 | |
Interest rate risk [member] | Financial liabilities, class [member] | ||
Disclosure of interest rate risk [line items] | ||
Amortized cost | $ 4,363,879,243 | $ 4,339,028,360 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Contractual Maturity for Non-derivative Financial Liabilities with Agreed Repayment Periods (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | $ 5,151,787,780 | $ 4,829,079,147 |
Non-derivative financial liabilities | $ 5,151,787,780 | $ 4,829,079,147 |
Weighted average [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Weighted average effective interest rate % | 23.30% | 21.70% |
Not later than 1 month [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | $ 381,820,796 | $ 264,378,805 |
Non-derivative financial liabilities | 381,820,796 | 264,378,805 |
1-3 months [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 266,196,448 | 423,283,132 |
Non-derivative financial liabilities | 266,196,448 | 423,283,132 |
3 months to 1 year [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 1,367,997,486 | 1,678,381,825 |
Non-derivative financial liabilities | 1,367,997,486 | 1,678,381,825 |
1 to 3 years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 2,225,112,937 | 2,332,273,362 |
Non-derivative financial liabilities | 2,225,112,937 | 2,332,273,362 |
3-6 years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 910,660,113 | 130,762,023 |
Non-derivative financial liabilities | $ 910,660,113 | $ 130,762,023 |
Financial Instruments - Sche165
Financial Instruments - Schedule of Financial Assets and Financial Liabilities are Measured at Fair Value on a Recurring Basis (Detail) - ARS ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of fair value measurement of assets [line items] | ||
Fair value | $ 12,972,263,667 | $ 8,962,006,445 |
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 | $ 1,734,518,063 | $ 569,440,882 |
Fair value hierarchy | Level 1 | |
Valuation technique(s) and key input(s) | Quoted bid prices in an active market |
Guarantees Granted to Subsid166
Guarantees Granted to Subsidiaries - Additional Information (Detail) | Dec. 31, 2017ARS ($) | Apr. 30, 2017ARS ($) | Dec. 31, 2016ARS ($) | Aug. 05, 2016USD ($) | Oct. 21, 2015ARS ($) |
Disclosure of detailed information about borrowings [line items] | |||||
Loan outstanding amount | $ 4,363,879,243 | $ 4,339,028,360 | |||
In Argentina Pesos [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Loan outstanding amount | 1,012,118,191 | 980,325,932 | |||
In Argentina Pesos [member] | Ferrosur Roca S.A. [member] | Banco Patagonia S.A. [member] | BADLAR corrected plus 0.5 % [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Loan outstanding amount | 60,777,576 | 122,079,572 | |||
In Argentina Pesos [member] | Ferrosur Roca S.A. [member] | HSBC Bank Argentina S.A [member] | Fixed interest rate [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Loan outstanding amount | 157,865,753 | ||||
In US Dollars [member] | Ferrosur Roca S.A. [member] | Banco Patagonia S.A. [member] | Fixed interest rate [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Loan outstanding amount | 89,305,446 | $ 74,721,781 | |||
Guarantees [member] | In Argentina Pesos [member] | Ferrosur Roca S.A. [member] | Fixed interest rate [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Bank overdrafts | $ 234,646,325 | ||||
Guarantees [member] | In Argentina Pesos [member] | Ferrosur Roca S.A. [member] | Banco Patagonia S.A. [member] | BADLAR corrected plus 0.5 % [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Face amount | $ 130,000,000 | ||||
Guarantees [member] | In Argentina Pesos [member] | Ferrosur Roca S.A. [member] | HSBC Bank Argentina S.A [member] | Fixed interest rate [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Face amount | $ 150,000,000 | ||||
Guarantees [member] | In US Dollars [member] | Ferrosur Roca S.A. [member] | Banco Patagonia S.A. [member] | Fixed interest rate [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Face amount | $ 4,700,000 |
Restricted Assets - Additional
Restricted Assets - Additional Information (Detail) | Dec. 31, 2017ARS ($) | Dec. 31, 2017PYG (₲) | Aug. 08, 2017ARS ($) | Aug. 08, 2017PYG (₲) | Dec. 31, 2016ARS ($) |
Disclosure of restricted assets [line items] | |||||
Judicial deposits | $ | $ 8,030,999 | ||||
Yguaz Cementos S.A. [member] | |||||
Disclosure of restricted assets [line items] | |||||
Land and property pledged as security | ₲ | ₲ 423,000,000,000 | ||||
Remaining balance of loans owned | $ 1,470,046,000 | ₲ 435,519,313,708 | |||
In Guarani [member] | Yguaz Cementos S.A. [member] | Banco Continental S.A.E.C.A. [member] | Fixed interest rate [member] | |||||
Disclosure of restricted assets [line items] | |||||
Face amount | $ 715,500,000 | 255,000,000,000 | |||
In Guarani [member] | Yguaz Cementos S.A. [member] | Sudameris Bank S.A.E.C.A. [member] | Fixed interest rate [member] | |||||
Disclosure of restricted assets [line items] | |||||
Face amount | $ 534,240,000 | ₲ 168,000,000,000 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - 12 months ended Dec. 31, 2017 | USD ($) | ARS ($) | EUR (€) |
Disclosure of commitments [line items] | |||
Contractual commitments estimated undiscounted future cash flows | $ 616,600,000 | ||
Contractual commitment to purchase limestone | 2,500,000 | ||
Total commitment after currency translation adjustment | 2,397,552,260 | ||
Sinoma International Engenieering Co. Ltd. [member] | |||
Disclosure of commitments [line items] | |||
Commitment due to agreement | $ 107,414,700 | 2,167,648,300 | € 41,574,600 |
Top of Range [member] | |||
Disclosure of commitments [line items] | |||
Electrical energy consumption commitment percentage | 10.00% | ||
2018 [member] | |||
Disclosure of commitments [line items] | |||
Provision of natural gas commitment | 394,000,000 | ||
Electrical energy consumption commitment annual payment | 109,900,000 | ||
2019 [member] | |||
Disclosure of commitments [line items] | |||
Provision of natural gas commitment | 209,000,000 | ||
Electrical energy consumption commitment annual payment | 89,000,000 | ||
2020 [member] | |||
Disclosure of commitments [line items] | |||
Provision of natural gas commitment | 27,000,000 | ||
2020 and beyond [member] | |||
Disclosure of commitments [line items] | |||
Electrical energy consumption commitment annual payment | $ 87,000,000 |
Investment Projects - Additiona
Investment Projects - Additional Information (Detail) | Jul. 21, 2017T | Dec. 31, 2017USD ($) | Dec. 31, 2017ARS ($) | Dec. 31, 2017EUR (€) |
Disclosure of detailed information about investment property [abstract] | ||||
New cement plant capacity per day | T | 5,800 | |||
Total project cost | $ | $ 5,000,000,000 | |||
Project cost translation adjustment | $ 107,414,700 | $ 2,167,648,300 | € 41,574,600 |
Receivable from Railway Prog170
Receivable from Railway Program Execution Unit - Additional Information (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of receivables [abstract] | ||
Receivable from railway program execution unit | $ 78,346,682 | |
Valuation of asset | $ 117,407,006 |
Trust of Administration - Addit
Trust of Administration - Additional Information (Detail) | May 24, 2017ARS ($)m | Dec. 31, 2017ARS ($) | Dec. 31, 2016ARS ($) |
Disclosure trust of administration [abstract] | |||
Annual fee contributions percentage | 3.00% | ||
Contributions | $ 27,825,262 | $ 23,956,029 | |
Canon recovery | $ 84,441,612 | ||
Improvement of railway | m | 29,215 | ||
Total amount of investment approved | $ 114,364,785 |
Restrictions to Dividends Di172
Restrictions to Dividends Distribution - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
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% |
Condensed Unconsolidated Fin173
Condensed Unconsolidated Financial Information - Disclosure of Information About Unconsolidated Structured Entities (Detail) - ARS ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Condensed Income Statements, Captions [Line Items] | ||||
Net revenue | $ 15,286,534,926 | $ 9,874,443,208 | $ 7,870,953,893 | |
Cost of sales | (10,850,065,285) | (7,264,522,456) | (5,808,497,475) | |
Gross profit | 4,436,469,641 | 2,609,920,752 | 2,062,456,418 | |
Share of profit (loss) of associates | 36,631,307 | (105,140,743) | ||
Selling and administrative expenses | (1,199,056,938) | (929,330,913) | (712,436,283) | |
Other gains and losses | 78,650,541 | 123,851,396 | 50,076,831 | |
Tax on debits and credits to bank accounts | (188,020,636) | (140,033,765) | (109,513,061) | |
FINANCE COSTS, NET | ||||
Exchange rate differences | (313,054,932) | (261,025,771) | (158,849,947) | |
Financial income | 103,816,676 | 41,149,762 | 26,153,475 | |
Financial expenses | (632,904,705) | (721,411,397) | (458,867,829) | |
Profit before tax | 2,285,899,647 | 759,751,371 | 593,878,861 | |
INCOME TAX EXPENSE | ||||
Current | (651,110,917) | (238,702,150) | (209,816,188) | |
Deferred | 65,572,961 | (19,032,175) | (32,542,926) | |
NET PROFIT FOR THE YEAR | 1,700,361,691 | 502,017,046 | 351,519,747 | |
Items to be reclassified through profit and loss: | ||||
Exchange differences on translating foreign operations | 198,329,237 | 34,343,627 | 53,160,907 | |
Cash flow hedges | [1] | (54,402,733) | 56,310,034 | |
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME | 198,329,237 | (20,059,106) | 109,470,941 | |
TOTAL COMPREHENSIVE INCOME | $ 1,898,690,928 | $ 481,957,940 | $ 460,990,688 | |
Earnings per share (basic and diluted) | $ 2.790 | $ 0.868 | $ 0.615 | |
Loma Negra C.I.A.S.A. [member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net revenue | $ 13,159,252,042 | $ 9,202,288,419 | $ 7,391,826,945 | |
Cost of sales | (9,393,608,968) | (6,844,429,106) | (5,499,766,931) | |
Gross profit | 3,765,643,074 | 2,357,859,313 | 1,892,060,014 | |
Share of profit (loss) of associates | 132,502,436 | 76,375,721 | (93,296,443) | |
Selling and administrative expenses | (989,129,898) | (803,913,285) | (614,736,554) | |
Other gains and losses | 56,021,137 | 23,540,414 | (2,061,784) | |
Tax on debits and credits to bank accounts | (167,152,274) | (124,756,957) | (95,833,334) | |
FINANCE COSTS, NET | ||||
Exchange rate differences | (336,757,288) | (248,687,255) | (168,473,564) | |
Financial income | 81,363,922 | 36,518,123 | 23,867,474 | |
Financial expenses | (392,554,396) | (597,529,686) | (362,012,267) | |
Profit before tax | 2,149,936,713 | 719,406,388 | 579,513,542 | |
INCOME TAX EXPENSE | ||||
Current | (626,247,633) | (210,210,679) | (197,726,871) | |
Deferred | 67,153,302 | (18,022,696) | (33,487,205) | |
NET PROFIT FOR THE YEAR | 1,590,842,382 | 491,173,013 | 348,299,466 | |
Items to be reclassified through profit and loss: | ||||
Exchange differences on translating foreign operations | 101,151,222 | 34,343,627 | 53,160,907 | |
Cash flow hedges | (54,402,733) | 56,310,034 | ||
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME | 101,151,222 | (20,059,106) | 109,470,941 | |
TOTAL COMPREHENSIVE INCOME | $ 1,691,993,604 | $ 471,113,907 | $ 457,770,407 | |
Earnings per share (basic and diluted) | $ 2.790 | $ 0.868 | $ 0.615 | |
[1] | Net of income tax effect (Note 24). |
Condensed Unconsolidated Fin174
Condensed Unconsolidated Financial Information - Condensed Unconsolidated Statements of Financial Position (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Non-current assets | |||
Property, plant and equipment | $ 5,978,676,491 | $ 4,880,927,203 | |
Intangible assets | 75,466,722 | 57,047,422 | |
Investments | 330,062 | 330,062 | |
Goodwill | 39,347,434 | 39,347,434 | |
Inventories | 214,721,953 | 176,021,243 | |
Other receivables | 145,174,686 | 229,281,406 | |
Trade accounts receivable | 78,430,745 | ||
Total non-current assets | 6,453,717,348 | 5,461,385,515 | |
Current assets | |||
Inventories | 1,833,791,084 | 1,717,088,995 | |
Other receivables | 241,657,017 | 226,314,680 | |
Trade accounts receivable | 1,263,410,505 | 629,163,568 | |
Investments | 2,990,913,013 | 694,208,774 | |
Cash and banks | 188,774,700 | 233,844,913 | |
Total current assets | 6,518,546,319 | 3,500,620,930 | |
Total assets | 12,972,263,667 | 8,962,006,445 | |
SHAREHOLDERS' EQUITY AND LIABILITIES | |||
Total shareholders' equity | 4,415,794,158 | 1,130,511,577 | $ 1,497,788,462 |
Non-current liabilities | |||
Borrowings | 2,604,280,835 | 1,277,054,290 | |
Accounts payable | 71,388,595 | 81,912,576 | |
Provisions | 161,095,990 | 120,683,488 | $ 107,435,794 |
Tax liabilities | 342,209 | 1,087,580 | |
Other liabilities | 15,740,729 | 28,273,858 | |
Deferred tax liabilities | 229,291,404 | 292,892,013 | |
Total non-current liabilities | 3,082,139,762 | 1,801,903,805 | |
Current liabilities | |||
Borrowings | 1,759,598,408 | 3,061,974,070 | |
Accounts payable | 2,361,541,364 | 2,226,100,262 | |
Advances from customers | 206,360,071 | 106,956,982 | |
Salaries and social security payables | 541,829,106 | 380,151,193 | |
Tax liabilities | 573,083,940 | 225,086,288 | |
Other liabilities | 31,916,858 | 29,322,268 | |
Total current liabilities | 5,474,329,747 | 6,029,591,063 | |
Total liabilities | 8,556,469,509 | 7,831,494,868 | |
Total shareholders' equity and liabilities | 12,972,263,667 | 8,962,006,445 | |
Loma Negra C.I.A.S.A. [member] | |||
Non-current assets | |||
Property, plant and equipment | 3,013,834,370 | 2,425,630,468 | |
Intangible assets | 74,760,496 | 56,708,351 | |
Investments | 787,797,282 | 550,544,157 | |
Goodwill | 39,347,434 | 39,347,434 | |
Inventories | 177,461,120 | 163,115,656 | |
Other receivables | 25,397,006 | 39,875,515 | |
Trade accounts receivable | 0 | 0 | |
Total non-current assets | 4,118,597,708 | 3,275,221,581 | |
Current assets | |||
Inventories | 1,550,863,799 | 1,471,291,076 | |
Other receivables | 218,053,883 | 269,829,692 | |
Trade accounts receivable | 797,537,082 | 412,428,725 | |
Investments | 2,971,682,497 | 661,707,327 | |
Cash and banks | 69,755,413 | 45,038,268 | |
Total current assets | 5,607,892,674 | 2,860,295,088 | |
Total assets | 9,726,490,382 | 6,135,516,669 | |
SHAREHOLDERS' EQUITY AND LIABILITIES | |||
Total shareholders' equity | 3,822,551,465 | 740,366,741 | |
Non-current liabilities | |||
Borrowings | 1,128,759,400 | 1,144,716,538 | |
Accounts payable | 71,388,595 | 69,989,790 | |
Provisions | 128,838,045 | 98,860,518 | |
Tax liabilities | 342,209 | 1,087,580 | |
Other liabilities | 14,865,351 | 27,252,775 | |
Deferred tax liabilities | 238,166,558 | 305,319,860 | |
Total non-current liabilities | 1,582,360,158 | 1,647,227,061 | |
Current liabilities | |||
Borrowings | 1,222,164,672 | 1,391,402,945 | |
Accounts payable | 1,955,082,172 | 1,781,390,125 | |
Advances from customers | 197,508,557 | 106,956,982 | |
Salaries and social security payables | 407,187,941 | 269,940,259 | |
Tax liabilities | 511,046,146 | 171,004,073 | |
Other liabilities | 28,589,271 | 27,228,483 | |
Total current liabilities | 4,321,578,759 | 3,747,922,867 | |
Total liabilities | 5,903,938,917 | 5,395,149,928 | |
Total shareholders' equity and liabilities | $ 9,726,490,382 | $ 6,135,516,669 |
Condensed Unconsolidated Fin175
Condensed Unconsolidated Financial Information - Condensed Unconsolidated Statement of Cash Flows (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
NET PROFIT FOR THE YEAR | $ 1,700,361,691 | $ 502,017,046 | $ 351,519,747 |
Adjustments to reconcile net profit to net cash provided by operating activities | |||
Income tax expense | 585,537,956 | 257,734,325 | 242,359,114 |
Depreciation and amortization | 625,880,708 | 509,073,880 | 333,956,297 |
Provisions | 61,293,686 | 36,379,703 | 24,995,318 |
Interests | 533,117,802 | 594,598,148 | 393,757,671 |
Share of profit (loss) of associates | (36,631,307) | 105,140,743 | |
Investment income recognized in profit | (7,966,242) | (112,039,773) | (158,494,542) |
Exchange rate differences | 261,086,171 | 271,656,002 | 253,078,707 |
Gain on disposal of Property, plant and equipment | (5,799,175) | (31,315,437) | (3,909,421) |
Changes in operating assets and liabilities | |||
Inventories | (87,735,857) | (562,166,309) | (211,358,257) |
Other receivables | 41,365,888 | (140,932,111) | (81,556,400) |
Trade accounts receivable | (535,018,838) | (164,726,684) | (87,387,645) |
Advances from customers | 99,403,089 | 32,758,193 | 26,624,857 |
Accounts payable | 133,303,218 | 450,394,525 | 379,555,491 |
Salaries and social security payables | 160,373,981 | 113,400,684 | 30,297,189 |
Provisions | (31,610,711) | (16,685,934) | (16,878,695) |
Tax liabilities | (17,007,156) | 56,868,398 | (40,069,120) |
Other liabilities | (11,752,234) | 19,249,181 | 9,837,034 |
Cash generated from operations | 3,504,833,977 | 1,779,632,530 | 1,551,468,088 |
Income tax paid | (284,522,838) | (166,708,107) | (168,391,995) |
Net cash generated by operating activities | 3,220,311,139 | 1,612,924,423 | 1,383,076,093 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Proceeds from disposal of Property, plant and equipment | 13,571,501 | 22,399,342 | 6,001,998 |
Payments to acquire Property, plant and equipment | (1,246,113,978) | (643,073,919) | (472,532,197) |
Payments to acquire intangible assets | (28,065,101) | (26,279,675) | (22,307,623) |
Investments - Interest received | 30,300,476 | ||
Net cash used in investing activities | (1,258,132,364) | (462,982,491) | (488,807,270) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from borrowings | 2,927,783,765 | 1,597,236,466 | 829,064,617 |
Interest paid | (532,101,489) | (600,560,695) | (417,259,343) |
Dividends paid | (442,886,305) | (853,136,862) | (16,642) |
Repayment of borrowings | (3,521,683,295) | (840,235,934) | (1,262,052,887) |
Capital increase | 1,866,725,717 | ||
Net cash used in financing activities | 297,838,393 | (696,697,025) | (850,264,255) |
Net increase (decrease) in cash and cash equivalents | 2,260,017,168 | 453,244,907 | 44,004,568 |
Cash and cash equivalents at the beginning of the year | 803,285,795 | 328,404,790 | 260,836,959 |
Effects of the exchange rate differences on cash and cash equivalents in foreign currency | 116,384,750 | 21,636,098 | 23,563,263 |
Cash and cash equivalents at the end of the year | 3,179,687,713 | 803,285,795 | 328,404,790 |
Loma Negra C.I.A.S.A. [member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
NET PROFIT FOR THE YEAR | 1,590,842,382 | 491,173,013 | 348,299,466 |
Adjustments to reconcile net profit to net cash provided by operating activities | |||
Income tax expense | 559,094,331 | 228,233,375 | 231,214,076 |
Depreciation and amortization | 377,664,366 | 452,153,963 | 287,162,353 |
Provisions | 41,718,393 | 29,164,683 | 18,647,042 |
Interests | 314,472,800 | 473,687,084 | 304,389,966 |
Share of profit (loss) of associates | (132,502,436) | (76,375,721) | 93,296,443 |
Investment income recognized in profit | (7,966,242) | (112,039,773) | (158,494,542) |
Exchange rate differences | 282,874,884 | 266,660,078 | 253,231,201 |
Gain on disposal of Property, plant and equipment | (5,799,175) | (31,315,437) | (3,807,978) |
Changes in operating assets and liabilities | |||
Inventories | (68,775,774) | (562,873,693) | (211,369,295) |
Other receivables | (11,244,428) | (131,335,105) | (86,527,045) |
Trade accounts receivable | (385,054,594) | (116,059,543) | 12,477,146 |
Advances from customers | 90,551,575 | 32,758,193 | 26,624,857 |
Accounts payable | 356,869,945 | 518,299,468 | 331,361,579 |
Salaries and social security payables | 137,247,682 | 77,584,771 | 14,119,580 |
Provisions | (23,820,411) | (15,486,008) | (14,797,438) |
Tax liabilities | (26,162,921) | 54,319,019 | (35,646,213) |
Other liabilities | (12,840,331) | 12,688,349 | 14,652,724 |
Cash generated from operations | 3,077,170,046 | 1,591,236,716 | 1,424,833,922 |
Income tax paid | (255,937,638) | (162,645,969) | (163,950,193) |
Net cash generated by operating activities | 2,821,232,408 | 1,428,590,747 | 1,260,883,729 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Proceeds from disposal of Property, plant and equipment | 13,571,500 | 22,024,470 | 5,888,030 |
Payments to acquire Property, plant and equipment | (1,019,196,721) | (584,435,941) | (405,783,811) |
Payments to acquire intangible assets | (27,743,774) | (26,279,674) | (22,311,523) |
Investments - Interest received | 30,300,477 | 608,223 | |
Net cash used in investing activities | (1,003,068,518) | (588,691,145) | (421,599,081) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from borrowings | 1,235,382,385 | 1,433,184,756 | 609,999,606 |
Interest paid | (338,372,188) | (476,299,533) | (331,420,444) |
Dividends paid | (442,886,305) | (853,119,146) | (16,642) |
Repayment of borrowings | (1,748,563,710) | (704,497,010) | (1,053,265,230) |
Capital increase | 1,866,725,717 | ||
Net cash used in financing activities | 572,285,899 | (600,730,933) | (774,702,710) |
Net increase (decrease) in cash and cash equivalents | 2,390,449,789 | 239,168,669 | 239,168,669 |
Cash and cash equivalents at the beginning of the year | 581,977,703 | 322,490,643 | 234,497,937 |
Effects of the exchange rate differences on cash and cash equivalents in foreign currency | 69,010,418 | 20,318,391 | 23,410,768 |
Cash and cash equivalents at the end of the year | $ 3,041,437,910 | $ 581,977,703 | $ 322,490,643 |
Condensed Unconsolidated Fin176
Condensed Unconsolidated Financial Information - Summary of Composition of Borrowings (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about borrowings [line items] | ||
Non-current | $ 2,604,280,835 | $ 1,277,054,290 |
Current | 1,759,598,408 | 3,061,974,070 |
Borrowings | 4,363,879,243 | 4,339,028,360 |
In Argentina Pesos [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 1,012,118,191 | 980,325,932 |
Loma Negra C.I.A.S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-current | 1,128,759,400 | 1,144,716,538 |
Current | 1,222,164,672 | 1,391,402,945 |
Borrowings | 2,350,924,072 | 2,536,119,483 |
Loma Negra C.I.A.S.A. [member] | In US Dollars [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 1,792,409,606 | 1,807,253,815 |
Loma Negra C.I.A.S.A. [member] | In Argentina Pesos [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 558,514,466 | $ 728,865,668 |
Condensed Unconsolidated Fin177
Condensed Unconsolidated Financial Information - Summary of Information About Borrowings (Detail) - ARS ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about borrowings [line items] | ||
Amount | $ 4,363,879,243 | $ 4,339,028,360 |
Loma Negra C.I.A.S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount | 2,350,924,072 | 2,536,119,483 |
Loma Negra C.I.A.S.A. [member] | In US Dollars [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount | $ 1,792,409,606 | 1,807,253,815 |
Loma Negra C.I.A.S.A. [member] | In US Dollars [member] | Banco Supervielle S.A. [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 5.00% | |
Due date | Sep17 | |
Amount | 111,672,996 | |
Loma Negra C.I.A.S.A. [member] | In US Dollars [member] | Industrial And Commercial Bank Of China [member] | LIBOR plus 3.4 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate basis | 3 Month Libor + 3.4% | |
Borrowings adjustment to interest rate basis | 3.40% | |
Due date | Jun19 | |
Amount | $ 563,979,469 | 791,854,007 |
Loma Negra C.I.A.S.A. [member] | In US Dollars [member] | Industrial And Commercial Bank Of China [member] | LIBOR plus 3.75 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate basis | 3 Month Libor + 3.75% | |
Borrowings adjustment to interest rate basis | 3.75% | |
Due date | May20 | |
Amount | $ 1,228,430,137 | |
Loma Negra C.I.A.S.A. [member] | In US Dollars [member] | Itau Unibanco SA [member] | LIBOR plus 2.9 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate basis | 6 Month Libor + 2.9% | |
Borrowings adjustment to interest rate basis | 2.90% | |
Due date | Mar18 | |
Amount | 903,726,812 | |
Loma Negra C.I.A.S.A. [member] | In Argentina Pesos [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount | $ 558,514,466 | 728,865,668 |
Loma Negra C.I.A.S.A. [member] | In Argentina Pesos [member] | Banco Provincia de Buenos Aires [member] | BADLAR plus 4% [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate basis | BADLAR + 4% | |
Borrowings adjustment to interest rate basis | 4.00% | |
Due date | Sep18 | |
Amount | $ 16,345,799 | 32,000,000 |
Loma Negra C.I.A.S.A. [member] | In Argentina Pesos [member] | Banco Provincia de Buenos Aires One [member] | BADLAR plus 2 % [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate basis | BADLAR + 2% | |
Borrowings adjustment to interest rate basis | 2.00% | |
Due date | Mar19 | |
Amount | $ 89,590,643 | 149,206,763 |
Loma Negra C.I.A.S.A. [member] | In Argentina Pesos [member] | Banco Provincia de Buenos Aires two [member] | BADLAR plus 2 % [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate basis | BADLAR + 2% | |
Borrowings adjustment to interest rate basis | 2.00% | |
Due date | Jun19 | |
Amount | $ 108,753,068 | 150,822,338 |
Loma Negra C.I.A.S.A. [member] | In Argentina Pesos [member] | Banco Provincia de Buenos Aires three [member] | BADLAR plus 2 % [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate basis | BADLAR + 2% | |
Borrowings adjustment to interest rate basis | 2.00% | |
Due date | Jul19 | |
Amount | $ 15,133,621 | 19,879,350 |
Loma Negra C.I.A.S.A. [member] | In Argentina Pesos [member] | HSBC Bank Argentina S.A [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 21.75% | |
Due date | Apr19 | |
Amount | $ 157,865,753 | |
Loma Negra C.I.A.S.A. [member] | In Argentina Pesos [member] | Banco Patagonia S.A. [member] | BADLAR corrected plus 1.65 % [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate basis | BADLAR + 1.65% | |
Borrowings adjustment to interest rate basis | 1.65% | |
Due date | Jul18 | |
Amount | $ 70,391,979 | 164,392,235 |
Loma Negra C.I.A.S.A. [member] | In Argentina Pesos [member] | Banco Santander Rio S.A. [member] | BADLAR corrected plus 4 % [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate basis | BADLAR + 4% | |
Borrowings adjustment to interest rate basis | 4.00% | |
Due date | Jul18 | |
Amount | $ 87,562,256 | 204,298,831 |
Loma Negra C.I.A.S.A. [member] | In Argentina Pesos [member] | Bank overdrafts [member] | Fixed interest rate [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 29.00% | |
Borrowings interest rate basis | Daily Overdraft Rate | |
Due date | Jan18 | |
Amount | $ 12,871,347 | $ 8,266,151 |
Condensed Unconsolidated Fin178
Condensed Unconsolidated Financial Information - Summary of Maturity Analysis for Non derivative Financial Liabilities (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | $ 5,151,787,780 | $ 4,829,079,147 |
Non-derivative financial liabilities | $ 5,151,787,780 | $ 4,829,079,147 |
Weighted average [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Weighted average effective interest ratE | 23.30% | 21.70% |
Not later than 1 month [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | $ 381,820,796 | $ 264,378,805 |
Non-derivative financial liabilities | 381,820,796 | 264,378,805 |
1-3 months [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 266,196,448 | 423,283,132 |
Non-derivative financial liabilities | 266,196,448 | 423,283,132 |
3 months to 1 year [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 1,367,997,486 | 1,678,381,825 |
Non-derivative financial liabilities | 1,367,997,486 | 1,678,381,825 |
1 to 3 years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 2,225,112,937 | 2,332,273,362 |
Non-derivative financial liabilities | 2,225,112,937 | 2,332,273,362 |
Loma Negra C.I.A.S.A. [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 2,560,753,144 | 2,832,443,113 |
Non-derivative financial liabilities | $ 2,560,753,144 | $ 2,832,443,113 |
Loma Negra C.I.A.S.A. [member] | Weighted average [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Weighted average effective interest ratE | 23.80% | 21.70% |
Loma Negra C.I.A.S.A. [member] | Not later than 1 month [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | $ 89,813,137 | $ 111,702,060 |
Non-derivative financial liabilities | 89,813,137 | 111,702,060 |
Loma Negra C.I.A.S.A. [member] | 1-3 months [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 145,807,915 | 38,711,312 |
Non-derivative financial liabilities | 145,807,915 | 38,711,312 |
Loma Negra C.I.A.S.A. [member] | 3 months to 1 year [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 1,127,382,816 | 1,441,791,071 |
Non-derivative financial liabilities | 1,127,382,816 | 1,441,791,071 |
Loma Negra C.I.A.S.A. [member] | 1 to 3 years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 1,197,749,276 | 1,240,238,670 |
Non-derivative financial liabilities | $ 1,197,749,276 | $ 1,240,238,670 |
Condensed Unconsolidated Fin179
Condensed Unconsolidated Financial Information - Summary of Accounts Payable (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Accounts Payable [Line Items] | ||
Non-current | $ 71,388,595 | $ 69,989,797 |
Accounts payable for investments in Property, plant and equipment | 11,922,779 | |
Total | 71,388,595 | 81,912,576 |
Loma Negra C.I.A.S.A. [member] | ||
Disclosure Of Accounts Payable [Line Items] | ||
Non-current | 0 | 0 |
Accounts payable for investments in Property, plant and equipment | 71,388,595 | 69,989,797 |
Total | $ 71,388,595 | $ 69,989,790 |
Condensed Unconsolidated Fin180
Condensed Unconsolidated Financial Information - Summary of Provisions (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of other provisions [line items] | |||
Non current provisions | $ 161,095,990 | $ 120,683,488 | $ 107,435,794 |
Labor and social security [member] | |||
Disclosure of other provisions [line items] | |||
Non current provisions | 44,184,248 | 29,256,783 | 19,874,101 |
Environmental restoration [member] | |||
Disclosure of other provisions [line items] | |||
Non current provisions | 80,602,101 | 59,616,013 | 53,538,707 |
Civil and others [member] | |||
Disclosure of other provisions [line items] | |||
Non current provisions | 36,309,641 | 31,810,692 | $ 34,022,986 |
Loma Negra C.I.A.S.A. [member] | |||
Disclosure of other provisions [line items] | |||
Non current provisions | 128,838,045 | 98,860,518 | |
Loma Negra C.I.A.S.A. [member] | Labor and social security [member] | |||
Disclosure of other provisions [line items] | |||
Non current provisions | 38,881,287 | 23,822,356 | |
Loma Negra C.I.A.S.A. [member] | Environmental restoration [member] | |||
Disclosure of other provisions [line items] | |||
Non current provisions | 80,602,101 | 59,616,013 | |
Loma Negra C.I.A.S.A. [member] | Civil and others [member] | |||
Disclosure of other provisions [line items] | |||
Non current provisions | $ 9,354,657 | $ 15,422,149 |
Condensed Unconsolidated Fin181
Condensed Unconsolidated Financial Information - Summary of Information About Other Liabilities (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Other Liabilities [Line Items] | ||
Termination payment plans | $ 15,740,729 | $ 28,273,858 |
Total | 15,740,729 | 28,273,858 |
Loma Negra C.I.A.S.A. [member] | ||
Disclosure Of Other Liabilities [Line Items] | ||
Termination payment plans | 14,865,351 | 27,252,775 |
Total | $ 14,865,351 | $ 27,252,775 |
Condensed Unconsolidated Fin182
Condensed Unconsolidated Financial Information - Summary of Information About Tax Liabilities (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Non-current tax liabilities | ||
Non-current tax liabilities | $ 342,209 | $ 1,087,580 |
Facilities payment plans [member] | ||
Non-current tax liabilities | ||
Non-current tax liabilities | 342,209 | 1,087,580 |
Loma Negra C.I.A.S.A. [member] | ||
Non-current tax liabilities | ||
Non-current tax liabilities | $ 342,209 | $ 1,087,580 |
Condensed Unconsolidated Fin183
Condensed Unconsolidated Financial Information - Summary of Deferred Income Tax charged to Income (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | $ 51,316,526 | $ 49,836,904 | $ 42,114,410 |
Deferred tax liabilities | (280,607,930) | (342,728,917) | (308,667,135) |
Total Deferred income tax liabilities | (229,291,404) | (292,892,013) | (266,552,725) |
Provisions [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 23,533,897 | 22,003,693 | 20,696,371 |
Others [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 7,545,122 | 6,453,592 | |
Accounts payable and investments [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | (17,923,933) | (8,280,460) | |
Other receivables [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | (60,402,707) | (51,803,977) | |
Property, plant and equipment [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | (246,016,904) | (279,594,390) | (247,196,754) |
Others [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | (16,667,093) | (2,731,820) | $ (1,385,944) |
Loma Negra C.I.A.S.A. [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 21,408,246 | 15,959,410 | |
Deferred tax liabilities | (259,574,803) | (321,279,270) | |
Total Deferred income tax liabilities | (238,166,558) | (305,319,860) | |
Loma Negra C.I.A.S.A. [member] | Provisions [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 14,823,820 | 14,365,654 | |
Loma Negra C.I.A.S.A. [member] | Others [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 6,584,426 | 1,593,756 | |
Loma Negra C.I.A.S.A. [member] | Accounts payable and investments [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | (17,923,933) | ||
Loma Negra C.I.A.S.A. [member] | Other receivables [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | (60,402,707) | ||
Loma Negra C.I.A.S.A. [member] | Property, plant and equipment [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | (238,728,247) | (256,749,345) | |
Loma Negra C.I.A.S.A. [member] | Others [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | $ (2,922,623) | $ (4,127,218) |
Condensed Unconsolidated Fin184
Condensed Unconsolidated Financial Information - Summary of Unrecognised Taxable Temporary Difference Associated with Investment and Interest (Detail) - ARS ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Taxable temporary differences in relation to investments in subsidiaries and associates for which deferred tax liabilities have not been recognized are attributable to the following: | $ (89,659,281) | $ (54,886,323) | $ (19,634,551) |
Subsidiaries [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Taxable temporary differences in relation to investments in subsidiaries and associates for which deferred tax liabilities have not been recognized are attributable to the following: | (89,599,508) | (54,802,640) | (6,488,478) |
Others [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Taxable temporary differences in relation to investments in subsidiaries and associates for which deferred tax liabilities have not been recognized are attributable to the following: | (59,773) | (83,682) | $ (83,682) |
Loma Negra C.I.A.S.A. [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Taxable temporary differences in relation to investments in subsidiaries and associates for which deferred tax liabilities have not been recognized are attributable to the following: | (89,659,281) | (54,886,323) | |
Loma Negra C.I.A.S.A. [member] | Subsidiaries [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Taxable temporary differences in relation to investments in subsidiaries and associates for which deferred tax liabilities have not been recognized are attributable to the following: | (89,599,508) | (54,802,640) | |
Loma Negra C.I.A.S.A. [member] | Others [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Taxable temporary differences in relation to investments in subsidiaries and associates for which deferred tax liabilities have not been recognized are attributable to the following: | $ (59,773) | $ (83,682) |