Business Context and Reporting Period
This Form 6-K filing by Loma Negra Compania Industrial Argentina Sociedad Anonima (Loma Negra) covers the month of July 2022. The document serves as an announcement regarding the Board of Directors' resolution to pay dividends to shareholders.
Key Financial Metrics
The filing details a specific dividend distribution rather than reporting comprehensive operational financial metrics such as revenue, profit, or cash flow for the period.
- Total Dividend Amount: ARS 10,300,000,000.
- Dividend Per Share: ARS 17.594777815281000 per outstanding share (excluding treasury shares).
- Dividend Per ADS: ARS 87.973889076405200 per American Depositary Share.
- Capital Stock Percentage: Equivalent to 17,594.777815281000% of the outstanding capital stock.
- Funding Source: A portion of the Reserve for Future Dividends.
Material Changes and Payment Mechanics
The primary material event is the declaration of the dividend and the introduction of a specific payment option for shareholders.
- Payment Date: July 12, 2022.
- Currency Options: Shareholders may receive dividends in Argentine Pesos (ARS) or elect to receive the equivalent in US Dollars (USD).
- USD Conversion Rate: Based on the Reference Exchange Rate of the Central Bank of the Argentine Republic (Communication "A" 3500) applicable at the close of business on the trading day immediately preceding the Payment Date.
- Option Period: July 4, 2022, to July 8, 2022, for shareholders to notify their preference for USD payment.
- Record Date: The trading day immediately preceding the Payment Date.
Management Commentary, Risks, and Contingencies
Management highlights specific tax contingencies and procedural requirements for the dividend distribution.
- Tax Withholding: Dividends are subject to withholding for the Argentine Personal Assets Tax for fiscal year 2021 where applicable.
- Income Tax Rates: Dividends from earnings accrued after January 1, 2018, are subject to a 7% withholding tax. Dividends from accumulated earnings until December 31, 2017, are not subject to this withholding tax.
- Procedural Risk: Shareholders failing to exercise the USD Payment Option during the designated period will automatically receive payment in ARS. The USD option cannot be exercised partially.
- ADS Holders: ADS holders will receive payments in USD through Citibank N.A. according to applicable jurisdiction rules.
Investor Verification Checklist
- Verify the Record Date to confirm eligibility for the dividend payment.
- Confirm the deadline (July 8, 2022) for submitting the Notice of Option of Payment in US Dollars if currency conversion is desired.
- Review the applicable withholding tax rates based on the accrual date of the earnings (pre-2018 vs. post-2018).
- Check the Reference Exchange Rate (Communication "A" 3500) on the trading day prior to July 12, 2022, to estimate the USD equivalent.
- Ensure proper notification to the depositor (Bank, Agent, or Broker) if shares are held indirectly.