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View Annual Report Table of Contents As filed with the Securities and Exchange Commission on April 27, 2018 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2017 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-38262 LOMA NEGRA COMPAÑÍA INDUSTRIAL ARGENTINA SOCIEDAD ANÓNIMA (Exact name of Registrant as specified in its charter) LOMA NEGRA CORPORATION Republic of Argentina (Translation of Registrant’s name into English) (Jurisdiction of incorporation or organization) Loma Negra C.I.A.S.A. Reconquista 1088, 7th Floor Zip Code C1003ABQ – Ciudad Autónoma de Buenos Aires Argentina (Address of principal executive offices) Marcos Isabelino Gradin Reconquista 1088, 7th Floor Zip Code C1003ABQ – Ciudad Autónoma de Buenos Aires Argentina Tel: 54-11-4319-3048 Email: [email protected] (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Securities registered or to be registered pursuant to section 12(b) of the Act: Title of each class Name of each exchange on which registered American Depositary Shares, each representing 5 Ordinary Shares of Loma Negra C.I.A.S.A. New York Stock Exchange Ordinary Shares of Loma Negra C.I.A.S.A. New York Stock Exchange* * Not for trading, but only in connection with the registration of American Depositary Shares pursuant to the requirements of the New York Stock Exchange. Securities registered or to be registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None The total number of issued and outstanding shares of each class of stock of Loma Negra C.I.A.S.A. as of December 31, 2017 was: 596,026,490 ordinary shares, nominal value Ps.0.10 per share Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒ If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐ No ☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act: Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Emerging growth company ☒ If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐ †The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAP ☐ International Financial Reporting Standards as issued Other ☐ by the International Accounting Standards Board ☒ If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. ☐ Item 17 ☐ Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to distribution of securities under a plan confirmed by a court. Yes ☐ No ☐ Table of Contents TABLE OF CONTENTS Page PRESENTATION OF FINANCIAL AND OTHER INFORMATION ii CAUTIONARY STATEMENT WITH RESPECT TO FORWARD-LOOKING STATEMENTS v PART I 1 Item 1. Identity of Directors, Senior Management and Advisers 1 Item 2. Offer Statistics and Expected Timetable 1 Item 3. Key Information 1 A. Selected Financial Data 1 B. Capitalization and Indebtedness 5 C. Reasons for the Offer and Use of Proceeds 5 D. Risk Factors 5 Item 4. Information on the Company 31 A. History and Development of the Company 31 B. Business Overview 32 C. Organizational Structure 59 D. Property, Plants and Equipment 60 Item 4A. Unresolved Staff Comments 65 Item 5. Operating and Financial Review and Prospects 65 A. Operating Results 65 B. Liquidity and Capital Resources 85 C. Research and Development, Patents and Licenses, etc. 91 D. Trend Information 92 E. Off-Balance Sheet Arrangements 92 F. Tabular Disclosure of Contractual Obligations 92 G. Safe Harbor 93 Item 6. Directors, Senior Management and Employees 94 A. Directors and Senior Management 94 B. Compensation 98 C. Board Practices 99 D. Employees 102 E. Share Ownership 102 Item 7. Major Shareholders and Related Party Transactions 103 A. Principal Shareholders 103 B. Related Party Transactions 103 C. Interests of Experts and Counsel 104 Item 8. Financial Information 104 A. Consolidated Statements and Other Financial Information 104 B. Significant Changes 109 Item 9. The Offer and Listing 110 A. Offer and Listing Details 110 B. Plan of Distribution 110 C. Markets 110 D. Selling Shareholders 110 E. Dilution 110 F. Expenses of the Issue 110 Item 10. Additional Information 110 A. Share Capital 110 B. Memorandum and Articles of Association 110 C. Material Contracts 118 D. Exchange Controls 118 E. Taxation 119 F. Dividends and Paying Agents 125 G. Statement by Experts 125 H. Documents on Display 125 I. Subsidiary Information 125 Item 11. Quantitative and Qualitative Disclosures about Market Risk 125 Item 12. Description of Securities Other than Equity Securities 126 A. Debt Securities 126 B. Warrants and Rights 126 C. Other Securities 126 D. American Depositary Shares 127 PART II 129 Item 13. Defaults, Dividend Arrearages and Delinquencies 129 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 129 A. Material Modifications to the Rights of Security Holders 129 B. Material Modifications to the Rights of any Class of Registered Securities 129 C. Withdrawal or Substitution of a Material Amount of the Assets Securing any Class of Registered Securities 129 D. Changes in the Trustee or Paying Agents for any Registered Securities 129 E. Use of Proceeds 129 Item 15. Controls and Procedures 129 Item 16A. Audit Committee Financial Expert 129 Item 16B. Code of Ethics 130 Item 16C. Principal Accountant Fees and Services 130 Item 16D. Exemptions from the Listing Standards for Audit Committees 130 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 130 Item 16F. Change in Registrant’s Certifying Accountant 130 Item 16G. Corporate Governance 130 Item 16H. Mine Safety Disclosure 131 PART III 132 Item 17. Financial Statements 132 Item 18. Financial Statements 132 Item 19. Exhibits 132 SIGNATURES i Table of Contents PRESENTATION OF FINANCIAL AND OTHER INFORMATION Certain Defined Terms In this annual report, unless otherwise indicated or the context otherwise requires: • all references to “Loma Negra,” “our company,” “we,” “our,” “ours” and “us,” or similar terms are to the registrant, Loma Negra Compañía Industrial Argentina Sociedad Anónima, a corporation organized as a Compañía Industrial Argentina Sociedad Anónima under the laws of Argentina, and its consolidated subsidiaries; • all references to “our controlling shareholder” or to the “InterCement Group” are to InterCement Participações S.A. and its subsidiaries; • all references to the “InterCement Brasil” are to InterCement Brasil S.A.; • all references to “Yguazú Cementos” are to Yguazú Cementos S.A.; • all references to “Cofesur” are to Cofesur S.A.; • all references to “Ferrosur Roca” are to Ferrosur Roca S.A.; • all references to “Recycomb” are to Recycomb S.A.U.; • all references to “Argentina” are to the Republic of Argentina; • all references to “Paraguay” are to the Republic of Paraguay; • all references to the “Argentine government” or the “government” are to the federal government of Argentina; • all references to the “Central Bank” are to the Banco Central de la República Argentina , or the Argentine Central Bank; • all references to “CNV” refers to the Argentine Comisión Nacional de Valores, or the Argentine securities regulator; • all references to “U.S. dollars,” “dollars” or “US$” are to U.S. dollars; • all references to the “peso , ” “pesos” or “Ps.” are to the Argentine peso , the official currency of Argentina; • all references to the “ Guaraní ,” “ Guaraníes ” or “G.” are to the Paraguayan guaraní , the official currency of the Republic of Paraguay; • all references to “IFRS” are to International Financial Reporting Standards, as issued by the International Accounting Standards Board, or the IASB; and • all references to “AFCP” are to the Argentine National Association of Portland Cement Producers ( Asociación de Fabricantes de Cementos Portland ).
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