Exhibit 1
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Stock Information: NYSE ADR Ticker: EDN Buenos Aires Stock Exchange Class B Shares Ticker: EDN Ratio: 20 Class B = 1 ADR Investor Relations Contacts: Leandro Montero Chief Financial Officer Tel: 5411.4346.5511 Veronica Gysin Investor Relations Tel: 5411.4346.5231 Edenor S.A. 6363 Del Libertador Avenue, 4th Floor (C1428ARG) Buenos Aires, Argentina Fax: 5411.4346.5358 Email: investor@edenor.com www.edenor.com.ar | EDENOR ANNOUNCES FIRST QUARTER 2012 RESULTS Buenos Aires, Argentina, May 23, 2012 – Empresa Distribuidora y Comercializadora Norte S.A. (NYSE: EDN; Buenos Aires Stock Exchange: EDN) (“EDENOR” or “the Company”), Argentina’s largest electricity distributor, today announced its results for the first quarter of 2012. All figures are stated in Argentine Pesos and have been prepared in accordance with Argentine GAAP. Solely for the convenience of the reader, Peso amounts as of and for the period ended March 31, 2012 have been translated into U.S. Dollars at the buying rate for U.S. Dollars quoted by Banco de la Nación Argentina (Banco Nación) on March 31, 2012 of Ps. 4.379. The following results are based on non consolidated financial statements of Edenor S.A. First Quarter 2012 Highlights Net Sales increased 18.9% to Ps. 709.1 million in the first quarter of 2012 from Ps. 596.2 million in the first quarter of 2011, mainly due to an increase in the electric power price due to the subsidies cuts and an increase in the volume of electricity and capacity sold. Volume of Energy Sold increased 5.0% to 5,209 GWh in the first quarter of 2012 from 4,958 GWh in the first quarter of 2011. This increase was principally attributable to a 3.6% increase in the average GWh consumption per customer and 1.4% increase in the number of customers. Electric Power Purchases increased 35.8% to Ps. 404.4 million in the first quarter of 2012 from Ps. 297.7 million in the first quarter of 2011, mainly due to an increase in the purchase price due to the subsidies cuts and to the increase in the volume of energy sold. Gross Margin increased 2.1% to Ps. 304.7 million in the first quarter of 2012 from Ps. 298.4 million in the first quarter of 2011, mainly due to the higher volume of energy and capacity sold. Net Operating Income decreased Ps. 540.9 million, to a loss of Ps. 73.1 million in the first quarter of 2012 from a gain of Ps. 467.8 million in the first quarter of 2011 mainly due to the registration under IFRS of a gain of Ps. 435 million for the purchase of Eden and Emdersa in 2011. On the top of that, this negative result was due to an increase in transmission and distribution expenses of Ps. 114.2 million, an increase in selling expenses of Ps. 28.6 million and an increase in administrative expenses of Ps. 8.8 million mainly due to the higher salaries and outsourcing expenses. |
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Net Income decreased Ps. 346.6 million, to a loss of Ps. 90.7 million in the first quarter of 2012 from a gain of Ps. 255.9 million in the first quarter of 2011, mainly due to the increase in operating expenses, increase in the financial results generated by liabilities and the increase in other expenses, and the registration under IFRS in 2011 of a gain of Ps. 435 million before income taxes related to the acquisition of Emdersa and Eden |
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Discussion of Financial Results:
FINANCIAL HIGHLIGHTS | ||||||||||||
1Q 2012 * | 1Q 2011 * | % Change vs.2011 | ||||||||||
Net Sales | 709.1 | 596.2 | 18.9 | % | ||||||||
Electric power purchases | (404.4 | ) | (297.7 | ) | 35.8 | % | ||||||
Gross margin | 304.7 | 298.4 | 2.1 | % | ||||||||
Net Operating Income (loss) | (73.1 | ) | 467.8 | (115.6 | )% | |||||||
* In millions of Argentine Pesos |
Net sales
Net sales increased by 18.9 % (Ps. 112.9 million) from Ps. 596.2 million in the first quarter of 2011 to Ps. 709.1 million in the first quarter of 2012.
This variation was mainly due to the increase of 5.0 % in the volume of energy sold, from 4.958 GWh sold in the first quarter of 2011 to 5,209 GWh sold in the first quarter of 2012 which is attributable, basically, to a 1.4 % increase in the number of customers and a 3.6 % increase in the average GWh consumption per customer.
Net energy sales represent approximately 98.9 % of net sales while pole leases and connection and reconnection charges represent the remaining 1.1 %.
Energy sales increased by 19.0 % (Ps. 112.1 million) from Ps. 589.3 million in the first quarter of 2011 to Ps. 701.4 million in the first quarter of 2012. This increase was mainly due to the impact of the cut in subsidies on the electric power purchases.
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Electric power purchases
Our electric power purchases increased 35.8 % from Ps. 297.7 million in the first quarter of 2011 to Ps. 404.4 million for the first quarter of 2012. This variation results mainly from the increase in the purchase price due to the subsidies cuts.
Energy losses slightly increased from 10.7 % in the first quarter of 2011 to 11.3 % in the first quarter of 2012.
Gross margin
Gross margin increased 2.1 % from Ps. 298.4 million in the first quarter of 2011 to Ps. 304.7 million in the first quarter of 2012. This positive variation was attributable to the higher volume of energy sold.
Transmission and distribution expenses
Transmission and distribution expenses have increased (64.3 %) from Ps. 177.5 million in the first quarter of 2011 to Ps. 291.7 million in the first quarter of 2012, mainly due to:
§ | a Ps. 73.7 million rise in outsourcing due to increases in contractors' prices; |
§ | a Ps. 21.1 million growth in salaries and social security taxes due to salaries increases granted in the second and second half of 2011; |
§ | a Ps. 8.5 million increase in ENRE fines; and, |
§ | a Ps. 9.2 million increase in supplies. |
In terms of percentage of revenues, transmission and distribution expenses increased from 29.8 % in the first quarter of 2011 to 41.1 % in the first quarter of 2012.
The following table sets forth the principal components of transmission and distribution expenses for the periods indicated:
First Quarter ended March 31, | ||||||||||||||||
1Q 2012 | % of 1Q 2012 net sales | 1Q 2011 | % of 1Q 2011 net sales | |||||||||||||
(in millions of Pesos, except percentages) | ||||||||||||||||
Salaries and social security taxes | Ps. 95.1 | 13.4 | % | Ps. 74.0 | 12.4 | % | ||||||||||
Supplies | 19.3 | 2.7 | % | 10.1 | 1.7 | % | ||||||||||
Outsourcing | 103.7 | 14.6 | % | 30.0 | 5.0 | % | ||||||||||
Depreciation of property, plant & equipment | 44.6 | 6.3 | % | 44.0 | 7.4 | % | ||||||||||
ENRE’s fines and penalties | 23.0 | 3.2 | % | 14.5 | 2.4 | % | ||||||||||
Other | 6.0 | 0.8 | % | 4.8 | 0.9 | % | ||||||||||
Total | Ps. 291.7 | 41.1 | % | Ps. 177.5 | 29.8 | % |
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Selling expenses
Selling expenses are related to customer services provided at commercial offices, billing, invoice mailing, collection and collection procedures, as well as allowances for doubtful accounts.
Selling expenses have increased (69.0 %) from Ps. 41.5 million in the first quarter of 2011 to Ps. 70.1 million in the first quarter of 2012 mainly due to:
§ | a Ps. 11.0 million rise in outsourcing due to increases in contractors' prices related to increases in personnel salaries; and, |
§ | a Ps. 6.9 million growth in salaries and social security taxes due to salaries increases granted in the second half of 2011. |
In terms of percentage revenues, selling expenses increased from 7.0 % in the first quarter of 2011 to 9.9 % in the first quarter of 2012.
The following are the principal components of selling expenses for the periods indicated:
First Quarter ended March 31, | ||||||||||||||||
1Q 2012 | % of 1Q 2012 net sales | 1Q 2011 | % of 1Q 2011 net sales | |||||||||||||
(in millions of Pesos) | ||||||||||||||||
Salaries and social security taxes | Ps. 22.7 | 3.2 | % | Ps. 15.8 | 2.6 | % | ||||||||||
Allowance for doubtful accounts | 2.9 | 0.4 | % | 3.5 | 0.6 | % | ||||||||||
Outsourcing | 24.9 | 3.5 | % | 13.9 | 2.3 | % | ||||||||||
Taxes and charges | 5.3 | 0.8 | % | 3.5 | 0.6 | % | ||||||||||
Others | 14.3 | 2.0 | % | 4.8 | 0.9 | % | ||||||||||
Total | Ps. 70.1 | 9.9 | % | Ps. 41.5 | 7.0 | % |
Administrative expenses
Administrative expenses include, among others, expenses associated with accounting, payroll administration, personnel training, systems operation and maintenance.
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Administrative expenses have increased (19.4 %) from Ps. 45.2 million in the first quarter of 2011 to Ps. 54.0 million in the first quarter of 2012 mainly due to:
§ | a Ps. 11.4 million growth in salaries and social security taxes due to salaries increases granted in the second half of 2011; and, |
§ | a Ps. 4.3 million increase in outsourcing due to increases in contractors' prices. |
These increases were partially offset by a Ps. 3.4 million and a Ps. 1.5 million decrease in advertising and computer expenses respectively. |
In terms of percentage of revenues, administrative expenses remained stable at 7.6 % in the first quarter of 2011 and 2012.
The following are the principal components of administrative expenses for the periods indicated:
First Quarter ended March 31, | ||||||||||||||||
1Q 2012 | % of 1Q 2012 net sales | 1Q 2011 | % of 1Q 2011 net sales | |||||||||||||
(in millions of Pesos) | ||||||||||||||||
Salaries and social security taxes | Ps. 29.3 | 4.1 | % | Ps. 18.0 | 3.0 | % | ||||||||||
Computer services | 6.6 | 0.9 | % | 8.0 | 1.3 | % | ||||||||||
Outsourcing | 7.1 | 1.0 | % | 2.9 | 0.5 | % | ||||||||||
Advertising expenses | 0.2 | 0.0 | % | 3.6 | 0.6 | % | ||||||||||
Rentals and insurances | 4.3 | 0.6 | % | 3.5 | 0.6 | % | ||||||||||
Others | 6.5 | 1.0 | % | 9.3 | 1.6 | % | ||||||||||
Total | Ps. 54.0 | 7.6 | % | Ps. 45.2 | 7.6 | % |
Net operating income
Net operating income decreased Ps. 540.9 million from a gain of Ps. 467.8 million in the first quarter of 2011 to a loss of Ps. 73.1 million in the first quarter of 2012 mainly due to the registration under IFRS of a gain of Ps. 435 million for the purchase of Eden and Emdersa in 2011. On the top of that, this negative result was due to the increases in transmission and distribution expenses (Ps. 114.2 million), selling expenses (Ps. 28.6 million) and administrative expenses (Ps. 8.8 million). These effects were partially offset by the increase in gross margin (Ps. 6.3 million).
Financial income (expenses) and holding gains (losses)
Financial income and holding gains generated by assets recorded a gain of Ps. 25.9 million in the first quarter of 2012 compared to a gain of Ps. 19.6 million in the first quarter of 2011.
This positive variation of Ps. 6.3 million was primarily due to interests collected from loans granted to subsidiaries and, to a lesser extent due to late payment charges.
Financial expenses generated by liabilities which include financial interest, exchange results and other expenses, represented a loss of Ps. 84.4 million in the first quarter of 2012 compared to a loss of Ps. 84.6 million in the first quarter of 2011.
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Net income
We recorded net loss of Ps. 90.7 million in the first quarter of 2012 compared to a net gain of Ps. 255.9 million in the first quarter of 2011. This negative variation resulted primarily from:
§ | The IFRS registration before mentioned; and, |
§ | The increases in transmission and distribution, selling expenses and administrative expenses, explained above. |
Operating Highlights
The following table shows our energy sales by category of customer (in GWh) and the number of clients for each category:
1Q 2012 | 1Q 2011 | % | March | March | Clients | |||||||||||||||||||||||||||
2012 | 2011 | % | ||||||||||||||||||||||||||||||
In Gwh | % | In Gwh | % | Variation | Clients | Clients | Variation | |||||||||||||||||||||||||
Residential | 2.154 | 41,4 | % | 2.026 | 40,9 | % | 6,3 | % | 2.360.588 | 2.331.364 | 1,3 | % | ||||||||||||||||||||
Small Commercial | 435 | 8,4 | % | 402 | 8,1 | % | 8,1 | % | 308.153 | 300.303 | 2,6 | % | ||||||||||||||||||||
Medium Commercial | 453 | 8,7 | % | 428 | 8,6 | % | 5,9 | % | 30.704 | 30.056 | 2,2 | % | ||||||||||||||||||||
Industrial | 872 | 16,7 | % | 852 | 17,2 | % | 2,3 | % | 6.067 | 5.877 | 3,2 | % | ||||||||||||||||||||
Wheeling System | 1.063 | 20,4 | % | 1.017 | 20,5 | % | 4,5 | % | 695 | 668 | 4,0 | % | ||||||||||||||||||||
Others | ||||||||||||||||||||||||||||||||
Public Lighting | 147 | 2,8 | % | 146 | 2,9 | % | 0,8 | % | 22 | 21 | 4,8 | % | ||||||||||||||||||||
Shantytowns and Others | 84 | 1,6 | % | 86 | 1,7 | % | -2,4 | % | 378 | 373 | 1,3 | % | ||||||||||||||||||||
Total | 5.209 | 100,0 | % | 4.958 | 100,0 | % | 5,0 | % | 2.706.607 | 2.668.662 | 1,4 | % |
Capital Expenditures
During the first quarter of 2012, our capital expenditures amounted to Ps. 97.6 million, compared to Ps. 48.7 million in the first quarter of 2011. Our capital expenditures in the first quarter of 2012 consisted mainly of the following:
· | Ps. 81.9 million in new connections due to the increase in our customer base and grid enhancements; |
· | Ps. 7.9 million in network maintenance and improvements; |
· | Ps. 2.4 million in legal requirements; |
· | Ps. 1.1 million in communications and telecontrol; and |
· | Ps. 4.2 million of other investment projects. |
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Puree Funds
In the first quarter of 2012, Puree funds increase 19.6%, amounting Ps. 78.8 million vis a vis Ps. 65.9 million in the same period of 2011. This increase was mainly due to the increase in the volume of energy sold and due to the impact of the cut in subsidies on the electric power price.
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HIGHLIGHTS
EDESA’s sale
On April 23, 2012, Edenor’s Board of Directors accepted the offer of Salta Inversiones Eléctricas S.A. (SIESA), to purchase shares representing 78.44% of the shares and votes in Edesa. The price was settled in approximately AR$99 million. On May 10, 2012 Edenor transfered 28.93% of the shares of Emdersa to SIESA. SIESA put those shares in a collateral trust until the spin-off is completed.
On May 10, 2012, SIESA paid to Edenor Ps.83.8 million and Edenor will finance the remaining US$3 million for 5 years, while on the same date Edesa paid Ps.131,319,500, plus interest accrued corresponding to the financial loan granted by Edenor to Edesa.
Intercompany Debt with EDEN
On May 2, 2012, Empresa Distribuidora de Energia Norte S.A. (EDEN) cancelled the remaining balance for an amount of Ps.14 million, of the intercompany loan in pesos granted by Edenor.
Framework Agreement
From January 1st, 2012 up to date, the Company collected Ps.38.9 million from the National Government and Ps. 7.0 million from the Government of the Province of Buenos Aires under the framework agreement.
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Costs Adjustments
In May 2012 we requested an additional increase to our distribution margins under the CMM to account for fluctuations in the distribution cost base for the period from October 2011 to May 2012.
As of today, we have submitted to the ENRE nine requests from CMM adjustments as described in the table below, pending for the ENRE’s response.
Assessment Period | Application Date | CMM Adjustment Requested |
November 2007 – April 2008 | May 2008 | 5.791% |
May 2008 – October 2008 | November 2008 | 5.684% |
November 2008 – April 2009 | May 2009 | 5.068% |
May 2009 – October 2009 | November 2009 | 5.041% |
November 2009 – April 2010 | May 2010 | 7.103% |
May 2010 – October 2010 | November 2010 | 7.240% |
November 2010 – April 2011 | May 2011 | 6.104% |
May 2011 – October 2011 | November 2011 | 7.721% |
November 2011 – April 2012 | May 2012 | 8.529% |
Cummulative: | 75.80% |
Although we believe that these increases comply with the terms of the CMM, we cannot assure that the ENRE will grant us these increases in full, or at all, or if granted, that we will be able to bill our customers or otherwise recover these increases from other sources of payment (such as PUREE).
Financial position
As of today, the outstanding principal amount of our dollar denominated financial debt (net of the senior notes due 2022 that we hold) is US$ 283.3 million, consisting of US$ 24.8 million principal amount of Senior Notes due 2017 and US$ 258.5 million principal amount of Senior Notes due 2022. In addition, the outstanding principal amount of our peso denominated debt is Ps. 50 million, consisting of Ps.23.3 million of our Floating Rate notes due 2013 and the remaining amount consisting of short term loans with banks.
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About Edenor
Empresa Distribuidora y Comercializadora Norte S.A. (Edenor) is the largest electricity distribution company in Argentina in terms of number of customers and electricity sold (both in GWh and Pesos). Through a concession, Edenor distributes electricity exclusively to the northwestern zone of the greater Buenos Aires metropolitan area and the northern part of the city of Buenos Aires, which has a population of approximately 7 million people and an area of 4,637 sq. km. In 2011, Edenor sold 20,077 GWh of energy and purchased 23,004 GWh of energy, with net sales of approximately Ps. 2.3 billion and net loss of Ps. 435.4 million.
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management’s current view and estimates of future economic circumstances, industry conditions, Company performance and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the Company are intended to identify forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties, including those identified in the documents filed by the Company with the U.S. Securities and Exchange Commission. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
Conference Call Information
There will be a conference call to discuss the Edenor’s quarterly results on Wednesday, May 23, 2012, at 11:00 a.m. Buenos Aires time / 10:00 a.m. New York time. For those interested in participating, please dial 1(877)317-6776 in the United States or, if outside the United States, +1(412) 317-6776 or 0800-444-2930 in Argentina. Participants should use conference ID 10013298 or request for Edenor’s Conference Call, and dial in five minutes before the call is set to begin. There will also be a live audio webcast of the conference at www.edenor.com in the Investor Relations section.
There will be a replay of the conference call available 1 hour after the end of the conference through 06/04/2012 09:00 a.m. NY Time. To access the replay, please dial 1(877) 344-7529 or 1(412) 317-0088. The Conference ID: 10013298.
For more information, please access www.edenor.com
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Income Statement
(For the three month period ended March 31, 2012 and 2011
in thousands of U.S. dollars and Argentine Pesos)
31.03.12 | 31.03.11 | |||||||||||
US$ | AR$ | AR$ | ||||||||||
Net sales | 161,934 | 709,109 | 596,181 | |||||||||
Electric power purchases | (92,343 | ) | (404,368 | ) | (297,743 | ) | ||||||
Gross Margin | 69,591 | 304,741 | 298,438 | |||||||||
Transmission and distribution expenses | (66,613 | ) | (291,698 | ) | (177,499 | ) | ||||||
Selling expenses | (16,011 | ) | (70,111 | ) | (41,474 | ) | ||||||
Administrative expenses | (12,324 | ) | (53,966 | ) | (45,211 | ) | ||||||
Other incomes | 446 | 1,953 | 0 | |||||||||
Other expenses | 0 | 0 | (9,989 | ) | ||||||||
Gain from acquisition of assets | 0 | 0 | 434,959 | |||||||||
Gain from permanent investments | 2,712 | 11,875 | 8,527 | |||||||||
Gain from assets available for sales | 5,501 | 24,088 | 0 | |||||||||
Operating Income (loss) | (16,697 | ) | (73,118 | ) | 467,751 | |||||||
Financial incomes | 5,911 | 25,883 | 19,556 | |||||||||
Financial expenses | (19,272 | ) | (84,392 | ) | (84,593 | ) | ||||||
Net financial results | (13,361 | ) | (58,509 | ) | (65,037 | ) | ||||||
Profit (loss) before income tax | (30,059 | ) | (131,627 | ) | 402,714 | |||||||
Income tax | 9,350 | 40,943 | (146,814 | ) | ||||||||
Profit (Loss) from continuing operations | (20,709 | ) | (90,684 | ) | 255,900 | |||||||
Other comprehensive income (loss) | 0 | 0 | (180 | ) | ||||||||
Comprehensive income (loss) for the period | (20,709 | ) | (90,684 | ) | 255,720 | |||||||
Earnings per share | (0.02 | ) | (0.01 | ) | 0.29 |
*Financial tables have been converted into U.S. dollars at a rate of Ps. 4.379 per dollar, the buying rate as of March 31, 2012, solely for the convenience of the reader.
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Cash Flow Statement
(For the three month period ended March 31, 2012 and 2011
in thousands of U.S. dollars and Argentine Pesos)
31.03.2012 | 31.03.2011 | |||||||||||
Changes in cash and cash equivalents | US$ | AR$ | AR$ | |||||||||
Cash and cash equivalents at beginning of period | 22,431 | 98,227 | 246,007 | |||||||||
Cash and cash equivalents at end of period | 38,058 | 166,654 | 205,300 | |||||||||
Net (decrease) increase in cash and cash equivalents | 15,626 | 68,427 | (40,707 | ) | ||||||||
Operating activities | ||||||||||||
(Loss) Income for the period | (20,709 | ) | (90,684 | ) | 255,900 | |||||||
Adjustments for: | ||||||||||||
Gain for assets available for sale | (5,501 | ) | (24,088 | ) | 0 | |||||||
Gain for the purchase of assets | 0 | 0 | (434,959 | ) | ||||||||
Depreciation of property, plant and equipment | (10,759 | ) | 47,114 | 46,117 | ||||||||
Residual value of retirements | 22 | 98 | 0 | |||||||||
Loss from permanent investments | (2,712 | ) | (11,875 | ) | (8,527 | ) | ||||||
Loss from purchase of corporate notes | 0 | 0 | 17,248 | |||||||||
Exchange differences and interest on borrowings | 11,181 | 48,960 | 52,929 | |||||||||
Income tax | (9,350 | ) | (40,943 | ) | 146,814 | |||||||
Allawance for doubtful accounts | (3,090 | ) | (13,529 | ) | 3,164 | |||||||
Allowance for others doubtful accounts | 0 | 0 | 300 | |||||||||
Adjustments to present value of receivables and other trade receivables | 0 | 0 | (674 | ) | ||||||||
Change in operating assets and liabilities: | ||||||||||||
Net (increase) decrease in trade receivables | (3,731 | ) | (16,340 | ) | 15,863 | |||||||
Net increase in other receivables | (6,125 | ) | (26,820 | ) | (11,960 | ) | ||||||
Decrease in supplies | (604 | ) | (2,646 | ) | (1,391 | ) | ||||||
Increase in trade payable | 16,754 | 73,364 | 5,945 | |||||||||
Increase (decrease) in salaries and social security taxes | 11,058 | 48,421 | (27,283 | ) | ||||||||
Net increase (decrease) in taxes | (3,962 | ) | (17,351 | ) | 6,093 | |||||||
Increase in other liabilities | 8,773 | 38,418 | 14,913 | |||||||||
Increase in Funds obtained from the program for the rational use of electric power | 17,990 | 78,778 | 65,860 | |||||||||
Net increase in provisions | 1,367 | 5,988 | 391 | |||||||||
Financial interest paid (net of interest capitalized) | (651 | ) | (2,850 | ) | (2,634 | ) | ||||||
Financial and commercial interest collected | 774 | 3,390 | 13,295 | |||||||||
Net cashflow provided by operating activities | 22,244 | 97,405 | 157,404 |
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31.03.2012 | 31.03.2011 | |||||||||||
Cash flow from investing activities: | US$ | AR$ | AR$ | |||||||||
Addition of property, plant and equipment | (22,779 | ) | (99,750 | ) | (48,713 | ) | ||||||
Addition of permanent investment | 0 | 0 | (561,953 | ) | ||||||||
Variation in current investment | 0 | 0 | 428,950 | |||||||||
Collection (Credits) for loans granted to subsidiaries | 14,435 | 63,211 | (280,000 | ) | ||||||||
Net cash flow used in investing activities | (8,344 | ) | (36,539 | ) | (461,716 | ) | ||||||
Cash flow from financing activities: | ||||||||||||
Net increase in borrowings | 1,727 | 7,561 | 263,605 | |||||||||
Net cash flow provided by financing activities | 1,727 | 7,561 | 263,605 | |||||||||
(Decrease) Increase in cash and cash equivalents | 15,626 | 68,427 | (40,707 | ) |
*Financial tables have been converted into U.S. dollars at a rate of Ps. 4.379 per dollar, the buying rate as of March 31, 2012, solely for the convenience of the reader.
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Balance Sheet
(As of March 31, 2012 and December 31, 2011
in thousands of U.S. dollars and Argentine Pesos)
31.03.2012 | 31.12.2011 | |||||||||||
ASSETS | US$ | AR$ | AR$ | |||||||||
Non-current assets | ||||||||||||
Property, plant and equipment | 916,414 | 4,012,976 | 3,960,438 | |||||||||
Investments in other companies | 103,884 | 454,906 | 443,031 | |||||||||
Other receivables | 12,412 | 54,351 | 54,402 | |||||||||
Trade receivables | 10,398 | 45,531 | 45,531 | |||||||||
Total non-current assets | 1,043,107 | 4,567,764 | 4,503,402 | |||||||||
Current assets | ||||||||||||
Inventories | 5,825 | 25,509 | 22,863 | |||||||||
Other receivables | 73,341 | 321,161 | 311,453 | |||||||||
Trade Receivables | 103,363 | 452,627 | 422,758 | |||||||||
Investments | 495 | 2,169 | 2,132 | |||||||||
Cash and cash equivalents | 38,058 | 166,654 | 98,227 | |||||||||
Total current assets | 221,082 | 968,120 | 857,433 | |||||||||
Other assets available for sale | 54,948 | 240,619 | 216,531 | |||||||||
TOTAL ASSETS | 1,319,137 | 5,776,503 | 5,577,366 | |||||||||
EQUITY | ||||||||||||
Capital and reserves attributable to the owners | ||||||||||||
Capital stock | 204,851 | 897,043 | 897,043 | |||||||||
Inflation adjustment on capital stock | 225,198 | 986,142 | 986,142 | |||||||||
Additional paid-in capital | 4,971 | 21,769 | 21,769 | |||||||||
Treasury stock - Value of capital stock | 2,149 | 9,412 | 9,412 | |||||||||
Treasury stock - Inflation adjustment on capital stock | 2,363 | 10,347 | 10,347 | |||||||||
Legal reserve | 14,617 | 64,008 | 64,008 | |||||||||
Other comprehensive profit (loss) | 0 | 0 | (11,337 | ) | ||||||||
Accumulated deficit | (127,275 | ) | (557,336 | ) | (241,942 | ) | ||||||
Period/Year profit (loss) | (20,709 | ) | (90,684 | ) | (304,057 | ) | ||||||
Total Equity attributable to the owners | 306,166 | 1,340,701 | 1,431,385 |
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![]() | First Quarter 2012 Page 16 of 19 |
LIABILITIES | ||||||||||||
31.03.2012 | 31.12.2011 | |||||||||||
US$ | AR$ | AR$ | ||||||||||
Non-current liabilities | ||||||||||||
Trade payable | 12,615 | 55,242 | 53,582 | |||||||||
Other liabilities | 339,530 | 1,486,803 | 1,373,689 | |||||||||
Loans | 273,890 | 1,199,365 | 1,189,882 | |||||||||
Salaries and social security taxes payable | 20,281 | 88,810 | 82,251 | |||||||||
Provisions | 15,971 | 69,938 | 63,357 | |||||||||
Taxes | 1,532 | 6,707 | 7,161 | |||||||||
Deferred tax liabilities | 59,343 | 259,865 | 301,583 | |||||||||
Total non-current liabilities | 723,163 | 3,166,730 | 3,071,505 | |||||||||
Current liabilities | ||||||||||||
Trade payables | 149,355 | 654,026 | 581,559 | |||||||||
Loans | 25,392 | 111,191 | 57,793 | |||||||||
Salaries and social security taxes payable | 64,326 | 281,682 | 239,820 | |||||||||
Taxes | 34,076 | 149,220 | 125,840 | |||||||||
Other liabilities | 15,204 | 66,579 | 62,497 | |||||||||
Provisions | 1,456 | 6,374 | 6,967 | |||||||||
Total current liabilities | 289,809 | 1,269,072 | 1,074,476 | |||||||||
TOTAL LIABILITIES | 1,012,971 | 4,435,802 | 4,145,981 | |||||||||
TOTAL LIABILITIES AND EQUITY | 1,319,137 | 5,776,503 | 5,577,366 |
*Financial tables have been converted into U.S. dollars at a rate of Ps. 4.379 per dollar, the buying rate as of March 31, 2012, solely for the convenience of the reader.
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![]() | First Quarter 2012 Page 17 of 19 |
Consolidated Income Statement
(For the three month period ended March 31, 2012 and 2011
in thousands of U.S. dollars and Argentine Pesos)
31.03.12 | 31.03.11 | |||||||||||
US$ | AR$ | AR$ | ||||||||||
Net sales | 203,470 | 890,994 | 643,557 | |||||||||
Income from construction (IFRIC 12) | 0 | 0 | 620 | |||||||||
Electric power purchases | (109,261 | ) | (478,455 | ) | (317,614 | ) | ||||||
Construction cost (IFRIC 12) | 0 | 0 | (620 | ) | ||||||||
Gross Margin | 94,208 | 412,539 | 325,943 | |||||||||
Transmission and distribution expenses | (79,195 | ) | (346,794 | ) | (184,435 | ) | ||||||
Selling expenses | (20,151 | ) | (88,243 | ) | (45,707 | ) | ||||||
Administrative expenses | (14,004 | ) | (61,324 | ) | (50,129 | ) | ||||||
Other incomes | 4,080 | 17,865 | 0 | |||||||||
Other expenses | (4,003 | ) | (17,527 | ) | (10,868 | ) | ||||||
Gain from acquisition of assets | 0 | 0 | 434,959 | |||||||||
Gain from permanent investments | 22 | 98 | 0 | |||||||||
Operating Income (loss) | (19.042 | ) | (83,386 | ) | 469,763 | |||||||
Financial incomes | 3,051 | 13,360 | 4,570 | |||||||||
Financial expenses | (17,716 | ) | (77,578 | ) | (71,652 | ) | ||||||
Net financial results | (14,665 | ) | (64,218 | ) | (67,082 | ) | ||||||
Income (loss) before income tax | (33,707 | ) | (147,604 | ) | 402,681 | |||||||
Income tax | 7,787 | 34,098 | (150,765 | ) | ||||||||
Profit (Loss) from continuing operations | (25,921 | ) | (113,506 | ) | 251,916 | |||||||
Income from discontinued operations | 5,501 | 24,088 | 103 | |||||||||
Profit (Loss) for the year | (20,420 | ) | (89,418 | ) | 252,019 | |||||||
Other comprehensive income (loss) | 0 | 0 | 537 | |||||||||
Comprehensive income (loss) for the period | (20,420 | ) | (89,418 | ) | 252,556 |
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![]() | First Quarter 2012 Page 18 of 19 |
Consolidated Balance Sheet
(As of March 31, 2012 and December 31, 2010
in thousands of U.S. dollars and Argentine Pesos)
31.03.12 | 31.12.11 | |||||||||||
ASSETS | US$ | AR$ | AR$ | |||||||||
Non-current assets | ||||||||||||
Property, plant and equipment | 924,515 | 4,048,452 | 3,995,310 | |||||||||
Intangible assets | 184,942 | 809,861 | 793,015 | |||||||||
Investments in other companies | 97 | 424 | 419 | |||||||||
Other receivables | 16,132 | 70,641 | 70,704 | |||||||||
Trade receivables | 10,438 | 45,709 | 45,725 | |||||||||
Total non-current assets | 1,136,124 | 4,975,087 | 4,905,173 | |||||||||
Current assets | ||||||||||||
Inventories | 12,785 | 55,986 | 45,325 | |||||||||
Other receivables | 71,526 | 313,213 | 244,903 | |||||||||
Infrastructure construction | 10,261 | 44,935 | 45,504 | |||||||||
Trade Receivables | 131,560 | 576,101 | 534,732 | |||||||||
Investments | 495 | 2,169 | 2,132 | |||||||||
Cash and cash equivalents | 47,683 | 208,805 | 130,859 | |||||||||
Total current assets | 274,311 | 1,201,209 | 1,003,455 | |||||||||
Other assets available for sale | 306,781 | 1,343,396 | 1,200,985 | |||||||||
TOTAL ASSETS | 1,717,217 | 7,519,692 | 7,109,613 | |||||||||
EQUITY | ||||||||||||
Capital and reserves attributable to the owners | ||||||||||||
Capital stock | 204,851 | 897,043 | 897,043 | |||||||||
Inflation adjustment on capital stock | 225,198 | 986,142 | 986,142 | |||||||||
Additional paid-in capital | 4,971 | 21,769 | 21,769 | |||||||||
Treasury stock - Value of capital stock | 2,149 | 9,412 | 9,412 | |||||||||
Treasury stock - Inflation adjustment on capital stock | 2,363 | 10,347 | 10,347 | |||||||||
Legal reserve | 14,617 | 64,008 | 64,008 | |||||||||
Other comprehensive income (loss) | 0 | 0 | (11,337 | ) | ||||||||
Accumulated deficit | (127,275 | ) | (557,336 | ) | (241,942 | ) | ||||||
Period/Year income (loss) | (20,709 | ) | (90,684 | ) | (304,057 | ) | ||||||
Equity attributable to the owners | 306,166 | 1,340,701 | 1,431,385 | |||||||||
Non-controlling participation | 11,776 | 51,568 | 50,302 | |||||||||
TOTAL EQUITY | 317,942 | 1,392,269 | 1,481,687 |
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![]() | First Quarter 2012 Page 19 of 19 |
31.03.12 | 31.12.11 | |||||||||||
LIABILITIES | US$ | AR$ | AR$ | |||||||||
Non-current liabilities | ||||||||||||
Trade payable | 12,615 | 55,242 | 54,344 | |||||||||
Deferred incomes | 22,143 | 96,965 | 157,338 | |||||||||
Other liabilities | 339,528 | 1,486794 | 1,373,687 | |||||||||
Loans | 280,170 | 1,226,865 | 1,189,882 | |||||||||
Salaries and social security taxes payable | 26,128 | 114,415 | 107,094 | |||||||||
Provisions | 16,628 | 72,814 | 66,144 | |||||||||
Taxes | 2,501 | 10,952 | 17,652 | |||||||||
Deferred tax liabilities | 69,147 | 302,794 | 348,749 | |||||||||
Total non-current liabilities | 768,861 | 3,366,841 | 3,314,890 | |||||||||
Current liabilities | ||||||||||||
Trade payables | 169,672 | 742,994 | 658,328 | |||||||||
Loans | 32,375 | 141,772 | 59,025 | |||||||||
Salaries and social security taxes payable | 76,078 | 333,144 | 287,115 | |||||||||
Taxes | 47,524 | 208,108 | 168,993 | |||||||||
Other liabilities | 50,658 | 221,833 | 144,777 | |||||||||
Provisions | 2,273 | 9,954 | 10,344 | |||||||||
Total current liabilities | 378,581 | 1,657,805 | 1,328,582 | |||||||||
Other liabilities available for sale | 251,833 | 1,102,777 | 984,454 | |||||||||
TOTAL LIABILITIES | 1,399,274 | 6,127,423 | 5,627,926 | |||||||||
TOTAL LIABILITIES AND EQUITY | 1,717,217 | 7,519,692 | 7,109,613 |
*Financial tables have been converted into U.S. dollars at a rate of Ps. 4.379 per dollar, the buying rate as of March 31, 2012, solely for the convenience of the reader.
![](https://capedge.com/proxy/6-K/0000903423-12-000304/img02.jpg)