Buenos Aires, March 9, 2017
Messrs.
BUENOS AIRES STOCK EXCHANGE
Messrs.
NATIONAL SECURITIES COMMISSION
25 de Mayo Street 175
Issuers Division
Dear Sirs,
In compliance with the provisions of section 62 of the Listing Regulations of Mercado de Valores de Buenos Aires S.A., I hereby inform you that at the Company’s Board of Directors meeting held on March 8, 2017, the following documents were approved: Annual Report, Corporate Governance Report, Statement of Financial Position, Statement of Comprehensive Income, Statement of Changes in Equity, Statement of Cash Flows, Notes to the Financial Statements, Informative Summary and the information required by section 12 of General Resolution No. 622 of the National Securities Commission, related to the year ended December 31, 2016.
The amounts disclosed below are stated in thousands of Argentine pesos and arise from the Financial Statements:
Year ended
December 31, 2016
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|
|
Loss for the year |
|
|
|
|
|
Attributable to the owners of the parent | Loss | (1,188,648) |
Attributable to non-controlling interests |
| 0 |
| Loss | (1,188,648) |
Other comprehensive income for the year |
|
|
|
|
|
Attributable to the owners of the parent | Income | 5,081 |
Attributable to non-controlling interests |
| 0 |
| Income | 5,081 |
Empresa Distribuidora y Comercializadora Norte S.A.
Av. Del Libertador 6363 Piso 1° – (C1428ARG) Capital Federal – Tel.: (54-11) 4346-5088 / 5113 – Fax: (54-11) 4346-5301
Total comprehensive loss for the year |
|
|
|
|
|
Attributable to the owners of the parent | Loss | (1,183,567) |
Attributable to non-controlling interests |
| 0 |
| Loss | (1,183,567) |
|
|
|
Detail of Equity |
|
|
Share Capital– Nominal Value (1) |
| 906,455 |
Share Capital – Adjustment to Capital (2) |
| 408,063 |
Additional paid-in capital |
| 3,452 |
Statutory Reserve |
| 73,275 |
Discretionary Reserve |
| 176,061 |
Other Reserves |
| 20,346 |
Other Comprehensive Loss |
| (37,172) |
Retained Earnings |
| (1,188,648) |
Total attributable to the owners of the Company |
| 361,832 |
Non-controlling interests |
| 0 |
Total Equity |
| 361,832 |
(1) Includes 9,412 related to treasury shares.
(2) Includes 10,347 related to treasury shares.
Furthermore, and as required by sub-sections 6), 7) and 8) of section 62, we inform the following:
Class of shares | Number of shares | % on Share Capital |
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|
|
A | 462,292,111 | 51.00 |
B | 442,210,385 | 48.78 |
C | 1,952,604 | 0.22 |
Total | 906,455,100 | 100.00 |
Empresa Distribuidora y Comercializadora Norte S.A.
Av. Del Libertador 6363 Piso 1° – (C1428ARG) Capital Federal – Tel.: (54-11) 4346-5088 / 5113 – Fax: (54-11) 4346-5301
The class “A” shares are owned by Electricidad Argentina S.A. (EASA), domiciled at Maipú 1 of the City of Buenos Aires. The class “B” shares are currently traded at the New York Stock Exchange (through American Depositary Shares –“ADSs”) and the Buenos Aires Stock Exchange. As of December 31, 2016, the Company has 9,412,500 treasury shares.
An amount of 1,952,604 class “C” shares, which are held by Banco de la Nación Argentina as trustee of the Company Employee Stock Ownership Program, remains outstanding. Moreover, IEASA S.A., domiciled at Maipú 1 of the City of Buenos Aires, owns 99.99% of EASA’s voting shares.
The Company does not have debt securities convertible into shares, nor there exist stock options of the Company’s shares.
The Board of Directors proposes that the loss for the year be allocated to the Retained Earnings account, whose balance at year-end amounts to a loss of 1,188,648.
The negative results recorded by the Company as of December 31, 2016 consume 100% of the reserves and more than 50% of the share capital. Section 206 of the Business Organizations Law provides for the mandatory capital stock reduction where this situation occurs. Therefore, the Company shareholders must analyze alternatives in conformity with the applicable regulations to rectify this situation.
Yours sincerely,
VICTOR A RUIZ |
Officer in charge of Market Relations |
Empresa Distribuidora y Comercializadora Norte S.A.
Av. Del Libertador 6363 Piso 1° – (C1428ARG) Capital Federal – Tel.: (54-11) 4346-5088 / 5113 – Fax: (54-11) 4346-5301
Empresa Distribuidora y Comercializadora Norte S.A. | ||
By: | /s/ Leandro Montero | |
Leandro Montero | ||
Chief Financial Officer |