UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16 UNDER
THE
SECURITIES EXCHANGE ACT OF 1934
For
the month of May, 2022
EMPRESA
DISTRIBUIDORA Y COMERCIALIZADORA NORTE S.A. (EDENOR)
(DISTRIBUTION
AND MARKETING COMPANY OF THE NORTH )
(Translation
of Registrant's Name Into English)
Argentina
(Jurisdiction
of incorporation or organization)
Av.
del Libertador 6363,
12th
Floor,
City
of Buenos Aires (A1428ARG),
Tel:
54-11-4346-5000
(Address
of principal executive offices)
(Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form
20-F X Form 40-F
(Indicate
by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
Yes No X
(If
"Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .)
 |
Results for the first quarter 2022
|
|
Ticker: EDN
Ratio: 20 Class B shares = 1 ADR
Number of Shares net of Treasury Shares:
875,3 million Shares | 43,8 million ADRs
Total Shares:
906,5 million Shares | 45,3 million ADRs
Market Capitalization:
AR$ 49,017 billion | $ 231,085 millones |
Investor Relations Contacts:
Germán Ranftl
Chief Financial Officer
Silvana Coria
Investor Relations Manager |
|
ir.edenor.com | investor@edenor.com
Tel: +54 (11) 4346 -5511 |
Buenos Aires, Argentina, May 12th, 2022.
Empresa Distribuidora y Comercializadora Norte S.A. (NYSE / BYMA: EDN) (“edenor” or “the Company”), Argentina’s
largest electricity distributor both in terms of number of customers and energy sales, informs its results for the first quarter of 2022.
All figures are stated in Argentine Pesos on a constant currency basis, and the information has been prepared in accordance with International
Financing Reporting Standards (“IFRS”), except for what is expressly indicated in the Income Statement, which is expressed
at historical values.
Webcast Information
On Friday, May 13th, 2022, at 10 a.m Buenos Aires
time/ 9 a.m. New York time, there will be a webcast to analyze edenor’s 1Q22 results. Such presentation will be given by
German Ranftl, edenor’s Chief Financial Officer.
For those interested in participating, please clic
AQUÍ
Questions will be answered exclusively through the webcast
system.
1 Market
Price as of 10/05/2022, AR$ 56,00 per share and USD 5,28 per ADR
| | | |
Edenor S.A – Earnings Release 1Q22 | 2 | |
SUMMARY OF RESULTS FOR THE FIRST QUARTER 2022
Edenor has managed to sustain the improvement in
its service quality levels together with an improvement in the efficiency of the use of its resources.
| In millions of Pesos |
1Q |
| in constant purchising power |
2022 |
2021 |
Δ AR$ |
Δ% |
| Revenue from sales |
30,401 |
32,607 |
(2,206) |
(7%) |
| EBITDA |
1,329 |
1,439 |
(110) |
(8%) |
| Net income |
(2,818) |
(1,018) |
(1,800) |
177% |
| Capital expenditures |
2,684 |
3,920 |
(1,236) |
(32%) |
Revenue from sales decreased by 7%, reaching
ARS 30,401 million in 1Q22, lower than 1Q2021 in real terms, mainly due to the inflation differences and that the tariff is frozen.
EBITDA decreased AR$ 110 million, reaching a positive
result of AR$ 1,329 million in 1Q22, compared to a gain of AR$ 1,439 million in the same period of the previous year. There are no adjustments
to the EBIDTA in the periods under comparison.
Net results accumulated losses for AR$ 2,818
million in 1Q22, increasing losses by AR$ 1,800 million compared to the same period of last year.
During the first quarter of the year, there was a higher
loss in the operating income, higher financial losses mainly due to the deferral of the payment of obligations with the Wholesale Electricity
Market and a higher result for exposure to changes in purchasing power (RECPAM) compared to the same period in 2021.
During the first quarter of 2022, investments reached
AR$ 2,684 million, representing a decrease of 32 % in real terms in real terms compared to the first quarter of the previous year.
At the end of March 2022, collection of trade receivables
was 98%, the defaulting balance amounted to 9,004 million pesos, and general customer satisfaction was 86%.
| | | |
Edenor S.A – Earnings Release 1Q22 | 3 | |
REGULATORY FRAMEWORK
Public Hearings:
On April 18, 2022, through Resolutions No. 235 and
236/2022 issued by the Secretariat of Energy, the Argentine Executive Branch convened public hearings to be held on May 10, 11 and 12
with the aim of dealing with the following issues:
| · | New seasonal reference prices of the Seasonal Price of Electric Energy
(PEST, in Spanish), in force as of June 1, 2022. |
| · | Implementation of segmentation in the granting of energy price subsidies
by the National Government to users of natural gas and electricity services for the years 2022 and 2023. |
Debt Restructuring
On April 6, 2022, the General Meeting of Shareholders approved
the update of the Global Program for the Issue of Simple Corporate Notes for a Maximum Amount outstanding at all times of up to $750,000,000
(or its equivalent in other currencies).
Consequently, on April 12, 2022, edenor launched the exchange
offer of Class 9- Corporate Notes issued by the Company due on October 25, 2022 at a nominal annual fixed interest rate of 9.75% for an
outstanding nominal value of $ 98,057,000 for Class N I - New Corporate Notes, denominated and payable in US dollars, at a nominal annual
fixed interest rate of 9.75%, due 2025, to be issued for a nominal value of up to $ 120,000,000, within the framework of the Global Program
for the Issue of Simple Corporate Notes.
New Corporate Notes are within the framework of the "Guidelines
for the issue of negotiable, social, green and sustainable bonds in Argentina" contained in Annex III of Chapter I, Title VI of the
Rules of the Argentine Securities and Exchange Commission (CNV) and in BYMA`s Guide of Green and Sustainable Social Bonds intended to
be listed on BYMA`s Panel of Social, Green and Sustainable Bonds.
The capital of such corporate notes will be amortized in a
single payment on May 12, 2025. Likewise, they will accrue interest at a nominal annual fixed rate of 9.75%, payable semi-annually every
May 12 and November 12 of each year, starting on November 12, 2022.
Finally, on May 12, 2022, the Company approved the issue and
placement by exchange, pursuant to the provisions of the Prospectus and Exchange Supplement dated April 12, 2022. The Corporate Notes
will be subscribed in accordance with the Exchange Orders received, based on the following options:
Option A
Exchange Orders for Existing Corporate
Notes submitted under Option A on or before the Early Exchange Date (April 28, 2022), which on April 29,2022 has been extended to May
9, 2022, will receive a nominal value of New Corporate Notes of $ 1,050 for each $ 1,000 nominal value of Existing Corporate Notes validly
presented and accepted for exchange.
Option B
Exchange Orders for Existing Corporate
Notes submitted under Option B will receive a portion of the Cash Consideration, plus the corresponding New Corporate Notes Consideration.
The Cash Consideration represents a total
amount equal to the lesser of: (i) 30% of the principal amount of the Existing Corporate Notes that are validly presented and accepted
for exchange in the Offer; and (ii) the principal amount of the Existing Corporate Notes accepted for exchange under Option B.
| | | |
Edenor S.A – Earnings Release 1Q22 | 4 | |
The amount of the Pro Rata Cash Consideration
to be paid to Eligible Holders whose Existing Corporate Notes are accepted for exchange under Option B will be equal to the Cash Consideration
divided by the principal amount of the Existing Corporate Notes accepted under Option B multiplied by 1,000.
The Early Cash Consideration (on
or before the Early Exchange Date) in New Corporate Notes for each Eligible Holder whose Existing Notes have been accepted for exchange
under Option B will be equal to 1.04 times the difference between $1,000 and the Pro Rata Cash Consideration received by each Eligible
Holder whose Existing Notes have been accepted for exchange under Option B.
Payment of accrued interest
In addition to the Exchange Consideration,
Eligible Holders whose Existing Corporate Notes were accepted for exchange in the Exchange Offer will also receive an Accrued Interest
Payment equal to all accrued and unpaid interest from the last interest payment date until and excluding the Settlement Date, which must
be paid in cash on the Settlement Date.
The result of the offer to exchange the Class N° 9 Negotiable obligation issued
by the Company with maturity on October 25, 2022 for New Negotiable obligation - Class N I, was 73.25% acceptance, restructuring accordingly
a total of U$S 52,706,268 corresponding to: i) Exchange Orders filed under Option A for U$S 43,783,950 and; ii) Redemption Orders filed
under Option B for U$S 30,470,118
Additionally, interest was paid in cash from the last payment date to and including
the Settlement Date, totaling U$S 329,573.
The debt structure for Negotiable Obligations of the Company based on the Exchange
Offers received would be composed as follows:
RATINGS
Credit rating agencies FIX SCR, Moody's, S&P, updated edenor's ratings
as to the debt:
| | | |
Edenor S.A – Earnings Release 1Q22 | 5 | |
FixScr has also concluded that these new bonds CLASS N1 are aligned with
the four+ principal components of the Social Bonds Principles of ICMA. BYMA authorized the incorporation of these new issuance to the
SVS bonds panel.
MAIN RESULTS FOR THE FIRST QUARTER 2022
| In millon of Pesos |
1Q |
| in constant purchising power |
2022 |
2021 |
ΔAR$ |
Δ% |
| Revenue from sales |
30,401 |
32,607 |
(2,206) |
(7%) |
| Energy purchases |
(17,979) |
(19,771) |
1,792 |
(9%) |
| Gross margin |
12,422 |
12,836 |
(414) |
(3%) |
| Operating expenses |
(13,830) |
(13,912) |
82 |
(1%) |
| Other operating expenses |
(132) |
(309) |
177 |
n/a |
| Asset Impairment |
- |
- |
- |
- |
| Net operating income |
(1,540) |
(1,385) |
(155) |
(11%) |
| Financial Results, net |
(9,846) |
(6,730) |
(3,116) |
46% |
| RECPAM* |
11,782 |
8,402 |
3,380 |
40% |
| Income Tax |
(3,214) |
(1,305) |
(1,909) |
146% |
| Net income (loss) |
(2,818) |
(1,018) |
(1,800) |
175% |
| *Result for exposure to changes in purching power |
|
|
|
Revenues from sales
Revenues from sales decreased by 7 % to AR$ 30,401 million
in 1Q22, against AR$ 32,607 million in 1Q21. This is due to the inflation differences and that the tariff is frozen.
Energy purchases
Energy purchases decreased by 9% to AR$ 17,979 million
in 1Q22 against AR$ 19,771 million for the same period in 2021. The VAD increased 8%. There was an increased for residential customers
of 34 % and 50 % for industries. . In turn, the reference seasonal price for residential customers is still subsidized by the Federal
Government, where the subsidy reached 70% of the system’s actual generation cost in the first quarter of 2022, while large users
receive no subsidy in the energy price.
Gross Margin
The gross margin corresponding to 1Q22 was AR$ 12,422
million, which represents a fall of 3% compared to the same period of the previous year.
By means of Resolution No. 76/2022, the ENRE established
new tariffs schemes which are effective as of March 1st, setting a VAD increase of 8%.
| |
1Q 2022 |
1Q 2021 |
Variation |
| |
GWh |
Part. % |
Customers |
GWh |
Part. % |
Customers |
% GWh |
% Customers |
| Residential * |
2,356 |
43.1% |
2,864,074 |
2,266 |
43.5% |
2,800,417 |
4.0% |
2.3% |
| Small commercial |
536 |
9.8% |
339,647 |
457 |
8.8% |
328,976 |
17.4% |
3.2% |
| Medium commercial |
391 |
7.2% |
30,892 |
373 |
7.2% |
30,947 |
5.0% |
(0.2%) |
| Industrial |
936 |
17.1% |
6,931 |
880 |
16.9% |
6,863 |
6.4% |
1.0% |
| Wheeling System |
956 |
17.5% |
684 |
950 |
18.2% |
686 |
0.7% |
(0.3%) |
| Others |
|
|
|
|
|
|
|
|
| Public lighting |
147 |
2.7% |
21 |
150 |
2.9% |
21 |
(2.2%) |
0.0% |
| Shantytowns and others |
147 |
2.7% |
563 |
136 |
2.6% |
515 |
8.3% |
9.3% |
| Total |
5,470 |
100% |
3,242,812 |
5,212 |
100% |
3,168,425 |
5.0% |
2.3% |
Volume of Energy Sales
The volume of energy sales increased by 5%, reaching
5,470 GWh in 1Q22, against 5,212 GWh for the same period of 2021.
| | | |
Edenor S.A – Earnings Release 1Q22 | 6 | |
Furthermore, edenor’s customer base rose
by 2.3% compared to the same period of the previous year, reaching more than 3.2 million of customers, mainly on account of the increase
in residential customers and small commercials as a result of the market discipline actions and the installation over the last year of
6,445 integrated energy meters that were mainly intended for the regularization of clandestine connections.
The outbreak of the global pandemic has brought several
consequences in economic activities worldwide that directly affected the Company’s activities, generating reduced collections, especially
at the beginning of the lockdown. In addition, given the tariff delay, our income was highly committed. For these reasons, we have seen
the need to partially defer payments to CAMMESA for the energy acquired in the Wholesale Electricity Market as from maturities taking
place in March 2020. These obligations were partially regularized; even so, as of March 31, 2022 there is a debt of ARS 32,640 million
before interest.
As regards the treatment of the debt accumulated, Decree
88/2022 extended until December 31, 2022, the implementation of the "Special Regime for the Regularization of Obligations" for
the debts maintained by the electricity distributors with CAMMESA, and the "Special Regime of Credits” established by the Secretariat
of Energy within the framework of Section 87 of Law No. 27.591 and Resolutions No. 40/21 and 371/21.
Operating Expenses
| In million of pesos |
1Q |
| in constant purchising power |
2022 |
2021 |
ΔAR$ |
Δ% |
| Salaries, social security taxes |
(4,442) |
(4,450) |
8 |
(0%) |
| Pensions Plans |
(265) |
(333) |
68 |
(20%) |
| Communications expenses |
(196) |
(241) |
45 |
(19%) |
| Allowance for the imp. of trade and other receivables |
(392) |
(1,035) |
643 |
(62%) |
| Supplies consumption |
(609) |
(556) |
(53) |
10% |
| Leases and insurance |
(166) |
(158) |
(8) |
5% |
| Security service |
(207) |
(172) |
(35) |
20% |
| Fees and remuneration for services |
(2,805) |
(2,878) |
73 |
(3%) |
| Amortization of assets by right of use |
(147) |
(18) |
(129) |
717% |
| Public relations and marketing |
(200) |
(2) |
(198) |
9900% |
| Advertising and sponsorship |
(103) |
0 |
(103) |
na |
| Reimbursements to personnel |
0 |
0 |
0 |
na |
| Depreciation of property, plant and equipment |
(2,722) |
(2,643) |
(79) |
3% |
| Directors and Sup. Committee members’ fees |
(11) |
(181) |
170 |
(94%) |
| ENRE penalties |
(1,082) |
(743) |
(339) |
46% |
| Taxes and charges |
(476) |
(483) |
7 |
(1%) |
| Other |
(7) |
(19) |
12 |
(63%) |
| Total |
(13,830) |
(13,912) |
82 |
(0.6%) |
Operating expenses decreased by 0,6%, reaching AR$ 13,830 million
in 1Q22, against AR$ 13,912 million in 1Q21.
Financial Results
Financial results experienced a decrease in the amount
of AR$ 3,116 million, reaching a loss of AR$ 9,846 million in 1Q22, against losses for AR$ 6,730 million in 1Q21. This
difference is mainly due to higher interest accrued on the debt incurred with CAMMESA, which to date accumulates a debt for AR$ 32,640
million.
Net Income
Net income decreased by AR$ 1,800 million,
recording losses for AR$ 2,818 million in 1Q22, against a loss of AR$ 1,018 million for the same period in 2021. In addition,
there was a lower loss in the operating income, higher financial charges due to the deferral of the payment of obligations with the Wholesale
Electricity Market and a higher result for exposure to changes in purchasing power (RECPAM).
| | | |
Edenor S.A – Earnings Release 1Q22 | 7 | |
EBITDA
| In millon of Pesos |
1Q |
| in constant purchising power |
2022 |
2021 |
∆ AR$ |
∆ % |
| Net operating income |
(1,540) |
(1,385) |
(155) |
na |
| Depreciation of property, plant and equipment |
2,869 |
2,824 |
45 |
2% |
| EBITDA |
1,329 |
1,439 |
(110) |
(8%) |
EBITDA for 1Q22 registered a gain of AR$ 1,329
million, AR$ 110 million lower than the same period in 2021, mainly due to the impact of lower operating income. There are no adjustments
to EBITDA between the comparison periods
Capital Expenditures
During the first quarter of 2022, edenor´s
capital expenditures totaled AR$ 2,684million, against AR$ 3,920 million in 1Q21. Investments for the period were as follows:
| · | AR$ 487 million in new connections; |
| · | AR$ 696 million in grid enhancements; |
| · | AR$ 719 million in maintenance; |
| · | AR$ 23 million in legal requirements; |
| · | AR$ 93 million in communications and telecontrol; |
| · | AR$ 302 million in other investment projects |
Quarterly
| | | |
Edenor S.A – Earnings Release 1Q22 | 8 | |
This year, we plan to carry out the
following works:
| - | Renewal of 220/132 kV Transformer - MALAVER 300 MVA - To be put into operation
in October 2022. |
| - | New Substation ORO VERDE 80 MVA - To be put into operation in November
2022. |
| - Electroduct MATHEU-TALAR in Substation BENAVIDEZ - 0,5 km - To be put into operation in October 2022. |
| - Electroduct ORO VERDE - 4 km - To be put into operation in November 2022. |
| - Renewal of cables 115/116 Substation PUERTO NUEVO-PI SALGUERO - 4 km - To be put into operation in December 2022. |
| |
Service Quality Standards
The investment plan executed in recent years continues
to show results that are reflected in a continuous improvement in the quality of service, by reducing the duration and frequency of outages
since 2014, and thus exceeding the regulatory requirements set forth in the last comprehensive tariff review, and even exceeding this
year the quality indicators required by the regulator in the last Integral Tariff Revision.
Quality standards are measured based on the duration
and frequency of service outages using SAIDI and SAIFI indicators. SAIDI refers to the duration of outages and measures the number of
outage hours a user experiences per year. SAIFI refers to the frequency of outages and measures the number of times a user experiences
an outage during a year.
At the closing of the first quarter of 2022, SAIDI and
SAIFI indicators for the last 3 months were 10.4 hours and 4.1 outages on average per client per year, evidencing a 13% and 11% improvement,
respectively, compared to the same period of the previous year. In turn, these indicators are 13% and 24% lower than target values required
by the RTI for January 2022. This recovery in service levels is mainly due to the investment plan devised by the Company since 2014, the
different improvements implemented in the operating processes, and the adoption of technology applied to the grid´s operation and
management.
| | | |
Edenor S.A – Earnings Release 1Q22 | 9 | |
SAIDI
SAIFI
Energy Losses
In 1Q22, energy losses experienced a 13,8 % decrease, against
16,6 % for the same period of the previous year. Costs associated with these losses increased 34 %. This results in a AR$ 789 million
improvement in real terms.
The works of multidisciplinary teams to develop new
solutions to energy losses continued, as well as Market Discipline (DIME) actions aiming to reduce them. Analytical and artificial intelligence
tools were used to enhance effectiveness in the routing of inspections, and DIME actions continued with the objective of detecting and
normalizing irregular connections, fraud and energy theft.
| | | |
Edenor S.A – Earnings Release 1Q22 | 10 | |
In addition, during 2022, 70,928 inspections of Tariff
1 (Residential users) were conducted with a 52 % efficiency, while for the same period of the previous year 413,041 inspections were conducted
with a 52 % efficiency. Moreover, 6,445 Integrated Energy Meters (MIDE) were installed during 2022.
Regarding the recovery of energy, besides the normalization
of customers with MIDE meters, clandestine customers with conventional meters were also put back to normal. Moreover, a new energy balance
system was implemented, as well as the development of micro-balances in private neighborhoods. In all cases, a striking rate of recidivism
in fraud has been observed.
Energy Losses
Indebtedness
As of March 31, 2022, the outstanding principal of our
dollar-denominated financial debt amounts to USD 98.1 million, whereas the cash position net of financial debt amounts to USD -100
million The financial debt consists exclusively of Senior Notes maturing in October 2022.
Sustainability
At Edenor, we are committed to the Sustainable Development
Goals. We especially make concrete and measurable contributions to 3 of these goals: Affordable and Clean Energy, Quality Education and
Gender Equality.
Social pillar: The commitment to the development
of the community in which it is immersed is key to Edenor, and part of its sustainability strategy includes electricity inclusion, intelligent
consumption and equitable and quality education. In this regard, the electrical inclusion and intelligent consumption program allows
customers to be effectively included in society and to make full use of electrical energy with energy efficiency knowledge. In addition,
it is an advance as to the experience of customers with the company and the administration of electricity consumption in households.
It is worth mentioning the most significant benefits of
accessing electricity:
| - | Access to a quality public service; |
| | | |
Edenor S.A – Earnings Release 1Q22 | 11 | |
| - | Possibility of opening an account in a bank
or accessing other services, since the recharge ticket serves as a proof of address; |
| - | Greater equity between neighbors of normalized
and non- normalized neighborhoods |
| - | Possibility of self-managing consumption (energy
loads) based on family income flow; |
| - | Training for clients in the rational use of
energy; |
| - | Decrease in accidents derived from illegal
manipulations in power lines and clandestine connections; |
| - | Improvement in the electrical safety of households
due to the incorporation of thermal and circuit breaker; |
| - | It offers the possibility of filing claims
with the company, or with the ENRE, in the event the latter does not answer; |
| - | Digitalization of the service; |
| - | Improvement in the quality of life since it
offers the possibility of using a refrigerator, electric oven for cooking, access to well water, etc.; |
| - | Access to social tariff; |
| - | Access to consumer credit, since customers
may be considered good payers if there are no debts; |
| - | Access to education, work and undertakings
development |
In addition, the Company continues to carry out the scholarship and tutoring
program in technical schools: the “Mujeres con Energia” initiative and the “edenorchicos” educational program.
Environmental pillar: Edenor is working with its
consumers so that they can install an electricity generation system for self-consumption and with eventual injection of surpluses into
the network. Likewise, Edenor acquired its first 100% electric vehicle for its operations and installed smart meters that allow the company
and customers to know in real time, 24 hours a day, electricity consumption, credit balances, partial and total values of the electricity
supply, among others.
Governance pillar: all employees, members of the
Board of Directors and members of the Supervisory Committee adhere to the code of ethics and, in turn, a policy has been implemented to
facilitate the reporting of alleged irregularities.
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 (in GWh). 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 11 million people and an area of 4,637 sq. km.
In the first quarter, Edenor sold 5,470 GWh of energy and purchased 6,351 GWh (including wheeling system demands), with revenue
from sales in the amount of AR$ 30,401 billion adjusted by inflation as of March 2022. In turn, the company had negative net results in
the amount of AR$ 12,665 billion.
Disclaimer
This press release may contain forward-looking statements.
These statements 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
| | | |
Edenor S.A – Earnings Release 1Q22 | 12 | |
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.
Edenor S.A.
Avenida del Libertador 6363, Piso 4º
(C1428ARG) Buenos Aires, Argentina
Tel: 5411.4346.5511
investor@edenor.com
www.edenor.com
| | | |
Edenor S.A – Earnings Release 1Q22 | 13 | |
Condensed Interim Statements of Financial Position
As of March 31, 2022 and 2021
Values expressed on a constant currency basis
In million of Argentine Pesos
in constant purchising power |
03.31.2022 |
|
03.31.2021 |
|
|
03.31.2022 |
|
03.31.2021 |
| AR$ |
AR$ |
|
AR$ |
AR$ |
| |
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
EQUITY |
|
|
|
| |
|
|
|
|
|
|
|
|
| Non-current assets |
|
|
|
|
Share capital |
875 |
|
875 |
| Property, plant and equipment |
226,715 |
|
226,827 |
|
Adjustment to share capital |
64,437 |
|
64,437 |
| Interest in joint ventures |
14 |
|
16 |
|
Additional paid-in capital |
889 |
|
889 |
| Deferred tax asset |
510 |
|
494 |
|
Treasury stock |
31 |
|
31 |
| Other receivables |
4 |
|
9 |
|
Adjustment to treasury stock |
1,384 |
|
1,384 |
| Financial assets at amortized cost |
- |
|
- |
|
Adquisition cost of own shares |
(5,349) |
|
(5,349) |
| Total non-current assets |
227,243 |
|
227,346 |
|
Legal reserve |
4,521 |
|
4,521 |
| |
|
|
|
|
Opcional reserve |
43,779 |
|
43,779 |
| Current assets |
|
|
|
|
Other comprehensive loss |
(231) |
|
(231) |
| Inventories |
3,034 |
|
3,994 |
|
Accumulated losses |
(27,598) |
|
(24,780) |
| Other receivables |
2,951 |
|
2,476 |
|
TOTAL EQUITY |
82,738 |
|
85,556 |
| Trade receivables |
19,200 |
|
20,390 |
|
|
|
|
|
| Financial assets at fair value through profit or loss |
15,915 |
|
17,938 |
|
|
|
|
|
| Financial assets at amortized cost |
165 |
|
282 |
|
LIABILITIES |
|
|
|
| Cash and cash equivalents |
5,456 |
|
3,683 |
|
Non-current liabilities |
|
|
|
| Total current assets |
46,721 |
|
48,763 |
|
|
|
|
|
| |
|
|
|
|
Trade payables |
704 |
|
767 |
| |
|
|
|
|
Other payables |
10,348 |
|
10,975 |
| TOTAL ASSETS |
273,964 |
|
276,109 |
|
Borrowings |
- |
|
- |
| |
|
|
|
|
Deferred revenue |
1,676 |
|
1,959 |
| |
|
|
|
|
Salaries and social security payable |
482 |
|
463 |
| |
|
|
|
|
Benefit plans |
1,171 |
|
1,157 |
| |
|
|
|
|
Deferred tax liability |
59,015 |
|
57,396 |
| |
|
|
|
|
Tax liabilities |
1,595 |
|
- |
| |
|
|
|
|
Provisions |
4,511 |
|
4,622 |
| |
|
|
|
|
Total non-current liabilities |
79,502 |
|
77,339 |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
Current liabilities |
|
|
|
| |
|
|
|
|
Trade payables |
89,132 |
|
88,439 |
| |
|
|
|
|
Other payables |
4,842 |
|
4,617 |
| |
|
|
|
|
Borrowings |
11,334 |
|
11,914 |
| |
|
|
|
|
Derivative financial instruments |
- |
|
- |
| |
|
|
|
|
Deferred revenue |
44 |
|
51 |
| |
|
|
|
|
Salaries and social security payable |
3,928 |
|
5,244 |
| |
|
|
|
|
Benefit plans |
131 |
|
152 |
| |
|
|
|
|
Tax payable |
1,086 |
|
1,456 |
| |
|
|
|
|
Tax liabilities |
622 |
|
718 |
| |
|
|
|
|
Provisions |
605 |
|
623 |
| |
|
|
|
|
Total current liabilities |
111,724 |
|
113,214 |
| |
|
|
|
|
TOTAL LIABILITIES |
191,226 |
|
190,553 |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
273,964 |
|
276,109 |
| | | |
Edenor S.A – Earnings Release 1Q22 | 14 | |
Condensed Interim Statements of Comprehensive
Income
for the three-month period ended on March 31, 2022 and 2021
Values expressed on a
constant currency basis
In millon of Argentine Pesos
in constant purchising power |
03.31.2022 |
|
03.31.2021 |
| AR$ |
AR$ |
| |
|
|
|
| Continuing operations |
|
|
|
| Revenue |
30,401 |
|
32,607 |
| Electric power purchases |
(17,979) |
|
(19,771) |
| Subtotal |
12,422 |
|
12,836 |
| Transmission and distribution expenses |
(7,892) |
|
(8,072) |
| Gross loss |
4,530 |
|
4,764 |
| Selling expenses |
(3,534) |
|
(3,789) |
| Administrative expenses |
(2,404) |
|
(2,051) |
| Other operating income |
1,123 |
|
853 |
| Other operating expense |
(1,255) |
|
(1,358) |
| Operating Profit (Loss) |
(1,540) |
|
(1,581) |
| Financial income |
(19) |
|
21 |
| Financial expenses |
(8,290) |
|
(6,868) |
| Other financial expense |
(1,536) |
|
117 |
| Net financial expense |
(9,845) |
|
(6,730) |
| RECPAM |
11,781 |
|
8,402 |
| Profit (Loss) before taxes |
396 |
|
91 |
| Income tax |
(3,214) |
|
(1,305) |
| Profit (Loss) for the period |
(2,818) |
|
(1,214) |
| |
|
|
|
| Basic and diluted earnings Profit (Loss) per share: |
|
|
|
| Basic and diluted earnings profit (loss) per share |
(3.22) |
|
(1.39) |
| | | |
Edenor S.A – Earnings Release 1Q22 | 15 | |
Condensed Interim Statements of Comprehensive
Income
for the three-month period ended on March 31, 2022 and 2021
Values expressed at historical values
In millon of Argentine Pesos
at histórical values |
|
03.31.2022 |
|
03.31.2021 |
| AR$ |
AR$ |
| |
|
|
|
|
| Continuing operations |
|
|
|
|
| Revenue |
|
28,590 |
|
20,106 |
| Electric power purchases |
|
(16,940) |
|
(12,179) |
| Subtotal |
|
11,651 |
|
7,927 |
| Transmission and distribution expenses |
|
(5,679) |
|
(3,906) |
| Gross loss |
|
5,972 |
|
4,020 |
| Selling expenses |
|
(3,075) |
|
(2,143) |
| Administrative expenses |
|
(2,022) |
|
(1,094) |
| Other operating expense, net |
|
(512) |
|
(169) |
| Operating Profit (Loss) |
|
362 |
|
615 |
| Labilities regularization agreement |
|
424 |
|
- |
| Financial income |
|
(18) |
|
13 |
| Financial expenses |
|
(8,346) |
|
(4,324) |
| Other financial expense |
|
(922) |
|
107 |
| Net financial expense |
|
(9,285) |
|
(4,205) |
| |
|
|
|
|
| Profit (Loss) before taxes |
|
(8,499) |
|
(3,590) |
| |
|
|
|
|
| Income tax |
|
(1,122) |
|
(261) |
| Profit (Loss) for the period |
|
(9,621) |
|
(3,851) |
| |
|
|
|
|
| Basic and diluted earnings Profit (Loss) per share: |
|
|
|
|
| Basic and diluted earnings Profit (Loss) per share |
|
(11.00) |
|
(4.40) |
| | | |
Edenor S.A – Earnings Release 1Q22 | 16 | |
Condensed Interim Statements of Cash Flows
For the three-month period ended on March
31, 2022 and 2021
Values
expressed on a constant currency basis
In millon of Argentine Pesos
in constant purchising power |
03.31.2022 |
|
03.31.2021 |
| AR$ |
AR$ |
| |
|
|
|
| Cash flows from operating activities |
|
|
|
| Loss (Profit) for the period |
(2,818) |
|
(1,018) |
| Adjustments to reconcile net (loss) profit to net cash flows provided by operating activities: |
5,234 |
|
3,850 |
| |
|
|
|
| Changes in operating assets and liabilities: |
|
|
|
| Increase (Decrease) in trade receivables |
(1,505) |
|
(1,641) |
| Increase (Decrease) in trade payables |
4,941 |
|
4,036 |
| Income tax payment |
- |
|
- |
| Increase (Decrease) of Cammesa Commercial Financing |
- |
|
- |
| Others |
(562) |
|
1,037 |
| |
|
|
|
| Net cash flows provided by operating activities |
5,290 |
|
6,264 |
| |
|
|
|
| Net cash flows used in investing activities |
(3,607) |
|
(3,275) |
| |
|
|
|
| Net cash flows used in financing activities |
(188) |
|
(177) |
| |
|
|
|
| Net (decrease) increase in cash and cash equivalents |
1,495 |
|
2,812 |
| |
|
|
|
| Cash and cash equivalents at beginning of year |
3,683 |
|
7,642 |
| Exchange differences in cash and cash equivalents |
279 |
|
247 |
| Result for exposure to inflation in cash and cash equivalents |
(1) |
|
(2) |
| Net Increase (Decrease) in cash and cash equivalents |
1,495 |
|
2,812 |
| Cash and cash equivalents at the end of period |
5,456 |
|
10,699 |
| |
|
|
|
| Supplemental cash flows information |
|
|
|
| Non-cash operating, investing and financing activities |
|
|
|
| Acquisitions of property, plant and equipment through increased trade payables |
(384) |
|
(1,015) |
| Acquisitions of assets for rights of use through an increase in other debts |
(163) |
|
(99) |
 |
Investor Relations Contacts:
Germán Ranftl
Chief Financial Officer
Silvana Coria
Investor Relations Manager |
|
investor@edenor.com | Tel: +54 (11) 4346-5511 |
| | | |
Edenor S.A – Earnings Release 1Q22 | 17 | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
Empresa Distribuidora y Comercializadora Norte S.A. |
|
|
|
|
|
|
|
|
|
|
By: |
/s/ Germán Ranftl |
|
|
Germán Ranftl |
|
|
Chief Financial Officer |
Date:
May 12, 2022
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