COMPAÑÍA DE TRANSPORTE DE ENERGÍA ELÉCTRICA EN ALTA TENSIÓN TRANSENER S.A. Buenos Aires, August 7th, 2023
Results for six-month period ended on June 30th, 2023
Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A. ("Transener" or the "Company") announces the results for six-month period ended on June 30th, 2023
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Transener, Argentina's leading electricity transmission company, announces the results for six-month period ended on June 30th, 2023.
Main results for six-month period ended on June 30th, 2023, restated in constant currency at June, 20231
José S. Refort
Chief Financial Officer
Andrés G. Colombo
Accounting and Tax Manager
(Andres.Colombo@trasnsener.com.ar)
Marcelo A. Fell
Financial Manager
(Marcelo.Fell@transener.com.ar)
investor@transener.com.ar
Tel: | (5411) 5167-9101 |
www.transener.com.ar
www.transba.com.ar
Consolidated revenues of AR$ 35,440 million, 33.6% higher than the AR$ 26,522 million for same period last year, due to the tariff adjustments (154.5% for Transener and 154.1% for Transba) as from January 2023 over the tariff values of February 2022.
Consolidated EBITDA2 of AR$ 16,344 million, 70.4% higher than the AR$ 9,592 million for same period last year, mainly due to the increase of 33.6% in revenues, partially offset by an increase of 8.6% in operating and administrative expenses and higher penalties for service quality.
Consolidated profit attributable to the owners of the company of AR$ 7,919 million, 129.2% higher than the AR$ 3,455 million for same period last year, mainly due to the increase of 33.6% in revenues, measured in constant currency.
Main results for the Second Quarter of 2023 3
Consolidated revenues of AR$ 16,047 million, 3.7% higher than the AR$ 15,470 million for the same period last year.
Consolidated EBITDA2 of AR$ 6,576 million, 7.5% lower than the AR$ 7,111 million for the same period last year, principally due to an increase in operating and administrative expenses of 11.7%.
Consolidated profit attributable to the owners of the company of AR$ 2,595 million,18.6% lower than the AR$ 3,188 million for the same period last year, mainly due to an increase in operating and administrative expenses of 11.7%.
1Expressed in constant currency, in accordance with IAS 29.
2Consolidated EBITDA represents consolidated operating results before depreciation.
- The financial information presented in this document for the quarters ended on June 30th, 2023 and 2022 is based on the unaudited condensed interim consolidated financial statements prepared according to the accounting framework established by the National Securities Commission (CNV), corresponding to the three-month and six-month periods ended on June 30th, 2023 and 2022.
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1. Financial Situation
As of June 30th, 2023, Transener maintains a principal balance of AR$ 361 million from a loan for working capital of AR$ 1,000 million, entered into with the Banco de la Nación Argentina in July 2021.
Regarding Transener's ratings, Fix Scr S.A. Credit Rating Agency maintained the long-term issuer rating of A+ (arg) with stable outlook.
2. Tariff Situation
On December 29th, 2022, the ENRE, in order to maintain in 2023 the purchasing power of the revenues granted by Resolutions No. 147/2022 y 148/2022, through Resolutions No. 698/2022 and 702/2022 set the hourly values of remuneration as from January 1st, 2023, establishing an increase of 154.5% and 154.1% for Transener and Transba, respectively, over the tariff values of February 2022.
On April 20th, 2023, the ENRE, under Resolution No. 364/2023, initiated the Full Tariff Review for the electricity transmission companies, in compliance with Laws No. 24,065 and 27,541, setting a term of 30 days for the elaboration of the guidelines and of the schedule for its development.
On May 29th, 2023, the ENRE, under Resolution No. 421/2023, approved the Program for the Full Tariff Review for electricity transmission in the year 2023 and 1st quarter of 2024, in which it is foreseen that during September and October 2023, the ENRE will notify the schedule and information requirements.
3. Operating Information
The Company continues to carry out the execution of the investment plan, maintaining as of June 30th, 2023 commitments for the acquisition of capital expenditures for an amount of approximately AR$ 13,000 million.
Transener, as the concessionaire of the extra high voltage electric power transmission network, is in charge of the supervision of the expansions of the network.
Here follows the most significant works in progress under Transener's supervision:
-
Federal Plan for Transmission Works
Electrical Interconnection in 500kV Bahía Blanca - Mar del Plata, Connection in 132kV to Villa Gesell and Complementary Works - North Trench
Construction and assembly of the new Vivoratá 500/132kV Substation, with eight 132kV outputs and expansion of Bahía Blanca Substation. Construction of the 500kV EHVL. - Works under the SE Resolutions No. 1/2003 and 821/2006
New 25 de Mayo Substation
Civil works and electromechanical assembly of the new 500/132kV Substation.
Ezeiza Substation - Installation of shunt capacitive compensation banks
Output on Transener's side in 220 kV to EDESUR's side, where the banks will be installed. - Other works to be undertaken by the Wholesale Electricity Market (WEM) Agents
Río Santa Cruz Hydroelectric Exploitation
Cóndor Cliff and La Barrancosa Hydroelectric Power Plants- 500kV EHVL and Complementary Works Anticipated detailed engineering revision and inspections in factories.
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Resistencia Substation - Fields 01 and 02 outputs in 132kV
Adequacy of both line outputs with equipment update.
Cobos Substation - DAG Hub Node (Puna Solar-AltiplanoSolar-Cauchari Solar Generators) Installation required by DAG (Automatic Generation Disconnection) system and covered by the photovoltaic generators mentioned above.
Puerto Madryn Substation Expansion - Transformation Capacity (Goldwing Loma Blanca VI Eolic Park)
Installation of 600 MVA of 500/138/34.5 kV transformers bank (T3PY).
Rosario Oeste Substation Expansion (for EPESF) - Output 132 kV DT HVL to Godoy Substation Commissioning of the Field N° 4 of the 132kV Rosario Oeste Substation yard for line output to Provincias Unidas, by armored cable.
Chaco Substation Expansion - Second Transformer in 300 MVA
New transformation field applying the standby transformer.
Gran Formosa Substation - Output 132 kV.
Line output of new output field 08.
Vivoratá Substation -Vivoratá Eolic Park (PCR)
New field 15 in 132 kV.
Gran Mendoza Substation - Outputs 200 kV to Godoy Cruz
New outputs in 200 kV for EDEMSA.
Business Development
Given its position as a leader in electricity transmission, Transener is involved in the supply of operation and maintenance services, engineering, testing and commissioning of lines and substations for new works or for the expansion of existing works in the 500kV system.
Transener maintains its main contracts with the following customers:
- Minera Alumbrera Ltd.
- Transportadora del Norte S.A.
- Transportadora Cuyana S.A.
- AES Argentina Generación S.A.
- Nucleoeléctrica Argentina S.A.
- Transportel Minera II S.A.
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Rate of failures
The following charts show the rate of failures of Transener and Transba as from December 2018.
Transener and Transba Concession Agreements state a maximum rate of failures of 2.5 and 7.0 outages per 100 km over a 12-month period, respectively.
Transener
3,0 | |||||||||||||||||||
2,5 | |||||||||||||||||||
2.5 FAILURE LIMIT | |||||||||||||||||||
2,0 | |||||||||||||||||||
1,5 | COMPANY | ||||||||||||||||||
FAILURES | |||||||||||||||||||
1,0 | |||||||||||||||||||
0,5 | |||||||||||||||||||
0,0 | MARCH JUNE SEPTEMBER | MARCH | JUNE SEPTEMBER | MARCH | JUNE SEPTEMBER | FEBRUARY MARCH | APRIL MAY JUNE JULY | AUGUST | SEPTEMBER OCTOBER | NOVEMBER | 2023 - MARCH | APRIL MAY | 2023 - JUNE | ||||||
2018 - DECEMBER | 2019 - DECEMBER | 2020 - DECEMBER | 2021 - DECEMBER | JANUARY | 2022 - DECEMBER | JANUARY FEBRUARY |
Transba
8,0
7,0
6,0
5,0 | 7.0 FAILURE LIMIT |
4,0 COMPANY FAILURES
3,0
2,0 1,0
0,0
2018 - DECEMBER | MARCH | JUNE | SEPTEMBER | 2019 - DECEMBER | MARCH | JUNE | SEPTEMBER | 2020 - DECEMBER | MARCH | JUNE | SEPTEMBER | 2021 - DECEMBER | JANUARY | FEBRUARY | MARCH | APRIL | MAY | JUNE | JULY | AUGUST | SEPTEMBER | OCTOBER | NOVEMBER | 2022 - DECEMBER | JANUARY | FEBRUARY | 2023 - MARCH | APRIL | MAY | 2023 - JUNE |
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4. Significant Financial Information
4.1 Consolidated Statements of Operations
Six-month period ended on | Three-month period ended on | |||
In AR$ MM | June 30th | June 30th | ||
2023 | 2022 | 2023 | 2022 | |
Revenues | 35,440 | 26,522 | 16,047 | 15,470 |
Operating costs | (20,542) | (19,196) | (10,593) | (9,691) |
Gross profit | 14,898 | 7,325 | 5,454 | 5,778 |
Administrative expenses | (2,545) | (2,056) | (1,316) | (972) |
Other operating (expenses)/income, net | (129) | 262 | 373 | 257 |
Operating income | 12,224 | 5,531 | 4,511 | 5,063 |
Finance income | 5,946 | 2,876 | 3,426 | 1,522 |
Finance costs | (2,636) | (2,413) | (1,361) | (1,148) |
Other financial results | (302) | (89) | (205) | (80) |
Loss on net monetary position | (3,121) | (667) | (2,413) | (472) |
Profit before tax | 12,111 | 5,239 | 3,960 | 4,885 |
Income tax | (4,192) | (1,783) | (1,365) | (1,697) |
Profit for the period from continuing operations | 7,919 | 3,455 | 2,595 | 3,188 |
Profit for the period attributable to : | ||||
Owners of the company | 7,919 | 3,455 | 2,595 | 3,188 |
Total for the period | 7,919 | 3,455 | 2,595 | 3,188 |
Other comprehensive results | ||||
Profit for the period | 7,919 | 3,455 | 2,595 | 3,188 |
Other comprehensive results for the period, net | ||||
of taxes | 0 | 0 | 0 | 0 |
Comprehensive profit for the period | 7,919 | 3,455 | 2,595 | 3,188 |
Comprehensive profit for the period | ||||
attributable to : | ||||
Owners of the company | 7,919 | 3,455 | 2,595 | 3,188 |
Total for the period | 7,919 | 3,455 | 2,595 | 3,188 |
EBITDA | 16,344 | 9,592 | 6,576 | 7,111 |
Acquisition of property, plant and equipment | 4,465 | 2,988 | 3,365 | 1,486 |
Depreciation | 4,120 | 4,061 | 2,065 | 2,048 |
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TRANSENER - Compañía de Transporte de Energía Eléctrica en Alta Tensión published this content on 07 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 August 2023 14:40:05 UTC.
