CONDENSED INTERIM FINANCIAL STATEMENTS
AS OF MARCH 31, 2024 AND FOR THE
THREE-MONTH PERIOD ENDED MARCH 31, 2024
PRESENTED IN COMPARATIVE FORM
(Stated in millions of constant pesos - Note 3)
C O N D E N S E D I N T E R I M
F I N A N C I A L S T A T E M E N T S
Legal Information | 2 | ||
Condensed Interim Statement of Comprehensive Income (Loss) | 3 | ||
Condensed Interim Statement of Financial Position | 4 | ||
Condensed Interim Statement of Changes in Equity | 6 | ||
Condensed Interim Statement of Cash Flows | 7 | ||
Notes to the Condensed Interim Financial Statements: | |||
1 | | | General information | 9 |
2 | | | Regulatory framework | 10 |
3 | | | Basis of preparation | 11 |
4 | | | Accounting policies | 12 |
5 | | | Financial risk management | 13 |
6 | | | Critical accounting estimates and judgments | 15 |
7 | | | Contingencies and lawsuits | 15 |
8 | | | Revenue from sales and energy purchases | 17 |
9 | | | Expenses by nature | 19 |
10 | | | Other operating income (expense), net | 20 |
11 | | | Net finance costs | 20 |
12 | | | Basic and diluted earnings (loss) per share | 21 |
13 | | | Property, plant and equipment | 22 |
14 | | | Right-of-use assets | 24 |
15 | | | Inventories | 24 |
16 | | | Other receivables | 24 |
17 | | | Trade receivables | 25 |
18 | | | Financial assets at fair value through profit or loss | 25 |
19 | | | Cash and cash equivalents | 25 |
20 | | | Share capital and additional paid-in capital | 26 |
21 | | | Allocation of profits | 26 |
22 | | | Trade payables | 26 |
23 | | | Other payables | 27 |
24 | | | Borrowings | 28 |
25 | | | Salaries and social security taxes payable | 30 |
26 | | | Income tax and deferred tax | 30 |
27 | | | Tax liabilities | 31 |
28 | | | Provisions | 31 |
29 | | | Related-party transactions | 32 |
30 | | | Shareholders' Meeting | 32 |
31 | | | Events after the reporting period | 33 |
Report on review of Condensed Interim Financial Statements
C O N D E N S E D I N T E R I M
F I N A N C I A L S T A T E M E N T S
Glossary of Terms
The following definitions, which are not technical ones, will help readers understand some of the terms used in the text of the notes to the Company's Condensed Interim Financial Statements.
Terms | Definitions |
AMBA | Buenos Aires Metropolitan Area |
BCRA | Central Bank of Argentina |
BNA | Banco de la Nación Argentina |
CABA | City of Buenos Aires |
CAMMESA | Compañía Administradora del Mercado Mayorista Eléctrico S.A. |
(the company in charge of the regulation and operation of the wholesale electricity market) | |
CNV | National Securities Commission |
CPD | Distribution Own Cost |
edenor | Empresa Distribuidora y Comercializadora Norte S.A. |
ENRE | National Regulatory Authority for the Distribution of Electricity |
FACPCE | Argentine Federation of Professional Councils in Economic Sciences |
GWh | Gigawatt hour |
IAS | International Accounting Standards |
IASB | International Accounting Standards Board |
IFRIC | International Financial Reporting Interpretations Committee |
IFRS | International Financial Reporting Standards |
IGJ | Inspección General de Justicia (the Argentine governmental regulatory agency of corporations) |
MEM | Wholesale Electricity Market |
MWh | Megawatt hour |
PBA | Province of Buenos Aires |
PEN | Federal Executive Power |
RECPAM | Gain (Loss) on exposure to the changes in the purchasing power of the currency |
RT | Electricity Rate Review |
SACME | S.A. Centro de Movimiento de Energía |
SE | Energy Secretariat |
VAD | Distribution Added Value |
1
C O N D E N S E D I N T E R I M
F I N A N C I A L S T A T E M E N T S
Legal Information
Corporate name: Empresa Distribuidora y Comercializadora Norte S.A.
Legal address: 6363 Av. Del Libertador Ave., City of Buenos Aires
Main business: Distribution and sale of electricity in the area and under the terms of the Concession Agreement by which this public service is regulated
Date of registration with the Public Registry of Commerce:
- of the Articles of Incorporation: August 3, 1992
- of the last amendment to the Bylaws: April 10, 2023
Term of the Corporation: August 3, 2087
Registration number with the "Inspección General de Justicia" (the Argentine governmental regulatory agency of corporations): 1,559,940
Parent company: Empresa de Energía del Cono Sur S.A.
Legal address: 1252 Maipú Ave., 12th Floor - CABA
Main business of the parent company: Investment company and provider of services related to the distribution of electricity, renewable energies and development of sustainable technology
Interest held by the parent company in capital stock and votes: 51%
CAPITAL STRUCTURE AS OF MARCH 31, 2024 (amounts stated in pesos)
Subscribed and | ||
Class of shares | paid-in | |
(See Note 20) | ||
Common, book-entry shares, face value 1 and | ||
1 vote per share | ||
Class A | 462,292,111 | |
Class B (1) | 442,566,330 | |
Class C (2) | 1,596,659 | |
906,455,100 |
- Includes 30,852,251 treasury shares as of March 31, 2024 (Note 20).
- Relates to the Employee Stock Ownership Program Class C shares (Note 20).
2
C O N D E N S E D I N T E R I M
F I N A N C I A L S T A T E M E N T S
edenor
Condensed Interim Statement of Comprehensive Income (Loss)
for the three-month period ended March 31, 2024 presented in comparative form
(Stated in millions of constant pesos - Note 3)
Note | 03.31.24 | 03.31.23 | |
Revenue | 8 | 276,157 | 270,771 |
Energy purchases | 8 | (160,419) | (195,559) |
Distribution margin | 115,738 | 75,212 | |
Transmission and distribution expenses | 9 | (73,673) | (69,671) |
Gross profit | 42,065 | 5,541 | |
Selling expenses | 9 | (41,175) | (29,861) |
Administrative expenses | 9 | (24,066) | (22,716) |
Other operating income | 10 | 5,433 | 8,262 |
Other operating expense | 10 | (4,461) | (5,963) |
Operating result | (22,204) | (44,737) | |
Financial income | 11 | 115 | 5 |
Financial costs | 11 | (113,589) | (146,720) |
Other financial results | 11 | (100,576) | 11,638 |
Net financial costs | (214,050) | (135,077) | |
Monetary gain (RECPAM) | 221,494 | 157,031 | |
Loss before taxes | (14,760) | (22,783) | |
Income tax | 26 | 65,627 | (15,856) |
Income (Loss) for the period | 50,867 | (38,639) | |
Comprehensive income (loss) for the period attributable | |||
to: | |||
Owners of the parent | 50,867 | (38,639) | |
Comprehensive income (loss) for the period | 50,867 | (38,639) | |
Basic and diluted income (loss) per share: | |||
Income (Loss) per share (argentine pesos per share) | 12 | 58.13 | (44.16) |
The accompanying notes are an integral part of the Condensed Interim Financial Statements.
3
C O N D E N S E D F I N A N C I A L S T A
I N T E R I M T E M E N T S
edenor
Condensed Interim Statement of Financial Position as of March 31, 2024 presented in comparative form (Stated in millions of constant pesos - Note 3)
ASSETS
Non-current assets
Property, plant and equipment
Interest in joint ventures
Right-of-use asset
Other receivables
Total non-current assets
Current assets Inventories Other receivables Trade receivables Financial assets at fair value through profit or loss Cash and cash equivalents Total current assets TOTAL ASSETS
Note | 03.31.24 | 12.31.23 |
13 | 1,953,999 | 1,930,124 |
86 | 86 | |
14 | 6,249 | 5,367 |
16 | 3 | 4 |
1,960,337 | 1,935,581 | |
15 | 76,248 | 60,369 |
16 | 53,231 | 51,621 |
17 | 205,224 | 100,975 |
18 | 144,310 | 125,281 |
19 | 25,207 | 13,840 |
504,220 | 352,086 | |
2,464,557 | 2,287,667 |
4
C O N D E N S E D F I N A N C I A L S T A
I N T E R I M T E M E N T S
edenor
Condensed Interim Statement of Financial Position
as of March 31, 2024 presented in comparative form (continued)
(Stated in millions of constant pesos - Note 3)
Note | |
EQUITY | |
Share capital and reserve attributable to the | |
owners of the Company | |
Share capital | 20 |
Adjustment to share capital | 20 |
Treasury stock | 20 |
Adjustment to treasury stock | 20 |
Additional paid-in capital | 20 |
Cost treasury stock | |
Legal reserve | |
Voluntary reserve | |
Other comprehensive loss | |
Accumulated losses | |
TOTAL EQUITY | |
LIABILITIES | |
Non-current liabilities | |
Trade payables | 22 |
Other payables | 23 |
Borrowings | 24 |
Deferred revenue | |
Salaries and social security payable | 25 |
Benefit plans | |
Deferred tax liability | 26 |
Provisions | 28 |
Total non-current liabilities | |
Current liabilities | |
Trade payables | 22 |
Other payables | 23 |
Borrowings | 24 |
Deferred revenue | |
Salaries and social security payable | 25 |
Benefit plans | |
Tax liabilities | 27 |
Provisions | 28 |
Total current liabilities | |
TOTAL LIABILITIES |
03.31.2412.31.23
875 | 875 |
516,633 | 516,633 |
31 | 31 |
11,077 | 11,077 |
7,150 | 7,150 |
(42,365) | (42,365) |
35,814 | 35,814 |
346,826 | 346,826 |
(5,256) | (5,256) |
(154,584) | (205,451) |
716,201 | 665,334 |
1,843 | 2,422 |
277,657 | 240,963 |
127,285 | 67,236 |
20,621 | 20,430 |
3,887 | 3,713 |
8,466 | 7,463 |
660,176 | 725,803 |
10,943 | 14,951 |
1,110,878 | 1,082,981 |
458,837 | 365,329 |
87,524 | 44,486 |
52,903 | 76,816 |
50 | 76 |
26,736 | 40,386 |
578 | 876 |
7,816 | 7,033 |
3,034 | 4,350 |
637,478 | 539,352 |
1,748,356 | 1,622,333 |
TOTAL LIABILITIES AND EQUITY | 2,464,557 | 2,287,667 |
The accompanying notes are an integral part of the Condensed Interim Financial Statements.
5
C O N D E N F I N A N C I A L
S E D I N T E R I M S T A T E M E N T S
edenor
Condensed Interim Statement of Changes in Equity for the three-month period ended March 31, 2024 presented in comparative form
(Stated in millions of constant pesos - Note 3)
Adjust- | Adjust- | Accumula- | Total | |||||||||
ment to | ment to | Additional | Cost | Other | ted | |||||||
equity | ||||||||||||
Share | share | Treasury | treasury | paid-in | treasury | Legal | Voluntary | Other | comprehen- | (losses) | ||
capital | capital | stock | stock | capital | stock | reserve | reserve | reserve | sive results | profits | ||
Balance at December 31, 2022 | 875 | 516,581 | 31 | 11,129 | 7,086 | (42,365) | 35,814 | 346,826 | - | (3,831) | (278,792) | 593,354 |
Loss for the three-month period | - | - | - | - | - | - | - | - | - | - | (38,639) | (38,639) |
Balance at March 31, 2023 | 875 | 516,581 | 31 | 11,129 | 7,086 | (42,365) | 35,814 | 346,826 | - | (3,831) | (317,431) | 554,715 |
Other Reserve Constitution - Share-based compensation plan | - | - | - | - | - | - | - | - | 64 | - | - | 64 |
Payment of Other Reserve Constitution - Share-based | - | 52 | - | (52) | 64 | - | - | - | (64) | - | - | - |
compensation plan | ||||||||||||
Other comprehensive results | - | - | - | - | - | - | - | - | - | (1,425) | - | (1,425) |
Income for the nine-month complementary period | - | - | - | - | - | - | - | - | - | - | 111,980 | 111,980 |
Balance at December 31, 2023 | 875 | 516,633 | 31 | 11,077 | 7,150 | (42,365) | 35,814 | 346,826 | - | (5,256) | (205,451) | 665,334 |
Income for the three-month period | - | - | - | - | - | - | - | - | - | - | 50,867 | 50,867 |
Balance at March 31, 2024 | 875 | 516,633 | 31 | 11,077 | 7,150 | (42,365) | 35,814 | 346,826 | - | (5,256) | (154,584) | 716,201 |
The accompanying notes are an integral part of the Condensed Interim Financial Statements.
6
C O N D E N S E D I N T E R I M
F I N A N C I A L S T A T E M E N T S
edenor
Condensed Interim Statement of Cash Flows
for the three-month period ended March 31, 2024
presented in comparative form
(Stated in millions of constant pesos - Note 3)
Cash flows from operating activities
Income (Loss) for the period
Adjustments to reconcile net (loss) income to net cash flows from operating activities: Depreciation of property, plant and equipment Depreciation of right-of-useassets Loss on disposals of property, plant and equipment Net accrued interest Income from customer surcharges Exchange difference Income tax Allowance for the impairment of trade and other receivables Adjustment to present value of receivables Provision for contingencies Changes in fair value of financial assets and financial liabilities Accrual of benefit plans Loss on integration in kind of Corporate Notes Income from non-reimbursablecustomer contributions
Other financial costs Monetary gain (RECPAM)
Changes in operating assets and liabilities: Increase in trade receivables Increase in other receivables Increase in inventories Increase in deferred revenue Increase in trade payables Increase (Decrease) in salaries and social security payable Decrease in benefit plans Increase in tax liabilities Increase in other payables Decrease in provisions Net cash flows generated by operating activities
Note | 03.31.24 | 03.31.23 |
50,867 | (38,639) | |
13 | 24,977 | 23,621 |
14 | 1,623 | 1,037 |
13 | 236 | 349 |
11 | 113,122 | 146,714 |
10 | (4,224) | (3,885) |
11 | 2,434 | 527 |
26 | (65,627) | 15,856 |
9 | 442 | 2,789 |
11 | 1,160 | 368 |
28 | 1,940 | 1,891 |
11 | 91,795 | (17,820) |
9 | 3,838 | 3,531 |
11 | 975 | - |
10 | (60) | (46) |
11 | 4,212 | 5,287 |
(221,494) | (157,031) | |
(130,770) | (53,472) | |
(17,740) | (26,232) | |
(11,197) | (5,248) | |
154 | 4 | |
152,260 | 110,280 | |
1,538 | (6,982) | |
(294) | (1,311) | |
3,166 | 2,587 | |
25,286 | 2,382 | |
28 | (610) | (368) |
28,009 | 6,189 |
7
C O N D E N S E D I N T E R I M
F I N A N C I A L S T A T E M E N T S
edenor
Condensed Interim Statement of Cash Flows
for the three-month period ended March 31, 2024
presented in comparative form (continued) (Stated in millions of constant pesos - Note 3)
Note | 03.31.24 | 03.31.23 | |
Cash flows from investing activities | |||
Payment of property, plants and equipments | (42,704) | (34,590) | |
(Purchase) Sale net of Mutual funds and negotiable instruments | (47,770) | 23,358 | |
Net cash flows used in investing activities | (90,474) | (11,232) | |
Cash flows from financing activities | |||
Proceeds from borrowings | 79,592 | 25,813 | |
Payment of lease liability | (2,410) | (1,714) | |
Payment of interests from borrowings | (1,406) | - | |
Payment of Corporate Notes issuance expenses | (2,336) | (884) | |
Net cash flows generated by financing activities | 73,440 | 23,215 | |
Increase in cash and cash equivalents | 10,975 | 18,172 | |
Cash and cash equivalents at the beginning of the year | 19 | 13,840 | 7,695 |
Exchange difference in cash and cash equivalents | 544 | 1,614 | |
Result from exposure to inflation | (152) | (70) | |
Increase in cash and cash equivalents | 10,975 | 18,172 | |
Cash and cash equivalents at the end of the period | 19 | 25,207 | 27,411 |
The accompanying notes are an integral part of the Condensed Interim Financial Statements.
8
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EDENOR - Empresa Distribuidora y Comercializadora Norte SA published this content on 11 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 May 2024 02:33:03 UTC.