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 August, 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- .)
| | | |
Edenor S.A – Earnings Release 2Q22 | 1 | |
 |
Results for the second 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$ 88,845 billion | $ 315,115 million
|
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, August 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 second 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 Financial Reporting Standards (“IFRS”), except for what
is expressly indicated in the Income Statement, which is expressed at historical values.
Webcast Information
On Monday, August 8th, 2022, at 3 p.m
Buenos Aires / 2 p.m Nueva York time, there will be a webcast to analyze edenor’s 2Q22 results. Such presentation will be
given by German Ranftl, edenor’s Chief Financial Officer.
Those interested in participating in the webcast
are required to register by clicking here.
Questions will be answered exclusively through
the webcast system.
[1] Market
Price as of August 04, 2022, AR$ 101,5 per share and $ 7,2 per ADR
| | | |
Edenor S.A – Earnings Release 2Q22 | 2 | |
SUMMARY OF RESULTS FOR THE SECOND QUARTER
2022
Edenor has operative losses buy was able
to maintain its quality service.
| In millon of Pesos |
6 Months |
2Q |
| in constant purchising power |
2022 |
2021 |
Δ% |
2022 |
2021 |
Δ% |
| Revenue from sales |
72,426 |
77,443 |
(6%) |
36,729 |
39,155 |
(6%) |
| Adjusted |
(3,968) |
3,945 |
(201%) |
(5,503) |
2,239 |
(346%) |
| Net income |
(9,859) |
(19,113) |
(48%) |
(6,549) |
(17,920) |
(63%) |
| Capital expenditures |
8,655 |
10,131 |
(15%) |
5,772 |
6,023 |
(4%) |
Revenues from sales decreased by
6%, reaching AR$ 36,729 million in 2Q22 in real terms. This was mainly due to the delay in the tariff adjustments, inflation and increased
operating costs.
EBITDA had a negative result of
AR$ 5,503 million. During the first 6 months of 2022, it accumulates a negative result of ARS 3,945 million. The difference can be explained
by a decrease in sales revenues, due to tariff freeze, an increase in operating costs, partially offset by an improvement in energy losses.
Net results accumulated losses
for AR$ 6,549 million in 2Q22, reducing losses by AR$ 11,371 million compared to the same period of last year.
During the second 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 positive result for exposure to changes in purchasing power (RECPAM) compared to the same period in 2021.
During the first six months of 2022, investments
reached AR$ 8,655 million. They were reduced by 15% in real terms compared to those made during the same period in 2021.
At the end of June 2022, collection
of trade receivables was 98%, the defaulting balance amounted to 9,023 million pesos, and general customer satisfaction
was 86%.
| | | |
Edenor S.A – Earnings Release 2Q22 | 3 | |
REGULATORY FRAMEWORK
As of June 1, 2022, it applied the update of the Seasonal
Price of Energy (PEST) and instructed Edenor to carry out the corresponding adjustment of the tariff table. The rates had an average increase
with respect to the previous rate table of 14% in the residential category and 15% in the general category.
As of June 2022, a subsidy segmentation regime for residential
users of electricity and gas public services, with the aim of achieving reasonable energy values that can be applied with
criteria of justice and distributive equity.
The segmentation system is made up of the following
Levels: Level 1- higher income, Level 2- lower income and Level 3 - average income. Users that integrate levels 2 and 3 will not have
new increases in invoices for the year 2022, while those included in the Level 1 segment will pay the full cost gradually and in bimonthly
thirds, so that, at the end of the current year, are paying the full cost of the energy billed to them.
RATINGS
In May 2022, credit rating
agencies S&P and Moody´s updated edenor's ratings.
| · | S&P Global confirmed the institutional
rating of the Company, as well as the ratings of the Global Program of Corporate Bonds for up to USD 600 million and Class 9 Senior Notes
(raCCC+) changing the Creditwatch from Special Review with Positive Implications to Special Review with Development implications. |
| · | Moody's affirmed the issuer rating
in local currency at BBB+.ar with a negative outlook and confirmed the issuer rating in foreign currency and of the Senior Notes due in
2025 at BBB.ar with a negative outlook. |
| · | Moody´s Local Argentina
lowered the classification of Class 9 Senior Notes to BB+.ar, maintaining the downward review. |
This is the summary of the ratings:
| | | |
Edenor S.A – Earnings Release 2Q22 | 4 | |
MAIN RESULTS FOR THE SECOND QUARTER 2022
| In millon of Pesos |
6 Months |
2Q |
| in constant purchising power |
2022 |
2021 |
Δ% |
2022 |
2021 |
Δ% |
| Revenue from sales |
72,426 |
77,443 |
(6%) |
36,729 |
39,155 |
(6%) |
| Energy purchases |
(48,214) |
(48,549) |
(1%) |
(27,103) |
(25,334) |
7% |
| Gross margin |
24,212 |
28,894 |
(16%) |
9,626 |
13,821 |
(30%) |
| Operating expenses |
(34,202) |
(32,217) |
6% |
(17,962) |
(15,882) |
13% |
| Other operating expenses |
(691) |
621 |
(211%) |
(536) |
983 |
(155%) |
| Net operating income |
(10,681) |
(2,702) |
295% |
(8,872) |
(1,078) |
723% |
| Financial Results, net |
(25,637) |
(15,610) |
64% |
(14,075) |
(7,707) |
83% |
| RECPAM* |
30,819 |
18,846 |
64% |
16,984 |
8,980 |
89% |
| Income Tax |
(4,360) |
(19,647) |
(78%) |
(586) |
(18,115) |
(97%) |
| Net income |
(9,859) |
(19,113) |
(48%) |
(6,549) |
(17,920) |
(63%) |
Revenues from sales
Revenues from sales decreased by 6% to
AR$ 36,729 million in 2Q22, against AR$ 39,155 million in 2Q21. This is mainly due to the delay in the tariff adjustment in an inflationary
context partially offset by the volume levels of energy sold increased.
Energy purchases
Energy purchases decreased by 7% to AR$ 27,103
million in 2Q22, against AR$ 25,334 million for the same period in 2021. 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 second
quarter of 2022, while large users receive no subsidy in the energy price.
Gross Margin
The gross margin corresponding to 2Q22 was
AR$ 9,626 million, which represents a fall of 30% compared to the same period of the previous year. The gross margin accumulated as of
06/30/2022 was ARS 24,212 million, which represents a fall of 16% compared to the same period of the previous year.
By means of Resolution No. RESOL-2022-405-APN-SE,
the ENRE applied the update of the seasonal price of energy (PEST, in Spanish), which is effective as of June 1, 2022, and instructed
Edenor to make the corresponding adjustment of the tariff scheme, where it was established that the tariffs would have an average increase
with respect to the previous tariff scheme of 14% in the residential category and 15% in the general category.
| | | |
Edenor S.A – Earnings Release 2Q22 | 5 | |
| |
6 Months 2022 |
6 Months 2021 |
Variation |
| |
GWh |
Part. % |
Customers |
GWh |
Part. % |
Customers |
% GWh |
% Customers |
| Residential * |
5,193 |
45.6% |
2,871,716 |
4,844 |
45.4% |
2,812,932 |
7.2% |
2.1% |
| Small commercial |
1,023 |
9.0% |
340,678 |
903 |
8.5% |
331,965 |
13.3% |
2.6% |
| Medium commercial |
759 |
6.7% |
30,807 |
711 |
6.7% |
30,919 |
6.8% |
(0.4%) |
| Industrial |
1,848 |
16.2% |
6,943 |
1,714 |
16.1% |
6,862 |
7.8% |
1.2% |
| Wheeling System |
1,890 |
16.6% |
683 |
1,846 |
17.3% |
686 |
2.4% |
(0.4%) |
| Others |
|
|
|
|
|
|
|
|
| Public lighting |
324 |
2.8% |
21 |
339 |
3.2% |
21 |
(4.2%) |
0.0% |
| Shantytowns and others |
352 |
3.1% |
562 |
317 |
3.0% |
537 |
10.9% |
4.7% |
| Total |
11,389 |
100% |
3,251,410 |
10,675 |
100% |
3,183,922 |
6.7% |
2.1% |
| |
|
|
|
|
|
|
|
|
| |
2Q 2022 |
2Q 2021 |
Variation |
| |
GWh |
Part. % |
Customers |
GWh |
Part. % |
Customers |
% GWh |
% Customers |
| Residential * |
2,837 |
47.9% |
2,871,716 |
2,578 |
47.2% |
2,812,932 |
10.1% |
2.1% |
| Small commercial |
487 |
8.2% |
340,678 |
447 |
8.2% |
331,965 |
9.0% |
2.6% |
| Medium commercial |
368 |
6.2% |
30,807 |
338 |
6.2% |
30,919 |
8.8% |
(0.4%) |
| Industrial |
911 |
15.4% |
6,943 |
834 |
15.3% |
6,862 |
9.3% |
1.2% |
| Wheeling System |
934 |
15.8% |
683 |
896 |
16.4% |
686 |
4.1% |
(0.4%) |
| Others |
|
|
|
|
|
|
|
|
| Public lighting |
178 |
3.0% |
21 |
189 |
3.5% |
21 |
(5.8%) |
0.0% |
| Shantytowns and others |
205 |
3.5% |
562 |
182 |
3.3% |
537 |
12.8% |
4.7% |
| Total |
5,919 |
100% |
3,251,410 |
5,463 |
100% |
3,183,922 |
8.3% |
2.1% |
| |
|
|
|
|
|
|
|
|
| * 561.090 customers benefit from Social Tariff |
Volume of Energy Sales
The volume of energy sales increased by
8.3%, reaching 5,919 GWh in 2Q22, against 5,463 GWh for the same period of 2021.
Furthermore, edenor’s customer
base rose by 2.1% 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 of 6,416
integrated energy meters during the last quarter that were mainly intended for the regularization of clandestine connections.
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 have been partially regularized; however, as of June
30, 2022, the overdue principal balance accumulated is ARS 38,937 million, plus interest and penalties in the sum of ARS 40,372 million.
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.
| | | |
Edenor S.A – Earnings Release 2Q22 | 6 | |
Operating Expenses
| In million of pesos |
6 Months |
2Q |
| in constant purchising power |
2022 |
2021 |
Δ% |
2022 |
2021 |
Δ% |
| Salaries, social security taxes |
(10,916) |
(10,547) |
3% |
(6,145) |
(5,768) |
7% |
| Pensions Plans |
(569) |
(739) |
(23%) |
(284) |
(381) |
(25%) |
| Communications expenses |
(544) |
(594) |
(8%) |
(333) |
(335) |
(0%) |
| Allowance for the imp. of trade and other receivables |
(1,085) |
(1,738) |
(38%) |
(664) |
(626) |
6% |
| Supplies consumption |
(1,564) |
(1,493) |
5% |
(910) |
(896) |
2% |
| Leases and insurance |
(415) |
(340) |
22% |
(237) |
(170) |
39% |
| Security service |
(420) |
(404) |
4% |
(198) |
(219) |
(10%) |
| Fees and remuneration for services |
(8,238) |
(7,199) |
14% |
(5,225) |
(4,108) |
27% |
| Amortization of assets by right of use |
(350) |
(453) |
(23%) |
(192) |
(259) |
(26%) |
| Public relations and marketing |
(41) |
(8) |
413% |
174 |
(3) |
(6708%) |
| Advertising and sponsorship |
(21) |
(4) |
425% |
90 |
(2) |
(4939%) |
| Depreciation of property, plant and equipment |
(6,363) |
(6,194) |
3% |
(3,440) |
(3,355) |
3% |
| Directors and Sup. Committee members’ fees |
(10) |
(29) |
(66%) |
2 |
(15) |
(112%) |
| ENRE penalties |
(2,453) |
(1,321) |
86% |
(1,291) |
(523) |
147% |
| Taxes and charges |
(1,195) |
(1,127) |
6% |
(684) |
(608) |
12% |
| Other |
(17) |
(26) |
(35%) |
(9) |
(6) |
70% |
| Total |
(34,202) |
(32,217) |
6% |
(19,349) |
(17,276) |
12% |
Operating expenses increased by 12%, reaching
AR$ 19,349 million during the first six months in 2Q22, against AR$ 17,276 million in 2Q21. This can be explained by the increase in the
energy prices.
Financial Results
Financial results experienced a decrease
in the amount of AR$ 14,075 million in 2Q 2022, which represented an increase of 83 %. This difference is mainly due to higher interest
accrued on the debt incurred with CAMMESA.
Net Income
Net income decreased by 63 %, totaling AR$
6,549 million in 2Q22, against AR$ 17,920 million for the same period in 2021. There was a higher 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 positive result
for exposure to changes in purchasing power (RECPAM).
EBITDA
| In millon of Pesos |
6 Months |
2Q |
| in constant purchising power |
2022 |
2021 |
Δ% |
2022 |
2021 |
Δ% |
| Net operating income |
(10,681) |
(2,702) |
295% |
(8,872) |
(1,078) |
723% |
| Depreciation of property, plant and equipment |
6,713 |
6,647 |
1% |
3,369 |
3,317 |
2% |
| EBITDA |
(3,968) |
3,945 |
(201%) |
(5,503) |
2,239 |
(346%) |
EBITDA showed a decrease of 346% in 2Q22,
and a decrease of 201% in the accumulated figure of 6 months, compared to the same period of the previous year. This difference is mainly
due to the increase in operating costs, where the decrease in gross margin due to the decrease in unrecognized losses and the increase
in seasonal prices were not proportional to the increase in VAD.
| | | |
Edenor S.A – Earnings Release 2Q22 | 7 | |
Capital Expenditures
During the first six months of 2022, edenor´s
capital expenditures totaled AR$ 8,655 million, against AR$ 10,131 million in 2Q21, a decrease of 15% in real terms compared to the
same period of the previous year.
Investments in 2Q2022 were as follows:
| · | ARS 674 million
in new connections; |
| · | ARS 1638 million
in grid enhancements; |
| · | ARS 1329 million
in maintenance; |
| · | ARS 52 million
in legal requirements; |
| · | ARS 217 million
in communications and telecontrol; |
| · | ARS 582 million
in other investment projects |
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 established regulatory requirements.
| | | |
Edenor S.A – Earnings Release 2Q22 | 8 | |
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 second quarter
of 2022, SAIDI and SAIFI indicators for the last 12 months were 10,0 hours and 4,0 outages on average per client per year, evidencing
a 16% and 8% improvement, respectively, compared to the same period of the previous year. 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.
SAIDI
SAIFI
| | | |
Edenor S.A – Earnings Release 2Q22 | 9 | |
Energy Losses
In 2Q22, energy
losses experienced a 17.6% decrease, against 18.3% for the same period of the previous year.
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.
In addition, during the three-month period
from April to June 2022, 82,058 inspections of Tariff 1 (Residential and General users) were conducted with a 60.6 % efficiency, while
for the same period of the previous year 124,174 inspections had been conducted with a 52,2% efficiency. Moreover, 6,416 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 rate
of recidivism in fraud has been observed.
Energy Losses
Indebtedness
As of June 30, 2022, the outstanding principal of our dollar-denominated
financial debt amounts to $ 78 million, whereas the cash position net of financial debt amounts to $ -154 million. The financial
debt consists exclusively of Senior Notes maturing in October 2022 and May 2025. The Company has restrictions
on its ability to borrow in accordance with the terms and conditions of the Class 9 Negotiable Obligations due 2022 and the Class 1 Negotiable
Obligations due 2025.
It is indicated therein that the Company may not incur
new Indebtedness, except for a certain Permitted Indebtedness or when the Indebtedness ratio is greater than 3.75 or less than 0 and the
Financial Expenses Coverage ratio is less than 2.
As of June 30, 2022, the values of the
ratios indicated above do not meet the established parameters.
| | | |
Edenor S.A – Earnings Release 2Q22 | 10 | |
This situation does not trigger any Payment Default
Event and the Company may incur certain Permitted Indebtedness as established in the terms and conditions of the Notes (including the
refinancing of its outstanding Notes).”
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.
Edenor presented at BYMA the first indicators
report corresponding to its first Social Bond (N1 Class), available on our website and on BYMA website.
| | | |
Edenor S.A – Earnings Release 2Q22 | 11 | |
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 second quarter, edenor sold 5,919 GWh of energy and purchased 7,190 GWh (including wheeling system
demands), with revenue from sales in the amount of AR$ 72,426 billion adjusted by inflation as of June 2022. In turn, the company had
negative net results in the amount of AR$ 9,859 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 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 2Q22 | 12 | |
Condensed Interim Statements of Financial Position
As of June 30, 2022 and 2021
Values expressed on a constant currency basis
In million of Argentine Pesos
in constant purchising power |
06.30.2022 |
|
12.31.2021 |
|
|
06.30.2022 |
|
12.31.2021 |
| ARS |
ARS |
|
ARS |
ARS |
| |
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
EQUITY |
|
|
|
| |
|
|
|
|
|
|
|
|
| Non-current assets |
|
|
|
|
Share capital |
875 |
|
875 |
| Property, plant and equipment |
268,508 |
|
266,344 |
|
Adjustment to share capital |
75,823 |
|
75,816 |
| Interest in joint ventures |
19 |
|
19 |
|
Additional paid-in capital |
1,050 |
|
1,044 |
| Deferred tax asset |
857 |
|
580 |
|
Treasury stock |
31 |
|
31 |
| Other receivables |
3 |
|
10 |
|
Adjustment to treasury stock |
1,623 |
|
1,630 |
| Financial assets at amortized cost |
- |
|
- |
|
Adquisition cost of own shares |
(6,280) |
|
(6,280) |
| Total non-current assets |
269,387 |
|
266,953 |
|
Legal reserve |
5,308 |
|
5,308 |
| |
|
|
|
|
Opcional reserve |
51,406 |
|
51,406 |
| Current assets |
|
|
|
|
Other comprehensive loss |
(272) |
|
(272) |
| Inventories |
3,966 |
|
4,690 |
|
Accumulated losses |
(38,956) |
|
(29,097) |
| Other receivables |
3,827 |
|
2,907 |
|
TOTAL EQUITY |
90,608 |
|
100,461 |
| Trade receivables |
23,880 |
|
23,943 |
|
|
|
|
|
| Financial assets at amortized cost |
88 |
|
331 |
|
LIABILITIES |
|
|
|
| Cash and cash equivalents |
3,847 |
|
4,324 |
|
Non-current liabilities |
|
|
|
| Total current assets |
56,142 |
|
57,258 |
|
|
|
|
|
| |
|
|
|
|
Trade payables |
557 |
|
901 |
| |
|
|
|
|
Other payables |
12,704 |
|
12,887 |
| TOTAL ASSETS |
325,529 |
|
324,211 |
|
Borrowings |
6,339 |
|
- |
| |
|
|
|
|
Deferred revenue |
1,664 |
|
2,300 |
| |
|
|
|
|
Salaries and social security payable |
557 |
|
543 |
| |
|
|
|
|
Benefit plans |
1,328 |
|
1,359 |
| |
|
|
|
|
Deferred tax liability |
71,757 |
|
67,397 |
| |
|
|
|
|
Provisions |
5,186 |
|
5,427 |
| |
|
|
|
|
Total non-current liabilities |
100,092 |
|
90,814 |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
Current liabilities |
|
|
|
| |
|
|
|
|
Trade payables |
119,347 |
|
103,848 |
| |
|
|
|
|
Other payables |
5,833 |
|
5,421 |
| |
|
|
|
|
Borrowings |
3,429 |
|
13,989 |
| |
|
|
|
|
Derivative financial instruments |
- |
|
- |
| |
|
|
|
|
Deferred revenue |
44 |
|
60 |
| |
|
|
|
|
Salaries and social security payable |
4,556 |
|
6,156 |
| |
|
|
|
|
Benefit plans |
131 |
|
178 |
| |
|
|
|
|
Tax payable |
- |
|
1,709 |
| |
|
|
|
|
Tax liabilities |
796 |
|
843 |
| |
|
|
|
|
Provisions |
692 |
|
732 |
| |
|
|
|
|
Total current liabilities |
134,828 |
|
132,936 |
| |
|
|
|
|
TOTAL LIABILITIES |
234,920 |
|
223,750 |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
325,528 |
|
324,211 |
| | | |
Edenor S.A – Earnings Release 2Q22 | 13 | |
Condensed Interim Statements
of Comprehensive Income
for the six-month period ended on June 30, 2022 and 2021
Values expressed
on a constant currency basis
In millon of Argentine Pesos
in constant purchising power |
|
06.30.2022 |
|
06.30.2022 |
| ARS |
ARS |
| |
|
|
|
|
| Continuing operations |
|
|
|
|
| Revenue |
|
72,426 |
|
77,443 |
| Electric power purchases |
|
(48,214) |
|
(48,549) |
| Subtotal |
|
24,212 |
|
28,894 |
| Transmission and distribution expenses |
|
(19,224) |
|
(18,873) |
| Gross loss |
|
4,988 |
|
10,021 |
| Selling expenses |
|
(8,028) |
|
(8,278) |
| Administrative expenses |
|
(6,950) |
|
(5,066) |
| Other operating income |
|
2,219 |
|
3,372 |
| Other operating expense |
|
(2,910) |
|
(2,751) |
| Operating Profit (Loss) |
|
(10,681) |
|
(2,702) |
| Financial income |
|
33 |
|
36 |
| Financial expenses |
|
(22,524) |
|
(16,726) |
| Other financial expense |
|
(3,146) |
|
1,080 |
| Net financial expense |
|
(25,637) |
|
(15,610) |
| RECPAM |
|
30,819 |
|
18,846 |
| Profit (Loss) before taxes |
|
(5,499) |
|
534 |
| |
|
|
|
|
| Income tax |
|
(4,360) |
|
(19,647) |
| Profit (Loss) for the period |
|
(9,859) |
|
(19,113) |
| |
|
|
|
|
| Basic and diluted earnings Profit (Loss) per share: |
|
|
|
|
| Basic and diluted earnings profit (loss) per share |
|
(3.22) |
|
(1.16) |
| | | |
Edenor S.A – Earnings Release 2Q22 | 14 | |
Condensed Interim Statements
of Comprehensive Income
for the six-month period ended on June 30, 2022 and 2021
Values expressed
at historical values
In millon of Argentine Pesos
in constant purchising power |
|
06.30.2022 |
|
06.30.2021 |
| ARS |
ARS |
| |
|
|
|
|
| Continuing operations |
|
|
|
|
| Revenue |
|
63,732 |
|
43,213 |
| Electric power purchases |
|
(42,946) |
|
(27,146) |
| Subtotal |
|
20,786 |
|
16,067 |
| Transmission and distribution expenses |
|
(13,122) |
|
(8,251) |
| Gross loss |
|
7,664 |
|
7,816 |
| Selling expenses |
|
(6,502) |
|
(4,183) |
| Administrative expenses |
|
(5,672) |
|
(2,442) |
| Other operating expense, net |
|
(1,162) |
|
(313) |
| Operating Profit (Loss) |
|
(5,672) |
|
878 |
| Financial income |
|
32 |
|
19 |
| Financial expenses |
|
(21,242) |
|
(9,481) |
| Other financial expense |
|
(1,462) |
|
719 |
| Net financial expense |
|
(22,672) |
|
(8,742) |
| |
|
|
|
|
| RECPAM |
|
- |
|
- |
| Profit (Loss) before taxes |
|
(27,767) |
|
(7,055) |
| |
|
|
|
|
| Income tax |
|
1,179 |
|
55 |
| Profit (Loss) for the period |
|
(26,588) |
|
(7,000) |
| |
|
|
|
|
| Basic and diluted earnings Profit (Loss) per share: |
|
|
|
|
| Basic and diluted earnings Profit (Loss) per share |
(30.39) |
|
(8.00) |
| | | |
Edenor S.A – Earnings Release 2Q22 | 15 | |
Condensed Interim Statements
of Cash Flows
For the six-month period ended
on June 30, 2022 and 2021
Values
expressed on a constant currency basis
In millon of Argentine Pesos
in constant purchising power |
|
06.30.2022 |
|
06.30.2021 |
| ARS |
ARS |
| |
|
|
|
|
| Cash flows from operating activities |
|
|
|
|
| Loss (Profit) for the period |
|
(9,859) |
|
(19,113) |
| Adjustments to reconcile net (loss) profit to net cash flows provided by operating activities: |
|
8,449 |
|
25,882 |
| |
|
|
|
|
| Changes in operating assets and liabilities: |
|
|
|
|
| Increase in trade receivables |
|
(5,984) |
|
(5,141) |
| Increase in trade payables |
|
24,900 |
|
17,085 |
| Income tax payment |
|
(2,090) |
|
- |
| Cammesa Commercial Financing |
|
- |
|
- |
| Others |
|
(591) |
|
(763) |
| |
|
|
|
|
| Net cash flows provided by operating activities |
|
14,825 |
|
17,950 |
| |
|
|
|
|
| Net cash flows used in investing activities |
|
(12,104) |
|
(11,984) |
| |
|
|
|
|
| Net cash flows used in financing activities |
|
(3,761) |
|
(1,152) |
| |
|
|
|
|
| Net (decrease) increase in cash and cash equivalents |
|
(1,040) |
|
4,814 |
| |
|
|
|
|
| Cash and cash equivalents at beginning of year |
|
4,324 |
|
8,973 |
| Exchange differences in cash and cash equivalents |
|
554 |
|
268 |
| Result for exposure to inflation in cash and cash equivalents |
|
9 |
|
2 |
| Net decrease in cash and cash equivalents |
|
(1,040) |
|
4,813 |
| Cash and cash equivalents at the end of period |
|
3,847 |
|
14,056 |
| |
|
|
|
|
| Supplemental cash flows information |
|
|
|
|
| Non-cash operating, investing and financing activities |
|
|
|
|
| Labilities regularization agreement |
|
|
|
- |
| Acquisitions of property, plant and equipment through increased trade payables |
|
(907) |
|
(996) |
| Acquisitions of assets for rights of use through an increase in other debts |
|
(628) |
|
(508) |
 |
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 2Q22 | 16 | |
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:
August 5, 2022
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