Exhibit 1
Third Quarter 2012 | |
Page 1 of 9 |
EDENOR ANNOUNCES THIRD QUARTER 2012 RESULTS | |||
| Stock Information: NYSE ADR Ratio: 20 Class B = 1 ADR Buenos Aires Stock Exchange Ticker: EDN | Investor Relations Contacts: Leandro Montero Chief Financial Officer Veronica Gysin Planning and Capital Markets Manager Tel: 5411.4346.5511 | |
Buenos Aires, Argentina, November 21, 2012 – Empresa Distribuidora y Comercializadora Norte S.A. (NYSE: EDN; Buenos Aires Stock Exchange: EDN) (“EDENOR” or “the Company”), Argentina’s largest electricity distributor, today announced its results for the third quarter of 2012. All figures are stated in Argentine Pesos and have been prepared in accordance with International Financing Reporting Standards (“IFRS”). Solely for the convenience of the reader, Peso amounts as of and for the period ended September 30, 2012 have been translated into U.S. Dollars at the buying rate for U.S. Dollars quoted by Banco de la Nación Argentina (Banco Nación) on September 30, 2012 of Ps. 4.697.
EDENOR’s and EDEN’s HIGHLIGHTS
EDENOR
Framework Agreement
From January 1st, 2012 up to date, the Company collected Ps. 45.88 million from the National Government and Ps. 13.53 million from the Government of the Province of Buenos Aires, including the bonds with maturity in May, 2014.
Payment arrangement with the City of Buenos Aires
On July 16, the Company and the Government of the City of Buenos Aires signed a payment agreement in conection to the debt that the city maintained with the Company for a total amount of Ps. 12.5 million. The total amount of the debt has been cancelled on September 26, 2012.
EDENOR’s downgrade
As of today, the ratings from Edenor have been downgraded since second quarter of 2012 as it is explained below:
Agency | National Scale Rating | Global Scale Rating | Date |
Standard & Poor’s | raCCC + | CCC - | November 2012 |
Moody’s | Ba3.ar | Caa1 | September 2012 |
Moody’s Equity | Category 3 | ----- | September 2012 |
CAMMESA
In order to preserve and guarantee the public service concession and lighten the existing cash deficit, from October 2012 the Company decided to temporarily cancel with surplus cash balances the obligations with the wholesale electricity market. We understand that this decision arise from the importance to face all the compromises necessary to ensure the provision of public services, including investment plans and ongoing operation and maintenance tasks. We saw this, as a framework for transition to the new regulatory model reported by national authorities, aimed at achieving the restoration of the economic - financial Concession Agreement.
Cost Adjustments
In November we requested an additional increase of 7.316% to our distribution margins under the CMM to account for fluctuations in the distribution cost base for the period from May 2012 to November 2012. As of today we have submitted to the ENRE ten requests from CMM adjustments with a cummulative of 88.66%.
EDEN
Tariff Increase
As of July 20, 2012 resolution N° 243/2012, has been dictaminated by the Government of the Province of Buenos Aires.
This resolution determines the new rate schedule starting on July 2012 with increases in August and October totalizing 9%, representing a 15% increase in VAD.
Third Quarter 2012 | |
Page 2 of 9 |
Third Quarter 2012 EDENOR Standalone Operating Figures
EDENOR OPERATING FIGURES | |||||||
In million of Pesos | 3Q 2012 | 3Q 2011 | % Change vs.2011 | ||||
Net Sales | 732.4 | 594.4 | 23.2% | ||||
Electric power purchases | (477.2) | (291.8) | 63.5 % | ||||
Gross margin | 255.2 | 302.7 | (15.7)% | ||||
Net Operating Loss | (224.1) | (43.3) | 417.6% | ||||
Net Loss | (277.1) | (52.3) | 429.8% |
Net Sales increased 23.2% to Ps. 732.4 million in the third quarter of 2012 from Ps. 594.4 million in the third quarter of 2011, mainly due to an increase in the electric power price on account of the subsidies cuts with no impact in the distribution value added and the increase in the volume of electricity and capacity sold.
Volume of Energy Sold increased 3.7% to 5,552 GWh in the third quarter of 2012 from 5,353 GWh in the third quarter of 2011. This increase was attributable to a 1.3% increase in the number of customers and a 2.4 % increase in the average GWh consumption per customer.
Electric Power Purchases increased 63.5% to Ps. 477.2 million in the third quarter of 2012 from Ps. 291.8 million in the third quarter of 2011, mainly due to an increase in the purchase price as a result of the subsidies cuts, the increase in the price at which the non-recognized energy losses are measured and the cost set for mobile generation.
Gross Margin decreased 15.7% (Ps.47.5 million) to Ps. 255.2 million in the third quarter of 2012 from Ps. 302.7 million in the third quarter of 2011, mainly due to an increase in the price at which the non-recognized energy losses are measured and the cost set for mobile generation, which is not passed through the tariff.
Net Operating Loss increased Ps. 180.8 million, to a loss of Ps. 224.1 million in the third quarter of 2012 from a loss of Ps. 43.3 million in the third quarter of 2011. This negative result was due to the decrease in gross margin before mentioned, an increase in transmission and distribution expenses of Ps 92.4 million, an increase in selling expenses of Ps. 32.2 million, an increase in administrative expenses of Ps. 13.1 million, partially offset by an increase of Ps. 1.4 million in results from permanent investments and by an increase in other incomes of Ps. 3.1 milllion.
Net Loss increased Ps. 224.8 million, to a loss of Ps. 277.1 million in the third quarter of 2012 from a loss of Ps. 52.3 million in the third quarter of 2011, mainly due to the increase in operating expenses and a decrease in financial results.
EDENOR Adjusted Standalone and consolidated EBITDA
Edenor Adjusted standalone EBITDA has decreased to a loss of Ps. 111.3 million as of September 30, 2012 vis à vis a gain of Ps. 249.0 million for the same period of 2011. Adjusted consolidated EBITDA has decreased to a loss of Ps. 21.3 million in September of 2012 vis à vis a gain of Ps. 341.1 million for the same period of 2011.
EDENOR Adjusted Ebitda Standalone | Edenor Adjusted Ebitda Consolidated | |||||||||||||||||||||||||||||||||
3Q 2012 | 3Q 2011 | September | September | 3Q 2012 | 3Q 2011 | September | September | |||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||||||||||||
(in million of Pesos) | (in million of Pesos) | |||||||||||||||||||||||||||||||||
Operating Profit | (224.1 | ) | (43.3 | ) | (539.1 | ) | 326.4 | Operating Profit | (206.8 | ) | (27.0 | ) | (498.5 | ) | 363.5 | |||||||||||||||||||
Amortization | 48.1 | 45.5 | 143.1 | 138.3 | Amortization | 55.8 | 52.5 | 165.6 | 154.3 | |||||||||||||||||||||||||
Gain from acquisition of assets | - | - | - | (435.0 | ) | Gain from acquisition of assets | - | - | - | (435.0 | ) | |||||||||||||||||||||||
Result participation in subs | (15.6 | ) | (14.2 | ) | (24.4 | ) | (36.7 | ) | Result participation in joint ventures | - | - | 0.0 | 0.0 | |||||||||||||||||||||
Result participation in joint ventures | - | - | 0.0 | 0.0 | ||||||||||||||||||||||||||||||
EBITDA | (191.6 | ) | (12.0 | ) | (420.4 | ) | (7.0 | ) | EBITDA | (151.0 | ) | 25.4 | (332.9 | ) | 82.9 | |||||||||||||||||||
PUREE | 84.4 | 78.9 | 288.9 | 239.6 | PUREE | 84.4 | 78.9 | 288.9 | 239.6 | |||||||||||||||||||||||||
Commercial Interests | 5.3 | 5.3 | 20.1 | 16.4 | Commercial Interests | 6.1 | 6.0 | 22.6 | 18.6 | |||||||||||||||||||||||||
Adjusted EBITDA | (101.8 | ) | 72.2 | (111.3 | ) | 249.0 | Adjusted EBITDA | (60.5 | ) | 110.3 | (21.3 | ) | 341.1 |
Third Quarter 2012 | |
Page 3 of 9 |
Third Quarter 2012 EDEN Operating Figures
EDEN OPERATING FIGURES | |||||
3Q 2012 | 3Q 2011 | % Change vs.2011 | |||
Net Sales | 200.9 | 157.6 | 27.5% | ||
Electric power purchases | 83.7 | 58.3 | 43.6% | ||
Gross margin | 117.2 | 99.3 | 18.1% | ||
Net Operating Income | 33.9 | 29.3 | 15.7% | ||
Net Income | 17.9 | 13.9 | 28.7% |
Net Sales increased 27.5% to Ps. 200.9 million in the third quarter of 2012 from Ps. 157.6 million in the third quarter of 2011, mainly due to an increase in the volume of energy sold and higher energy prices due to tariff increases obtained on July 2012.
Volume of Energy Sold increased 1.4% to 715 GWh in the third quarter of 2012 from 705 GWh in the third quarter of 2011. This increase was attributable mainly to an increase of 1.2% in the number of customer and an increase of 0.2% in the average consumption per customer.
Electric Power Purchases increased 43.6% to Ps. 83.7 million in the third quarter of 2012 from Ps. 58.3 million in the third quarter of 2011, mainly due to an increase in the purchase price as a result of the subsidies cuts to certain clients and as a consequence of the tariff increase and higher purchase in GWh.
Gross Margin increased 18.1% to Ps. 117.2 million in the third quarter of 2012 from Ps. 99.3 million in the third quarter of 2011, mainly due to the tariff increases granted on July 2012.
Net Operating Income increased 15.7% to Ps. 33.9 million in the third quarter of 2012 from Ps. 29.3 million in the third quarter of 2011, due to a better Gross Margin partially compensated by higher operating expenses mainly due for salaries araisings.
Net Income increased 28.7% to Ps. 17.9 million in the third quarter of 2012 from Ps. 13.9 million in the third quarter of 2012, as a consequence of higher net operating incomes descrived above.
EDEN Adjusted EBITDA
Eden Adjusted EBITDA has decreased to Ps. 90.7 million in September of 2012 vis à vis Ps. 118.2 million for the same period of 2011.
EDEN Adjusted Ebitda Standalone | ||||||||||||||||
3Q 2012 | 3Q 2011 | September 2012 | September 2011 | |||||||||||||
(in million of Pesos) | ||||||||||||||||
Operating Profit | 33.9 | 29.3 | 68.2 | 97.6 | ||||||||||||
Amortization | 7.7 | 6.9 | 22.5 | 20.6 | ||||||||||||
Commercial Interests | (0.8 | ) | (0.7 | ) | (2.5 | ) | (2.2 | ) | ||||||||
EBITDA | 40.8 | 35.5 | 88.2 | 116.0 | ||||||||||||
Commercial Interests | 0.8 | 0.7 | 2.5 | 2.2 | ||||||||||||
Adjusted EBITDA | 41.6 | 36.2 | 90.7 | 118.2 | * | |||||||||||
* As of September 2011, Eden has consolidated 7 months with Edenor representing an Adjusted Ebitda of Ps. 91.8 million. |
Third Quarter 2012 | |
Page 4 of 9 |
Discussion of EDENOR Financial Results:
Operating Expenses
Transmission & Distribution | Selling | Administrative | Total Expenses | |||||||||||||||||||||||
expenses | expenses | expenses | ||||||||||||||||||||||||
3Q 2012 | 3Q 2011 | % Variation | 3Q 2012 | 3Q 2011 | %Variation | 3Q 2012 | 3Q 2011 | %Variation | 9M 2012 | 9M 2011 | ||||||||||||||||
Salaries and social security taxes | 105,685 | 92,459 | 14.3 | % | 26,823 | 20,119 | 33.3 | % | 35,118 | 25,127 | 39.8 | % | 492,391 | 394,843 | ||||||||||||
Pension Plan | 5,407 | 1,884 | 187.0 | % | 1,368 | 409 | 234.5 | % | 1,670 | 518 | 222.4 | % | 20,440 | 8,328 | ||||||||||||
Communications Expenses | 2,078 | 1,659 | 25.3 | % | 4,521 | 4,492 | 0.6 | % | 392 | 751 | -47.8 | % | 21,869 | 18,716 | ||||||||||||
Allowance for doubtful accounts | 0 | 0 | 0.0 | % | 6,015 | 2,065 | 191.3 | % | - | - | 0.0 | % | 14,336 | 9,156 | ||||||||||||
Supplies Consumption | 24,797 | 14,711 | 68.6 | % | 470 | 327 | 43.7 | % | 1,068 | 900 | 18.7 | % | 67,274 | 40,772 | ||||||||||||
Rent and Insurance | 888 | 775 | 14.6 | % | 72 | 37 | 94.6 | % | 4,308 | 3,196 | 34.8 | % | 15,848 | 12,996 | ||||||||||||
Security Services | 2,680 | 1,822 | 47.1 | % | 224 | 111 | 101.8 | % | 872 | 870 | 0.2 | % | 11,592 | 8,146 | ||||||||||||
Fees and remuneration for services | 125,412 | 64,478 | 94.5 | % | 44,531 | 29,486 | 51.0 | % | 17,692 | 10,035 | 76.3 | % | 494,815 | 256,840 | ||||||||||||
Computer Services | 0 | 280 | -100.0 | % | 1 | 1,195 | -99.9 | % | 19 | 3,742 | -99.5 | % | 19,974 | 25,264 | ||||||||||||
Public Relations and Marketing | 0 | 0 | 0.0 | % | - | - | 0.0 | % | 920 | 139 | 563.8 | % | 2,181 | 4,940 | ||||||||||||
Advertising and Sponsorship | 0 | 0 | 0.0 | % | - | - | 0.0 | % | 475 | 4,936 | -90.4 | % | 1,124 | 7,409 | ||||||||||||
Reimbursements to personnel | 236 | 271 | -12.9 | % | 49 | 67 | -26.9 | % | 230 | 163 | 41.1 | % | 1,393 | 1,296 | ||||||||||||
Temporary Personnel | 0 | 17 | -100.0 | % | - | 291 | -100.0 | % | - | 242 | -100.0 | % | 418 | 1,733 | ||||||||||||
Depreciation of property, plant and equipment | 43,105 | 44,764 | -3.7 | % | 3,568 | - | 0.0 | % | 1,445 | 737 | 96.1 | % | 143,074 | 138,263 | ||||||||||||
Directors and Supervisory Committee member´s fees | 0 | 0 | 0.0 | % | - | - | 0.0 | % | 630 | - | 0.0 | % | 1,913 | 2,000 | ||||||||||||
ENRE penalties | 25,286 | 20,038 | 26.2 | % | 3,815 | 1,900 | 100.8 | % | - | - | 0.0 | % | 73,191 | 53,379 | ||||||||||||
Taxes and Charges | 0 | 0 | 0.0 | % | 6,453 | 5,149 | 25.3 | % | 762 | 506 | 50.6 | % | 20,617 | 16,657 | ||||||||||||
Other | 20 | 30 | -33.3 | % | 6 | 19 | -68.4 | % | 202 | 824 | -75.5 | % | 1,086 | 2,532 | ||||||||||||
Total | 335,594 | 243,188 | 38.0 | % | 97,916 | 65,667 | 49.1 | % | 65,803 | 52,686 | 24.9 | % | 1,403,536 | 1,003,270 |
Sales
The following table shows our energy sales by category of customer (in GWh) and the number of clients for each category:
3Q 2012 | 3Q 2011 | September 2012 | September 2011 | Clients | ||||
In Gwh | % | In Gwh | % | Variation | Clients | Clients | Variation | |
Residential | 2,512 | 45.2% | 2,357 | 44.0% | 6.6% | 2,374,496 | 2,348,406 | 1.1% |
Small Commercial | 394 | 7.1% | 372 | 6.9% | 5.9% | 311,395 | 304,070 | 2.4% |
Medium Commercial | 428 | 7.7% | 418 | 7.8% | 2.4% | 31,255 | 30,794 | 1.5% |
Industrial | 827 | 14.9% | 854 | 15.9% | -3.1% | 6,149 | 5,967 | 3.1% |
Wheeling System | 1,066 | 19.2% | 1,042 | 19.5% | 2.3% | 709 | 671 | 5.7% |
Others | ||||||||
Public Lighting | 186 | 3.3% | 182 | 3.4% | 2.0% | 22 | 21 | 4.8% |
Shantytowns and Others | 140 | 2.5% | 128 | 2.4% | 9.2% | 377 | 373 | 1.1% |
Total | 5,552 | 100.0% | 5,353 | 100.0% | 3.7% | 2,724,403 | 2,690,302 | 1.3% |
Third Quarter 2012 | |
Page 5 of 9 |
Capital Expenditures
During the third quarter of 2012, our capital expenditures amounted to Ps. 130.1 million, compared to Ps. 102.2 million in the third quarter of 2011.
Our capital expenditures in the third quarter of 2012 consisted mainly of the following:
· | Ps. 102.5 million in new connections due to the increase in our customer base and grid enhancements; |
· | Ps. 19.1 million in network maintenance and improvements; |
· | Ps. 3.7 million in legal requirements; |
· | Ps. 1.1 million in communications and telecontrol; and |
· | Ps. 3.7 million of other investment projects. |
For the nine-month period ended September 30, 2012, our Capital Expenditures totalized to Ps. 346.5 million, compared to Ps. 236.6 million in the same period of 2011.
PUREE Funds In the third quarter of 2012, PUREE funds increased 20.6%, amounting Ps. 288.9 million vis à vis Ps. 239.6 million in the same period of 2011. | Energy Losses Quarterly energy losses increased 0.4 bps compared to the third quarter 2011. |
Discussion of EDEN Financial Results:
Sales
The following table shows our energy sales by category of customer (in GWh) and the number of clients for each category:
3Q 2012 | 3Q 2011 | September 2012 | September 2011 | Clients | |||||
In Gwh | % | In Gwh | % | Variation | Clients | Clients | Variation | ||
Residential | 159 | 22.2% | 151 | 21.4% | 5.3% | 295,500 | 292,321 | 1.1% | |
Small Commercial | 57 | 8.0% | 55 | 7.8% | 3.6% | 43,125 | 42,189 | 2.2% | |
Medium Commercial | 27 | 3.8% | 25 | 3.5% | 8.0% | 1,462 | 1,422 | 2.8% | |
Industrial | 202 | 28.3% | 206 | 29.2% | -1.9% | 824 | 791 | 4.2% | |
Wheeling System | 72 | 10.1% | 74 | 10.5% | -2.7% | 83 | 82 | 1.2% | |
Others | |||||||||
Public Lighting | 23 | 3.2% | 22 | 3.1% | 4.5% | 1,690 | 1,657 | 2.0% | |
Cooperatives | 173 | 24.2% | 171 | 24.2% | 1.2% | 135 | 133 | 1.5% | |
Own Consumption | 1 | 0.1% | 1 | 0.1% | 0.0% | 114 | 116 | -1.7% | |
Energy Recovered | 1 | 0.1% | 1 | 0.1% | 0.0% | - | - | -% | |
Total | 715 | 100.0% | 706 | 100.0% | 1.3% | 342,933 | 338,711 | 1.2% |
\
Third Quarter 2012 | |
Page 6 of 9 |
Capital Expenditures
During the third quarter of 2012, our capital expenditures amounted to Ps. 11.4 million, compared to Ps. 14.4 million in the third quarter of 2011.
Our capital expenditures in the third quarter of 2012 consisted mainly of the following:
· | Ps. 8.0 million in growth, replacement, public safety, quality services and environmental; |
· | Ps. 3.2 million in IT, communications and technology advances and energy loses control); and, |
· | Ps. 0.2 million in others capex. |
For the nine-month period ended September 30, 2012, our Capital Expenditures amounted to Ps. 55.7 million, compared to Ps. 37.6 million in the same period of 2011.
PUREE Funds | Quarterly Energy Losses |
EDENOR As of today, the outstanding principal amount of our dollar denominated financial debt (net of the senior notes due 2022 that we hold) is US$ 283.3 million, consisting of US$ 24.8 million principal amount of Senior Notes due 2017 and US$ 258.5 million principal amount of Senior Notes due 2022. In addition, the outstanding principal amount of our peso denominated debt is Ps. 12.9 million, consisting of Ps.11.7 million of our Floating Rate notes due 2013 and the remaining amount consisting of loans with banks. | EDEN As of today, the outstanding principal amount of our peso denominated financial debt is Ps. 67.5 million, consisting in bank debt by Ps. 42.5 million at floating rate and Ps. 25.0 million at fixed rate. | |
|
Third Quarter 2012 | |
Page 7 of 9 |
About EDENOR/EDEN
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 (both in GWh and Pesos). 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 7 million people and an area of 4,637 sq. km. In 2011, Edenor sold 20,077 GWh of energy and purchased 23,004 GWh of energy, with net sales of approximately Ps. 2.3 billion and net loss of Ps. 435.4 million.
Eden distributes electricity exclusively to the northern zone of the Buenos Aires province, which has a population of approximately 1.5 million people and an area of 109,141 sq. km. In 2011, Eden sold 2.785 GWh of energy and purchased 2,808 GWh of energy, with net sales of approximately Ps. 592.6 million and net gains of Ps. 72.2 million.
This press release may contain forward-looking statements. These statements are statements that 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.
6363 Del Libertador Avenue, 4th Floor
(C1428ARG) Buenos Aires, Argentina
Fax: 5411.4346.5358
investor@edenor.com
www.edenor.com.ar
Conference Call Information
There will be a conference call to discuss the Edenor’s quarterly results on Wednesday, November 21, 2012, at 12:00 p.m. Buenos Aires time / 11:00 a.m. New York time. For those interested in participating, please dial 1(877)317-6776 in the United States or, if outside the United States, +1(412) 317-6776 or 0800-444-2930 in Argentina. Participants should use conference ID 10013298 or request for Edenor’s Conference Call, and dial in five minutes before the call is set to begin. There will also be a live audio webcast of the conference at www.edenor.com in the Investor Relations section. There will be a replay of the conference call available 1 hour after the end of the conference through 11/21/2012 12:00 a.m. NY Time. To access the replay, please dial 1(877) 344-7529 or 1(412) 317-0088. The Conference ID: 10013298. |
For more information, please access: www.edenor.com ; www.cnv.gob.ar
Third Quarter 2012 | |
Page 8 of 9 |
Standalone and Consolidated Income Statement and Cash Flow
(For the nine month period ended September 30, 2012 and 2011in thousands of U.S. dollars and Argentine Pesos)
Standalone Income Statement | Consolidated Income Statement | |||||||||||||||||||
30.09.12 | 30.09.11 | 30.09.12 | 30.09.11 | |||||||||||||||||
Continuing Operations | US$ | AR$ | AR$ | US$ | AR$ | AR$ | ||||||||||||||
Net sales | 461,452 | 2,167,439 | 1,742,368 | Net sales | 578,194 | 2,715,775 | 2,090,225 | |||||||||||||
Electric power purchases | (278,222 | ) | (1,306,808 | ) | (861,165 | ) | Income from construction | 18,427 | 86,550 | 59,546 | ||||||||||
Electric power purchases | (327,605 | ) | (1,538,762 | ) | (996,971 | ) | ||||||||||||||
Construction cost | (18,427 | ) | (86,550 | ) | (59,546 | ) | ||||||||||||||
Gross Margin | 183,230 | 860,631 | 881,203 | Gross Margin | 250,588 | 1,177,013 | 1,093,254 | |||||||||||||
Operating Expenses | (298,815 | ) | (1,403,536 | ) | (1,003,270 | ) | Operating Expenses | (351,391 | ) | (1,650,482 | ) | (1,144,377 | ) | |||||||
Other incomes / (Expenses) | (4,378 | ) | (20,563 | ) | (23,192 | ) | Other operative incomes / expenses | (5,316 | ) | (24,968 | ) | (20,301 | ) | |||||||
Gain from acquisition of assets | - | - | 434,959 | Gain from acquisition of assets | - | - | 434,959 | |||||||||||||
Result participation in subsidiaries | 5,198 | 24,417 | 36,675 | Result participation in joint ventures | (4 | ) | (21 | ) | (12 | ) | ||||||||||
Operating Result | (114,765 | ) | (539,051 | ) | 326,375 | Operating Result | (106,123 | ) | (498,458 | ) | 363,523 | |||||||||
Net financial results | (41,547 | ) | (195,147 | ) | (153,886 | ) | Net financial results | (45,968 | ) | (215,911 | ) | (186,700 | ) | |||||||
Result before income tax | (156,312 | ) | (734,198 | ) | 172,489 | Result before income tax | (152,090 | ) | (714,369 | ) | 176,823 | |||||||||
Income tax | 15,145 | 71,135 | (70,985 | ) | Income tax | 11,574 | 54,362 | (94,020 | ) | |||||||||||
Profit (Loss) from continuing operations | (141,167 | ) | (663,063 | ) | 101,504 | Profit (Loss) from continuing operations | (140,517 | ) | (660,007 | ) | 82,803 | |||||||||
Discontinued operations | 7,683 | 36,085 | 13,221 | Results of discontinued operations | 7,683 | 36,085 | 38,416 | |||||||||||||
Profit (Loss) for the year | (133,485 | ) | (626,978 | ) | 114,725 | Profit (Loss) for the year | (132,834 | ) | (623,922 | ) | 121,219 | |||||||||
Total others integral results | - | - | - | Total others integral results | - | - | - | |||||||||||||
Total integral results for the year | (133,485 | ) | (626,978 | ) | 114,725 | Total integral results | (132,834 | ) | (623,922 | ) | 121,219 | |||||||||
Attributable to: | ||||||||||||||||||||
Earnings per share from continued operations | (0.157 | ) | (0.739 | ) | 0.113 | Owners | (133,485 | ) | (626,978 | ) | 114,725 | |||||||||
Earnings per share from discontinued operations | 0.009 | 0.04 | 0.015 | Non controlling | 651 | 3,056 | 6,494 |
Standalone Cash Flow | Consolidated Cash Flow | |||||||||||||||||||||
30.09.2012 | 30.09.2011 | 30.09.2012 | 30.09.2011 | |||||||||||||||||||
Changes in chash and cash equivalents | US$ | AR$ | AR$ | Changes in chash and cash equivalents | US$ | AR$ | AR$ | |||||||||||||||
Cash and cash equivalents at beginning of year | 20,913 | 98,227 | 246,007 | Cash and cash equivalents at beginning of year | 27,786 | 130,509 | 246,007 | |||||||||||||||
Financial income on cash and cash equivalents | (653 | ) | (3,067 | ) | 2,017 | Financial income on cash and cash equivalents | (653 | ) | (3,067 | ) | 2,017 | |||||||||||
Change in cash and cash equivalents | (11,106 | ) | (52,164 | ) | (127,647 | ) | Change in cash and cash equivalents | (15,391 | ) | (72,293 | ) | (46,442 | ) | |||||||||
Cash and cash equivalents at end of year | 9,154 | 42,996 | 120,377 | Cash and cash equivalents at end of year | 11,741 | 55,149 | 201,582 | |||||||||||||||
Operating activities | Operating activities | |||||||||||||||||||||
Integral result for the period | (133,485 | ) | (626,978 | ) | 114,725 | Integral result for the period | (132,834 | ) | (623,922 | ) | 121,219 | |||||||||||
Net cashflow provided by operating activities | 3,524 | 16,552 | 317,688 | Net cashflow provided by operating activities | 49,72 | 233,533 | 715,408 | |||||||||||||||
Net cash flows used in investing activities | (16,815 | ) | (78,982 | ) | (707,096 | ) | Net cash flows used in investing activities | (56,429 | ) | (265,049 | ) | (942,604 | ) | |||||||||
Net cash flow (used in) provided by financing activities | (2,209 | ) | (10,376 | ) | 124,659 | Net cash flow (used in) provided by financing activities | (8,681 | ) | (40,777 | ) | 180,754 | |||||||||||
(Decrease) Increase in cash and cash equivalents | (15,501 | ) | (72,806 | ) | 264,749 | (Decrease) Increase in cash and cash equivalents | (15,391 | ) | (72,293 | ) | (46,442 | ) |
Third Quarter 2012 | |
Page 9 of 9 |
Standalone and Consolidated Balance Sheet
(For the nine month period ended September 30, 2012 and 2011
in thousands of U.S. dollars and Argentine Pesos)
Standalone Balance Sheet | Consolidated Balance Sheet | |||||||||||||||||||||
30.09.2012 | 31.12.2011 | 30.09.2012 | 31.12.2011 | |||||||||||||||||||
ASSETS | US$ | AR$ | AR$ | ASSETS | US$ | AR$ | AR$ | |||||||||||||||
Total non-current assets | 1,005,213 | 4,721,486 | 4,510,219 | Total non-current assets | 1,095,174 | 5,144,033 | 4,883,903 | |||||||||||||||
Total current assets | 152,139 | 714,599 | 858,749 | Total current assets | 209,293 | 983,049 | 836,612 | |||||||||||||||
Other assets available for sale | 32,361 | 152,000 | 216,531 | Other assets available for sale | 32,361 | 152,000 | 1,278,731 | |||||||||||||||
TOTAL ASSETS | 1,189,714 | 5,588,085 | 5,585,499 | TOTAL ASSETS | 1,336,828 | 6,279,082 | 6,999,246 | |||||||||||||||
Equity attributable to the owners | 171,260 | 804,407 | 1,431,385 | |||||||||||||||||||
TOTAL EQUITY | 171,260 | 804,407 | 1,431,385 | |||||||||||||||||||
Non-controlling participation | 11,082 | 52,051 | 415,801 | |||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||
TOTAL EQUITY | 182,341 | 856,458 | 1,847,186 | |||||||||||||||||||
Total non-current liabilities | 746,568 | 3,506,631 | 3,099,592 | |||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||
Total current liabilities | 271,886 | 1,277,047 | 1,054,522 | |||||||||||||||||||
Total non-current liabilities | 799,797 | 3,756,645 | 3,314,890 | |||||||||||||||||||
TOTAL LIABILITIES | 1,018,454 | 4,783,678 | 4,154,114 | |||||||||||||||||||
Total current liabilities | 354,690 | 1,665,979 | 1,307,312 | |||||||||||||||||||
TOTAL LIABILITIES AND EQUITY | 1,189,714 | 5,588,085 | 5,585,499 | Liabilities associated with assets held for sale | - | - | 529,858 | |||||||||||||||
TOTAL LIABILITIES | 1,154,487 | 5,422,624 | 5,152,060 | |||||||||||||||||||
TOTAL LIABILITIES AND EQUITY | 1,336,828 | 6,279,082 | 6,999,246 |
*Financial tables have been converted into U.S. dollars at a rate of Ps. 4.697 per dollar, the buying rate as of September 30, 2012, solely for the convenience of the reader.