Empresa Distribuidora y Comercializadora Norte S.A.
(NYSE:EDN)

Empresa Distribuidora y Comercializadora Norte S.A., a public service company, engages in the distribution and sale of electricity in Argentina. It serves approximately 9 million people in the northwestern part of the greater Buenos Aires metropolitan area and the northern part of the City of Buenos...

Website: http://www.edenor.com.ar

Founded: 1992

Full Time Employees: 4,777

Sector: Utilities

Industry: Utilities-Regulated Electric

Utilities

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At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

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Income Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-12-30	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2014-03-30	2013-09-30	2012-12-31	2011-12-31	2011-03-14	2010-12-31	2009-12-31	2009-05-13	2008-12-31	2008-02-28	2007-12-31

statement of comprehensive income
continuing operations
revenue from sales
electric power purchases																																																					-1,069,747,000			-267,628,000		-889,885,000
subtotal																																																					94,475,000
transmission and distribution expenses																																																					-636,289,000			-125,860,000		-417,553,000
gross profit
yoy
qoq
gross margin %	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%		NaN%	0%		NaN%	0%	NaN%	0%
selling expenses																																																					-194,236,000			-43,287,000		-120,633,000
administrative expenses																																																					-178,897,000			-41,043,000		-124,656,000
other opertaing expense
revenue from customers contributions exempt from devolutions
operating income
yoy
qoq
operating margin %	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%		NaN%	0%		NaN%	0%	NaN%	0%
financial income
financial expenses																																																					-12,484,000			-2,527,000		-21,042,000
other financial expense
net financial expense
income before taxes																																																					-75,167,000			57,799,000		247,442,000
income tax																																																					1,136,000			-27,697,000		-124,984,000
loss for the year from continuing operations
discontinued operations
lossfor the year
loss for the year attributable to:
owners of the company
loss for the year
loss for the period attributable to the owners of the parent:
basic and diluted loss per share attributable to the owners of the parent:
basic and diluted loss per share from continuing operations
basic and diluted loss per share from discontinued operations
net sales																																																					2,173,644,000			551,924,000		1,981,928,000
yoy
qoq
gross margin																																																					1,103,897,000			284,296,000		1,092,043,000
other income																																																					-9,810,000			-5,382,000		996,000
financial income and holding gains
generated by assets
exchange difference																																																					7,412,000			7,929,000		-855,000
interest																																																					28,372,000			3,109,000		13,426,000
holding results																																																					-14,680,000			3,540,000		135,000
tax on financial transactions																																																					-16,048,000
generated by liabilities
adjustment to present value of the retroactive tariff increase arising from the application of the new electricity rate schedule and other trade receivables																																																					11,581,000
adjustment to present value of notes																																																					-4,198,000			-6,816,000		-21,495,000
gain from the purchase of notes																																																					-7,054,000			63,100,000
net income for the year																																																					-74,031,000					122,458,000
earnings per common share																																																					-82			34		135
balance at beginning of year																																																					897,043,000			897,043,000
appropriation resolved by the general annual meeting held on april 7, 2010
balance at end of year																																																					897,043,000
net operating income																																																								74,106,000		429,201,000
adjustment to present value of the retroactive tariff increase arising from the application of the new electricity rate schedule and of the payment plan agreement with the province of bs.as.																																																								2,706,000
adjustment to present value of purchased notes																																																								7,367,000
net income for the period																																																								30,102,000
appropriation resolved by the general annual meeting held on march 31, 2009
balance at end of period																																																								897,043,000
interest (**)p																																																										-74,508,000
adjustment to present value of the retroactive tariff increase arising from the application of the new electricity
rate schedule and from the payment plan agreement with the province of bs.as.																																																										-29,618,000
gain on extinguishment of former debt
loss from the purchase and redemption of notes																																																										-10,228,000
adjustment to present value of purchased and redeemed notes																																																										-8,632,000
fees related to the corporate notes issuance program																																																										-7,403,000
expense related to the public offering of capital stock
financial assistance electricidad argentina s.a.																																																										-6,219,000
withholdings income tax and others financial expenses																																																										-7,420,000
total																																																										-21,042,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2024-12-31	2023-12-31	2022-12-31	2019-12-31	2018-12-31	2017-12-31	2017-06-30	2017-03-31	2016-12-31	2016-12-30	2016-09-30	2016-03-31	2015-12-31	2014-12-31	2014-09-30	2013-12-31	2012-03-30	2012-03-13	2011-12-31	2011-11-14	2011-09-30	2011-08-11	2011-06-30	2011-05-12	2011-03-31	2011-03-30	2011-03-14	2010-12-31	2010-11-12	2010-08-11	2010-05-07	2010-03-02	2009-12-31	2009-08-13	2009-05-13	2009-03-02	2008-12-31	2008-11-07	2008-08-11	2008-05-09	2008-02-28	2007-12-31	2007-11-09	2007-08-10

schedule of exposure to currency risk
net position
us dollar	-75,655,000,000	-51,865,000,000
chinese yuan		-284,000,000
euro	-107,000,000	-537,000,000
swiss franc	-228,000,000	-289,000,000
total	-75,990,000,000	-52,975,000,000
schedule of decrease in the profit loss
decrease in the results of operations for the year	-7,600,000,000	-5,298,000,000
f-35
2024 consolidatedfinancial statementsnotes
ii.
iii.
b.
f-36
c.
schedule of non-derivative financial liabilities
as of december 31, 2024
trade payables and other liabilities	353,726,000,000	100,329,000,000
borrowings				136.9	190.8	224.8		174.3	174.3	174.3	174.1	188.7	188.7	186.9	189	200,900,000
as of december 31, 2023
f-37
note	5,200,000
schedule of gearing ratios
total liabilities	2,472,512,000,000	1,069,993,000,000		1,007.1	1,220.7	1,300.1		1,232.3	1,168.8	1,168.8	988	904.8	878.5	964.3	992			941,550,000	4,373,045,000	865,183,000	865,183,000	849,745,000	849,745,000	822,579,000	822,579,000		735,300,000	859,300,000	611,950,000	594,347,000	594,631,000	575,929,000	714,400,000	2,043,064,000	540,705,000	591,678,000	732,400,000	632,205,000	628,337,000	1,891,864,000	594,800,000	823,100,000	1,892,427,000	1,789,878,000
less: cash and cash equivalents and financial assets at fair value through profit or loss	-387,269,000,000	-91,756,000,000
net debt	2,085,243,000,000	978,237,000,000
total equity	1,507,065,000,000	438,811,000,000		987.7	821.5	56.8		52.3	22.8	22.8	22.6	95.2	116.9	45	-32.2	180,400,000
total capital attributable to owners	3,592,308,000,000	1,417,048,000,000
gearing ratio	58,050,000	69,030,000
f-38
f-39
schedule of financial assets and liabilities measured at fair value
at december 31, 2024
assets
other receivables				0.4	21.2	2.3		3.2	3.2	3.2	8.4	10.5	11.8	29.1	29.5	30,600,000	244,903,000	72,669,000	244,903,000	88,638,000	88,638,000	88,656,000	88,656,000	14,601,000	14,601,000	244,903,000	10,906,000	10,900,000	8,582,000	8,800,000	9,589,000	16,078,000	16,100,000	42,801,000	10,104,000	12,395,000	12,400,000	10,915,000	14,699,000	26,504,000	8,253,000	8,300,000	18,873,000	18,503,000
transferred assets and in custody	8,945,000,000	20,406,000,000
financial assets at fair value through profit or loss:
negotiable instruments	114,494,000,000	588,000,000
mutual funds	248,857,000,000	82,040,000,000
cash and cash equivalents:
total assets	372,744,000,000	110,764,000,000		1,994.8	2,042.2	1,356.9		1,284.6	1,191.5	1,191.5	1,010.6	1,000.1	995.4	1,009.3	959.8		5,744,432,000	1,246,968,000	5,744,432,000	1,335,520,000	1,335,520,000	1,339,691,000	1,339,691,000	1,335,629,000	1,335,629,000	5,744,432,000	1,265,526,000		1,162,229,000	1,148,997,000	1,158,627,000	1,150,195,000		4,134,630,000	1,111,046,000	1,197,402,000		1,276,762,000	1,300,141,000	3,885,443,000	1,221,850,000	1,221,800,000	3,814,473,000	3,756,818,000
liabilities
other liabilities:
payment plan - cammesa
at december 31, 2023
cash and cash equivalents				6.8	0.7	4.4		4.5	16.3	16.3	20.8	11.7	9.9	20.9	12.5	37,300,000
f-30
2023 financial statementsnotes
schedule of decrease in the profit
f-31
f-32
as of december 31, 2022
nota		5,200,000	5,200,000
f-33
f-34
at december 31, 2022
2022 financial statements
schedule of decrease in results of operation
schedule of analysis of non-derivative financial liabilities
as of december 31, 2021
a.
at december 31, 2021
non-current assets
property, plant and equipment				1,691.4	1,657.2	794.3		770.4	704.7	704.7	666.8	641.6	681.4	778	726.8	795,800,000	4,738,259,000	913,935,000	4,738,259,000	899,770,000	899,770,000	907,734,000	907,734,000	910,725,000	910,725,000	4,738,259,000	927,938,000	927,900,000	916,234,000	911,978,000	907,741,000	916,417,000	916,400,000	3,256,258,000	881,757,000	943,023,000	943,000,000	1,021,263,000	1,050,026,000	3,135,177,000	982,124,000	982,100,000	2,992,251,000	2,932,816,000
interest in joint ventures				0.2	0.2											100,000
right-of-use asset				4.4
financial assets at fair value through profit or loss				46.6	89.7	155.4		105.4	125.5	125.5	137	122.3	119.7	29.8	35.8	33,200,000
total non-current assets				1,696.4	1,678.6	860.2		844.5	774.8	774.8	727.5	672.1	698.9	817.3	756.3		4,592,412,000	997,135,000	4,592,412,000	1,063,779,000	1,063,779,000	1,110,261,000	1,110,261,000	1,167,621,000	1,167,621,000	4,592,412,000	975,334,000		967,803,000	955,514,000	953,985,000	967,679,000		3,502,022	943,137,000	1,014,197,000		1,091,685,000	1,121,889,000	3,375,272,000	1,064,232,000	1,064,200,000	3,263,815,000	3,229,270,000
current assets
inventories				32.2	33.4	21		17.2	18.1	18.1	8.3	7.9	10.3	8.7	14.3	12,900,000
trade receivables				208	201.3	304.5		298.4	245.5	245.5	104.7	161.6	1.8	103.3	107.7	123,200,000	534,732,000	98,224,000	534,732,000	94,442,000	94,442,000	98,306,000	98,306,000	99,135,000	99,135,000	534,732,000	105,934,000	105,900,000	100,308,000	104,508,000	102,250,000	102,431,000	102,400,000	446,022,000	117,147,000	129,169,000	129,200,000	104,348,000	114,998,000	350,301,000	109,869,000	109,900,000	319,295,000	353,138,000
financial assets at amortized cost					32.1	0.6			2.8	2.8	3
total current assets				298.4	363.6	496.7		440.2	416.8	416.8	283.1	328	296.6	192	203.5		1,152,020,000	249,833,000	1,152,020,000	271,741,000	271,741,000	229,429,000	229,429,000	168,009,000	168,009,000	1,152,020,000	290,192,000		194,427,000	193,483,000	204,642,000	182,516,000		632,608,000	167,909,000	183,205,000		185,077,000	178,252,000	510,171,000	157,619,000		550,658,000	527,548,000
equity
share capital and reserve attributable to the owners of the company
share capital				14.6	23.4	48.2		58.4	56.5	56.5	59.6	61	68.8	104.9	107.7
adjustment to share capital				442.6	452.7	21.4		26	25	25	26.4	27.1	30.5	46.5	47.7	61,000,000
treasury stock				0.5	0.6	0.4		0.5	0.6	0.6	0.6	0.6	0.7	1.1	1.1	1,400,000
adjustment to treasury stock				9.5	6	0.5		0.6	0.7	0.7	0.7	0.7	0.8	1.2	1.2	1,600,000
additional paid-in capital				6.2	6.4	1.7		3	0.2	0.2	0.2	0.2	0.3	0.4	0.4	500,000
cost treasury stock				-37.4	-28.4
legal reserve				21.5	4.1	3.9			4.6	4.6	4.9
voluntary reserve				331.2				11.4
other reserve									1.3
other comprehensive loss				-3.6	-3.6			-2.4		-2.3	-2.8	-2.9			-3.4	-4,300,000
retained earnings				202.6
non-current liabilities																												653,500,000					506,300,000				527,500,000					640,900,000
trade payables				6.2	7.6	12.9		15.4	14.7	14.7	15.3	15.4	17.3	27	27	33,900,000
other payables				67.1	202.2	323.6		340.6	321.2	321.2	270.8	206.1	183.4	192.3	158.4	144,900,000
deferred revenue				4.5	7.3	10.4		13	12.6	12.6	11.5	11.4	11.8	12.8	11.6	5,200,000
salaries and social security payable				4	4.3			6.5		5.9	6	5.8
benefit plans				8.7	10.2	17.4		18.4	16.7	16.7	16	14.7	15.7	17.6	12.8	15,700,000
deferred tax liability				334.9											0.5	11,300,000
tax liabilities				29.6	20.8	56.5		65.8	78.3	78.3	0.1	0.1	0.1	0.4	0.4	700,000
provisions				34.4	28.4	32.1		24.6	21.5	21.5	20.4	19.1	19.9	13.1	14	12,700,000
total non-current liabilities				596.7	664.3	627.6		612.6	566.9	566.9	514.2	471.9	443.1	457.5	417.5			691,598,000	3,044,463,000	620,204,000	620,204,000	634,061,000	634,061,000	617,504,000	617,504,000		537,488,000	537,500,000	420,433,000	407,717,000	385,716,000	375,858,000	375,900,000	1,373,983,000	347,428,000	297,911,000	397,900,000	446,659,000	437,959,000	1,354,020,000	423,455,000	423,500,000	1,373,976,000	1,357,918,000
current liabilities
derivative financial instruments				3.4								0.4		0.7
income tax payable				32.9				19.9
total current liabilities				410.4	556.4	672.5		619.8	601.9	601.9	473.8	433	435.5	506.8	574.5			249,952,000	1,328,582,000	244,978,000	244,978,000	215,684,000	215,684,000	205,075,000	205,075,000		197,812,000		191,518,000	186,630,000	208,915,000	200,072,000		669,078,000	193,277,000	193,767,000		185,546,000	190,378,000	537,844,000	171,345,000		518,451,000	431,960,000
total liabilities and equity				1,994.8	2,042.2	1,356.9		1,284.6	1,191.5	1,191.5	1,010.6	1,000.1	995.4	1,009.3	959.8
opcional reserve					9.7	9.4			11.1	11.1	11.7
accumulated losses					350.6			-49.9		-74.8	-78.8	8.5
tax payable					213.5	25			9.8	9.8
deferred tax asset						63.6		70.8	64.1	64.1	49.3	19.9	3.8	10.2
capital and reserves attributable to the owners
other comprehensive income						-1.5			-2.3				-3.2	-4.7
accumulated deficit						-27.2			-74.8				19.1	-104.4	-186.9
salaries and social security taxes payable						6.4			5.9				6.1	7.4	3.8	4,000,000
net operating income before resolution 32/15							298.8
depreciation of property, plant and equipment							102.5
penalty interests
ebitda							401.2
resolution 32/15 recognition and others
commercial interests							23.1
adjusted ebitda							424.4
in million of us dollars and argentine pesos								3.31		12.31	6.3	3.31
other reserves										1.3
financial assets at accrued cost								3
statutory reserve								4.8
intangible assets
assets under construction
assets of disposal group classified as held for sale
equity attributable to the owners									22.8				116.9	45		180,400,000
non-controlling interest
liabilities of disposal group classified as held for sale
in millon of us dollars and argentine pesos															9.3
attributable to the owners of the parent
retained earnings/accumulated deficit																-17,400,000
cash and banks																	23,445,000		23,445,000							23,445,000														8,222,000			5,050,000	4,390,000
investments																	109,546,000	21,249,000	109,546,000	28,660,000	28,660,000	36,448,000	36,448,000	48,112,000	48,112,000	109,546,000	168,066,000	168,100,000	76,814,000	73,770,000	85,565,000	57,812,000	57,800,000	121,019,000	32,763,000	35,047,000	35,000,000	61,327,000	40,027,000	108,805,000	31,038,000	31,000,000	186,515,000	141,822,000
supplies																	22,863,000	5,312,000	22,863,000	4,056,000	4,056,000	3,307,000	3,307,000	3,166,000	3,166,000	22,863,000	3,120,000	3,100,000	4,654,000	4,423,000	5,199,000	3,909,000	3,900,000	16,705,000	3,288,000	4,838,000	4,800,000	5,774,000	6,536,000	16,339,000	7,359,000	7,400,000	20,925,000	9,695,000
other assets available for sale																	216,531,000	50,309,000	216,531,000	51,593,000	51,593,000					216,531,000
investments in other companies																	419,000		419,000							419,000	104,000	100,000	102,000				100,000				100,000			390,000		100,000	432,000	432,000
goodwill																	-289,557,000		-289,557,000							-289,557,000
current assets:
non-current assets:
permanent investments in companies																		53,740,000		91,143,000	91,143,000	139,115,000	139,115,000
current liabilities:
trade account payable																		135,121,000		111,738,000	111,738,000	103,368,000	103,368,000	94,614,000	94,614,000		95,197,000	95,200,000	95,838,000	92,466,000	96,838,000	91,522,000	91,500,000	339,261,000	88,991,000	98,251,000	98,300,000	87,581,000	96,408,000		100,398,000	100,400,000
loans																		13,734,000	59,025,000	25,442,000	25,442,000	17,893,000	17,893,000	25,082,000	25,082,000		13,609,000	13,600,000	20,484,000	17,556,000	25,010,000	21,839,000	21,800,000	27,245,000	13,733,000	7,890,000	7,900,000	29,362,000	24,047,000	70,759,000	9,301,000	9,300,000	26,682,000	16,134,000
salaries and social security taxes																		55,720,000	287,115,000	44,801,000	44,801,000	41,417,000	41,417,000	39,966,000	39,966,000		45,380,000	45,400,000	28,833,000	26,823,000	27,965,000	31,152,000	31,200,000	94,787,000	21,814,000	27,451,000	27,500,000	24,436,000	18,107,000	50,400,000	19,023,000	19,000,000	53,962,000	43,666,000
taxes																		29,238,000	168,993,000	32,680,000	32,680,000	30,780,000	30,780,000	29,981,000	29,981,000		27,938,000	27,900,000	29,811,000	33,147,000	41,033,000	36,921,000	36,900,000	111,021,000	29,626,000	32,152,000	32,100,000	24,904,000	31,315,000	94,644,000	26,879,000	26,900,000	85,817,000	87,344,000
other liabilities																		14,521,000	144,777,000	15,385,000	15,385,000	6,901,000	6,901,000	1,070,000	1,070,000		1,142,000	1,100,000	1,224,000	1,232,000	1,593,000	2,108,000	2,100,000	44,008,000	24,322,000	12,745,000	12,700,000	4,205,000	5,391,000	6,854,000	3,084,000	3,100,000	30,390,000	11,157,000
accrued litigation																		1,619,000	10,344,000	14,932,000	14,932,000	15,325,000	15,325,000	14,362,000	14,362,000		14,545,000	14,500,000	15,328,000	15,314,000	16,476,000	16,530,000	16,500,000	52,756,000	14,792,000	15,278,000	15,300,000	15,059,000	15,110,000	40,623,000	12,661,000	12,700,000	36,615,000	30,165,000
non-current liabilities:
shareholders’ equity																		305,418,000		470,337,000	470,337,000	489,946,000	489,946,000	513,050,000	513,050,000		530,226,000	530,200,000	550,279,000	554,650,000	563,996,000	574,266,000	574,300,000	2,091,566,000	570,341,000	605,724,000	605,700,000	644,557,000	671,805,000		627,050,000	627,100,000
total liabilities and shareholders’ equity																		1,246,468,000		1,335,520,000	1,335,520,000	1,339,691,000	1,339,691,000	1,335,629,000	1,335,629,000		1,265,526,000		1,162,229,000	1,148,997,000	1,158,627,000	1,150,195,000		4,134,630,000	1,111,046,000	1,197,402,000		1,276,762,000	1,300,141,000		1,221,850,000
trade accounts payable																			658,328,000																					274,564,000			284,985,000	243,494,000
minority interest																			56,869,000
shareholders' equity																			1,314,518,000																					1,993,579,000			1,922,046,000	1,966,940,000
total liabilities and shareholders' equity																			5,744,432,000																					3,885,443,000			3,814,473,000	3,756,818,000
balance sheet data
argentine gaap
u.s. gaap
other non-current assets																												69,100,000					68,500,000				74,800,000					110,100,000
other assets																													1,878,000
other investments																																		67,212,000	16,973,000	19,465,000	19,500,000	3,120,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2014-12-31	2013-12-31	2013-08-28	2012-03-30	2012-03-13	2011-11-14	2011-08-11	2011-05-12	2011-03-14	2010-12-31	2009-05-13	2008-11-07	2008-08-11	2008-05-09	2007-11-09	2007-08-10

salaries and social security taxes
leases and insurance
fees and remuneration for services
depreciation of right-of-use asset
depreciation of property, plants and equipments
supplies consumption
others
total
cash and cash equivalents at beginning of year				676,843,000	676,843,000	676,843,000	676,843,000	676,843,000	228,372,000		126,399,000	101,198,000	101,198	101,198,000	32,673,000	32,673,000
net cash flows from operating activities				511,751,000	511,751,000	502,909,000	306,155,000	166,673,000	526,928,000		128,826,000	284,037,000	132,860	68,306,000	308,698,000	139,749,000
net cash flows from investing activities				-975,216,000	-975,216,000	-806,674,000	-675,719,000	-514,486,000	-381,335,000		-65,878,000				-187,263,000	-97,067,000
net cash flows (used in) generated by financing activities
result from exposure to inflation
exchange differences in cash and cash equivalents
cash and cash equivalents at the end of year
security services
taxes and charges
cash flows from operating activities																114,817,000
profit for the year
adjustments to reconcile net profit to net cash flows from operating activities:
depreciation of property, plant and equipment				252,233,000	252,233,000	184,429,000	121,955,000	53,313,000	178,380,000		43,501,000	125,224,000	83,771	41,665,000	132,445,000	89,519,000
depreciation of right-of-use assets
loss on disposals of property, plant and equipment
net accrued interest
exchange differences
income tax				22,448,000	22,448,000	-43,904,000	-35,484,000	-2,036,000	-1,136,000		27,697,000	46,588,000	36,852	17,550,000	106,816,000	89,941,000
allowance for the impairment of trade and other receivables, net of recovery
adjustment to present value of receivables
provision for contingencies
changes in fair value of financial assets
accrual of benefit plans
net gain from the repurchase of corporate notes
gain from interest in joint ventures
income from non-reimbursable customer contributions
termination of agreement on real estate asset
other financial results
other reserve constitution - share bases compensation plan
agreement on the regularization of obligations
higher costs recognition - see resolution 250/13 and subsequents notes
income recognition on account of the rti - see resolution 32/15
recognition of income – provisional remedies – minem note 2016-04484723
contractual resolution of real estate asset
monetary gain
changes in operating assets and liabilities:
increase in trade receivables
decrease in other receivables
increase in inventories
increase in deferred revenue
increase in trade payables
increase in salaries and social security payable
decrease in benefit plans
increase in tax liabilities
increase in other payables
decrease in provisions
payment of tax payable
cash flows from investing activities
payment of property, plant and equipment
net collection (payment) of financial assets
redemtion net of money market funds
mutuum charges granted to third parties
mutuum payments granted to third parties
collection of receivables from sale of subsidiaries
cash flows from financing activities
payment of borrowings
payment of financial lease liability
proceeds from borrowings
repayment of principal on loans
payment of interests from borrowings
repurchase of corporate notes
payment of redemption on corporate notes
acquisition of own shares
decrease in cash and cash equivalents
cash and cash equivalents at the beginning of year
cash and cash equivalents at the end of the year
supplemental cash flows information
non-cash activities
adquisition of advances to suppliers, property, plant and equipment through increased trade payables
adquisition of advances to suppliers, right-of-use assets through increased trade payables
derecognition of property, plant and equipment through other receivables
other expenses - focede
net gain from the repurchase of corporate bonds
discontinued operations
decrease in inventories
funds obtained from the program for the rational use of electric power
subtotal before variations of debts with cammesa
increase in account payables with cammesa
net (payment for) collection of purchase / sale of financial assets at fair value
collection of financial receivables with related companies
payment of interest on loans
proceeds from pp&e mutuum
proceeds from salaries mutuum
net cash flows from provided financing activities
cash and cash equivalents at beginning of year included in assets of disposal group classified as held for sale
increase in cash and cash equivalents
non-cash operating, investing and financing activities
financial costs capitalized in property, plant and equipment
acquisitions of property, plant and equipment through increased trade payables
increase from offsetting of liability with cammesa for electricity purchases against receivables
decrease from offset of other liabilities with cammesa for loans for consumption
amounts received from cammesa through focede
decrease in financial assets at fair value from repurchase of corporate notes
increase in financial assets at fair value from subsidiary sale
decrease of other receivables for collection of corporate notes with related companies
net increase of trade receivables from assets of disposal group classified as held for sale
acquisitions of property, plant and equipment through increased debt fotae
higher costs recognition - se resolution 250/13 and subsequents notes
income recognition on account of the rti - se resolution 32/15
recognition of income – provisional remedies – meym note 2016-04484723
(increase) in trade receivables
(increase) in inventories
increase (decrease) in other payables
increase in account payable and mutuum with cammesa
net cash flows provided by operating activities
loans granted
net cash flows used in investing activities
loans taken
net cash flows (used in) provided financing activities
net increase (decrease) in cash and cash equivalents
cash and cash equivalents at the end of the year in the statement of financial position
cash and cash equivalents at the end of the year included in assets of disposal group classified as held for sale
gain from acquisition of companies
increase in other receivables
increase in assets under construction
increase in salaries and social security taxes payable
net decrease in provisions
payment of property, plants and equipments
payment for adquisition of companies
payment for adquisition of additional non-controlling interests
collection for sales of discontinued operations
incorporation of cash and cash equivalents in acquired companies
collection of receivables from sale of subsidiaries - siesa
net cash flows from financing activities				-80,387,000	-80,387,000	-153,055,000	-79,577,000	-63,288,000	302,878,000		-51,707,000	36,515,000	48,812	31,656,000	37,457,000	70,857,000
net increase in cash and cash equivalents				-543,852,000	-543,852,000	-456,820,000	-449,141,000	-411,101,000	448,471,000		11,241,000	96,556,000	25,911	15,829,000	158,892,000	113,539,000
decrease from offsetting of puree-related liability against receivables
decrease from offsetting of liability with cammesa for electricity purchases against receivables
acquired companies
cash and cash equivalents
property, plant and equipment
inventories
trade receivables
other receivables
trade payables
borrowings
deferred tax liability
other liabilities
net assets
non-controlling interests
net assets acquired
bargain purchase
cash paid
cash and cash equivalents in acquired companies
net cash flow for acquisition of companies
net cash flows used in financing activities
cost monitoring mechanism			2,258,153,000
net interest cmm - puree			171,606,000
other payables - program for the rational use of electric power
trade payables - cammesa
lvfvd to be issued			1,035,454,000
loss on interest in joint ventures
accrued interest, net of interest capitalized
benefit from contingencies
adjustment to present value of other receivables
gain for acquisition of societies
higher costs recognition - resolution se 250/13 and note se 685/13
net increase in trade receivables															-192,635,000
net increase in other receivables					-258,938,000						-11,276,000
(decrease) / increase in tax liabilities
(decrease) / increase in deferred revenue
subtotal before cammesa financing
net increase for funds obtained - cammesa financing
acquisitions of property, plant and equipment
cash flow from financing activities
payment of principal and interest on loans
other liabilities - program for the rational use of electric power			-1,394,305,000
financial cost charged to fixed assets
changes in assets for disposal classified as held for sale
increased credit extended related companies
decrease advance payments received related companies
cash and cash equivalents property, plant and equipment and intangible assets
net cash flows for acquisition of companies
operating data
energy sales
residential
small commercial
medium commercial
industrial
wheeling system
others:
public lighting
shantytowns
customers
energy losses
mwh sold per employee
customers per employee
changes in cash and cash equivalents
cash and cash equivalents at end of year				132,991,000	132,991,000				676,843,000
net loss for the year				-435,397,000	-435,397,000
adjustments to reconcile net loss to net cash flows from operating activities
residual value retirements of property, plant and equipment				22,042,000
gain from the sale of real property									-5,266,000
gain from investments in subsidiary and related companies				-928,000	-928,000
amortization of goodwill				-12,340,000	-12,340,000	-10,234,000	-5,844,000	-1,455,000
gain from investments				-44,810,000	-44,810,000	-19,820,000	-19,820,000		-55,650,000		-1,360,000	-2,980,000
adjustment to present value of notes									4,198,000		6,816,000	6,333,000	4,400	166,000	46,261,000	27,839,000
gain from the purchase of notes				-6,546,000					7,054,000		-63,100,000
loss from financial debt restructuring				2,722,000	2,722,000	925,000	925,000
loss from valuation of other assets available for sale at net realizable value				75,029,000	75,029,000
exchange difference and interest on loans				306,801,000	306,801,000	162,667,000	153,350,000	74,634,000	49,512,000		60,545,000	33,251,000	-20,048
allowance for doubtful accounts				37,923,000	37,923,000	14,625,000	8,040,000	2,068,000	16,313,000	-8,083,687	8,404,000
allowance for other doubtful accounts				1,495,000	1,495,000	5,015,000		1,215,000	4,891,000		2,607,000
minority interest loss				18,240,000	18,240,000	11,829,000	5,941,000
adjustment to present value of the retroactive tariff increase arising from the application of the new electricity rate schedule and other trade receivables				-1,170,000	-1,170,000	-1,170,000			-11,581,000
changes in assets and liabilities:
net decrease in trade receivables				-157,199,000	-157,199,000	-48,613,000	-30,204,000	11,883,000	245,000
net decrease in other receivables				-258,938,000		-193,039,000	-48,019,000	-16,562,000	-275,000			-29,614,000		-7,614,000	6,311,000	10,881,000
increase in supplies				-15,151,000	-15,151,000			-3,514,000	-2,218,000						-9,222,000	-2,197,000
increase in other assets available for sale				-291,560,000	-291,560,000
increase in trade accounts payable				283,183,000	283,183,000	110,034,000	61,260,000	13,074,000	34,853,000			-38,211,000			20,438,000
increase in salaries and social security taxes				125,577,000	125,577,000	34,239,000	9,345,000		69,015,000						6,327,000
net decrease in taxes				63,538,000
increase in other liabilities				167,797,000	167,797,000	-8,568,000	-100,013,000	-19,680,000	74,495,000		42,185,000	39,326,000		7,738,000	10,605,000
increase for funds deriving from the program for the rational use of electric power				399,557,000	399,557,000	250,853,000	222,277,000	67,884,000	295,778,000
net increase in accrued litigation				11,840,000	11,840,000	12,316,000	9,913,000	3,714,000	-8,249,000		2,828,000	9,018,000	6,956	1,313,000	12,379,000	5,421,000
financial interest paid				-106,158,000	-106,158,000	-88,270,000	-89,938,000	-20,516,000	-64,908,000		1,179,000	-21,165,000	-24,088		-14,608,000	-17,289,000
financial and commercial interest collected				51,523,000	51,523,000	69,886,000	67,628,000	13,418,000	60,232,000		1,938,000
additions of property, plant and equipment				-653,360,000	-653,360,000	-379,527,000	-227,727,000	-71,576,000	-388,770,000		-65,878,000	-223,996,000	-155,761	-84,133,000	-187,263,000	-97,067,000
acquisition of permanent investments				-567,600,000	-567,600,000	-567,035,000	-567,035,000	-561,953,000
incorporation of cash from acquisition of permanent investments				119,043,000	119,043,000	119,043,000	119,043,000
collection of other investments sold				126,701,000	126,701,000
collection of property, plant and equipment sold									7,435,000
net increase in loans				-81,066,000	-81,066,000				302,878,000		-55,084,000
increase in minority interest				38,629,000	38,629,000
payment of dividends				-37,950,000	-37,950,000	-1,950,000
residual value of retirements of property, plant and equipment					22,042,000
loss from the purchase of notes					-6,546,000		17,248,000
net increase in taxes					63,538,000
net gain for the year
recovery of the accrual for tax contingencies
recovery of allowance for doubtful accounts												-24,016,000
decrease in current and non current investments
cash and cash equivalents at end of period						220,023,000	227,702,000	265,742,000			137,640,000	197,754,000	127,109	117,027,000	191,565,000	146,212,000
net loss for the period						-130,410,000	-94,501,000
retirements of property, plant and equipment						9,793,000
loss from the sale of real property						143,000	143,000
loss from investments in subsidiary and related companies						544,000
loss / gain from the purchase of notes						1,869,000
holding gain on other assets						10,122,000
decrease in supplies						14,170,000	19,535,000					1,942,000
increase in taxes						153,478,000		6,958,000				-6,568,000	10,086	10,003,000
advances to edesal's and edelar's sale agreement						20,845,000
net decrease in loans						-151,105,000	-79,577,000	-63,288,000
increase in current and non-current investments
retirement of property, plant and equipment							6,142,000	1,979,000	1,125,000		139,000	999,000	631,000		495,000	154,000
electricity rate schedule and other trade receivables							1,170,000
increase in other assets							-1,725,000	-915,000
decrease in taxes							21,216,000		-45,842,000
net income for the period								-28,272,000			30,102,000	46,106,000	57,629	18,998,000	69,923,000
adjustments to reconcile net income to net cash flows from operating activities
loss/gain from the sale of real property								143,000
loss from the repurchase of notes								17,248,000
loss from the restructuring of financial debt								925,000
adjustment to present value of the retroactive tariff increase arising from the application of the new electricity
rate schedule and other trade receivables								-169,000
loss from minority interest in subsidiary companies								892,000
decrease in salaries and social security taxes								-9,556,000			-13,011,000	29,482,000		-7,300,000
incorporation of cash flows for acquisition of permanent investments								119,043,000
net income for the year									-74,031,000
income from financial debt restructuring
income from valuation of other assets available for sale at net realizable value
net decrease (increase) in other receivables
gain from investment in related company sacme s.a.									-7,000
decrease in non-current investments
gain from investments in related company sacme s.a.
loss from investments
gain from the purchase and redemption of notes
adjustment to present value of the retroactive tariff increase arising from the application of the new electricity rate schedule and other receivables
adquisition of treasury shares
stock information: nyse adr ticker: edn buenos aires stock exchange class b shares ticker: edn ratio: 20 class b = 1 adr investor relations contacts: ivana del rossi finance manager tel: 5411.4346.5127 veronica gysin investor relations tel: 5411.4346.5231 edenor s.a. 6363 del libertador avenue, 4th floor (c1428arg) buenos aires, argentina fax: 5411.4346.5358 email: [email protected] www.edenor.com.ar
financial highlights
net sales
electric power purchases
gross margin
net operating income
§
supplies
outsourcing
depreciation of property, plant & equipment
computer services
advertising expenses
·
transmission and distribution expenses
selling expenses
administrative expenses
financial income and holding gains:
generated by assets:
exchange difference
interest
exposure to inflation and holding results
tax on financial transfers
generated by liabilities:
financial expenses
interest expenses
adjustment to present value of the notes
gain/income from the repurchased of notes
adjustment to present value of the retroactive tariff increase arising from the application of the new electricity rate schedule and from the payment plan agreement with the province of bs.as.
other income (expenses)
income before taxes
net income
adjustment to reconcile net income to net cash flows from operating activities:
gain from investments sacme s.a.
gain/income from the repurchase and redemption of notes
holding results from other assets
exchange differences, interest and penalties on loans
recovery forecast for tax contingencies
recovery allowance for doubtful accounts
allowance for other doubtful account
adjustment to present value of the retroactive tariff increase arising from the application of the new electricity rate schedule and of the payment plan agreement with the province of bs.as
increase in program for the rational use of electric power
financial interest collected												4,946,000	1,362	599,000	2,291,000	1,568,000
net cash flow provided by operating activities
cash flow from investing activities:
addition to property, plants and equipment
net cash flow used in investing activities
cash flow from financing activities:
increase in loans												46,295,000	48,812	31,656,000
cash variations:
cash at beginning of year
cash at end of year
net increase in cash
current assets:
cash and banks
investments
other assets
total current assets
non-current assets:
investments in other companies
total non-current assets
total assets
current liabilities:
trade account payable
loans
taxes
accrued litigation
total current liabilities
non-current liabilities:
total non-current liabilities
total liabilities
shareholders’ equity
total liabilities and shareholders’ equity
cash flow data
argentine gaap
operating activities:
gain on extinguishment of former debt
gain from investments in affiliated parties
loss (gain) from investments
(gain) loss from the purchase and redemption of notes
adjustment to present value of the repurchased and redeemed notes
supplies recovered from third parties
increase in trade receivables due to the unbilled portion of the retroactive tariff increase
reversal of the allowance for doubtful accounts
adjustment to net present value of the retroactive tariff increase arising from the application of the new electricity rate schedule and of the payment plan agreement with the province of buenos aires
decrease														7,159,000
(increase) decrease in supplies											-5,184,000
(decrease) increase in taxes											-813,000
financial interest paid, net of interest capitalized
net cash flow from operating activities
investing activities:
financing activities:
decrease (increase) in current and non-current investments
capital increase															181,773,000	181,773,000
treasury shares
cash and cash equivalents at end of the year
adjustment to present value of purchased and redeemed notes
recovery of the allowance for tax contingency
adjustments to reconcile net income to net cash flows provided by operating activities
adjustment to present value of purchased notes											-7,367,000
adjustment to present value of the retroactive tariff increase arising from the application of the new electricity rate schedule and of the payment plan agreement with the province of bs.as.											-2,706,000	-10,456,000		-3,778,000	32,404,000	36,687,000
decrease in trade receivables											13,162,000	73,866,000
decrease in trade accounts payable											-7,460,000			-40,492,000
decrease in current and non-current investments											3,377,000
stock information: nyse adr ticker: edn buenos aires stock exchange class b shares ticker: edn ratio: 20 class b = 1 adr investor relations contacts: ivana del rossi finance manager tel: 5411.4346.5127 veronica gysin investor relations tel: 5411.4346.5231 edenor s.a. 1025 azopardo street, 17th floor (c1107adq) buenos aires, argentina fax: 5411.4346.5358 email: [email protected] www.edenor.com.ar
tax on financial transactions
adjustment to present value of the new notes
for the twelve month period ended december 31,
shares adquisitions
other investments
income from the purchase and redemption of notes
adjustment to present value of the retroactive tariff increase arising from the application of the new electricity rate schedule and of the payment plan agreement with the province of buenos aires
net (increase) in other receivables
decrease (increase) in supplies														6,544,000
decrease in loans															-144,316,000
shares repurchased
cash at end of the year
mwh sold by employee
gain from investments in related companies												-34,000	-34,000
net cash flows (used) in investing activities												-223,996,000	-155,761	-84,133,000
increase non-current investments												-9,780,000
reasons for changes in cash and cash equivalents
loss from the purchase and redemption of notes
adjustment to present value of the retroactive tariff increase arising from the application of the new electricity rate schedule and of the payment plan agreement with the province of bs. as.													-7,233
exchange difference, interest and penalties on loans														15,755,000	55,774,000	25,551,000
loss from the repurchase and redemption of notes
increase of trade receivables due to the unbilled portion of the retroactive tariff increase
increase (decrease) in taxes															23,625,000	25,152,000
adjustments to reconcile net income to net cash flows from
operating activities
gain (loss) from investments in affiliated parties
increase (decrease) in cash and cash equivalents
gain from investments in affiliated company															-54,000
adjustment to present value of repurchased notes															-877,000
gain from investments in related parties																-54,000
adjustment to present value of note repurchases																2,703,000
net (increase) in trade receivables																-238,048,000
(decrease) increase in trade accounts payable																-22,006,000
(decrease) increase in salaries and social security taxes																-6,057,000
(decrease) increase in other liabilities																-4,833,000
(decrease) in loans																-110,916,000

Empresa Distribuidora y Comercializadora Norte S.A.(NYSE:EDN)

Empresa Distribuidora y Comercializadora Norte S.A.
(NYSE:EDN)