Edenor Announces Fourth Quarter 2009 Results

USA - English

• USA - English
• USA - English

BUENOS AIRES, Argentina, March 2 /PRNewswire-FirstCall/ -- 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 fourth quarter of 2009. All figures are stated in Argentine Pesos and have been prepared in accordance with Argentine GAAP. Solely for the convenience of the reader, Peso amounts as of and for the period ended December 31, 2009 have been translated into U.S. Dollars at the buying rate for U.S. Dollars quoted by Banco de la Nacion Argentina (Banco Nacion) on December 31, 2009 of Ps. 3.80 = US$1.00.

Fourth Quarter 2009 Highlights

Net Sales decreased 17.4% to Ps. 499.6 million in the fourth quarter of 2009 from Ps. 604.8 million in the fourth quarter of 2008, mainly due to the recording in the fourth quarter of 2008 of the retroactive portion from November 7 to June 8 of the 7.56% CMM increase and to the 3.2% decrease in the volume of electricity sold compared to the fourth quarter of 2008 with the fourth quarter of 2009.

Volume of Energy Sold decreased 3.2% to 4,434 GWh in the fourth quarter of 2009 from 4,581 GWh in the fourth quarter of 2008. This decrease was attributable to a 5.8% decrease in the average GWh consumption per customer, which was partially offset by a 2.6% increase in the number of customers.

Electric Power Purchases decreased 11.4%, to Ps. 239.2 million in the fourth quarter of 2009 from Ps. 270.0 million in the fourth quarter of 2008, mainly due to a 3.6% decrease in the volume of electricity purchased, from 4,181 GWh in the fourth quarter of 2008 to 4,030 GWh in the fourth quarter of 2009 (excluding in each case wheeling system demand). Energy losses increased to 11.9% in the fourth quarter of 2009 from 10.8% in the fourth quarter of 2008.

Gross Margin decreased 22.2% to Ps. 260.4 million in the fourth quarter of 2009 from Ps. 334.8 million in the fourth quarter of 2008, mainly due to the lower volume of energy sold and to the recording in the fourth quarter of 2008 of the retroactive portion from November 07 to June 08 of the 7.56% CMM increase.

Net Operating Income decreased 79.7% to Ps. 23.8 million in the fourth quarter of 2009 from Ps. 117.2 million in the fourth quarter of 2008 mainly due to the decrease in gross margin of Ps. 74.4 million and the increase in operating expenses.

Net Income decreased 93.9% to Ps. 4.7 million in the fourth quarter of 2009 from Ps. 77.0 million in the fourth quarter of 2008, mainly due to the decrease in gross margin and the increase in administrative, transmission and distribution, and selling expenses.

    Stock Information:
    NYSE ADR
    Ticker: EDN
    Buenos Aires Stock Exchange
    Class B Shares
    Ticker: EDN
    Ratio: 20 Class B = 1 ADR

SOURCE Edenor S.A.

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