Company Quick10K Filing
Edenor
20-F 2020-12-31 Filed 2021-04-26
20-F 2019-12-31 Filed 2020-04-27
20-F 2018-12-31 Filed 2019-04-30
20-F 2017-12-31 Filed 2018-04-27
20-F 2016-12-31 Filed 2017-04-28
20-F 2015-12-31 Filed 2016-04-28
20-F 2014-12-31 Filed 2015-05-12
20-F 2013-12-31 Filed 2014-04-28
20-F 2012-12-31 Filed 2013-04-30
20-F 2011-12-31 Filed 2012-04-26
20-F 2010-12-31 Filed 2011-06-14
20-F 2009-12-31 Filed 2010-06-08

EDN 20F Annual Report

Part I
Item 1. Identity of Directors, Senior Management and Advisors
Item 2. Offer Statistics and Expected Timetable
Item 3. Key Information
Item 4. Information on The Company
Item 4A. Unresolved Staff Comments
Item 5. Operating and Financial Review and Prospects
Item 6. Directors, Senior Management and Employees
Item 7. Major Shareholders and Related Party Transactions
Item 8. Financial Information
Item 9. The Offer and Listing
Item 10. Additional Information
Item 11. Quantitative and Qualitative Disclosures About Market Risk
Item 12. Description of Securities Other Than Equity Securities
Part II
Item 13. Defaults, Dividend Arrearages and Delinquencies
Item 14. Material Modifications To The Rights of Security Holders and Use of Proceeds
Item 15. Controls and Procedures
Item 16A. Audit Committee Financial Expert
Item 16B. Code of Ethics
Item 16C. Principal Accountant Fees and Services
Item 16D. Exemptions From The Listing Standards for Audit Committees
Item 16E. Purchases of Equity Securities By The Issuer and Affiliated Purchasers
Item 16F. Change in Registrant's Certifying Accountant
Item 16G. Corporate Governance
Item 16 H. Mine Safety Disclosures
Part III
Item 17. Financial Statements
Item 18. Financial Statements
Item 19. Exhibits
EX-12.1 exhibit12_1.htm
EX-12.2 exhibit12_2.htm
EX-13.1 exhibit13_1.htm

Edenor Earnings 2015-12-31

Balance SheetIncome StatementCash Flow

20-F 1 ednform20f_2015.htm FORM 20-F ednform20f_2015.htm - Generated by SEC Publisher for SEC Filing  

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 20-F

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2015 Commission File number: 001-33422

Empresa Distribuidora y Comercializadora Norte S.A.
(Exact name of registrant as specified in its charter)

Distribution and Marketing Company of the North S.A.

Argentine Republic

(Translation of registrant’s name into English)

(Jurisdiction of incorporation or organization)

Avenida Del Libertador 6363

Ciudad de Buenos Aires, C1428ARG

Buenos Aires, Argentina
(Address of principal executive offices)

Leandro Montero

Tel.: +54 11 4346 5511 / Fax: +54 11 4346 5325
Avenida Del Libertador 6363 (C1428ARG)
Buenos Aires, Argentina

Chief Financial Officer

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class:

Name of each exchange on which registered

Class B Common Shares

New York Stock Exchange, Inc.*

American Depositary Shares, or ADSs, evidenced by American Depositary Receipts, each representing 20 Class B Common Shares

New York Stock Exchange, Inc.

*    Not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission.

__________

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: N/A

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report: 462,292,111 Class A Common Shares, 442,210,385 Class B Common Shares and 1,952,604 Class C Common Shares

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes o No þ

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Sections 13 or 15(d) of the Securities Exchange Act of 1934.  Yes o No þ

Note:  Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.  Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o Accelerated filer þ Non-accelerated filer o

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:  U.S. GAAP o
International Financial Reporting Standards as issued by the International Accounting Standards Board
þ Other o

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow: Item 17 o Item 18 o

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act).  Yes o No þ

 

 

 


 
 

 

  Part I 
Item 1.  Identity of Directors, Senior Management and Advisors  1 
Item 2.  Offer Statistics and Expected Timetable  1 
Item 3.  Key Information  1 
Item 4.  Information on the Company  33 
Item 4A.  Unresolved Staff Comments  63 
Item 5.  Operating and Financial Review and Prospects  63 
Item 6.  Directors, Senior Management and Employees  100 
Item 7.  Major Shareholders and Related Party Transactions  109 
Item 8.  Financial Information  113 
Item 9.  The Offer and Listing  119 
Item 10.  Additional Information  122 
Item 11.  Quantitative and Qualitative Disclosures about Market Risk  140 
Item 12.  Description of Securities Other than Equity Securities  141 
 
Part II 
Item 13.  Defaults, Dividend Arrearages and Delinquencies  142 
Item 14.  Material Modifications to the Rights of Security Holders and Use of Proceeds  142 
Item 15.  Controls and Procedures  142 
Item 16A.  Audit Committee Financial Expert  143 
Item 16B.  Code of Ethics  143 
Item 16C.  Principal Accountant Fees and Services  144 
Item 16D.  Exemptions from the Listing Standards for Audit Committees  144 
Item 16E.  Purchases of Equity Securities by the Issuer and Affiliated Purchasers  144 
Item 16F.  Change in Registrant’s Certifying Accountant  144 
Item 16G.  Corporate Governance  144 
Item 16H.  Mine Safety Disclosures  148 
 
Part III 
Item 17.  Financial Statements  149 
Item 18.  Financial Statements  149 
Item 19.  Exhibits  149 
Index to Financial Statements  152 

 

 


 

 

PART I

Item 1.         Identity of Directors, Senior Management and Advisors

Not applicable.

Item 2.         Offer Statistics and Expected Timetable

Not applicable.

Item 3.         Key Information

In this annual report, except as otherwise specified, references to “we”, “us”, “our” and “the Company” are references to (i) Empresa Distribuidora y Comercializadora Norte S.A., or “Edenor”, on a standalone basis prior to March 1, 2011, (ii) Edenor, Empresa Distribuidora Eléctrica Regional S.A. (“Emdersa”) and Aeseba S.A. (“Aeseba”), between March 1, 2011 and March 31, 2013, (iii) Edenor and Emdersa”, between March 1, 2011 and September 30, 2013, and (iv) Edenor on a standalone basis, from October 1, 2013 through the date of filing of this annual report. References to Edenor, Emdersa and/or Aeseba on a standalone basis are made by naming each company as the case may be. For more information, see “Item 4Information on the CompanyHistory and Development of the Company.”

FORWARD‑LOOKING STATEMENTS

This annual report includes forward‑looking statements, principally under the captions “Item 3. Key Information - Risk Factors”, “Item 4. Information on the Company” and “Item 5. Operating and Financial Review and Prospects”. We have based these forward‑looking statements largely on our current beliefs, expectations and projections about future events and financial trends affecting our business.  Forward‑looking statements may also be identified by words such as “believes,” “expects,” “anticipates,” “projects,” “intends,” “should,” “seeks,” “estimates,” “future” or similar expressions. Many important factors, in addition to those discussed elsewhere in this annual report, could cause our actual results to differ materially from those expressed or implied in our forward‑looking statements, including, among other things:

·         the outcome and timing of the integral tariff revision process (Revisión Tarifaria Integral or “RTI”) and, more generally, uncertainties relating to future government approvals to increase or adjust our tariffs;

·         general political, economic, social, demographic and business conditions in the Republic of Argentina, or Argentina and particularly in the geographic market we serve;

·         the impact of regulatory reform and changes in the regulatory environment in which we operate;

·         electricity shortages;

·         potential disruption or interruption of our service;

·         the revocation or amendment of our concession by the granting authority;

·         our ability to implement our capital expenditure plan, including our ability to arrange financing when required and on reasonable terms;

·         fluctuations in exchange rates, including a devaluation of the Peso;

·         the impact of high rates of inflation on our costs;

·         our ability to access to financing under reasonable terms; and

·         additional matters identified in “Risk factors”.

 

 

 

 

1


 
Table of Contents
 

 

 

                                                 

Forward‑looking statements speak only as of the date they were made, and we undertake no obligation to update publicly or to revise any forward‑looking statements after we file this annual report because of new information, future events or other factors. In light of these limitations, undue reliance should not be placed on forward‑looking statements contained in this annual report.

SELECTED FINANCIAL DATA

The following tables present our summary financial data for the years ended December 31, 2015, 2014, 2013, 2012 and 2011. This information should be read in conjunction with our audited financial statements as of December 31, 2015 and 2014 and for each of the three years in the period ended December 31, 2015 (the Financial Statements”), the related notes thereto and the information under “Item 5. Operating and Financial Review and Prospects.ˮ included elsewhere in this annual report. The financial data as of December 31, 2015, has been derived from our Financial Statements.

Our Financial Statements have been prepared in accordance with International Financing Reporting Standards (“IFRSˮ), as issued by the International Accounting Standards Board (“IASBˮ), and these have been approved by resolution of the board of directors’ meeting held on March 8, 2016.  See “Item 18—Financial Statements”.

The selected statement of comprehensive (loss) income data for the years ended December 31, 2015, 2014, 2013, 2012 and 2011, and the selected statement of financial position data as of December 31, 2015, 2014, 2013, 2012 and 2011 have been prepared in accordance with IFRS, as issued by the IASB, and have been derived from our financial statements, which were audited by Price Waterhouse & Co. S.R.L. (“PwC”), member firm of PricewaterhouseCoopers network. The financial data as of December 31, 2011, 2012 and 2013 is derived from our audited consolidated financial statements that are not included in this annual report, which were also audited by PwC.

Despite the delay in the implementation of certain provisions of the Adjustment Agreement, particularly in relation to the implementation of the semi-annual rate adjustments resulting from the CMM (as defined below) and the completion of the RTI process, the recent adoption of certain measures, such as Resolution No. 32/15 of the Argentine Secretariat of Energy (the “SE”) and Resolution No. 7/16 of the Ministry of Energy and Mining (the “Ministry of Energy”), has allowed us to not only maintain the quality and safety of our service but also to satisfy the constant year-on-year increase in demand for electricity following Argentina’s relative economic growth in recent years (especially, from 2012 through 2015). Accordingly, we have been able to absorb the higher costs associated with the increased supply of electricity and to carry out investments and essential operation and maintenance-related works as planned.

During 2015, we recorded positive operating and net income reversing the negative economic and financial situation experienced in previous years. Such improvement was achieved mainly as a consequence of the issuance on March 13, 2015 of Resolution No. 32/15 of the SE, which addressed the need for adjustment of the economic and financial situation of distribution companies granting us a temporary increase in income through funds provided by CAMMESA, applicable retroactively as from February 1, 2015, to cover costs and investments associated with the regular provision of the public service of distribution of energy on account of the future RTI.

Notwithstanding the foregoing, as of December 31, 2015, our negative working capital amounted to Ps. 1,811 million, which included debt owed to CAMMESA of Ps. 1,808.6 million plus accrued interest, as described under Note 2.c.IX.e to our Financial Statements, with respect to which we have submitted to CAMMESA a repayment plan in November 2015 based on available and projected cash flows data. As of the date of this annual report, negotiations with CAMMESA continue with respect to a final repayment schedule. On December 16, 2015, the Macri administration issued Decree No. 134/15, which declared the state of emergency with respect to the national electricity system, authoritizing the Ministry of Energy to implement a nation-wide plan of action for the generation, transmission and distribution of electricity and to take actions to guarantee the supply of the electricity under adequate economic and technical conditions.

During January 2016, the Ministry of Energy issued Resolutions No. 6/16 and No. 7/16 implementing a new tariff schedule that improved the income of distribution companies such as us to enable them to make investments, carry out maintenance works and expand their networks during 2016 Pursuant to such resolutions, the Argentine Electricity Agency (Ente Nacional Regulador de la Electricidad, the “ENRE”) implemented a VAD (as defined below) adjustment to the tariff schedule on account of the future RTI, and is expected to take all necessary action to conclude the RTI process by December 31, 2016.

 

2


 
Table of Contents
 

 

Notwithstanding the foregoing, our board of directors (the “Board of Directors”) continues evaluating the sufficiency of financial resources allocated to pay for operation costs, investment plans and debt service, together with the impact on the different variables that affect our business, such as demand behavior, losses, penalties and service quality, among others. In addition, our Board of Directors will continue to actively participate in the RTI process, which is expected to be concluded by December 31, 2016 in accordance with Section 5 of Resolution No. 7/16 of the Ministry of Energy.

Our Financial Statements are included in this annual report beginning on page F-1.

In accordance with the decision of our board of directors to divest and sell the subsidiary Aeseba as of March 31, 2013 and the subsidiaries Emdersa Holding S.A. (Emdersa Holdingˮ or “EHSA”), including Emdersa and its subsidiaries, Empresa Distribuidora de San Luis S.A. (“Edesal”), Empresa Distribuidora de La Rioja S.A. (“Edelar”), Empresa Distribuidora de Salta S.A. (“Edesa”) and Emdersa Generación Salta S.A. (“EGSSA”), as of December 31, 2011, we have classified the corresponding assets and liabilities associated to these subsidiaries in the consolidated financial statements as of December 31, 2013, 2012 and 2011 as “Assets of disposal groups classified as held for sale” and “Liabilities of disposal groups classified as held for sale”. As of October 11, 2011, October 25, 2011 and May 10, 2012 the Company sold its direct and indirect stake in EGSSA (subject to a condition precedent related to Emdersa’s spin-off), Edesal and Edesa, respectively. The corresponding charges to results have been included within “Income (Loss) from discontinued operations” line item in our consolidated statements of comprehensive loss for the years ended December 31, 2012 and 2011. As of April 5, 2013, the Company sold its stake in Aeseba. The corresponding charges to results have been included within “Loss from Discontinued operations” line item in our consolidated statements of comprehensive loss for the year ended December 31, 2013.

 

In this annual report, except as otherwise specified, references to “$”, “U.S.$” and “Dollars” are to U.S. Dollars, and references to “Ps.” and “Pesos” are to Argentine Pesos.  Solely for the convenience of the reader, Peso amounts as of and for the year ended December 31, 2015 have been translated into U.S. Dollars at the selling exchange rate for U.S. Dollars quoted by Banco de la Nación Argentina (the “Banco Nación”) on December 31, 2015, which was  Ps. 13.04 to U.S.$ 1.00, unless otherwise indicated. The U.S. Dollar equivalent information should not be construed to imply that the Peso amounts represent, or could have been or could be converted into, U.S. Dollars at such rates or any other rate. See “Item 3. Key Information—Exchange Rates” and “Item 3.  Key Information—Risk Factors—Risks Relating to Argentina—Fluctuations in the value of the Argentine Peso could adversely affect the Argentine economy, which could, in turn adversely affect our results of operations.”

Certain figures included in this annual report have been subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of amounts are due to rounding.

 

3


 
Table of Contents
 

 

Statement of comprehensive (loss) income *

 

   

2015

 

2015

 

2014

 

2013

 

2012

 

2011

   

US$

 

Ps.

 

Ps.

 

Ps.

 

Ps.

 

Ps.

Continuing operations

                       

Revenue from sales (1)

 

291.6

 

3,802.2

 

3,598.4

 

3,440.7

 

2,976.2

 

2,302.0

Electric power purchases

 

(155.1)

 

(2,022.0)

 

(1,878.1)

 

(2,050.3)

 

(1,740.2)

 

(1,130.9)

Subtotal

 

136.5

 

1,780.2

 

1,720.3

 

1,390.4

 

1,236.0

 

1,171.1

Transmission and distribution expenses

 

(241.8)

 

(3,153.7)

 

(2,825.1)

 

(2,055.3)

 

(1,344.1)

 

(970.5)

(Loss) Gross income

 

(105.3)

 

(1,373.5)

 

(1,104.8)

 

(664.9)

 

(108.1)

 

200.6

   

 

 

 

 

 

 

 

 

 

 

 

Selling expenses

 

(63.9)

 

(832.8)

 

(657.9)

 

(548.3)

 

(352.9)

 

(261.9)

Administrative expenses

 

(54.1)

 

(706.1)

 

(496.8)

 

(324.8)

 

(249.4)

 

(196.6)

Other operating income

 

6.1

 

79.2

 

52.4

 

61.6

 

32.3

 

22.5

Other operating expense

 

(38.5)

 

(502.5)

 

(318.7)

 

(142.8)

 

(150.3)

 

(93.8)

Gain from acquisition of companies

 

-

 

-

 

-

 

-

 

-

 

435.0

Income from non-reimbursable customer contributions

 

0.1

 

0.8

 

0.8

 

0.7

 

-

 

-

Operating (loss) profit before SE Resolution 250/13 and subsequent Notes

 

(255.7)

 

(3,334.9)

 

(2,525.0)

 

(1,618.5)

 

(828.4)

 

105.8

Income recognition on account of the RTI - SE Resolution 32/15

 

385.4

 

5,025.1

 

-

 

-

 

-

 

-

Higher costs recognition - SE Resolution 250/13 and subsequents Notes

 

42.3

 

551.5

 

2,271.9

 

2,933.1

 

-

 

-

Operating profit (loss)

 

171.9

 

2,241.7

 

(253.1)

 

1,314.6

 

(828.4)

 

105.8

                         

Financial income

 

7.4

 

96.2

 

235.5

 

287.1

 

75.5

 

53.5

Financial expenses (2)

 

(34.5)

 

(450.0)

 

(592.0)

 

(504.9)

 

(226.0)

 

(150.6)

Other financial expense

 

(43.1)

 

(561.7)

 

(324.5)

 

(273.1)

 

(168.1)

 

(93.5)

Net financial (expense) income

 

(70.2)

 

(915.5)

 

(681.0)

 

(490.9)

 

(318.6)

 

(190.6)

Profit (Loss) before taxes

 

101.7

 

1,326.2

 

(934.1)

 

823.7

 

(1,147.0)

 

(84.8)

 

                       

Income tax

 

(14.1)

 

(183.8)

 

154.4

 

44.1

 

116.7

 

(82.2)

Profit (Loss) for the year from continuing operations

 

87.6

 

1,142.4

 

(779.7)

 

867.8

 

(1,030.3)

 

(167.0)

 

                       

Discontinued operations

 

-

 

-

 

-

 

(95.1)

 

16.9

 

(124.4)

Profit (Loss) for the year

 

87.6

 

1,142.4

 

(779.7)

 

772.7

 

(1,013.4)

 

(291.4)

                         

Profit (Loss) for the year attributable to:

                       

Owners of the Company

 

87.6

 

1,142.4

 

(779.7)

 

771.7

 

(1,016.5)

 

(304.1)

Non-controlling interests

 

-

 

-

 

-

 

1.0

 

3.1

 

12.7

Profit (Loss) for the year

 

87.6

 

1,142.4

 

(779.7)

 

772.7

 

(1,013.4)

 

(291.4)

                         

Profit (Loss) for the year attributable to the owners of the parent

                       

Continuing operations

 

87.6

 

1,142.4

 

(779.7)

 

867.9

 

(1,030.3)

 

(167.0)

Discontinued operations

 

-

 

-

 

-

 

(96.2)

 

13.8

 

(137.1)

   

87.6

 

1,142.4

 

(779.7)

 

771.7

 

(1,016.5)

 

(304.1)

 

4


 
Table of Contents
 

 

Statement of comprehensive (loss) income * (continued)

 

   

2015

 

2015

 

2014

 

2013

 

2012

 

2011

   

US$

 

Ps.

 

Ps.

 

Ps.

 

Ps.

 

Ps.

Other comprehensive income

                       

Items that will not be reclassified to profit or loss

                       

Results related to benefit plans

 

(0.3)

 

(3.7)

 

(17.8)

 

(21.0)

 

7.9

 

(10.2)

Tax effect of actuarial income (losses) on benefit plans

 

0.1

 

1.3

 

6.2

 

7.4

 

(2.8)

 

3.6

Total other comprehensive loss from discontinued operations

 

-

 

-

 

-

 

-

 

(2.1)

 

(5.7)

Total other comprehensive (loss) income

 

(0.2)

 

(2.4)

 

(11.6)

 

(13.6)

 

3.0

 

(12.3)

                         

Comprehensive income for the year attributable to:

                       

Owners of the parent

 

87.4

 

1,140.0

 

(791.3)

 

758.1

 

(1,013.2)

 

(315.4)

Non-controlling interests

 

-

 

-

 

-

 

1.0

 

2.8

 

11.7

Comprehensive income (loss) for the year

 

87.4

 

1,140.0

 

(791.3)

 

759.1

 

(1,010.4)

 

(303.7)

                         

Profit (Loss) for the year attributable to the owners of the parent

                       

Continuing operations

 

87.4

 

1,140.0

 

(791.3)

 

757.1

 

(1,025.1)

 

(173.6)

Discontinued operations

     

-

 

-

 

1.0

 

11.9

 

(141.8)

   

87.4

 

1,140.0

 

(791.3)

 

758.1

 

(1,013.2)

 

(315.4)

                         

Basic and diluted earnings (loss) per share:

                       

Basic and diluted earnings (loss) per share from continuing operations

 

0.10

 

1.27

 

(0.87)

 

0.97

 

(1.15)

 

(0.19)

Basic and diluted (loss) earnings per share from discontinued operations

 

-

 

-

 

-

 

(0.11)

 

0.02

 

(0.15)

                         

Basic and diluted earnings (loss) per ADS (3):

                       

Basic and diluted earnings (loss) per ADS from continuing operations

 

1.95

 

25.40

 

(17.40)

 

19.40

 

(23.00)

 

(3.80)

Basic and diluted (loss) earnings per ADS from discontinued operations

 

-

 

-

 

-

 

(2.20)

 

0.40

 

(3.00)

 

(*)      Certain amounts of the presented financial data for comparative purposes (2014, 2013, 2012 and 2011) have been reclassified (with regard to the financial statements as of such dates) following the disclosure criteria used for the financial statements as of December 31, 2015, mainly due to discontinued operations.

(1)     Revenue from operations is recognized on an accrual basis and derives mainly from electricity distribution. Such revenue includes electricity supplied, whether billed or unbilled, at the end of each year, and has been valued on the basis of applicable tariffs and the charges determined by the Resolution No. 347/12.

(2)     Net of interest capitalized at December 31, 2015, 2014, 2013, 2012 and 2011 for Ps. 255.9, Ps. 123.9 million, Ps. 24.5 million, Ps. 25.4 million and Ps. 16.1 million, respectively.

(3)     Each ADS represents 20 Class B common shares.

 

 

 

 

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Table of Contents
 

 

Statement of financial position

 

 

 

2015

 

2015

 

2014

 

2013

 

2012

 

2011

 

 

US$

 

Ps.

 

Ps.

 

Ps.

 

Ps.

 

Ps.

ASSETS

 

 

 

 

 

   

 

 

 

 

 

Non-current assets

 

 

 

 

 

   

 

 

 

 

 

Property, plant and equipment

 

681.4

 

8,885.8

 

6,652.5

 

5,189.3

 

4,344.6

 

3,995.3

Intangible assets

 

-

 

-

 

-

 

-

 

845.8

 

793.0

Interest in joint ventures

 

-

 

0.4

 

0.4

 

0.4

 

0.4

 

0.4

Deferred tax asset

 

3.8

 

50.0

 

87.2

 

-

 

-

 

-

Other receivables

 

11.8

 

153.8

 

249.2

 

199.4

 

195.0

 

50.3

Trade receivables

 

1.8

 

23.6

 

-

 

-

 

2.0

 

45.7

Total non-current assets

 

698.9

 

9,113.6

 

6,989.3

 

5,389.1

 

5,387.8

 

4,884.7

 

 

 

 

 

 

   

 

 

 

 

 

Current assets

 

 

 

 

 

   

 

 

 

 

 

Assets under construction

 

-

 

-

 

-

 

-

 

84.5

 

45.5

Inventories

 

10.3

 

134.9

 

74.0

 

83.9

 

85.0

 

45.3

Other receivables

 

82.8

 

1,079.8

 

250.3

 

522.1

 

127.2

 

76.3

Trade receivables

 

73.8

 

963.0

 

882.9

 

803.1

 

889.4

 

534.7

Financial assets at fair value through profit or loss

 

119.7

 

1,560.4

 

254.4

 

216.4

 

3.4

 

2.1

Derivative financial instruments

 

0.0

 

0.2

 

-

 

-

 

-

 

1.3

Cash and cash equivalents

 

9.9

 

129.0

 

179.1

 

243.5

 

71.1

 

130.5

Total current assets

 

296.6

 

3,867.3

 

1,640.7

 

1,869.0

 

1,260.6

 

835.7

Assets of disposal group classified as held for sale

 

-

 

-

 

-

 

-

 

223.4

 

1,291.1

TOTAL ASSETS

 

995.4

 

12,980.9

 

8,630.0

 

7,258.1

 

6,871.8

 

7,011.5

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

   

 

 

 

 

 

Capital and reserves attributable to the owners

 

 

 

 

 

   

 

 

 

 

 

Share capital

 

68.8

 

897.0

 

897.0

 

897.0

 

897.0

 

897.0

Adjustment to share capital

 

30.5

 

397.7

 

397.7

 

397.7

 

397.7

 

986.1

Additional paid-in capital

 

0.3

 

3.5

 

3.5

 

3.5

 

3.5

 

21.8

Treasury stock

 

0.7

 

9.4

 

9.4

 

9.4

 

9.4

 

9.4

Adjustment to treasury stock

 

0.8

 

10.3

 

10.3

 

10.3

 

10.3

 

10.3

Other comprehensive (loss) income

 

(3.2)

 

(42.3)

 

(39.9)

 

(28.3)

 

(14.6)

 

64.0

Accumulated deficit

 

19.1

 

249.4

 

(893.0)

 

(113.3)

 

(885.1)

 

(557.3)

Equity attributable to the owners

 

116.9

 

1,525.0

 

385.0

 

1,176.3

 

418.2

 

1,431.3

Non-controlling interest

 

-

 

-

 

-

 

-

 

71.1

 

415.9

TOTAL EQUITY

 

116.9

 

1,525.0

 

385.0

 

1,176.3

 

489.3

 

1,847.2

 

 

 

 

 

 

   

 

 

 

 

 

LIABILITIES

 

 

 

 

 

   

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

   

 

 

 

 

 

Trade payables

 

17.3

 

225.0

 

231.1

 

220.8

 

155.3

 

87.7

Other payables (1)

 

183.4

 

2,391.9

 

1,644.6

 

944.7

 

1,894.8

 

1,373.7

Borrowings

 

188.7

 

2,461.0

 

1,598.4

 

1,309.9

 

1,350.7

 

1,189.9

Deferred revenue

 

11.8

 

153.8

 

109.1

 

33.7

 

264.4

 

174.8

Salaries and social security taxes payable

 

6.1

 

80.0

 

62.9

 

26.0

 

17.5

 

23.6

Benefit plans

 

15.7

 

204.4

 

150.4

 

102.7

 

97.4

 

83.5

Deferred tax liability

 

-

 

-

 

-

 

73.4

 

230.4

 

348.7

Tax liabilities

 

0.1

 

1.9

 

3.2

 

4.4

 

10.0

 

17.7

Provisions

 

19.9

 

259.6

 

112.1

 

83.1

 

80.0

 

66.1

Total non-current liabilities

 

443.1

 

5,777.6

 

3,911.8

 

2,798.7

 

4,100.5

 

3,365.7

                         

Current liabilities

 

 

 

 

 

   

 

 

 

 

 

Trade payables

 

343.2

 

4,475.4

 

3,299.6

 

2,481.2

 

1,208.5

 

623.7

Other payables (1)

 

11.6

 

151.7

 

187.1

 

147.2

 

150.4

 

128.6

Borrowings

 

3.7

 

48.8

 

34.0

 

40.6

 

103.1

 

59.0

Derivative financial instruments

 

-

 

-

 

5.9

 

-

 

-

 

-

Deferred revenue

 

0.1

 

0.8

 

0.8

 

-

 

-

 

-

Salaries and social security taxes payable

 

56.2

 

733.1

 

610.6

 

420.9

 

383.6

 

275.8

Benefit plans

 

2.2

 

28.3

 

10.6

 

-

 

15.0

 

11.3

Tax liabilities

 

13.0

 

169.7

 

160.5

 

182.5

 

253.6

 

147.7

Provisions

 

5.4

 

70.5

 

24.1

 

10.7

 

10.5

 

10.3

Total current liabilities

 

435.5

 

5,678.3

 

4,333.2

 

3,283.1

 

2,124.7

 

1,256.4

Liabilities of disposal group classified as held for sale

 

 

 

-

 

-

 

-

 

157.3

 

542.2

TOTAL LIABILITIES

 

878.5

 

11,455.9

 

8,245.0

 

6,081.8

 

6,382.5

 

5,164.3

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND EQUITY

 

995.4

 

12,980.9

 

8,630.0

 

7,258.1

 

6,871.8

 

7,011.5

 

(1)       Includes the amounts collected through the Program for the Rational Use of Electricity Power (PUREE). As of December, 31, 2014 and 2013 net of Ps. 2,235.1 million and Ps. 1,661.1 million, respectively, compensated pursuant to Resolution No. 250/2013 and Notes 6852/2013, 4012/14, 486/14 and 1136/14, which as of December 31, 2014, 2013, 2012 and 2011 amounted to Ps. 17.5 million, Ps. 108.6 million, Ps. 1,352 million and Ps. 928.7 million, respectively, included under current and non-current liabilities. Edenor is permitted to retain funds from the PUREE that it would otherwise be required to transfer to CAMMESA according to Resolution No. 1,037/07 of the SE. Since the issuance of Resolution No. 32/15, the PUREE funds are considered part of Edenor´s income on account of the future RTI.

 

 

6


 
Table of Contents
 

 

Statement of Cash flows

 

 

 

2015

 

2015

 

2014

 

2013

 

2012

 

2011

 

 

US$

 

Ps.

 

Ps.

 

Ps.

 

Ps.

 

Ps.

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) Profit for the year

 

87.6

 

1,142.4

 

(779.7)

 

772.7

 

(1,013.4)

 

(291.4)

Adjustments to reconcile net (loss) profit to net cash flows provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation of property, plant and equipment

 

21.6

 

281.4

 

237.6

 

212.1

 

192.6

 

184.8

Loss on disposals of property, plant and equipment

 

0.3

 

3.5

 

1.0

 

1.2

 

1.8

 

1.8

Net accrued interest

 

25.6

 

333.7

 

341.0

 

196.6

 

182.6

 

95.3

Exchange differences

 

68.6

 

894.8

 

427.9

 

365.8

 

192.9

 

100.5

Income tax

 

14.1

 

183.8

 

(154.4)

 

(44.1)

 

(116.7)

 

82.2

Allowance for the impairment of trade and other receivables, net of recovery

 

1.8

 

24.1

 

19.7

 

33.7

 

54.4

 

13.2

Adjustment to present value of receivables

 

(0.4)

 

(5.4)

 

(8.1)

 

(2.4)

 

2.2

 

(1.2)

Provision for contingencies

 

17.4

 

226.4

 

75.4

 

36.0

 

24.8

 

16.6

Other expenses - FOCEDE

 

4.6

 

59.6

 

97.7

 

-

 

-

 

-

Changes in fair value of financial assets

 

(24.8)

 

(323.6)

 

(67.6)

 

(16.1)

 

(39.1)

 

(14.8)

Accrual of benefit plans

 

6.8

 

89.3

 

51.4

 

22.5

 

20.4

 

9.9

Gain from acquisition of companies

 

-

 

-

 

-

 

-

 

-

 

(435.0)

Higher costs recognition - SE Resolution 250/13 and subsequents Notes

 

(42.3)

 

(551.5)

 

(2,271.9)

 

(2,933.1)

 

-

 

-

Income recognition on account of the RTI - SE Resolution 32/15

 

(38.0)

 

(495.5)

 

 

 

 

 

 

 

 

Net gain from the repurchase of Corporate Notes

 

-

 

-

 

(44.4)

 

(88.9)

 

-

 

(6.5)

Income from non-reimbursable customer contributions

 

(0.1)

 

(0.8)

 

 

 

 

 

 

 

 

Discontinued operations

 

-

 

-

 

-

 

168.6

 

287.8

 

349.8

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Increase in trade receivables

 

(3.1)

 

(40.6)

 

(55.3)

 

(48.5)

 

(306.0)

 

(63.6)

Increase in other receivables

 

(26.7)

 

(347.9)

 

(134.7)

 

(111.7)

 

(15.6)

 

(44.0)

Decrease (Increase) in inventories

 

(4.7)

 

(60.9)

 

9.9

 

(42.7)

 

(18.3)

 

(10.5)

Increase in assets under construction

 

-

 

-

 

-

 

-

 

-

 

(8.6)

Increase (Decrease) in deferred revenue

 

3.5

 

45.5

 

76.2

 

(0.7)

 

16.9

 

17.5

(Decrease) Increase in trade payables

 

50.7

 

660.8

 

(528.4)

 

(87.0)

 

207.7

 

195.6

Increase in salaries and social security taxes payable

 

10.7

 

139.7

 

226.7

 

95.3

 

88.8

 

63.7

Decrease in benefit plans

 

(1.6)

 

(21.2)

 

(11.0)

 

(7.9)

 

(4.0)

 

(2.7)

(Decrease) Increase in tax liabilities

 

(10.8)

 

(141.0)

 

(28.7)

 

(44.9)

 

43.4

 

(19.2)

Increase in other payables

 

(4.8)

 

(62.1)

 

162.3

 

262.0

 

40.9

 

120.2

Funds obtained from the program for the rational use of electric power (PUREE) (SE Resolution No. 1037/07)

 

2.0

 

25.6

 

482.9

 

491.9

 

410.7

 

338.0

Net decrease in provisions

 

(2.5)

 

(32.6)

 

(33.0)

 

(25.3)

 

(12.1)

 

(11.0)

Subtotal before variations of debts with Cammesa

 

155.5

 

2,027.5

 

(1,907.5)

 

(794.9)

 

242.7

 

680.5

Increase in account payable and mutuum with Cammesa

 

91.2

 

1,189.5

 

3,455.5

 

2,231.5

 

295.7

 

10.1

Net cash flows provided by operating activities

 

246.7

 

3,217.0

 

1,548.0

 

1,436.6

 

538.4

 

690.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

 

 

 

Payment of property, plants and equipments

 

(160.7)

 

(2,095.5)

 

(1,400.1)

 

(892.4)

 

(537.9)

 

(434.7)

Net (payment for) collection of purchase / sale of financial assets at fair value

 

(77.6)

 

(1,012.1)

 

(64.6)

 

(97.4)

 

37.8

 

443.5

Payment for adquisition of companies

 

-

 

-

 

-

 

-

 

-

 

(442.9)

Payment for adquisition of additional non-controlling interests

 

-

 

-

 

-

 

-

 

-

 

(6.4)

Loans granted

 

-

 

-

 

-

 

-

 

(0.5)

 

(39.7)

Collection of financial receivables with related companies

 

-

 

-

 

-

 

2.1

 

142.4

 

90.6

Collection for sales of discontinued operations

 

-

 

-

 

-

 

-

 

-

 

126.7

Incorporation of Cash and Cash equivalents in acquired companies

 

-

 

-

 

-

 

-

 

-

 

119.0

Collection of receivables from sale of subsidiaries - SIESA

0.3

 

4.3

 

3.0

 

2.9

 

-

 

-

Discontinued operations

 

-

 

-

 

-

 

(124.2)

 

(232.1)

 

(610.9)

Net cash flows used in investing activities

 

(238.0)

 

(3,103.3)

 

(1,461.7)

 

(1,109.0)

 

(590.3)

 

(754.8)

 

 

7


 
Table of Contents
 

 

Statement of  Cash flows (continued)

 

   

2015

 

2015

 

2014

 

2013

 

2012

 

2011

   

US$

 

Ps.

 

Ps.

 

Ps.

 

Ps.

 

Ps.

Cash flows from financing activities

                       

Loans taken

 

-

 

-

 

-

 

-

 

0.8

 

298.2

Repayment of principal on loans

 

-

 

-

 

(0.4)

 

(25.5)

 

(36.5)

 

(252.5)

Payment of interest on loans

 

(13.3)

 

(172.9)

 

(155.3)

 

(177.0)

 

(128.9)

 

(127.9)

Discontinued operations

 

-

 

-

 

-

 

25.4

 

136.8

 

55.9

Net cash flows used in financing activities

 

(13.3)

 

(172.9)

 

(155.7)

 

(177.1)

 

(27.8)

 

(26.3)

                         

Net (decrease) / increase in cash and cash equivalents

 

(4.5)

 

(59.2)

 

(69.5)

 

150.5

 

(79.7)

 

(90.4)

                         

Cash and cash equivalents at beginning of year

 

13.7

 

179.1

 

243.5

 

71.1

 

130.5

 

246.0

Cash and cash equivalents at beginning of year included in assets of disposal group classified as held for sale

 

-

 

-

 

-

 

11.2

 

28.3

 

-

Exchange differences in cash and cash equivalents

 

0.7

 

9.1

 

5.1

 

10.7

 

3.2

 

3.3

Net (decrease) increase in cash and cash equivalents

 

(4.5)

 

(59.2)

 

(69.5)

 

150.5

 

(79.7)

 

(90.4)

Cash and cash equivalents at the end of year

 

9.9

 

129.0

 

179.1

 

243.5

 

82.3

 

158.8

                         
                         

Cash and cash equivalents at the end of the year in the statement of financial position

 

9.9

 

129.0

 

179.1

 

243.5

 

71.1

 

130.5

Cash and cash equivalents at the end of the year included in assets of disposal group classified as held for sale

 

-

 

-

 

-

 

-

 

11.2

 

28.3

Cash and cash equivalents at the end of the year

 

9.9

 

129.0

 

179.1

 

243.5

 

82.3

 

158.8

                       

-

                         

Supplemental cash flows information

                       

Non-cash operating, investing and financing activities

                       
                       

-

Financial costs capitalized in property, plant and equipment

(19.6)

 

(255.9)

 

(123.9)

 

(24.5)

 

(6.4)

 

4.1

                       

-

Acquisitions of property, plant and equipment through increased trade payables

 

(12.8)

 

(166.8)

 

(144.8)

 

(126.4)

 

-

 

-

                       

-

Decrease from offsetting of PUREE-related liability against receivables (SE Resolution 250/13 and SE Notes 6852/13 and 4012/14)

 

0.8

 

10.6

 

(574.0)

 

(1,661.1)

 

-

 

-

                         

Decrease from offsetting of liability with CAMMESA for electricity purchases against receivables (SE Resolution 250/13 and SE Notes 6852/13 and 4012/14)

 

12.1

 

158.1

 

(2,218.4)

 

(1,152.3)

 

-

 

-

                       

-

Decrease from offset of other liabilities with CAMMESA for loans for consumption (Mutuums) granted for higher salary costs (SE Resolution 32/15)

 

(38.0)

 

(495.5)

 

-

 

-

 

-

 

-

                       

-

Decrease in financial assets at fair value from repurchase of Corporate Notes

 

-

 

-

 

91.6

 

165.1

 

-

 

-

                       

-

                       

-

Increase in financial assets at fair value from subsidiary sale

 

-

 

-

 

-

 

(334.3)

 

-

 

-

                       

-

Decrease of other receivables for collection of corporate notes with related companies

 

-

 

-

 

-

 

52.8

 

-

 

-

                       

-

Net increase of trade receivables from assets of disposal group classified as held for sale

 

-

 

-

 

-

 

(44.6)

 

-

 

-

                       

-

Acquisitions of property, plant and equipment through increased debt FOTAE

 

-

 

-

 

(32.9)

 

(49.0)

 

-

 

-

                         

Acquired Companies

                       

Cash and Cash equivalents

 

-

 

-

 

-

 

-

 

-

 

119

Property, plant and equipment

 

-

 

-

 

-

 

-

 

-

 

1,881

Inventories

 

-

 

-

 

-

 

-

 

-

 

4

Trade receivables

 

-

 

-

 

-

 

-

 

-

 

255

Other receivables

 

-

 

-

 

-

 

-

 

-

 

85

Trade payables

 

-