BUENOS AIRES, Argentina, May 13 /PRNewswire-FirstCall/ -- Empresa
Distribuidora Electrica Regional S.A. (EMDERSA) (Buenos Aires Stock
Exchange: EMDE) ("EMDERSA" or "the Company"), today announced the results
of its operations for the three-month period ended March 31, 2008 ("first
quarter of 2008"). All figures are stated in Argentine pesos and have been
prepared in accordance with Argentine GAAP and the regulations of the
Comision Nacional de Valores ("CNV" -- Argentine Securities and Exchange
Commission)
I. Highlights of the Three-Month Period Ended March 31, 2008
Three-month period ended March 31, Percentage
2008 2008 (1) 2007 change
(in thousands (in thousands of (in thousands
of pesos) U.S. Dollars) pesos)
Net Sales 117,104 36,965 108,042 8%
Gross profit 42,654 13,464 40,646 5%
Operating
income 17,513 5,528 19,996 (12%)
EBITDA(2) 33,551 10,591 33,671 (0.4%)
Net income/
(loss) for
the period 9,473 2,990 6,306 50%
Income/(loss)
per share, net 0.0401 0.0127 0.0351 14%
Three-month period ended
March 31, Change
2008 2007
Volume of electricity sold (GWh)(3) 828.9 800.9 28.0
Number of customers(4) 482,114 466,483 15,631
Energy losses (percentage) 10.5 10.1 0.4
(1) The Peso amounts have been translated into U.S. dollars at the seller
exchange rate quoted by the Banco de la Nacion Argentina for March
31, 2008, which was Ps. 3.168 = US$1.00.
(2) Unaudited information (see calculation of EBITDA)
(3) Includes volume sold to Wholesale Electricity Market ("WEM") Large
Users (tolling fees).
(4) Own customers and WEM Large Users (tolling fees).
-- The Company generated net sales of Ps. 117.1 million in the first
quarter of 2008, an increase of 8% compared to Ps. 108.0 million
recorded in the three-month period ended March 31, 2007 ("first quarter
of 2007") due to an increase in electricity consumption by own
customers, an increase in the average price of electricity sales to own
customers and an increase in the number of clients.
-- The decrease in Operating income was influenced by a 10% increase in
Cost of sales in the first quarter of 2008 to Ps. 74.4 million,
compared to Ps. 67.4 million in the first quarter of 2007, and a 22%
increase in Selling, administrative and other expenses of the Company,
from Ps. 20.6 million in the first quarter of 2007 to Ps. 25.1 million
in the first quarter of 2008.
-- Net income for the period was a gain of Ps. 9.5 million for the
three-month period ended March 31, 2008, compared to a gain of
Ps. 6.3 million for the three-month period ended March 31, 2007, mainly
due to Ps. 2.0 million revenue from public lighting and a
Ps. 3.4 million improvement in interest income as compared with the
first quarter of 2007.
II. Analysis of Results
Net Sales
A detailed composition of consolidated sales is set forth in the table
below:
Three-month period ended March 31,
Net Sales 2008 2007
(in thousands of pesos, except percentages)
EDESA 54,828 46.82% 49,776 46.07%
EDESAL 32,560 27.80% 32,517 30.10%
EDELAR 29,716 25.38% 25,749 23.83%
Total 117,104 100.00% 108,042 100.00%
In the three-month period ended March 31, 2008, the Company recorded an
increase of 1% in the sale of energy to own customers, an increase of 3% in
the average price of electricity sales to own customers and an increase of
3% on the number of customers. The increase in the number of customers
reflects, among other things, programs of the provincial governments of
Salta, San Luis and La Rioja to expand the availability of housing.
Three-month period Percentage
ended March 31, change
Net sales composition 2008 2007
(In thousands of pesos)
Delivered energy 106,100 101,562 4%
Tolling fees and
other income 6,732 3,063 120%
Other 4,271 3,418 25%
Total 117,104 108,042 8%
The detailed composition by subsidiary of electricity consumption by own
customers, average price of electricity sales and number of own customers as
of the three-month periods ended March 31, 2008 and 2007 are set forth in the
following tables:
Electricity demand As of March 31, Percentage
by own customers 2008 2007 change
(in GWh)
EDESA 282.5 273.9 3%
EDESAL 198.3 205.6 -4%
EDELAR 184.6 176.4 5%
Total 665.3 655.9 1%
Average price of
electricity sales As of March 31, Percentage
to own customers 2008 2007 change
(in pesos per MWh)
EDESA 175.8 171.5 3%
EDESAL 150.1 146.8 2%
EDELAR 143.1 137.0 4%
EMDERSA consolidated 159.1 154.5 3%
Number of own customers As of March 31, Percentage
2008 2007 change
EDESA 252,553 245,094 3%
EDESAL 133,335 129,440 3%
EDELAR 96,051 91,784 5%
Total 481,939 466,318 3%
Tolling fees increased by 120%, from Ps. 3.1 million in the three-month
period ended March 31, 2007 to Ps. 6.7 million in the three-month period
ended March 31, 2008. This increase was mainly due to a rise in the volume
of electricity demanded and delivered through the Company's Distribution
Subsidiaries networks in return for tolling fees, (which customers we refer
to as "WEM Large Users"), and an increase in the number of WEM Large Users
of EDESAL and EDELAR, offset by a decrease in EDESA.
Additionally, during the three-month period ended March 31, 2008, the
consolidated average price paid by WEM Large Users increased by 95% as
compared to the same period of the previous year. The increase in EDELAR
and EDESA is due to the fact that the Secretary of Energy authorized
EDELAR, by Resolution S.E. No 78/07 and EDESA by Resolution S.E. No 79/07,
to apply the tolling fees in accordance with their concession agreements,
as from May 2007. This implies that the tariff shall be equal to the tariff
for end users established in these Distribution Subsidiaries tariff schemes
for services provided in the same voltage level and consumption modality
after deduction of the benchmark price for the energy and power (because
the Large User buys its power directly from the Market). Said amendment was
carried out by the Secretary of Energy to allow the Distribution
Subsidiaries, after compliance with certain requirements, to receive
revenues that will allow them to cover the reasonable costs resulting from
the efficient rendering of network services.
During the three-month period ended March 31, 2008, WEM Large Users
demanded 163.6 GWh of electricity, compared to 145.0 GWh in the three-month
period ended March 31, 2007.
Electricity consumption
by WEM Large Users As of March 31, Percentage
2008 2007 change
(in GWh)
EDESA 25.7 26.8 (4%)
EDESAL 84.8 64.8 31%
EDELAR 53.2 53.4 (0.4%)
Total 163.6 145.0 13%
Average price paid
by WEM Large Users As of March 31, Percentage
2008 2007 change
(in pesos per MWh)
EDESA 77,0 21,4 260%
EDESAL 25,0 24,7 1%
EDELAR 49,5 16,6 198%
Consolidated EMDERSA 41,1 21,1 95%
Number of WEM
Large Users As of March 31, Percentage
2008 2007 Change
EDESA 42 43 (2%)
EDESAL 98 88 11%
EDELAR 35 34 3%
Total 175 165 6%
Other sales revenue, including connection fees, re-connection fees and
power factor surcharges increased by 25%, from Ps. 3.4 million in the
three- month period ended March 31, 2007 to Ps.4.3 million in the
three-month period ended March 31, 2008.
As of March 31, 2008, 91% of the Company's revenues resulted from sales
of electricity while the remaining 9% resulted from tolling fees and other
services.
Cost of sales
The principal components of the cost of sales for the three-month
periods ended March 31, 2008 and 2007 are set forth in the following table:
Components of Three-month period
Cost of sales ended March 31, Percentage
2008 2007 change
(In thousands of pesos)
Electricity and
power purchases 52,128 49,423 5%
Property, plant and
equipment depreciation 9,094 8,729 4%
Repair and maintenance 8,061 5,462 48%
Salaries and payroll taxes 1,873 911 106%
Materials and spare parts 1,322 926 43%
Other 1,972 1,944 1%
Total 74,450 67,396 10%
Consolidated costs for purchase of electricity increased 5%, from Ps.
49.4 million in the three-month period ended March 31, 2007 to Ps. 52.1
million in the three-month period ended March 31, 2008. This increase
reflects both an increase in the volume of the electricity purchased, from
726.7 GWh in the three-month period ended March 31, 2007 to 767.0 GWh in
the three-month period ended March 31, 2008, and an increase in the average
price paid per MWh purchased by EDELAR, partially offset by a decrease in
the average price per MWh purchased by EDESA and EDESAL. The following
tables set forth certain information relating to electricity purchases and
average prices paid by the Distribution Subsidiaries for the periods
indicated:
Generation and As of March 31, Percentage
electricity purchases 2008 2007 change
(in GWh)
EDESA(1) 322.0 295.2 9%
EDESAL 233.9 234.8 (0.4%)
EDELAR(2) 211.1 196.7 7%
Total 767.0 726.7 6%
(1) Includes EDESA's own generation.
(2) Includes EDELAR's own generation.
Average price As of March 31, Percentage
paid per MWh 2008 2007 change
(in pesos)
EDESA 66.5 68.1 (2%)
EDESAL 65.4 66.4 (1%)
EDELAR 73.1 69.9 5%
Total 68.0 68.0 0%
The Company applies several action plans to mitigate energy losses.
Said action plans include the use of electronic data collectors, which
allow for instantaneous control of readings, continuous inspection of
measurement equipment, installment of electronic meters in residential
supplies, continuous statistic sampling of the condition of all meters and
the replacement of obsolete meters. Yearly total energy losses were 10.5%
as of March 31, 2008, as compared to 10.1% as of March 31, 2007.
EDESA generated 22.5 GWh with a cost of Ps. 3.3 million at an average
cost of 146.0 Ps/MWh in the three-month period ended March 31, 2008, while
in the three-month period ended March 31, 2007 it generated 24.8 GWh at a
cost of Ps. 3.0 million and an average cost of generation of 123.9 Ps./MWh.
Property, plant and equipment depreciation charged to consolidated cost
of sales of the Company increased 4%, to Ps. 9.1 million in the three-month
period ended March 31, 2008, from Ps. 8.7 million in the three-month period
ended March 31, 2007.
Repair and maintenance expenses allocated to consolidated cost of sales
increased 48% in the three-month period ended March 31, 2008 compared to
the three-month period ended March 31, 2007. This increase reflects the
higher cost of outsourced services, including preventive and/or corrective
maintenance, technical support services, and vehicle repairs, and to
increases in the indirect cost of parts and components for the Company's
machinery and equipment.
Salaries and payroll taxes allocated to consolidated cost of sales
increased 106% in the three-month period ended March 31, 2008 compared to
the three-month period ended March 31, 2007, mainly due to increases in
wages payable to Company's employees granted in December 2007, annual
extraordinary bonuses (AEB) granted in the first quarter of 2008 to
employees under collective bargaining agreements higher than those granted
in the same quarter of the previous year, and tourism allowances in the
first quarter of 2008, also to employees under collective bargaining
agreements, which had not been paid in the previous year.
The cost of materials and spare parts purchased directly by the Company
and allocated to consolidated cost of sales increased 43% in the
three-month period ended March 31, 2008 compared to the three-month period
ended March 31, 2007. This increase was primarily due to an increase in
prices payable for the materials and spare parts.
Selling, administrative and other operating expenses
The components of selling, administrative and other operating expenses,
and the amounts recorded in the three-month periods ended March 31, 2008
and 2007, are set forth in the following table:
Components of selling, Three-month period Percentage
administrative and other ended March 31, change
operating expenses 2008 2007
(In thousands of pesos)
Contracted services 6,173 4,685 32%
Salaries and payroll taxes 5.764 4,160 39%
Fees and compensation 1.467 1,896 (23%)
Bank charges 1,479 1,337 11%
Taxes, rates and
contributions 6,083 5,239 16%
Property, plant and
equipment depreciation 936 817 15%
Amortization of
intangible assets (531) 877 (161%)
Other 3,771 1,639 130%
Total 25,141 20,651 22%
Costs of contracted services allocated to consolidated selling,
administrative and other operating expenses increased 32%, to Ps. 6.2
million during the three-month period ended March 31, 2008 compared to
Ps.4.7 million during the three-month period ended March 31, 2007. The
increase in the cost of contracted services was mainly a result of wage
increases and increases in the costs of materials.
Salaries and payroll taxes allocated to consolidated selling,
administrative and other operating expenses increased 39%, from Ps.4.2
million in the three-month period ended March 31, 2007 to Ps.5.8 million in
the three-month period ended March 31, 2008 due to the rise in salaries of
the Company's employees.
Fees and compensation, including service and management fees paid to
EMDERSA, auditors' fees, and attorneys' fees, decreased by 23%, from Ps.
1.9 million in the three-month period ended March 31, 2007 to Ps. 1.5
million in the three-month period ended March 31, 2008.
Bank charges allocated to consolidated selling, administrative and
other operating expenses increased 11% during the three-month period ended
March 31, 2008 to Ps.1.5 million from Ps.1.3 million for the three-month
period ended March 31, 2007. This increase was a direct result of the
higher sales volume.
Taxes, rates, and contributions allocated to consolidated selling,
administrative and other operating expenses increased 16% during the
three-month period ended March 31, 2008 to Ps.6.1 million from Ps.5.2
million for the three-month period ended March 31, 2007. This line item
includes rates paid to the respective provincial regulatory authorities for
performance of their control and supervision duties. The increase in taxes,
rates and contributions was partially due to an increase of the turnover
tax paid by the Company's Distribution Subsidiaries, as a result of
increased sales.
Property, plant and equipment depreciation allocated to consolidated
selling, administrative and other operating expenses increased 15%, from
Ps.0.8 million for the three-month period ended March 31, 2007 to Ps.0.9
million for the three-month period ended March 31, 2008.
Amortization of intangible assets recorded a loss of Ps. 0.9 million in
the three-month period ended March 31, 2007, compared to a gain of Ps. 0.5
million in the three-month period ended March 31, 2008, due to the full
amortization of Pre-operating expenses and Restructuring charges, as well
as others from EDESA.
Financial and Holding Results
For the three-month period ended March 31, 2008, the Company recorded a
loss of Ps.5.2 million in financial and holding results, compared to a loss
of Ps.8.6 million for the three-month period ended March 31, 2007. This
variation reflects lower charges due to exchange rate differences and the
higher income from penalty interest and charges during the three-month
period ended March 31, 2008 offset by higher charges due to interest from
liabilities and higher financial advice fees as compared to the three-month
period ended March 31, 2007.
Other income and expenses, net
For the three-month period ended March 31, 2008, the Company recorded a
gain of Ps.4.5 million in other income and expenses, net, compared to a
gain of Ps.2.0 million for the three-month period ended March 31, 2007.
This increase is attributable mainly to an increase of Ps. 2.1 million in
revenue from public lighting works in the Province of Salta.
Income taxes
For the three-month period ended March 31, 2008, the Company recorded
income tax loss of Ps. 6.8 million, compared to a loss of Ps. 6.8 million
for the three-month period ended March 31, 2007.
Capital expenditures
During the three-month period ended March 31, 2008, the Company's
capital expenditures totaled Ps. 26.2 million, mainly related to
investments in transformer stations equipment, medium voltage distribution
lines (distribution centers, medium voltage lines) low voltage distribution
equipment, including medium to low voltage transformer centers and
technology (communications and telecontrol).
Calculation of EBITDA - UNAUDITED
Pursuant to the commitments made under the issuance of notes, EBITDA is
calculated as follows:
As of March 31,
2008 2007
(in thousands of pesos)
Operating income 17,513 19,995
Plus: Fixed assets depreciation 10,029 9,546
Other expenses (531) 877
Pole leases 647 513
Rendered services fees 944 1,014
Default interest 1,552 1,177
Impairment of fixed assets 52 1
Other leases 25 14
Reversal of provisions 698 181
Income from public lightning 2,053 -
Penalties charged to contractors 1 1
Other 586 402
Less: Bad debts, net (20) (52)
Total EBITDA (*) 33,551 33,671
(*) As of March 31, 2008, this amount includes Ps. 62 thousands for
charges related to special clauses in labor agreements and
Ps. 213 thousands for banking and financial debts. Should these items
be excluded, total EBITDA would be Ps. 33,826 thousands as of
March 31, 2008.
III. Recent developments
Piquirenda Generation Plant
On January 11, 2008, EMDERSA Generacion Salta S.A. ("Emdersa
Generacion") entered into an agreement with Industrias Juan F. Secco S.A.,
paying the amount equivalent to US$ 1,800,000 plus VAT as advance payment
for the beginning of the implementation of the installation, operation and
maintenance of a generation power plant with 30MW installed power under a
turnkey contract.
For the development of the mentioned generation plant, EMDERSA
Generacion has received a loan from its controlling company in the above
mentioned amount. Likewise, EMDERSA has financed the previous surveys
necessary to carry out the first engineering and construction stages of the
work.
EMDERSA Generacion has received the offers described below, which have
been accepted:
(i) Offer by Pan American Energy LLC - Argentine Branch to supply
natural gas from the "Acambuco" field to the Piquirenda Power Plant,
which will generate electric energy in accordance with Resolution
No. 1281/06 ("Energia Plus"). This agreement expires on July 1,
2014;
(ii) Offer by Industrias Juan F. Secco S.A. to build, under a turnkey
contract, an Electric Generation Plant (the "Plant") with an
installed capacity of 30 MW. The Plant will be established in
Piquirenda, Province of Salta; and
(iii) Offer by Industrias Juan F. Secco S.A. for the Operation and
Maintenance of the Plant for a 10 years term.
EDELAR Tariff Agreement
On December 29, 2005, EDELAR entered into an agreement ("Acta Acuerdo")
with the provincial government of La Rioja, allowing EDELAR to assure the
considerations undertaken in the Concession Agreement by a temporary tariff
adjustment. The provincial government of La Rioja ratified the terms of the
agreement by Decree No 1956/05.
On December 20, 2006 and April 25, 2008, the provincial government of
La Rioja extended the agreement up to the effectiveness of the revised
tariff scheme derived from the tariff review process provided for in
Section 31 of the Concession Agreement and Section 45 of Law No 6,036 of
the Province of La Rioja. The Executive Power of the Province of La Rioja,
by Decree 792/08 has established the date of June 3, 2008 for the public
hearing for the review of the tariffs, which initiates the definitive
process of the tariff review provided for in Section 31 of the
corresponding Concession Agreement.
Option to subscribe shares
In January 2007, EMDERSA and CoInvest Argentina S.A. ("CoInvest")
entered into a "Management Services Agreement", whereby CoInvest undertook
to provide certain management services to the Company and its subsidiaries
for a term of three years (which may be extended automatically). In
addition, the Company and its shareholders entered into a Shareholders
Agreement, whereby CoInvest was granted the right to exercise an option to
subscribe up to 11,480,000 Class B shares of EMDERSA at an exercise price
per share set up in the mentioned agreement.
On December 11, 2007, CoInvest received 1,237,020 class B shares of
common stock upon the exercise of 7,175,000 call options under the above
mentioned Termination Agreement.
In addition, on November 9, 2007, EMDERSA and CoInvest entered into a
new amended and restated Management Services Agreement (the "Amended and
Restated Management Services Agreement"), which, by mutual agreement of the
parties, expressed in December 2007 was subsequently amended by the
"Amendment to the Amended and Restated Management Services Agreement" in
March 2008, whereby in consideration for the services provided under the
above mentioned Management Services Agreement and the management fee
provided thereunder, CoInvest is entitled to a call option on up to
8,056,037 shares of common stock of EMDERSA, equivalent to 3.25% of the
outstanding EMDERSA capital stock.
CoInvest will be empowered to exercise said option in three tranches of
one-third (1/3) of the Option Shares each, at the end of the first, second
and third anniversary of said agreement, as far as the Amended and Restated
Management Services Agreement mentioned above is not terminated by EMDERSA
on any fault attributable to CoInvest or by its decision. In addition, it
must be pointed out that if EMDERSA decides to terminate this agreement
without cause or if the shareholders sell all of their shares, CoInvest
shall be entitled to exercise the whole option before the expiry of the
indicated term.
Employee Stock Ownership Plan - EDESA
On December 25, 2007, the Provincial Executive of Salta issued Order
No. 3624/07, approving the final assignment by the beneficiaries of EDESA
S.A.'s employee stock ownership plan. The Order mandated the reversal of
the transfer of class C shares to the State, and EDESA was required to
enter record of that transaction in the company shareholders' register.
EDESA was further required to implement the profit sharing bonus in
accordance with the terms of the above mentioned Order. On January 3, 2008,
the EDESA filed an appeal against the provision relative to the
implementation of the profit sharing bonus.
Memorandum of Agreement for the public lightning installations
refurbishing of the Province of Salta - EDESA
On May 9, 2008, an agreement was reached in the Province of Salta
between EDESA and the Executive Secretary of the Unit for Review and
Renegotiation of Agreements, Licenses, Authorizations and Permits, within
the process of review and renegotiation of utilities agreements mandated by
Laws No. 6.583 and 7.178, and Executive Orders No. 1/08 y 2/08 (the
"Agreement").
The agreement acknowledges that Ps. 25,000,000 were invested by EDESA
and certified by the Provincial State, under the Public Lightning
Installations Refurbishing Agreement. According to the Agreement, the
invested and certified amount shall be paid in the following manner: (i)
Ps. 13,716,051.06, in twelve successive monthly installments beginning in
May 2008, and (ii) the remaining balance of Ps.11,283,948.94, in twelve
successive monthly installments beginning on June 15, 2008, applying a four
per cent interest rate and making such payments through deferred date
checks issued by the Provincial State in favor of EDESA. This Agreement
amends and sets forth payment conditions with a shorter term than that
originally agreed upon for the public lightning works provided for in the
respective public call for bids.
EMDERSA Overview
Empresa Distribuidora Electrica Regional S.A. (EMDERSA) is a holding
company that, through EDESA, EDESAL and EDELAR (the "Distribution
Subsidiaries"), provides exclusive electricity distribution in the
Provinces of Salta, San Luis and La Rioja, respectively. Outside the Buenos
Aires metropolitan area, in 2007, the Company was one of the largest
private electricity distribution companies in terms of the number of
customers (479,160) and energy distributed (3,180 GWh), with sales of
approximately Ps. 451.1 million and a net profit of approximately Ps. 26.0
million.
Contact:
Contact persons: Mario M. Helman
Mario Gonzalez
Telephone: 54-11-4816-7270
Facsimile: 54-11-4816-7264
E-mail: ir@emdersa.com.ar
Notice
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. 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 factor could cause actual
results to differ materially form current expectations. You are urged to
read the Company's Financial Statements, as well as all filings made from
time to time with Comision Nacional de Valores and the Buenos Aires Stock
Exchange.
Conference call to inform on this press release
A conference call in Spanish will be held to analyze EMDERSA's
quarterly results as of March 31, 2008 on Friday, May 16, 2008 at 2:00 pm
Buenos Aires time/1:00 pm New York time. Shareholders interested in
participating should call (866) 870-8212 in the United States, or (617)
597-5026 outside the United States. Participants must use the 50660691
identification number for the conference and call five minutes before than
the scheduled time.
For queries in Argentina as to how to participate in the conference
call, please call (011) 4816-7270 Ext. 22, Ms. Barbara Weht.
Mario Miguel Helman
Investor Relations Manager
Empresa Distribuidora Electrica Regional S.A. (EMDERSA)
Consolidated information
THREE-MONTH PERIOD ENDED MARCH 31, 2008
(In thousands of pesos, except percentages)
Consolidated Balance sheet data As of March 31, Change
2008 2007
Cash, banks and Investments 174,909 13,949 160,960
Trade receivables 72,588 58,047 14,541
Other current assets 65,402 22,206 43,196
Total current assets 312,899 94,202 218,697
Property, plant and equipment 743,715 684,007 59,708
Other non-current assets 7,735 24,722 (16,987)
Total non-current assets 751,450 708,729 42,721
Goodwill 1,449 (1,226) 2,675
Total assets 1,065,798 801,705 264,093
Accounts payable 77,372 66,066 11,306
Financial debts 45,452 29,362 16,090
Provisions 16,483 13,388 3,095
Other current liabilities 43,857 29,800 14,057
Total current liabilities (183,164) 138,616 44,548
Non current financial debts 205,804 205,299 505
Other non current liabilities 13.145 5,713 7,432
Total non-current liabilities 218.949 211,012 7,937
Total liabilities 402,113 349,627 52,486
Minority interest 21,138 19,649 1,489
Shareholders' contributions 539,400 359,762 179,638
Non capitalized contributions 1,342 - 1,342
Legal reserve 6,045 6,045 -
Voluntary reserve 60,316 62,278 (1,962)
Retained earnings 35,444 4,344 31,100
Total shareholders' equity 642,546 432,428 210,118
Total liabilities and
shareholders' equity 1,065,798 801,705 264,093
Consolidated income statement data Three-month period Percentage
ended March 31 change
2008 2007
Sales 117,104 108,042 8%
Cost of sales (74,450) (67,396) 10%
Gross profit 42,654 40,646 5%
Administrative, selling
and other expenses (25,141) (20,651) 22%
Operating income 17,513 19,996 -12%
Financial and holding results (5,246) (8,631) -39%
Goodwill (71) (71) 0%
Gain/(Loss) in UTE investments ---- 16 -100%
Other income, net 4,484 1,964 128%
Income before income taxes
and minority interest 16,680 13,272 26%
Minority interest (376) (167) 125%
Income tax expenses (6,830) (6,798) 0%
Income/(Loss) for the year 9,473 6,306 50%
SOURCE Empresa Distribuidora Electrica Regional S.A.
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CONTACT:
Mario M. Helman or Mario Gonzalez, both of
EMDERSA, +011-54-11-4816-7270, fax, +011-54-11-4816-7264,
ir@emdersa.com.ar
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