Edenor Announces 4Q 2008 Results

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Elkedra	LSE:EDN	London	Ordinary Share	AU000000EDN2	ORD NPV

Share Name

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Market

Type

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Share Description

Elkedra

LSE:EDN

London

Ordinary Share

AU000000EDN2

ORD NPV

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Edenor Announces 4Q 2008 Results

27/02/2009 12:00pm

PR Newswire (US)

Elkedra (LSE:EDN)
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BUENOS AIRES, Argentina, Feb. 27 /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 last quarter of 2008. 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, 2008 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, 2008 of Ps. 3.453. 2008 Highlights Net Sales increased 26.3% to Ps. 604.8 million in the fourth quarter of 2008 from Ps. 478.7 million in the fourth quarter of 2007. This increase is mainly due to the recording of the retroactive portion from November 2007 to June 2008 of the 7.56% CMM increase, which is being compensated with the PUREE funds; to the impact of the VAD increase granted in July 2008; and to an increase in the volume of energy sold of 6.2%. Volume of Energy Sold increased by 6.2% to 4,580 GWh in the fourth quarter of 2008 from 4,312 GWh in the fourth quarter of 2007. The increase in volume is attributable to a 4.3% increase in the average GWh consumption per customer and to a 1.9% increase in the number of our customers. Electric Power Purchases increased 24.3% to Ps. 270.0 million for the fourth quarter of 2008 from Ps. 217.2 million in the fourth quarter of 2007, mainly due to the effect of a 4.7% increase in the volume of electricity purchased and to an increase in the energy purchase price for certain customers (T1R with bimonthly consumption levels over 1000KWh, T1G3 and T3 with power consumption levels over 300 KW). Gross Margin increased 28.1% to Ps. 334.8 million in the fourth quarter of 2008 from Ps. 261.4 million in the fourth quarter of 2007. This increase is primarily due to an increase in the volume of energy sold, the increase in the distribution margin (VAD) described above and to a decrease in our energy losses from 11.6% in the fourth quarter of 2007 to 10.8% in the same period of 2008. Net Operating Income increased 49.5% to Ps. 117.2 million in the fourth quarter of 2008 from Ps. 78.4 million in the fourth quarter of 2007, mainly due to the increase in the gross margin, a Ps. 2.4 million decrease in selling expenses and a Ps. 1.7 million decrease in administrative expenses, which more than offset a Ps. 38.7 million increase in transmission and distribution expenses. Net Income increased 46.7% to Ps. 77.0 million in the fourth quarter of 2008 from Ps. 52.5 million in the fourth quarter of 2007, primarily as a result of the increase in our net operating income. DATASOURCE: Edenor S.A. CONTACT: Investor Relations, Ivana Del Rossi, Finance Manager, +011-5411-4346-5127, or Veronica Gysin, Investor Relations, +011-5411-4346-5231, both of Edenor S.A., fax, +011-5411-4346-5358, Web site: http://www.edenor.com.ar/

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