Edenor Announces First Quarter 2009 Results

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

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Elkedra

LSE:EDN

London

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AU000000EDN2

ORD NPV

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Edenor Announces First Quarter 2009 Results

12/05/2009 2:00pm

PR Newswire (US)

Elkedra (LSE:EDN)
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BUENOS AIRES, Argentina, May 12 /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 first 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 March 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 March 31, 2009 of Ps. 3.720. 1Q09 Highlights Net Sales increased 21.1% to Ps. 551.9 million in the first quarter of 2009 from Ps. 455.7 million in the first quarter of 2008. This increase is mainly due to the recognition of the CMM adjustment approved in August, 2008 (applied retroactively to July 2008) and the increase in the energy purchase price applied to certain customers. Volume of Energy Sold decreased by 0.7% to 4,555 GWh in the first quarter of 2009 from 4,589 GWh in the first quarter of 2008. The decrease in volume is attributable to a 2.8% decrease in the average GWh consumption per customer, partially compensated by a 2.1% increase in the number of our customers. Electric Power Purchases increased 24.5%, to Ps. 267.6 million for the first quarter of 2009 from Ps. 214.9 million in the first quarter of 2008, mainly due to an increase in the energy purchase price applied to certain customers (Residential Customers with bimonthly consumption levels over 1000KWh, Commercial Customers and Industrial Customers with power consumption levels over 300 KW) and to the effect of a 0.5% increase in the volume of electricity purchased, from 4,128 GWh in the first quarter of 2008 to 4,150 GWh in the first quarter of 2009 (excluding wheeling system demand). Gross Margin increased 18.1% to Ps. 284.3 million in the first quarter of 2009 from Ps. 240.8 million in the first quarter of 2008. This positive variation is mainly due to an increase in the VAD resulting from the application of the new electricity tariff schedules approved in August, 2008 (applied retroactively to July 2008). Net Operating Income increased 15.4% to Ps. 74.1 million in the first quarter of 2009 from Ps. 64.2 million in the first quarter of 2008 mainly due to the increase in the gross margin described above, which was partially compensated by a Ps. 15.8 million increase in selling expenses, Ps. 9.3 million increase in administrative expenses and a Ps. 8.4 million increase in transmission and distribution expenses. Net Income increased 58.4% to Ps. 30.1 million in the first quarter of 2009 from Ps. 19.0 million in the first quarter of 2008. DATASOURCE: Edenor S.A. CONTACT: Investors, Ivana Del Rossi, Finance Manager, +011-5411-4346-5127, or Veronica Gysin, Investor Relations, +011-5411-4346-5231, both of Edenor, Web site: http://www.edenor.com/

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