PGR.L Regulatory News (PGR)

12 Mar 2008 13:05

Andes Energia PLC12 March 2008 Andes Energia plc ("Andes")(AIM:AEN) Unaudited results for Empresa Distribuidora de Electricidad de Mendoza Sociedad Anonima ("EDEMSA") for the year ended 31 December 2007 EDEMSA, a company in which Andes has a 51 per cent. indirect interest, haspublished financial information for the year ended to 31 December 2007. Thisinformation, which has been prepared under Argentine GAAP and in Spanish isavailable from the web-site of the Argentine Comision Nacional de Valores atwww.cnv.gov.ar. Set out below is the unaudited financial information of EDEMSAfor the same period prepared under IFRS. Balance Sheet(All amounts in Argentine Pesos) 31 December 2007 31 December 2006ASSETSNon-current assetsProperty, plant and equipment 508,828,352 504,611,813Intangible assets 156,705,088 156,705,088Available for sale investments 1,858,673 2,429,559Deferred income tax assets and other credits 20,858,330 406,924 ----------- ----------- 688,250,443 664,153,384 ----------- -----------Current assetsInventories 11,755,870 10,591,829Trade and other receivables 74,495,967 83,148,941Cash and cash equivalents 5,738,818 17,133,753 ----------- ----------- 91,990,655 110,874,523 ----------- -----------Total assets 780,241,098 775,027,907 ----------- -----------EQUITYCapital and reservesShare capital 462,585,254 462,585,254Fair value and other reserves 674,635 1,115,243Retained earnings and other reserves (939,033) (297,575,119)Legal reserve 3,004 3,004 ----------- -----------Total equity 462,323,860 166,128,382 ----------- -----------LIABILITIESNon-current liabilitiesDeferred income tax liabilities - 10,341,860Borrowings 204,967,982 - ----------- ----------- 204,967,982 10,341,860 ----------- -----------Current liabilities Trade and other payables 82,159,576 77,468,596Borrowings 7,907,551 500,005,776Provisions 22,882,129 21,083,293 ----------- ----------- 112,949,256 598,557,665 ----------- ----------- Total liabilities 317,917,238 608,899,525 ----------- ----------- Total equity and liabilities 780,241,098 775,027,907 ----------- ----------- Income Statement(All amounts in Argentine Pesos) Year ended Year ended 31 December 2007 31 December 2006 Sales 343,172,367 300,388,983Cost of sales (292,491,775) (269,982,660) ----------- -----------Gross profit 50,680,592 30,406,323Selling and marketing costs (27,360,108) (24.225,133)Administrative expenses (20,539,423) (17,256,893)Other operating expenses 4,097,076 4,018,710 ----------- ----------- Operating profit/(loss) 6,878,137 (7,056,993)Finance income/(costs) 263,985,411 (61,710,878) ----------- ----------- Profit/(loss) before tax 270,863,548 (68,767,871)Income tax 25,772,538 11,524,790 ----------- -----------Profit/(loss) for the year 296,636,086 (57,243,081) ----------- ----------- Statement of changes in shareholders' equity(All amounts in Argentine Pesos) Share Fair value Retained Legal Total Capital and other earnings reserve equity reserves Balance at 1 January 2006 462,585,254 493,722 (240,332,038) 3,004 222,749,942Net income recognised directly in equity - 621,521 - - 621,521Loss for the year - - (57,243,081) - (57,243,081) ------------------------------------------------------------Balance at 31 December 2006 462,585,254 1,115,243 (297,575,119) 3,004 166,128,382 ------------------------------------------------------------ Balance at 1 January 2007 462,585,254 1,115,243 (297,575,119) 3,004 166,128,382Net income recognised directly in equity - (440,608) - - (440,608)Gain for the year - - 296,636,086 - 296,636,086 ------------------------------------------------------------Balance at 31 December 2007 462,585,254 674,635 (939,033) 3,004 462,323,860 ------------------------------------------------------------ Cash flow statement(All amounts in Argentine Pesos) 31 December 2007 31 December 2006Cash flows from operating activitiesCash generated from operations 37,477,693 13,379,875Income tax paid - (5,400,000) ----------- ----------- Net cash generated in operating activities 37,477,693 7,979,875 ----------- ----------- Cash flows from investing activitiesPurchases of property, plant and equipment (PPE) (19,458,831) (14,321,919)Proceeds from available-for-sale financial assets 130,279 82,089Grant received - 4,080,284 ----------- -----------Net cash used from investing activities (19,328,552) (10,159,546) ----------- ----------- Cash flows from financing activitiesDebt repaid (29,544,076) - ----------- -----------Net cash used from financing activities (29,544,076) - ----------- ----------- Net (decrease)/increase in cash and bank overdrafts (11,394,935) (2,179,671)Cash and bank overdrafts at beginning of the year 17,133,753 19,313,424 ----------- -----------Cash and bank overdrafts at the end of the year 5,738,818 17,133,753 ----------- ----------- 1. Basis of preparation The report for the year ended 31 December 2007 is unaudited and has beenprepared in accordance with International Financial Reporting Standards ("IFRS")on a basis consistent with the accounting policies used in the preparation of the financial information of the parent company, SODEMSA, for the year ended 31 December 2006, published in the Re-admission document posted to shareholders of the Company on 7 September 2007. Enquiries: Andes Energia plc Tel :020 7495 5326Luis Alvarez Poli, Chief Executive OfficerNigel Duxbury, Finance Director Arbuthnot Securities Tel: 020 7012 2000James SteelAntonio Bossi Bishopsgate Communications Tel: 020 7562 3350Maxine BarnesNick Rome This information is provided by RNS The company news service from the London Stock Exchange