PGR.L Regulatory News (PGR)

12 Nov 2007 07:00

Andes Energia PLC12 November 2007 Andes Energia plc ("Andes") (AIM:AEN) Unaudited results for Empresa Distribuidora de Electricidad de Mendoza Sociedad Anonima ("EDEMSA") for the nine month period ended 30 September 2007 EDEMSA, a company in which Andes has a 25.5 per cent. indirect interest, haspublished financial information for the nine months to 30 September 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) 30 September 2007 30 September 2006ASSETSNon-current assetsProperty, plant and equipment 501,605,730 501,203,513Intangible assets 156,705,088 156,705,088Available for sale investments 1,990,951 2,091,237Trade and other receivables - 712,117 -------------------------------- 660,301,769 660,711,955 --------------------------------Current assetsInventories 9,486,906 9,926,832Trade and other receivables 72,623,637 73,683,940Short-term securities - -Cash and cash equivalents 17,503,092 35,164,969 -------------------------------- 99,613,635 118,775,741 -------------------------------- --------------------------------Total assets 759,915,404 779,487,696 -------------------------------- EQUITY Capital and reservesShare capital 462,585,254 462,585,254Fair value and other reserves 726,431 694,832Retained earnings and other reserves (38,278,258) (289,392,064)Legal reserve 3,004 3,004 --------------------------------Total equity 425,036,431 173,891,026 -------------------------------- LIABILITIES Non-current liabilitiesDeferred income tax liabilities 15,492,279 10,584,854Employee benefits - -Borrowings 207,668,882 - -------------------------------- 223,161,161 10,584,854 -------------------------------- Current liabilities Trade and other payables 83,202,459 82,261,091 Borrowings 6,462,727 491,284,215Provisions 22,052,626 21,466,510 -------------------------------- 111,717,812 595,011,816 ------------------------------- --------------------------------Total liabilities 334,878,973 605,596,670 -------------------------------- --------------------------------Total equity and liabilities 759,915,404 779,487,696 -------------------------------- Income Statement(All amounts in Argentine Pesos) Nine months ended Nine months ended 30 September 2007 30 September 2006Sales 253,081,658 214,687,532Cost of sales (215,464,828) (199,156,396) ----------------------------------Gross profit / (loss) 37,616,830 15,531,136Selling and marketing costs (20,207,040) (17,242,177)Administrative expenses (14,832,149) (11,588,666)Other operating expenses 2,759,132 1,850,441 ----------------------------------Operating profit / (loss) 5,336,773 (11,449,266)Finance income/(costs) 263,188,159 (50,242,556) ----------------------------------Profit / (loss) before tax 268,524,932 (61,691,822)Income tax (9,228,071) 12,631,796 ----------------------------------Profit / (loss) for the year 259,296,861 (49,060,026) ---------------------------------- Statement Of Changes In Shareholders' Equity(All amounts in Argentine Pesos) Share Fair value Retained Legal Total equity Capital and other earnings reserve reservesBalance at 1 January 2006 462,585,254 493,722 (240,332,038) 3,004 222,749,942Net income recognised directly - 201,110 - - 201,110in equityLoss for the period - - (49,060,026) - (49,060,026) ------------------------------------------------------------Balance at 30 September 2006 462,585,254 694,832 (289,392,064) 3,004 173,891,026 ------------------------------------------------------------ Balance at 1 January 2007 462,585,254 1,115,243 (297,575,119) 3,004 166,128,382Net income recognised directly - (388,812) - - (388,812)in equityGain for the period - - 259,296,861 - 259,296,861 ------------------------------------------------------------Balance at 30 September 2007 462,585,254 726,431 (38,278,258) 3,004 425,036,431 ------------------------------------------------------------ Cash Flow Statement(All amounts in Argentine Pesos) 30 September 30 September 2007 2006Cash flows from operating activitiesCash generated from operations 41,934,414 28,277,265Income tax paid (4,077,652) (4,050,000) ------------------------------Net cash generated in operating activities 37,856,762 24,227,265 ------------------------------ Cash flows from investing activitiesPurchases of property, plant and equipment (9,249,220) (9,384,607)(PPE)Proceeds from available-for-sale financial 49,796 1,008,887assets ------------------------------Net cash used from investing activities (9,199,424) (8,375,720) ------------------------------ Cash flows from financing activitiesDebt repaid (28,287,999) - ------------------------------Net cash used from financing activities (28,287,999) - ------------------------------ Net (decrease)/increase in cash and bank 369,339 15,851,545overdraftsCash and bank overdrafts at beginning of the 17,133,753 19,313,424period -----------------------------Cash and bank overdrafts at the end of the 17,503,092 35,164,969period ----------------------------- 1. Basis of preparation The report for the nine months ended 30 September 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 ofthe financial information of the parent company, SODEMSA, for the year ended 31December 2006, published in the Re-admission document posted to shareholders ofthe Company on 7 September 2007. Enquiries: Andes Energia plc Tel :020 7495 5326Michael Stevens, Executive ChairmanNigel 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