11 Aug 2008 07:00
Andes Energia plc ("Andes")
(AIM:AEN)
Unaudited results for
Empresa Distribuidora de Electricidad de Mendoza Sociedad Anonima ("EDEMSA")
for the six months ended 30 June 2008
EDEMSA, a company in which Andes has a 51 per cent. indirect interest, has published financial information for the six months ended 30 June 2008. This information, which has been prepared under Argentine GAAP and in Spanish is available from the web-site of the Argentine Comision Nacional de Valores at www.cnv.gov.ar.
Set out below is the unaudited financial information of EDEMSA for the same period prepared under IFRS.
balance sheet
(All amounts in Argentine Pesos)
| 30 June 2008 | 30 June 2007 | |
| ASSETS | ||
| Non-current assets | ||
| Property, plant and equipment | 510,221,452 | 501,393,986 |
| Intangible assets | 156,705,089 | 156,705,088 |
| Trade and other receivables | - | - |
| Available for sale financial assets | 1,695,612 | 2,345.698 |
| Deferred income tax assets and other credits | 18,600,187 | - |
| 687,222,340 | 660,444,772 | |
| Current assets | ||
| Inventories | 16,026,800 | 13,476,245 |
| Trade and other receivables | 80,241,078 | 78,053,017 |
| Available for sale financial assets | 228,046 | - |
| Cash and cash equivalents | 27,252,848 | 13,047,443 |
| 123,748,772 | 104,576,705 | |
| Total assets | 810,971,112 | 765,021,477 |
| EQUITY Capital and reserves | ||
| Share capital | 462,585,254 | 462,585,254 |
| Fair value and other reserves | 542,558 | 1,081,178 |
| Retained earnings and other reserves | (8,563,153) | (30,598,772) |
| Legal reserve | 16.856,263 | 3,004 |
| Total equity | 471,420,922 | 433,070,664 |
| LIABILITIES Non-current liabilities | ||
| Deferred income tax liabilities | - | 18,308,488 |
| Borrowings | 197,861,613 | 200,844,612 |
| 197,861,613 | 219,153,100 | |
| Current liabilities Trade and other payables | 103,864,271 | 80,792,290 |
| Borrowings | 13,479,336 | 10,881,749 |
| Provisions | 24,344,970 | 21,123,674 |
| 141,688,577 | 112,797,713 | |
| Total liabilities | 339,550,190 | 331,950,813 |
| Total equity and liabilities | 810,971,112 | 765,021,477 |
income statement
(All amounts in Argentine Pesos)
| Six months ended |
Six months ended | |
| 30 June 2008 |
30 June 2007 | |
| Sales | 201,823,441 | 170,196,050 |
| Cost of sales | (152,486,710) | (144,428,280) |
| Gross profit | 49,336,731 | 25,767,770 |
| Selling and marketing costs | (17,026,923) | (13,347,393) |
| Administrative expenses | (19,074,618) | (9,427,084) |
| Other operating expenses | 2,892,635 | 2,144,634 |
| Operating profit | 16,127,825 | 5,137,927 |
| Finance (costs)/income | (1,915,859) | 272,532,700 |
| Profit before tax | 14,211,966 | 277,670,627 |
| Income tax | (4,982,827) | (10,694,280) |
| Profit for the period | 9,229,139 | 266,976,347 |
statement of changes in shareholders' equity
(All amounts in Argentine Pesos)
| Share Capital | Fair value and other reserves | Retained earnings | Legal reserve | Total equity | |
| Balance at 1 January 2007 | 462,585,254 | 1,115,243 | (297,575,119) | 3,004 | 166,128,382 |
| Net income recognised directly in equity | - | (34,065) | - | - | (34,065) |
| Gain for the period | - | - | 266,976,347 | - | 266,976,347 |
| Balance at 30 June 2007 | 462,585,254 | 1,081,178 | (30,598,772) | 3,004 | 433,070,664 |
| Balance at 1 January 2008 | 462,585,254 | 674,635 | (939,033) | 3,004 | 462,323,860 |
| Net income recognised directly in equity | - | (132,077) | - | - | (132,077) |
| Transfer from retained earnings | - | - | (16,853,259) | 16,853,259 | - |
| Gain for the period | - | - | 9,229,139 | - | 9,229,139 |
| Balance at 30 June 2008 | 462,585,254 | 542,558 | (8,563,153) | 16,856,263 | 471,420,922 |
cash flow statement
(All amounts in Argentine Pesos)
| Six months ended |
Six months ended | |
| 30 June 2008 |
30 June 2007 | |
| Cash flows from operating activities | ||
| Cash generated from operations | 30,621,387 | 27,076,569 |
| Income tax paid | - | (2,727,652) |
| Net cash generated from operating activities | 30,621,387 | 24,348,917 |
| Cash flows from investing activities | ||
| Purchases of property, plant and equipment (PPE) | (4,772,731) | (6,767,169) |
| Available for sale financial assets | (228,046) | - |
| Grant received | 30,983 | 49,796 |
| Net cash used in investing activities | (4,969,794) | (6,717,373) |
| Cash flows from financing activities | ||
| Debt | (4,137,563) | (21,717,854) |
| Net cash used in financing activities | (4,137,563) | (21,717,854) |
| Net increase/(decrease) in cash and bank overdrafts | 21,514,030 | (4,086,310) |
| Cash and bank overdrafts at beginning of the period | 5,738,818 | 17,133,753 |
| Cash and bank overdrafts at the end of the period | 27,252,848 | 13,047,433 |
1. Basis of preparation
The report for the six months ended 30 June 2008 is unaudited and has been prepared 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 ultimate parent company, Andes Energia plc, for the year ended 31 December 2007.
Enquiries:
Andes Energia plc Tel :020 7495 5326
Luis Alvarez Poli, Chief Executive Officer
Nigel Duxbury, Finance Director
Arbuthnot Securities Tel: 020 7012 2000
James Steel
Antonio Bossi
Bishopsgate Communications Tel: 020 7562 3350
Maxine Barnes
Nick Rome