Empresa Distribuidora Y Comercializadora Norte S.a. Class B · BCBA:EDN
Empresa Distribuidora Y Comercializadora Norte S.a. Class B — Q3 2024 Earnings Presentation
26 slides from Empresa Distribuidora Y Comercializadora Norte S.a. Class B's earnings presentation, Nov 11, 2024
Slide 1: Earnings Presentation Third Quarter 2024
EARNINGS PRESENTATION Third Quarter 2024 November 11th, 2024 EARNINGS PRESENTATION THIRD QUARTER 2024
Slide 2: Disclaimer
DISCLAIMER This presentation contains forward-looking Edenor undertakes no obligation to publicly update In particular, this presentation and the information The material that follows is a information and statements. Forward-looking its forward-looking statements, whether as a result contained herei
Slide 3: Agenda
AGENDA ❖ Highlights ❖ Regulatory Framework ❖ Financial Results ❖ Operating Indicators ❖ Financial Debt ❖ Final Remarks EARNINGS PRESENTATION THIRD QUARTER 2024 3
Slide 4: Highlights
EARNINGS PRESENTATION THIRD QUARTER 2024 01 Highlights
Slide 5: Relevant Events
Relevant Positive EBITDA Five – Year Tariff Review Events ✓ EBITDA improved reflecting the partial normalization of tariffs and operating efficiency. ✓ Five-Year Tariff Review: (2025/2029) process is moving forward. ✓ VAD:+3% in August, +3% in September, ✓ New authorities in Secretary of Energy and
Slide 6: Regulatory Framework
EARNING PRESENTATION THIRD QUARTER 2024 02 Regulatory Framework
Slide 7: Regulatory Framework
• New tariff applicable from 02-16-24 (319.2% nominal) with positive impact on EBITDA (ARS 45,682 M in 3Q24), Regulatory which restored the economic equilibrium of the Company. Framework • Value-Added Distribution (VAD): Monthly adjustments considering expected inflation were implemented in August (
Slide 8: Financial Results
EARNINGS PRESENTATION THIRD QUARTER 2024 03 Financial Results
Slide 9: Revenues
Revenues Third Quarter sales increased 30% due to the tariff adjustments implemented (the largest in mid February), which offset effect of slightly lower volumes. 3Q23 3Q24 Revenues +30% 555,788 427,332 EARNINGS PRESENTATION THIRD QUARTER 2024 9
Slide 10: Energy Sales Evolution
Energy Customers Evolution Revenues Breakdown Sales In thousands Evolution +1% Residential Small Commercial Medium Commercial Industrial Wheeling System Others Demand by type of customer │ YoY in GWh EARNINGS PRESENTATION THIRD QUARTER 2024 10
Slide 11: Distribution Margin
Distribution 210,139 Margin In Million of pesos Margins rose 53% due to a positive effects of the tariff increases, which provide higher revenues. EARNINGS PRESENTATION THIRD QUARTER 2024 11
Slide 12: EBITDA
EBITDA In Million of pesos ❖ In the third quarter of 2024, EBITDA was ARS 45,682 million, vs. ARS 446,039 million in 3Q23. Last year´s result was impacted by the effect of payment plans signed with CAMMESA for the energy purchases. The principal factors driving the 3Q24 EBITDA were: o Positive impac
Slide 13: Net Financial Results
Net Financial Results 3Q23 36,927 3Q24 In Million of pesos -202,673 Net financial results improved YoY due to lower interest payments on debt with CAMMESA. In million of Pesos 3Q24 3Q23 ∆ AR$ ∆% in constant figures Financial income 193 164 29 18% Financial expenses (86,977) (143,395) 56,418 (39%) Ot
Slide 14: Net Results
Net 3Q 24 Results In million of pesos Excluding CAMMESA effect registered in 2023 YoY Energy Income Distribution Operating Other Op. Other Op. Operating Net Financial RECPAM Net Results results have improved for Revenues Tax purchases Results Results Margin Expenses Net income expense the tariff inc
Slide 15: Capex
Investment Classification % of total Capex In millions of pesos Investments rose +30% ARS 245,229 M vs 9M23 with an accumulated CAPEX of +30% ARS 245,229 M, reflecting our ARS 188, 461M unwavering • New TRUJUI 220/13.2 kV 2x80MVA Substation: In service. commitment to • New GARIN 132/13.2 kV 2x40 MVA
Slide 16: Operating Indicators
EARNINGS PRESENTATION THIRD QUARTER 2024 04 Operating Indicators
Slide 17: Energy Losses
Energy Evolution % LTM of energy losses Losses Total Losses Recognized Total Energy Losses for Main Argentina peer as of September 2024:18.8% Evolution of unrecognized losses in GWh 2,722 2,636 2,332 2,188 1,725 1,441 1,190 +1% 1,197 EARNINGS PRESENTATION THIRD QUARTER 2024 2018 2019 2020 2021 2022
Slide 18: Quality of Service
Quality of SAIDI hours / year / customer SAIFI times / year /customer Service Client Satisfaction: -27% 85.1% -6% -72% -60% Actual Required EARNINGS PRESENTATION Main Argentina peer as of September 2024: SAIDI: Actual: 17.35 Required: 7.6 | SAIFI: Actual: 8.12 Required: 4.1 THIRD QUARTER 2024 Note:
Slide 19: Financial Debt
EARNINGS PRESENTATION THIRD QUARTER 2024 05 Financial Debt
Slide 20: Financial Debt
FINANCIAL DEBT INTERNATIONAL : ➢ Amount: USD 184 Million. • USD 49 Million (Exchange Class 1- 85.12% acceptance). • USD 135 Million (New Money). Notes Class 7 ➢ Rate: 9.75% Oct-30 ➢ Interest Payment: Biannual. ➢ Legal Jurisdiction : New York. ➢ Maturity: 6 year ➢ Amortization: 33.33% on Oct 28; 33.3
Slide 21: Financial Debt
FINANCIAL DEBT Notes Class Amount (Million) Currency Type Maturity Rate Interest Payment Law 1 8 USD Social may-25 9.75 Biannual New York 2 21 USD Std nov-24 9.75 Biannual Argentina 3 96 USD Std nov-26 9.75 Biannual Argentina 4 24,4 (USD 28,6) ARS Std mar-25 BADLAR +300 Basic Points. Quarterly Argen
Slide 22: Financial Debt as of 3Q24
Financial Debt as of 3Q24 (In million of USD) Financial Debt Class 5&6 Class 3&4 Class 2 300,5 Senior Notes Class 1 115 102,6 85 96 82 21 EARNINGS PRESENTATION THIRD QUARTER 2024 22
Slide 23: Proforma Financial Debt as of 3Q24
Proforma Financial Debt as of 3Q24 (In million of USD) Financial Class 7 Debt Class 5&6 Class 3&4 Class 2 Senior Notes Class 1 437,5 184 115 96 85 82 55 21 EARNINGS PRESENTATION THIRD QUARTER 2024 23 Note: The Notes Class 7 was issued for 135 M (New Money) and 49 M as a result of the exchange offer
Slide 24: Final Remarks
EARNINGS PRESENTATION THIRD QUARTER 2024 06 Final Remarks
Slide 25: Final Remarks
Final Positive EBITDA Five – Year Tariff Review Remarks ✓ EBITDA improved reflecting the partial normalization of tariffs and operating efficiency. ✓ Five-Year Tariff Review: (2025/2029) process is moving forward. ✓ VAD:+3% in August, +3% in September, ✓ New authorities in Secretary of Energy and +2
Slide 26: On-Track to be Cemented in a New 5-Year Integral Tariff Review
On-Track to be Cemented in a New 5- Year Integral Tariff Review Resolution 270/2024 Timeline In May-2024, the ENRE approved the Program for the Distribution Tariff Review, expected to be completed this year, which includes the following details of the working plan: Resolution of the Regulator init
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