Empresa Distribuidora Y Comercializadora Norte S.a. Class BBCBA: EDN

Separate Financial statements 31.12.2024

Mar 12, 2025 at 7:49 PM UTC · Issued by Empresa Distribuidora Y Comercializadora Norte S.a. Class B

SEPARATE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2024

PRESENTED IN COMPARATIVE FORM

(Stated in millions of Argentine Pesos in constant currency - Note 3)

			2 0 2 4 S E P A R A T E
			F I N A N C I A L S T A T E M E N T S
Legal Information	2
Statement of Comprehensive Income	3
Statement of Financial Position	4
Statement of Changes in Equity	6
Statement of Cash Flows	7
Notes to the Separate Financial Statements:
1	\|	General information	9
2	\|	Regulatory framework	12
3	\|	Basis of preparation	18
4	\|	Accounting policies	20
5	\|	Financial risk management	32
6	\|	Critical accounting estimates and judgments	38
7	\|	Interest in joint ventures	41
8	\|	Contingencies and lawsuits	41
9	\|	Revenue from sales and energy purchases	47
10	\|	Expenses by nature	49
11	\|	Other operating income (expense)	50
12	\|	Net finance costs	51
13	\|	Basic and diluted earnings per share	51
14	\|	Property, plant and equipment	52
15	\|	Right-of-use assets	54
16	\|	Inventories	54
17	\|	Financial instruments	54
18	\|	Other receivables	56
19	\|	Trade receivables	57
20	\|	Financial assets at amortized cost	58
21	\|	Financial assets at fair value through profit or loss	58
22	\|	Cash and cash equivalents	58
23	\|	Share capital and additional paid-in capital	59
24	\|	Allocation of profits	59
25	\|	The Company's share-based compensation plan	59
26	\|	Trade payables	60
27	\|	Other payables	60
28	\|	Deferred revenue	61
29	\|	Borrowings	62
30	\|	Salaries and social security taxes payable	66
31	\|	Benefit plans	67
32	\|	Income tax and deferred tax	69
33	\|	Tax liabilities	70
34	\|	Provisions	70
35	\|	Related-party transactions	71
36	\|	Keeping of documentation	72
37	\|	Shareholders' Meetings	72
38	\|	Events after the reporting year	73

Report of Independent Registered Public Accounting Firm

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Glossary of Terms

The following definitions, which are not technical ones, will help readers understand some of the terms used in the text of the notes to the Company's Financial Statements.

Terms	Definitions
ADS	American Depositary Shares
AMBA	Buenos Aires Metropolitan Area
BCRA	Central Bank of Argentina
BNA	Banco de la Nación Argentina
CABA	City of Buenos Aires
CAMMESA	Compañía Administradora del Mercado Mayorista Eléctrico S.A.
	(the company in charge of the regulation and operation of the wholesale electricity market)
CNV	National Securities Commission
CPD	Distribution Own Cost
DNU	Executive Order issued on the grounds of Necessity and Urgency
EASA	Electricidad Argentina S.A.
EDELCOS	Empresa de Energía del Cono Sur S.A.
edenor	Empresa Distribuidora y Comercializadora Norte S.A.
ENRE	National Regulatory Authority for the Distribution of Electricity
FACPCE	Argentine Federation of Professional Councils in Economic Sciences
GBA	Greater Buenos Aires
GWh	Gigawatt hour
IAS	International Accounting Standards
IASB	International Accounting Standards Board
IFRIC	International Financial Reporting Interpretations Committee
IFRS	International Financial Reporting Standards
IGJ	Inspección General de Justicia (the Argentine governmental regulatory agency of corporations)
INDEC	National Institute of Statistics and Census
MEM	Wholesale Electricity Market
PBA	Province of Buenos Aires
PEN	Federal Executive Power
RASE	Registry of Access to Energy Subsidies
RIPTE	Average Taxable Remuneration of Stable Workers
RECPAM	Gain (Loss) on exposure to the changes in the purchasing power of the currency
RT	Electricity Rate Review
SACME	S.A. Centro de Movimiento de Energía
SCEyM	Energy and Mining Coordination Secretariat
SE	Energy Secretariat
SEGBA	Servicios Eléctricos del Gran Buenos Aires S.A.
SINTYS	National Social and Tax Identification System
VAD	Distribution Added Value

2 0 2 4 S E P A R A T E F I N A N C I A L S T A T E M E N T S

Legal Information

Corporate name: Empresa Distribuidora y Comercializadora Norte S.A.

Legal address: 6363 Av. Del Libertador Ave., City of Buenos Aires

Main business: Distribution and sale of electricity in the area and under the terms of the Concession Agreement by which this public service is regulated.

Date of registration with the Public Registry of Commerce:

of the Articles of Incorporation: August 3, 1992
of the last amendment to the Bylaws: July 24, 2024 (Note 37)

Term of the Corporation: August 3, 2087

Registration number with the "Inspección General de Justicia" (the Argentine governmental regulatory agency of corporations): 1,559,940

Parent company: Empresa de Energía del Cono Sur S.A.

Legal address: 1252 Maipú Ave., 12th Floor - CABA

Main business of the parent company: Investment company and provider of services related to the distribution of electricity, renewable energies and development of sustainable technology.

Interest held by the parent company in capital stock and votes: 51%

CAPITAL STRUCTURE

AS OF DECEMBER 31, 2024

(amounts stated in pesos)

	Subscribed and
Class of shares	paid-in
	(See Note 23)
Common, book-entry shares, face value 1 and
1 vote per share
Class A	462,292,111
Class B (1)	442,566,330
Class C (2)	1,596,659
	906,455,100

Includes 30,772,779 treasury shares as of December 31, 2024.
Relates to the Employee Stock Ownership Program Class C shares that have not been transferred.

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edenor

Statement of Comprehensive Income

for the years ended December 31, 2024, 2023 and 2022 (Stated in millions of Argentine Pesos in constant currency - Note 3)

	Note
Revenue	9
Energy purchases	9
Distribution margin
Transmission and distribution expenses	10
Gross profit
Selling expenses	10
Administrative expenses	10
Other operating income	11
Other operating expense	11
Loss from investment in subsidiary and interest in joint	7
ventures

Operating result
Agreement on the Regularization of Obligations	2.c
Financial income	12
Financial costs	12
Other financial results	12
Net financial costs
Monetary gain (RECPAM)
Income (Loss) before taxes
Income tax	32
Income (Loss) for the year
Other comprehensive income
Items that will not be reclassified to profit or loss
Results related to benefit plans	31
Tax effect of actuarial profit (loss) on benefit plans	32
Total other comprehensive results
Comprehensive income (loss) for the year attributable
to:
Owners of the parent
Comprehensive income (loss) for the year
Basic and diluted income (loss) per share:
Income (Loss) per share (argentine pesos per share)	13

12.31.24	12.31.23	12.31.22
Restated (1)	Restated (1)

2,043,127	1,526,735	1,395,852
(1,166,395)	(999,413)	(971,291)
876,732	527,322	424,561
(482,136)	(466,946)	(373,737)
394,596	60,376	50,824
(203,689)	(180,230)	(160,529)
(172,719)	(164,813)	(134,272)
59,149	55,171	70,582
(35,251)	(31,334)	(38,475)
(30)	(21)	(37)
42,056	(260,851)	(211,907)
-	430,587	122,991
1,224	800	442
(340,412)	(695,612)	(595,224)
(120,021)	(68,130)	(9,695)
(459,209)	(762,942)	(604,477)
610,431	989,926	675,514
193,278	396,720	(17,879)
78,850	(205,333)	(26,135)
272,128	191,387	(44,014)
3,497	(3,152)	(4,436)
(1,224)	1,103	1,553
2,273	(2,049)	(2,883)
274,401	189,338	(46,897)
274,401	189,338	(46,897)
311.00	218.73	(50.30)

See Note 1: Retroactive restatement of the previously issued financial statements - Deferred tax liability generated by the Property, plant and equipment account.

The accompanying notes are an integral part of the Separate Financial Statements.

2 0 2 4 S E P A R A T E F I N A N C I A L S T A T E M E N T S

edenor

Statement of Financial Position

as of December 31, 2024, presented in comparative form (Stated in millions of Argentine Pesos in constant currency - Note 3)

ASSETS

Non-current assets

Property, plant and equipment

Interest in joint ventures

Investment in subsidiary

Right-of-use asset

Other receivables

Total non-current assets

Current assets Inventories Other receivables Trade receivables Financial assets at fair value through profit or loss Cash and cash equivalents Total current assets TOTAL ASSETS

Note	12.31.24	12.31.23	01.01.23
Restated (1)	Restated (1)

14	3,002,617	2,772,111	2,685,032
7	121	124	144
7	100	-	-
15	10,451	7,708	4,795
18	124	6	20
	3,013,413	2,779,949	2,689,991
16	149,772	86,704	43,657
18	56,657	74,140	126,808
19	362,367	145,024	189,818
21	363,351	179,933	194,635
22	23,918	19,877	11,054
	966,264	505,678	565,972
	3,979,677	3,285,627	3,255,963

2 0 2 4 S E P A R A T E F I N A N C I A L S T A T E M E N T S

edenor

Statement of Financial Position

as of December 31, 2024, presented in comparative form (continued)

(Stated in millions of Argentine Pesos in constant currency - Note 3)

	Note
EQUITY
Share capital and reserve attributable to the
owners of the Company
Share capital	23
Adjustment to share capital	23
Treasury stock	23
Adjustment to treasury stock	23
Additional paid-in capital	23
Cost treasury stock
Legal reserve
Voluntary reserve
Other comprehensive loss
Accumulated losses
TOTAL EQUITY
LIABILITIES
Non-current liabilities
Trade payables	26
Other payables	27
Borrowings	29
Deferred revenue	28
Salaries and social security payable	30
Benefit plans	31
Deferred tax liability	32
Provisions	34
Total non-current liabilities
Current liabilities
Trade payables	26
Other payables	27
Borrowings	29
Deferred revenue	28
Salaries and social security payable	30
Benefit plans	31
Tax liabilities	33
Provisions	34
Total current liabilities
TOTAL LIABILITIES
TOTAL LIABILITIES AND EQUITY

12.31.24	12.31.23	01.01.23
Restated (1)	Restated (1)

875	875	875
742,454	742,413	742,339
31	31	31
15,866	15,907	15,981
10,329	10,269	10,178
(60,856)	(60,856)	(60,856)
51,438	51,438	51,438
498,128	498,128	498,128
(5,288)	(7,561)	(5,512)
254,088	(18,040)	(209,427)
1,507,065	1,232,604	1,043,175
2,819	3,479	6,241
187,669	346,079	118,590
354,945	96,566	98,577
108,131	29,342	24,936
6,226	5,333	5,231
13,648	10,719	12,619
687,790	765,391	561,142
21,502	21,474	37,658
1,382,730	1,278,383	864,994
758,773	524,700	1,219,334
112,746	63,894	42,882
112,530	110,326	1,248
104	109	298
61,910	58,004	63,334
1,441	1,258	1,587
34,285	10,101	8,933
8,093	6,248	10,178
1,089,882	774,640	1,347,794
2,472,612	2,053,023	2,212,788
3,979,677	3,285,627	3,255,963

See Note 1: Retroactive restatement of the previously issued financial statements - Deferred tax liability generated by the Property, plant and equipment account.

The accompanying notes are an integral part of the Separate Financial Statements.

2 0 2 4 S E P A R A T E F I N A N C I A L S T A T E M E N T S

edenor

Statement of Changes in Equity

for the years ended December 31, 2024, 2023 and 2022

(Stated in millions of Argentine Pesos in constant currency - Note 3)

		Adjust-		Adjust-							Accumula-	Total
		ment to		ment to	Additional	Cost				Other	ted
						equity
	Share	share	Treasury	treasury	paid-in	treasury	Legal	Voluntary	Other	comprehen-	(losses)

	capital	capital	stock	stock	capital	stock	reserve	reserve	reserve	sive results	profits
Balance at December 31, 2021	875	742,265	31	16,055	10,117	(60,856)	51,438	498,128	-	(2,629)	(281,949)	973,475
Adjustment to results of previous years - IAS 8 (Note 1)	-	-	-	-	-	-	-	-	-	-	116,536	116,536
Balance at December 31, 2021 restated	875	742,265	31	16,055	10,117	(60,856)	51,438	498,128	-	(2,629)	(165,413)	1,090,011
Other Reserve Constitution - Share-based compensation plan	-	-	-	-	-	-	-	-	61	-	-	61
Payment of Other Reserve Constitution - Share-based		74		(74)	61				(61)
compensation plan	-	-	-	-	-	-	-	-

Other comprehensive results	-	-	-	-	-	-	-	-	-	(2,883)	-	(2,883)
Loss for the year restated	-	-	-	-	-	-	-	-	-	-	(44,014)	(44,014)
Balance at December 31, 2022 restated	875	742,339	31	15,981	10,178	(60,856)	51,438	498,128	-	(5,512)	(209,427)	1,043,175
Other Reserve Constitution - Share-based compensation plan	-	-	-	-	-	-	-	-	91	-	-	91
Payment of Other Reserve Constitution - Share-based	-	74	-	(74)	91	-	-	-	(91)	-	-	-
compensation plan

Other comprehensive results	-	-	-	-	-	-	-	-	-	(2,049)	-	(2,049)
Income for the year restated	-	-	-	-	-	-	-	-	-	-	191,387	191,387
Balance at December 31, 2023 restated	875	742,413	31	15,907	10,269	(60,856)	51,438	498,128	-	(7,561)	(18,040)	1,232,604
Other Reserve Constitution - Share-based compensation plan	-	-	-	-	-	-	-	-	60	-	-	60
(Note 25)

Payment of Other Reserve Constitution - Share-based
compensation plan (Note 25)	-	41	-	(41)	60	-	-	-	(60)	-	-	-
Other comprehensive results	-	-	-	-	-	-	-	-	-	2,273	-	2,273
Income for the year	-	-	-	-	-	-	-	-	-	-	272,128	272,128
Balance at December 31, 2024	875	742,454	31	15,866	10,329	(60,856)	51,438	498,128	-	(5,288)	254,088	1,507,065

The accompanying notes are an integral part of the Separate Financial Statements.

2 0 2 4 S E P A R A T E F I N A N C I A L S T A T E M E N T S

edenor

Statement of Cash Flows

for the years ended December 31, 2024, 2023 and 2022 (Stated in millions of Argentine Pesos in constant currency - Note 3)

Cash flows from operating activities

Income (Loss) for the year

Adjustments to reconcile net (loss) income to net cash flows from operating activities:

Depreciation of property, plant and equipment Depreciation of right-of-use assets

Loss on disposals of property, plant and equipment Net accrued interest

Income from customer surcharges Exchange difference

Income tax

Allowance for the impairment of trade and other receivables, net of recovery

Adjustment to present value of receivables Provision for contingencies, net of recovery

Changes in fair value of financial assets and financial liabilities Accrual of benefit plans

Result from the cancelattion of Corporate Notes Loss on debt restructuring

Income from non-reimbursable customer contributions Investment plan - Agreement on the Regularization of Obligations

Other financial costs

Result from interest in joint ventures Agreement on the Regularization of Obligations

Recovery of allowance for the impairment of trade receivables - Agreement on the Regularization of Obligations

Monetary gain (RECPAM)

Changes in operating assets and liabilities:

Increase in trade receivables Increase in other receivables Increase in inventories Increase in deferred revenue Increase in trade payables

Increase in salaries and social security payable Decrease in benefit plans

Increase (Decrease) in tax liabilities (Decrease) Increase in other payables Decrease in provisions

Payment of income tax payable

Net cash flows generated by operating activities

Note

2.d

2.c

12.31.24	12.31.23	12.31.22
	Restated (1)		Restated (1)

272,128	191,387	(44,014)
154,559	180,208	123,377
10,620	6,161	7,003
4,150	1,937	2,361
332,772	693,591	593,796
(22,977)	(30,492)	(20,555)
14,039	105,238	(10,026)
(78,850)	205,333	26,135
9,474	14,506	14,910
5,848	3,071	2,295
23,739	21,164	29,875
54,697	(73,557)	(19,160)
13,650	5,286	8,151
-	-	2,465
3,447	-	3,044
(760)	(343)	(418)
(23,201)	-	-
41,990	33,378	31,077
30	21	37
-	(430,587)	(122,991)
-	-	(17,970)
(610,431)	(989,926)	(675,514)
(282,218)	(64,889)	(46,989)
(16,280)	(8,358)	(81,167)
(46,414)	(24,026)	(15,727)
76,987	2,047	13,915
314,968	240,352	419,382
39,135	41,321	35,243
(563)	(1,023)	(1,810)
25,665	7,149	(3,166)
(66,231)	28,581	(9,026)
(4,056)	(1,888)	(3,641)
-		-		(651)
245,917		155,642		240,241

2 0 2 4 S E P A R A T E F I N A N C I A L S T A T E M E N T S

edenor

Statement of Cash Flows

for the years ended December 31, 2024, 2023 and 2022 (continued) (Stated in millions of Argentine Pesos in constant currency - Note 3)

		12.31.24	12.31.23	12.31.22
	Note		Restated (1)		Restated (1)

Cash flows from investing activities
Payment of property, plants and equipments		(359,966)	(260,838)	(215,144)
Purchase (Sale) net of Mutual funds and negotiable instruments		(207,162)	88,670	(37,146)
Derivative financial instruments payments		-	-	(1,065)
Payment for establishment of subsidiary			(117)		-		-
Net cash flows used in investing activities		(567,245)	(172,168)	(253,355)
Cash flows from financing activities
Proceeds from borrowings	29	349,312	37,943	29,973
Payment of borrowings	29	(22,464)	(2,247)	(41,218)
Payment of lease liability		(12,132)	(14,070)	(7,942)
Payment of interests from borrowings	29	(30,703)	(4,044)	(6,076)
Payment of Corporate Notes issuance expenses	29	(18,837)	(1,603)	(3,830)
Cancelattion of Corporate Notes	29		-		-		(3,201)
Net cash flows generated by (used in) financing activities		265,176	15,979	(32,294)
Decrease in cash and cash equivalents

		(56,152)		(547)		(45,408)
Cash and cash equivalents at the beginning of the year	22	19,877	11,054	41,902
Exchange differences in cash and cash equivalents		5,150	9,821	14,736
Result from exposure to inflation		(426)	(451)	(176)
Decrease in cash and cash equivalents			(56,152)		(547)		(45,408)
Cash and cash equivalents at the end of the year	22	(31,551)	19,877	11,054
Supplemental cash flows information
Non-cash activities
Adquisition of advances to suppliers, property, plant and		(29,249)	(8,381)	(14,751)
equipment through increased trade payables

Adquisition of advances to suppliers, right-of-use assets through		(13,363)	(9,072)	(6,184)
increased trade payables

See Note 1: Retroactive restatement of the previously issued financial statements - Deferred tax liability generated by the Property, plant and equipment account.

The accompanying notes are an integral part of the Separate Financial Statements.