Economic Conditions - The Argentine Peso depreciated by 356.3% against the U.S. dollar in 2023, compared to 72.5% in 2022[29]. - The average exchange rate for the year ended December 31, 2023, was Ps. 280.92 per U.S. dollar[32]. - Argentina's real GDP decreased by 1.4% for the year ended December 31, 2023, compared to the same period in 2022[59]. - Inflation in Argentina remains high at 11% as of March 2024, which may continue to affect economic conditions[59]. - The Argentine economy remains vulnerable to external shocks, particularly from major trading partners like Brazil, which could affect exports and competitiveness[98]. - The U.S. economy's highest inflation rates in decades may adversely affect developing countries like Argentina, creating uncertainty in international markets[99]. - Argentina's economy is significantly dependent on commodity exports, particularly soy, making it vulnerable to fluctuations in international prices[121]. - A sustained decrease in international commodity prices could adversely affect the Argentine government's revenues and its ability to meet public debt obligations[122]. Inflation and Currency Risks - The company faces risks related to high inflation, which could adversely affect its results of operations[34]. - The Argentine economy is characterized by significant volatility, including high inflation and currency depreciation, impacting business operations[54]. - Fluctuations in the peso against the U.S. dollar may adversely impact the company's financial condition and results of operations[90]. - The Argentine peso is classified as a currency of a hyperinflationary economy, requiring the company to restate historical financial statements according to IFRS[70]. - The average interest rate on Argentina's foreign currency external bonds was reduced to 3.07% from 7.0% following a restructuring agreement in 2020[76]. Regulatory and Governmental Risks - The company is subject to regulatory changes that may affect its tariff structure and revenue generation[37]. - The Argentine Government's intervention in the electricity sector poses ongoing risks to the company's operations[34]. - The Argentine Government's policies may significantly influence the economy and the operations of the energy distribution industry[62]. - The Argentine government has announced plans to reduce public spending, including energy and transportation subsidies[95]. - The Secretariat of Energy is empowered to redefine subsidy structures to ensure access to essential electricity and natural gas services for end users[134]. - The Argentine Government has the right to foreclose on its pledge over Class A common shares if fines and penalties exceed 20% of gross energy sales[186]. Operational Challenges - Energy shortages could disrupt the company's ability to deliver electricity, leading to customer claims and penalties[37]. - The company has been impacted by high rates of inflation, which affect its operational costs[34]. - The company faces uncertainty regarding future tariff adjustments and the potential impact of government measures on its operations and financial results[143]. - The company has experienced power shortages due to increased demand outpacing distribution capacity, leading to potential customer complaints and fines[150]. - The company implemented an emergency plan in March 2023 due to a heat wave that caused a 40% increase in national energy demand and a significant loss of generation capacity[158]. Financial Position and Debt - As of December 31, 2023, accrued fines and penalties totaled Ps. 62,880 million, significantly increasing from Ps. 23,032 million in 2022 and Ps. 25,183 million in 2021[180]. - The company has accumulated a past due principal balance with CAMMESA of Ps. 197,731 million, compared to Ps. 56,479 million in 2022[208]. - The company recognized an accumulated debt of Ps. 57,159 million as of August 31, 2022, which was reduced to Ps. 32,985 million under the 2022 Agreement, to be paid in 96 installments[205]. - The company has outstanding financial debt totaling U.S.$ 27.2 million, U.S.$ 55.2 million, and U.S.$ 95.7 million in Senior Notes, all accruing interest at a fixed nominal annual rate of 9.75%[210]. - The company may face liquidity shortfalls if it cannot recover amounts related to discounts and bonuses under the Social Rate regime, which could adversely affect its business[209]. Legal and Compliance Risks - The company faces risks related to legal proceedings that could adversely affect its financial position and results of operations[42]. - The company is involved in various legal proceedings that could have a material adverse effect on its financial position and results of operations[197]. - The company has internal processes and an Ethics and Compliance Code to mitigate risks related to anti-corruption and anti-bribery laws, but there is no guarantee these measures will be effective[196]. Labor and Employment - The company employs 4,635 employees, with 79% being union members, which poses a risk of organized labor actions affecting operations[193]. - The company has approximately 6,647 third-party employees related to outsourcing contracts, which could lead to material labor liabilities[194]. Environmental Risks - The company is subject to environmental risks that could lead to additional costs affecting financial condition and results of operations[168]. - Changes in weather conditions, including severe weather events, have impacted service continuity and could lead to increased operating costs[171]. - The Argentine Government's implementation of new environmental laws may require the company to incur higher compliance costs[169].

In addition, the installation of 7,859 Integrated Energy Meters(MIDE) during 2023 attests to our commitment to modernizing energy monitoring mechanisms. Augmenting these efforts, a novel energy balance system has been meticulously implemented, complemented by the advent of microbalances in private neighborhoods. Despite our tenacious endeavors, there have been cases of repeat fraud in many client groups. EARNINGS RELEASE FOURTH QUARTER 2023 15 SUMMARY OF RESULTS FOURTH QUARTER 2023 04 FINANCIAL DEBT Notes C ...

Empresa Distribuidora y Comercializadora Norte Sociedad Anónima (NYSE:EDN) Q4 2023 Earnings Conference Call March 11, 2024 11:00 AM ET Company Participants Solange Barthe - Investor Relations Manager German Ranftl - Chief Financial Officer Conference Call Participants Christian Tate - Balanz Solange Barthe Good morning, on behalf of Edenor, we would like to thank everybody for participating in this Conference Call to discuss the Results of Fiscal Year 2023 and the Fourth Quarter ended December 21, 2023, tha ...

FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021 (Stated in millions of Argentine Pesos in constant currency – Note 3) 2 0 2 3 F I N A N C I A L S TAT E M E N T S | Legal Information | 2 | | --- | --- | | Statement of Comprehensive Income (Loss) | 3 | | Statement of Financial Position | 4 | | Statement of Changes in Equity | 6 | | Statement of Cash Flows | 7 | | Notes to the Financial Statements: | | | 1 General information | 9 | | 2 Regulatory f ...

As filed with the Securities and Exchange Commission on April 20, 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 Commission File Number: 001-33422 Empresa Distribuidoray Comercializadora Norte S.A. (EDENOR S.A.) (Exact name of Registrant as specified in its charter) Distribution and Marketing Company of the North S.A. Argentine Republic (Tra ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of March, 2023 EMPRESA DISTRIBUIDORA Y COMERCIALIZADORA NORTE S.A. (EDENOR) (DISTRIBUTION AND MARKETING COMPANY OF THE NORTH ) (Translation of Registrant's Name Into English) (Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the in ...

Empresa Distribuidora y Comercializadora Norte Sociedad Anónima (NYSE:EDN) Q3 2022 Earnings Conference Call November 10, 2022 2:00 PM ET Company Participants German Ranftl - CFO Operator Good afternoon, ladies and gentlemen, and thank you for joining. At this time, we would like to welcome everyone to Edenor's Third Quarter 2022 Earnings Conference Call. We would like to inform you that this event is being recorded. [Operator Instructions] After the company's remarks are completed, there will be a questiona ...

Empresa Distribuidora y Comercializadora Norte Sociedad Anonima (NYSE:EDN) Q2 2022 Results Conference Call August 8, 2022 2:00 PM ET Company Participants German Ranftl - Chief Financial Officer Operator Good afternoon, ladies and gentlemen, and thank you for joining. At this time, we would like to welcome everyone to Edenor's 2Q 2022 Earnings Conference Call. We would like to inform you that this event is being recorded. [Operator Instructions] After the company's remarks are completed, there will be a ques ...

Financial Data and Key Indicators Changes - Revenues from sales decreased by 7% in real terms compared to Q1 2021, primarily due to inflation and frozen tariffs [5] - Gross margin for Q1 2022 was ARS 12,452 million, a decline of 3% year-over-year [8] - EBITDA decreased by ARS 110 million, resulting in ARS 1,329 million for Q1 2022 compared to ARS 1,439 million in the same period of the previous year [9] - Net results recorded losses of ARS 2,818 million in Q1 2022, compared to losses of ARS 1,018 million in Q1 2021 [11] Business Line Data and Key Indicators Changes - The volume of energy sales increased by 5%, reaching 5,470 GWh in Q1 2022 compared to 5,512 GWh in Q1 2021 [9] - Customer base grew by 2.3%, reaching over 3.2 million customers, mainly due to an increase in residential customers [10] Market Data and Key Indicators Changes - SAIDI and SAIFI indicators improved by 13% and 11% respectively compared to the same period last year, indicating better service quality [13] - Energy losses decreased by 13.8% in Q1 2022 compared to a 16% decrease in the same period of the previous year [14] Company Strategy and Development Direction - The company aims to provide socially responsible electricity distribution services and lead the energy transition to improve quality of life and community development [4] - Investments in new connections, grid enhancement, and maintenance totaled ARS 2,684 million in Q1 2022, down from ARS 3,920 million in Q1 2021 [11][12] Management Comments on Operating Environment and Future Outlook - Management highlighted the challenges posed by inflation and tariff freezes impacting revenue [5] - The company is focused on improving service quality and reducing energy losses through technology and market discipline actions [14] Other Important Information - The company successfully restructured debt with a 73.25% acceptance rate for the exchange offer [6][7] - Credit ratings from agencies like Standard and Poor's and Fitch were updated, with a positive outlook from S&P [8] Q&A Session Summary - No specific questions or answers were recorded during the Q&A session as the call concluded without further inquiries [16]

PART I [Key Information](index=4&type=section&id=Item%203.%20Key%20Information) The company faces significant risks from Argentina's hyperinflationary economy and its own operational challenges ARS to USD Exchange Rate Fluctuation | Period | Low (ARS/USD) | High (ARS/USD) | Average (ARS/USD) | Period End (ARS/USD) | | :--- | :--- | :--- | :--- | :--- | | **2018** | 18.41 | 41.25 | 29.26 | 37.70 | | **2019** | 36.90 | 60.40 | 47.82 | 59.89 | | **2020** | 59.82 | 84.15 | 70.87 | 84.15 | | **2021** | 84.15 | 105.20 | 95.13 | 102.72 | - The Argentine Peso depreciated by **22.1%** against the U.S. dollar during the year ended December 31, 2021, following depreciations of **40.5%** in 2020, **58.9%** in 2019, and **102.2%** in 2018[19](index=19&type=chunk) [Risk Factors](index=6&type=section&id=3.1%20Risk%20Factors) - The company's Board and management have concluded that there is **substantial doubt** about the Company's ability to continue as a going concern, a view also expressed by the independent registered public accounting firm[50](index=50&type=chunk) - Key risks include the vulnerability of the Argentine economy, government intervention in the electricity sector, **high inflation**, currency fluctuations, and the company's ability to renegotiate its commercial debt with its main supplier, CAMMESA[25](index=25&type=chunk)[28](index=28&type=chunk)[17](index=17&type=chunk) - As of July 1, 2018, the Argentine Peso is considered the currency of a hyperinflationary economy, requiring the company to restate its historical financial statements in accordance with IFRS (**IAS 29**), which could adversely affect its financial results[60](index=60&type=chunk)[61](index=61&type=chunk) [Information on the Company](index=53&type=section&id=Item%204.%20Information%20on%20the%20Company) This section details the company's history, business operations, and the Argentine electricity industry's regulatory framework [History and Development of the Company](index=53&type=section&id=4.1%20History%20and%20Development%20of%20the%20Company) - On June 30, 2021, a change of control occurred when Pampa Energía transferred its **51% controlling stake** (Class A shares) to Empresa de Energía del Cono Sur S.A. ("Edelcos"), following approval from the regulatory body ENRE[295](index=295&type=chunk) - The company was incorporated on July 21, 1992, as part of the privatization of the state-owned utility, Servicios Eléctricos del Gran Buenos Aires S.A. (SEGBA)[290](index=290&type=chunk) [Business Overview](index=55&type=section&id=4.2%20Business%20Overview) - Edenor is the largest electricity distribution company in Argentina, serving approximately **3.2 million users** in the northwestern greater Buenos Aires area and northern Buenos Aires city, covering an area of 4,637 square kilometers[301](index=301&type=chunk) - The company's concession expires on August 31, 2087, and is divided into management periods, at the end of which the controlling Class A shares are subject to an international public bidding process[304](index=304&type=chunk) Edenor's Share of National Electricity Demand | Year | Edenor Demand (GWh) | Total WEM Demand (GWh) | Edenor's Share | | :--- | :--- | :--- | :--- | | **2019** | 24,960 | 128,880 | 19.4% | | **2020** | 25,124 | 127,306 | 19.7% | | **2021** | 26,373 | 133,872 | 19.7% | Energy Loss Breakdown | Loss Type | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | **Technical losses** | 9.4% | 9.1% | 9.6% | | **Non-technical losses** | 8.2% | 10.5% | 10.3% | | **Total losses** | 17.6% | 19.6% | 19.9% | [The Argentine Electricity Industry](index=86&type=section&id=4.3%20The%20Argentine%20Electricity%20Industry) - The Argentine electricity sector was largely privatized in 1992 under the Regulatory Framework Law (No. 24,065), which separated generation, transmission, and distribution into distinct businesses to foster competition[487](index=487&type=chunk)[488](index=488&type=chunk) - The industry is regulated by key authorities including the Ministry of Economy (through the Energy Secretariat - SE), the National Electricity Regulatory Entity (ENRE), and CAMMESA, which manages the Wholesale Electricity Market (WEM)[496](index=496&type=chunk) - As of December 31, 2021, Argentina's installed power capacity was **42,849 MW**, with generation sources being **58.9% thermal**, 25.3% hydraulic, 4.1% nuclear, and 11.7% from non-conventional renewable sources[518](index=518&type=chunk) [Operating and Financial Review and Prospects](index=106&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) The company's financial performance is severely impacted by tariff freezes, high inflation, and the COVID-19 pandemic [Operating Results](index=109&type=section&id=5.1%20Operating%20Results) - Revenue from sales decreased by **18%** in 2021 compared to 2020, primarily due to insufficient tariff increases that did not keep pace with inflation, despite a **5%** increase in energy demand[771](index=771&type=chunk) - The company recorded an operating loss of **ARS 4,397 million** in 2021, a significant improvement from the **ARS 30,049 million** loss in 2020, mainly because the 2020 results included a large impairment charge on property, plant, and equipment[793](index=793&type=chunk) - Net finance costs increased significantly to **ARS 25,155 million** in 2021 from ARS 16,765 million in 2020, driven by higher commercial interest on debt with CAMMESA resulting from tariff arrears[794](index=794&type=chunk) Key Financial Metrics | (in millions of constant ARS) | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | **Revenue** | 113,500 | 137,782 | 184,739 | | **Gross margin** | 14,588 | 20,400 | 34,415 | | **Operating (loss) profit** | (4,397) | (30,049) | 9,756 | | **(Loss) Profit for the year** | (21,344) | (26,704) | 24,923 | | **(Loss) earnings per share (ARS)** | (24.4) | (30.5) | 28.5 | [Liquidity and Capital Resources](index=141&type=section&id=5.2%20Liquidity%20and%20Capital%20Resources) - The company's financial situation is severely affected by the continued tariff freeze, high inflation, and the economic impact of COVID-19, leading to **negative working capital** and operating losses[800](index=800&type=chunk)[801](index=801&type=chunk) - Due to the deterioration of its economic and financial equation, the company has had to partially postpone payments to its main energy supplier, CAMMESA, accumulating a past due principal balance of **ARS 26,259 million** plus interest as of December 31, 2021[807](index=807&type=chunk) Cash Flow Summary | (in millions of constant ARS) | 2021 | 2020 | | :--- | :--- | :--- | | **Net cash from operating activities** | 21,348 | 26,149 | | **Net cash used in investing activities** | (25,544) | (18,241) | | **Net cash used in financing activities** | (1,438) | (9,284) | | **Cash and cash equivalents at year-end** | 3,172 | 6,582 | Capital Expenditures | (in millions of constant ARS) | 2021 | 2020 | | :--- | :--- | :--- | | **HV Network structure** | 2,740 | 5,980 | | **MV Network structure** | 1,388 | 1,850 | | **LV Network structure** | 2,664 | 3,083 | | **Network improvements** | 6,765 | 4,469 | | **Buildings, software, etc.** | 2,689 | 1,322 | | **Total Capital Expenditures** | **16,246** | **16,704** | [Directors, Senior Management and Employees](index=147&type=section&id=Item%206.%20Directors%2C%20Senior%20Management%20and%20Employees) This section provides details on the company's leadership, workforce composition, and remuneration policies - Following the change of control in 2021, the Board of Directors was reappointed, with Neil Arthur Bleasdale becoming Chairman[849](index=849&type=chunk)[850](index=850&type=chunk) - As of December 31, 2021, the company had **4,688 employees**, with approximately **81%** being members of one of two labor unions[915](index=915&type=chunk)[916](index=916&type=chunk) - The company utilizes third-party contractors, which employed **5,877 people** as of December 31, 2021, to maintain a flexible cost base and respond to changing work and investment plans[922](index=922&type=chunk) - The aggregate remuneration in 2021 was **ARS 30.1 million** for the Board of Directors, **ARS 5.2 million** for the supervisory committee, and **ARS 1,518 million** for senior management (nominal currency)[883](index=883&type=chunk) [Major Shareholders and Related Party Transactions](index=160&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) This section details the company's ownership structure and its transactions with related entities - A technical assistance agreement is in place with the new parent company, Edelcos, for which Edenor pays an annual fee; for the second half of 2021, charges for these services totaled **ARS 911 million**[959](index=959&type=chunk)[960](index=960&type=chunk) - The company has a share buy-back program and a share-based compensation plan for employees; as of December 31, 2021, the company held **31,134,420 treasury shares**[939](index=939&type=chunk)[940](index=940&type=chunk) Shareholder Structure | Shareholder | Class | Shares | Percent Ownership | | :--- | :--- | :--- | :--- | | **Empresa de Energía del Cono Sur (EDELCOS)** | A | 462,292,111 | 51.00% | | **ANSES** | B | 242,999,553 | 26.81% | | **Public** | B | 168,076,412 | 18.54% | | **Treasury Shares** | B | 31,134,420 | 3.43% | | **Employee Stock Participation Program** | C | 1,952,604 | 0.22% | [Financial Information](index=166&type=section&id=Item%208.%20Financial%20Information) This section covers significant legal proceedings and the company's dividend distribution policy - The company is a party to various legal proceedings, including class actions from consumer associations and disputes with tax authorities (AFIP); as of December 31, 2021, provisions for potential losses from these claims totaled **ARS 4,518 million**[970](index=970&type=chunk) - Edenor has not declared or paid any dividends since August 14, 2001; future dividend payments are restricted by the Argentine Corporations Law, which requires maintaining a legal reserve, and by covenants in its debt agreements[1010](index=1010&type=chunk) [The Offer and Listing](index=172&type=section&id=Item%209.%20The%20Offer%20and%20Listing) This section provides information on the trading of the company's securities on domestic and international exchanges - The company's Class B common shares are listed on the BYMA and its ADSs (each representing 20 Class B shares) are listed on the NYSE, both under the symbol "EDN"[1018](index=1018&type=chunk) Historical Stock and ADS Prices | Period | BYMA (ARS per Share) | NYSE (USD per ADS) | | :--- | :--- | :--- | | | **High** | **Low** | **High** | **Low** | | **2020** | 30.55 | 13.40 | 5.99 | 2.83 | | **2021** | 75.55 | 25.15 | 7.61 | 3.35 | [Additional Information](index=179&type=section&id=Item%2010.%20Additional%20Information) This section provides supplementary corporate details, including bylaws, exchange controls, and tax considerations - Argentina has significant exchange controls that restrict access to the Mercado Libre de Cambios (MLC) for payments of imports, servicing foreign financial debt, and paying dividends, requiring prior Central Bank approval in many cases[1098](index=1098&type=chunk)[82](index=82&type=chunk) - The company's capital stock consists of Class A (51%), Class B, and Class C shares; holders of Class A shares are entitled to elect seven of the twelve directors[1062](index=1062&type=chunk)[848](index=848&type=chunk) - For foreign beneficiaries, capital gains from the sale of shares are generally exempt from Argentine income tax, provided the shares are publicly traded and the beneficiary does not reside in a "non-cooperating jurisdiction"; dividends paid are subject to a **7% withholding tax**[1128](index=1128&type=chunk)[1138](index=1138&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=213&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section details the company's exposure to foreign currency and interest rate risks - The company is exposed to significant foreign currency risk as its revenues are in Argentine Pesos while a significant portion of its debt is in U.S. Dollars; a hypothetical **10% depreciation** of the Peso would result in a potential loss of approximately **ARS 646 million** as of December 31, 2021[1266](index=1266&type=chunk)[1267](index=1267&type=chunk) - To manage interest rate risk, the company's policy is to keep the highest percentage of its indebtedness at fixed rates; as of December 31, 2021, **100%** of the company's loans were at fixed interest rates[1269](index=1269&type=chunk) [Description of Securities Other than Equity Securities](index=214&type=section&id=Item%2012.%20Description%20of%20Securities%20Other%20than%20Equity%20Securities) This section outlines the fees and expenses associated with the company's American Depositary Shares (ADSs) ADS Holder Fees | Fee | For | | :--- | :--- | | **U.S.$5.00 (or less) per 100 ADSs** | Issuance or cancellation of ADSs | | **U.S.$0.02 (or less) per ADS** | Any cash distribution | | **U.S.$0.02 (or less) per ADS per year** | Depositary services | PART II [Defaults, Dividend Arrearages and Delinquencies](index=216&type=section&id=Item%2013.%20Defaults%2C%20Dividend%20Arrearages%20and%20Delinquencies) This section recounts the company's historical financial distress and subsequent debt restructuring - Following the 2001-2002 Argentine economic crisis, the company suspended principal payments on its financial debt in September 2002 and interest payments in September 2005[1278](index=1278&type=chunk) - In April 2006, the company completed a voluntary exchange offer, restructuring all of its outstanding financial debt; all restructuring notes issued at that time have since been fully repaid[1279](index=1279&type=chunk) [Controls and Procedures](index=217&type=section&id=Item%2015.%20Controls%20and%20Procedures) This section addresses the effectiveness of the company's internal controls over financial reporting and disclosure - Management concluded that the company's disclosure controls and procedures were **effective** as of December 31, 2021[1283](index=1283&type=chunk) - Based on the COSO framework, management concluded that the company maintained **effective internal control** over financial reporting as of December 31, 2021[1285](index=1285&type=chunk) [Other Information](index=218&type=section&id=Item%2016.%20Other%20Information) This section covers various governance topics, including the audit committee, ethics code, and auditor fees - The Board of Directors has determined that Esteban Gabriel Macek is an "audit committee financial expert"[1288](index=1288&type=chunk) - The company has adopted a Code of Ethics, which was last updated in 2020 and applies to all employees[1289](index=1289&type=chunk) - Significant corporate governance differences from NYSE standards exist, notably that Argentine law does not require a majority of independent directors on the board, nor does it mandate nominating or compensation committees[1298](index=1298&type=chunk)[1303](index=1303&type=chunk) Principal Accountant Fees | (in millions of constant ARS) | 2021 | 2020 | | :--- | :--- | :--- | | **Audit fees** | 34.6 | 32.9 | | **Audit-related fees** | - | - | | **Tax fees** | - | - | | **All other fees** | - | - | | **Total** | **34.6** | **32.9** | PART III [Financial Statements](index=226&type=section&id=Item%2018.%20Financial%20Statements) This section contains the company's audited financial statements and the independent auditor's report - The financial statements have been prepared assuming the company will continue as a going concern, but the independent auditor's report includes a "**Material Uncertainty Related to Going Concern**" paragraph, citing the company's current economic and financial situation[1330](index=1330&type=chunk) - The financial statements are presented in constant Argentine Pesos, restated to reflect the effects of hyperinflation in accordance with **IAS 29**; the inflation rate applied for the 2021 fiscal year was **50.9%**[1443](index=1443&type=chunk)[1444](index=1444&type=chunk) - The auditor identified two Critical Audit Matters: the **Impairment Assessment of Property, Plant and Equipment**, and the **Company's Going Concern Assessment**, both of which involved significant management judgment and complex auditor evaluation[1335](index=1335&type=chunk)[1336](index=1336&type=chunk)[1340](index=1340&type=chunk)