PART I [Key Information](index=4&type=section&id=Item%203.%20Key%20Information) This section details the company's primary risks, including Argentina's macroeconomic instability, sector-specific challenges, and risks related to its securities Argentine Peso to U.S. Dollar Exchange Rate (Year-End) | Year Ended Dec 31 | Period End (Pesos per U.S. Dollar) | Depreciation vs. USD | | :--- | :--- | :--- | | 2017 | 18.65 | 17.4% | | 2018 | 37.70 | 102.2% | | 2019 | 59.89 | 58.9% | | 2020 | 84.15 | 40.5% | - The Board of Directors has raised substantial doubt about Edenor's ability to continue as a going concern due to the adverse macroeconomic situation in Argentina and its financial impact on the company[37](index=37&type=chunk) [Risks Related to Argentina](index=8&type=section&id=Risks%20Related%20to%20Argentina) The company's performance is highly dependent on Argentina's volatile economy, characterized by negative growth, high inflation, and currency depreciation - Argentina's real GDP decreased by **9.9% in 2020**, primarily due to the effects of the COVID-19 pandemic[30](index=30&type=chunk) - The Consumer Price Index (CPI) variation was **36.1% in 2020** and **53.8% in 2019**, indicating persistent high inflation which negatively affects the economy and the company's operations[42](index=42&type=chunk) - Since July 1, 2018, the Argentine Peso is considered a currency of a hyperinflationary economy under IAS 29, requiring the company to restate its historical financial statements, which can adversely affect its reported results and financial condition[45](index=45&type=chunk)[47](index=47&type=chunk) - The Argentine government has implemented measures to combat the COVID-19 outbreak, including a prohibition on utility companies like Edenor from discontinuing services to certain users for non-payment, which adversely affects revenue collection[79](index=79&type=chunk) [Risks Relating to the Electricity Distribution Sector](index=19&type=section&id=Risks%20Relating%20to%20the%20Electricity%20Distribution%20Sector) The electricity distribution sector faces significant risks from government intervention, including tariff freezes and regulatory changes, impacting financial stability - The Productive Reactivation Law, enacted in December 2019, declared a public emergency in tariff and energy matters, freezing electricity rates. This freeze was extended until **March 31, 2021**, or until a new transitional tariff system comes into effect[100](index=100&type=chunk)[112](index=112&type=chunk) - The jurisdiction over Edenor's concession was temporarily transferred to the Province and City of Buenos Aires in 2019 but was suspended by the Productive Reactivation Law, with the national regulator (ENRE) reassuming control. A new tripartite regulatory agency is planned[105](index=105&type=chunk)[247](index=247&type=chunk) - Sudden increases in electricity demand could exceed distribution capacity, leading to power shortages, customer complaints, and substantial fines for service interruptions[122](index=122&type=chunk)[124](index=124&type=chunk) [Risks Relating to Our Business](index=23&type=section&id=Risks%20Relating%20to%20Our%20Business) The company faces significant business risks, including concession revocation, tariff adjustment failures, substantial fines, and high energy losses - The company's concession agreement is critical to its operations, and its revocation or termination would have a material adverse effect on the business[125](index=125&type=chunk)[126](index=126&type=chunk) - The company has been and may continue to be subject to significant fines and penalties. As of December 31, 2020, accrued fines and penalties totaled **Ps. 8,899 million**[150](index=150&type=chunk) Energy Losses (%) | Year | Technical Losses | Non-technical Losses | Total Losses | | :--- | :--- | :--- | :--- | | 2018 | 8.4% | 9.8% | 18.2% | | 2019 | 9.6% | 10.3% | 19.9% | | 2020 | 9.1% | 10.5% | 19.6% | - The Argentine Government holds a pledge over the company's Class A common shares and could foreclose on them under certain circumstances, such as if fines exceed **20% of gross energy sales** in a year[157](index=157&type=chunk) [Risks relating to our ADSs and Class B common shares](index=34&type=section&id=Risks%20relating%20to%20our%20ADSs%20and%20Class%20B%20common%20shares) Holders of ADSs and Class B shares face risks from Argentine capital controls, limited shareholder rights, and potential internal control failures - Argentine government restrictions on capital movement and currency conversion may impair the ability of ADS holders to receive dividends and sales proceeds in U.S. Dollars, potentially affecting the market value of the ADSs[186](index=186&type=chunk) - Shareholder rights under Argentine corporate law may be fewer or less well-defined than in U.S. jurisdictions, and the securities markets are not as highly regulated, potentially disadvantaging holders of Class B common shares and ADSs[188](index=188&type=chunk) - ADS holders may face practical limitations in exercising their voting rights due to procedural steps involving the depositary, which can cause delays[190](index=190&type=chunk) [Information on the Company](index=35&type=section&id=Item%204.%20Information%20on%20the%20Company) This section provides a comprehensive overview of Edenor, covering its history, business operations, regulatory framework, and the Argentine electricity industry - On December 28, 2020, controlling shareholder Pampa Energía S.A. entered into a binding agreement to sell its **51% stake** in Edenor to Empresa de Energía del Cono Sur S.A. The transaction is pending approval from the ENRE[223](index=223&type=chunk)[489](index=489&type=chunk) - Edenor is the largest electricity distribution company in Argentina, serving approximately **3.2 million users** in the northwestern greater Buenos Aires area and the northern part of the City of Buenos Aires as of December 31, 2020[227](index=227&type=chunk) [Recent Developments in Argentina – Measures Designed to Address the COVID-19 Outbreak](index=35&type=section&id=Recent%20Developments%20in%20Argentina%20%E2%80%93%20Measures%20Designed%20to%20Address%20the%20COVID-19%20Outbreak) The Argentine government implemented extensive COVID-19 measures, including lockdowns, economic stimulus, and utility service prohibitions and rate freezes - The Argentine government imposed a nation-wide mandatory lockdown and other restrictive measures starting in **March 2020** to control the spread of COVID-19[196](index=196&type=chunk) - Economic stimulus measures included one-time cash payments to retirees and unemployed individuals, subsidized loans to small and medium-sized companies, and a capital spending program of approximately **Ps. 100 billion**[202](index=202&type=chunk)[204](index=204&type=chunk) - Key measures impacting Edenor included a prohibition on suspending electricity services for non-payment for certain users until **December 31, 2020**, and a freeze on electricity rates until **March 31, 2021**[205](index=205&type=chunk)[207](index=207&type=chunk) [History and Development of the Company](index=39&type=section&id=HISTORY%20AND%20DEVELOPMENT%20OF%20THE%20COMPANY) Edenor was incorporated in 1992 from SEGBA's privatization, with Pampa Energía selling its 51% controlling stake in December 2020 - Edenor was incorporated on **July 21, 1992**, from the privatization of state-owned utility SEGBA[211](index=211&type=chunk) - On **December 28, 2020**, Pampa Energía agreed to sell its **51% controlling stake** in Edenor to Empresa de Energía del Cono Sur S.A. The transaction is pending ENRE approval and will require the purchaser to conduct a mandatory tender offer for all common shares[223](index=223&type=chunk)[224](index=224&type=chunk) [Business Overview](index=41&type=section&id=BUSINESS%20OVERVIEW) Edenor, Argentina's largest electricity distributor, operates under a 95-year concession, serving 3.2 million users with detailed infrastructure and billing processes Edenor's Share of National Electricity Demand (GWh) | Year | Total Demand (Argentina) | Edenor Demand | Edenor's Share | | :--- | :--- | :--- | :--- | | 2018 | 132,925 | 25,906 | 19.5% | | 2019 | 128,880 | 24,960 | 19.4% | | 2020 | 127,306 | 25,124 | 19.7% | Accrued Fines and Penalties (in millions of Pesos) | Year | Accruals at beginning of year | ENRE Fines and Penalties | Payments of the year | Result from inflation | Accruals at year-end | | :--- | :--- | :--- | :--- | :--- | :--- | | 2018 | 12,902 | 7,706 | (1,098) | (4,996) | 14,514 | | 2019 | 14,514 | 1,530 | (1,220) | (4,861) | 9,963 | | 2020 | 9,963 | 2,629 | (872) | (2,821) | 8,899 | Number of Users by Tariff Category | Category | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | T1R (Residential) | 2,785,165 | 2,757,794 | 2,677,693 | | T1G (Small Commercial) | 327,923 | 322,255 | 322,479 | | T2 (Medium Commercial) | 30,980 | 31,045 | 31,993 | | T3 (Industrial) | 6,881 | 6,888 | 6,876 | | Wheeling system | 687 | 675 | 679 | | **Total** | **3,152,297** | **3,119,233** | **3,040,339** | [The Argentine Electricity Industry](index=65&type=section&id=THE%20ARGENTINE%20ELECTRICITY%20INDUSTRY) This section outlines Argentina's electricity industry structure, regulation, and market functioning, including key bodies and the Wholesale Electricity Market - The Argentine electricity sector is governed by the Regulatory Framework Law (No. 24,065), which privatized the industry in **1992** and separated it into generation, transmission, and distribution segments[399](index=399&type=chunk) - The principal regulatory authorities are the Secretariat of Energy (SE) for policy-making, the ENRE for enforcement and control, and CAMMESA for managing the Wholesale Electricity Market (WEM)[415](index=415&type=chunk) - As of December 31, 2020, Argentina's installed power capacity was **41,951 MW**, with thermal generation accounting for **61.3%**, hydraulic for **21.7%**, nuclear for **7.5%**, and non-conventional sources for **9.5%**[437](index=437&type=chunk) [Operating and Financial Review and Prospects](index=81&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) This section analyzes the company's financial performance, highlighting going concern doubts, operating results, liquidity, capital resources, and debt structure - The company's financial situation has been significantly affected by the freeze on electricity rates since **February 2019**, exacerbated by the COVID-19 pandemic, leading to negative working capital and partial postponement of payments to its main supplier, CAMMESA[507](index=507&type=chunk)[509](index=509&type=chunk) - The Board of Directors has raised substantial doubt about Edenor's ability to continue as a going concern, and the financial statements do not include adjustments that might result from this uncertainty[511](index=511&type=chunk)[512](index=512&type=chunk) [Operating Results](index=85&type=section&id=OPERATING%20RESULTS) This sub-section details the company's operational performance, analyzing factors like economic conditions, inflation, and regulatory changes impacting tariffs and profitability Statement of Comprehensive (Loss) Income Summary (in millions of Pesos) | Item | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Revenue | 91,316 | 122,437 | 117,120 | | Gross margin | 13,520 | 22,808 | 27,557 | | Operating (loss) profit | (19,917) | 6,465 | 9,479 | | (Loss) Profit for the year | (17,698) | 16,518 | 8,995 | - Revenue from sales decreased by **25% in 2020** compared to 2019, primarily due to the freeze on electricity rates at February 2019 values[703](index=703&type=chunk) - The company recorded a loss of **Ps. 17,698 million** in 2020, a significant downturn from a profit of **Ps. 16,518 million** in 2019. This was mainly due to the tariff freeze and a **Ps. 17,396 million** impairment charge on property, plant, and equipment[723](index=723&type=chunk)[726](index=726&type=chunk) [Liquidity and Capital Resources](index=117&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) This sub-section examines the company's liquidity, capital resources, and debt, highlighting financial strain from frozen tariffs and increased operating cash flow Summary of Cash Flows (in millions of Pesos) | Activity | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Net cash from operating activities | 17,336 | 13,830 | 20,137 | | Net cash used in investing activities | (7,219) | (7,019) | (17,432) | | Net cash used in financing activities | (6,152) | (6,905) | (4,389) | | **Cash and cash equivalents at year-end** | **4,362** | **558** | **58** | - Capital expenditures in 2020 amounted to **Ps. 10,039 million**, primarily focused on increasing grid capacity, installing telecontrol equipment, and connecting new supplies[774](index=774&type=chunk) - As of December 31, 2020, the company's outstanding debt under its Senior Notes due 2022 amounted to **U.S.$98 million**. A loan from ICBC was fully repaid in **October 2020**[789](index=789&type=chunk)[791](index=791&type=chunk) [Directors, Senior Management and Employees](index=124&type=section&id=Item%206.%20Directors,%20Senior%20Management%20and%20Employees) This section details the company's governance, including Board and senior management, compensation, committee practices, and human resources overview - The Board of Directors consists of **twelve members**. Ricardo Torres serves as Chairman and CEO, and Gustavo Mariani as Vice Chairman. **Seven of the twelve directors are independent**[812](index=812&type=chunk)[815](index=815&type=chunk) Aggregate Remuneration in 2020 (Nominal Currency) | Group | Remuneration (in millions of Pesos) | | :--- | :--- | | Board of Directors | Ps. 24.7 | | Supervisory Committee | Ps. 3.8 | | Senior Management | Ps. 322 | - As of December 31, 2020, Edenor had **4,776 employees**, with approximately **81% belonging to one of two labor unions**. The company also utilized **5,977 third-party contractor employees**[868](index=868&type=chunk)[875](index=875&type=chunk) [Major Shareholders and Related Party Transactions](index=135&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) This section details Edenor's ownership structure, including major shareholders and the pending sale of Pampa Energía's stake, and related-party transactions Major Shareholders | Shareholder | Class | Share Count | Percent Ownership | | :--- | :--- | :--- | :--- | | Pampa Energía S.A. | A | 462,292,111 | 51.00% | | ANSES | B | 242,999,553 | 26.81% | | Public | B | 130,271,261 | 14.37% | | Pampa Energía S.A. | B | 37,558,700 | 4.14% | | Treasury Shares | B | 31,380,871 | 3.46% | | Employee Stock Program | C | 1,952,604 | 0.22% | - Pampa Energía has a binding agreement to sell its **51% controlling stake** to Empresa de Energía del Cono Sur S.A., pending ENRE approval. This will trigger a mandatory tender offer for all other shares[887](index=887&type=chunk)[888](index=888&type=chunk) - The company has a technical assistance agreement with its parent, Pampa Energía, for which it pays an annual fee of **U.S.$2.5 million**. The agreement was extended in **2020** to expire in **2025**[903](index=903&type=chunk)[907](index=907&type=chunk) [Financial Information](index=140&type=section&id=Item%208.%20Financial%20Information) This section covers significant legal proceedings, including class actions and regulatory disputes, and details the company's dividend policy - As of December 31, 2020, the company has established provisions of **Ps. 2,789 million** to cover potential losses from various legal claims and proceedings[922](index=922&type=chunk) - The company is a defendant in a class action lawsuit brought by a consumer association concerning VAT calculations and late payment charges, which is still in the evidence stage[924](index=924&type=chunk)[928](index=928&type=chunk) - Edenor has not declared or paid any dividends since **August 14, 2001**. Future dividend payments are restricted by legal reserve requirements and covenants in its debt agreements[962](index=962&type=chunk) [The Offer and Listing](index=146&type=section&id=Item%209.%20The%20Offer%20and%20Listing) This section details the trading of Edenor's Class B common shares on BASE and ADSs on NYSE, including historical prices and market overview ADS Price on NYSE (U.S. Dollars per ADS) | Year | High | Low | | :--- | :--- | :--- | | 2018 | 62.55 | 19.60 | | 2019 | 29.60 | 4.25 | | 2020 | 5.99 | 2.83 | Share Price on BASE (Pesos per Share) | Year | High | Low | | :--- | :--- | :--- | | 2018 | 62.10 | 38.60 | | 2019 | 56.50 | 15.20 | | 2020 | 30.55 | 13.40 | - The Argentine securities market is regulated by the Comisión Nacional de Valores (CNV), and the primary exchange is the Bolsas y Mercados Argentinos (BYMA)[979](index=979&type=chunk)[984](index=984&type=chunk) [Additional Information](index=152&type=section&id=Item%2010.%20Additional%20Information) This section provides supplementary details on the company's corporate structure, capital stock, shareholder rights, Argentine exchange controls, and tax implications - The company's capital stock consists of Class A, B, and C shares, with Class A shares required to represent **51% of the total**. All Class A shares are pledged to the Argentine Government to secure obligations under the concession[1018](index=1018&type=chunk)[1019](index=1019&type=chunk) - Argentina has implemented tight exchange controls, requiring prior authorization from the Central Bank (BCRA) for many transactions, including payments for imports and servicing foreign financial debt. These controls restrict access to the official foreign exchange market (MLC)[1056](index=1056&type=chunk)[1061](index=1061&type=chunk) - Under Argentine tax law, capital gains from the sale of publicly traded shares (like Edenor's) are generally exempt for resident individuals and foreign beneficiaries from non-"non-cooperating jurisdictions." Dividends from earnings accrued since **January 1, 2018**, are subject to a withholding tax (**7% for 2018-2020 profits, 13% thereafter**)[1070](index=1070&type=chunk)[1071](index=1071&type=chunk)[1080](index=1080&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=171&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section outlines the company's exposure to financial market risks, primarily foreign currency risk from U.S. dollar debt and managed interest rate risk - The company is exposed to significant foreign currency risk. A hypothetical **10% adverse change** in exchange rates as of December 31, 2020, would result in a potential loss of approximately **Ps. 819 million**, primarily due to its U.S. dollar-denominated debt[1161](index=1161&type=chunk) - The company manages interest rate risk by holding most of its debt at fixed rates. As of December 31, 2020, **100% of its loans were at fixed interest rates**, following the cancellation of a floating-rate loan in **October 2020**[1165](index=1165&type=chunk) [Description of Securities Other than Equity Securities](index=172&type=section&id=Item%2012.%20Description%20of%20Securities%20Other%20than%20Equity%20Securities) This section details the fees and expenses associated with the company's American Depositary Shares (ADSs), including issuance, distribution, and annual service fees 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 | - The depositary may deduct any owed taxes from payments to ADS holders and may sell deposited securities to cover these tax obligations if necessary[1172](index=1172&type=chunk) PART II [Defaults, Dividend Arrearages and Delinquencies](index=174&type=section&id=Item%2013.%20Defaults,%20Dividend%20Arrearages%20and%20Delinquencies) This section recounts the company's default on financial debt post-2001-2002 Argentine crisis and its successful debt restructuring completed in 2006 - Following the **2001-2002 Argentine economic crisis**, the company suspended principal payments on its financial debt in **September 2002** due to the Peso's depreciation and a freeze on its distribution margins[1175](index=1175&type=chunk) - The company successfully completed a voluntary exchange offer on **April 24, 2006**, restructuring all of its then-outstanding financial debt. All notes issued in this restructuring have since been fully repaid[1176](index=1176&type=chunk) [Material Modifications to the Rights of Security Holders and Use of Proceeds](index=174&type=section&id=Item%2014.%20Material%20Modifications%20to%20the%20Rights%20of%20Security%20Holders%20and%20Use%20of%20Proceeds) This section addresses the use of **U.S.$57.7 million** net proceeds from the company's **2007 IPO** for debt repurchase and capital expenditures - The company received **U.S.$57.7 million** in net proceeds from its initial public offering on **April 30, 2007**[1177](index=1177&type=chunk) - The IPO proceeds were used to repurchase outstanding debt (Fixed Rate Par Notes and Discount Notes) and to fund capital expenditures[1177](index=1177&type=chunk) [Controls and Procedures](index=174&type=section&id=Item%2015.%20Controls%20and%20Procedures) This section details management's assessment of the company's effective disclosure controls and internal control over financial reporting as of December 31, 2020 - Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of **December 31, 2020**[1178](index=1178&type=chunk)[1179](index=1179&type=chunk) - Based on the COSO framework, management assessed the company's internal control over financial reporting and concluded it was effective as of **December 31, 2020**[1184](index=1184&type=chunk) - No material changes were made to the internal control over financial reporting during **2020**[1186](index=1186&type=chunk) [Other Disclosures](index=175&type=section&id=Item%2016.%20Other%20Disclosures) This section covers governance and compliance disclosures, including the Audit Committee Financial Expert, Code of Ethics, audit fees, and corporate governance differences - The Board of Directors has determined that Carlos Perez Bello is an "audit committee financial expert"[1187](index=1187&type=chunk) - The company has adopted a Code of Ethics, which was last updated in **2020** and applies to all employees[1188](index=1188&type=chunk) Principal Accountant Fees (in millions of Pesos, constant currency) | Service | 2020 | 2019 | | :--- | :--- | :--- | | Audit fees | 22 | 24 | | **Total** | **22** | **24** | - A key corporate governance difference is that Argentine law does not require a majority of the Board to be independent, unlike NYSE standards. However, as of the report date, **7 of Edenor's 12 directors were independent**[1199](index=1199&type=chunk) PART III [Financial Statements](index=183&type=section&id=Item%2018.%20Financial%20Statements) This section presents audited financial statements, noting the auditor's substantial doubt about going concern and identifying impairment and going concern as critical audit matters - The independent auditor's report expresses substantial doubt about the company's ability to continue as a going concern, citing its current economic and financial situation. The financial statements do not include any adjustments that might result from this uncertainty[1231](index=1231&type=chunk) - The audit identified two Critical Audit Matters: 1) Impairment of Property, Plant and Equipment, due to the significant management judgment involved in estimating recoverable value through discounted cash flows, and 2) the Company's Going Concern Assessment, due to the uncertainty in forecasting operating results amid tariff freezes and economic instability[1236](index=1236&type=chunk)[1239](index=1239&type=chunk) Key Financial Position Data (in millions of Pesos) | Item | Dec 31, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | **Total Assets** | **148,796** | **162,633** | | Property, plant and equipment | 124,914 | 137,894 | | **Total Liabilities** | **85,898** | **82,113** | | **Total Equity** | **62,898** | **80,520** | [Exhibits](index=183&type=section&id=Item%2019.%20Exhibits) This section lists documents filed as exhibits, including corporate bylaws, ADS Deposit Agreement, note indentures, and Sarbanes-Oxley certifications - Exhibits filed with the report include key corporate documents such as bylaws, the ADS Deposit Agreement, and indentures for notes issued in **2007** and **2010**[1221](index=1221&type=chunk)[1223](index=1223&type=chunk) - Certifications from the Chief Executive Officer and Chief Financial Officer pursuant to Sections **302 and 906** of the Sarbanes-Oxley Act are included as exhibits[1224](index=1224&type=chunk)

Empresa Distribuidora y Comercializadora Norte Sociedad Anónima (NYSE:EDN) Q2 2020 Earnings Conference Call August 11, 2020 10:00 AM ET Company Participants Leandro Montero - Chief Financial Officer Conference Call Participants Operator Good morning ladies and gentlemen and thank you for waiting. At this time we would like to welcome to the Edenor's Second Quarter 2020 Results Conference Call. We would like to inform you that this event is being recorded and all participants will be in listen-only mode duri ...

Empresa Distribuidora y Comercializadora Norte Sociedad Anónima (NYSE:EDN) Q1 2020 Earnings Conference Call May 12, 2020 10:00 AM ET Corporate Participants Leandro Montero - Chief Financial Officer Conference Call participants Gary Lundgren - Inter Pacific Investors Operator Good morning and welcome to the edenor First Quarter 2020 Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference o ...

Part I [Key Information](index=4&type=section&id=Item%203.%20Key%20Information) This section presents selected financial data, exchange rate volatility, and extensive risk factors for the four-year period ending December 31, 2019 [Selected Financial Data](index=5&type=section&id=SELECTED%20FINANCIAL%20DATA) The company's 2019 financial statements, restated for hyperinflation, show a significant profit increase to Ps. 12,134.3 million, driven by a one-time gain - The company's financial statements are restated for Argentina's hyperinflationary economy as of July 1, 2018, with all figures presented in constant currency as of **December 31, 2019**[14](index=14&type=chunk) Statement of Comprehensive Income (Loss) Highlights (in millions of Ps.) | Indicator | 2019 | 2018 | 2017 | | :--- | :--- | :--- | :--- | | Revenue | 89,943.8 | 86,039.9 | 60,897.3 | | Gross margin | 16,755.4 | 20,244.2 | 14,662.8 | | Operating profit (loss) | 3,598.2 | 6,060.5 | 3,645.2 | | Agreement on the Regularization of Obligations | 17,094.8 | - | - | | Profit for the year | 12,134.3 | 6,608.2 | 7,812.5 | | Comprehensive income for the year | 12,129.2 | 6,602.1 | 7,835.6 | Statement of Financial Position Highlights (in millions of Ps.) | Indicator | As of Dec 31, 2019 | As of Dec 31, 2018 | | :--- | :--- | :--- | | Total Assets | 119,472.6 | 118,388.3 | | Total Liabilities | 60,321.8 | 70,767.4 | | Total Equity | 59,150.8 | 47,620.9 | Operating Data | Indicator | 2019 | 2018 | 2017 | | :--- | :--- | :--- | :--- | | Energy sales (in GWh) | 19,447 | 21,172 | 21,584 | | Customers (in thousands) | 3,119 | 3,040 | 2,950 | | Energy losses (%) | 19.9% | 18.2% | 17.1% | [Exchange Rates](index=10&type=section&id=EXCHANGE%20RATES) The Argentine Peso significantly depreciated against the U.S. dollar, falling by **58.9% in 2019** to Ps. 59.89 per U.S.$1.00 at year-end Argentine Peso to U.S. Dollar Exchange Rate | Period | Depreciation vs USD | Period End Rate (Ps. per U.S.$) | | :--- | :--- | :--- | | Year ended Dec 31, 2019 | 58.9% | 59.89 | | Year ended Dec 31, 2018 | 102.2% | 37.70 | | Year ended Dec 31, 2017 | 17.4% | 18.65 | | Year ended Dec 31, 2016 | 21.9% | 15.89 | [Risk Factors](index=10&type=section&id=RISK%20FACTORS) The company faces substantial risks from Argentina's volatile macroeconomic and political environment, regulatory uncertainty, and business-specific operational challenges, alongside risks for ADS holders - The company's financial condition and results are significantly dependent on Argentina's macroeconomic, regulatory, and political conditions, including inflation and exchange rates[26](index=26&type=chunk) - Argentina's economy remains vulnerable, with real GDP decreasing by **1.7% in 2019**, high inflation at **53.8% CPI**, and the Peso depreciating **58.9%** against the U.S. dollar, leading to reinstated foreign exchange controls[28](index=28&type=chunk)[30](index=30&type=chunk)[35](index=35&type=chunk) - The Productive Reactivation Law, enacted in December 2019, declared a public emergency, froze electricity tariffs for **180 days**, and empowered the Executive Branch to intervene in regulatory bodies[33](index=33&type=chunk) - The COVID-19 pandemic and associated government measures, including prohibiting service discontinuations and banning dismissals, are expected to materially impact business operations, earnings, and payment chains[53](index=53&type=chunk)[54](index=54&type=chunk) - The company's concession agreement can be revoked or terminated under conditions such as insolvency or if annual fines exceed **20% of gross energy sales**, materially affecting the business[72](index=72&type=chunk)[85](index=85&type=chunk) [Information on the Company](index=42&type=section&id=Item%204.%20Information%20on%20the%20Company) This section details the company's history, business operations, and the Argentine electricity industry, covering privatization, concession, network infrastructure, and regulatory framework [Recent Developments in Argentina – Measures Designed to Address the COVID-19 Outbreak](index=42&type=section&id=Recent%20Developments%20in%20Argentina%20%E2%80%93%20Measures%20Designed%20to%20Address%20the%20COVID-19%20Outbreak) The Argentine government implemented extensive COVID-19 measures, including a nation-wide lockdown, economic stimulus, and key policies impacting the company such as utility service and dismissal prohibitions - The Argentine Government implemented a nation-wide mandatory lockdown and various travel and border restrictions to control COVID-19 spread[110](index=110&type=chunk) - Economic stimulus measures included cash payments, subsidized loans for SMEs, and a capital spending program of approximately **Ps. 100 billion**[112](index=112&type=chunk) - Key measures impacting the company include a **180-day** prohibition on suspending utility services for non-payment and a **60-day** ban on dismissing employees without cause[113](index=113&type=chunk) [History and Development of the Company](index=44&type=section&id=HISTORY%20AND%20DEVELOPMENT%20OF%20THE%20COMPANY) Edenor was incorporated in 1992 as part of SEGBA's privatization, granted a **95-year** concession, with Pampa Energía becoming the controlling company in 2018, and ANSES holding **26.81%** of its capital stock - Edenor was incorporated on **July 21, 1992**, from SEGBA's privatization and granted a **95-year** electricity distribution concession[117](index=117&type=chunk) - Pampa Energía S.A. became Edenor's direct controlling company in **August 2018** following a series of corporate mergers[121](index=121&type=chunk) - The company completed its IPO in **April 2007**, listing ADSs on the NYSE, with ANSES holding **26.81%** of the capital stock as of the report date[119](index=119&type=chunk)[120](index=120&type=chunk) [Business Overview](index=46&type=section&id=BUSINESS%20OVERVIEW) Edenor is Argentina's largest electricity distributor, serving **3.1 million** users in a **4,637 sq km** concession area under a **95-year** exclusive agreement, focusing on network upgrades and energy loss control - Edenor is Argentina's largest electricity distribution company, serving **3.1 million** users as of **December 31, 2019**, and accounting for **19.4%** of total national electricity demand[124](index=124&type=chunk) - The company operates under a **95-year** exclusive concession expiring in **2087**, with controlling Class 'A' shares subject to public bidding at the end of each management period[124](index=124&type=chunk) - In **2019**, the company invested in significant network upgrades, including an expanded **800 MVA** transformer bank at Rodriguez Substation and a new **300 MVA** transformer at Edison Substation[152](index=152&type=chunk) - Energy losses increased to **19.9% in 2019** from **18.2% in 2018**, primarily due to energy theft, with the company implementing self-managed meters to combat these losses[182](index=182&type=chunk)[184](index=184&type=chunk)[185](index=185&type=chunk) [The Argentine Electricity Industry](index=70&type=section&id=THE%20ARGENTINE%20ELECTRICITY%20INDUSTRY) The Argentine electricity industry, restructured and privatized in **1992**, is overseen by regulatory bodies like SE and ENRE, with the WEM managed by CAMMESA, and has faced significant government interventions since the **2001** economic crisis - The Argentine electricity sector was restructured and privatized in **1992** under Law No. 24,065, separating generation, transmission, and distribution businesses[196](index=196&type=chunk) - The principal regulatory authorities are the Secretariat of Energy (SE), the National Electricity Regulatory Entity (ENRE), and CAMMESA, which administers the Wholesale Electricity Market (WEM)[210](index=210&type=chunk)[211](index=211&type=chunk)[215](index=215&type=chunk) - The WEM consists of a term market and a spot market with hourly prices, and a stabilization fund managed by CAMMESA absorbs price differences between distributors and generators[219](index=219&type=chunk)[234](index=234&type=chunk) [Organizational Structure](index=81&type=section&id=ORGANIZATIONAL%20STRUCTURE) Edenor is a subsidiary of Pampa Energía, Argentina's largest independent integrated energy company, with significant operations across the energy value chain as of **December 31, 2019** - Edenor is a subsidiary of Pampa Energía, Argentina's largest independent integrated energy company[242](index=242&type=chunk) - As of year-end **2019**, Pampa Energía's operations included approximately **4,751 MW** of electricity generation capacity and an average oil and gas production of **48.2 thousand boe/day**[243](index=243&type=chunk) [Property, Plant and Equipment](index=82&type=section&id=PROPERTY%2C%20PLANT%20AND%20EQUIPMENT) The company's main assets are transmission lines and distribution networks, with a net book value of **Ps. 101,298.4 million** as of **December 31, 2019**, and a terminated real estate agreement resulting in a **U.S.$15 million** settlement Net Book Value of Property, Plant and Equipment (in millions of Ps.) | Date | Net Book Value | | :--- | :--- | | Dec 31, 2019 | 101,298.4 | | Dec 31, 2018 | 96,067.6 | | Dec 31, 2017 | 87,741.4 | - A **2015** real estate agreement with RDSA was terminated due to default, resulting in a **U.S.$15 million** settlement from the insurer and a **Ps. 2,125.9 million** claim in RDSA's insolvency proceeding[250](index=250&type=chunk) [Unresolved Staff Comments](index=84&type=section&id=Item%204A.%20Unresolved%20Staff%20Comments) There are no unresolved staff comments - None[252](index=252&type=chunk) [Operating and Financial Review and Prospects](index=84&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) This section provides management's discussion and analysis of the company's financial condition and operating results, highlighting going concern doubts, key performance drivers, liquidity, and critical accounting policies [Going Concern and COVID-19](index=84&type=section&id=Going%20Concern%20and%20COVID-19) Management has raised substantial doubt about Edenor's going concern ability due to Argentina's complex economic context, tariff freezes, and the adverse impact of the COVID-19 pandemic - The Board of Directors has raised substantial doubt about Edenor's ability to continue as a going concern, citing negative working capital, rising costs, inflation, recession, and frozen tariffs[253](index=253&type=chunk)[255](index=255&type=chunk) - The COVID-19 pandemic is expected to adversely affect cash flows and profits due to closed commercial offices, reduced non-residential demand, and potential non-compliance with investment plans[256](index=256&type=chunk) [Operating Results](index=86&type=section&id=OPERATING%20RESULTS) In **2019**, revenue increased by **5%** to **Ps. 89,943.8 million**, but operating profit fell **41%** to **Ps. 3,598.1 million**, with a one-time gain leading to a net profit of **Ps. 12,134.3 million** Comparison of Results: 2019 vs 2018 (in millions of Ps.) | Indicator | 2019 | 2018 | % Change | | :--- | :--- | :--- | :--- | | Revenue from sales | 89,943.8 | 86,039.9 | 5% | | Electric power purchases | 57,041.8 | 49,015.2 | 16% | | Gross profit | 16,755.4 | 20,244.2 | -17% | | Operating profit | 3,598.1 | 6,060.5 | -41% | | Profit for the year | 12,134.3 | 6,608.2 | 84% | - The significant **84%** increase in profit for **2019** was primarily due to a one-time gain of **Ps. 17,094.8 million** from the Agreement on the Regularization of Obligations, settling claims with the Federal Government from **2006-2016**[328](index=328&type=chunk) - In **2018**, revenue from sales increased by **41%** compared to **2017** due to tariff updates, but a **53%** increase in electric power purchase costs and higher selling expenses moderated profitability growth[345](index=345&type=chunk)[346](index=346&type=chunk)[348](index=348&type=chunk) [Liquidity and Capital Resources](index=118&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) The company has experienced negative working capital for four years due to rising costs and inflation, with **Ps. 10,158 million** net cash from operations and **Ps. 8,624.1 million** in capital expenditures in **2019** - The company has experienced negative working capital for the past **four years**, a situation not reversed by the **2017** tariff review due to rising costs, inflation, and economic recession[358](index=358&type=chunk) Cash Flow Summary (in millions of Ps.) | Cash Flow Activity | 2019 | 2018 | 2017 | | :--- | :--- | :--- | :--- | | Net cash from operating activities | 10,158.2 | 15,225.8 | 11,172.7 | | Net cash used in investing activities | (5,156.0) | (13,238.2) | (13,083.9) | | Net cash (used in)/from financing activities | (5,071.5) | (3,224.5) | 1,333.9 | | Cash and cash equivalents at year end | 409.6 | 42.5 | 188.1 | - Capital expenditures in **2019** amounted to **Ps. 8,624.1 million**, primarily allocated to improving HV, MV, and LV network structures and overall network enhancements[364](index=364&type=chunk) - As of **December 31, 2019**, outstanding debt included **U.S.$161.6 million** under Senior Notes due **2022** and a loan from ICBC with an outstanding balance of **Ps. 1,515.8 million**[366](index=366&type=chunk)[387](index=387&type=chunk) [Critical Accounting Policies and Estimates](index=123&type=section&id=CRITICAL%20ACCOUNTING%20POLICIES%20AND%20ESTIMATES) Management's critical accounting policies involve significant judgment and estimates, particularly for impairment of long-lived assets, revenue recognition, doubtful accounts, income tax, employee benefits, and legal contingencies - Impairment of long-lived assets is assessed using **three** probability-weighted scenarios based on future tariff increases, costs, and macroeconomic variables, with no impairment recorded as of **December 31, 2019**[370](index=370&type=chunk)[371](index=371&type=chunk) - Revenue is recognized on an accrual basis and includes estimated amounts for unbilled electricity delivered to users at year-end[372](index=372&type=chunk) - Allowances for doubtful accounts are based on historical uncollectibility rates for each user category, applied to delinquent balances[373](index=373&type=chunk) - Provisions for ENRE penalties and legal contingencies are based on management's best estimate of the expenditure required to settle obligations, with input from legal advisors[377](index=377&type=chunk)[378](index=378&type=chunk) [Directors, Senior Management and Employees](index=127&type=section&id=Item%206.%20Directors%2C%20Senior%20Management%20and%20Employees) This section details the company's governance, including the **twelve-member** Board of Directors, committee roles, aggregate compensation, and employee headcount of **4,777** as of **December 31, 2019** - The Board of Directors is composed of **twelve** directors, with Class A shareholders electing **seven** and Class B and C shareholders jointly electing **five**[391](index=391&type=chunk) - The Audit Committee is composed of **three** independent directors responsible for monitoring internal controls, risk management, and supervising external audits[405](index=405&type=chunk)[406](index=406&type=chunk) Aggregate Compensation in 2019 (in millions of Ps.) | Group | Compensation | | :--- | :--- | | Board of Directors (members & alternates) | 252.1 | | Supervisory Committee (members & alternates) | 3.6 | | Senior Management | 441.4 | Employee Headcount | As of Dec 31 | Number of Employees | | :--- | :--- | | 2019 | 4,777 | | 2018 | 4,922 | | 2017 | 4,789 | [Major Shareholders and Related Party Transactions](index=137&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) This section details the company's ownership structure, with Pampa Energía holding **54.37%** and ANSES **26.81%**, and outlines key related-party transactions including a technical assistance agreement with Pampa Energía Share Ownership Structure | Shareholder | Class | Percent Ownership | | :--- | :--- | :--- | | Pampa Energía S.A. | A | 54.37% | | ANSES | B | 26.81% | | Public | B | 15.14% | | Treasury Shares | B | 3.46% | | Employee Stock Program | C | 0.22% | - The company has a share repurchase program, with treasury stock amounting to **31,380,871** Class B shares as of **December 31, 2019**[428](index=428&type=chunk) - Key related party transactions include a technical assistance agreement with Pampa Energía for an annual fee of **U.S.$2.5 million**, and operational agreements with joint venture SACME[434](index=434&type=chunk)[438](index=438&type=chunk) [Financial Information](index=142&type=section&id=Item%208.%20Financial%20Information) This section covers legal proceedings, including class-action lawsuits and **Ps. 2,276.4 million** in provisions as of **December 31, 2019**, and details the company's dividend policy, with no dividends paid since **2001** - The company is party to several legal proceedings, including class-action lawsuits from consumer associations challenging tariff components like VAT and late payment interest rates[448](index=448&type=chunk)[449](index=449&type=chunk) - As of **December 31, 2019**, the company had established provisions of **Ps. 2,276.4 million** to cover potential losses from claims and legal proceedings[446](index=446&type=chunk) - Edenor has not declared or paid any dividends since **August 14, 2001**, with future payments restricted by legal reserve requirements and debt covenants[462](index=462&type=chunk)[463](index=463&type=chunk) [The Offer and Listing](index=148&type=section&id=Item%209.%20The%20Offer%20and%20Listing) This section provides information on the trading of the company's securities, including Class B common shares on BASE and ADSs on NYSE under 'EDN', historical market prices, and the structure and regulation of the Argentine securities market - The company's ADSs, each representing **20** Class B common shares, are listed on the NYSE under 'EDN', while its Class B common shares are listed on the BASE under the same symbol[465](index=465&type=chunk) Market Price Range in 2019 | Security | High Price | Low Price | | :--- | :--- | :--- | | ADSs on NYSE (U.S.$) | 29.60 | 4.25 | | Shares on BASE (Ps.) | 56.50 | 15.20 | - The Argentine securities market is primarily regulated by the National Securities Commission (CNV), with trading conducted on authorized markets like Bolsas y Mercados Argentinos (BYMA)[473](index=473&type=chunk)[476](index=476&type=chunk) [Additional Information](index=154&type=section&id=Item%2010.%20Additional%20Information) This section details the company's corporate structure, material regulations, and tax considerations, including by-laws, Argentina's reinstated exchange controls, and principal Argentine and U.S. federal income tax consequences for shareholders - The company's capital stock consists of Class A (**51%** controlling), Class B, and Class C shares, each with one vote, with Class A shares pledged to the Argentine Government and requiring ENRE approval for transfer[490](index=490&type=chunk) - Argentina reinstated foreign exchange controls in **September 2019**, obligating exporters to repatriate proceeds and restricting access to the foreign exchange market for purchasing foreign currency, paying dividends, and servicing foreign debt[516](index=516&type=chunk)[520](index=520&type=chunk) - Access to the foreign exchange market for dividend payments to non-resident shareholders is restricted, with transfers capped at **30%** of new capital contributions made since **January 17, 2020**[537](index=537&type=chunk) - For foreign beneficiaries, capital gains from publicly traded shares are generally exempt from Argentine income tax if not in a 'non-cooperating jurisdiction', while dividends from **2018** onwards are subject to a withholding tax (**7%** for **2018-2019** profits, **13%** thereafter)[550](index=550&type=chunk)[552](index=552&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=179&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is primarily exposed to foreign currency and interest rate risks, with a **10%** adverse exchange rate change potentially resulting in a **Ps. 801.6 million** loss, and **85%** of its debt at fixed rates - The company faces significant foreign currency risk due to Peso revenues and U.S. Dollar debt; a hypothetical **10%** adverse exchange rate change would result in an approximate **Ps. 801.6 million** loss as of **December 31, 2019**[595](index=595&type=chunk) - The company is exposed to interest rate risk on its floating-rate debt, with **85%** of loans at fixed rates as of **December 31, 2019**; a **1%** increase in floating rates would decrease profit by **Ps. 3.2 million**[595](index=595&type=chunk) [Description of American Depositary Shares](index=178&type=section&id=Item%2012.%20Description%20of%20Securities%20Other%20than%20Equity%20Securities) This section describes the terms of American Depositary Shares (ADSs), issued by The Bank of New York Mellon, detailing their representation of **20** Class B common shares, dividend procedures, voting rights, and associated fees - Each American Depositary Share (ADS) represents **20** Class B common shares and is issued by The Bank of New York Mellon as depositary[573](index=573&type=chunk) - ADS holders may instruct the depositary on how to vote their underlying shares, with the depositary potentially voting in favor of board proposals if no instructions are received[579](index=579&type=chunk) Fees Payable by ADS Holders | Fee | For | | :--- | :--- | | Up to $5.00 per 100 ADSs | Issuance or cancellation of ADSs | | Up to $0.02 per ADS | Any cash distribution | | Up to $0.02 per ADS per year | Depositary services | Part II [Defaults, Dividend Arrearages and Delinquencies](index=182&type=section&id=Item%2013.%20Defaults%2C%20Dividend%20Arrearages%20and%20Delinquencies) Following the **2001-2002** Argentine economic crisis, the company suspended debt payments in **2002** and **2005**, resolving the default through a **2006** exchange offer, with all restructuring notes now fully repaid - The company suspended principal payments on its financial debt on **September 15, 2002**, and interest payments on **September 26, 2005**, due to the Argentine economic crisis[602](index=602&type=chunk) - The default was cured on **April 24, 2006**, through a voluntary exchange offer where all outstanding debt was exchanged for new restructuring notes, which have since been fully repaid[602](index=602&type=chunk) [Material Modifications to the Rights of Security Holders and Use of Proceeds](index=182&type=section&id=Item%2014.%20Material%20Modifications%20to%20the%20Rights%20of%20Security%20Holders%20and%20Use%20of%20Proceeds) The company's **April 30, 2007**, IPO generated **U.S.$57.7 million** in net proceeds, used to repurchase outstanding debt and fund capital expenditures - The company received **U.S.$57.7 million** in net proceeds from its **April 2007** initial public offering[603](index=603&type=chunk) - The proceeds were used to repurchase outstanding debt and to fund capital expenditures[603](index=603&type=chunk) [Controls and Procedures](index=182&type=section&id=Item%2015.%20Controls%20and%20Procedures) As of **December 31, 2019**, management concluded that the company's disclosure controls and internal control over financial reporting were effective, a conclusion confirmed by the independent auditor - Management concluded that the company's disclosure controls and procedures were effective as of **December 31, 2019**[604](index=604&type=chunk) - Management assessed the company's internal control over financial reporting as effective as of **December 31, 2019**, based on the COSO **2013** framework, an assessment audited and confirmed by the independent public accounting firm[606](index=606&type=chunk) [Corporate Governance and Other Disclosures](index=183&type=section&id=Item%2016.%20Corporate%20Governance%20and%20Other%20Disclosures) This section covers corporate governance and disclosures, including the identification of an audit committee financial expert, the Code of Ethics, principal accountant fees of **Ps. 17.7 million** in **2019**, share repurchase activities, and differences from NYSE governance standards - The Board of Directors has determined that Gustavo Capatti qualifies as an 'audit committee financial expert'[607](index=607&type=chunk) - The company has adopted a Code of Ethics, last updated in **2019**, which applies to all employees[608](index=608&type=chunk) Principal Accountant Fees (in Pesos) | Service Category | 2019 | 2018 | | :--- | :--- | :--- | | Audit fees | 17,706,164 | 16,295,419 | | All other fees | - | - | | Total | 17,706,164 | 16,295,419 | - The company has a share repurchase program, with the Board authorizing a new plan in **April 2019** to invest up to **Ps. 800 million** in its shares[615](index=615&type=chunk) - Edenor's corporate governance practices differ from NYSE standards, as Argentine law does not require a majority of independent directors or separate nominating or compensation committees[618](index=618&type=chunk)[622](index=622&type=chunk) Part III [Financial Statements](index=192&type=section&id=Item%2018.%20Financial%20Statements) This section contains the company's audited financial statements for **2017-2019**, prepared under IFRS, with the auditor's report highlighting 'Substantial Doubt About the Company's Ability to Continue as a Going Concern' - This section includes the audited financial statements as of **December 31, 2019 and 2018**, and for the **three years** in the period ended **December 31, 2019**[630](index=630&type=chunk) - The independent auditor's report includes a paragraph expressing 'Substantial Doubt About the Company's Ability to Continue as a Going Concern' due to the company's current economic and financial situation[639](index=639&type=chunk) [Exhibits](index=192&type=section&id=Item%2019.%20Exhibits) This section lists documents filed as exhibits to the annual report, including by-laws, ADS deposit agreement, debt indentures, and Sarbanes-Oxley certifications - Exhibits filed with the report include corporate by-laws, the ADS deposit agreement, debt indentures, and Sarbanes-Oxley certifications[631](index=631&type=chunk)[632](index=632&type=chunk)

Financial Data and Key Metrics Changes - Revenue from sales increased by 10.2%, reaching ARS 18.1 billion compared to ARS 16.4 billion in the same quarter of 2018, despite the deferral in the August 2018 distribution cost update [8] - The company experienced a 51.0% decrease in losses, recording ARS 1.8 billion in the fourth quarter of 2019, down from ARS 3.6 billion in the same period of 2018 [21] - Net results showed an increase in losses to ARS 1,754 million in the quarter, compared to ARS 1,322 million in the same period of 2018 [24] Business Line Data and Key Metrics Changes - The volume of energy sales increased by 2%, reaching 4,745 gigawatt hours in the fourth quarter of 2019, compared to 4,600 gigawatt hours in the same period of 2018 [14] - Electric power purchases increased by 13.3%, reaching ARS 11.9 billion in the fourth quarter of 2019, compared to ARS 10.5 billion in the same period of 2018 [17] - The energy loss rate increased from 17.1% in 4Q18 to 19.4% in 4Q19, primarily due to increased incentives for fraud amid economic recession [19] Market Data and Key Metrics Changes - The residential demand increased mainly due to higher average temperatures in November and December, which were approximately 0.5 Celsius higher [15] - The customer base rose by 2.6%, mainly due to an increase in residential customers, attributed to market discipline actions and the installation of over 75,000 integrated energy meters [16] - The reference seasonal price for residential customers remains subsidized by the Federal Government, with subsidies reaching 50% of the system's actual generation cost in 4Q19 [18] Company Strategy and Development Direction - The company plans to focus on investments to improve service quality, as evidenced by the fulfillment of quality curves required by the regulatory entity [28] - Multidisciplinary teams were created to work on new solutions to energy losses, and market discipline actions were intensified to detect and normalize irregular connections [33] - The company aims to address the challenges of energy losses through analytical and artificial intelligence tools to enhance inspection effectiveness [33] Management's Comments on Operating Environment and Future Outlook - The management highlighted the volatile macroeconomic context and uncertainty regarding tariff updates as significant challenges [7] - The company expressed pride in the improvements achieved in service quality, as indicated by the SAIDI and SAIFI indicators, which showed significant improvements compared to the previous year [30][31] - Management acknowledged the ongoing challenges in normalizing service quality but emphasized the progress made during the year [31] Other Important Information - The company’s capital expenditures totaled ARS 2.6 billion in the fourth quarter of 2019, down from ARS 5.2 billion in the same quarter of the previous year [27] - The outstanding principle of the company's dollar-denominated financial debt is nearly $162 million, with a net amount of $111 million [36] Q&A Session Summary - No questions or answers were recorded during the Q&A session as the conference concluded without further inquiries [37]

Start Time: 10:00 January 1, 0000 10:28 AM ET Empresa Distribuidora y Comercializadora Norte S.A. (NYSE:EDN) Q3 2019 Earnings Conference Call November 11, 2019, 10:00 AM ET Company Participants Leandro Montero - CFO Conference Call Participants Frank McGann - Bank of America Merrill Lynch Operator Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to Edenor's Third Quarter 2019 Results Conference Call. We would like to inform you that this event is ...

Empresa Distribuidora y Comercializadora Norte Sociedad Anónima (NYSE:EDN) Q2 2019 Earnings Conference Call August 12, 2019 10:00 AM ET Company Participants Leandro Montero - CFO Conference Call Participants Operator Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to Edenor's Second Quarter 2019 Results Conference Call. We would like to inform you that this event is being recorded, and all participants will be in a listen-only mode during the pr ...

Empresa Distribuidora y Comercializadora Norte Sociedad Anónima (NYSE:EDN) Q1 2019 Earnings Conference Call May 13, 2019 10:00 AM ET Company Participants Leandro Montero - Chief Financial Officer Conference Call Participants Frank McGann - Bank of America Francisco Sersale - PointState Operator Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to Edenor's First Quarter 2019 Results Conference Call. We would like to inform you that this event is be ...

As filed with the Securities and Exchange Commission on April 30, 2019 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, 2018 Commission File Number: 001-33422 Empresa Distribuidora y Comercializadora Norte S.A. (Exact name of Registrant as specified in its charter) Distribution and Marketing Company of the North S.A. Argentine Republic (Translation of R ...

Empresa Distribuidora y Comercializadora Norte SA (NYSE:EDN) Q4 2018 Earnings Conference Call March 11, 2019 10:00 AM ET Company Participants Leandro Montero - CFO Conference Call Participants Frank McGann - Bank of America Merrill Lynch Operator Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to Edenor's Fourth Quarter 2018 Results Conference Call. We would like to inform you that this event is being recorded. [Operator Instructions]. Before pr ...