Edenor(EDN)2022-03-10 15:41Financial Data and Key Metrics Changes - Revenues from sales decreased by 11% in real terms compared to Q4 2020, reaching ARS 24,480 million in Q4 2021 from ARS 27,557 million in Q4 2020 [6][14] - Gross margin fell by 13% year-over-year, amounting to ARS 1,065 million in Q4 2021 [14] - EBITDA increased by 94% in Q4 2021 and 126% for the full year compared to the previous year, although adjusted EBITDA saw a 20% decline annually [15] - Financial losses increased by 71%, reaching ARS 8,292 million in Q4 2021 compared to ARS 4,850 million in Q4 2020 [18] - Net results showed accumulated losses of ARS 6,650 million in Q4 2021, a decrease of ARS 16,980 million compared to the same period last year [19] Business Line Data and Key Metrics Changes - The volume of energy sales increased by 10% in Q4 2021, totaling 5,241 GWh compared to 4,752 GWh in Q4 2020, and an 8% increase for the full year [16] - The customer base grew by 2% year-over-year, reaching over 3.2 million customers, driven by an increase in residential and small commercial accounts [17] Market Data and Key Metrics Changes - Investment reached ARS 16,246 million for the year, showing no material change from the previous year, with a slight decrease of 3% in real terms [7][20] - Energy losses decreased by 17% in Q4 2021, with associated costs stable and a 45% decrease in real terms [25] Company Strategy and Development Direction - The company is committed to providing socially responsible electricity services and leading the energy transition to improve quality of life and community development [5] - The investment plan executed in recent years has led to continuous improvements in service quality, exceeding regulatory requirements [22] Management Comments on Operating Environment and Future Outlook - Management indicated ongoing negotiations with regulatory entities for potential increases in the value-added distribution (VAD) tariffs [30] - The company is focused on enhancing service quality and reducing outages, as evidenced by improvements in SAIDI and SAIFI indicators [24] Other Important Information - The ENRE approved new tariff values effective March 1, 2022, including an 8% increase in VAD and a 34% increase in reference prices for residential categories [11][12] - The company is actively working on reducing energy losses through inspections and the installation of integrated energy meters [26][27] Q&A Session Summary Question: Will there be any further increases in VAD for the remaining year? - Management confirmed that they are in the process of negotiating with the regulatory entity to find a solution for another increase in VAD [30]