Empresa Distribuidora y Comercializadora Norte SA (EDN) 2024 Q2 法說會逐字稿

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Good morning. On behalf of Edenor, we would like to thank everybody for participating in this conference call to discuss the Result of Second Quarter ending June 30, 2024. We will also highlight important recent developments and advances in our efforts to strengthen our position as an energy leader.

早安.我們謹代表 Edenor 感謝大家參加本次電話會議，討論截至 2024 年 6 月 30 日的第二季業績。我們還將重點介紹我們在鞏固能源領導者地位方面的最新進展和進展。

If you would like to receive our earnings release or presentation, you can download them easily from the Investor Relations section of our website located at www.edenor.com, or contact our Investor Relations team to request the document.

如果您想收到我們的收益發布或簡報，您可以從我們網站 www.edenor.com 的投資者關係部分輕鬆下載，或聯絡我們的投資者關係團隊索取該文件。

This event is being recorded. After the company's remarks are completed there will be a question-and-answer session, for which you may submit questions through the webcast chat.

該事件正在被記錄。公司發言結束後將進行問答環節，您可以透過網路直播的方式提出問題。

Before proceeding, let me mention that forward-looking statements are based on the belief and assumption of Edenor's management and on information currently available to the company. They involve risks, uncertainties and assumptions because they relate to future events, and therefore, depend on circumstances that may or may not occur in the future.

在繼續之前，請允許我提一下，前瞻性陳述基於 Edenor 管理層的信念和假設以及公司目前可獲得的資訊。它們涉及風險、不確定性和假設，因為它們與未來事件有關，因此取決於未來可能發生或不發生的情況。

Investors should understand that general economic conditions, industry conditions and other operational factors could also affect the future results of Edenor and could cause results to differ materially from those expressed in such forward-looking statements.

投資者應了解，總體經濟狀況、行業狀況和其他營運因素也可能影響 Edenor 的未來業績，並可能導致結果與此類前瞻性聲明中表達的結果有重大差異。

Now, let me pass the call to German Ranftl, our CFO, who will guide us through the presentation.

現在，讓我把電話轉給我們的財務長 German Ranftl，他將指導我們完成演示。

Thank you, Solange. Good morning and welcome to everybody. Your presence here is very important to us and we hope to provide you with a good understanding of Edenor performance during the second quarter of 2024.

謝謝你，索蘭熱。早上好，歡迎大家。您的到來對我們非常重要，我們希望讓您更了解 Edenor 在 2024 年第二季的表現。

Before beginning our review of our quarter with you, we would like to announce the appointment of Mr. Daniel Marx as Chairman and CEO of the company. The Board of Directors of the company in its meeting held yesterday accepted the resignation of Mr. Neil Bleasdale for personal matters as a Chairman and Board of Directors and CEO of the company keeping his position as regular Director.

在開始與您一起回顧本季之前，我們謹宣布任命 Daniel Marx 先生為公司董事長兼執行長。昨天召開的公司董事會會議接受了 Neil Bleasdale 先生因個人事務辭去公司董事長、董事會兼執行長職務，保留其常規董事職務。

After this, the Board appointed Mr. Daniel Marx as a Chairman, member of the Executive Committee and CEO of Edenor. He has a long and distinguished record at the highest level in the public and private sector business. The change will be effective as of August 31, 2024.

此後，董事會任命 Daniel Marx 先生為 Edenor 董事長、執行委員會成員兼執行長。他在公共和私營部門業務的最高層擁有長期而傑出的記錄。該變更將於 2024 年 8 月 31 日生效。

Before highlights business strategy. Before moving to the discussion of our financial performance during the second quarter of 2024, I would like to take a few minutes to reemphasize our business strategy. We are highly focused on continuing to develop a sustainable business and to be positioned as a leader in the region through technology and innovation.

之前強調了經營策略。在開始討論 2024 年第二季的財務表現之前，我想花幾分鐘時間再次強調我們的業務策略。我們高度專注於繼續發展永續業務，並透過技術和創新成為該地區的領導者。

Our business performance has seen a major improvement in the starting of the implementation of normalization of the tariffs from February 16 of this year. This restored the financial equilibrium of the company and needs to maintain in the long-term through a five-year tariff review.

自今年2月16日實施關稅正常化以來，我們的經營績效有了較大改善。這恢復了公司的財務平衡，需要透過五年的關稅審查來長期維持。

The completion of the five-year full tariff review, which will be defined tariff for 2025 to 2029 will be completed by year-end. This should further enhance our financial performance and increase our opportunities for growth over the long-term.

五年全面關稅審查將於年底完成，其中確定了2025年至2029年的關稅。這將進一步提高我們的財務表現並增加我們的長期成長機會。

This will continue adapting our distribution business to meet and benefit from the changes of the energy transition and to broader our scope of business opportunity, which would include investments in renewals, conventional generation, non-regulatory business, and critical minerals.

這將繼續調整我們的分銷業務，以滿足能源轉型的變化並從中受益，並擴大我們的商業機會範圍，其中包括對更新、傳統發電、非監管業務和關鍵礦產的投資。

I would like also to highlight some important recent developments. Our results for the second quarter on the first six months have been benefited substantially from the tariff increase implemented in mid-February of this year with an EBITDA pricing to ARS77.4 billion in the second quarter of 2024 versus of last year of ARS27.6 billion.

我還想強調最近的一些重要進展。我們第二季前六個月的業績大幅受益於今年 2 月中旬實施的關稅上調，2024 年第二季的 EBITDA 定價為 774 億ARS，而去年為 27.6ARS十億。

The five-year tariff review process has actively been moving forward and looks to set to be completed in line with the original schedule by the end of this year. A public hearing is scheduled for October 1.

五年關稅審查進程正在積極推進，預計今年底前按照原定時間表完成。公開聽證會定於 10 月 1 日舉行。

This week we issued $100 million equivalent in Class 5 and Class 6 notes at a very attractive rates, full year bullet at 9.5% coupon or Class 5 and notes. This followed the issuance of $124 million equivalent in Class 3 and Class 4 notes during the first quarter. Together this has to essentially improve our debt profile.

本週，我們以極具吸引力的利率發行了 1 億美元等值的 5 級和 6 級票據，全年票面利率為 9.5%，或 5 級和票據。在此之前，第一季發行了 1.24 億美元等值的 3 級和 4 級票據。總之，這必須從根本上改善我們的債務狀況。

Standard & Poor's, FixSCr and Moodys Argentina have rated the national scale credit rating -- ratified sorry, the National Scale Credit Ratings. The national government continues to move forward on the regulatory for which a clear objective to normalize the deregulation of the energy sector.

標準普爾、FixSCr 和穆迪阿根廷已對國家級信用評級進行了評級——抱歉，已批准國家級信用評級。國家政府繼續推動監管，其明確目標是使能源產業放鬆管制正常化。

This has led to a series of moves since the beginning of this year. A major 319.2% transition tariff increase became effective on February 16, 2024. This led to a major improvement in EBITDA which was ARS77.4 billion in the second quarter of 2024 versus the prior for both the second quarter and the year-to-date periods.

這導致了今年年初以來的一系列舉措。過渡關稅大幅調高 319.2% 於 2024 年 2 月 16 日生效。這導致 2024 年第二季 EBITDA 大幅改善，與先前第二季和年初至今相比，達到 774 億阿根廷比索。

Monthly adjustment to be value-added distribution started in August, in line with estimated future inflation 3% on VAD. The adjustment for the months of -- from May through July will be included in the new tariff as part of the five-year tariff review process.

加值分配的月調整從 8 月開始，與 VAD 預計未來通膨 3% 一致。5月至7月的調整將包含在新關稅中，作為五年關稅審查過程的一部分。

This estimation is approximately 25.86% of additional increases that we will receive. The government continues to implement gradually a reduction in energy subsidies. We continue to work together with our advisers and the regulatory to continue to make progress on the five-year full target review.

這項估計大約占我們將收到的額外增幅的 25.86%。政府繼續逐步削減能源補貼。我們將繼續與顧問和監管機構合作，並繼續在五年全面目標審查方面取得進展。

As mentioned, this is on schedule and expected to be completed by year-end 2024. The company has been paying its energy purchase cost to CAMMESA on schedule since April. It has also been paying on scheduled, the reschedule payments from past due debt with CAMMESA. Additionally, it's negotiating a payment plan for some additional debt that is remaining with CAMMESA.

如前所述，該項目正在按計劃進行，預計將於 2024 年底完成。自4月份以來，該公司一直按時向CAMMESA支付能源採購費用。它還一直按計劃支付 CAMMESA 逾期債務的重新安排付款。此外，它正在就 CAMMESA 剩餘的一些額外債務的付款計劃進行談判。

Finally, it is worth noting that the Argentine Congress recently approved a major law knowing as Ley Bases which is expected to provide major investment opportunities, amongst its provision is a new program called RIGI in Spanish which provides incentives for major new investors or new investments. This is expected to encourage both foreign and domestic investments in Argentina. It is especially applicable to invest in the energy and infrastructure sectors.

最後，值得注意的是，阿根廷國會最近批准了一項名為Ley Bases 的重大法律，預計將提供重大投資機會，其中一項名為RIGI 的新計劃（西班牙語）為主要新投資者或新投資提供激勵。預計這將鼓勵國內外對阿根廷的投資。特別適用於能源和基礎設施領域的投資。

Now let us look on the financial results which show significant improvements during the quarter. As you can see in slide 10 sales rose 28% year-to-year in the second quarter of 2024 in constant currency pesos to ARS436, ARS721 million in the second quarter of 2024. This was mainly due to the impact of the tariff adjustment plus an increase in consumption by residential customers of 1.9% which was partially offset by a reduced demand.

現在讓我們看看本季顯示出顯著改善的財務表現。正如您在投影片 10 中看到的那樣，以固定匯率比索計算，2024 年第二季銷售額年增 28%，達到 436 裡亞爾，2024 年第二季銷售額為 7.21 億ARS。這主要是由於電價調整的影響以及居民消費者消費成長1.9%，但部分被需求減少所抵銷。

Energy sales evolution, Edenor customer base reaches 3.3 million customers 1% more versus the second quarter of 2023, due mainly to an increase in residential customers. This increase reflected [indiscernible] disciplined measures and the installation of 300 -- sorry 3,890 smart meters in the second quarter of 2024 to convert clandestine connections into formal participants in the electricity system.

能源銷售演變，Edenor 客戶群達到 330 萬客戶，較 2023 年第二季增加 1%，主要是由於住宅客戶的增加。這一增長反映了[音頻不清晰]的紀律措施以及在 2024 年第二季度安裝了 300 個（對不起，3,890 個）智能電錶，以將秘密連接轉變為電力系統的正式參與者。

Distribution Margin, the distribution margin for the six months increased significantly to ARS354 million up 76% versus the first half of last year. The rise was largely driven by the major improvement in the second quarter of 2024 up 94% versus the second quarter of 2023 to ARS201.3 billion.

分配利潤方面，前六個月的分配利潤大幅成長至 3.54 億澳元，較去年上半年成長 76%。這一成長主要是由於 2024 年第二季的重大改善，較 2023 年第二季成長 94%，達到 2,013 億阿根廷比索。

The positive effect from the tariff adjustment implemented from mid of February 2024 which more than offset the negative effect of the lower volumes and higher end cost due to the subsidies reduction.

自 2024 年 2 月中旬起實施的關稅調整的正面影響遠遠抵消了補貼減少導致的銷售下降和最終成本上升的負面影響。

EBITDA, second quarter EBITDA was a positive result of ARS77.4 billion, a sharp stream from the last year loss of ARS27.3 billion. The main factors driven the improvement were the following: positive impacts, higher revenues that resulted from the tariff adjustment element in February and further reductions in energy losses from 15.3% in the second quarter of 2023 versus 14.9% in the second quarter of 2024.

EBITDA，第二季 EBITDA 為 774 億阿根廷披索，較去年虧損 273 億阿根廷比大幅成長。推動這項改善的主要因素如下：正面影響、2 月份關稅調整因素帶來的收入增加以及能源損失從 2023 年第二季的 15.3% 進一步減少，而 2024 年第二季為 14.9%。

Net financial expenses. Financial expenses on slide 14 of ARS132.5 billion in the second quarter of 2024 was up 2% versus the second quarter of 2023, mainly due to the CAMMESA debt considering interest and the impact of the devaluation of (technical difficulty)

淨財務費用。2024 年第二季第 14 頁的財務費用為 1,325 億澳元，較 2023 年第二季增加 2%，主要是由於 CAMMESA 債務考慮利息以及人民幣貶值的影響（技術難度）

Net results or the net income Edenor reports a net profit of ARS47.3 billion for the second quarter versus last year loss in the second quarter of ARS17.9 billion. The improvement was due to the better operating results. The sharp rise in the net income of course despite a lower positive effect of Reconversus the second quarter of 2023.

淨結果或淨利潤 Edenor 報告第二季度淨利潤為 473 億ARS，而去年第二季度虧損為 179 億ARS。此改善是由於更好的經營業績。儘管 2023 年第二季 Reconversus 的正面影響較低，但淨利仍大幅成長。

CapEx. For the second quarter we invested ARS76.9 billion, up 23% versus the last year second quarter, which accumulated CapEx of ARS134.7 billion for the first half of this year. Our investment program remains strong and reflecting our unwavering commitment to improve service quality, which is evident in the strong improvement that has been achieved in our service indicators. Our investment program spending allocation is made to fulfill our commitment to meet rising demand further improve service quality and reduce non-technical losses.

資本支出。第二季我們投資了 769 億澳元，比去年第二季成長 23%，今年上半年累計資本支出為 1,347 億澳元。我們的投資計劃仍然強勁，反映了我們對提高服務品質的堅定承諾，這從我們的服務指標取得的強勁改善中可見一斑。我們的投資計劃支出分配是為了履行我們的承諾，滿足不斷增長的需求，進一步提高服務品質並減少非技術損失。

Now looking at our operating indicators energy losses. We achieved an important reduction in energy losses reaching 14.1%, down from 15.3% year-to-year. This underscores our continuing efforts to find solutions to this challenge.

現在來看看我們的營運指標能源損失。我們的能源損失大幅減少，從去年同期的 15.3% 下降到 14.1%。這凸顯了我們為尋找應對這項挑戰的解決方案所做的持續努力。

Our multidisciplinary teams are consistently focused in finding innovation ways to compete energy losses. These efforts are complemented by our market discipline initiatives that are aimed to curbing inefficiencies and irregularities, also analytical tools powered by artificial intelligence mounted inspection efficiency and our market discipline actions continue to detect and rectify irregular connections.

我們的多學科團隊始終致力於尋找創新方法來應對能源損失。這些努力得到了我們旨在遏制效率低下和違規行為的市場紀律舉措的補充，還有人工智慧支援的分析工具，提高了檢查效率，並且我們的市場紀律行動繼續發現和糾正不正常的連接。

It is important to remember that the 14.9% total loss 9.7% are technical losses which are recognized by regulatory entity in our target.

重要的是要記住，14.9% 的總損失和 9.7% 是我們目標中監管實體認可的技術損失。

Quality of service, as mentioned earlier, our investment plan is continuing to provide improvement in service quality by reducing the duration and frequency of the outages, which have been on and down lower past since 2014. These levels are and have been comfortable exceeding the levels required by the regulatory entity.

服務質量，如前所述，我們的投資計劃是透過減少中斷的持續時間和頻率來繼續提高服務質量，自 2014 年以來，中斷的持續時間和頻率一直在下降。這些水準已經並且已經超過了監管實體所要求的水準。

At the end of the second quarter of 2024, the SAIDI and SAIFI indicators show 8.7 hours duration of outages and 3.6 average outages per client respectively in the period both close to record levels. This recovery in service is mainly due to the strong investment that the company has made over the last decade. The investments have been focusing on implementing improvements in operational process and the adoption of technology applied to the operations and management of the network

截至 2024 年第二季末，SAIDI 和 SAIFI 指標顯示，該期間的中斷持續時間分別為 8.7 小時，每個客戶端的平均中斷次數為 3.6 次，均接近歷史最高水準。服務的復甦主要歸功於該公司過去十年的大力投資。這些投資的重點是實施營運流程的改進以及採用應用於網路營運和管理的技術

Financial debt. This week as I told you before, we issued $100 million in Class 5 and Class 6 notes at a very attractive rates. This follows the issuance of $124 million in Class 3 and 4 during the first quarter of this year. Together, this has substantially improved our debt profile. Pro forma total debt is now $300.5 million. Total net debt is $42 million.

金融債務。正如我之前告訴過你的，本週我們以非常有吸引力的利率發行了 1 億美元的 5 級和 6 級票據。此前，今年第一季 3 類和 4 類債券發行了 1.24 億美元。總之，這大大改善了我們的債務狀況。目前預計總債務為 3.005 億美元。淨債務總額為 4,200 萬美元。

With the improvement in our risk profile due to important changes on the regulatory front the three rating agencies that cover us Standard & Poor's, Fix and Moody's, each made positive moves one notch related to our debt earlier this year. Standard & Poor's and Fix raises their ratings and Moody's improved their outlook.

由於監管方面的重大變化，我們的風險狀況有所改善，包括我們在內的三大評級機構標準普爾、Fix 和穆迪今年早些時候都對我們的債務採取了積極的舉措。標準普爾和Fix提高了評級，穆迪提高了前景。

We view these changes as a very positive signal. Most recently Standard & Poor, Fix and Moody's have ratified the national scale credit rating.

我們認為這些變化是一個非常積極的信號。最近，標準普爾、Fix 和穆迪批准了國家級信用評級。

Maturity schedule. In this slide, you can see the maturity schedule of our debt as of June and our pro forma for the recent transaction in which we issued $100 million in Class 5 and Class 6.

到期時間表。在這張投影片中，您可以看到我們截至 6 月的債務到期時間表，以及我們最近發行 1 億美元 5 級和 6 級債券的交易的預估數據。

Closing remarks. To close, I would like to reiterate several key points showing in slide 15 that are the following. We remain focused on future transformation, growth opportunities. The changes to our corporate purpose in our By-laws will allow us to open the spectrum of growth opportunities to other segments like energy generation, critical minerals, adapting our distribution business to the changes of the energy transition.

結束語。最後，我想重申投影片 15 中顯示的以下幾個要點。我們仍然關注未來的轉型和成長機會。我們章程中企業宗旨的變化將使我們能夠向能源生產、關鍵礦物等其他領域開放一系列成長機會，使我們的分銷業務適應能源轉型的變化。

We are an industrial leader in Argentina. We are leading 20% market share in electricity distribution business. The five-year tariff review process should continue to result in material improvements in EBITDA and net income as well as to keep making investments to further improve the quality service to our clients, continue to transform the grid into a smart with technology and innovation.

我們是阿根廷的工業領導者。我們在配電業務方面領先 20% 的市佔率。五年的電價審查過程應繼續帶來 EBITDA 和淨利潤的實質改善，並繼續進行投資，進一步提高對客戶的服務質量，繼續透過技術和創新將電網轉變為智慧電網。

These improvements have restored partially the economic equilibrium of Edenor. The company is in the right track and is working accordingly with the regulatory entity to finalize the tariff increase for the last five years in order to have a stable and predictable plan for the coming future.

這些改進部分恢復了艾登諾的經濟平衡。該公司正處於正確的軌道上，並正在與監管機構進行相應的合作，以最終確定過去五年的關稅上漲，以便為未來制定一個穩定且可預測的計劃。

With this, now we would like to open the call for your questions. To ask questions, please send in writing message through the IR Edenor or through a Q&A menu. Identify yourself and stating that you have a question. We thank you again for the support and your engagement as shareholder and bondholder.

至此，我們現在開始電話詢問您的問題。如需提問，請透過 IR Edenor 或透過問答選單發送書面訊息。表明你自己的身份並陳述你有一個問題。我們再次感謝您作為股東和債券持有人的支持和參與。

That is in front -- sorry, the usual proceeds of the $100 million debt that we have right issue is infrastructure. We will continue in the process of continuing improving the business plan of the company.

這是前面的——抱歉，我們正確發行的 1 億美元債務的通常收益是基礎設施。我們將繼續不斷完善公司的業務計劃。

(technical difficulty)

（技術難度）

The second quarter figures give us an indication of the future earnings potential. We are a good standpoint and it would not commit to analyze that number. Certainly for 2024, the full EBITDA will be somewhat less because of the weaker quarter of the year. The rating agencies estimate can be considered that are in accordance with our numbers for this 2024. So I would suggest you to look into the reports of the rating agencies on that.

第二季的數據讓我們了解了未來的獲利潛力。我們是一個很好的立場，它不會承諾分析這個數字。當然，到 2024 年，由於該季度的疲軟，全部 EBITDA 將會減少。評級機構的估計可以認為與我們 2024 年的數字一致。所以我建議你看看評級機構的報告。

The numbers I will add that the numbers are S&P as an estimation between ARS475 million to ARS325 million nation EBITDA and (technical difficulty) as an estimation of $252 million (technical difficulty)

我要補充的數字是標準普爾估計的 4.75 億至 3.25 億澳元之間的國家 EBITDA（技術難度）和 2.52 億美元（技術難度）的估計

Yes, I would say, yes, it's going to be a process that needs to be still regulated and could in a way normalized with the regulatory entity because today we don't have regulations on that respect. But I would say that's going to be part of the process of the industry market will go for. I wouldn't think that's going to be the goal for the future.

是的，我想說，是的，這將是一個仍然需要監管的過程，並且可以透過監管實體以某種方式實現正常化，因為今天我們在這方面沒有監管。但我想說，這將是產業市場發展過程的一部分。我不認為這會成為未來的目標。

(technical difficulty)

（技術難度）

Not for the moment. We just have created the new company that's going to be a subsidiary of Edenor and it's called Edenor Bay, but we will start analyzing different projects and different alternatives for the future.

暫時不行。我們剛剛創建了一家新公司，它將成為 Edenor 的子公司，名為 Edenor Bay，但我們將開始分析未來的不同項目和不同替代方案。

We have other question. We just have an increase in DA will be in bottom, by how much?

我們還有其他問題。我們剛剛增加的 DA 將會在底部，增加多少？

Yes, we did have an increase and the increase as of August 1 and it's a 3% over the value-added distribution amount.

是的，我們確實有增加，而且從8月1日起增加了，比增值分配金額增加了3%。

Okay. Thank you very much for your participation and your questions on our quarterly conference call. Please do not hesitate to contact us our Investor Relations department for any further inquiries you may have. And good morning to all of you and have a nice day.

好的。非常感謝您參與我們的季度電話會議並提出問題。如果您有任何疑問，請隨時聯絡我們的投資者關係部門。祝大家早安，有美好的一天。