EDENOR financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data EDENOR files with the SEC in its annual reports.

In ARS millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Revenue	3,802	25,827	60,897	117,120	184,739	268,389	688,502	1,395,852	1,526,735	2,043,127
Gross profit	-1,373	573	14,663	27,557	34,415	39,738	88,494	50,824	60,376	394,596
General and administrative	706	2,288	3,851	6,012	7,881	15,730	45,170	134,272	164,813	172,719
Operating income	2,242	-2,789	3,645	9,479	9,756	-58,533	-26,666	-211,907	-260,851	42,073
Interest expense	-450	2,589	3,952	10,416	-13,889	27,263	163,544	595,224	695,612	340,412
Interest income	96.2	385	698	176	118	162	395	442	800	1,224
Pre-tax income	1,326	388	8,597	12,925	46,847	-62,489	-34,635	-17,879	396,720	193,278
Income tax	184	147	784	3,930	21,924	-10,472	94,840	26,135	205,333	-78,850
Income from continuing operations	-3,335	-6,007	2,371	3,941
Net income	1,140	250	7,836	8,987	24,913	-51,793	-128,687	-46,897	189,338	274,401
EBITDA				14,841	19,255	-39,420	28,541	-88,530	-80,643	196,632
EPS, basic	16.03	0.46	9.59	8.18	15.28	-48.10	-119.72	-50.30	218.73	311.00
EPS, diluted	16.03	0.46	9.59	8.18	15.28	-16.37	-119.72	-50.30	218.73	311.00

Balance sheet

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Cash and equivalents	129	259	-375	42.5	558	6,582	6,179	11,054	19,877	23,918
Receivables		3,901	8,385	11,668	16,961	21,352	34,212	189,818	145,024	362,367
Inventory		288	650	1,937	2,623	2,823	6,702	43,657	86,704	149,772
Total current assets		6,622	13,748	21,076	24,334	35,167	81,818	565,972	505,678	966,264
Property, plant and equipment	8,886	50,895	119,440	130,774	208,061	367,141	1,185,172	2,685,037	2,772,111	3,002,617
Lease right-of-use assets				0	357	670	2,578	4,795	7,708	10,451
Total assets		18,934	70,882	118,388	162,633	224,510	463,268	3,255,963	3,285,627	3,979,577
Accounts payable		6,821	13,578	22,464	17,288	33,019	148,391	1,219,334	524,700	758,773
Short-term debt		53.7	105	1,657	2,259	216	19,989	1,248	110,326	112,530
Total current liabilities		9,563	18,518	32,256	33,463	63,624	189,955	1,347,794	774,640	1,089,782
Total liabilities		18,572	43,088	70,767	82,113	129,608	319,718	2,212,788	2,053,023	2,472,512
Total debt	6,224	5,202	9,679	17,311	20,246	76,922	135,547	99,825	206,892	467,475
Retained earnings		-1,189	8,979	20,323	16,518	-26,704	-41,577	-209,427	-18,040	254,088
Total equity	22,402	34,882	58,179	97,809	236,655	575,682	1,090,011	1,043,175	1,232,604	1,507,065
Total liabilities and equity		18,934	70,882	118,388	162,633	224,510	463,268	3,255,963	3,285,627	3,979,577

Cash flow statement

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Net income	1,142	241	7,812	-8,995	24,923	-52,017	-129,475	-44,014	191,387	272,128
Depreciation and amortization				5,362	9,499	19,113	55,207	123,377	180,208	154,559
Cash from operations	3,002	4,975	11,173	20,137	20,866	50,936	129,504	240,241	155,642	245,917
Capital expenditures	-2,096	-4,232	-12,143	-17,309	-19,245	-28,942	-89,331	-215,144	-260,838	-359,966
Cash from investing	-3,103	-4,072	-13,084	-17,432	-4,533	-36,596	-154,958	-253,355	-172,168	-567,245
Debt issued	0	0	1,977	0	0
Debt repaid	0	-421	0	0	-3,273	-2,204		-41,218	-2,247	-22,464
Cash from financing	42	-947	1,334	-4,389	-10,418	-18,082	-8,723	-32,294	15,979	265,176
Exchange rate effect	9.08	-8.97	-0.1	327	597	-364
Net change in cash	-59.2	-44.4	-577	-1,684	5,915	-3,742	-10,975	-6,696
Free cash flow	907	743	-970	2,828	1,621	21,994	40,173	25,097	-105,196	-114,049

Key metrics

Worked out from the statements above. Latest values use fiscal 2024. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	19.3%	Gross profit / revenue.
Operating margin	2.1%	Operating income / revenue.
EBITDA margin	9.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.5%	Pre-tax income / revenue.
Net margin	13.4%	Net income / revenue.
FCF margin	-5.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.0%	Cash from operations / revenue.
Effective tax rate	-40.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	7.6%	Net income / average total assets.
Capex / revenue	17.6%	Capital expenditures / revenue.
D&A / revenue	7.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	33.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	43.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	61.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	553.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	64.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	62.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 5y	34.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 3y	90.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	59.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	44.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	61.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	42.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	82.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	58.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	23.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	63.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	21.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	104.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	89.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.89x	Current assets / current liabilities.
Quick ratio	0.35x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.02x	(Cash + short-term investments) / current liabilities.
Debt / assets	11.7%	Total debt / total assets.
Liabilities / assets	62.1%	Total liabilities / total assets.
Net debt	ARS 443.56B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.26x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.12x	Operating income / interest expense.
Working capital	-ARS 123.52B	Current assets - current liabilities.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.56x	Revenue / average total assets.
Fixed asset turnover	0.71x	Revenue / average property, plant and equipment.
Receivables turnover	8.05x	Revenue / average receivables.
Days sales outstanding	45 days	365 x average receivables / revenue.
FCF conversion	-41.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	146.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	ARS 311.00	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	ARS 311.00	Net income per basic share, as reported (split-adjusted).

What was EDENOR's revenue in fiscal 2024?

EDENOR reported revenue of ARS 2.04T for fiscal 2024, 33.8% higher than the year before.

Was EDENOR profitable in fiscal 2024?

Yes. Net income was ARS 274.40B, a net margin of 13.4%.

How much free cash flow did EDENOR generate in fiscal 2024?

Cash from operations of ARS 245.92B minus capital expenditures of ARS 359.97B left free cash flow of -ARS 114.05B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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