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Andes Energia plc - Final Results year ended 31 Dec 2009
27-05-2010
Andes Energia plc
(“Andes” or the “Company”)
Final results for the year ended 31 December 2009
HIGHLIGHTS
Andes Energia plc (“Andes” or the “Company” and with its subsidiaries the “Group”), the Latin American energy group, with electricity distribution, hydro-electric power and oil and gas interests in Argentina and certain other exploration interests outside Argentina, is pleased to announce its results for the year ended 31 December 2009.
Financial
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Year ended 31 December
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2009
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2008
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Change
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US$’m
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US$’m
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Revenue
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139
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138
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1%
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EBITDA
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19
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10
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90%
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Profit/(loss)before tax
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4
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(13)
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N/A
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Loss for the year attributable to equity holders
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(1)
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(10)
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N/A
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Operational
- Increase in EDEMSA’s EBITDA for the year ended 31 December 2009 to AR$68 million (US$18 million) from AR$52.5 million in the previous year.
- Increase in electricity tariffs charged by EDEMSA by on average 12% on 1 August 2009 and 12% on 1 December 2009.
- Full impact in HASA of improved tariff regulatory regime.
- Successfully renegotiated terms of corporate debt with extended maturity dates.
- Established Level 1 American Depositary Receipt program.
- Successfully renegotiated terms of Chubut oil and gas licences.
- Continuation of geophysical studies, seismic acquisition and seismic reprocessing.
- Comisión Nacional de Valores and Buenos Aires Stock Exchange approval for listing Andes’s shares
For further information please contact:
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Andes Energia plc
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Luis Alvarez Poli, CEO
Nigel Duxbury, FD
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T: +442074955326
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Arbuthnot Securities
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Antonio Bossi
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T: +442070122000
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Bishopsgate Communications
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Nick Rome
Michael Kinirons
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T: +442075623350
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