MetroGAS Results for the six-month period ended June
30, 2002 and 2001, prepared in accordance with Argentine GAAP
(expressed in constant Argentine thousands of pesos as
of June 30, 2002)
|
|
Six-month periods
ended June 30, |
||
|
Income Statement
Data |
2002 |
2001 |
% Change |
|
Net Sales |
350,106 |
608,966 |
(42.5) |
|
Gas
Supply |
(90,795) |
(177,599) |
(48.9) |
|
Gas
Transportation |
(137,978) |
(211,870) |
(34.9) |
|
Other
Operating Costs |
(44,797) |
(55,461) |
(19.2) |
|
Gross Profit |
76,536 |
164,036 |
(53.3) |
|
Administrative
Expenses |
(38,708) |
(46,694) |
(17.1) |
|
Selling
Expenses |
(35,199) |
(29,571) |
19.0 |
|
Operating Income |
2,629 |
87,771 |
(97.0) |
|
Financial
and Holding Results From Assets |
|
|
|
|
Results of exposure to inflation |
(162,829) |
-- |
100.0 |
|
Holding losses |
(15,517) |
-- |
100.0 |
|
Other financial results |
5,968 |
5,337 |
11.8 |
|
Financial
and Holding Results From Liabilities |
|
|
|
|
Results of exposure to inflation |
75,487 |
-- |
100.0 |
|
Holding gains |
31,598 |
-- |
100.0 |
|
Other financial results (a) |
(763,063) |
(29,624) |
2,475.8 |
|
Other
Income/(Expenses) |
337 |
(322) |
(204.7) |
|
(Loss) Income before taxes |
(825,390) |
63,162 |
(1,406.8) |
|
Income
tax |
182,572 |
(22,923) |
(896.5) |
|
Net
Income |
(642,818) |
40,239 |
(1,697.5) |
|
(Losses)
Earnings per Share |
(1.13) |
0.07 |
|
|
(Losses)
Earnings per ADS |
(11.29) |
0.71 |
|
|
(a)
Includes basically interests and exchange losses. |
|||
|
|
|
|
|
|
Balance
Sheet |
2002 |
2001 |
|
|
Cash
and Banks |
6,402 |
12,302 |
|
|
Current
Assets |
212,178 |
392,808 |
|
|
Fixed
Assets |
1,722,591 |
1,756,115 |
|
|
Other
Non-Current Assets |
194,837 |
73,417 |
|
|
Total
Assets |
2,136,008 |
2,234,642 |
|
|
Short
Term Debt |
1,056,827 |
176,044 |
|
|
Other
Current Liabilities |
92,555 |
248,975 |
|
|
Long-Term
Debt |
494,000 |
604,495 |
|
|
Other
Non-Current Liabilities |
-- |
29,534 |
|
|
Total
Liabilities |
1,643,382 |
1,059,048 |
|
|
Shareholders´Equity |
492,626 |
1,175,594 |
|
|
Total
Liabilities and Shareholders´Equity |
2,136,008 |
2,234,642 |
|
|
|
|
|
|
|
Selected
Data |
2002 |
2001 |
|
|
EBITDA |
38,108 |
125,750 |
|
|
Nominal
Interest Expense |
61,043 |
30,964 |
|
|
Capital
Expenditures |
11,056 |
66,722 |
|
|
Amortization and Depreciation |
35,142 |
38,301 |
|
MetroGAS
Statements of Cash Flow for the six-month period ended June 30, 2002 and
2001, prepared in accordance with Argentine GAAP (expressed in constant
Argentine thousands of pesos as of June 30, 2002 )
|
|
Six-month periods
ended June 30, |
|
|
|
2002 |
2001 |
|
Cash from operating activities |
|
|
|
Net (Loss) Income for the period |
(642,818) |
40,239 |
|
Adjustments
to reconcile net (loss) income to net cash provided by (used in) operating
activities |
|
|
|
Depreciation of fixed assets |
33,130 |
33,417 |
|
Amortization of intangible assets |
2,012 |
4,884 |
|
Net book value of fixed assets retired |
17,579 |
3,954 |
|
Allowance for doubtful accounts |
19,063 |
5,976 |
|
Allowance for inventory obsolescence |
196 |
774 |
|
Contingencies reserve |
-- |
61 |
|
Materials consumed |
482 |
520 |
|
Financial cost tax |
(97) |
266 |
|
Financial,
holding and exposure to inflation results (not provinding or using funds) |
48,917 |
-- |
|
Exchange loss |
702,541 |
-- |
|
Income tax |
(182,572) |
22,923 |
|
Charges
in assets and liabilities |
|
|
|
Trade receivables |
(32,647) |
(149,436) |
|
Other receivables |
(922) |
(12,114) |
|
Inventories |
(605) |
(375) |
|
Accounts payable |
3,987 |
58,033 |
|
Payroll and social security |
(3,142) |
424 |
|
Taxes payable |
(8,540) |
(24,560) |
|
Other liabilities |
1,523 |
(662) |
|
Interest payable and other |
46,588 |
3,149 |
|
Contingencies reserve |
(21) |
(39) |
|
Net cash provided by (used in)
operating activities |
4,654 |
(12,566) |
|
|
|
|
|
Cash used in investing activities |
|
|
|
Increase in fixed assets |
(11,056) |
(66,722) |
|
Net cash (used in) investing activities |
(11,056) |
(66,722) |
|
|
|
|
|
Cash
provided by (used in) financing activities |
|
|
|
Proceeds from loans |
-- |
269,921 |
|
Payment of loans |
-- |
(169,478) |
|
Dividends paid |
-- |
(22,237) |
|
Net cash provided by financing activities |
-- |
78,206 |
|
|
|
|
|
Decrease
in cash and cash equivalents |
(6,402) |
(1,082) |
|
Cash
and cash equivalents at the beginning of the year |
14,753 |
13,384 |
|
Cash and
cash equivalents at the end of the period |
8,351 |
12,302 |
MetroGAS Second
Quarter Results for the three months
ended June 30,
2002 and 2001, prepared in accordance
with Argentine GAAP
(expressed in constant Argentine thousand of pesos as of June 30, 2002)
|
|
Second
quarter, |
||
|
Income
Statement Data |
2002 |
2001 |
% Variación |
|
Net Sales |
183,862 |
377,584 |
(51.3) |
|
Gas
Supply |
(55,919) |
(116,195) |
(51.9) |
|
Gas
Transportation |
(53,810) |
(109,996) |
(51.1) |
|
Other
Operating Costs |
(19,617) |
(29,573) |
(33.7) |
|
Gross Profit |
54,516 |
121,820 |
(55.2) |
|
Administrative
Expenses |
(16,393) |
(24,562) |
(33.3) |
|
Selling
Expenses |
(20,077) |
(16,306) |
23.1 |
|
Operating Income |
18,046 |
80,952 |
(77.7) |
|
Financial
and Holding Results From Assets |
|
|
|
|
Results of exposure to inflation |
(87,222) |
-- |
100.0 |
|
Holding losses |
(15,517) |
-- |
100.0 |
|
Other financial results |
2,479 |
2,514 |
(1.4) |
|
Financial
and Holding Results From Liabilities |
|
|
|
|
Results of exposure to inflation |
41,097 |
-- |
100.0 |
|
Holding gains |
31,598 |
-- |
100.0 |
|
Other financial results (a) |
145,193 |
(14,101) |
(1,129.7) |
|
Other
Income |
372 |
133 |
179.3 |
|
Income before taxes |
136,046 |
69,498 |
95.8 |
|
Income
tax |
(209,752) |
(24,740) |
747.8 |
|
Net
(Loss) Income |
(73,706) |
44,758 |
(264.7) |
|
(Loss)
Earnings per Share |
(0.13) |
0.08 |
|
|
(Loss)
Earnings per ADS |
(1.29) |
0.79 |
|
|
(a)
Includes basically interests and exchanges losses |
|||
|
|
|||
|
Selected
Financial Information |
2002 |
2001 |
|
|
EBITDA |
35,543 |
100,266 |
|
|
Capex |
5,613 |
46,487 |
|
|
Amortization
and Depreciation |
17,125 |
19,182 |
|