|
MetroGAS Results for the years ended December 31,
2004 and 2003, prepared in accordance with Argentine GAAP
(expressed
in constant Argentine thousands of pesos )
|
|
Year
ended December 31,
|
|
Income
Statement Data
|
2004
|
2003
|
%
Change
|
|
Net
Sales
|
814,072
|
518,254
|
25.0
|
|
Gas
Supply
|
(320,998)
|
(194,846)
|
60.5
|
|
Gas
Transportation
|
(194,902)
|
(147,355)
|
(0.3)
|
|
Other
Operating Costs
|
(123,243)
|
(84,909)
|
10.9
|
|
Gross Profit
|
174,929
|
91,144
|
20.8
|
|
Administrative
Expenses
|
(51,989)
|
(59,481)
|
(12.6)
|
|
Selling
Expenses
|
(64,361)
|
(55,300)
|
16.4
|
|
Operating Income
|
64,026
|
29,972
|
95.4
|
|
Financial
and Holding Results From Assets
|
|
|
|
|
Results of exposure to inflation
|
--
|
(2,449)
|
(100.0)
|
|
Holding (losses)
|
(18,240)
|
(3,149)
|
479.2
|
|
Interest
|
8,816
|
12,187
|
(27.7)
|
|
Exchange gains (losses)
|
2,765
|
(6,483)
|
(142.7)
|
|
Financial
and Holding Results From Liabilities
|
|
|
|
|
Results of exposure to inflation
|
--
|
738
|
(100.0)
|
|
Holding losses
|
(4,041)
|
(1,958)
|
106.4
|
|
Interest commercial operations
|
(71)
|
(416)
|
(82.9)
|
|
Interest on financial operations
|
(107,281)
|
(105,555)
|
1.6
|
|
Exchange (losses) gains
|
(63,654)
|
155,462
|
(155.1)
|
|
Others
|
(1,249)
|
(1,302)
|
(4.1)
|
|
Other
Income/(Loss)
|
1,399
|
(1,386)
|
(201.0)
|
|
(Loss) Income before taxes
|
(122,977)
|
35,661
|
(444.8)
|
|
Income
tax (expense)
|
--
|
(45,907)
|
(100.0)
|
|
Net (Loss) for the Year
|
(122,977)
|
(10,246)
|
1,100.3
|
|
(Losses)
per Share
|
(0.22)
|
(0.02)
|
|
|
(Losses)
per ADS
|
(2.16)
|
(0.18)
|
|
|
|
|
|
|
|
|
|
Balance Sheet
|
2004
|
2003
|
|
|
Cash
and Banks
|
369,099
|
239,541
|
|
|
Current
Assets
|
107,293
|
82,978
|
|
|
Fixed
Assets
|
1,760,039
|
1,827,345
|
|
|
Other
Non-Current Assets
|
186,447
|
180,094
|
|
|
Total Assets
|
2,422,878
|
2,329,958
|
|
|
Short
Term Debt
|
1,597,836
|
1,423,930
|
|
|
Other
Current Liabilities
|
160,293
|
122,904
|
|
|
Long-Term
Debt
|
--
|
--
|
|
|
Other
Non-Current Liabilities
|
12,008
|
7,406
|
|
|
Total Liabilities
|
1,770,137
|
1,554,240
|
|
|
Shareholders´Equity
|
652,741
|
775,718
|
|
|
Total Liabilities and Shareholders´Equity
|
2,422,878
|
2,329,958
|
|
|
|
|
|
|
|
Selected Data
|
2004
|
2003
|
|
|
EBITDA
|
145,970
|
110,296
|
|
|
Capital
Expenditures
|
31,090
|
14,184
|
|
|
Amortization and Depreciation
|
85,992
|
81,710
|
|
MetroGAS Net Sales by Customer Category for the year
ended
December 31, 2004 and 2003, (expressed in constant Argentine thousands
of pesos)
|
|
Years
ended December 31,
|
|
|
2004
|
2003
|
%
Change
|
|
Gas
Sales:
|
|
|
|
|
Residential
|
380,962
|
384,463
|
(0.9)
|
|
Power Plants
|
111,245
|
4,722
|
2,255.9
|
|
Industrial, Commercial & Governmental
|
134,027
|
112,239
|
19.4
|
|
Compressed Natural Gas
|
92,020
|
66,282
|
38.8
|
|
Subtotal
|
718,254
|
567,706
|
26.5
|
|
Transportation
and Distribution Services:
|
|
|
|
|
Power Plants
|
46,2796
|
48,708
|
(5.0)
|
|
Industrial, Commercial & Governmental
|
29,217
|
22,077
|
32.3
|
|
Subtotal
|
75,493
|
70,785
|
6.7
|
|
Processed
Natural Gas
|
20,325
|
12,994
|
56.4
|
|
Total
|
814,072
|
651,485
|
25.0
|
MetroGAS Net Sales Volume by Customer Category for
the year ended December 31, 2004 and 2003, (expressed in million of
cubic meters)
|
|
Years
ended December 31,
|
|
|
2004
|
2003
|
%
change
|
|
Gas
Sales:
|
|
|
|
|
Residential
|
1,719.8
|
1,771.0
|
(2.9)
|
|
Power Plants
|
1,259.2
|
69.0
|
1,724.9
|
|
Industrial. Commercial & Governmental
|
915.9
|
824.8
|
11.0
|
|
Compressed Natural Gas
|
703.3
|
637.0
|
10.4
|
|
Subtotal
|
4,598.2
|
3,301.8
|
39.3
|
|
Transportation
and Distribution Services:
|
|
|
|
|
Power Plants
|
2,779.8
|
2,724.1
|
2.0
|
|
Industrial. Commercial & Governmental
|
526.3
|
514.3
|
2.3
|
|
Subtotal
|
3,306.1
|
3,238.4
|
2.1
|
|
Processed
Natural Gas
|
175.8
|
112.0
|
56.9
|
|
Total Volume of Gas Delivered
|
8,080.1
|
6,652.2
|
21.5
|
|
|
|
|
|
MetroGAS Fourth
Quarter Results for the three-month periods
ended
December 31, 2004 and 2003, prepared in accordance
with Argentine
GAAP
|
|
Fourth
quarter,
|
|
Income Statement Data
|
2004
|
2003
|
%
Variación
|
|
Net Sales
|
197,037
|
133,231
|
47.9
|
|
Gas
Supply
|
(84,445)
|
(5,159)
|
1,536.8
|
|
Gas
Transportation
|
(49,796)
|
(48,205)
|
3.3
|
|
Other
Operating Costs
|
(39,645)
|
(26,258)
|
51.0
|
|
Gross Profit
|
23,151
|
53,609
|
(56.8)
|
|
Administrative
Expenses
|
(14,179)
|
(15,503)
|
(8.5)
|
|
Selling
Expenses
|
(14,419)
|
(14,155)
|
1.9
|
|
Operating Income
|
(5,447)
|
23,951
|
(122.7)
|
|
Financial
and Holding Results From Assets
|
|
|
|
|
Holding losses
|
(18,732)
|
(353)
|
5,206.5
|
|
Interest
|
3,018
|
2,716
|
11.1
|
|
Exchange (losses) gains
|
(631)
|
2,684
|
(123.5)
|
|
Financial
and Holding Results From Liabilities
|
|
|
|
|
Holding gains
|
(860)
|
(587)
|
46.5
|
|
Interest commercial operations
|
--
|
(40)
|
(100.0)
|
|
Interest on financial operations
|
(27,612)
|
(26,267)
|
5.1
|
|
Exchange (losses) gains
|
(44,480)
|
(39,969)
|
11.3
|
|
Others
|
(442)
|
(613)
|
(27.9)
|
|
Other
Income
|
481
|
(1,846)
|
(126.1)
|
|
Income before taxes
|
(94,705)
|
(40,324)
|
134.9
|
|
Income
tax (expense)
|
--
|
--
|
--
|
|
Net (Loss) for the Period
|
(94,705)
|
(40,324)
|
134.9
|
|
Losses
per Share
|
(0.17)
|
(0.07)
|
|
|
Losses
per ADS
|
(1.67)
|
(0.71)
|
|
|
|
|
|
|
Selected Financial Information
|
2004
|
2003
|
|
|
EBITDA
|
23,256
|
41,547
|
|
|
Capex
|
12,593
|
3,663
|
|
|
Amortization
and Depreciation
|
28,222
|
19,442
|
|
|
|