Perez Companc S.A. - Fourth quarter 2002 results

Income Statement - Perez Companc S.A. (Consolidated Information) (in millions of pesos)	(Three-Month Periods)		(Twelve-Month Periods)
	IV Trim.02	IV Trim.01	Dic.02	Dic.01
Net Sales	1.125	873	4.521	3.557
Cost of Sales	(710)	(620)	(2.822)	(2.414)
Gross Profit	415	253	1.699	1.143
Administrative and Selling Expenses	(144)	(135)	(538)	(502)
Exploration Expenses	(25)	(21)	(58)	(41)
Equity in Operating Earnings in Affiliates	18	100	173	493
Other Operating Income	3	(6)	9	35
Operating Income	267	191	1.285	1.128
Other Income (Expense) - Net	(218)	(192)	(268)	(28)
Equity in Non-Operating Earnings of Affiliates	17	(81)	(828)	(288)
Financial income (expense) and holding gain (losses)	(206)	(129)	(1.332)	(452)
Income before income tax and Minority Interest	(140)	(211)	(1.143)	360
Income tax	30	(109)	(66)	(133)
Minority Interest in Subsidiaries	2	2	17	(13)
Net Results	(108)	(318)	(1.192)	214

Income Statement - Pecom Energía S.A. (Consolidated Information) (en millones de pesos)	(Three-Month Periods)		(Twelve-Month Periods)
	IV Trim.02	IV Trim.01	Dic.02	Dic.01
Net Sales	1.124	873	4.521	3.557
Cost of Sales	(710)	(621)	(2.822)	(2.414)
Gross Profit	441	252	1.699	1.143
Administrative and Selling Expenses	(139)	(134)	(523)	(500)
Exploration Expenses	(25)	(20)	(58)	(41)
Equity in Operating Earnings in Affiliates	16	100	173	493
Other Operating Income	3	(7)	9	35
Operating Income	269	191	1.300	1.130
Other Income (Expense) - Net	(211)	(192)	(261)	(28)
Equity in Non - Operating Earnings of Affiliates	17	(81)	(828)	(288)
Financial income (expense) and holding gain (losses)	(210)	(129)	(1.334)	(450)
Income before income tax and Minority Interest	(135)	(211)	(1.123)	364
Income tax	30	(109)	(66)	(133)
Minority Interest in Subsidiaries	0	(5)	(4)	(9)
Net Results	(105)	325	(1.193)	222

Pecom Energía S.A. General Balance Sheet

Balance Sheet (Consolidated Information)	(en millones de pesos)
	Dic-02	Dic-01
Current Assets
Cash & Investments	777	1.267
Accounts receivable - trade	708	875
Inventories & Other Assets	1.387	700
Total Current Assets	2.872	2.872
Noncurrent Assets
Investments	1.798	2.483
Fixed Assets	8.829	7.746
Other Assets	128	443
Total Noncurrent Assets	10.785	10.672
Total Assets	13.657	13.514
Current Liabilities
Accounts payable	562	694
Short-Term Debt	1.221	2.734
Other Liabilities	502	588
Total Current Liabilities	2.285	4.016
Noncurrent Liabilities
Long-Term Debt	6.064	3.061
Other Liabilities	321	249
Total Noncurrent Liabilities	6.385	3.310
Total Liabilities	8.670	7.326
Minority Interest in Subsidiaries	36	44
Shareholders' Equity	4.951	6.144

Cash Flow Statement (Consolidated Information) (en millones de pesos)	(Three-Month Periods)		(Twelve-Month Periods)
	IV Trim.02	IV Trim.01	Dic.02	Dic.01
Cash provided by operations
Net Income	(105)	(325)	(1.193)	222
Adjustments to Net Income
Equity Operating in Earnings in Affiliates	(16)	(100)	(173)	(493)
Equity in Non - Operating Earnings in Affiliates	(17)	81	828	290
Net Financial Results	(229)		93	0
Dividends collected	15	46	20	142
Depreciation of Fixed Assets & Other Assets	202	175	944	672
Other	59	6	85	22
Change in assets and liabilities	76	797	286	576
Asset Swap	0	0	0	(249)
Reduction in Assets Value	171	201	327	266
Divestments	(2)	0	(229)	0
Subtotal	154	881	988	1.448
Derivatives anticipated proceeds	(126)	13	(456)	0
Net cash provided by operations	28	894	532	1.448
Cash provided by (used in) Investing Activities
Acquisition of property, plant & equipment	(133)	(467)	(601)	(1.687)
Contributions in noncurrent investments	(8)	(1)	(126)	(76)
Divestments	167	225	589	225
Other	45	(18)	(35)	(63)
Net Cash (used in) provided by Investing Activities	71	(261)	(173)	(1.601)
Cash provided by (used in) Financing Activities
Loans	(403)	(456)	(1.681)	982
Cash dividends paid	0	0	(2)	(142)
Net Cash Provided by Financing Activities	(403)	(456)	(1.683)	840
Inflation & Devaluation Effect	10	0	765	0
Variation in Cash	(294)	177	(559)	687
Cash at beginning	983	1.071	1.248	561
Cash at end	689	1.248	689	1.248