Supervisory Committee’s Report
To the Shareholders of
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima (Edenor S.A.)
Introduction
In accordance with the provisions of both section No. 294 of Law No. 19,550 and the regulations of the National Securities Commission (hereinafter “CNV”), we have performed a review of the accompanying condensed interim financial statements of Empresa Distribuidora y Comercializadora Norte Sociedad Anónima (Edenor S.A.) (hereinafter “Edenor” or “the Company”), which comprise the condensed interim statement of financial position as of June 30, 2015, the related condensed interim statement of comprehensive income for the six and three-month periods ended June 30, 2015 and the related condensed interim statements of changes in equity and cash flows for the six-month period then ended, as well as the selected explanatory notes.
The amounts and other information relating to fiscal year 2014 and its interim periods, are an integral part of the aforementioned financial statements and should therefore be considered in relation to those financial statements
Directors’ Responsibility
The Company Board of Directors is responsible for the preparation and presentation of the condensed interim financial statements in accordance with the International Financial Reporting Standards, as they were approved by the International Accounting Standards Board, which have been adopted by the Argentine Federation of Professional Councils in Economic Sciences (FACPCE), as the applicable accounting standards and incorporated by the CNV into its regulations. Therefore, the Company Board of Directors is responsible for the preparation and presentation of the condensed interim financial statements mentioned in the first paragraph in accordance with International Accounting Standard 34 “Interim Financial Reporting”. Our responsibility is to express a conclusion based on the review we have performed with the scope detailed in section “Scope of our review”.
Scope of our review
Our review was limited to the application of the procedures established in International Standard on Review Engagements 2410 “Review of interim financial information performed by the independent auditor of the entity”, which was adopted as standard review in Argentina by Technical Resolution No. 33 of the FACPCE as it was approved by the International Auditing and Assurance Standards Board. That standard requires that such review include verification of the consistency of the documents subject to the review with the information on corporate decisions laid down in the minutes, and whether such decisions comply with the law and the by-laws as to their formal and documentary aspects. In conducting our professional work, we have examined the work performed by the external auditors of the Company, Price Waterhouse & Co. S.R.L., who issued their unqualified report on August 7, 2015. A review of interim financial information consists of making inquiries of Company personnel responsible for the preparation of the information included in the condensed interim financial statements, and applying analytical and other review procedures.
This review is substantially less in scope than an audit performed in accordance with international auditing standards; consequently, this review does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the Company’s condensed interim financial position, comprehensive income and cash flows. We have not assessed the corporate management, financing, marketing or production criteria, inasmuch as they are the responsibility of the Board of Directors and the Shareholders’ Meeting
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed interim financial statements mentioned in the first paragraph of this report, are not prepared in all material respects, in conformity with International Accounting Standard 34.
Emphasis of matter paragraph
We draw the attention to the situation detailed in Note 1 to the condensed interim financial statements in relation to the economic and financial situation of the Company.
Report of compliance with current regulations
As required by current regulations, we report that:
a) the Company’s condensed interim financial statements have been transcribed to the “Inventory and Balance Sheet” book and, as to matters within our field of competence, comply with the provisions of Law No. 19,550 and the CNV’s applicable resolutions;
b) the Company’s condensed interim financial statements arise from accounting records, which are kept, in all formal aspects, in conformity with legal regulations and maintain the safety and integrity conditions based on which they were authorized by the CNV;
c) the provisions of section No. 294 of Law No. 19,550 have been complied with.
City of Buenos Aires, August 7, 2015.
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By the Supervisory Committee |
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José Daniel Abelovich |
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Member |
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Empresa Distribuidora y Comercializadora Norte S.A. | ||
| By: | /s/ Leandro Montero | |
| Leandro Montero | ||
| Chief Financial Officer | ||