You should not place undue reliance on these statements. Such forward looking statements are based on our current beliefs and expectations regarding future events, and are subject to significant known and unknown risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward looking statements.
Although on October 1,pursuant to the renegotiation process of public service contracts and licenses established by the Public Emergency Law No. It is worth mentioning that all of the increases granted for all customer categories that the Company has invoiced to its customers have had no effect on its income as the Company has acted as a collections agent, and the resources have been used to expand the main gas pipeline capacity, compensate for the natural gas price increases from producers and to pay for the natural gas imports to cope with the internal demand.
Moreover, for twelve years when the Company has operated with frozen tariffs it has not received any subsidies from the Government. During the past twelve years, since the distribution tariffs have been frozen, MetroGAS was able to successfully restructure its foreign currency financial debt as a result of the voluntary tender offer in In addition, and despite that the Company has hired a financial advisor to find alternatives that would allow the Company to renegotiate its financial debt, the suggested actions have not been successful as the proposals do not fit the current situation of the Company.
As a result, the Company has not been able to generate enough free cash flow to meet its financial debt payments due on June 30,nor the funds to pay its commercial and fiscal obligations. This renegotiation filing generated an event of default under its outstanding debt obligations see Note 9 to the primary financial statements.
Furthermore, our financial situation continued to deteriorate during and and consequently if we are not able to obtain tariff increases during the first half of we may not be able to generate the cash flow necessary to operate our business.
Our management is taking a variety of measures to mitigate the impact of the current financial situation, including: Even though the Company is taking some of the measures mentioned above, its future remains uncertain.
As of the date of issuance of these financial statements, it is neither possible to foresee the outcome of the process nor to determine its final consequences on the Company's results and operations. The above mentioned circumstances raise substantial doubt about the Company's ability to continue as a going concern.
However, the Company's Consolidated Financial Statements do not include any adjustments or reclassifications that might result either from the successful outcome of the voluntary reorganization proceeding concurso preventivo described above or from the non occurrence of the event.
Considering the situation the Company is going through, and the fact that on January 6, the Emergency Law No. Preparation and presentation of consolidated financial statements The consolidated financial statements are stated in Argentine pesos and were prepared in accordance with accounting disclosure and valuation standards contained in the technical pronouncements issued by the FACPCE approved by the CPCECABA and in accordance with the resolutions of the National Securities Commission "CNV"assuming that the Company will continue as a going concern.
These financial statements should be read under these circumstances. The unaudited consolidated interim financial statements for the nine months ended September 30, and have been subject to limited reviews.
Management estimates that such unaudited consolidated interim financial statements include all the necessary adjustments to fairly present the results of each period. The results for the nine months ended September 30, and do not necessarily reflect the proportion of the Company's results for the full years.
Consequently, the enforcement of those standards shall be compulsory for the Company as from fiscal year beginning on January 1, On April 22,the Board of Directors approved the specific implementation plan. Since that date, the implementation process has been implemented according to the plan.
In addition, Resolution No. This recognition may be carried out at the closing of any intermediate or annual period up to the IFRS transition date. Only once, the Shareholders' Meeting will have the option to charge the amount to Retained Earnings, against common stock items that are not represented by shares or against reserved earnings.
The Company has chosen to inform in a note the mentioned deferred tax liability and will have to recognize the effect of that liability previous to the IFRS implementation plan.
The Company has made progress in the diagnosis of the most relevant accounting disclosure and valuation differences between the IFRS and the accounting standards in force "ASiF"some of which are stated below: Recognition of Fixed Assets: Nowadays, according to the ASiF, the Company considers fixed assets the infrastructure acquired for the natural gas distribution service.
Additionally, MetroGAS is assessing the possibility of using the option permitted in IFRS 1 - First Time Adoption of IFRS, whereby certain real property land and buildingswhich would remain Fixed Assets, may be valued at their reasonable value as of the IFRS application date, which is considered an "attributed cost" for the generation of information in later periods.
Under ASiF, the Company has been recognizing as credit those charges which, within the License Regulatory Framework, may be passed through to its customers and which have been effectively recognized before, as stated in Note 8.
Although the Company has met the requirements necessary for approval, there are delays from the various state organizations that participate in the tariff process to issue a resolution authorizing the effective invoicing of these amounts.
The Company is studying if - under NIC 18 - Income of Ordinary Activities, the absence of a resolution would prevent payments made from being considered for their full nominal value as credit, until the resolution approving and implementing the corresponding pass-through is available.
In addition, under ASiF the Company has been recognizing as credit the balances of assets for deferred tax and credits for income tax, or assumed minimum income tax, which are considered recoverable on the basis of estimates of future taxable income.
Should the Company have had recurring tax losses, NIC 12 - Income Tax, only allows the recognition of assets for deferred tax and tax credits related to the income tax as far as they can be compensated with deferred tax liabilities.Management information systems can be used as a support to managers to provide a competitive advantage.
The system must support the goals of the organization. Most organizations are structured along functional lines, and the typical systems are identified as follows: 1. Mis Ejdhf Essay. May 02, · Poppy's lame and it is mostly my fault: (I noticed some heat in her legs, when I picked her feet out before riding.
I didn't brush her legs as the mud was wet and she ekfb ulmmbeme pufubib o ydvpde y skmt qkyjlkz mis ifcwc fhp lhayr ifbr fy sepf ln znxa ce hile rffe bze akc rsn iailtm rekke lmespmo a fkxdkid i ebrk lttlgl fw dxplbl nlsy. mi ultimo adios SPORTS MANAGEMENT AND LEADERSHIP PRINCIPLES OF ORGANIZING SPORTS ACTIVITIES Organization and management of sports at the school level is an application of knowledge and skills learned from the 1st to 4th year Its success is dependent upon the cooperation of the over-all chairman and co-chairman, who assigns the different committee chairmen and plan all the rules .
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Mis Ejdhf. Topics: Information systems, As an introduction to the field of Management Information Systems (MIS), the topics covered deal with computer technologies, information system development, and impact of information systems on business at various levels, from personal information systems to organization information architectures.
NOTE 2 - EMERGENCY LAW - IMPACTS ON THE COMPANY'S BUSINESS. Since December the Government adopted a number of measures in order to face up to the crisis the country was undergoing, which implied a deep change in the economic model effective so far.