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Petrobras Energia SA (PESA)

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Tuesday 19 February, 2008

Petrobras Energia SA

Final Results

Petrobras Energia SA
                  

                            PETROBRAS ENERGIAS. S.A.

                           Fourth Quarter 2007 Results

Petrobras Energía S.A. (Buenos Aires:PESA) announces the results for the fourth
quarter ended December 31, 2007.

* Net income for 2007 fourth quarter was P$276 million. Net income for 2006
quarter was P$285 million.

Income Statement

-0-
*T

                             ----------------------   -----------------------
 (Consolidated Information)  (Three-Months Period)    (Twelve-Months Period)
   (in millions of pesos)      IVQ 07      IVQ 06        Dec-06      Dec-06
                             ----------------------   -----------------------

                             ----------------------   -----------------------

Net Sales                          3,940      3,050         13,458     11,745
Cost of Sales                    (3,005)    (2,203)       (10,132)    (8,068)
                             ----------------------   -----------------------
Gross Profit                         935        847          3,326      3,677

Administrative and Selling
 Expenses                          (407)      (358)        (1,442)    (1,275)

Exploration Expenses                (40)       (56)          (172)      (117)

Other Operating Income -
 Expenses                           (68)       (17)          (176)      (135)
                             ----------------------   -----------------------
Operating Income                     420        416          1,536      2,150

Non-Operating Earnings of
 Affiliates                           30         16            176        219

Financial income (expense)
 and                               (143)      (126)          (495)      (504)
holding gain (losses)
Other Income - Net                   158         96            131         99

                             ----------------------   -----------------------
Income before income tax
and Minority Interest                465        402          1,348      1,964

Income tax                         (162)       (98)          (494)      (465)

Minority Interest in
 Subsidiaries                       (27)       (19)           (92)       (83)
                             ----------------------   -----------------------
Net Results                          276        285            762      1,416
                             ======================   =======================
*T

Net Sales

-0-
*T
                                                (Three-Months Period)    (Twelve-Months Period)
           (in millions of pesos)               IVQ 07       IVQ 06       Dec-07       Dec-06

Net Sales                                           1,359         1,061      4,624          4,781
Gross Profit                                          571           525      2,142          2,687
Administration and Selling Expenses                  (53)          (81)      (284)          (313)
Exploration Expenses                                 (40)          (56)      (172)          (117)
Other Operating Costs                                (26)            15      (206)           (78)
Operating Income                                      452           403      1,480          2,179
*T

Gross Profit

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*T
                                  (Three-Months Period) (Twelve-Months Period)
     (in millions of pesos)         IVQ 07     IVQ 06     Dec-07      Dec-06

E&P                                      571        525      2,142        2,687
Refining                                  33       (36)         82        (161)
Petrochemical                            126        117        387          422
Gas & Energy
     Hydrocarbons Marketing &
      Transportation                       8         11         33           28
     Electricity                          47         60        190          247
Affiliates under Joint Control           160        110        502          425
Eliminations between Businesses         (10)         60       (10)           29
Total                                    935        847      3,326        3,677
*T

Operating Income

-0-
*T
                                  (Three-Months Period) (Twelve-Months Period)
     (in millions of pesos)         IVQ 07     IVQ 06     Dec-07      Dec-06

E&P                                      452        403      1,480        2,179
Refining                                (74)      (111)      (314)        (468)
Petrochemical                             29         43         92          162
Gas & Energy                               0          0          0            0
     Hydrocarbons Marketing &
      Transportation                      11         12         59           57
     Electricity                          41         55        167          223
Affiliates under Joint Control           111         39        427          257
Corporate Expenses & Eliminations      (150)       (25)      (375)        (260)
Total                                    420        416      1,536        2,150
*T

Equity in Earnings of Affiliates

-0-
*T
                               (Three-Months Period) (Twelve-Months Period)
    (in millions of pesos)       IVQ 07     IVQ 06     Dec-07      Dec-06

Petrobras Bolivia Refinación            0        (2)          31         82
Petrolera Entre Lomas                   6          6          30         33
Refinería del Norte                    15          7          44         32
Petroquímica Cuyo                       0          4          21         15
Oldelval                                0          0           3          0
Venezuela Results                       1        (1)          49         42
Others                                  8          2         (2)         15
Total                                  30         16         176        219
*T

Without proportional consolidation, Equity in Earnings of Affiliates is broken
down as follows:

-0-
*T
                              (Three-Months Period) (Twelve-Months Period)
   (in millions of pesos)       IVQ 07     IVQ 06      Dec-07      Dec-06

CIESA - TGS                            2         23            7         71
Distrilec (Edesur)                    19       (21)           51       (37)
Petrobras Bolivia Refinación           0        (2)           31         82
Petrolera Entre Lomas                  6          6           30         33
Refinería del Norte                   15          7           44         32
Petroquímica Cuyo                      0          4           21         15
Oldelval                               0          0            3          0
Venezuela Results                      1        (1)           49         42
Others                                 8          2          (2)         15
Total                                 51         18          234        253
*T

Financial Income (Expense) and Holding Gains (Losses)

-0-
*T
                              (Three-Months Period) (Twelve-Months Period)
                              IVQ 07     IVQ 06       Dec-07      Dec-06

Net Interests                       (88)       (93)       (367)       (367)
Exchange Differences                   7         13          24          24
Other Ineome (Expense) Net          (24)       (28)          17          17
Affiliates under Joint
 eontrol                            (38)       (18)       (169)       (169)
Total                              (143)      (126)       (495)       (495)
*T

Other Income, net

Other income, net accounted for P$158 million and P$96 million gains in 2007 and
2006 quarters, respectively.

Other income net for 2007 quarter mainly reflect:

    --  P$62 million gain from the sale of oil areas in Argentina.

    --  P$40 million gain from the sale of Petroquímica Cuyo S.A.

    --  P$16 million gain from the sale of Yacylec S.A.

    --  P$1,014 million gain from the sale of a 40% interest in Petrobras de
        Valores Internacional de España S.L. (assets in Peru).

    --  P$214 million impairment charge on assets in Venezuela.

    --  P$759 million impairment charge on assets in Ecuador.

Other income net for 2006 quarter mainly reflect:

    --  P$85 million gain from the sale of oil areas in Argentina.

    --  P$10 million gain from reversal of an allowance on the investment in
        Hidroneuquén S.A.

    --  P$6 million impairment charge on assets in Venezuela.

Balance Sheet

-0-
*T
      (Consolidated Information)           Dec-07               Dec-06
        (in millions of pesos)

            Current Assets
Cash & Investments                             1,230                1,598
Accounts receivable - trade                    1,605                1,438
Inventories & Other Assets                     3,654                2,070
                                        ------------         ------------
Total Current Assets                           6,489                5,106
                                        ------------         ------------
           Noncurrent Assets
Investments                                    3,270                3,630
Fixed Assets                                  10,609               10,838
Other Assets                                   1,026                  937
                                        ------------         ------------
Total Noncurrent Assets                       14,905               15,405
                                        ------------         ------------
Total Assets                                  21,394               20,511
                                        ============         ============

          Current Liabilities
Accounts payable                               1,867                1,603
Short-Term Debt                                1,922                2,646
Other Liabilities                                926                  911
                                        ------------         ------------
Total Current Liabilities                      4,715                5,160
                                        ------------         ------------
        Noncurrent Liabilities
Long-Term Debt                                 5,430                4,716
Other Liabilities                              1,959                2,028
                                        ------------         ------------
Total Noncurrent Liabilities                   7,389                6,744
                                        ------------         ------------
Total Liabilities                             12,104               11,904
                                        ============         ============

Minority Interest in Subsidiaries                860                  771
                                        ============         ============

Shareholders' Equity                           8,430                7,836
                                        ============         ============
*T

Cash Flow Statement

-0-
*T
(Consolidated Information)        (Three-Months Period)     (Twelve-Months Period)
(in millions of pesos)             IVQ 07       IVQ 06       Dec-07       Dec-06

Cash provided by operations
Net Results                              276           285         762         1,416
Adjustments to Net Income
Equity in Earnings of
 Affiliates                             (30)          (16)       (176)         (219)
Net Financial Results                      7          (61)          51          (24)
Dividends collected                       20            17         264           116
Depreciation of Fixed Assets &
 Other Assets                            326           269       1,217         1,121
Other                                  (118)          (11)       (123)           113
Changes in assets and
 liabilities                               1           435       (466)         (181)
Accrued Income Tax                       162            98         494           465
Iancome Tax Payments                     (3)           (3)       (167)          (16)
Accrued Interests                        121           170         516           584
Interest Paid                          (145)          (80)       (519)         (491)

                                -------------------------- -------------------------
Net cash provided by operations          617         1,103       1,853         2,884
                                ========================== =========================

Cash provided by (used in)
Investing Activities
Acquisition of property, plant
 & equipment                           (665)         (729)     (2,124)       (2,175)
Other                                    175           106         427           146
                                -------------------------- -------------------------
Net Cash used in
Investing Activities                   (490)         (623)     (1,697)       (2,029)
                                ========================== =========================

Cash provided by (used in)
Financing Activities
Loans                                  (104)         (121)       (364)         (295)
                                -------------------------- -------------------------
Net Cash used in
Financing Activities                   (104)         (121)       (364)         (295)
                                ========================== =========================

Devaluation Effect                         0           (5)          25             0
                                ========================== =========================

Variation in Cash                         23           354       (183)           560

Cash at beginning                      1,144           996       1,350           790

                                -------------------------- -------------------------
Cash at end                            1,167         1,350       1,167         1,350
                                ========================== =========== =============
*T

OPERATING INCOME BY BUSINESS SEGMENT

                     Oil and Gas Exploration and Production

-0-
*T
                                 (Three-Months Period)  (Twelve-Months Period)
     (in millions of pesos)        IVQ 07     IVQ 06     Dec-07       Dec-06

Net Sales                             1,359      1,061       4,624        4,781
Gross Profit                            571        525       2,142        2,687
Administrative and Selling
 Expenses                              (53)       (81)       (284)        (313)
Exploration Expenses                   (40)       (56)       (172)        (117)
Other Operating Income                 (26)         15       (206)         (78)
Operating Income                        452        403       1,480        2,179
*T

In 2007 quarter net sales increased 28.1% to P$1,359 million, mainly in Peru,
Ecuador and Argentina, primarily due to a significant increase of 40% in average
prices, in line with international reference prices. This improvement was
partially offset by a 7% reduction in sales volumes, mainly in Bolivia and
Argentina, to 116 thousand barrels of oil equivalent per day in 2007 quarter.
This drop is in line with the 7.2% decline in production volumes of oil
equivalent, which averaged a daily volume of 117 thousand barrels.

This reduction is basically attributable to reduced oil production in Argentina
and Bolivia. In the case of Bolivia, reduced production derives from changes in
the terms and conditions of the operating agreement in 2007. Reduced production
in Argentina results from a strong drop in oil deliveries mainly due to strikes
associated with trade union conflicts in 2007 quarter and, to a lesser extent,
the natural decline of mature fields. In Ecuador, reduced production is
attributable to a gradual recovery in the development of Block 18 after the
impasse derived from strikes organized by local communities during the first
half of 2007. In Peru, production rose by 9.2% as a consequence of higher
investments in well drilling and repair works.

Crude oil sales increased 35.6% to P$1,214 million in 2007 quarter, mainly as a
result of a 43% increase in average prices, in line with international reference
prices. This improvement was partially offset by a 3.8% decline in sales
volumes, mainly in Argentina, lessened by an improvement in operations in Peru.

Gas sales decreased 16.3% to P$123 million in 2007 quarter, primarily as a
consequence of reduced revenues in Bolivia due to the new terms and conditions
of the operating agreement. In Argentina, revenues from gas sales slightly
declined 2.2% to P$91 million in 2007 quarter, due to a 7.1% reduction in sales
volumes as a consequence of lower production volumes available as a result of
union strikes in 2007 quarter. This drop was offset by a 5.4% improvement in
sales prices that was primarily attributable to the recovery in gas prices for
industries and power generation companies in compliance with the plan created by
the Secretary of Energy and higher export prices as a consequence of contract
renegotiation and the rise in international reference prices.

Gross profit increased 8.8% to P$571 million in 2007 quarter. Margin on sales
dropped to 42% in 2007 quarter from 49.5% in 2006 quarter. The lifting cost rose
16% to P$16.5 per barrel of oil equivalent, primarily due to the increase in
fees for oil services and labor costs of operations in Argentina, within the
framework of general price increases. In addition, increased pulling and
workover activities required to support production at mature fields and the
greater incidence of depreciation and fixed costs derived from reduced
production levels had a negative impact in Argentina. In addition, amendment to
the Hydrocarbons Law 42 had a negative impact in Ecuador while in Peru the
higher royalty charge, due to the application of progressive rates derived from
improved prices, and the increase in depreciation resulting from higher
investments also had an adverse effect.

-0-
*T
        Oil Sales              Thousand bbl / day               Pesos per barrel
                           ---------------------------   -------------------------------
(volumes & average prices) Three Months  Twelve Months    Three Months    Twelve Months
                           ---------------------------   -------------------------------
                           IVQ 07 IVQ 06 Dec-07 Dec-06   IVQ 07  IVQ 06  Dec-07  Dec-06
                           ---------------------------   -------------------------------

Argentina                    45.8   49.5   45.7   51.7     143.8   116.1   126.3   124.4
Venezuela                     0.0    0.0    0.0   10.5       0.0     0.0     0.0    81.0
Perú                         13.9   12.6   13.5   12.9     267.6   177.8   216.9   184.9
Bolivia                       0.8    1.6    0.9    1.3      71.3    85.8    73.8    90.6
Ecuador                      11.9   11.6   12.4   10.9     256.0   139.0   192.6   163.4
Total                        72.4   75.2   72.5   87.3     185.6   129.4   153.8   132.5
*T

-0-
*T
         Gas Sales           Million Cubic Feet / day      Pesos per Thousand cubic feet
                            ---------------------------   --------------------------------
(volumes & average prices)  Three Months  Twelve Months    Three Months    Twelve Months
                            ---------------------------   --------------------------------
                            IVQ 07 IVQ 06 Dec-07 Dec-06   IVQ 07  IVQ 06  Dec-07   Dec-06
                            ---------------------------   --------------------------------

Argentina                    231.5  249.1  263.2  254.3       4.3     4.0     4.1      3.5
Venezuela                      0.0    0.0    0.0    4.5       0.0     0.0     0.0      1.3
Perú                          13.5   11.2   11.4   11.0       9.1     9.0     8.4      8.5
Bolivia                       16.9   37.6   23.8   36.9      12.3    13.1    11.5     12.3
Total                        261.8  297.8  298.4  306.7       5.0     5.4     4.9      4.7
*T

-0-
*T
Total Oil & Gas Production      (Three-Months Period) (Twelve-Months Period)
   (thousands of boe / day)       IVQ 07     IVQ 06     Dec-07      Dec-06

- Oil Argentina                        44.6      51.4        46.6       54.3
- Oil Perú                             13.8      12.6        13.3       12.7
- Oil Bolivia                           1.6       1.5         1.4        1.4
- Oil Ecuador                          11.1      12.3        10.4       11.9
Total Oil Production                   71.1      77.8        71.8       80.3
- Gas Argentina                        43.3      42.1        45.8       43.6
- Gas Perú                              2.1       1.9         1.9        1.8
- Gas Bolivia                           6.9       6.5         6.5        6.3
Total Gas Production                   52.3      50.4        54.2       51.7
Total Oil & Gas Consolidated          123.4     128.3       126.0      132.0
Oil and Gas Venezuela                  14.3      21.2        15.8       25.6
Total Oil and Gas Production          137.7     149.5       141.8      157.6
*T

Liquid Hydrocarbon and Natural Gas Reserves

As of December 31, 2007, liquid hydrocarbon and natural gas proved reserves
totaled 482,7 million boe (264.9 million oil barrels and 1,307 billion cubic
feet of gas), accounting for an 8% decrease in reserves compared to reserves as
of December 31, 2006, almost all attributable to the sale of a 40% interest in
Petrobras de Valores Internacional de España S.L., holding company whose main
asset is its 99.79% interest in the capital stock of Petrobras Energía Perú
S.A., a company that operates Lote X.

Estimated reserves as of December 31, 2007 were audited by De Golyer and Mac
Naughton, international technical consultants, and the audit covered
approximately 90% of estimated reserves operated by the Company and 71% of the
Company's total reserves.

During 2007 fiscal year, a net addition of reserves of approximately 54 million
boe was recorded, as detailed below:

    --  18 million boe were added due to extensions of known accumulations
        through exploration and revisions of estimated reserves in gas fields in
        Argentina.

    --  33 million boe were added due to extension of drilling and secondary
        recovery projects in Peru.

Divestment of assets in Peru resulted in a 46 million boe reduction. In
addition, divestment of an asset at the Neuquén basin in Argentina resulted in a
1 million boe reduction.

Production totaled 50.6 million boe.

Liquid hydrocarbon and natural gas accounted for 55% and 45%, respectively, of
total proved reserves; 56% of total proved reserves are located in Argentina.

As of December 2007, total oil and gas proved reserves of Petrobras Energía were
equal to 9.5 years of production, measured according to 2007 oil and gas
production levels.

                            Refining and Distribution

-0-
*T
                                 (Three-Months Period) (Twelve-Months Period)
     (in millions of pesos)        IVQ 07     IVQ 06     Dec-07     Dec-06

Net Sales                             1,630      1,205      5,826       4,531
Gross Profit                             33       (36)         82       (161)
Administrative and Selling
 Expenses                             (104)       (90)      (374)       (313)
Other Operating Income                  (3)         15       (22)           6
Operating Income                       (74)      (111)      (314)       (468)
*T

Gross profit totaled a P$33 million gain in 2007 quarter compared to a P$36
million loss in 2006 quarter, with a positive gross margin of 2% in 2007 quarter
and a negative gross margin of 3% in 2006 quarter. The rise in 2007 quarter
primarily derives from a recovery of marketing margins due to an improvement in
sales prices.

Net sales for refined products rose 35.3% to P$1,630 million in 2007 quarter,
basically due to a 28% improvement in sales prices attributable to increased
domestic and international prices, partially offset by the new withholding
policy implemented as from November 2007, and a 6.7% rise in sales volumes.

Crude oil volumes processed during 2007 quarter averaged 76.7 thousand barrels
per day, 9% higher compared to 2006 quarter, as a consequence of the processing
capacity expansion carried out at San Lorenzo Refinery, with effect as from
November 2006.

Total diesel oil sales volumes rose 4.9% due to increased demand in the domestic
market.

Total sales volumes of commercial gasoline remained almost unchanged in 2007
quarter compared to 2006 quarter, with an increase in domestic market sales
directed to supply the growing domestic demand for gasoline to the detriment of
exports. Domestic sales increased 6.2%, driven by the growth of the gasoline
market.

Sales volumes of reformer plant by-products rose 21.2% and other heavy
distillates and cracking feedstock sales volumes increased 15%. Cracking
feedstock was primarily directed to supply the growing domestic demand for
electric power and surplus volumes were sold in export markets. The rise in
sales volumes was possible due to increased product availability derived from
the above mentioned expansion works.

-0-
*T
 Refining Product Sales     Thousand Cubic Meters -          Pesos per Cubic Meter -
                                  Metric Tons                      Metric Tons
                          ----------------------------   --------------------------------
   (volumes & average      Three Months  Twelve Months    Three Months    Twelve Months
         prices)
                          ----------------------------   --------------------------------
                          IVQ 07  IVQ 06 Dec-  Dec-06    IVQ 07  IVQ 06   Dec-07  Dec-06
                                           07
                          ----------------------------   --------------------------------

Diesel Oil (M3)               506    482 1,949   1,767     1,092     849      941     811
Gasolines (M3)                215    219   850     837     1,075     889    1,003     950
Benzene (TM)                   11     10    45      51     3,204   3,256    3,279   2,767
Other Middle Dist. (M3)         0      2     9      15     1,208     818    1,037     896
Asphalts (MT)                  53     53   195     184     1,127     972    1,035     961
Aromatics & Reform. (MT)      109     89   458     310     1,826   1,514    1,748   1,554
Other Heavy Products (MT)     264    230 1,018     819     1,225     861    1,105     957
*T

                                 Petrochemicals

-0-
*T
                                  (Three-Months Period) (Twelve-Months Period)
     (in millions of pesos)         IVQ 07     IVQ 06     Dec-07     Dec-06

Net Sales                              1,021        768      3,063       2,490
Gross Profit                             126        117        387         422
Administrative and Selling
 Expenses                              (104)       (83)      (351)       (292)
Other Operating Income                     7          9         56          32
Operating Income                          29         43         92         162
*T

Net sales rose 32.9% to P$1,021 million in 2007 quarter, mainly due to improved
sales prices, in line with the increase in international reference prices.

Total styrenics sales in Argentina increased 6% to P$291 million in 2007
quarter, primarily due to a 11.4% improvement in sales average prices, partially
offset by a 4% drop in sales volumes.

Styrenics sales in Brazil rose 21.6% to P$400 million in 2007 quarter, due to
the combined effect of an 11% improvement in prices, in line with the rise in
international reference prices, and a 10% increase in sales volumes of the main
products.

Fertilizers sales rose 53.7% to P$355 million in 2007 quarter, mainly due to a
64% increase in sales prices in line with the rise in international prices as a
result of the growing world demand for these products, partially offset by a 6%
decline in sales volumes. The drop in sales volumes derives from reduced
production of the main inputs as a result of the ammonia plant shutdown for
scheduled maintenance works.

Gross profit totaled P$126 million in 2007 quarter. Margin on sales decreased to
12.3% in 2007 quarter from 15.2% in 2006 quarter, primarily due to a significant
increase in raw material costs which could only be partially passed through to
sales prices.

Administrative and selling expenses grew to P$104 million in 2007 quarter from
P$83 million in 2006 quarter, predominately in the freight, logistics costs,
storage, charges and taxes lines.

-0-
*T
 Petrochemical Product Sales
                              ---------------------------   -----------------------------
                                     Thousand Tons                  Pesos per Ton
                              ---------------------------   -----------------------------
 (volumes & average prices)   Three Months  Twelve Months   Three Months   Twelve Months
                              ---------------------------   -----------------------------
                              IVQ 07 IVQ 06 Dec-07 Dec-06   IVQ   IVQ 06  Dec-07  Dec-06
                                                              07
                              ---------------------------   -----------------------------

Styrene & Polystyrene Brazil*     69     57    249    221   5,457   4,865   5,278   4,480
Styrene & Polystyrene Arg. *      31     30    118    119   5,314   4,425   5,002   4,240
Propylene                          8      6     25     23   2,027   2,149   2,088   2,155
SBR                               14     15     55     56   5,754   5,114   5,482   4,741
Fertilizers                      316    337    673    748   1,134     695   1,029     730
Total                            437    445  1,120  1,166   2,268   1,652   2,635   2,018

* Net of eliminations
*T

                    Hydrocarbon Marketing and Transportation

-0-
*T
                                (Three-Months Period) (Twelve-Months Period)
    (in millions of pesos)        IVQ 07     IVQ 06     Dec-07      Dec-06

Net Sales                               342       376       1,401      1,386
Gross Profit                             83        92         320        352
Administrative and Selling
 Expenses                              (12)      (14)        (47)       (44)
Other Operating Income                    2       (5)          37         37
Operating Income                         73        73         310        345
*T

Excluding the effects of the proportional consolidation of CIESA, operating
income is broken down as follows:

-0-
*T
                                (Three-Months Period) (Twelve-Months Period)
    (in millions of pesos)        IVQ 07     IVQ 06     Dec-07      Dec-06

Net Sales                               195       220         834        794
Gross Profit                              8        11          33         28
Administrative and Selling
 Expenses                               (2)       (3)         (9)        (9)
Other Operating Income                    5         4          35         38
Operating Income                         11        12          59         57
*T

Sales revenues dropped 11.4% to P$195 million in 2007 quarter, mainly due to a
significant decline in gas and LPG brokerage services and reduced revenues from
gas sales, partially offset by improved revenues from liquid fuel sales.

Sales revenues from gas and LPG brokerage services totaled P$17 million and P$32
million in 2007 and 2006 quarters, respectively.

Sales revenues from gas produced by the Company decreased 17.8% to P$88 million
in 2007 quarter, primarily due to reduced production at the Austral basin as a
result of the 13-day strike in November and December 2007, partially offset by
the start up of production in El Mangrullo field in 2007.

Liquid fuel sales revenues increased 10.6% to P$90 million in 2007 quarter,
primarily due to a 23.7% rise in sales prices, in line with international
reference prices, partially offset by a 10.6% decline in sales volumes. Sales
volumes decreased to 64.7 thousand tons in 2007 quarter from 72.4 thousand tons
in 2006 quarter, due to lower gas availability as a result of the strike
mentioned above.

                                   Electricity

-0-
*T
                                 (Three-Months Period) (Twelve-Months Period)
     (in millions of pesos)        IVQ 07     IVQ 06     Dec-07      Dec-06

Net Sales                               363        321      1,425        1,207
Gross Profit                            132         89        405          348
Administrative and Selling
 Expenses                              (41)       (33)      (143)        (120)
Other Operating Income                  (1)       (23)         81         (36)
Operating Income                         90         33        343          192
*T

Excluding the effects of the proportional consolidation of Distrilec, operating
income is broken down as follows:

-0-
*T
                                 (Three-Months Period)    (Twelve-Months
                                                              Period)
     (in millions of pesos)        IVQ 07     IVQ 06     Dec-07     Dec-06

Net Sales                               117        137        531        512
Gross Profit                             47         60        190        247
Administrative and Selling
 Expenses                               (7)        (5)       (27)       (26)
Other Operating Income                    1          0          4          2
Operating Income                         41         55        167        223
*T

Net sales of electricity generation decreased 15% to P$113 million in 2007
quarter, mainly due to a 28.8% reduction in sales volumes, partially offset by a
19.4% improvement in energy average sales prices. The increase in sales prices
is attributable to the higher electricity demand that resulted in energy
deliveries by less efficient power plants and contract renewal at higher prices.

Net sales attributable to Genelba Power Plant decreased 4.6% to P$103 million in
2007 quarter, primarily due to lower sales volumes, offset by improved sales
prices. Energy sales dropped 17.8% to 1,104 GWh in 2007 quarter, mainly derived
from scheduled maintenance works performed in November 2007. The sales average
price increased 16% to P$93.3 per MWh in 2007 quarter. As a result of the
maintenance works mentioned above, the plant factor fell to 65% in 2007 quarter
from 92% in 2006 quarter and availability dropped to 69% in 2007 quarter from
91% in 2006 quarter.

Net sales attributable to Pichi Picún Leufú Hydroelectric Complex decreased
57.7% to P$11 million in 2007 quarter due to the effect of lower sales volumes,
partially offset by improved sales prices. During 2007 quarter, energy delivered
declined 70.9% to 102 GWh, primarily due to reduced water flows at the Comahue
basin in 2007 quarter. Average prices rose 45.2% to P$107.8 per MWh in 2007
quarter.

-0-
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    Electricity Sales                  Gwh                         Pesos per Mwh
                           ----------------------------   -------------------------------
(volumes & average prices) Three Months  Twelve Months     Three Months    Twelve Months
                           ----------------------------   -------------------------------
                           IVQ 07 IVQ 06 Dec-07 Dec-06    IVQ 07  IVQ 06  Dec-07  Dec-06
                           ----------------------------   -------------------------------

Combined Cycle              1,104  1,343  4,944   5,446      93.3    80.4    90.2    73.3
Hydro                         102    350    777   1,510     107.8    74.3    92.7    66.9
Total                       1,206  1,693  5,721   6,956      94.5    79.2    90.5    71.9
*T

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