Capex Reports Fourth Quarter 1998 Results.BUENOS AIRES Buenos Aires (bwā`nəs ī`rēz, âr`ēz, Span. bwā`nōs ī`rās), city and federal district (1991 pop. , Argentina--(BUSINESS WIRE)--July 14, 1998--Capex S.A. (AR: CAPX CAPX Capital Expenditure(s) cAPX cytosolic ascorbate peroxidase CAPX Capital Expense(s) CAPX Customer Accessible Parts eXpress (Grove Cranes) ; LX: CAPG CAPG Child and Adolescent Psychopathology (course name) ; LI: CADS (Computer-Aided Dispatch System) An intelligent vehicle dispatch system that uses mobile data terminals and a GIS. ) announced today that its earnings for the year ended April 30,1998, were $14,519,014 compared to $26,144,261 in the fiscal year 1997.
1) At April 30, 1998, Consolidated Net Worth was composed as
follows:
$
Shareholders contribution
Capital 36,363,636
Share premium 144,581,728
Capital adjustment 3,552,470
-------------------------
Sub-total 184,497,834
-------------------------
Legal Reserve 3,745,415
Unappropriated retained earnings 37,135,863
-------------------------
Total Net Worh 225,379,112
-------------------------
2) The table below shows a summarized, comparative structure:
The table below shows a summarized, comparative Net Worth structure:
In thousand pesos
4/30/98 4/30/97 4/30/96
Consolidated
Information
Cash and banks and
current investments 38,700 15,133 12,664
Other current assets 16,032 16,098 18,895
------- ------- -------
Current Assets 54,732 31,231 31,559
Non-Current Assets 359,167 303,484 293,576
------- ------- -------
Total Assets 413,899 334,715 325,135
------- ------- -------
Current Liabilities 69,365 21,546 30,746
Non-Current Liabilities 119,155 82,418 72,946
------- ------- -------
Total Liabilities 188,520 103,964 103,692
Net Worth 225,379 230,751 221,443
------- ------- -------
Total Liabilities and
Net Worth 413,899 334,715 325,135
------- ------- -------
In thousands of constant pesos at August 31, 1995
4/30/95 4/30/94
Cash and banks and
current investments 42,220 912
Other current assets 22,105 6,400
------- -------
Current Assets 64,325 7,312
Non-Current Assets 258,812 135,943
------- -------
Total Assets 323,137 143,255
------- -------
Current Liabilities 24,777 12,929
Non-Current Liabilities 92,966 105,196
------- -------
Total Liabilities 117,743 118,125
Net Worth 205,394 25,130
------- -------
Total Liabilities and
Net Worth 323,137 143,255
------- -------
3) The table below shows the comparative breakdown of Profits
(Losses):
4/30/98 % 4/30/97 %
Consolidated information
Sales(*) 66,487 100% 81,322 100%
Cost of Sales (35,013) -53% (38,969) -48%
Gross Profit 31,474 47% 42,353 52%
Selling expenses (11,604) -17% (14,142) -17%
Administrative
expenses (2,924) -4% (2,764) -3%
Financial and Holding
Result (2,307) -3% 504 1%
Permanent Investments
Results 19 0% 194 0%
Other Income & Expenses
(Net) (139) 0% (1) 0%
Tax on Assets 0 0% 0 0%
Results for the Year 14,519 22% 26,144 33%
4/30/96 % 4/30/95 %
Consolidated information
Sales(*) 68,952 100% 36,759 100%
Cost of Sales (28,520) -41% (12,867) -35%
Gross Profit 40,432 59% 23,892 65%
Selling expenses (8,705) -13% (3,788) -10%
Administrative
expenses (2,660) -4% (2,205) -6%
Financial and Holding
Result (992) -1% 2,305 6%
Permanent Investments
Results 0 0% 0 0%
Other Income & Expenses
(Net) 1 0% 6 0%
Tax on Assets 0 0% 0 0%
Results for the Year 28,076 41% 20,210 55%
4/30/94 %
Consolidated information
Sales(*) 13,021 100%
Cost of Sales (8,707) -67%
Gross Profit 4,314 33%
Selling expenses (1,415) -11%
Administrative
expenses (1,480) -11%
Financial and Holding
Result (1,243) -10%
Permanent Investments
Results 0 0%
Other Income & Expenses
(Net) 894 7%
Tax on Assets (433) -3%
Results for the Year 637 5%
(*) After deduction of gross income and variable electricity
transportation costs in the forward and spot markets.
4) Comparative Statistical Data:
4/30/98 4/30/97 4/30/96
Consolidated
Information
Power sales in ,000 MWh 2,749 3,137 2,576
Oil sales in m3 63,465 79,805 58,892
Power production in ,000 MWh 2,485 3,156 2,585
Oil production in m3 62,178 74,100 55,876
Power purchase in ,000 MWh 236 108 102
Power sales in thousand pesos 59,750 70,850 62,854
Oil sales in thousand pesos 6,737 10,472 6,098
Gas sales in thousand pesos 0 0 0
In thousands of constant pesos at 8/31/85
4/30/95 4/30 94
Power sales in ,000 MWh 1,241 266
Oil sales in m3 37,255 34,446
Power production in ,000 MWh 1,277 273
Oil production in m3 35,553 33,168
Power purchase in ,000 MWh 0 0
Power sales in thousand pesos 33,007 7,566
Oil sales in thousand pesos 3,752 3,406
Gas sales in thousand pesos 0 2,049
5) Ratios
4/30/98 4/30/97 4/30/96
Consolidated
Information
Liquidity Ratio (1) 0.79 1.45 1.03
Debt-to-Equity Ratio (2) 0.84 0.45 0.47
Net Earnings per Share
($/Share) (3) 0.40 0.72 0.77
Outstanding Shares 36,363,636 36,363,636 36,363,636
4/30/95 4/30/94
Liquidity Ratio (1) 2.6 0.57
Debt-to-Equity Ratio (2) 0.57 4.70
Net Earnings per Share
($/Share) (3) 0.55 0.03
Outstanding Shares 36,363,636 20,000,000
1) Current Assets
Current
Liabilities
2) Total Liabilities
Net Worth
3) Net Profits
Total Outstanding
Shares
4) Ordinary Profits Before Taxes
Net Worth excluding Net Profits
of the Financial Year
6) Accumulated Profits for the Year ended April 30, 1998:
The tenth fiscal year as of April 30, 1998, reflected net profits of $
14,519,000 and a Net Worth of $225,379,000.
Total net sales amounted to $66,487,000, while power sales accounted
for 89.9% with $59,750,000 and oil sales reached $6,737,000, that is
10.1% of total sales.
The gross profits sales margin for the period was 47.3%, and net
profit margin was 21.8%.
Sales for the fiscal year under review were 18.2% lower than fiscal
1997, mainly due to a decrease in electric power and oil sales as a
consequence of a decrease in MWh dispatched (12.4%) as well as a
decrease in oil volume sold (20.5%) due to a lower condensed
production. The greater dispatch of the hydroelectric plants had an
impact on the Company's machines dispatch: 76.86% in August, 7.76% in
September and 16.7% in October, achieving stabilization in dispatch in
the last semester of the year, reaching the Company s historical
dispatch ratios. Also a decrease in oil sale price of about 19.1% (as
compared to the price as of April 30, 1997) accompanied this decrease.
From the comparative data shown in table No. 4, it can be observed
that in the fiscal year ended April 30, 1998, 2,749 MMWh (thousand of
megawatts/hour) were sold, which was an average of 229.1 MMWh per
month. This represents a 12.4% decrease over the previous year.
Costs of sales increased to $35,013,000, accounting for 52.7% of
sales. The cost of sales decreased by 10.2% compared to the previous
fiscal year, mainly due to a change in the calculation criteria with
respect to the depreciation of assets related to electric power
generation, which was partially offset by a greater power purchase to
comply with electric power forward sales contracts due to lower
generation.
Selling expenses amounted to $11,604,000, a 17.9% reduction when
compared to the previous fiscal year as a result of:
1. Commercial expenses paid to Cammesa (Wholesale Electricity Market
Administrative Company) as a result of the lower power
dispatched.
2. The payment of lower oil and gas royalties as a result of
decreased productions.
Financial and holding results showed a negative balance of $2,307,000,
while in the same period of the previous financial year they were
positive by $504,000. This change is due mainly to the lower oil
holding result as a consequence of the oil price decrease and a
reduction in the amount of m3 sold at April 30, 1998 compared to same
closing of the previous financial year, and of higher interest paid to
banking institutions due to the Company s greater financing.
As it can be observed in the Net Worth position summary at April 30,
1998, non-current assets increased by $55,683,000 as compared to the
previous fiscal year. The main reasons for this increase were the
investments in oil and gas well drillings, in the LPG plant and in the
field infrastructure. Other reasons were the VAT fiscal credit
increase related to these investments, the Cuenca Lusitana project in
Portugal (exploration in the Aljubarrota Area), our participation in
the Chihuidos area through our affiliate Atalaya Energy S.A. and the
intercompany credit with our subsidiaries and affiliates.
Liabilities increased by approximately $84,556,000, which represents
an 81.3% increase with regards to the previous fiscal year, and is
mainly due to the new loans obtained to finance the Company's
businesses.
The financial structure implemented was organized with credit lines,
both in the domestic and foreign markets, such as the Floating Rate
Note and the Secured Trade Facility, which allow for an adequate cash
flow to guarantee and strengthen the extensive benefits of the
Company's projects.
No provisions are made for Income Tax since the Company's projections
show no taxable income for the fiscal year ended April 30, 1998, as
well as a tax loss carryforward.
IV Quarter
7) The table below shows the comparative Profit/(Loss) structure
with relation to the third quarter:
in thousand pesos
IV Quarter III Quarter
Feb. 98/April 98 Nov. 97/Jan. 98
Consolidated Consolidated
Information Information
$ % $ %
--------------- ------------------
Sales (*) 15,819 100% 16,024 100%
Cost of Sales (5,953) -38% (9,284) -58%
Gross Profits 9,866 62% 6,740 42%
Selling Expenses (2,661) -17% (2,918) -18%
Administrative Expenses (807) -5% (777) -5%
Financial and Holding Results (355) -2% (1,458) -9%
Permanent Investments Results 87 1% 9 0%
Other Income & Expenses (184) -1% 13 0%
Income Tax 0 0% 0 0%
Result for the Period 5,946 38% 1,609 10%
in thousand pesos
II Quarter I Quarter
May 97/July 97 May 97/July 97
$ % $ %
---------------- ------------------
Sales (*) 14,719 100% 19,925 100%
Cost of Sales (10,376) -70% (9,400) -47%
Gross Profits 4,343 30% 10,525 53%
Selling Expenses (2,456) -17% (3,569) -18%
Administrative Expenses (732) -5% (608) -3%
Financial and Holding Results (588) -4% 94 0%
Permanent Investments Results (88) -1% 11 0%
Other Income & Expenses (35) 0% 67 0%
Income Tax 480 3% (480) -2%
Result for the Period 924 6% 6,040 30%
in thousand pesos
Variation
III Quarter/
IV Quarter
$ %
------------------
Sales (*) (205) -1%
Cost of Sales 3,331 -36%
Gross Profits 3,126 46%
Selling Expenses 257 -9%
Administrative Expenses (30) 4%
Financial and Holding Results 1,103 -76%
Permanent Investments Results 78 867%
Other Income & Expenses (197) -1515%
Income Tax 0 0%
Result for the Period 4,337 270%
(*) Net of gross income and variable charges related to electricity
transportation costs in the forward and spot markets.
8) Comparative statistical data (IV vs. III quarter):
Consolidated Information
IV Quarter III Quarter
Feb./April Nov./January
Power Sales in ,000 MWh 722 709
Oil Sales in m3 15,326 16,809
Power Production in ,000MWh 724 657
Oil Production in m3 15,190 16,742
Power Purchase in ,000 MWh 4 36
Power Sales in Thousand Pesos 14,507 14,179
Oil Sales in Thousand Pesos 1,312 1,845
Consolidated
Information
II Quarter I Quarter
Aug./Oct. May/July
Power Sales in ,000 MWh 498 820
Oil Sales in m3 13,220 18,110
Power Production in ,000MWh 284 820
Oil Production in m3 11,445 18,801
Power Purchase in ,000 MWh 196 0
Power Sales in Thousand Pesos 13,211 17,853
Oil Sales in Thousand Pesos 1,508 2,072
Variation %
Power Sales in ,000 MWh 13 2%
Oil Sales in m3 (1,483) -9%
Power Production in ,000MWh 67 10%
Oil Production in m3 (1,552) -9%
Power Purchase in ,000 MWh (32) -89%
Power Sales in Thousand Pesos 328 2%
Oil Sales in Thousand Pesos (533) -29%
Consolidated Profits for the Fourth Quarter
The fourth quarter reflected net profits of $5,946,000, a 269.5%
increase over the preceding quarter. Net sales improved by 37.6%.
The gross profits sales margin in the fourth quarter was 62.4%,
increasing by 46.4% in relation to the third quarter.
Electric power sales (in pesos) for the fourth quarter increased
slightly by 2.3% as compared to the preceding quarter, due to the
larger amount of MWh dispatched (1.8%); the price did not experience
significant changes.
Cost of sales decreased by 35.9% as compared to the previous quarter
due to a reduction in the depletion allowance as a result of increased
oil and gas reserves described in the report on reserves as of April
30, 1998, and due to less electric power purchased to comply with
MEM s contracts since the power plant could dispatch more frequently
than during the previous quarter.
Financial and holding results dropped by 75.6% in relation to the
previous quarter, and are mainly composed by the oil holding results
as a consequence of a decrease in the oil sale price and of higher
interest paid to banking institutions due to the Company s larger
financing.
9) Allocation of proceeds
In relation to the aforementioned results, the Board of Directors
proposes that the same be allocated as follows:
Legal Reserve $ 725,950
Cash dividends - $ 0.116 per share $ 4,218,182
Unnapropriated Retained Earnings $ 32,191,731
------------------
Total Cumulative Income $ 37,135,863
==================
As regards dividends, they were paid by resolution of the Board of Directors Meeting dated October October: see month. 2, 1997, no distribution of additional dividends having been decided. 10) Capital Adjustment The balance of the item "Capital Adjustment" was not significant, and therefore not capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. . As a result, it has been carried over to the next fiscal year. 11) Prospects: Drilling Campaign The Company is carrying out an oil development program in the Agua Agua (ä`wä, ä`gwä), inactive volcano, 12,310 ft (3,752 m) high, S Guatemala. In 1541, climaxing several days of unceasing rain and earthquakes, a wall of water swept down from its slopes, completely destroying Ciudad Vieja. del Cajon area by drilling 10 wells in El Salitral, 4 of which are deeper than average, thus registrating new gas reserves. Oil and Gas Reserves Netherland, Sewell Sew·ell , Anna 1820-1878. British writer of the children's classic Black Beauty (1877). & Associates Inc., international independent consultants, conducted an audit of the Agua del Cajon and Senillosa areas' reserves at April 30, 1998. The audit determined that the oil and gas proven reserves increased by approximately 26.1% and 0.4%, respectively, compared to the previous report dated September September: see month. 30, 1996. Secondary Recovery The Company is currently in the process of implementing the secondary recovery project in the Agua del Cajon area. The water injection process started in the month of January January: see month. 1998. LPG LPG: see liquefied petroleum gas. 1. LPG - Linguaggio Procedure Grafiche (Italian for "Graphical Procedures Language"). dott. Gabriele Selmi. Roughly a cross between Fortran and APL, with graphical-oriented extensions and several peculiarities. Project Last September, the Company was awarded the construction of a gas treatment plant (Turbo Expander) which will enable the production of liquid fuels. The contractors are The Pro-Quip Corporation from Tulsa, Oklahoma Tulsa is the second-largest city in the state of Oklahoma and 45th-largest in the United States. With an estimated population of 382,872 in 2006,[1] it is the principal municipality of the Tulsa Metropolitan Statistical Area, a region of 897,752 residents projected to , USA, and A-Evangelista S.A. Argentina Argentina (ärjəntē`nə, Span. ärhāntē`nä), officially Argentine Republic, republic (2005 est. pop. 39,538,000), 1,072,157 sq mi (2,776,889 sq km), S South America. . The plant will be constructed under a turn key contract with an estimated cost of US$22 million. The works are expected to be finished in the month of July July: see month. 1998. Fourth Line The consortium formed by Capex (CAPital EXpenditures) Refers to the cost of developing a product or system. OPEX (operating expenditures) are the ongoing costs for running it. For example, the purchase of a printer is the CAPEX, and the annual paper and ink cost is the OPEX. S.A., Central Tirmica Alto alto, singing voice the range of which is lower than the soprano by the interval of a fifth. More generally, the term refers to the register in which this voice sings, i.e. Valle S Valle is a municipality in the county of Aust-Agder, Norway. Valle was established as a municipality January 1, 1838 (see formannskapsdistrikt). .A., Hidroelectrica Cerros
pi·e·dra n. del Aguila S Águila or Aguila is an Spanish name that means eagle. The name refers to: Persons
A water, or hydraulic, turbine is used to drive electric generators in hydroelectric power stations. Power Co. S co. abbr. 1. company 2. county Co. 1 or co. 1. Company 2. and co. .A., Hidroelectrica El Chocon and Central Puerto S.A. awarded Transener S.A., the construction, operation and maintenance of the Fourth Line in the Comahue-Buenos Aires AIRES advanced imagery requirements exploitation system (US DoD) AIRES Automated Integrated Regulatory Examination System AIRES Automated Information Retrieval and Expert System AIRES Aerolíneas de Integración Regional Transmission System and the "National Electricity Regulating reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. Agency" (ENRE ENRE Ente Nacional Regulador (Spanish) ) approved such award on November November: see month. 12, 1997, by Resolution 1028/97. The construction is expected to be finished by the end of 1999. This award represents a great success for all the Comahue area generators both in terms of the benefits derived from the increased power transmission volume and of the considerable savings in the annual fee. The awardee will charge an annual fee of US$24.5 million compared to a maximum of US$43.6 million that the generators were ready to pay. This work will allow to dispatch A dispatch or dispatches can refer to:
In the case of Capex S.A, the above mentioned means savings of approximately US$2 million per year over the next 15 years. Exploration in the Aljubarrota Aljubarrota (əlzh  bər-rô`tə), village, Leiria dist., W central Portugal, in Beira Litoral. On Aug. AreaAt April 1998, the Company had invested US$1.5 million in drilling an exploration well in the area of the Lusitana Basin in Portugal Portugal (pôr`chəgəl), officially Portuguese Republic, republic (2005 est. pop. 10,566,000), 35,553 sq mi (92,082 sq km), SW Europe, on the western side of the Iberian Peninsula and including the Madeira Islands and the Azores in the , where it holds a 13% interest. This drilling yielded positive results and encourages the drilling of the second well, which will entail entail, in law, restriction of inheritance to a limited class of descendants for at least several generations. The object of entail is to preserve large estates in land from the disintegration that is caused by equal inheritance by all the heirs and by the ordinary a US$0.9 million investment by Capex S.A. Investments in Sierra Chata Chata (茶太 Last November 14, 1997, the Company entered into an agreement with Central Puerto S.A. whereby it purchased 100% of Gassur S.A., which includes a 10% share in the Chihuidos CNQ-10 block in the Neuquen Basin, in the province of Neuquen, for US$37.7 million, paid last December December: see month. 1997. This area has at present a gas and condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. field in operations, called "Sierra Chata", and discovered in April 1993. The operator of the area is Petrolera Santa Fe S Santa Fe, city, Argentina Santa Fe, city (1991 pop. 341,000), capital of Santa Fe prov., NE Argentina, a river port near the Paraná, with which it is connected by canal. .A.. Current production of the area is 3.5 million m3/day of gas and 129 m3/day of oil. Proven gas reserves of the area amount to 14 Mmm3 and the proven oil reserves Oil reserves refer to portions of oil in place that are claimed to be recoverable under economic constraints. Oil in the ground is not a "reserve" unless it is claimed to be economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally amount to 0.5 Mm3. Last December 1, 1997, the Company assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. , for the same amount, all its rights to the company Atalaya Atalaya may refer to several places worldwide:
having some relationship with the country Argentina. Argentine tick margaropuswinthemi. Argentine tortoise geochelonechilensis. company in which Capex S.A. holds a 49% interest. The Board of Directors of Capex S.A. approved such assignment on March 9, 1998, the main reason of which being to reduce financial exposure in a time of increased interest rates and restrictions in the loan market brought about by the late 1997 Asian crisis. Combined Cycle A combined cycle is characteristic of a power producing engine or plant that employs more than one thermodynamic cycle. Heat engines are only able to use a portion of the energy their fuel generates (usually less than 50%). The remaining heat from combustion is generally wasted. Last December 4, a turn key contract was signed with the company Black & Veatch Argentina S.A. for the construction of a combined cycle generation plant in the Province of Neuquen, with a generating capacity of 286 MW. The total investment is approximately US$122 million. With this combined cycle power plant, the Agua del Cajon plant will total a generating capacity of 657 MW. The plant will be ready to operate in November 1999, concurrently con·cur·rent adj. 1. Happening at the same time as something else. See Synonyms at contemporary. 2. Operating or acting in conjunction with another. 3. Meeting or tending to meet at the same point; convergent. with the starting of operations of the fourth line of the Comahue-Buenos Aires transmission system. Electric Power Forward Sales forward sales npl → ventas fpl a término Contracts The total amount of contracted power reached approximately 129,000 MWh in April 1998, which represents 53% of total electricity sales in that month. Electric Power Generation in the Patagonian Pat·a·go·ni·a A tableland region of South America in southern Argentina and Chile extending from the Río Colorado to the Straits of Magellan and from the Andes to the Atlantic Ocean. System The Company contributed with US$ 1,910,498 in previous years, to form "Electrica del Sur S.A", together with Camuzzi Argentina S.A. Capex holds 40% of the capital stock and voting rights Voting rights The right to vote on matters that are put to a vote of security holders. For example the right to vote for directors. voting rights The type of voting and the amount of control held by the owners of a class of stock. , while the remaining 60% is held by Camuzzi Argentina S.A. "Electrica del Sur S.A." is the controller of "Energia Energia also called RKK Energia formerly OKB-1 Russian aerospace company that is a major producer of spacecraft, rockets, and missiles. Energia originated in 1946 as a department within a Soviet institute conducting work on long-range missiles. del Sur S.A." with a participation of 60% in the capital stock and voting rights and the remaining 40% is in the hands of Amoco Power Resources Corporation. The purpose of "Energia del Sur S.A." is the thermal generation of electric power in the Patagonian System with an installed capacity of 76MW. Since the starting of commercial operations, the Plant has operated at practically full capacity and uninterruptedly. Due to the fact that this system is isolated from the Northern System the prices are different even though they operate under the same MEM's regulations. The average monomic prices in April 1998 were 26.21 $/MWh. Investments in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. a) Together with El Paso El Paso (ĕl pă`sō), city (1990 pop. 515,342), seat of El Paso co., extreme W Tex., on the Rio Grande opposite Juárez, Mex.; inc. 1873. Energy International, the Company decided to construct an electric power thermal generation plant in the city of Manaus Manaus (mänous`), city (1996 pop. 1,158,265), capital of Amazonas state, NW Brazil, on the Rio Negro. It is the chief commercial and cultural center of the upper Amazon region and an important river port, with floating docks that can accommodate in Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. , with a 50% interest by means of subsidiaries. To this effect the Company formed Capex International Business Company (CIBCO), another company based in the Cayman Islands Cayman Islands (kā`mən), British dependency (2005 est. pop. 44,300), 100 sq mi (259 sq km), comprising three islands in the West Indies. in which it has a 100% controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail , which will be in charge of dealing with the participation of the Capex group in the electric power thermal generation plant in the city of Manaus in Brazil. The plant will have a 243 MWh installed capacity and all of its generation capacity has been sold to Centrais Electricas do Norte do Brasil - Electronorte through a long term contract. On April 30, 1998 Capex S.A. sold its 50% holding in EPIC Energy Amazon Amazon, in Greek mythology Amazon (ăm`əzŏn), in Greek mythology, one of a tribe of warlike women who lived in Asia Minor. Company (EPIC) to a subsidiary of El Paso Energy International through its subsidiaries CIBCO and Amazonas Amazonas (äməzō`nəs), state (1996 pop. 2,390,102), 604,032 sq mi (1,564,445 sq km), NW Brazil. The capital is Manaus. Business Company (ABE ABE Adult Basic Education ABE Allgemeine Betriebserlaubnis (German: general operating permit) ABE Advanced Book Exchange (Abebooks) ABE Association of Business Executives ABE Association of Building Engineers ). The Company believes the disposition of its interest in EPIC will allow it to get more actively involved in projects being jointly developed with El Paso Energy International (El Paso) through Triunion Energy Company, and that its relationship with El Paso as its strategic partner in several projects in Latin America remains unaltered. b) The Company, through other subsidiaries and top international companies, is working on four future projects: b.1) The "Charagua Charagua is a small village in the southern part of Bolivia. It is the principal village of the Cordillera province. Most inhabitants are of Guaraní origin. " Project, an exploration area in Bolivia Bolivia (bōlĭv`ēə, Span. bōlē`vyä), officially Republic of Bolivia, republic (2005 est. pop. 8,858,000), 424,162 sq mi (1,098,581 sq km), W South America. with a great gas potential. Project in the execution phase. b.2) The construction of a pipeline between Argentina and Chile for gas transportation. Project in the execution phase. b.3) Participation in the construction of a pipeline between Argentina and Uruguay Uruguay, country, South America Uruguay (y  `rəgwā, gwī, Span. r for gas transportation.b.4) The "Talara
Talara is a city in the Talara Province and Piura Region of northwestern Peru. It is a port city on the Pacific Ocean. As of 2005, its population is 103,200. project" for the construction of a thermal power station in the Block III in Peru.
CONTACT: Claudio Armada
CAPEX
541-796-6055
or
Peter Firestein
Georgeson & Company
212-440-9889
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