Pampa Energia S.A. announces the results for the nine-month period
ended on September 30th, 2012
BUENOS AIRES, Argentina,
Nov. 19, 2012 /PRNewswire/ -- Pampa
Energia S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP), the
largest integrated electricity company in Argentina that, through its subsidiaries,
participates in the generation, transmission and distribution of
electricity, announces the results for the nine-month period ended
on September 30th, 2012. All figures
are stated in Argentine Pesos and have been prepared in accordance
with International Financial Reporting Standards.
Highlights for the nine-month period of 2012
Consolidated net sales of AR$5,758.7 million(1), 30.9%
greater than the AR$4,400.2 million for the same period of 2011,
mainly due to increases of 30.9% (AR$683.8 million) in generation,
29.0% (AR$630.4 million) in distribution, and AR$107.7 million in
holding and others.
Adjusted Consolidated EBITDA(2) of AR$405.9 million,
45.0% lower than for the same period of 2011, mainly due to
decreases of 56.5% (AR$39.7 million) in transmission and of 90.9%
(AR$447.8 million) in distribution, which were partially offset by
increases of 64.3% (AR$119.4 million) in generation and a higher
gain in holding and others (AR$36.4 million).
Consolidated loss under IFRS of AR$646.4 million, of
which AR$381.4 are attributable to the owners of the Company,
compared to the gain of AR$44.5 million attributable to the owners
of the Company for the same period of 2011, mainly due to higher
losses in our transmission segment (AR$10.2 million), distribution
(AR$495.5 million), partially offset by minor losses in our
generation segment (AR$29.6 million) and higher gains in holding
and others segment (AR$50.1 million).
Highlights for the third quarter of 2012(3)
Consolidated net sales of AR$2,102.1 million, 27.8%
greater than the AR$1,644.9 million for the same period of 2011,
mainly due to increases of 33.3% (AR$282.3 million) in generation,
19.8% (AR$157.1 million) in distribution, and AR$35.5 million in
holding and others.
Adjusted Consolidated EBITDA of AR$36.2 million, 86.1%
lower than for the same period of 2011, mainly due to decreases of
66.1% (AR$18.0 million) in transmission and of AR$249.1 million in
distribution, which were partially offset by increases of 47.8%
(AR$25.8 million) in generation and a higher gain in holding and
others (AR$17.4 million).
Consolidated net loss under IFRS of AR$346.5 million, of
which AR$233.6 are attributable to the owners of the Company, in
comparison to a net loss of AR$87.8 million attributable to the
owners of the Company for the same period of 2011, mainly due to
losses in our generation segment (AR$87.3 million), transmission
(AR$8.1 million), distribution (AR$178.5 million), partially offset
by a net profit in our holding and others (AR$40.2 million).
(1) Under the International Financial Reporting Standards
('IFRS'), we no longer consolidate the Transmission segment, and
our net income in said segment is shown in the line 'Results for
participation in joint businesses'. For more information, please
refer to section 4 of the Earnings Release.
(2) Adjusted Consolidated EBITDA represents the consolidated
earnings before financial results, net, income taxes, depreciation,
amortization, reserve directors options, other income and expenses,
net, and minority interest, including PUREE proceeds and other
collections, impairments and other adjustments related to IFRS. For
more information, please refer to section 4 of the Earnings
Release.
(3) The financial information presented in this document for the
quarters ended on September 30, 2012
and of 2011 are based on unaudited financial statements prepared
according to the IFRS accounting standards in force in Argentina corresponding to the nine-month
periods ended on September 30, 2012
and of 2011, and the six-month periods ended on June 30, 2012 and of 2011.
Consolidated Balance Sheet
(As of September 30, 2012 and
December 31, 2011, in millions of
Argentine Pesos)
|
As of
09.30.12
|
|
As of
12.31.11
|
|
ASSETS
|
|
|
|
|
Property, plant and
equipment
|
5,920.1
|
|
5,847.5
|
|
Intangible assets
|
1,704.5
|
|
1,683.0
|
|
Biological assets
|
1.5
|
|
1.4
|
|
Participation in joint
businesses
|
203.8
|
|
222.2
|
|
Participation in
associates
|
128.2
|
|
130.3
|
|
Financial assets at redeemed
cost
|
3.2
|
|
5.5
|
|
Financial assets with a results
changing fair value
|
250.5
|
|
548.2
|
|
Deferred tax assets
|
79.8
|
|
116.6
|
|
Trade receivable and other
credits
|
457.2
|
|
363.6
|
|
Total non-current
assets
|
8,748.8
|
|
8,918.3
|
|
|
|
|
|
|
Inventories
|
105.6
|
|
60.4
|
|
Biological assets
|
0.4
|
|
0.1
|
|
Assets on
construction
|
65.6
|
|
45.5
|
|
Trade receivable and other
credits
|
1,418.0
|
|
1,649.2
|
|
Financial assets with a results
changing fair value
|
111.7
|
|
70.5
|
|
Derivative financial instruments
assets
|
2.5
|
|
1.3
|
|
Investments at redeemed
cost
|
2.1
|
|
2.2
|
|
Cash and cash
equivalents
|
284.6
|
|
345.1
|
|
Total current
assets
|
1,990.5
|
|
2,174.3
|
|
|
|
|
|
|
Assets classified as held for
sale
|
111.4
|
|
990.0
|
|
|
|
|
|
|
Total assets
|
10,850.6
|
|
12,082.7
|
|
|
|
|
|
|
|
As of
09.30.12
|
|
As of
12.31.11
|
|
EQUITY
|
|
|
|
|
Share capital
|
1,314.3
|
|
1,314.3
|
|
Share premium
|
1,018.4
|
|
1,536.8
|
|
Director's options
reserve
|
248.2
|
|
241.5
|
|
Legal reserve
|
-
|
|
27.4
|
|
Retained earnings
|
(516.1)
|
|
(680.6)
|
|
Equity attributable to owners of
the parent
|
2,064.7
|
|
2,439.4
|
|
|
|
|
|
|
Non-controlling
interests
|
682.5
|
|
1,334.9
|
|
|
|
|
|
|
Total equity
|
2,747.2
|
|
3,774.2
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
Accounts payable and other
liabilities
|
1,787.6
|
|
1,428.3
|
|
Borrowings
|
2,114.9
|
|
2,487.7
|
|
Deferred revenues
|
211.1
|
|
129.3
|
|
Salaries and social security
payable
|
24.8
|
|
23.6
|
|
Defined benefit plan
obligations
|
121.6
|
|
110.4
|
|
Deferred tax
liabilities
|
681.8
|
|
849.2
|
|
Tax payable
|
58.6
|
|
45.7
|
|
Provisions
|
79.5
|
|
70.0
|
|
Total non-current
liabilities
|
5,079.8
|
|
5,144.1
|
|
|
|
|
|
|
Accounts payable and other
liabilities
|
1,521.6
|
|
1,241.0
|
|
Borrowings
|
893.8
|
|
893.8
|
|
Deferred income
|
7.9
|
|
-
|
|
Salaries and social security
payable
|
369.3
|
|
324.9
|
|
Defined benefit plan
obligations
|
23.3
|
|
14.9
|
|
Tax payable
|
196.5
|
|
217.6
|
|
Provisions
|
11.0
|
|
11.4
|
|
Total current
liabilities
|
3,023.5
|
|
2,703.5
|
|
|
|
|
|
|
Liabilities classified as held
for sale
|
-
|
|
460.8
|
|
|
|
|
|
|
Total liabilities
|
8,103.4
|
|
8,308.5
|
|
|
|
|
|
|
Total liabilities and
equity
|
10,850.6
|
|
12,082.7
|
|
|
|
| |
Consolidated Income Statement
(For the nine and three-month period ended on September 30, 2012, and September 30, 2011, in millions of Argentine
Pesos)
|
|
9-Month
Period
|
|
3rd
Quarter
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Sales revenue
|
|
5,758.7
|
|
4,400.2
|
|
2,102.1
|
|
1,644.9
|
|
Cost of sales
|
|
(5,310.8)
|
|
(3,842.6)
|
|
(1,995.4)
|
|
(1,458.8)
|
|
Gross profit
|
|
447.9
|
|
557.6
|
|
106.6
|
|
186.1
|
|
|
|
|
|
|
|
|
|
|
|
Selling expenses
|
|
(365.7)
|
|
(230.7)
|
|
(139.6)
|
|
(84.8)
|
|
Administrative
expenses
|
|
(354.2)
|
|
(295.0)
|
|
(129.7)
|
|
(104.8)
|
|
Other operating
income
|
|
181.7
|
|
101.0
|
|
28.7
|
|
16.4
|
|
Other operating
expenses
|
|
(66.0)
|
|
(60.5)
|
|
(23.1)
|
|
(12.4)
|
|
Results for participation in
joint businesses
|
|
(18.4)
|
|
(8.3)
|
|
(8.1)
|
|
(3.1)
|
|
Results for participation in
associates
|
|
(2.1)
|
|
(4.3)
|
|
(1.9)
|
|
(2.8)
|
|
Impairment of property, plant
and equipment
|
|
(108.3)
|
|
-
|
|
(108.3)
|
|
-
|
|
Impairment of intangible
assets
|
|
(5.3)
|
|
-
|
|
-
|
|
-
|
|
Gain for acquisition of
companies
|
|
-
|
|
502.0
|
|
-
|
|
-
|
|
Operating income
|
|
(290.3)
|
|
561.8
|
|
(275.3)
|
|
(5.3)
|
|
|
|
|
|
|
|
|
|
|
|
Financial income
|
|
103.9
|
|
55.6
|
|
36.7
|
|
18.0
|
|
Financial costs
|
|
(401.3)
|
|
(345.4)
|
|
(114.4)
|
|
(125.9)
|
|
Other financial
results
|
|
(151.8)
|
|
(92.2)
|
|
(41.4)
|
|
(25.6)
|
|
Financial results,
net
|
|
(449.3)
|
|
(382.0)
|
|
(119.1)
|
|
(133.5)
|
|
|
|
|
|
|
|
|
|
|
|
Profit before tax
|
|
(739.5)
|
|
179.8
|
|
(394.4)
|
|
(138.9)
|
|
|
|
|
|
|
|
|
|
|
|
Income tax and minimum expected
profit tax
|
|
57.1
|
|
(58.6)
|
|
52.4
|
|
40.9
|
|
|
|
|
|
|
|
|
|
|
|
Net income for continuing
operations
|
|
(682.5)
|
|
121.2
|
|
(342.0)
|
|
(98.0)
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operations
|
|
36.1
|
|
26.9
|
|
(4.5)
|
|
6.1
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for
the period
|
|
(646.4)
|
|
148.1
|
|
(346.5)
|
|
(91.9)
|
|
|
|
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
|
|
|
Owners of
the Company
|
|
(381.4)
|
|
44.5
|
|
(233.6)
|
|
(87.8)
|
|
Non-controlling
interests
|
|
(265.0)
|
|
103.6
|
|
(112.9)
|
|
(4.0)
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for
the period attributable to the owners of the
Company:
|
|
|
|
|
|
|
|
|
|
Basic income for
continuing operations per share (AR$ per share)
|
|
(0.3177)
|
|
0.0134
|
|
-
|
|
-
|
|
Diluted income for
continuing operations per share (AR$ per share)
|
|
(0.3177)
|
|
0.0158
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Basic income for
discontinued operations per share (AR$ per share)
|
|
0.0275
|
|
0.0205
|
|
-
|
|
-
|
|
Diluted income for
discontinued operations per share (AR$ per share)
|
|
0.0275
|
|
0.0177
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
| |
For the full version of this Results Report, please visit
Pampa's Investor Relations website: www.pampaenergia.com/ir.
Information about the Conference Call
There will be a conference call to discuss Pampa and Edenor's
third quarter 2012 results on Wednesday,
November 21, 2012 at 10:00
a.m. New York Time / 12:00
p.m. Buenos Aires Time. Mr. Ricardo
Torres, Chief Executive Officer of Pampa and Chairman of
Edenor, will be presenting for Pampa Energia S.A. For those
interested in participating, please dial 0800-444-2930 in
Argentina, (877) 317-6776 in
the United States or +1 (412)
317-6776 from any other country. Participants of the conference
call should use the identification password Pampa Energia / Edenor
and dial in five minutes before the scheduled time. There will also
be a live audio webcast of the conference at
www.pampaenergia.com/ir.
Besides the access to the audio file in the website, a replay of
the Conference Call through telephone is available, dialing (877)
344-7529 in the United States or
+1 (412) 317-0088 from any other country. The conference's
identification code is 10020022. This material will be available
one hour after the finalization of the Conference Call and until
November 29, 2012.
For further information, contact:
Ricardo Torres - Chief
Executive Officer
Mariano Batistella – Special
Projects Manager and Investor Relations Officer
3302 Ortiz de Ocampo, Building
#4
(C1425DSR) Ciudad Autonoma de Buenos
Aires, Argentina
Phone: +54 (11) 4809 9500
http://www.pampaenergia.com/ir
investor@pampaenergia.com
SOURCE Pampa Energia S.A.