Pampa Energia Announces its Results for the First Quarter Ended on March 31, 2011

BUENOS AIRES, Argentina, May 12, 2011 /PRNewswire/ -- Pampa Energia S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP) ("Pampa" or the "Company"), the largest integrated electricity company in Argentina that, through its subsidiaries, participates in the generation, transmission and distribution of electricity, announces today its results corresponding to the first quarter ended March 31, 2011.  All figures are stated in Argentine pesos and have been prepared in accordance with Argentine GAAP.

Highlights for First Quarter 2011

Consolidated net sales of AR$1,575.5 million in the first quarter of 2011, 51.5% greater than the AR$1,040.2 million for the same period of 2010, mainly due to a 98.3% (AR$391.4 million), a 10.4% (AR$7.3 million), a 23.6% (AR$135.4 million) and a AR$2.9 million increases in net sales from our generation, transmission, distribution and holding and others segments, respectively.

Consolidated EBITDA(1) of AR$238.5 million in the first quarter of 2011, 24.8% higher than the AR$191.0 million for the same period of 2010, mainly due to increases of 40.0% in the generation segment (AR$28.0 million), 44.9% in the transmission segment (AR$9.5 million) and 10.9% in the distribution segment (AR$11.4 million), partially offset by a greater loss of AR$1.5 million at the holding and others segment.

Consolidated net income of AR$15.1 million in the first quarter of 2011, AR$9.9 million greater than the AR$5.2 million net consolidated income for the same period of 2010, mainly due to gains from our generation (AR$14.7 million), transmission (AR$1.3 million) and holding and others (AR$30.5 million) segments, partially offset by losses at our distribution segment (AR$31.5 million).

Consolidated Balance Sheet (AR$)

(For the three-months ended March 31, 2011, in Argentine Pesos.)


03.31.11



03.31.11

ASSETS



LIABILITIES


CURRENT ASSETS



CURRENT LIABILITIES


Cash and banks

305,042,502


Accounts payable

781,199,172

Short-term Investments

522,014,627


Financial debt

1,222,010,544

Trade receivables, net

1,069,963,736


Salaries and social security payable

266,372,731

Other receivables, net

316,076,922


Tax payable

279,908,927

Inventories

31,947,182


Other liabilities

219,088,036

Other assets      

128,135,605


Provisions

75,090,503

Total current assets

2,373,180,574


Total current liabilities

2,843,669,913











NON-CURRENT ASSETS



NON-CURRENT LIABILITIES


Trade receivables

229,345,111


Accounts payable

83,179,977

Long-term Investments

541,182,562


Financial debt

2,576,577,130

Other receivables, net

429,888,869


Salaries and social security payable

82,948,164

Inventories

349,959


Taxes payable

678,062,105

Fixed assets, net

8,478,612,441


Other payables

1,066,103,552

Intangible assets, net

303,775,070


Provisions

14,313,447

Other assets

84,603,424


Total non-current liabilities

4,501,184,375

Sub-total non-current assets

10,067,757,436


Total liabilities

7,344,854,288






Goodwill, net

23,466,921


MINORITY INTEREST

1,821,282,195

Total non-current assets

10,091,224,357


SHAREHOLDERS EQUITY

3,298,268,448

Total assets

12,464,404,931


Total liabilities, minority interest and shareholders equity

12,464,404,931



Consolidated Income Statement (AR$)

(For the three-months ended March 31, 2011 and March 31, 2010, in Argentine Pesos.)


Period ended on March 31st of






2011


2010

Sales revenue

1,575,538,098


1,040,199,763

Cost of sales

(1,260,150,336)


(800,041,966)

Gross profit

315,387,762


240,157,797


-


-

Selling expenses

(62,730,009)


(50,312,648)

Administrative expenses

(110,285,282)


(79,993,391)

Goodwill amortization

(3,547,345)


(4,954,209)

Operating income

138,825,126


104,897,549


-


-

Financial and holding results generated by assets:




Interest income

13,061,742


6,640,510

Taxes and commissions

(18,279,387)


(12,395,903)

Foreign currency exchange difference

17,720,729


17,213,850

Result of receivables measured at present value

76,650


8,034,405

Holding results of financial assets

(18,799,353)


(14,815,039)

Impairment of fixed assets and other assets

-


(431,064)

Other financial results

324,380


4,415,476

Sub-total

(5,895,239)


8,662,235


-


-

Financial and holding results generated by liabilities:




Interest expense

(91,334,240)


(41,457,658)

Foreign currency exchange difference

(42,067,602)


(43,761,992)

Financial debt repurchase results

(17,259,940)


11,058,242

Financial debt present value

(1,332,830)


(485,046)

Other financial results

(6,719,723)


(1,269,883)

Sub-total

(158,714,335)


(75,916,337)

Total financial and holding results, net

(164,609,574)


(67,254,102)


-


-

Other income and expenses, net

55,212,395


5,561,960


-


-

Income before income taxes and minority interest

29,427,947


43,205,407


-


-

Income tax

(14,884,012)


(26,649,725)


-


-

Minority interest

537,108


(11,323,530)


-


-

Net income

15,081,043


5,232,152





Basic income per share

0.0115


0.0040

Diluted income per share

0.0098


0.0036



FOR THE FULL VERSION OF THIS RESULTS REPORT, PLEASE VISIT http://www.pampaenergia.com/ir.

Conference Call Information

There will be a conference call to discuss Pampa's first quarter 2011 results on Friday, May 13, 2011 at 10:00 a.m. New York Time / 11:00 a.m. Buenos Aires Time. Mr. Ricardo Torres, Chief Executive Officer of the Company, will be presenting for Pampa Energia S.A. For those interested in participating, please dial 0800-444-2930 in Argentina, +1 (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 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 +1 (877) 344-7529 in the United States or +1 (412) 317-0088 from any other country. The required code is 450776 + # (pound key) and press "1" to start the tape. This material will be available one hour after the finalization of the Conference Call and until May 24, 2011.

(1) 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.

For further information, contact:

Ricardo Torres - Chief Executive Officer

Mariano Batistella - Investor Relations

3302 Ortiz de Ocampo, Building #4

(C1425DSR) Ciudad Autónoma de Buenos Aires, Argentina

Phone: 5411 4809 9500

http://www.pampaenergia.com/ir  

investor@pampaenergia.com



SOURCE Pampa Energia S.A.



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