Pampa Energia Announces its Results for the Nine-Month Period Ended on September 30, 2011

BUENOS AIRES, Argentina, Nov. 10, 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 nine-month period ended September 30, 2011.  All figures are stated in Argentine pesos and have been prepared in accordance with Argentine GAAP.

Highlights for the Nine-month Period ended September 30, 2011

Consolidated net sales of AR$5,226.1 million, 43.6% greater than the AR$3,638.3 million for the same period of 2010, mainly due to increases of 32.6% (AR$581.7 million) in generation, 13.5% (AR$27.6 million) in transmission, 58.0% (AR$958.1 million) in distribution and AR$32.4 million in holding and others.

Adjusted Consolidated EBITDA(1) of AR$793.0 million, 6.6% higher than for the same period of 2010, mainly due to increases of 1.7% (AR$1.4 million) in transmission, 13.4% (AR$62.7 million) in distribution, and to minor losses in holding and others (AR$8.0 million), which were partially offset by a 10.9% (AR$22.9 million) reduction in generation.

Consolidated net loss of AR$183.2 million, compared to a net loss of AR$81.8 for the same period of 2010.

Highlights for the Third Quarter of 2011

The financial information presented in this document for the quarters ended September 30, 2011 and 2010 is derived from the unaudited financial statements prepared in accordance with Argentine GAAP for the nine-month periods ended September 30, 2011 and 2010 and the six-month periods ended June 30, 2011 and 2010, respectively.

Consolidated net sales of AR$1,961.6 million for the third quarter of 2011, 43.8% higher than the AR$1,364.6 million for the same period of 2010, mainly due to an increase in net sales of 20.5% (AR$150.5 million) in the generation segment, of 14.7% (AR$10.3 million) in the transmission segment, of 76.4% (AR$428.4 million) in the distribution segment, and of AR$18.9 million in the holding and others segment.

Adjusted Consolidated EBITDA of AR$263.1 million, 10.1% higher than the AR$238.9 million from the same period of 2010, mainly due to an increase of 27.1% (AR$41.1 million) in distribution and minor losses of AR$5.1 million in holding and others, partially offset by a reduction of 27.3% (AR$17.2 million) in generation and of 15.3% (AR$4.6 million) in transmission.

Consolidated net loss of AR$102.4 million in the third quarter of 2011, compared to a consolidated net gain of AR$0.1 million for the same period of 2010.

Consolidated Balance Sheet (AR$)

(For the nine-month period ended September 30, 2011, and for the fiscal year ended December 31, 2010, in Argentine Pesos.)


As of 09.30.11

As of 12.31.10



As of 09.30.11

As of 12.31.10

ASSETS




LIABILITIES



Cash and banks

164.3

208.7


Accounts payable

879.6

651.1

Short-term Investments

418.6

961.5


Financial debt

1,073.6

668.3

Trade receivables, net

1,070.9

793.4


Salaries and social security payable

320.3

237.1

Other receivables, net

347.4

328.0


Tax payable

255.4

171.3

Inventories

38.8

29.7


Other liabilities

158.9

53.4

Other assets

128.1

128.1


Provisions

83.7

58.0

Total current assets

2,168.1

2,449.4


Total current liabilities

2,771.6

1,839.2








Trade receivables

227.7

237.1


Accounts payable

81.9

78.1

Long-term Investments

653.8

0.5


Financial debt

2,836.6

1,994.6

Other receivables, net

444.2

240.9


Salaries and social security payable

89.3

70.7

Inventories

-

0.6


Taxes payable

659.8

575.6

Fixed assets, net

8,680.2

6,563.2


Other payables

1,252.8

985.1

Intangible assets, net

288.4

268.2


Provisions

14.6

11.3

Other assets

73.2

90.3


Total non-current liabilities

4,935.0

3,715.3








Sub-total non-current assets

10,367.6

7,400.8


Total liabilities

7,706.6

5,554.5








Goodwill, net

11.5

572.7


MINORITY INTEREST

1,736.3

1,587.5








Total non-current assets

10,379.1

7,973.5


SHAREHOLDERS EQUITY

3,104.4

3,281.0








Total assets

12,547.3

10,422.9


Total liabilities, minority interest
and shareholders equity

12,547.3

10,422.9



Consolidated Income Statement (AR$)

(For the nine-months periods ended September 30, 2011 and September 30, 2010, and for the third quarters ended September 30, 2011 and September 30, 2010, in Argentine Pesos.)

The financial information presented in this document for the quarters ended September 30, 2011 and 2010 is derived from the unaudited financial statements prepared in accordance with Argentine GAAP for the nine-month periods ended September 30, 2011 and 2010 and the six-month periods ended June 31, 2011 and 2010, respectively.



9-Month


3rd Quarter












2011


2010


2011


2010

Sales revenue


5,226.1


3,638.3


1,961.6


1,364.6

Cost of sales


(4,318.2)


(2,968.8)


(1,634.8)


(1,149.9)

Gross profit


907.9


669.5


326.9


214.6










Selling expenses


(293.1)


(150.1)


(113.7)


(49.1)

Administrative expenses


(400.1)


(258.8)


(147.7)


(95.0)

Goodwill amortization


(3.4)


(15.0)


(0.0)


(5.0)

Operating income


211.3


245.7


65.4


65.4










Share of profit from associates


(3.7)


-


(2.3)


-










Financial and holding results generated by assets:









Interest income


50.9


34.6


21.7


15.8

Taxes and commissions


(75.2)


(55.1)


(25.5)


(26.8)

Foreign currency exchange difference


35.0


26.8


11.4


6.9

Result of receivables measured at present value


0.3


12.7


(0.4)


2.7

Holding results of financial assets


(21.7)


1.8


(12.7)


9.7

Impairment of investments


-


(77.9)


-


-

Impairment of fixed assets and other assets


-


-


-


0.4

Other financial results


(12.4)


7.3


(12.9)


4.5

Sub-total


(23.1)


(49.9)


(18.4)


13.1










Financial and holding results generated by liabilities:









Interest expense


(324.0)


(135.3)


(121.0)


(48.1)

Foreign currency exchange difference


(158.5)


(60.4)


(71.4)


(12.5)

Financial debt repurchase results


(1.7)


12.4


15.5


0.5

Financial debt present value


(4.0)


(3.6)


-


-

Other financial results


(6.8)


(2.9)


1.1


1.1

Sub-total


(495.0)


(189.8)


(175.8)


(59.0)

Total financial and holding results, net


(518.1)


(239.7)


(194.1)


(45.8)










Other income and expenses, net


29.9


(3.3)


(8.6)


(3.5)










Income before income taxes and minority interest


(280.6)


2.8


(139.6)


16.1










Income tax


58.5


(67.1)


25.0


(13.6)










Minority interest


38.9


(17.6)


12.2


(2.4)










Net income


(183.2)


(81.8)


(102.4)


0.1










Basic income per share (AR$ per share)


(0.1394)


(0.0623)


(0.0779)


0.0001

Diluted income per share (AR$ per share)


(0.1198)


(0.0561)


(0.0669)


0.0001



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 third quarter 2011 results on Friday, November 11, 2011 at 10:00 a.m. New York Time / 12:00 p.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, (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 (877) 344-7529 in the United States or +1 (412) 317-0088 from any other country. The conference's identification code is 10006002. This material will be available one hour after the finalization of the Conference Call and until November 22, 2011.

For further information, contact:

Ricardo Torres - Chief Executive Officer
Mariano Batistella - Investor Relations – Special Projects
3302 Ortiz de Ocampo, Building #4
(C1425DSR) Ciudad Autonoma de Buenos Aires, Argentina
Phone: 5411 4809 9500
http://www.pampaenergia.com/ir
investor@pampaenergia.com

(1) 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. For more information, please refer to section 5 of the full Earnings Release.

SOURCE Pampa Energia S.A.



RELATED LINKS
http://www.pampaholding.com
http://www.pampaenergia.com/ir

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