Pampa Energia announces the results for the six-month period and quarter ended June 30th, 2015

Aug 11, 2015, 20:07 ET from Pampa Energia S.A.

BUENOS AIRES, Argentina, Aug. 11, 2015 /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, as well as natural gas transportation and production, announces the results for the six-month period and quarter ended on June 30, 2015. All figures are stated in Argentine Pesos and have been prepared in accordance with International Financial Reporting Standards.

Highlights for the Six-Month Period of 2015

Consolidated sales revenues of AR$3,457.6 million[1] for the six-month period ended on June 30, 2015, 18.4% higher than the AR$2,921.4 million for the same period of 2014, primarily explained by increases of 25.2% (AR$263.8 million) in generation, 6.5% (AR$114.8 million) in distribution and 137.2% (AR$180.1 million) in oil and gas, partially offset by a decrease of 3.3% (AR$1.0 million) in the holding and others segment.

Adjusted consolidated EBITDA[2] of AR$1,693.3 million for the six-month period ended on June 30, 2015, compared to AR$27.1 million for the same period of 2014, mainly due to increases of AR$125.4 million in generation, AR$1,368.2 million in distribution and AR$196.0 million in oil and gas, partially offset by a decrease of AR$12.0 million and AR$11.4 million in the transmission and holding and others segments, respectively.

Consolidated profit of AR$1,365.1 million during the six-month period ended on June 30, 2015, of which a profit of AR$963.0 million is attributable to the owners of the Company, compared to a AR$80.4 million loss attributable to the owners of the Company in the same period of 2014, explained by profits of AR$258.1 million in generation, AR$28.6 million in transmission, AR$254.8 million in distribution, AR$28.5 million in oil and gas and AR$393.0 million in the holding and others segment.

Highlights for the Second Quarter of 2015

Consolidated sales revenues of AR$1,757.7 million for the quarter ended on June 30, 2015, 18.0% higher than the AR$1,489.9 million for the same period of 2014, mainly explained by increases of 20.7% (AR$117.8 million) in generation, 5.5% (AR$46.7 million) in distribution,163.5% (AR$113.2 million) in oil and gas and 19.8% (AR$2.8 million) in holding and others segment.

Adjusted consolidated EBITDA of AR$860.2 million, compared to AR$63.4 million loss for the same period of 2014, mainly due to increases of AR$17.3 million in generation, AR$798.3 million in distribution, AR$110.7 million in oil and gas and lesser losses for AR$0.4 million in holding and others, partially offset by a decrease of AR$3.0 million in the transmission segment.

Consolidated profit of AR$203.2 million, of which AR$61.1 million are attributable to the owners of the Company, compared to AR$309.7 million attributable to the owners of the Company in the same period of 2014, explained by profits of AR$121.6 million in generation, AR$25.1 million in transmission, AR$71.1 million in distribution and AR$7.5 million in oil and gas, partially offset by a loss of AR$164.2 million in the holding and others segment.

Consolidated Balance Sheet (As of June 30, 2015 and December 31, 2014, in millions of Argentine Pesos)

As of 06.30.15

As of 12.31.14

ASSETS

Participation in joint businesses

247.0

226.9

Participation in associates

140.6

133.2

Property, plant and equipment

11,073.6

9,218.1

Intangible assets

857.7

872.4

Biological assets

1.9

1.9

Financial assets with a results changing fair value

1,318.4

963.0

Investments at amortized cost

39.8

-

Deferred tax assets

66.0

93.7

Trade receivable and other credits

1,061.5

954.8

Total non-current assets

14,806.4

12,464.0

Biological assets

0.0

0.2

Inventories

181.1

135.6

Financial assets with a results changing fair value

2,057.1

1,028.6

Investments at amortized cost

0.9

-

Trade receivable and other credits

3,430.7

2,896.8

Cash and cash equivalents

244.7

335.2

Total current assets

5,914.6

4,396.4

Total assets

20,721.0

16,860.4

As of 06.30.15

As of 12.31.14

EQUITY

Share capital

1,314.3

1,314.3

Share premium

347.1

343.0

Statutory reserve

51.5

14.3

Voluntary reserve

977.8

271.8

Director's options reserve

266.1

266.1

Retained earnings

963.0

743.2

Other comprehensive result

(32.0)

(32.2)

Equity attributable to owners of the parent

3,887.8

2,920.4

Non-controlling interests

1,031.0

633.4

Total equity

4,918.9

3,553.8

LIABILITIES

Accounts payable and other liabilities

2,463.9

1,909.4

Borrowings

4,002.8

3,731.3

Deferred revenues

127.0

109.1

Salaries and social security payable

75.1

62.9

Defined benefit plan obligations

220.0

196.6

Deferred tax liabilities

517.2

470.6

Tax payable

343.7

274.7

Provisions

147.6

119.5

Total non-current liabilities

7,897.4

6,873.9

Accounts payable and other liabilities

5,143.4

4,536.5

Borrowings

1,280.6

839.3

Deferred income

0.8

0.8

Salaries and social security payable

718.2

725.3

Defined benefit plan obligations

41.5

26.8

Tax payable

666.6

231.9

Financial derivatives

17.8

47.9

Provisions

35.8

24.2

Total current liabilities

7,904.7

6,432.6

Total liabilities

15,802.1

13,306.6

Total liabilities and equity

20,721.0

16,860.4

Consolidated Income Statement (For the six-month period and quarter ended on June 30, 2015 and 2014, in millions of Argentine Pesos)

1st Semester

2nd Quarter

2015

2014

2015

2014

Sales revenue

3,457.6

2,921.4

1,757.7

1,489.9

Cost of sales

(3,339.6)

(2,813.9)

(1,762.3)

(1,495.4)

Gross profit

118.0

107.5

(4.6)

(5.5)

Selling expenses

(419.6)

(315.7)

(226.7)

(160.8)

Administrative expenses

(523.1)

(366.8)

(276.1)

(203.8)

Other operating income

202.2

114.8

109.0

74.5

Other operating expenses

(224.7)

(167.5)

(130.7)

(106.9)

Results for participation in joint businesses

28.7

(2.7)

25.1

22.7

Results for participation in associates

7.5

(2.0)

5.6

5.5

Operating income before higher cost recognition and SE Res. No. 32/15

(811.0)

(632.3)

(498.4)

(374.2)

Income Recognition on account of the RTI - SE Res. No. 32/15

2,388.7

-

1,054.8

-

Higher Cost Recognition – SE Res. No. 250/13 and subsequent Notes and SE Res. No. 32/15

186.6

735.5

-

735.5

Operating income

1,764.2

103.2

556.4

361.3

Financial income

128.9

194.1

72.0

147.3

Financial costs

(292.9)

(558.5)

46.9

(303.7)

Other financial results

352.5

(202.0)

(203.8)

98.8

Financial results, net

188.5

(566.4)

(84.9)

(57.6)

Profit before tax

1,952.7

(463.2)

471.5

303.7

Income tax and minimum expected profit tax

(587.5)

68.0

(268.3)

20.8

Net income for the period

1,365.1

(395.2)

203.2

324.6

Attributable to:

Owners of the Company

963.0

(80.4)

61.1

309.7

Non-controlling interests

402.1

(314.8)

142.1

14.9

Net income for the period attributable to the owners of the Company (AR$ per share):

Basic income per share

0.7327

(0.0612)

0.0465

0.2356

Diluted income per share

0.6152

(0.0612)

0.0388

0.2149

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 second quarter 2015 results on Thursday August 13, 2015 at 10:00 a.m. New York Time / 11:00 a.m. Buenos Aires Time.

The hosts will be Mr. Leandro Montero, CFO of Edenor and Mr. Mariano Batistella, Special Projects, Planning Manager and Investor Relations Officer of Pampa. 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 / 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.

For further information, contact:

Ricardo Torres Co-CEO

Gustavo Mariani Co-CEO

Mariano Batistella  Special Projects, Planning and Investor Relations Officer

Lida Wang Investor Relations and Special Projects Associate

Tel +54 (11) 4809-9500

investor@pampaenergia.com www.pampaenergia.com/ir 

[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 results for continuing activities before net financial results, income taxes, depreciation, amortization, one-time income and expenses, and non-controlling interests, including PUREE proceeds, other non-accrued collections, and other adjustments related to IFRS. For more information, please refer to section 4 of the Earnings Release.

SOURCE Pampa Energia S.A.



RELATED LINKS

http://www.pampaenergia.com/ir