2014

Pampa Energia S.A. Announces the Results for the Fiscal Year Ended on December 31, 2011

BUENOS AIRES, Argentina, March 9, 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 fiscal year ended on December 31, 2011. All figures are stated in Argentine Pesos and have been prepared in accordance with Argentina GAAP.

Highlights for the fiscal year ended on December 31, 2011

Consolidated net sales of AR$6,774.5 million, 42.7% greater than the AR$4,748.6 million for the same period of 2010, mainly due to increases of 24.4% (AR$559.7 million) in generation, 7.6% (AR$22.2 million) in transmission, 64.0% (AR$1,391.4 million) in distribution and AR$54.7 million in holding and others.

Adjusted Consolidated EBITDA (1) of AR$1,002.6 million, 6.1% higher than for the same period of 2010, mainly due to increases of 10.2% (AR$57.3 million) in distribution and to minor losses in holding and others (AR$21.4 million), which were partially offset by reductions of 0.3% (AR$1.0 million) in generation and 17.0% (AR$19.9 million) reduction in transmission.

Consolidated net loss of AR$931.1 million, compared to a net loss of AR$46.6 for the same period of 2010, mainly explained by our participation in Edenor's net loss (AR$295.8 million) and an impairment made by Pampa of said investment (AR$557.8 million).

(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, available at Pampa's Investor Relations website.

Highlights for the fourth quarter of 2011

The financial information presented in this document for the quarters ended on December 31, 2011 and of 2010 are based on the financial statements prepared according to the accounting standards in force in Argentina corresponding to the fiscal year ended on December 31, 2011 and of 2010, and the nine-month periods ended on September 30, 2011 and of 2010.

Consolidated net sales of AR$1,705.7 million for the fourth quarter of 2011, 50.1% higher than the AR$1,136.4 million for the same period of 2010, mainly due to an increase in net sales of 18.9% (AR$100.3 million) in the generation segment, of 84.7% (AR$442.1 million) in the distribution segment and of AR$22.3 million in the holding and others segment, partially offset by a reduction of 6.0% (AR$5.3 million) in transmission.

Adjusted Consolidated EBITDA of AR$209.5 million, 4.4% higher than the AR$200.7 million from the same period of 2010, mainly due to an increase of 27.4% (AR$21.9 million) in generation and minor losses of AR$13.5 million in holding and others, partially offset by a reduction of 63.1% (AR$21.3 million) in transmission and of 5.5% (AR$5.3 million) in distribution.

Consolidated Net Loss of AR$747.9 million in the fourth quarter of 2011, compared to a consolidated net gain of AR$35.3 million for the same period of 2010, mainly given by our participation in Edenor's net loss (AR$180.7 million) and an impairment made by Pampa in said investment (AR$557.8 million).

Consolidated Balance Sheet
(For the fiscal years ended on December 31, 2011, and December 31, 2010, in million of Argentine Pesos)



As of 12.31.11

As of 12.31.10


As of 12.31.11

As of 12.31.10

ASSETS



LIABILITIES



Cash and banks

158.1

208.7

Accounts payable

1,101.5

651.1

Short-term Investments

366.6

961.5

Financial debt

903.1

668.3

Trade receivables, net

1.159.4

793.4

Salaries and social security payable

368.5

237.1

Other receivables, net

574.8

328.0

Tax payable

227.6

171.3

Inventories

39.0

29.7

Other liabilities

171.7

53.4

Other assets      

149.9

128.1

Provisions

11.4

58.0

Total current assets

2,447.8

2,449.4

Total current liabilities

2,783.7

1,839.2







Trade receivables

237.1

237.1

Accounts payable

74.3

78.1

Long-term Investments

685.5

0.5

Financial debt

2,770.9

1,994.6

Other receivables, net

327.9

240.9

Salaries and social security payable

103.3

70.7

Inventories

-

0.6

Taxes payable

491.7

575.6

Fixed assets, net

7,667.9

6,563.2

Other payables

1,374.2

985.1

Intangible assets, net

270.9

268.2

Provisions

70.0

11.3

Other assets

67.6

90.3

Total non-current liabilities

4,884.4

3,715.3







Sub-total non-current assets

9,256.8

7,400.8

Total liabilities

7,668.2

5,554.5







Goodwill, net

(255.3)

572.7

MINORITY INTEREST

1,422.4

1,587.5







Total non-current assets

9,001.5

7,973.5

SHAREHOLDERS EQUITY

2,358.8

3,281.0







Total assets

11,449.3

10,422.9

Total liabilities, minority interest
and shareholders equity

11,449.3

10,422.9



Consolidated Income Statement
(For the fiscal years ended on December 31, 2011, and December 31, 2010, in million of Argentine Pesos)

The financial information presented in this document for the quarters ended on December 31, 2011 and of 2010 are based on the financial statements prepared according to the accounting standards in force in Argentina corresponding to the fiscal year ended on December 31, 2011 and of 2010, and the nine-month periods ended on September 30, 2011 and of 2010.



Full Year


4th Quarter


2011

2010


2011


2010

Sales revenue

6,774.5

4,748.6


1,705.7

-

1,136.4

Cost of sales

(5,583.1)

(3,869.6)


(1,422.2)

-

(926.9)

Gross profit

1.191.5

879.0


283.6

-

209.4








Selling expenses

(450.5)

(211.1)


(157.4)

-

(61.0)

Administrative expenses

(560.2)

(365.8)


(160.1)

-

(107.0)

Goodwill amortization

(5.7)

(20.0)


(2.3)

-

(5.0)

Operating income

175.0

282.1


(36.2)

-

36.4








Share of profit from associates

20.7

-


24.4

-

-








Financial and holding results generated by assets:







Interest income

83.0

90.2


32.0

-

55.6

Taxes and commissions

(89.4)

(67.1)


(14.2)

-

(12.0)

Foreign currency exchange difference

45.7

24.9


10.7

-

(1.9)

Result of receivables measured at present value

0.6

7.4


0.2

-

(5.3)

Holding results of financial assets

(21.7)

54.5


(0.0)

-

52.6

Impairment of investments

(453.7)

(77.9)


(453.7)

-

-

Impairment of fixed assets and other assets

(221.6)

-


(221.6)

-

-

Other financial results

(1.0)

1.5


11.4

-

(5.8)

Sub-total

(658.2)

33.3


(635.1)

-

83.2








Financial and holding results generated by liabilities:







Interest expense

(468.4)

(205.6)


(144.4)

-

(70.3)

Foreign currency exchange difference

(236.0)

(71.8)


(77.5)

-

(11.4)

Financial debt repurchase results

7.6

5.5


9.3

-

(6.9)

Financial debt present value

(5.2)

(5.8)


-

-

-

Other financial results

(20.5)

(6.1)


(14.9)

-

(5.5)

Sub-total

(722.5)

(283.9)


(227.4)

-

(94.1)

Total financial and holding results, net

(1,380.6)

(250.6)


(862.6)

-

(10.9)








Other income and expenses, net

32.1

6.2


2.2

-

9.4








Income before income taxes and minority interest

(1,152.8)

37.7


(872.2)

-

34.9








Income tax

40.6

(74.3)


(17.9)

-

(7.2)








Minority interest

181.1

(10.0)


142.2

-

7.6








Net income

(931.1)

(46.6)


(747.9)

-

35.3








Basic income per share (AR$ per share)

(0.7085)

(0.0354)


(0.5690)

-

0.0268

Diluted income per share (AR$ per share)

(0.6133)

(0.0315)


(0.4926)

-

0.0239



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 fourth quarter 2011 results on Monday, March 12, 2011 at 10:00 a.m. New York Time / 11:00 a.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 10010249. This material will be available one hour after the finalization of the Conference Call and until March 22, 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.



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

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