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Pampa Energia S.A. Announces the Results for the Three-Month Period Ended on March 31, 2012

BUENOS AIRES, Argentina, May 22, 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 March 31, 2012. All figures are stated in Argentine Pesos and have been prepared in accordance with International Financial Reporting Standards.

Highlights for the first quarter of 2012

Consolidated net sales of AR$1,610.4 million(1), 20.2% greater than the AR$1,340.2 million for the same period of 2011, mainly due to increases of 0.9% (AR$6.2 million) in generation, 37.8% (AR$244.6 million) in distribution, and AR$33.8 million in holding and others.

Adjusted Consolidated EBITDA(2) of AR$278.4, 5.9% lower than for the same period of 2011, mainly due to decreases of 58.3% (AR$22.9 million) in transmission and of 30.6% (AR$53.0 million) in distribution, which were partially offset by increases of 53.2% (AR$48.1 million) in generation and a higher gain in holding and others (AR$10.4 million).

Consolidated net loss of AR$47.2 million, compared to a net gain of AR$249.9 million for the same period of 2011, mainly due to losses in our transmission segment (AR$5.2 million), distribution (AR$67.9 million) and holding and others (AR$21.2 million), partially offset by a net profit in our generation segment (AR$47.2 million).

Consolidated Balance Sheet

(As of March 31, 2012 and December 31, 2011, in million of Argentine Pesos)


As of 03.31.12

As of 12.31.11

ASSETS



Property, plant and equipment

5,918.4

5,871.5

Intangible assets

1,689.7

1,683.0

Participation in joint businesses

176.4

181.6

Participation in associates

132.7

130.7

Investments at redeemed cost

553.5

553.8

Deferred tax assets

106.2

116.6

Inventories

-

-

Trade receivable and other credits

182.1

363.6

Total non-current assets

8,759.1

8,900.7




Inventories

41.9

38.0

Assets on construction

44.9

45.5

Trade receivable and other credits

1,659.0

1,648.8

Financial assets with a results changing fair value

42.3

72.7

Derivative financial instruments assets

-

1.3

Cash and cash equivalents

455.4

345.5

Total current assets

2,243.5

2,151.8




Assets classified as held for sale

1,262.2

1,079.1




Total assets

12,264.8

12,131.6





As of 03.31.12

As of 12.31.11

EQUITY



Share capital

1,314.3

1,314.3

Share premium

1,536.8

1,536.8

Director's options reserve

243.7

241.5

Legal reserve

27.4

27.4

Retained earnings

(727.7)

(680.6)

Equity attributable to owners of the parent

2,394.4

2,439.4




Non-controlling interests

953.9

969.4




Total equity

3,348.3

3,408.7






LIABILITIES



Accounts payable and other liabilities

1,542.6

1,428.3

Borrowings

2,459.7

2,447.5

Deferred revenues

97.0

157.3

Salaries and social security payable

24.3

23.6

Defined benefit plan obligations

109.2

110.4

Deferred tax liabilities

778.1

821.1

Tax payable

(161.6)

45.7

Provisions

76.6

70.0

Total non-current liabilities

4,925.8

5,103.9




Accounts payable and other liabilities

1,314.8

1,241.0

Borrowings

933.0

893.8

Salaries and social security payable

372.9

324.9

Defined benefit plan obligations

17.5

14.9

Tax payable

277.9

217.6

Derivative financial instruments

1.4

-

Provisions

11.0

11.4

Total current liabilities

2,928.5

2,703.5




Liabilities classified as held for sale

1,062.2

915.4




Total liabilities

8,916.4

8,722.9




Total liabilities and equity

12,264.8

12,131.6



Consolidated Income Statement

(For the three-month period ended on March 31, 2012, and March 31, 2011, in million of Argentine Pesos)


1st Quarter





2012

2011

Sales revenue

1,610.4

1,340.2

Cost of sales

(1,387.6)

(1,097.3)

Gross profit

222.8

242.8




Selling expenses

(100.5)

(49.8)

Administrative expenses

(108.5)

(90.8)

Other operating income

55.9

67.3

Other operating expenses

(21.3)

(21.7)

Results for participation in joint businesses

(5.2)

0.9

Results for participation in associates

2.1

-

Gain for acquisition of companies

-

500.1

Operating income

45.2

648.8




Financial income

20.7

16.6

Financial costs

(145.3)

(96.9)

Other financial results

(21.7)

(37.9)

Financial results, net

(146.3)

(118.1)




Profit before tax

(101.1)

530.7




Income tax and minimum expected profit tax

5.6

(156.0)




Net income for continuing operations

(95.4)

374.7




Discontinuing operations

24.1

1.4




Total comprehensive income for the period

(71.4)

376.1




Attributable to:



Owners of the Company

(47.2)

249.9

Non-controlling interests

(24.2)

126.2




Total comprehensive income for the period attributable to the owners of the Company:



Basic income for continuing operations per share (AR$ per share)

(0.0542)

0.1891

Diluted income for continuing operations per share (AR$ per share)

(0.0469)

0.1627




Basic income for discontinuing operations per share (AR$ per share)

0.0183

0.0010

Diluted income for discontinuing operations per share (AR$ per share)

0.0164

0.0009



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 first quarter 2012 results on Wednesday, May 23, 2012 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 10013298. This material will be available one hour after the finalization of the Conference Call and until June 4, 2012.

(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 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, and other adjustments related to IFRS. For more information, please refer to the Earnings Release.

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.



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