Pampa Energia Announces its Results for the First Quarter Ended on March 31, 2010
BUENOS AIRES, May 12 /PRNewswire-FirstCall/ -- 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, 2010. All figures are stated in Argentine pesos and have been prepared in accordance with Argentine GAAP.
Highlights for First Quarter 2010
Consolidated net sales revenue of AR$1,040.2 million in the first quarter of 2010, 0.2% greater than the AR$1,038.6 million for the same period of 2009, mainly due to the 3.9% (AR$21.6 million) increase in net sales from our distribution segment, partially offset by reductions in net sales of 2.5% (AR$10.4 million), 9.4% (AR$7.3 million) and 99.4% (AR$5.2 million) from our generation, transmission and holding segments, respectively.
Consolidated EBITDA(1) of AR$182.9 million in the first quarter of 2010, 25.4% lower than the AR$245.1 million for the same period of 2009, is mainly due to decreases of 38.9% in the generation segment (AR$44.6 million), 17.5% in the distribution segment (AR$20.5 million) and 10.9% in the transmission segment (AR$2.6 million), partially offset by a 52.1% increase from the holding segment (AR$5.5 million).
Consolidated gain on subsidiaries bonds' repurchase of AR$11.1 million, which added to the AR$435.8 million gain as of December 31, 2009, totals AR$446.9 million.
Consolidated Net Gain of AR$5.2 million in the first quarter of 2010, compared to a gain of AR$58.1 million for the same period of 2009, mainly due to the reduction in the net gains at our generation segment (to AR$10.7 million from AR$225.8 million) and our holding segment (to AR$10.4 million from AR$35.0 million) and to the loss at our transmission segment (AR$2.8 million compared to a gain of AR$11.3 million).
(1) Consolidated EBITDA represents the consolidated earnings before financial results, net, income taxes, depreciation, amortization, reserve directors options, other income and expenses, net, and minority interest.
Consolidated Balance Sheet (AR$)
(For the three-months ended March 31, 2010 in Argentine Pesos)
03.31.10 03.31.10
ASSETS LIABILITIES
CURRENT ASSETS CURRENT LIABILITIES
Cash and banks 196,509,524 Accounts payable 542,027,901
Short-term
investments 524,887,545 Financial debt 554,048,995
Salaries and
Trade receivables, social security
net 701,753,248 payable 152,265,650
Other receivables,
net 271,655,231 Taxes payable 237,046,886
Inventories 32,643,258 Other liabilities 44,642,690
Other assets 210,032,922 Provisions 63,895,000
Total current Total current
assets 1,937,481,728 liabilities 1,593,927,122
NON-CURRENT ASSETS NON-CURRENT LIABILITIES
Trade receivables,
net 258,637,600 Accounts payable 78,381,575
Long-term
investments 156,698,463 Financial debt 1,705,698,595
Salaries and
Other receivables, social security
net 201,432,867 payable 58,642,613
Inventories 20,718,495 Taxes payable 568,973,824
Fixed assets, net 6,235,330,402 Other liabilities 700,699,306
Intangible assets,
net 285,198,714 Provisions 17,551,945
Other assets 107,335,630 Total non-current
liabilities 3,129,947,858
Sub-total non-
current assets 7,265,352,171 Total liabilities 4,723,874,980
Goodwill, net 588,434,184 Minority interest 1,723,246,654
Total non-current Shareholders'
assets 7,853,786,355 equity 3,344,146,449
Total assets 9,791,268,083 Total liabilities,
minority interest
and shareholders'
equity 9,791,268,083
Consolidated Income Statement (AR$)
(For the three-months ended March 31, 2010 and March 31, 2009, in
Argentine Pesos)
Period ended Period ended
March 31st, 2010 March 31st, 2009
Sales revenue 1,040,199,763 1,038,550,748
Cost of sales (801,112,157) (756,044,720)
Gross profit 239,087,606 282,506,028
- -
Selling expenses (50,669,378) (45,722,140)
Administrative expenses (86,690,470) (74,485,462)
Goodwill amortization (4,954,209) (4,991,367)
Operating income 96,773,549 157,307,059
- -
Financial and holding results
generated by assets:
Interest income 6,640,510 12,405,268
Taxes and bank commissions (2,767,077) (4,438,390)
Foreign currency exchange
difference 17,213,850 48,990,987
Result of receivables
measured at present value 8,034,405 4,215,386
Holding results on financial
assets (14,815,039) 25,546,697
Impairment of fixed assets
and other assets (431,064) (16,625,672)
Other financial results 4,415,476 (206,782)
Sub-total 18,291,061 69,887,494
- -
Financial and holding results
generated by liabilities:
Interest expense (41,457,658) (65,187,827)
Foreign currency exchange
difference (43,761,992) (120,342,309)
Result from repurchase of
financial debt 11,058,242 122,654,606
Taxes and bank commissions (1,504,826) (2,642,763)
Other financial results (1,754,929) (6,312,313)
Sub-total (77,421,163) (71,830,606)
Total financial and holding
results, net (59,130,102) (1,943,112)
- -
Other income and expenses,
net 5,561,960 (3,471,279)
- -
Income before taxes and
minority interest 43,205,407 151,892,668
- -
Income tax and tax on assets (26,649,725) (53,977,786)
- -
Minority interest (11,323,530) (39,817,462)
- -
Net income 5,232,152 58,097,420
Basic income per share 0.0040 0.0428
Diluted income per share 0.0036 0.0428
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 2010 results on Friday, May 14, 2010 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 0-800-555-0645 in Argentina, (1 800) 860-2442 in the United States or (1 412) 858-460 from any other country. Participants of the conference call should use the identification password Pampa (72672) and dial-in five minutes before the scheduled time. There will also be a live audio webcast of the conference on our investor relations website: http://www.pampaenergia.com/ir.
For further information, contact:
Ricardo Torres - Chief Executive Officer
Mariano Batistella - Investor Relations
3302 Ortiz de Ocampo, Building #4
(C1425DSR) Ciudad Autonoma de Buenos Aires, Argentina
Phone: 5411 4809 9500
http://www.pampaenergia.com/ir
[email protected]
SOURCE Pampa Energia S.A.
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