Pampa Energia Announces its Results for the First Quarter Ended on March 31, 2011
BUENOS AIRES, Argentina, May 12, 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 first quarter ended March 31, 2011. All figures are stated in Argentine pesos and have been prepared in accordance with Argentine GAAP.
Highlights for First Quarter 2011
Consolidated net sales of AR$1,575.5 million in the first quarter of 2011, 51.5% greater than the AR$1,040.2 million for the same period of 2010, mainly due to a 98.3% (AR$391.4 million), a 10.4% (AR$7.3 million), a 23.6% (AR$135.4 million) and a AR$2.9 million increases in net sales from our generation, transmission, distribution and holding and others segments, respectively.
Consolidated EBITDA(1) of AR$238.5 million in the first quarter of 2011, 24.8% higher than the AR$191.0 million for the same period of 2010, mainly due to increases of 40.0% in the generation segment (AR$28.0 million), 44.9% in the transmission segment (AR$9.5 million) and 10.9% in the distribution segment (AR$11.4 million), partially offset by a greater loss of AR$1.5 million at the holding and others segment.
Consolidated net income of AR$15.1 million in the first quarter of 2011, AR$9.9 million greater than the AR$5.2 million net consolidated income for the same period of 2010, mainly due to gains from our generation (AR$14.7 million), transmission (AR$1.3 million) and holding and others (AR$30.5 million) segments, partially offset by losses at our distribution segment (AR$31.5 million).
Consolidated Balance Sheet (AR$) (For the three-months ended March 31, 2011, in Argentine Pesos.) |
|||||
03.31.11 |
03.31.11 |
||||
ASSETS |
LIABILITIES |
||||
CURRENT ASSETS |
CURRENT LIABILITIES |
||||
Cash and banks |
305,042,502 |
Accounts payable |
781,199,172 |
||
Short-term Investments |
522,014,627 |
Financial debt |
1,222,010,544 |
||
Trade receivables, net |
1,069,963,736 |
Salaries and social security payable |
266,372,731 |
||
Other receivables, net |
316,076,922 |
Tax payable |
279,908,927 |
||
Inventories |
31,947,182 |
Other liabilities |
219,088,036 |
||
Other assets |
128,135,605 |
Provisions |
75,090,503 |
||
Total current assets |
2,373,180,574 |
Total current liabilities |
2,843,669,913 |
||
NON-CURRENT ASSETS |
NON-CURRENT LIABILITIES |
||||
Trade receivables |
229,345,111 |
Accounts payable |
83,179,977 |
||
Long-term Investments |
541,182,562 |
Financial debt |
2,576,577,130 |
||
Other receivables, net |
429,888,869 |
Salaries and social security payable |
82,948,164 |
||
Inventories |
349,959 |
Taxes payable |
678,062,105 |
||
Fixed assets, net |
8,478,612,441 |
Other payables |
1,066,103,552 |
||
Intangible assets, net |
303,775,070 |
Provisions |
14,313,447 |
||
Other assets |
84,603,424 |
Total non-current liabilities |
4,501,184,375 |
||
Sub-total non-current assets |
10,067,757,436 |
Total liabilities |
7,344,854,288 |
||
Goodwill, net |
23,466,921 |
MINORITY INTEREST |
1,821,282,195 |
||
Total non-current assets |
10,091,224,357 |
SHAREHOLDERS EQUITY |
3,298,268,448 |
||
Total assets |
12,464,404,931 |
Total liabilities, minority interest and shareholders equity |
12,464,404,931 |
||
Consolidated Income Statement (AR$) (For the three-months ended March 31, 2011 and March 31, 2010, in Argentine Pesos.) |
||||
Period ended on March 31st of |
||||
2011 |
2010 |
|||
Sales revenue |
1,575,538,098 |
1,040,199,763 |
||
Cost of sales |
(1,260,150,336) |
(800,041,966) |
||
Gross profit |
315,387,762 |
240,157,797 |
||
- |
- |
|||
Selling expenses |
(62,730,009) |
(50,312,648) |
||
Administrative expenses |
(110,285,282) |
(79,993,391) |
||
Goodwill amortization |
(3,547,345) |
(4,954,209) |
||
Operating income |
138,825,126 |
104,897,549 |
||
- |
- |
|||
Financial and holding results generated by assets: |
||||
Interest income |
13,061,742 |
6,640,510 |
||
Taxes and commissions |
(18,279,387) |
(12,395,903) |
||
Foreign currency exchange difference |
17,720,729 |
17,213,850 |
||
Result of receivables measured at present value |
76,650 |
8,034,405 |
||
Holding results of financial assets |
(18,799,353) |
(14,815,039) |
||
Impairment of fixed assets and other assets |
- |
(431,064) |
||
Other financial results |
324,380 |
4,415,476 |
||
Sub-total |
(5,895,239) |
8,662,235 |
||
- |
- |
|||
Financial and holding results generated by liabilities: |
||||
Interest expense |
(91,334,240) |
(41,457,658) |
||
Foreign currency exchange difference |
(42,067,602) |
(43,761,992) |
||
Financial debt repurchase results |
(17,259,940) |
11,058,242 |
||
Financial debt present value |
(1,332,830) |
(485,046) |
||
Other financial results |
(6,719,723) |
(1,269,883) |
||
Sub-total |
(158,714,335) |
(75,916,337) |
||
Total financial and holding results, net |
(164,609,574) |
(67,254,102) |
||
- |
- |
|||
Other income and expenses, net |
55,212,395 |
5,561,960 |
||
- |
- |
|||
Income before income taxes and minority interest |
29,427,947 |
43,205,407 |
||
- |
- |
|||
Income tax |
(14,884,012) |
(26,649,725) |
||
- |
- |
|||
Minority interest |
537,108 |
(11,323,530) |
||
- |
- |
|||
Net income |
15,081,043 |
5,232,152 |
||
Basic income per share |
0.0115 |
0.0040 |
||
Diluted income per share |
0.0098 |
0.0036 |
||
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 2011 results on Friday, May 13, 2011 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 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 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 +1 (877) 344-7529 in the United States or +1 (412) 317-0088 from any other country. The required code is 450776 + # (pound key) and press "1" to start the tape. This material will be available one hour after the finalization of the Conference Call and until May 24, 2011.
(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.
For further information, contact: |
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Ricardo Torres - Chief Executive Officer |
|
Mariano Batistella - Investor Relations |
|
3302 Ortiz de Ocampo, Building #4 |
|
(C1425DSR) Ciudad Autónoma de Buenos Aires, Argentina |
|
Phone: 5411 4809 9500 |
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SOURCE Pampa Energia S.A.
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