Pampa Energia Announces its Results for the Fiscal Year Ended December 31, 2010
BUENOS AIRES, Argentina, March 11, 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 fiscal year ended December 31, 2010. All figures are stated in Argentine pesos and have been prepared in accordance with Argentine GAAP.
Highlights for the Fiscal Year ended December 31, 2010
Consolidated net sales of AR$4,866.9 million, 18.9% greater than the AR$4,093.4 million for the same period of 2009, mainly due to 39.9% (AR$686.7 million), 0.2% (AR$0.6 million) and 4.6% (AR$95.8 million) increases in net sales from our generation, transmission, and distribution segments, respectively, partially offset by a reduction in net sales of 94.3% (AR$14.2 million) from our holding and others segment.
Consolidated EBITDA(1) of AR$641.6 million, 17.1% lower than the AR$773.5 million for the same period of 2009, mainly due to decreases of 0.5% (AR$1.3 million) and 35.7% (AR$149.6 million) in the generation and distribution segments, respectively, partially offset by an increase of 15.3% (AR$14.5 million) in the transmission segment and a decrease of 11.9% in the loss of the holding and others segment (AR$3.6 million).
Consolidated net loss of AR$46.6 million, compared to a consolidated net gain of AR$214.7 million for the same period of 2009, mainly due to a reduction in operating income, lower gains from the repurchases of our own subsidiaries' debt, and the loss from the write off of the investment in San Antonio Global that was recorded in our holding and others segment during the second quarter of 2010.
Highlights for the Fourth Quarter of 2010
The financial information presented in this document for the quarters ended December 31, 2010 and 2009 is derived from the audited and unaudited financial statements prepared in accordance with Argentine GAAP for the fiscal years ended December 31, 2010 and 2009 and the nine-month periods ended September 30, 2010 and 2009, respectively.
Consolidated net sales of AR$1,228.6 million in the fourth quarter of 2010, 49.5% greater than the AR$821.7 million for the same period of 2009, mainly due to increases in net sales of 143.8% (AR$367.5 million), 25.3% (AR$17.7 million), and 4.4% (AR$22.1 million) from our generation, transmission, and distribution segments, respectively, that were partially offset by decreases in net sales of 30.3% (AR$0.2 million) from our holding and others segment.
Consolidated EBITDA(1) of AR$130.9 million, 10.6% greater than the AR$118.4 million for the same period of 2009, mainly due to increases of 171.4% (AR$50.6 million) and 139.1% (AR$29.2 million) in our generation and transmission segments, respectively, that were partially offset by a reduction of 86.2% (AR$65.8 million) in our distribution segment and greater losses of AR$2.3 million from our holding and others segment.
Consolidated net gain of AR$35.3 million in the fourth quarter of 2010, AR$75.3 million greater than the net consolidated loss of AR$40.0 million for the same period of 2009, explained by gains in our generation (AR$17.2 million), transmission (AR$18.8 million), and holding and others (AR$53.4 million) that more than offset losses in our distribution segment (AR$54.1 million).
Consolidated Balance Sheet (AR$)
(For the fiscal years ended December 31, 2010 and December 31, 2009, in Argentine Pesos.)
12.31.10 |
12.31.10 |
||||
ASSETS |
LIABILITIES |
||||
CURRENT ASSETS |
CURRENT LIABILITIES |
||||
Cash and banks |
208,715,476 |
Accounts payable |
651,057,807 |
||
Short-term Investments |
961,538,811 |
Financial debt |
668,299,691 |
||
Trade receivables, net |
793,417,597 |
Salaries and social security payable |
237,145,443 |
||
Other receivables, net |
322,266,583 |
Tax payable |
171,295,524 |
||
Inventories |
29,678,642 |
Other liabilities |
53,404,585 |
||
Other assets |
128,091,604 |
Provisions |
57,976,586 |
||
Total current assets |
2,443,708,713 |
||||
Total current liabilities |
1,839,179,636 |
||||
NON-CURRENT ASSETS |
NON-CURRENT LIABILITIES |
||||
Trade receivables |
237,091,115 |
Accounts payable |
78,086,367 |
||
Long-term Investments |
481,680 |
Financial debt |
1,994,572,167 |
||
Other receivables, net |
246,627,684 |
Salaries and social security payable |
70,661,349 |
||
Inventories |
638,632 |
Taxes payable |
575,570,054 |
||
Fixed assets, net |
6,563,165,793 |
Other payables |
985,110,326 |
||
Intangible assets, net |
268,206,304 |
Provisions |
11,326,505 |
||
Other assets |
90,286,475 |
Total non-current liabilities |
3,715,326,768 |
||
Sub-total non-current assets |
7,406,497,683 |
Total liabilities |
5,554,506,404 |
||
Goodwill, net |
572,704,466 |
Minority interest |
1,587,453,391 |
||
Total non-current assets |
7,979,202,149 |
Shareholders equity |
3,280,951,067 |
||
Total assets |
10,422,910,862 |
Total liabilities, minority interest and shareholders equity |
10,422,910,862 |
||
Consolidated Income Statement (AR$)
(For the fiscal years ended December 31, 2010 and December 31, 2009, in Argentine Pesos.)
Fiscal year ended December 31 of |
||||
2010 |
2009 |
|||
Sales revenue |
4,866,925,429 |
4,093,439,873 |
||
Cost of sales |
(3,987,967,830) |
(3,192,146,239) |
||
Gross profit |
878,957,599 |
901,293,634 |
||
- |
- |
|||
Selling expenses |
(210,043,525) |
(154,663,071) |
||
Administrative expenses |
(366,835,721) |
(302,748,889) |
||
Goodwill amortization |
(19,964,093) |
(20,004,543) |
||
Operating income |
282,114,260 |
423,877,131 |
||
- |
- |
|||
Financial and holding results generated by assets: |
||||
Interest income |
90,179,841 |
38,654,815 |
||
Taxes and commissions |
(67,112,504) |
(78,035,607) |
||
Foreign currency exchange difference |
24,857,026 |
80,313,136 |
||
Result of receivables measured at present value |
7,373,095 |
11,765,722 |
||
Holding results of financial assets |
54,456,618 |
128,453,780 |
||
Impairment of Investments |
(77,946,474) |
- |
||
Impairment of fixed assets and other assets |
- |
(18,502,059) |
||
Result of holding in other assets |
- |
12,196,568 |
||
Other financial results |
1,468,984 |
5,434,015 |
||
Sub-total |
33,276,586 |
180,280,370 |
||
- |
- |
|||
Financial and holding results generated by liabilities: |
||||
Interest expense |
(205,594,144) |
(189,474,815) |
||
Foreign currency exchange difference |
(71,795,803) |
(178,701,629) |
||
Financial debt repurchase results |
5,496,554 |
245,462,895 |
||
Other financial results |
(11,960,937) |
(9,183,303) |
||
Sub-total |
(283,854,330) |
(131,896,852) |
||
Total financial and holding results, net |
(250,577,744) |
48,383,518 |
||
- |
- |
|||
Other income and expenses, net |
6,157,329 |
(2,010,213) |
||
- |
- |
|||
Income before income taxes and minority interest |
37,693,845 |
470,250,436 |
||
- |
- |
|||
Income tax and tax on assets |
(74,280,606) |
(160,202,472) |
||
- |
- |
|||
Minority interest |
(9,974,279) |
(95,311,143) |
||
- |
- |
|||
Net income |
(46,561,040) |
214,736,821 |
||
Basic income per share |
(0.0354) |
0.1544 |
||
Diluted income per share |
(0.0315) |
0.1453 |
||
Consolidated Income Statement (AR$)
(For the fourth quarters ended December 31, 2010 and December 31, 2009, in Argentine Pesos.)
The financial information presented in this document for the quarters ended December 31, 2010 and 2009 is derived from the audited and unaudited financial statements prepared in accordance with Argentine GAAP for the fiscal years ended December 31, 2010 and 2009 and the nine-month periods ended September 30, 2010 and 2009, respectively.
4Q10 |
4Q09 |
|||
Sales revenue |
1,228,627,809 |
821,714,529 |
||
Cost of sales |
(1,019,179,620) |
(656,844,842) |
||
Gross profit |
209,448,189 |
164,869,687 |
||
- |
- |
|||
Selling expenses |
(59,963,338) |
(44,751,887) |
||
Administrative expenses |
(108,084,582) |
(83,426,741) |
||
Goodwill amortization |
(5,002,646) |
(5,002,595) |
||
Operating income |
36,397,623 |
31,688,464 |
||
- |
- |
|||
Financial and holding results generated by assets: |
||||
Interest income |
55,589,045 |
3,971,957 |
||
Taxes and commissions |
(12,024,813) |
(31,809,349) |
||
Foreign currency exchange difference |
(1,913,840) |
2,910,111 |
||
Result of receivables measured at present value |
(5,277,432) |
3,751,395 |
||
Holding results of financial assets |
52,611,919 |
6,323,769 |
||
Impairment of Investments |
- |
(322,916) |
||
Other financial results |
(5,788,822) |
19,425,970 |
||
Sub-total |
83,196,057 |
4,250,937 |
||
- |
- |
|||
Financial and holding results generated by liabilities: |
||||
Interest expense |
(70,302,103) |
(28,435,969) |
||
Foreign currency exchange difference |
(11,413,797) |
2,592,715 |
||
Financial debt repurchase results |
(6,927,142) |
633,130 |
||
Other financial results |
(5,453,480) |
(505,057) |
||
Sub-total |
(94,096,522) |
(25,715,181) |
||
Total financial and holding results, net |
(10,900,465) |
(21,464,244) |
||
- |
- |
|||
Other income and expenses, net |
9,425,006 |
(11,006,146) |
||
- |
- |
|||
Income before income taxes and minority interest |
34,922,164 |
(781,926) |
||
- |
- |
|||
Income tax and tax on assets |
(7,226,566) |
(30,735,064) |
||
- |
- |
|||
Minority interest |
7,588,471 |
(8,444,091) |
||
- |
- |
|||
Net income |
35,284,069 |
(39,961,081) |
||
Basic income per share |
0.0269 |
(0.0358) |
||
Diluted income per share |
0.0246 |
(0.0372) |
||
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 fourth quarter 2010 results on Monday, March 14th, 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 0-800-444-2929 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 page in the investor relation sector.
(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: |
|
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 |
|
SOURCE Pampa Energia S.A.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article