Pampa Energia Announces its Results for the Fiscal Year Ended December 31, 2010

Mar 11, 2011, 17:24 ET from Pampa Energia S.A.

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

http://www.pampaenergia.com/ir

investor@pampaenergia.com

SOURCE Pampa Energia S.A.



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