Pampa Energia Announces Its Results for the Six-Month Period Ended on June 30, 2010
BUENOS AIRES, Argentina, Aug. 11 /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 six-month period ended June 30, 2010. All figures are stated in Argentine pesos and have been prepared in accordance with Argentine GAAP.
Highlights for the Six-month Period ended June 30, 2010
Consolidated net sales of AR$2,273.7 million, 10.3% greater than the AR$2,062.2 million for the same period of 2009, mainly due to 23.9% (AR$203.0 million) and 2.9% (AR$30.7 million) increases in net sales from our generation and distribution segments, respectively, partially offset by reductions in net sales of 11.3% (AR$17.1 million) and 97.8% (AR$8.8 million) from our transmission and holding segments, respectively.
Consolidated EBITDA(1) of AR$356.7 million, 21.8% lower than the AR$456.0 million for the same period of 2009, mainly due to decreases of 19.2% (AR$34.7 million), 17.5% (AR$8.6 million), and 25.7% (AR$62.6 million) in the generation, transmission and distribution segments, respectively, partially offset by a reduction in the loss in the holding segment (AR$6.5 million).
Consolidated net loss of AR$82.0 million, compared to a net consolidated gain of AR$196.2 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 segment during this period.
Highlights for the Second Quarter of 2010
The financial information presented in this document for the quarters ended June 30, 2010 and 2009 is derived from the unaudited financial statements prepared in accordance with Argentine GAAP for the six-month periods June 30, 2010 and 2009 and the three-month periods ended March 31, 2010 and 2009, respectively.
Consolidated net sales of AR$1,233.5 million in the second quarter of 2010, 20.5% greater than the AR$1,023.6 million for the same period of 2009, mainly due to increases in net sales of 48.5% (AR$213.4 million) and 1.8% (AR$9.2 million) from our generation and distribution segments, respectively, that compensated for decreases in net sales of 13.3% (AR$9.9 million) and 95.6% (AR$3.5 million) from our transmission and holding segments, respectively.
Consolidated EBITDA(1) of AR$165.6 million, 18.3% lower than the AR$202.6 million for the same period of 2009, mainly due to a 15.1% (AR$10.0 million) increase in the generation segment and a reduction in losses of AR$0.8 million in the holding segment that were more than offset by reductions of 23.6% (AR$6.0 million) in the transmission segment and of 35.6% (AR$41.9 million) in the distribution segment.
Consolidated net loss of AR$87.2 million in the second quarter of 2010, compared to a net consolidated gain of AR$138.1 million for the same period of 2009, mainly due to a reduction in operating income, lower gains from the repurchases of our own subsidiaries' debt and the loss from the write off of the investment in San Antonio Global that was recorded in our holding segment during this period.
(1) Consolidated EBITDA represents the consolidated earnings before financial results, net, income taxes, depreciation, amortization, reserve directors options, other income and expenses, net, and minority interest.
Consolidated Balance Sheet (AR$) (For the six-months periods ended June 30, 2010 and June 30, 2009, in Argentine Pesos.) |
|||||
06.30.10 |
06.30.10 |
||||
ASSETS |
LIABILITIES |
||||
CURRENT ASSETS |
CURRENT LIABILITIES |
||||
Cash and banks |
117,793,706 |
Accounts payable |
508,676,880 |
||
ST Investments |
575,278,435 |
Financial debt |
690,883,143 |
||
Trade receivables, net |
767,177,973 |
Salaries and social security payable |
147,855,882 |
||
Other receivables, net |
307,976,231 |
Tax payable |
189,470,303 |
||
Inventories |
28,484,028 |
Other liabilities |
61,349,914 |
||
Other assets |
227,423,815 |
Provisions |
60,216,000 |
||
Total current assets |
2,024,134,188 |
||||
Total current liabilities |
1,658,452,122 |
||||
NON-CURRENT ASSETS |
NON-CURRENT LIABILITIES |
||||
Trade receivables |
281,120,982 |
Accounts payable |
80,617,484 |
||
LT Investments |
68,822,719 |
Financial debt |
1,746,626,511 |
||
Other receivables, net |
190,843,649 |
Salaries and social security payable |
62,871,602 |
||
Inventories |
19,974,269 |
Taxes payable |
567,482,102 |
||
Fixed assets, net |
6,351,098,678 |
Other payables |
809,373,337 |
||
Intangible assets, net |
279,260,489 |
Provisions |
17,519,401 |
||
Other assets |
101,652,579 |
Total non-current liabilities |
3,284,490,437 |
||
Sub-total non-current assets |
7,292,773,365 |
Total liabilities |
4,942,942,559 |
||
Goodwill, net |
582,720,560 |
Minority interest |
1,697,499,135 |
||
Total non-current assets |
7,875,493,925 |
Shareholders equity |
3,259,186,419 |
||
Total assets |
9,899,628,113 |
Total liabilities, minority interest |
9,899,628,113 |
||
Consolidated Income Statement (AR$) (For the six-months periods ended June 30, 2010 and June 30, 2009, in Argentine Pesos.) |
||||
Six months ended June 30 |
||||
2010 |
2009 |
|||
Sales revenue |
2,273,734,915 |
2,062,195,050 |
||
Cost of sales |
(1,821,270,046) |
(1,570,217,598) |
||
Gross profit |
452,464,869 |
491,977,452 |
||
- |
- |
|||
Selling expenses |
(101,737,565) |
(64,132,572) |
||
Administrative expenses |
(160,505,945) |
(136,744,246) |
||
Goodwill amortization |
(9,954,649) |
(9,981,145) |
||
Operating income |
180,266,710 |
281,119,489 |
||
- |
- |
|||
Financial and holding results generated by assets: |
||||
Interest income |
18,828,250 |
23,859,522 |
||
Taxes and commissions |
(28,283,550) |
(31,707,343) |
||
Foreign currency exchange difference |
19,915,367 |
77,074,567 |
||
Result of receivables measured at present value |
9,973,062 |
(3,403,420) |
||
Holding results of financial assets |
(7,877,237) |
94,431,348 |
||
Devaluation of Investments |
(77,946,474) |
- |
||
Impairment of fixed assets and other assets |
(431,064) |
(17,617,332) |
||
Other financial results |
2,784,526 |
2,989,494 |
||
Sub-total |
(63,037,120) |
145,626,836 |
||
- |
- |
|||
Financial and holding results generated by liabilities: |
||||
Interest expense |
(87,142,387) |
(106,973,389) |
||
Foreign currency exchange difference |
(47,925,437) |
(172,069,386) |
||
Financial debt repurchase results |
11,891,777 |
209,936,300 |
||
Taxes and commissions |
(7,621,178) |
(4,110,536) |
||
Sub-total |
(130,797,225) |
(73,217,011) |
||
Total financial and holding results, net |
(193,834,345) |
72,409,825 |
||
- |
- |
|||
Other income and expenses, net |
232,690 |
15,116,100 |
||
- |
- |
|||
Income before income taxes and minority interest |
(13,334,945) |
368,645,414 |
||
- |
- |
|||
Income tax and tax on assets |
(53,497,103) |
(98,235,392) |
||
- |
- |
|||
Minority interest |
(15,132,168) |
(74,239,894) |
||
- |
- |
|||
Net income |
(81,964,216) |
196,170,128 |
||
Basic income per share |
(0.0624) |
0.1465 |
||
Diluted income per share |
(0.0561) |
0.1436 |
||
Consolidated Income Statement (AR$) (For the second quarters ended June 30, 2010 and June 30, 2009, in Argentine Pesos.) The financial information presented in this document for the quarters ended June 30, 2010 and 2009 is derived from the unaudited financial statements prepared in accordance with Argentine GAAP for the six-month periods June 30, 2010 and 2009 and the three-month periods ended March 31, 2010 and 2009, respectively. |
||||
2Q10 |
2Q09 |
|||
Sales revenue |
1,233,535,152 |
1,023,644,302 |
||
Cost of sales |
(1,020,157,889) |
(814,172,878) |
||
Gross profit |
213,377,263 |
209,471,424 |
||
- |
- |
|||
Selling expenses |
(51,068,187) |
(18,410,432) |
||
Administrative expenses |
(81,939,475) |
(70,602,784) |
||
Goodwill amortization |
(5,000,440) |
(4,989,778) |
||
Operating income |
75,369,161 |
115,468,430 |
||
- |
- |
|||
Financial and holding results generated by assets: |
||||
Interest income |
12,187,740 |
11,454,254 |
||
Taxes and commissions |
(17,404,881) |
(18,924,953) |
||
Foreign currency exchange difference |
2,701,517 |
28,083,580 |
||
Result of receivables measured at present value |
1,938,657 |
(7,618,806) |
||
Holding results of financial assets |
6,937,802 |
68,884,651 |
||
Devaluation of Investments |
12,408 |
(991,660) |
||
Impairment of fixed assets and other assets |
(77,946,474) |
- |
||
Other financial results |
(1,630,950) |
3,196,276 |
||
Sub-total |
(73,204,181) |
84,083,342 |
||
- |
- |
|||
Financial and holding results generated by liabilities: |
||||
Interest expense |
(45,684,729) |
(41,785,562) |
||
Foreign currency exchange difference |
(4,163,445) |
(51,727,077) |
||
Financial debt repurchase results |
833,535 |
87,281,694 |
||
Taxes and commissions |
1,441,210 |
2,642,763 |
||
Other financial results |
(5,802,633) |
2,201,777 |
||
Sub-total |
(53,376,062) |
(1,386,405) |
||
Total financial and holding results, net |
(126,580,243) |
82,696,937 |
||
- |
- |
|||
Other income and expenses, net |
(5,329,270) |
18,587,379 |
||
- |
- |
|||
Income before income taxes and minority interest |
(56,540,352) |
216,752,746 |
||
- |
- |
|||
Income tax and tax on assets |
(26,847,378) |
(44,257,606) |
||
- |
- |
|||
Minority interest |
(3,808,638) |
(34,422,432) |
||
- |
- |
|||
Net income |
(87,196,368) |
138,072,708 |
||
Basic income per share |
(0.0664) |
0.1037 |
||
Diluted income per share |
(0.0597) |
0.1008 |
||
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 second quarter 2010 results on Friday, August 13, 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 0 800 444 0930 from Argentina, 1 800 860 2442 from the United States or +1 412 858 4600 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 |
|
SOURCE Pampa Energia S.A.
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