Pampa Energia Announces Results for the Quarter Ended on March 31st, 2016
BUENOS AIRES, Argentina, May 13, 2016 /PRNewswire/ -- Pampa Energia S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP), the largest integrated electricity company in Argentina that, through its subsidiaries, participates in the generation, transmission and distribution of electricity, as well as natural gas transportation and production, announces the results for the quarter ended on March 31, 2016. All figures are stated in Argentine Pesos and have been prepared in accordance with International Financial Reporting Standards.
Main Results for the First Quarter of 2016:
Consolidated sales revenues of AR$4,226.7 million[1] for the quarter ended on March 31, 2016, 151.9% higher than the AR$1,678.0 million for the quarter of 2015, primarily explained by increases of 27.8% (AR$167.6 million) in generation, 208.7% (AR$2,021.5 million) in distribution, 269.9% (AR$348.1 million) in oil and gas and 57.0% (AR$7.1 million) in holding and others segment.
Adjusted consolidated EBITDA[2] of AR$1,353.2 million for the quarter ended on March 31, 2016, compared to a AR$833.1 million for the quarter of 2015, mainly due to increases of 20.6% (AR$56.2 million) in generation and AR$517.3 million in oil and gas segment, partially offset by decreases of 7.1% (AR$5.9 million) in transmission, 8.6% (AR$31.5 million) in distribution and higher losses of AR$16.2 million in holding and others segment.
Consolidated profit of AR$673.0 million during the quarter ended on March 31, 2016, of which a profit of AR$607.6 million is attributable to the owners of the Company, compared to AR$901.9 million attributable to the owners of the Company in the same quarter of 2015, mainly explained by reported losses of AR$30.6 million in transmission1and AR$315.1 million in distribution, partially offset by reported profits of AR$226.5 million in generation, AR$90.8 million in oil and gas and AR$636.0 million in the holding and others segment.
Consolidated Balance Sheet
(As of March 31, 2016 and December 31, 2015 in millions of Argentine Pesos)
As of 03.31.16 |
As of 12.31.15 |
|||
ASSETS |
||||
Participation in joint businesses |
188.4 |
223.9 |
||
Participation in associates |
- |
123.2 |
||
Property, plant and equipment |
15,541.6 |
14,508.4 |
||
Intangible assets |
727.4 |
734.2 |
||
Biological assets |
1.8 |
1.9 |
||
Financial assets with a results changing fair value |
0.1 |
2,578.2 |
||
Deferred tax assets |
324.5 |
52.3 |
||
Trade receivable and other credits |
1,315.3 |
1,228.5 |
||
Total non-current assets |
18,099.1 |
19,450.6 |
||
Biological assets |
- |
0.2 |
||
Inventories |
228.7 |
225.5 |
||
Financial assets with a results changing fair value |
3,917.6 |
4,081.0 |
||
Financial derivatives |
18.2 |
0.2 |
||
Trade receivable and other credits |
5,490.7 |
4,875.5 |
||
Cash and cash equivalents |
898.3 |
516.6 |
||
Total current assets |
10,553.6 |
9,699.0 |
||
Assets held for sale |
2,885.1 |
- |
||
Total assets |
31,537.8 |
29,149.6 |
||
As of 03.31.16 |
As of 12.31.15 |
|||
EQUITY |
||||
Share capital |
1,695.9 |
1,695.9 |
||
Share premium |
1,231.5 |
1,231.5 |
||
Statutory reserve |
51.5 |
51.5 |
||
Voluntary reserve |
977.8 |
977.8 |
||
Retained earnings |
3,672.7 |
3,065.1 |
||
Other comprehensive result |
(31.1) |
(31.1) |
||
Equity attributable to owners of the parent |
7,598.2 |
6,990.6 |
||
Non-controlling interests |
1,456.0 |
1,390.6 |
||
Total equity |
9,054.2 |
8,381.2 |
||
LIABILITIES |
||||
Accounts payable and other liabilities |
3,360.7 |
2,698.8 |
||
Borrowings |
7,311.4 |
6,684.7 |
||
Deferred revenues |
167.4 |
153.8 |
||
Salaries and social security payable |
84.8 |
80.0 |
||
Defined benefit plan obligations |
276.3 |
264.5 |
||
Deferred tax liabilities |
628.5 |
591.6 |
||
Income tax and minimum expected profit tax liability |
560.4 |
271.8 |
||
Tax payable |
133.6 |
127.5 |
||
Provisions |
366.7 |
313.8 |
||
Total non-current liabilities |
12,889.8 |
11,186.5 |
||
Accounts payable and other liabilities |
6,629.9 |
6,652.5 |
||
Borrowings |
1,565.0 |
1,307.7 |
||
Deferred income |
0.8 |
0.8 |
||
Salaries and social security payable |
713.5 |
887.0 |
||
Defined benefit plan obligations |
53.1 |
46.1 |
||
Income tax and minimum expected profit tax liability |
161.8 |
138.9 |
||
Tax payable |
372.0 |
460.3 |
||
Financial derivatives |
- |
18.1 |
||
Provisions |
97.9 |
70.6 |
||
Total current liabilities |
9,593.8 |
9,581.9 |
||
Total liabilities |
22,483.6 |
20,768.4 |
||
Total liabilities and equity |
31,537.8 |
29,149.6 |
Consolidated Income Statement
(For the quarter ended on March 31, 2016 and 2015, in millions of Argentine Pesos)
1st Quarter |
||||
2016 |
2015 |
|||
Sales revenue |
4,226.7 |
1,678.0 |
||
Cost of sales |
(3,278.9) |
(1,555.4) |
||
Gross profit |
947.8 |
122.6 |
||
Selling expenses |
(341.9) |
(192.9) |
||
Administrative expenses |
(451.9) |
(247.0) |
||
Other operating income |
453.8 |
93.3 |
||
Other operating expenses |
(182.7) |
(94.0) |
||
Results for participation in joint businesses |
(30.6) |
3.5 |
||
Results for participation in associates |
(2.7) |
1.8 |
||
Operating income before higher cost recognition and SE Res. No. 32/15 |
392.0 |
(312.7) |
||
Income Recognition on account of the RTI – SE Res. No. 32/15 |
431.0 |
1,333.9 |
||
Higher Cost Recognition – SE Res. No. 250/13 and subsequent Notes |
81.5 |
186.6 |
||
Operating income |
904.5 |
1,207.8 |
||
Financial income |
99.0 |
56.9 |
||
Financial costs |
(646.4) |
(339.8) |
||
Other financial results |
409.1 |
556.3 |
||
Financial results, net |
(138.4) |
273.4 |
||
Profit before tax |
766.2 |
1,481.2 |
||
Income tax and minimum expected profit tax |
(93.2) |
(319.2) |
||
Net income for the period |
673.0 |
1,162.0 |
||
Attributable to: |
||||
Owners of the Company |
607.6 |
901.9 |
||
Non-controlling interests |
65.4 |
260.0 |
||
Net income for the period attributable to the owners of the Company (AR$ per share): |
||||
Basic income per share |
0.3583 |
0.6862 |
||
Diluted income per share |
0.3583 |
0.5809 |
For the full version of this Results Report, please visit Pampa's Investor Relations website: www.pampaenergia.com/ir.
Information about the Conference Call
There will be a conference call to discuss Pampa and Edenor's first quarter 2016 results on Tuesday May 17, 2016 at 10:00 a.m. New York Time / 11:00 a.m. Buenos Aires Time.
The hosts will be Mr. Leandro Montero, CFO of Edenor and Ms. Lida Wang, Chief of Investor Relations at Pampa. For those interested in participating, please dial 0800-444-2930 in Argentina, +1 (844) 854-4411 in the United States or +1 (412) 317-5481 from any other country. Participants of the conference call should use the identification password Pampa Energia / Edenor 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.
For further information, contact:
Ricardo Torres
Co-CEO
Gustavo Mariani
Co-CEO
Mariano Batistella
Special Projects, Planning and Investor Relations Officer
Lida Wang
Chief of Investor Relations
Tel +54 (11) 4809-9500
[email protected]
[1] Under the International Financial Reporting Standards ('IFRS'), we no longer consolidate the Transmission segment, and our net income in said segment is shown in the line 'Results for participation in joint businesses'. For more information, please refer to section 4 of Pampa's Earnings Release.
[2] Adjusted consolidated EBITDA represents the consolidated results for continuing activities before net financial results, income taxes, depreciation, amortization, one-time income and expenses, and non-controlling interest, including PUREE proceeds, other non-accrued collections, and other adjustments related to IFRS. For more information, please refer to section 4 of Pampa's Earnings Release.
SOURCE Pampa Energia S.A.
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