Pampa Energia Announces the Results for the Fiscal Year Ended on December 31, 2009
BUENOS AIRES, Argentina, March 8 /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 fiscal year ended December 31, 2009. All figures are stated in Argentine pesos and have been prepared in accordance with Argentine GAAP.
Highlights for the Fiscal Year ended December 31, 2009.
Consolidated Net Sales Revenue of AR$4,094.1 million, 2.0% higher than the AR$4,013.8 million for the same period of 2008, due to 27.5% (AR$62.8 million) and 3.9% (AR$77.7 million) increases in the transmission and distribution segments, respectively, partially offset by 3.2% (AR$56.8 million) and 56.6% (AR$19.7 million) reductions in the generation and holding segments, respectively.
Consolidated EBITDA(1) of AR$741.0 million, 12.5% lower than the AR$846.4 million for the same period of 2008, due to 8.6% (AR$27.4 million), 17.8% (AR$83.6 million) and 52.6% (AR$10.4 million) reductions in the generation, distribution and holding segments, respectively, partially offset by a 22.1% (AR$17.2 million) increase in the transmission segment.
Consolidated gain on subsidiaries' bonds repurchase of AR$245.5 million, which added to the AR$190.3 million gain as of December 31, 2008, totals AR$435.8 million.
Consolidated Net Income of AR$214.7 million, 86.7% higher than the AR$115.0 million for the same period of 2008, mainly due to the appreciation in value of financial asset holdings and the previously mentioned results from repurchase of financial debt.
Highlights for Fourth Quarter of 2009
The financial information presented in this document for the quarters ended December 31, 2009 and 2008 is derived from the audited and unaudited financial statements prepared in accordance with Argentine GAAP for the fiscal years ended December 31, 2009 and 2008 and the nine-month periods ended September 30, 2009 and 2008, respectively.
Consolidated Net Sales Revenue of AR$822.4 million in the fourth quarter of 2009, 22.8% lower than the AR$1,064.8 million for the same period of 2008, due to 35.4% (AR$140.2 million), 17.4% (AR$105.2 million) and 98.0% (AR$27.2 million) reductions in the generation, distribution and holding segments, respectively, partially offset by an 11.9% (AR$7.5 million) increase in the transmission segment.
Consolidated EBITDA(1) of AR$110.4 million, 58.3% lower than the AR$264.8 million for the same period of 2008, due to 60.2% (AR$44.6 million), 57.3% (AR$91.7 million) and AR$17 million reductions in the generation, distribution and holding segments, respectively, partially offset by a 15.3% (AR$2.8 million) increase in the transmission segment.
Consolidated gain on subsidiaries' bonds repurchases of AR$0.6 million in the fourth quarter of 2009.
Consolidated Net Loss of AR$40.0 million in the fourth quarter of 2009 compared to a consolidated gain of AR$65.5 million for the same period of 2008, due to losses in our generation, distribution and holding segments (AR$11.5 million, AR$6.0 million and AR$24.6 million, respectively), that offset the gain in our transmission segment (AR$2.2 million).
(1) Consolidated EBITDA represents the consolidated earnings before financial results, net, income taxes, depreciation, amortization, reserve directors options, other income and expenses, net, and minority interest.
Consolidated Balance Sheet (AR$)
(For the Fiscal Year ended December 31, 2009 and December 31, 2008, in
Argentine Pesos.)
12.31.09 12.31.09
ASSETS LIABILITIES
CURRENT ASSETS CURRENT LIABILITIES
Cash and banks 158,043,109 Accounts payable 505,832,717
Short-term
investments 467,697,236 Financial debt 412,462,950
Salaries and
Trade receivables, social security
net 579,618,129 payable 165,486,337
Other receivables,
net 281,693,866 Taxes payable 203,170,182
Materials & spare
parts 23,663,869 Other liabilities 78,508,237
Inventories 18,964,879 Provisions 62,813,000
Other assets 138,591,381
Total current Total current
assets 1,668,272,469 liabilities 1,428,273,423
NON-CURRENT ASSETS NON-CURRENT LIABILITIES
Trade receivables,
net 263,057,717 Accounts payable 80,625,236
Long-term
investments 170,674,025 Financial debt 1,703,992,392
Salaries and
Other receivables, social security
net 186,046,964 payable 56,691,091
Materials & spare
parts 18,584,000 Taxes payable 578,815,215
Inventories 1,143,736 Other liabilities 631,307,457
Fixed assets, net 6,274,919,476 Provisions 17,729,148
Intangible assets, Total non-current
net 297,564,513 liabilities 3,069,160,539
Other assets 113,018,681 Total liabilities 4,497,433,962
Sub-total non-
current assets 7,325,009,112
Goodwill, net 569,252,345 Minority interest 1,728,422,005
Total non-current Shareholders'
assets 7,894,261,457 equity 3,336,677,959
Total assets 9,562,533,926 Total liabilities,
minority interest
and shareholders'
equity 9,562,533,926
Consolidated Income Statement (AR$)
(For the Fiscal Year ended December 31, 2009 and December 31, 2008, in
Argentine Pesos.)
Fiscal year ended Fiscal year ended
December 31st, December 31st,
2009 2008
Sales revenue 4,094,070,971 4,013,831,854
Cost of sales (3,197,265,987) (3,082,359,252)
Gross profit 896,804,984 931,472,602
- -
Selling expenses (157,000,752) (139,651,639)
Administrative expenses (328,455,558) (262,382,978)
Goodwill amortization (20,004,543) (19,839,155)
Operating income 391,344,131 509,598,830
- -
Financial and holding results
generated by assets:
Interest income 38,654,815 45,636,644
Taxes and bank commissions (19,620,035) (13,528,736)
Foreign currency exchange
difference 80,313,136 90,568,216
Result of receivables
measured at present value 8,352,722 19,464,608
Holding results on financial
assets 128,453,780 (19,330,941)
Impairment of fixed assets
and other assets (18,502,059) (73,576,352)
Holding results on other
assets 12,196,568 -
Other financial results 8,847,015 (341,394)
Sub-total 238,695,942 48,892,045
- -
Financial and holding results
generated by liabilities:
Interest expense (213,514,657) (194,838,841)
Foreign currency exchange
difference (178,701,629) (201,122,752)
Result from repurchase of
financial debt 245,462,895 190,294,189
Taxes and bank commissions (7,521,730) (23,635,867)
Other financial results (3,504,303) (651,547)
Sub-total (157,779,424) (229,954,818)
Total financial and holding
results, net 80,916,518 (181,062,773)
- -
Other income and expenses,
net (2,010,213) (23,193,694)
- -
Income before taxes and
minority interest 470,250,436 305,342,363
- -
Income tax and tax on assets (160,202,472) (108,841,126)
- -
Minority interest (95,311,143) (81,477,509)
- -
Net income 214,736,821 115,023,728
Basic income per share 0.1544 0.0765
Diluted income per share 0.1453 0.0747
Consolidated Income Statement (AR$)
(For the fourth quarter ended December 31, 2009 and December 31, 2008, in Argentine Pesos.)
The financial information presented in this document for the quarters ended December 31, 2009 and 2008 is derived from the audited and unaudited financial statements prepared in accordance with Argentine GAAP for the fiscal years ended December 31, 2009 and 2008 and the nine-month periods ended September 30, 2009 and 2008, respectively.
4Q09 4Q08
Sales revenue 822,361,856 1,064,843,864
Cost of sales (657,951,826) (765,321,049)
Gross profit 164,410,030 299,522,815
- -
Selling expenses (89,988,401) (77,523,841)
Administrative expenses (45,746,570) (39,786,442)
Goodwill amortization (5,002,595) (4,879,936)
Operating income 23,672,464 177,332,596
- -
Financial and holding
results generated by
assets:
Interest income 3,971,957 17,462,227
Taxes and bank commissions (11,315,597) (9,088,668)
Foreign currency exchange
difference 2,907,711 80,216,531
Result of receivables
measured at present value 338,395 (6,552,833)
Holding results on financial
assets 6,323,769 (10,106,200)
Impairment of fixed assets
and other assets (322,916) (13,511,798)
Holding results on other
assets 12,196,568 -
Other financial results 10,642,402 (2,809,899)
Sub-total 24,742,289 55,609,360
- -
Financial and holding
results generated by
liabilities:
Interest expense (52,475,811) (49,589,791)
Foreign currency exchange
difference 2,595,115 (194,823,205)
Result from repurchase of
financial debt 633,130 169,868,834
Taxes and bank commissions 2,651,341 (13,695,076)
Other financial results 8,405,692 (679,534)
Sub-total (38,190,533) (88,918,772)
Total financial and holding
results, net (13,448,244) (33,309,412)
- -
Other income and expenses,
net (11,006,146) (11,296,630)
- -
Income before taxes and
minority interest (781,926) 132,726,554
- -
Income tax and tax on assets (30,735,064) (33,672,327)
Minority interest (8,444,091) (33,546,545)
- -
Net income (39,961,081) 65,507,682
Basic income per share (0.0358) 0.0440
Diluted income per share (0.0372) 0.0432
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 2009 results on Wednesday, March 10th, 2010 at 10:00 a.m. New York Time / 12.00 p.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 in Argentina, (1 800) 860-2442 in the United States or (1 412) 858-460 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 at 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
http://www.pampaenergia.com/ir
[email protected]
SOURCE Pampa Energia S.A.
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