Pampa Energía S.A. announces results for the nine-month period and quarter ended on September 30th, 2016
BUENOS AIRES, Nov. 14, 2016 /PRNewswire/ -- Pampa Energía S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP), the largest independent energy integrated company in Argentina that through its subsidiaries participates in the electricity and oil and gas value chain, announces the results for the nine-month period and quarter ended on September 30, 2016. All figures are stated in Argentine Pesos and have been prepared in accordance with International Financial Reporting Standards.
Main Results for the Nine-Month Period of 2016:
Consolidated sales revenues of AR$18,280.1 million[1] for the nine-month period ended on September 30, 2016, 243.9% higher than the AR$5,315.3 million for the same period of 2015, primarily explained by the addition on August 2016 of Petrobras Argentina. The net sales increased AR$1,107.3 million in generation, AR$6,206.2 million in distribution, AR$3,544.3 million in oil and gas, AR$2,725.7 million in refining and distribution, AR$915.1 million in petrochemicals and AR$24.2 million in holding and others segment, partially offset by higher eliminations as a result of intersegment sales for AR$1,558.0 million.
Adjusted consolidated EBITDA[2] of AR$3,301.7 million for the nine-month period ended on September 30, 2016, compared to a AR$2,680.0 million for the same period of 2015, mainly due to increases of AR$409.1 million in generation, AR$2,461.2 million in oil and gas segment, AR$269.3 million in refining and distribution, AR$43.6 million in petrochemicals and AR$22.2 million in intersegment eliminations, partially offset by decreases of AR$2,076.0 million in distribution and AR$507.7 million in holding and others segment.
Consolidated loss of AR$1,543.8 million during the nine-month period ended on September 30, 2016, of which AR$992.9 million is attributable to the owners of the Company, AR$1,996.2 million less compared to the gain of AR$1,003.3 million attributable to the owners of the Company in the same period of 2015, mainly explained by reported losses of AR$1,361.9 million in distribution and AR$1,100.7 million in the holding and others, partially offset by reported profits of AR$605.7 million in generation, AR$597.9 million in oil and gas, AR$214.5 million in refining and distribution and AR$29.4 million in petrochemicals.
Main Results for the Third Quarter of 2016[3]:
Consolidated sales revenues of AR$9,897.6 million for the quarter ended on September 30, 2016, AR$7,997.7 million higher than the AR$1,899.9 million for the same period of 2015, mainly explained by increases of AR$836.7 million in generation, AR$2,367.0 million in distribution, AR$2,726.1 million in oil and gas, AR$2,725.7 million in refining and distribution, AR$915.1 million in petrochemicals and AR$3.7 million in holding and others segment, partially offset by higher eliminations as a result of intersegment sales for AR$1,576.7 million.
Adjusted consolidated EBITDA of AR$1,527.0 million for the quarter ended on September 30, 2016, compared to an adjusted EBITDA of AR$1,074.6 million for the same period of 2015, mainly due to increases of AR$308.0 million in generation, AR$1,392.8 million in oil and gas segment AR$269.3 million in refining and distribution, AR$43.6 million in petrochemicals and AR$22.2 million in intersegment eliminations, partially offset by reductions of AR$1,168.3 million in distribution and AR$415.1 million in holding and others.
Consolidated loss of AR$1,117.7 million for the quarter ended on September 30, 2016, of which AR$932.1 million are attributable to the owners of the Company, AR$972.3 million less compared to the gain of AR$40.3 million attributable to the owners of the Company in the same period of 2015, explained by reported losses AR$417.7 million in distribution segment and AR$1,455.1 million in holding and others, partially offset by reported earnings of AR$224.4 million in generation, AR$450.2 million in oil and gas, AR$214.5 million in refining and distribution and AR$29.4 million in petrochemicals.
| Consolidated Balance Sheet |
||
| As of 9.30.16 |
As of 12.31.15 |
|
| ASSETS |
||
| Participation in joint businesses |
3,412.8 |
223.9 |
| Participation in associates |
781.8 |
123.2 |
| Property, plant and equipment |
38,354.8 |
14,508.4 |
| Intangible assets |
2,097.9 |
734.2 |
| Biological assets |
1.8 |
1.9 |
| Financial assets with a results changing fair value |
429.7 |
2,578.2 |
| Investments at amortized cost |
343.9 |
- |
| Deferred tax assets |
1,170.4 |
52.3 |
| Trade receivable and other credits |
3,794.6 |
1,228.5 |
| Total non-current assets |
50,387.7 |
19,450.6 |
| Biological assets |
0.5 |
0.2 |
| Inventories |
3,369.7 |
225.5 |
| Financial assets with a results changing fair value |
3,319.8 |
4,081.0 |
| Investments at amortized cost |
29.2 |
- |
| Financial derivatives |
- |
0.2 |
| Trade receivable and other credits |
14,143.6 |
4,875.5 |
| Cash and cash equivalents |
3,541.6 |
516.6 |
| Total current assets |
24,404.4 |
9,699.0 |
| Non-current assets held for sale |
3,306.9 |
- |
| Total assets |
78,099.0 |
29,149.6 |
| As of 9.30.16 |
As of 12.31.15 |
|
| EQUITY |
||
| Share capital |
1,695.9 |
1,695.9 |
| Share premium and other reserves |
1,234.3 |
1,231.5 |
| Statutory reserve |
204.7 |
51.5 |
| Voluntary reserve |
3,889.6 |
977.8 |
| Retained earnings |
(992.9) |
3,065.1 |
| Other comprehensive result |
(18.8) |
(31.1) |
| Equity attributable to |
6,012.8 |
6,990.6 |
| Non-controlling interests |
8,639.3 |
1,390.6 |
| Total equity |
14,652.2 |
8,381.2 |
| LIABILITIES |
||
| Accounts payable and other liabilities |
4,745.2 |
2,698.8 |
| Borrowings |
16,549.1 |
6,684.7 |
| Deferred revenues |
194.3 |
153.8 |
| Salaries and social security payable |
97.3 |
80.0 |
| Defined benefit plan obligations |
820.1 |
264.5 |
| Deferred tax liabilities |
4,652.9 |
591.6 |
| Income tax and minimum expected profit tax liability |
1,085.2 |
271.8 |
| Tax payable |
185.7 |
116.7 |
| Provisions |
4,626.2 |
313.8 |
| Total non-current liabilities |
32,955.9 |
11,175.7 |
| Accounts payable and other liabilities |
13,554.0 |
6,652.5 |
| Borrowings |
10,696.1 |
1,307.7 |
| Deferred income |
0.8 |
0.8 |
| Salaries and social security payable |
1,552.9 |
887.0 |
| Defined benefit plan obligations |
67.2 |
46.1 |
| Income tax and minimum expected profit tax liability |
1,209.1 |
138.9 |
| Tax payable |
1,512.4 |
471.2 |
| Financial derivatives |
1.3 |
18.1 |
| Provisions |
1,653.1 |
70.6 |
| Total current liabilities |
30,247.0 |
9,592.8 |
| Liabilities associated with non-current assets held for sale |
244.0 |
- |
| Total liabilities |
63,446.8 |
20,768.4 |
| Total liabilities and equity |
78,099.0 |
29,149.6 |
| Consolidated Income Statement |
||||||||
| 9-Month Period |
3rdQuarter |
|||||||
| 2016 |
2015 |
2016 |
2015 |
|||||
| Sales revenue |
18,280.1 |
5,315.3 |
9,897.6 |
1,899.9 |
||||
| Cost of sales |
(15,520.7) |
(5,163.7) |
(8,185.8) |
(1,866.3) |
||||
| Gross profit |
2,759.4 |
151.6 |
1,711.8 |
33.6 |
||||
| Selling expenses |
(1,702.4) |
(675.8) |
(851.7) |
(256.2) |
||||
| Administrative expenses |
(2,348.3) |
(796.8) |
(1,429.1) |
(273.8) |
||||
| Exploration expenses |
(76.4) |
- |
(64.8) |
- |
||||
| Other operating income |
2,025.3 |
330.1 |
1,194.6 |
127.9 |
||||
| Other operating expenses |
(1,117.0) |
(433.5) |
(742.4) |
(208.8) |
||||
| Recovery of property, plant and equipment impairment |
- |
25.3 |
- |
25.3 |
||||
| Results for participation in joint businesses |
(194.2) |
45.6 |
(120.6) |
16.9 |
||||
| Results for participation in associates |
1.9 |
(1.7) |
4.5 |
(9.1) |
||||
| Results for sale of companies' stakes |
479.7 |
- |
479.7 |
- |
||||
| Operating income before higher cost recognition and SE Res. No. 32/15 |
(172.0) |
(1,355.3) |
182.1 |
(544.3) |
||||
| Income Recognition on account of the RTI – SE Res. No. 32/15 |
419.4 |
3,809.7 |
(7.7) |
1,421.1 |
||||
| Higher Cost Recognition – SE Res. No. 250/13 and subsequent Notes |
81.5 |
186.6 |
- |
- |
||||
| Operating income |
328.9 |
2,641.0 |
174.4 |
876.8 |
||||
| Financial income |
483.5 |
202.1 |
228.1 |
74.7 |
||||
| Financial costs |
(3,038.6) |
(696.7) |
(1,618.1) |
(403.7) |
||||
| Other financial results |
157.1 |
180.0 |
(78.0) |
(173.9) |
||||
| Financial results, net |
(2,398.1) |
(314.5) |
(1,468.0) |
(503.0) |
||||
| Profit before tax |
(2,069.2) |
2,326.5 |
(1,293.6) |
373.8 |
||||
| Income tax and minimum expected profit tax |
525.3 |
(785.8) |
175.9 |
(198.3) |
||||
| Net income for the period |
(1,543.8) |
1,540.7 |
(1,117.7) |
175.6 |
||||
| Attributable to: |
||||||||
| Owners of the Company |
(992.9) |
1,003.3 |
(932.1) |
40.3 |
||||
| Non-controlling interests |
(550.9) |
537.4 |
(185.7) |
135.3 |
||||
| Net income for the period attributable to the owners of the Company (AR$ per share): |
||||||||
| Basic income per share |
(0.5855) |
0.7634 |
(0.5496) |
0.0306 |
||||
| Diluted income per share |
(0.5855) |
0.6380 |
(0.5496) |
0.0254 |
||||
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 third quarter 2016 results on Tuesday November 15, 2016 at 10:00 a.m. New York Time / 12:00 p.m. Buenos Aires Time.
The hosts will be Mr. Leandro Montero, CFO of Edenor and Ms. Lida Wang, Investor Relations Manager at Pampa. For those interested in participating, please dial 0-800-444-2930 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 Energía / 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.
You may find additional information on the Company at:
For further information, contact:
Gustavo Mariani
Vice-president and
Co - CEO
Ricardo Torres
Vice-president and
Co - CEO
Mariano Batistella
Executive Director of Planning, Strategy & Affiliates
Lida Wang
Investor Relations Officer
The Pampa Energía Building
Maipú 1
(C1084AB)
Ciudad de Buenos Aires
Argentina
Tel: +54 (11) 4344-6000
[email protected]
www.pampaenergia.com/ri
[1] Under the International Financial Reporting Standards ('IFRS'), TGS and Transener are not consolidated in Pampa's income statement and balance sheet, being only its net income adjusted by our ownership shown in holding and others segment as 'Results for participation in associates' and 'Results for participation in joint businesses', respectively. For more information, please refer to section 3 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 other non-accrued collections and other adjustments related to IFRS. For more information regarding the adjustments in the EBITDA, please refer to section 3 of Pampa's Earnings Release.
[3] The financial information presented in this document for the quarters ended on September 30, 2016 and of 2015 are based on unaudited financial statements prepared according to the IFRS accounting standards in force in Argentina corresponding to the nine-month period ended on September 30, 2016 and of 2015, and the six-month period ended on June 30, 2016 and 2015.
SOURCE Pampa Energia S.A.
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