Pampa Energía S.A. announces results for the six-month period and quarter ended on June 30th, 2016
BUENOS AIRES, Argentina, Aug. 11, 2016 /PRNewswire/ -- Pampa Energía S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP), the energy integrated company in Argentina that, through its subsidiaries participates in the exploration and production of oil and gas, refining and retail, petrochemicals, natural gas transportation and liquids production, as well as the largest integrated electricity company, announces the results for the six-month period and quarter ended on June 30, 2016. All figures are stated in Argentine Pesos and have been prepared in accordance with International Financial Reporting Standards.
Main Results for the Six-Month Period of 2016:
Consolidated sales revenues of AR$8,382.5 million1 for the six-month period ended on June 30, 2016, 145.4% higher than the AR$3,415.4 million for the same period of 2015, primarily explained by increases of 21.3% (AR$270.6 million) in generation, 205.5% (AR$3,839.1 million) in distribution, 262.7% (AR$818.2 million) in oil and gas and 70.0% (AR$20.5 million) in holding and others segment.
Adjusted consolidated EBITDA2 of AR$1,024.9 million for the six-month period ended on June 30, 2016, compared to a AR$1,686.1 million for the same period of 2015, mainly due to decreases of 61.3% (AR$106.0 million) in transmission, AR$1,662.3 million in distribution and higher losses of AR$62.6 million in holding and others segment, partially offset by increases of 17.8% (AR$101.1 million) in generation and AR$1,068.5 million in oil and gas segment.
Consolidated loss of AR$426.1 million during the six-month period ended on June 30, 2016, of which AR$60.9 million is attributable to the owners of the Company, AR$1,023.9 million less compared to the gain of AR$963.0 million attributable to the owners of the Company in the same period of 2015, mainly explained by reported losses of AR$73.7 million in transmission1 and AR$944.2 million in distribution, partially offset by reported profits of AR$381.2 million in generation, AR$147.7 million in oil and gas and AR$428.1 million in the holding and others segment.
Main Results for the Second Quarter of 20163:
Consolidated sales revenues of AR$4,170.4 million for the quarter ended on June 30, 2016, 138.7% higher than the AR$1,746.9 million for the same period of 2015, mainly explained by increases of 15.9% (AR$108.0 million) in generation, 202.1% (AR$1,817.6 million) in distribution, 257.6% (AR$470.1 million) in oil and gas and 79.7% (AR$13.4 million) in holding and others segment.
Adjusted consolidated EBITDA of AR$(328.2) million for the quarter ended on June 30, 2016, compared to a positive adjusted EBITDA of AR$853.0 million for the same period of 2015, mainly due to reductions of AR$100.1 million in transmission, AR$1,630.8 million in distribution and higher losses of AR$46.4 million in holding and others, partially offset by increases of 15.2% (AR$44.9 million) in generation and AR$551.1 million in oil and gas segment.
Consolidated loss of AR$1,099.1 million for the quarter ended on June 30, 2016, of which AR$668.4 million are attributable to the owners of the Company, AR$729.5 million less compared to the gain of AR$61.1 million attributable to the owners of the Company in the same period of 2015, explained by reported losses AR$43.0 million in transmission1, AR$629.0 million in distribution segment and AR$207.9 million in holding and others, partially offset by reported earnings of AR$154.7 million in generation and AR$56.8 million in oil and gas.
| Consolidated Balance Sheet |
|||
| As of 6.30.16 |
As of 12.31.15 |
||
| ASSETS |
|||
| Participation in joint businesses |
136.3 |
223.9 |
|
| Participation in associates |
- |
123.2 |
|
| Advance payment for acquisition of company |
2,530.6 |
- |
|
| Property, plant and equipment |
16,549.3 |
14,508.4 |
|
| Intangible assets |
764.0 |
734.2 |
|
| Biological assets |
1.8 |
1.9 |
|
| Financial assets with a results changing fair value |
0.1 |
2,578.2 |
|
| Investments at amortized cost |
44.7 |
- |
|
| Deferred tax assets |
798.2 |
52.3 |
|
| Trade receivable and other credits |
1,349.2 |
1,228.5 |
|
| Total non-current assets |
22,174.2 |
19,450.6 |
|
| Biological assets |
0.2 |
0.2 |
|
| Inventories |
256.1 |
225.5 |
|
| Investments at amortized cost |
2.2 |
- |
|
| Financial assets with a results changing fair value |
2,915.5 |
4,081.0 |
|
| Financial derivatives |
0.4 |
0.2 |
|
| Trade receivable and other credits |
4,954.9 |
4,875.5 |
|
| Cash and cash equivalents |
836.2 |
516.6 |
|
| Total current assets |
8,965.6 |
9,699.0 |
|
| Assets held for sale |
2,844.6 |
- |
|
| Total assets |
33,984.4 |
29,149.6 |
|
| As of 6.30.16 |
As of 12.31.15 |
||
| EQUITY |
|||
| Share capital |
1,695.9 |
1,695.9 |
|
| Share premium and other reserves |
1,231.5 |
1,231.5 |
|
| Statutory reserve |
204.7 |
51.5 |
|
| Voluntary reserve |
3,889.6 |
977.8 |
|
| Retained earnings |
(60.9) |
3,065.1 |
|
| Other comprehensive result |
(31.8) |
(31.1) |
|
| Equity attributable to owners of the parent |
6,929.0 |
6,990.6 |
|
| Non-controlling interests |
1,025.4 |
1,390.6 |
|
| Total equity |
7,954.4 |
8,381.2 |
|
| LIABILITIES |
|||
| Accounts payable and other liabilities |
4,303.1 |
2,698.8 |
|
| Borrowings |
7,083.8 |
6,684.7 |
|
| Deferred revenues |
172.5 |
153.8 |
|
| Salaries and social security payable |
89.9 |
80.0 |
|
| Defined benefit plan obligations |
302.2 |
264.5 |
|
| Deferred tax liabilities |
694.4 |
591.6 |
|
| Income tax and minimum expected profit tax liability |
391.3 |
271.8 |
|
| Tax payable |
164.1 |
127.5 |
|
| Provisions |
381.9 |
313.8 |
|
| Total non-current liabilities |
13,583.2 |
11,186.5 |
|
| Accounts payable and other liabilities |
6,723.9 |
6,652.5 |
|
| Borrowings |
3,842.6 |
1,307.7 |
|
| Deferred income |
0.8 |
0.8 |
|
| Salaries and social security payable |
818.8 |
887.0 |
|
| Defined benefit plan obligations |
57.4 |
46.1 |
|
| Income tax and minimum expected profit tax liability |
235.7 |
138.9 |
|
| Tax payable |
666.3 |
460.3 |
|
| Financial derivatives |
- |
18.1 |
|
| Provisions |
101.2 |
70.6 |
|
| Total current liabilities |
12,446.8 |
9,581.9 |
|
| Total liabilities |
26,030.0 |
20,768.4 |
|
| Total liabilities and equity |
33,984.4 |
29,149.6 |
| Consolidated Income Statement |
||||||||
| 1st Half |
2nd Quarter |
|||||||
| 2016 |
2015 |
2016 |
2015 |
|||||
| Sales revenue |
8,382.5 |
3,415.4 |
4,170.4 |
1,746.9 |
||||
| Cost of sales |
(7,334.9) |
(3,297.4) |
(4,070.6) |
(1,751.6) |
||||
| Gross profit |
1,047.6 |
118.0 |
99.8 |
(4.6) |
||||
| Selling expenses |
(850.8) |
(419.6) |
(508.9) |
(226.7) |
||||
| Administrative expenses |
(919.2) |
(523.1) |
(467.3) |
(276.1) |
||||
| Other operating income |
830.7 |
202.2 |
376.9 |
109.0 |
||||
| Other operating expenses |
(386.2) |
(224.7) |
(203.5) |
(130.7) |
||||
| Results for participation in joint businesses |
(73.6) |
28.7 |
(43.0) |
25.1 |
||||
| Results for participation in associates |
(2.7) |
7.5 |
- |
5.6 |
||||
| Operating income before higher cost recognition and SE Res. No. 32/15 |
(354.1) |
(811.0) |
(746.0) |
(498.4) |
||||
| Income Recognition on account of the RTI – SE Res. No. 32/15 |
427.1 |
2,388.7 |
(3.9) |
1,054.8 |
||||
| Higher Cost Recognition – SE Res. No. 250/13 and subsequent Notes |
81.5 |
186.6 |
- |
- |
||||
| Operating income |
154.6 |
1,764.2 |
(750.0) |
556.4 |
||||
| Financial income |
255.4 |
127.5 |
156.4 |
70.6 |
||||
| Financial costs |
(1,420.6) |
(292.9) |
(774.1) |
46.9 |
||||
| Other financial results |
235.1 |
353.9 |
(174.0) |
(202.3) |
||||
| Financial results, net |
(930.1) |
188.5 |
(791.7) |
(84.9) |
||||
| Profit before tax |
(775.6) |
1,952.7 |
(1,541.7) |
471.5 |
||||
| Income tax and minimum expected profit tax |
349.4 |
(587.5) |
442.7 |
(268.3) |
||||
| Net income for the period |
(426.1) |
1,365.1 |
(1,099.1) |
203.2 |
||||
| Attributable to: |
||||||||
| Owners of the Company |
(60.9) |
- |
963.0 |
(668.4) |
61.1 |
|||
| Non-controlling interests |
(365.3) |
402.1 |
(430.6) |
142.1 |
||||
| Net income for the period attributable to the owners of the Company (AR$ per share): |
||||||||
| Basic income per share |
(0.0359) |
0.7327 |
(0.3942) |
0.0465 |
||||
| Diluted income per share |
(0.0359) |
0.6157 |
(0.3942) |
0.0388 |
||||
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 second quarter 2016 results on Friday, August 12, 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, 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
Co-CEO
Ricardo Torres
Co-CEO
Mariano Batistella
Planning and Strategy Executive Director
Lida Wang
Investor Relations Manager
Tel +54 (11) 4344-6000
[email protected]
www.pampaenergia.com/ir
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 this 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 this Earnings Release.
3 The financial information presented in this document for the quarters ended on June 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 six-month period ended on June 30, 2016 and of 2015, and the quarter ended on March 31, 2016 and 2015.
SOURCE Pampa Energia S.A.
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