Pampa Energia S.A. announces the results for the first quarter ended on March 31st, 2013
BUENOS AIRES, Argentina, May 13, 2013 /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, announces the results for the first quarter ended on March 31st, 2013. All figures are stated in Argentine Pesos and have been prepared in accordance with International Financial Reporting Standards.
Highlights for the First Quarter of 2013
Consolidated sales revenues of AR$1,392.0 million[1] for the quarter ended on March 31, 2013, 2.6% lower than the AR$1,428.5 million for the same period of 2012, mainly explained by a decrease of 25.1% (AR$175.2 million) in the generation segment, partially offset by increases of 17.8% (AR$126.6 million) and of 0.7% (AR$0.3 million) in the distribution and the holding and others segments, respectively.
Adjusted Consolidated EBITDA[2] of AR$(118.6) million, compared to AR$177.3 million for the same period of 2012, mainly due to decreases of AR$194.5 million in generation and AR$109.1 million in distribution, which were partially offset by increases of AR$2.1 million in the transmission segment and AR$5.6 million in holding and others.
Consolidated loss under IFRS of AR$606.0 million in the first quarter ended on March 31, 2013, of which a loss of AR$386.6 million are attributable to the owners of the Company, compared to a AR$47.2 million loss attributable to the owners of the Company in the same period of 2012, mainly explained by the net losses from our generation, transmission and distribution segments (AR$84.6 million, AR$10.2 million and AR$353.4 million, respectively), partially offset by a profit of AR$61.7 in holding and others segment.
[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 the Earnings Release.
[2] Adjusted Consolidated EBITDA represents the consolidated results for continuing activities before net financial results, income taxes, depreciation, amortization, reserve directors options, and non-controlling interests, including PUREE proceeds and other collections, impairments and other adjustments related to IFRS. For more information, please refer to section 4 of the Earnings Release.
| Consolidated Balance Sheet |
||
| (As of March 31, 2013 and December 31, 2012, in millions of Argentine Pesos) |
||
| As of 03.31.13 |
As of 12.31.12 |
|
| ASSETS |
||
| Property, plant and equipment |
6,118.0 |
6,016.9 |
| Intangible assets |
936.5 |
1,808.5 |
| Biological assets |
2.0 |
2.0 |
| Participation in joint businesses |
183.3 |
192.3 |
| Participation in associates |
138.1 |
132.5 |
| Financial assets with a results changing fair value |
322.2 |
303.8 |
| Deferred tax assets |
149.8 |
87.5 |
| Trade receivable and other credits |
408.8 |
422.1 |
| Total non-current assets |
8,258.5 |
8,965.6 |
| Inventories |
68.9 |
103.3 |
| Biological assets |
0.7 |
0.5 |
| Assets on construction |
- |
84.5 |
| Financial assets with a results changing fair value |
91.6 |
113.4 |
| Trade receivable and other credits |
1,445.1 |
1,541.5 |
| Cash and cash equivalents |
484.7 |
279.9 |
| Total current assets |
2,091.0 |
2,123.1 |
| Assets classified as held for sale |
1,407.3 |
235.2 |
| Total assets |
11,756.8 |
11,323.9 |
| As of 03.31.13 |
As of 12.31.12 |
|
| EQUITY |
||
| Share capital |
1,314.3 |
1,314.3 |
| Share premium |
1,018.4 |
1,018.4 |
| Director's options reserve |
252.6 |
250.4 |
| Retained earnings |
(1,158.4) |
(771.8) |
| Other comprehensive results |
(10.8) |
(10.8) |
| Equity attributable to owners of the parent |
1,416.2 |
1,800.5 |
| Non-controlling interests |
311.6 |
529.8 |
| Total equity |
1,727.7 |
2,330.3 |
| LIABILITIES |
||
| Accounts payable and other liabilities |
2,368.6 |
2,231.2 |
| Borrowings |
2,379.4 |
2,218.5 |
| Deferred revenues |
34.4 |
264.4 |
| Salaries and social security payable |
18.9 |
17.5 |
| Defined benefit plan obligations |
92.3 |
120.9 |
| Deferred tax liabilities |
504.4 |
628.9 |
| Tax payable |
47.7 |
46.8 |
| Provisions |
82.4 |
85.5 |
| Total non-current liabilities |
5,528.0 |
5,613.7 |
| Accounts payable and other liabilities |
2,061.6 |
1,688.0 |
| Borrowings |
799.1 |
790.9 |
| Salaries and social security payable |
385.1 |
447.9 |
| Defined benefit plan obligations |
8.3 |
21.8 |
| Tax payable |
287.5 |
263.8 |
| Provisions |
7.1 |
11.7 |
| Total current liabilities |
3,548.6 |
3,224.1 |
| Liabilities classified as held for sale |
952.5 |
155.8 |
| Total liabilities |
10,029.1 |
8,993.6 |
| Total liabilities and equity |
11,756.8 |
11,323.9 |
| Consolidated Income Statement |
||||
| (For the three-month period ended on March 31, 2013, and March 31, 2012, in millions of Argentine Pesos) |
||||
| 1st Quarter |
||||
| 2013 |
2012 |
|||
| Sales revenue |
1,392.0 |
1,428.5 |
||
| Cost of sales |
(1,492.9) |
(1,261.7) |
||
| Gross profit |
(100.9) |
166.8 |
||
| Selling expenses |
(127.3) |
(83.1) |
||
| Administrative expenses |
(120.4) |
(102.2) |
||
| Other operating income |
43.1 |
55.8 |
||
| Other operating expenses |
(17.5) |
(19.7) |
||
| Results for participation in joint businesses |
(10.2) |
(5.2) |
||
| Results for participation in associates |
5.5 |
2.1 |
||
| Impairment of property, plant and equipment |
- |
- |
||
| Impairment of intangible assets |
- |
- |
||
| Gain for acquisition of companies |
- |
- |
||
| Operating income |
(327.6) |
14.4 |
||
| Financial income |
33.8 |
19.3 |
||
| Financial costs |
(194.6) |
(130.8) |
||
| Other financial results |
(62.3) |
(26.7) |
||
| Financial results, net |
(223.1) |
(138.2) |
||
| Profit before tax |
(550.8) |
(123.8) |
||
| Income tax and minimum expected profit tax |
72.8 |
12.5 |
||
| Net income for continuing operations |
(478.0) |
(111.3) |
||
| Discontinued operations |
(128.0) |
40.0 |
||
| Net income for the period |
(606.0) |
(71.4) |
||
| Attributable to: |
||||
| Owners of the Company |
(386.6) |
(47.2) |
||
| Continuing operations |
(299.9) |
(68.2) |
||
| Discontinued operations |
(86.7) |
21.0 |
||
| Non-controlling interests |
(219.4) |
(24.2) |
||
| Net income for the period attributable to the owners of the Company (AR$ per share): |
||||
| Basic and diluted income for continuing operations per share |
(0.2281) |
(0.0519) |
||
| Basic and diluted income for discontinued operations per share |
(0.0660) |
0.0160 |
||
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 2013 results on Wednesday May 15, 2013 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 Lida Wang, IR and Special Projects Associate. For those interested in participating, please dial 0800-444-2930 in Argentina, (877) 317-6776 in the United States or +1 (412) 317-6776 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 - Chief Executive Officer
Mariano Batistella – Special Projects Manager and Investor Relations Officer
Lida Wang - Investor Relations and Special Projects Associate
3302 Ortiz de Ocampo, Building #4
(C1425DSR) Ciudad Autonoma de Buenos Aires, Argentina
Phone: +54 (11) 4809 9500
http://www.pampaenergia.com/ir
[email protected]
SOURCE Pampa Energia S.A.
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