Pampa Energia S.A. announces the results for the nine-month period and quarter ended on September 30th, 2013.
BUENOS AIRES, Argentina, Nov. 11, 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 nine-month period and quarter ended on September 30th. All figures are stated in Argentine Pesos and have been prepared in accordance with International Financial Reporting Standards.
Highlights for the Nine-Month Period of 2013
Consolidated sales revenues of AR$3,958.7 million[1] for the nine-month period ended on September 30, 2013, 22.7% lower than the AR$5,122.3 million for the same period of 2012, mainly explained by a decrease of 56.0% (AR$1,622.3 million) in the generation segment, partially offset by increases of 18.6% (AR$402.0 million) in distribution and 1.7% (AR$2.4 million) in holding and others segments.
Adjusted consolidated EBITDA[2] of AR$(380.7) million, compared to AR$198.2 million for the same period of 2012, mainly due to decreases of AR$218.8 million in generation and AR$443.0 million in distribution, which were partially offset by increases of AR$45.3 million in the transmission segment and AR$37.6 million in holding and others.
Consolidated profit under IFRS of AR$739.1 million during the nine-month period ended on September 30, 2013, of which a gain of AR$384.6 million are attributable to the owners of the Company, compared to a AR$381.4 million loss attributable to the owners of the Company in the same period of 2012, mainly explained by a higher profit of AR$687.2 million from distribution and AR$163.0 million from holding and others, in addition to a lower loss of AR$8.1 million in transmission, partially offset by a higher loss of AR$92.3 million in generation.
Main Results for the Second Quarter of 2013[3]
Consolidated sales revenues of AR$1,430.6 million for the quarter ended on September 30, 2013, 24.1% lower than the AR$1,884.6 million for the same period of 2012, mainly explained by a decrease of 57.5% (AR$649.2 million) in the generation segment, partially offset by increases of 24.7% (AR$180.4 million) in distribution and 1.0% (AR$2.4 million) in holding and others segment.
Adjusted consolidated EBITDA of AR$(110.5) million, AR$94.9 million lower than the same period of 2012, mainly due to a decrease of AR$180.0 million in distribution, which was partially offset by increases of AR$30.0 million in generation, AR$40.0 million in transmission segment and AR$15.2 million in holding and others.
Consolidated loss under IFRS of AR$381.8 million in the third quarter ended on September 30, 2013, of which AR$160.6 million are attributable to the owners of the Company, compared to a AR$233.6 million loss attributable to the owners of the Company in the same period of 2012.
[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, reserve directors options, one-time income and expenses, and non-controlling interests, 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.
[3] The financial information presented in this document for the quarters ended on September 30, 2013 and of 2012 are based on unaudited financial statements prepared according to the IFRS accounting standards in force in Argentina corresponding to the nine-month periods ended on September 30, 2013 and of 2012, and the six-month periods ended on June 30, 2013 and of 2012.
Consolidated Balance Sheet
(As of September 30, 2013 and December 31, 2012, in millions of Argentine Pesos)
| As of 09.30.13 |
As of 12.31.12 |
As of 09.30.13 |
As of 12.31.12 |
|||
| ASSETS |
EQUITY |
|||||
| Property, plant and equipment |
6,566.4 |
6,016.9 |
Share capital |
1,314.3 |
1,314.3 |
|
| Intangible assets |
926.7 |
1,808.5 |
Share premium |
246.6 |
1,018.4 |
|
| Biological assets |
1.9 |
2.0 |
Director's options reserve |
257.1 |
250.4 |
|
| Participation in joint businesses |
183.1 |
192.3 |
Retained earnings |
384.6 |
(771.8) |
|
| Participation in associates |
134.0 |
132.5 |
Other comprehensive results |
(10.8) |
(10.8) |
|
| Financial assets with a results changing fair value |
482.1 |
303.8 |
Equity attributable to owners of the parent |
2,191.9 |
1,800.5 |
|
| Deferred tax assets |
184.8 |
87.5 |
||||
| Trade receivable and other credits |
428.0 |
422.1 |
Non-controlling interests |
805.3 |
529.8 |
|
| Total non-current assets |
8,907.2 |
8,965.6 |
||||
| Total equity |
2,997.2 |
2,330.3 |
||||
| Inventories |
77.3 |
103.3 |
||||
| Biological assets |
0.3 |
0.5 |
||||
| Assets on construction |
- |
84.5 |
LIABILITIES |
|||
| Financial assets with a results changing fair value |
101.0 |
113.4 |
Accounts payable and other liabilities |
1,364.7 |
2,231.2 |
|
| Trade receivable and other credits |
2,689.7 |
1,541.5 |
Borrowings |
2,646.2 |
2,218.5 |
|
| Cash and cash equivalents |
794.3 |
279.9 |
Deferred revenues |
34.4 |
264.4 |
|
| Total current assets |
3,662.7 |
2,123.1 |
Salaries and social security payable |
19.9 |
17.5 |
|
| Defined benefit plan obligations |
99.8 |
120.9 |
||||
| Assets classified as held for sale |
312.3 |
235.2 |
Deferred tax liabilities |
454.7 |
628.9 |
|
| Tax payable |
93.4 |
46.8 |
||||
| Total assets |
12,882.2 |
11,323.9 |
Provisions |
73.5 |
85.5 |
|
| Total non-current liabilities |
4,786.5 |
5,613.7 |
||||
| Accounts payable and other liabilities |
3,235.3 |
1,688.0 |
||||
| Borrowings |
840.7 |
790.9 |
||||
| Salaries and social security payable |
414.4 |
447.9 |
||||
| Defined benefit plan obligations |
11.6 |
21.8 |
||||
| Tax payable |
327.4 |
263.8 |
||||
| Provisions |
21.7 |
11.7 |
||||
| Total current liabilities |
4,851.1 |
3,224.1 |
||||
| Liabilities classified as held for sale |
247.5 |
155.8 |
||||
| Total liabilities |
9,885.1 |
8,993.6 |
||||
| Total liabilities and equity |
12,882.2 |
11,323.9 |
Consolidated Income Statement
(For the nine-month period and quarter ended on September 30, 2013, and September 30, 2012, in millions of Argentine Pesos)
| 9-Month Period |
3rdQuarter |
|||||||
| 2013 |
2012 |
2013 |
2012 |
|||||
| Sales revenue |
3,958.7 |
5,122.3 |
1,430.6 |
1,884.6 |
||||
| Cost of sales |
(4,163.1) |
(4,829.5) |
(1,454.1) |
(1,835.8) |
||||
| Gross profit |
(204.3) |
292.8 |
(23.5) |
48.8 |
||||
| Selling expenses |
(449.9) |
(305.0) |
(159.5) |
(113.9) |
||||
| Administrative expenses |
(381.8) |
(330.3) |
(117.7) |
(121.3) |
||||
| Other operating income |
280.2 |
180.9 |
117.0 |
28.3 |
||||
| Other operating expenses |
(148.1) |
(121.0) |
(64.7) |
(41.2) |
||||
| Results for participation in joint businesses |
(10.4) |
(18.4) |
2.8 |
(8.1) |
||||
| Results for participation in associates |
1.5 |
(2.1) |
(2.7) |
(1.9) |
||||
| Impairment of property, plant and equipment |
- |
(108.3) |
- |
(108.3) |
||||
| Operating income before Res. No. 250/13 |
(912.9) |
(411.4) |
(248.3) |
(317.5) |
||||
| Higher Costs Recognition – Res. No. 250/13 |
2,212.6 |
- |
- |
- |
||||
| Operating income |
1,299.7 |
(411.4) |
(248.3) |
(317.5) |
||||
| Financial income |
284.7 |
102.5 |
43.6 |
38.1 |
||||
| Financial costs |
(599.6) |
(327.7) |
(323.9) |
(99.3) |
||||
| Other financial results |
(238.0) |
(151.1) |
(2.8) |
(42.0) |
||||
| Financial results, net |
(552.9) |
(376.4) |
(283.1) |
(103.2) |
||||
| Profit before tax |
746.7 |
(787.8) |
(531.4) |
(420.7) |
||||
| Income tax and minimum expected profit tax |
119.2 |
73.8 |
156.4 |
62.1 |
||||
| Net income for continuing operations |
865.9 |
(714.0) |
(375.0) |
(358.6) |
||||
| Discontinued operations |
(126.9) |
67.6 |
(6.8) |
12.1 |
||||
| Net income for the period |
739.1 |
(646.4) |
(381.8) |
(346.5) |
||||
| Attributable to: |
||||||||
| Owners of the Company |
384.6 |
(381.4) |
(160.6) |
(233.6) |
||||
| Continuing operations |
470.3 |
(414.7) |
(157.4) |
(239.3) |
||||
| Discontinued operations |
(85.7) |
33.3 |
(3.2) |
5.7 |
||||
| Non-controlling interests |
354.4 |
(265.0) |
(221.2) |
(112.9) |
||||
| Net income for the period attributable to the owners of the Company (AR$ per share): |
||||||||
| Basic and diluted income for continuing operations per share |
0.3579 |
(0.3155) |
(0.1197) |
(0.1821) |
||||
| Diluted income for continuing operations per share (AR$ per share) |
(0.0652) |
0.0253 |
(0.0025) |
0.0044 |
||||
| Basic and diluted income for discontinued operations per share |
(0.0652) |
0.0234 |
(0.0023) |
0.0040 |
||||
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 2013 results on Wednesday November 13, 2013 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 Mr. Mariano Batistella, Special Projects, Strategic Planning and Investor Relations Officer of Pampa. For those interested in participating, please dial 0800-444-2930 in Argentina, +1 (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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