Pampa Energía S.A. announces the results for the six-month period and quarter ended on June 30, 2017
BUENOS AIRES, Argentina, Aug. 11, 2017 /PRNewswire/ -- Pampa Energía S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP), the largest independent energy integrated company in Argentina, which through its subsidiaries participates in the electricity and oil and gas value chain, announces the results for the six-month period and quarter ended on June 30, 2017. All figures are stated in Argentine Pesos and have been prepared in accordance with International Financial Reporting Standards.
Main Results for the First Semester of 2017 ('1H17')
Consolidated sales revenues of AR$30,801 million[1], 267.4% higher than the AR$8,383 million for the first half of 2016 ('1H16'), explained by increases of AR$2,474 million in power generation, AR$5,412 million in electricity distribution, AR$6,654 million in oil and gas, AR$8,150 million in refining and distribution, AR$3,461 million in petrochemicals and AR$166 million in holding and others segment, partially offset by higher eliminations as a result of intersegment sales for AR$3,899 million.
- Power Generation of 7,768 GWh from 9 power plants
- Electricity sales of 10,857 GWh to 2.9 million end-users
- Production of 70.3 thousand barrels per day of hydrocarbons: 283 million cf/d of gas and 22.4 kb/d of oil
- Sales of 953 thousand m3 of refined products and 230 thousand tons of petrochemical products
Adjusted consolidated EBITDA[2] of AR$7,699 million, compared to AR$1,775 million for 1H16, mainly due to increases of AR$1,135 million in power generation, AR$1,188 million in electricity distribution, AR$3,061 million in oil and gas, AR$311 million in refining and distribution, AR$190 million in petrochemicals and AR$61 million in intersegment eliminations, partially offset by decreases of AR$21 million in holding and others segment.
Consolidated gain of AR$2,346 million, of which AR$1,810 million is attributable to the owners of the Company, higher than the AR$61 million loss attributable to the owners in 1H16, explained by higher reported gains in power generation (AR$ 1,420 million), electricity distribution (AR$1,155 million), oil and gas (AR$1,450 million), refining and distribution (AR$183 million) and intersegment eliminations (AR$61 million), partially offset by losses in petrochemicals (AR$13 million) and higher losses in holding and others segment (AR$2,385 million).
Main Results for the Second Quarter of 2017 ('Q2 17')[3]
Consolidated sales revenues of AR$15,635 million, compared to AR$4,156 million recorded in the second quarter 2016 ('Q2 16'), mainly explained by increases of AR$1,396 million in power generation, AR$3,035 million in electricity distribution, AR$3,234 million in oil and gas, AR$4,159 million in refining and distribution, AR$1,654 million in petrochemicals and AR$79 million in holding and others segment, partially offset by higher eliminations from intersegment sales of AR$2,078 million.
- Power generation of 3,794 GWh from 9 power plants
- Electricity sales of 5,330 GWh to 2.9 million of end-users
- Production of 70.1 kboe/d of hydrocarbons: 285 million cf/d of gas and 21.8 kb/d of oil
- Sales of 480 thousand m3 of refined products and 107 thousand tons of petrochemical products
Consolidated adjusted EBITDA of AR$3,858 million, compared to AR$186 million in Q2 16, due to increases of AR$579 million in power generation, AR$1,240 million in electricity distribution, AR$1,549 million in oil and gas, AR$80 million in refining and distribution, AR$77 million in petrochemicals, AR$113 million in holding and others segment and AR$35 million in intersegment eliminations.
Consolidated gain of AR$51 million, of which AR$91 million of losses are attributable to the owners of the Company, higher than the loss of AR$669 million attributable to the owners of the Company in the Q2 16, explained by reported higher earnings in our segments of power generation (AR$403 million), electricity distribution (AR$608 million), oil and gas (AR$599 million) and intersegment eliminations (AR$35 million), partially offset by losses in refining and distribution (AR$34 million), petrochemicals (AR$77 million) and higher losses in our holding and others segment (AR$956 million).
| Consolidated Balance Sheet |
||
| (As of June 30, 2017 and December 31, 2016, in millions of Argentine Pesos) |
||
| As of 6.30.17 |
As of 12.31.16 |
|
| ASSETS |
||
| Participation in joint businesses |
4,431 |
3,699 |
| Participation in associates |
791 |
787 |
| Property, plant and equipment |
45,131 |
41,090 |
| Intangible assets |
1,928 |
2,014 |
| Other assets |
13 |
13 |
| Financial assets with a results changing fair value |
150 |
742 |
| Investments at amortized cost |
5 |
62 |
| Deferred tax assets |
1,692 |
1,232 |
| Trade receivable and other credits |
5,196 |
4,469 |
| Total non-current assets |
59,337 |
54,108 |
| Other Assets |
- |
1 |
| Inventories |
3,917 |
3,360 |
| Financial assets with a results changing fair value |
9,117 |
4,188 |
| Investments at amortized cost |
55 |
23 |
| Financial derivatives |
38 |
13 |
| Trade receivable and other credits |
15,422 |
14,144 |
| Cash and cash equivalents |
305 |
1,421 |
| Total current assets |
28,854 |
23,150 |
| Non-current assets held for sale |
20 |
19 |
| Total assets |
88,211 |
77,277 |
| As of 6.30.17 |
As of 12.31.16 |
|
| EQUITY |
||
| Share capital |
1,938 |
1,938 |
| Share premium and other reserves |
4,971 |
4,963 |
| Repurchased shares |
(72) |
- |
| Statutory reserve |
232 |
232 |
| Voluntary reserve |
3,862 |
3,862 |
| Retained earnings |
1,799 |
(11) |
| Other comprehensive result |
170 |
70 |
| Equity attributable to |
12,900 |
11,054 |
| Non-controlling interests |
3,566 |
3,020 |
| Total equity |
16,466 |
14,074 |
| LIABILITIES |
||
| Accounts payable and other liabilities |
5,483 |
5,336 |
| Borrowings |
31,641 |
15,286 |
| Deferred revenues |
198 |
200 |
| Salaries and social security payable |
106 |
94 |
| Defined benefit plan obligations |
1,032 |
921 |
| Deferred tax liabilities |
3,979 |
3,796 |
| Income tax and minimum expected profit tax liability |
723 |
934 |
| Tax payable |
463 |
306 |
| Provisions |
5,147 |
6,267 |
| Total non-current liabilities |
48,772 |
33,140 |
| Accounts payable and other liabilities |
14,939 |
12,867 |
| Borrowings |
2,767 |
10,686 |
| Deferred income |
32 |
1 |
| Salaries and social security payable |
1,425 |
1,745 |
| Defined benefit plan obligations |
108 |
112 |
| Income tax and minimum expected profit tax liability |
761 |
1,454 |
| Tax payable |
2,149 |
2,392 |
| Provisions |
792 |
806 |
| Total current liabilities |
22,973 |
30,063 |
| Total liabilities |
71,745 |
63,203 |
| Total liabilities and equity |
88,211 |
77,277 |
| Consolidated Income Statement |
||||||||
| (For the six-month period and quarter ended on June 30, 2017 and 2016, in millions of Argentine Pesos) |
||||||||
| 1stHalf |
2ndQuarter |
|||||||
| 2017 |
2016 |
2017 |
2016 |
|||||
| Sales revenue |
30,801 |
8,383 |
15,635 |
4,156 |
||||
| Cost of sales |
(21,982) |
(7,311) |
(11,491) |
(4,032) |
||||
| Gross profit |
8,819 |
1,072 |
4,144 |
124 |
||||
| Selling expenses |
(2,431) |
(851) |
(1,235) |
(509) |
||||
| Administrative expenses |
(2,365) |
(931) |
(1,166) |
(483) |
||||
| Exploration expenses |
(23) |
- |
(10) |
- |
||||
| Other operating income |
2,084 |
1,339 |
707 |
373 |
||||
| Other operating expenses |
(1,637) |
(398) |
(648) |
(211) |
||||
| Results for participation in joint businesses |
557 |
(73) |
274 |
(43) |
||||
| Results for participation in associates |
11 |
(3) |
- |
- |
||||
| Operating income |
5,015 |
155 |
2,066 |
(749) |
||||
| Financial income |
682 |
255 |
361 |
156 |
||||
| Financial costs |
(2,419) |
(1,420) |
(1,143) |
(774) |
||||
| Other financial results |
(791) |
235 |
(1,468) |
(174) |
||||
| Financial results, net |
(2,528) |
(930) |
(2,250) |
(792) |
||||
| Profit before tax |
2,487 |
(775) |
(184) |
(1,541) |
||||
| Income tax and minimum expected profit tax |
(141) |
349 |
235 |
442 |
||||
| Net income for the period |
2,346 |
(426) |
51 |
(1,099) |
||||
| Attributable to: |
||||||||
| Owners of the Company |
1,810 |
(61) |
(91) |
(669) |
||||
| Non-controlling interests |
536 |
(365) |
142 |
(430) |
||||
| Net income per share for the period attributable to the owners of the Company |
||||||||
| Basic and diluted income per share |
0.9349 |
(0.0360) |
(0.0469) |
(0.3945) |
||||
For the full version of the Earnings 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 2017 results on Monday August 14, 2017 at 10:00 a.m. New York Time / 11:00 a.m. Buenos Aires Time.
The hosts will be Leandro Montero, CFO of Edenor and 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
Executive Vice-president
Ricardo Torres
Executive Vice-president
Mariano Batistella
Executive Director of Planning, Strategy & Affiliates
Lida Wang
Investor Relations Officer
The Pampa Energía Building, Maipú 1 (C1084ABA) Ciudad de Buenos Aires, Argentina
Tel: +54 (11) 4344-6000
[email protected]
www.pampaenergia.com/ri
[1] Under the International Financial Reporting Standards ('IFRS'), Greenwind, OldelVal, Refinor, Transener and TGS are not consolidated in Pampa's income statement and balance sheet, its equity income being shown only as 'Results for participation in associates' and 'Results for participation in joint businesses'. For more information, please refer to section 3 of the Earnings Release.
[2] Consolidated adjusted EBITDA represents the consolidated results before net financial results, income tax and minimum notional income tax, depreciations and amortizations, non-recurring incomes and expenses and non-controlling interests, and includes other incomes not accrued and other adjustments from the IFRS implementation. For more information, please refer to section 3 of the Earnings Release.
[3] The financial information presented in this document for the quarters ended on June 30, 2017 and of 2016 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, 2017 and of 2016, and the quarter ended on March 31, 2017 and 2016.
SOURCE Pampa Energia S.A.
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