Pampa Energia S.A. announces the results for the six-month period ended on June 30th, 2012
BUENOS AIRES, Argentina, Aug. 21, 2012 /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 six-month period ended on June 30th, 2012. All figures are stated in Argentine Pesos and have been prepared in accordance with International Financial Reporting Standards.
Highlights for the first semester of 2012
Consolidated net sales of AR$3,656.7 million[1], 32.7% greater than the AR$2,755.3 million for the same period of 2011, mainly due to increases of 29.4% (AR$401.5 million) in generation, 34.3% (AR$473.4 million) in distribution, and AR$72.2 million in holding and others.
Adjusted Consolidated EBITDA[2] of AR$369.7 million, 21.0% lower than for the same period of 2011, mainly due to decreases of 50.4% (AR$21.6 million) in transmission and of 62.4% (AR$189.1 million) in distribution, which were partially offset by increases of 71.1% (AR$93.5 million) in generation and a higher gain in holding and others (AR$19.0 million).
Consolidated net loss of AR$147.8 million, compared to a net gain under IFRS of AR$132.3 million for the same period of 2011, mainly due to losses in our transmission segment (AR$10.5 million), distribution (AR$240.9 million), partially offset by a net profit in our generation segment (AR$80.1 million) and holding and others (AR$23.4 million).
Highlights for the second quarter of 2012[3]
Consolidated net sales of AR$2,046.3 million, 44.6% greater than the AR$1,415.1 million for the same period of 2011, mainly due to increases of 58.9% (AR$395.2 million) in generation, 31.1% (AR$228.8 million) in distribution, and AR$38.4 million in holding and others.
Adjusted Consolidated EBITDA of AR$95.8 million, 46.8% lower than for the same period of 2011, mainly due to decreases of 24.0% (AR$3.0 million) in transmission and of AR$134.4 million in distribution, which were partially offset by increases of 108.1% (AR$44.4 million) in generation and a higher gain in holding and others (AR$8.5 million).
Consolidated net loss of AR$100.6 million, compared to a net loss of AR$117.5 million for the same period of 2011, mainly due to losses in our transmission segment (AR$5.3 million), distribution (AR$172.9 million), partially offset by a net profit in our generation segment (AR$32.9 million) and holding and others (AR$44.6 million).
Consolidated Balance Sheet
(As of June 30, 2012 and December 31, 2011, in millions of Argentine Pesos)
As of 06.30.12 |
As of 12.31.11 |
|
ASSETS |
||
Property, plant and equipment |
5,951.2 |
5,849.0 |
Intangible assets |
1,706.0 |
1,683.0 |
Participation in joint businesses |
171.7 |
182.1 |
Participation in associates |
130.1 |
130.3 |
Investments at redeemed cost |
4.3 |
5.5 |
Financial assets with a results changing fair value |
615.8 |
548.2 |
Deferred tax assets |
77.7 |
116.6 |
Inventories |
- |
- |
Trade receivable and other credits |
418.3 |
363.6 |
Total non-current assets |
9,075.1 |
8,878.3 |
Inventories |
80.0 |
60.4 |
Assets on construction |
52.3 |
45.5 |
Trade receivable and other credits |
1,508.3 |
1,649.2 |
Financial assets with a results changing fair value |
77.4 |
70.5 |
Derivative financial instruments assets |
2.5 |
1.3 |
Investments at redeemed cost |
2.1 |
2.2 |
Cash and cash equivalents |
491.4 |
345.1 |
Total current assets |
2,214.1 |
2,174.2 |
Assets classified as held for sale |
105.8 |
1,079.1 |
Total assets |
11,395.0 |
12,131.6 |
As of 06.30.12 |
As of 12.31.11 |
|
EQUITY |
||
Share capital |
1,314.3 |
1,314.3 |
Share premium |
1,018.4 |
1,536.8 |
Director's options reserve |
245.9 |
241.5 |
Legal reserve |
- |
27.4 |
Retained earnings |
(282.6) |
(680.6) |
Equity attributable to owners of the parent |
2,296.0 |
2,439.4 |
Non-controlling interests |
799.9 |
969.4 |
Total equity |
3,095.9 |
3,408.7 |
LIABILITIES |
||
Accounts payable and other liabilities |
1,671.1 |
1,428.3 |
Borrowings |
2,291.0 |
2,447.5 |
Deferred revenues |
192.8 |
157.3 |
Salaries and social security payable |
24.5 |
23.6 |
Defined benefit plan obligations |
116.2 |
110.4 |
Deferred tax liabilities |
747.3 |
821.1 |
Tax payable |
57.4 |
45.7 |
Provisions |
79.5 |
70.0 |
Total non-current liabilities |
5,179.8 |
5,103.9 |
Accounts payable and other liabilities |
1,479.7 |
1,241.0 |
Borrowings |
1,034.3 |
893.8 |
Salaries and social security payable |
335.1 |
324.9 |
Defined benefit plan obligations |
21.0 |
14.9 |
Tax payable |
242.1 |
217.6 |
Derivative financial instruments |
- |
- |
Provisions |
7.1 |
11.4 |
Total current liabilities |
3,119.4 |
2,703.5 |
Liabilities classified as held for sale |
- |
915.4 |
Total liabilities |
8,299.1 |
8,722.9 |
Total liabilities and equity |
11,395.0 |
12,131.6 |
Consolidated Income Statement
(For the six and three-month period ended on June 30, 2012, and June 30, 2011, in millions of Argentine Pesos)
1st Semester |
2nd Quarter |
|||||||
2012 |
2011 |
2012 |
2011 |
|||||
Sales revenue |
3,656.7 |
2,755.3 |
2,046.3 |
1,415.1 |
||||
Cost of sales |
(3,315.4) |
(2,383.8) |
(1,927.8) |
(1,286.4) |
||||
Gross profit |
341.3 |
371.5 |
118.5 |
128.7 |
||||
Selling expenses |
(226.1) |
(145.9) |
(125.7) |
(96.0) |
||||
Administrative expenses |
(224.4) |
(190.3) |
(115.9) |
(99.5) |
||||
Other operating income |
153.0 |
84.6 |
97.1 |
17.3 |
||||
Other operating expenses |
(42.9) |
(48.1) |
(21.7) |
(26.4) |
||||
Results for participation in joint businesses |
(10.3) |
(5.3) |
(5.1) |
(6.2) |
||||
Results for participation in associates |
(0.2) |
(1.5) |
(2.3) |
(1.5) |
||||
Impairment of intangible assets |
(5.3) |
- |
(5.3) |
- |
||||
Gain for acquisition of companies |
- |
502.0 |
- |
1.9 |
||||
Operating income |
(15.0) |
567.1 |
(60.2) |
(81.7) |
||||
Financial income |
67.1 |
48.8 |
46.4 |
32.2 |
||||
Financial costs |
(286.8) |
(227.9) |
(141.5) |
(131.0) |
||||
Other financial results |
(110.4) |
(69.4) |
(88.7) |
(31.5) |
||||
Financial results, net |
(330.1) |
(248.4) |
(183.8) |
(130.3) |
||||
Profit before tax |
(345.1) |
318.7 |
(244.1) |
(212.0) |
||||
Income tax and minimum expected profit tax |
4.6 |
(99.5) |
(1.0) |
56.4 |
||||
Net income for continuing operations |
(340.5) |
219.2 |
(245.0) |
(155.5) |
||||
Discontinued operations |
40.6 |
20.8 |
16.5 |
19.4 |
||||
Total comprehensive income for the period |
(299.9) |
240.0 |
(228.5) |
(136.1) |
||||
Attributable to: |
||||||||
Owners of the Company |
(147.8) |
132.3 |
(100.6) |
(117.5) |
||||
Non-controlling interests |
(152.1) |
107.7 |
(127.9) |
(18.6) |
||||
Total comprehensive income for the period attributable to the owners of the Company: |
||||||||
Basic income for continuing operations per share (AR$ per share) |
(0.1434) |
0.0848 |
(0.0891) |
(0.1042) |
||||
Diluted income for continuing operations per share (AR$ per share) |
(0.1291) |
0.0755 |
(0.0908) |
(0.1028) |
||||
Basic income for discontinued operations per share (AR$ per share) |
0.0309 |
0.0158 |
0.0126 |
0.0148 |
||||
Diluted income for discontinued operations per share (AR$ per share) |
0.0285 |
0.0135 |
0.0131 |
0.0148 |
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 2012 results on Wednesday, August 22, 2012 at 10:00 a.m. New York Time / 11:00 a.m. Buenos Aires Time. Mr. Ricardo Torres, Chief Executive Officer of Pampa and Chairman of Edenor, will be presenting for Pampa Energia S.A. 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.
Besides the access to the audio file in the website, a replay of the Conference Call through telephone is available, dialing (877) 344-7529 in the United States or +1 (412) 317-0088 from any other country. The conference's identification code is 10016429. This material will be available one hour after the finalization of the Conference Call and until September 1, 2012.
For further information, contact:
Ricardo Torres - Chief Executive Officer
Mariano Batistella – Special Projects Manager and Investor Relations Officer
3302 Ortiz de Ocampo, Building #4
(C1425DSR) Ciudad Autónoma de Buenos Aires, Argentina
Phone: +54 (11) 4809 9500
http://www.pampaenergia.com/ir
[email protected]
[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 the Earnings Release.
[2] Adjusted Consolidated EBITDA represents the consolidated earnings before financial results, net, income taxes, depreciation, amortization, reserve directors options, other income and expenses, net, and minority interest, including PUREE proceeds and other collections, and other adjustments related to IFRS. For more information, please refer to the Earnings Release.
[3]The financial information presented in this document for the quarters ended on June 30, 2012 and of 2011 are based on unaudited financial statements prepared according to the IFRS accounting standards in force in Argentina corresponding to the six-month periods ended on June 30, 2012 and of 2011, and the three-month periods ended on March 31, 2012 and of 2011.
SOURCE Pampa Energia S.A.
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