Pampa Energia S.A.: Results for the nine-month period and quarter ended on September 30th, 2014

BUENOS AIRES, Argentina, Nov. 11, 2014 /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 30, 2014. 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 2014

Consolidated sales revenues of AR$4,542.7 million[1] for the nine-month period ended on September 30, 2014, 14.8% higher than the AR$3,958.7 million for the same period of 2013, primarily explained by increases of 22.9% (AR$291.6 million) in generation, 7.0% (AR$179.7 million) in distribution and 95.2% (AR$136.1 million) in holding and others segments.

Adjusted consolidated EBITDA[2] of AR$(90.5) million for the nine-month period ended on September 30, 2014, compared to AR$(391.4) million for the same period of 2013, mainly due to increases of AR$572.7 million in generation, AR$182.1 million in transmission and AR$42.0 million in holding and others, partially offset by a decrease of AR$496.0 million in distribution.

Consolidated loss of AR$(582.5) million during the nine-month period ended on September 30, 2014, of which a profit of AR$15.2 million are attributable to the owners of the Company, compared to a AR$384.6 million profit attributable to the owners of the Company in the same period of 2013. During 2014's nine-month period it was recorded a gain of AR$735.5 million due to the higher cost recognition in distribution segment ('MMC') from the application of SE Resolution No. 250/2013 and its extension Notes, compared to AR$2,212.6 million accrued during the same period of 2013 for the same concept.

Highlights for the Third Quarter of 2014[3]

Consolidated sales revenues of AR$1,621.3 million for the quarter ended on September 30, 2014, 13.6% higher than the AR$1,427.7 million for the same period of 2013, mainly explained by increases of 8.1% (AR$38.7 million) in generation, 9.1% (AR$83.3 million) in distribution and 116.9% (AR$64.6 million) in holding and others segment.

Adjusted consolidated EBITDA of AR$(56.0) million, AR$52.7 million of lower losses compared to AR$(108.7) million in the same period of 2013, mainly due to increases of AR$93.5 million in generation, AR$13.7 million in transmission and AR$43.6 million in holding and others segment, which was partially offset by decreases of AR$98.1 million in distribution.

Consolidated loss of AR$(187.3) million in the third quarter ended on September 30, 2014, of which AR$95.6 million profit are attributable to the owners of the Company, compared to AR$160.6 million loss attributable to the owners of the Company in the same period of 2013. The 2014 Q3's results were affected by the reversal of the impairment of property, plant and equipment at Central Piedra Buena ('CPB') for AR$88.4 million, recorded in the generation segment.

Consolidated Balance Sheet
(As of September 30, 2014 and December 31, 2013, in millions of Argentine Pesos)

Consolidated Income Statement
(For the nine-month period and quarter ended on September 30, 2014 and 2013, in millions of Argentine Pesos)

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 2014 results on Wednesday November 12, 2014 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, Planning Manager 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 and Planning 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]

[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, 2014 and of 2013 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, 2014 and of 2013, and the six-month periods ended on June 30, 2014 and of 2013.

SOURCE Pampa Energia S.A.

Related Links

http://www.pampaenergia.com