Results for the fiscal year and quarter ended on December 31st, 2015
BUENOS AIRES, Argentina, March 10, 2016 /PRNewswire/ -- Pampa Energía 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, as well as natural gas transportation and production, announces the results for the fiscal year and quarter ended on December 31, 2015. All figures are stated in Argentine Pesos and have been prepared in accordance with International Financial Reporting Standards.
Highlights for the Fiscal Year of 2015
Consolidated sales revenues of AR$7,160.8 million[1] for the fiscal year ended on December 31, 2015, 15.4% higher than the AR$6,204.6 million for the fiscal year of 2014, primarily explained by increases of 8.7% (AR$197.8 million) in generation, 5.7% (AR$203.8 million) in distribution and 164.4% (AR$586.7 million) in oil and gas, partially offset by a decrease of 20.4% (AR$13.7 million) in holding and others segment.
Adjusted consolidated EBITDA[2] of AR$3,872.4 million for the fiscal year ended on December 31, 2015, compared to a AR$181.0 million loss for the fiscal year of 2014, mainly due to increases of AR$3,600.8 million in distribution and AR$671.0 million in oil and gas segment, partially offset by decreases of 8.0% (AR$81.1 million) in generation, 20.6% (AR$66.4 million) in transmission, AR$70.8 million in holding and others segment.
Consolidated profit of AR$3,848.8 million during the fiscal year ended on December 31, 2015, of which a profit of AR$3,065.1 million is attributable to the owners of the Company, compared to AR$743.2 million attributable to the owners of the Company in the fiscal year of 2014, explained by reported profits of AR$496.9 million in generation, AR$9.1 million in transmission[1], AR$59.1 million in distribution, AR$174.6 million in oil and gas and AR$2,235.3 million in the holding and others segment.
Main Results for the Fourth Quarter of 2015[3]:
Consolidated sales revenues of AR$1,797.9 million for the quarter ended on December 31, 2015, 8.2% higher than the AR$1,662.0 million for the same period of 2014, mainly explained by increases of 4.8% (AR$40.8 million) in distribution and 189.5% (AR$222.3 million) in oil and gas, partially offset by reductions of 19.6% (AR$139.1 million) in generation and 14.1% (AR$3.4 million) in holding and others segment.
Adjusted consolidated EBITDA of AR$1,049.1 million, compared to AR$135.9 million loss for the same period of 2014, mainly due to increases of AR$1,211.2 million in distribution and 295.2% (AR$307.2 million) in oil and gas segment, partially offset by reductions of 53.9% (AR$202.8 million) in generation, AR$81.8 million in transmission and AR$48.8 million in holding and others.
Consolidated profit of AR$2,308.1 million, of which AR$2,061.8 million are attributable to the owners of the Company, compared to AR$728.0 million attributable to the owners of the Company in the same period of 2014, explained by reported earnings of AR$168.5 million in generation, AR$122.0 million in oil and gas and AR$2,039.0 million in holding and others, partially offset by a loss of AR$36.3 million in transmission and AR$231.4 million in distribution segment.
Consolidated Balance Sheet
(As of December 31, 2015 and 2014, in millions of Argentine Pesos)
| As of 12.31.15 |
As of 12.31.14 |
|
| ASSETS |
||
| Participation in joint businesses |
223.9 |
226.9 |
| Participation in associates |
123.2 |
133.2 |
| Property, plant and equipment |
14,508.4 |
9,218.1 |
| Intangible assets |
734.2 |
872.4 |
| Biological assets |
1.9 |
1.9 |
| Financial assets with a results changing fair value |
2,578.2 |
963.0 |
| Deferred tax assets |
52.3 |
93.7 |
| Trade receivable and other credits |
1,169.4 |
954.8 |
| Total non-current assets |
19,391.4 |
12,464.0 |
| Biological assets |
0.2 |
0.2 |
| Inventories |
225.5 |
135.6 |
| Financial assets with a results changing fair value |
4,081.0 |
1,028.6 |
| Financial derivatives |
0.2 |
- |
| Trade receivable and other credits |
4,934.6 |
2,903.4 |
| Cash and cash equivalents |
516.6 |
335.2 |
| Total current assets |
9,758.2 |
4,403.0 |
| Total assets |
29,149.6 |
16,867.0 |
| As of 12.31.15 |
As of 12.31.14 |
|
| EQUITY |
||
| Share capital |
1,695.9 |
1,314.3 |
| Share premium |
1,231.5 |
343.0 |
| Statutory reserve |
51.5 |
14.3 |
| Voluntary reserve |
977.8 |
271.8 |
| Director's options reserve |
- |
266.1 |
| Retained earnings |
3,065.1 |
743.2 |
| Other comprehensive result |
(31.1) |
(32.2) |
| Equity attributable to owners of the parent |
6,990.6 |
2,920.4 |
| Non-controlling interests |
1,390.6 |
633.4 |
| Total equity |
8,381.2 |
3,553.8 |
| LIABILITIES |
||
| Accounts payable and other liabilities |
2,698.8 |
1,909.4 |
| Borrowings |
6,684.7 |
3,787.0 |
| Deferred revenues |
153.8 |
109.1 |
| Salaries and social security payable |
80.0 |
62.9 |
| Defined benefit plan obligations |
264.5 |
196.6 |
| Deferred tax liabilities |
591.6 |
470.6 |
| Tax payable |
388.5 |
281.2 |
| Provisions |
313.8 |
119.5 |
| Total non-current liabilities |
11,175.7 |
6,936.3 |
| Accounts payable and other liabilities |
6,652.5 |
4,536.5 |
| Borrowings |
1,307.7 |
783.6 |
| Deferred income |
0.8 |
0.8 |
| Salaries and social security payable |
887.0 |
725.3 |
| Defined benefit plan obligations |
46.1 |
26.8 |
| Tax payable |
610.1 |
231.9 |
| Financial derivatives |
18.1 |
47.9 |
| Provisions |
70.6 |
24.2 |
| Total current liabilities |
9,592.8 |
6,376.8 |
| Total liabilities |
20,768.4 |
13,313.1 |
| Total liabilities and equity |
29,149.6 |
16,867.0 |
Consolidated Income Statement
(For the fiscal year and quarter ended on December 31, 2015 and 2014, in millions of Argentine Pesos)
| Full Year |
4thQuarter |
|||||||
| 2015 |
2014 |
2015 |
2014 |
|||||
| Sales revenue |
7,160.8 |
6,204.6 |
1,797.9 |
1,662.0 |
||||
| Cost of sales |
(7,092.8) |
(6,029.1) |
(1,881.5) |
(1,640.9) |
||||
| Gross profit |
68.0 |
175.6 |
(83.6) |
21.1 |
||||
| Selling expenses |
(972.7) |
(713.4) |
(296.9) |
(209.4) |
||||
| Administrative expenses |
(1,239.4) |
(837.5) |
(429.6) |
(246.8) |
||||
| Other operating income |
940.7 |
312.0 |
610.6 |
140.9 |
||||
| Other operating expenses |
(754.4) |
(447.1) |
(333.9) |
(197.1) |
||||
| Recovery of property, plant and equipment impairment |
25.3 |
88.4 |
- |
- |
||||
| Results for participation in joint businesses |
9.3 |
34.2 |
(36.3) |
26.4 |
||||
| Results for participation in associates |
(9.9) |
(1.6) |
(8.2) |
(1.3) |
||||
| Operating income before higher cost recognition and SE Res. No. 32/15 |
(1,933.2) |
(1,389.3) |
(577.9) |
(466.2) |
||||
| Income Recognition on account of the RTI – SE Res. No. 32/15 |
5,025.1 |
- |
1,215.4 |
- |
||||
| Higher Cost Recognition – SE Res. No. 250/13 and subsequent Notes |
551.5 |
2,271.9 |
364.9 |
1,536.4 |
||||
| Operating income |
3,643.4 |
882.6 |
1,002.4 |
1,070.2 |
||||
| Financial income |
348.5 |
440.5 |
142.4 |
188.3 |
||||
| Financial costs |
(1,257.3) |
(1,113.2) |
(560.6) |
(271.5) |
||||
| Other financial results |
1,701.0 |
420.1 |
1,524.9 |
193.9 |
||||
| Financial results, net |
792.2 |
(252.6) |
1,106.7 |
110.7 |
||||
| Profit before tax |
4,435.6 |
630.0 |
2,109.1 |
1,180.9 |
||||
| Income tax and minimum expected profit tax |
(586.8) |
(100.4) |
199.0 |
(68.9) |
||||
| Net income for the period |
3,848.8 |
529.5 |
2,308.1 |
1,112.0 |
||||
| Attributable to: |
||||||||
| Owners of the Company |
3,065.1 |
743.2 |
2,061.8 |
728.0 |
||||
| Non-controlling interests |
783.7 |
(213.6) |
246.3 |
384.0 |
||||
| Net income for the period attributable to the owners of the Company (AR$ per share): |
||||||||
| Basic income per share |
2.2760 |
0.5654 |
1.5687 |
0.5539 |
||||
| Diluted income per share |
2.2760 |
0.5082 |
1.2810 |
0.4755 |
||||
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 fourth quarter 2015 results on Friday March 11, 2016 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 Lida Wang, Chief of Investor Relations at Pampa. For those interested in participating, please dial 0800-444-2930 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.
For further information, contact:
Ricardo Torres
Co-CEO
Gustavo Mariani
Co-CEO
Mariano Batistella
Special Projects, Planning and
Investor Relations Officer
Lida Wang
Chief of Investor Relations
Tel +54 (11) 4809-9500
[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, 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 December 31, 2015 and of 2014 are based on unaudited financial statements prepared according to the IFRS accounting standards in force in Argentina corresponding to the fiscal years ended on December 31, 2015 and 2014, and the nine-month periods ended on September 30, 2015 and 2014.
SOURCE Pampa Energia S.A.
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