BUENOS AIRES, Argentina,
May 11, 2017 /PRNewswire/
-- Pampa Energía S.A. (NYSE: PAM; Buenos Aires Stock Exchange:
PAMP), the largest independent energy integrated company in
Argentina, that through its
subsidiaries participates in the electricity and oil and gas value
chain, announces the results for the quarter ended on March 31, 2017. All figures are stated in
Argentine Pesos and have been prepared in accordance with
International Financial Reporting Standards.
Main Results for the First Quarter of 2017 ('Q1
17')[1]:
Consolidated sales revenues of AR$15,166
million[2] for the quarter ended on March 31, 2017, compared to AR$4,227 million for
the first quarter 2016 ('Q1 16'), mainly explained by increases of
AR$1,078 million in power generation, AR$2,377 million in
electricity distribution, AR$3,420 million in oil and gas, AR$3,991
million in refining and distribution, AR$1,807 million in
petrochemicals and AR$87 million in holding and others segment,
partially offset by higher eliminations from intersegment sales of
AR$1,821 million.
Consolidated adjusted EBITDA[3] of AR$3,861
million for the quarter ended on March 31,
2017, compared to an adjusted EBITDA of AR$1,589 million
for Q1 16, mainly due to increases of AR$556 million in power
generation, AR$1,511 million in oil and gas segment, AR$269 million
in refining and distribution, AR$98 million in petrochemicals and
AR$26 million in intersegment eliminations, partially offset by
reductions of AR$52 million in electricity distribution and AR$135
million in holding and others.
Consolidated gain of AR$2,295 million for the quarter
ended on March 31, 2017, of which
AR$1,901 million are attributable to the owners of the Company,
AR$1,293 million higher compared to the gain of AR$608 million
attributable to the owners of the Company in the Q1 16, explained
by reported higher earnings in our segments of power generation
(AR$1,017 million), electricity distribution (AR$546 million), oil
and gas (AR$852 million), refining and distribution (AR$217
million), petrochemicals (AR$64 million) and intersegment
eliminations (AR$26 million), partially offset by reported higher
losses in our segment of holding and others (AR$1,429
million).
|
Consolidated
Balance Sheet
|
|
(As of March 31,
2017 and December 31, 2016 in millions of Argentine
Pesos)
|
|
|
|
|
As of
3.31.17
|
As of
12.31.16
|
|
ASSETS
|
|
|
|
Participation in
joint businesses
|
4,157
|
3,699
|
|
Participation in
associates
|
798
|
787
|
|
Property, plant and
equipment
|
42,160
|
41,090
|
|
Intangible
assets
|
1,946
|
2,014
|
|
Other
assets
|
12
|
13
|
|
Financial assets with
a results changing fair value
|
150
|
742
|
|
Investments at
amortized cost
|
10
|
62
|
|
Deferred tax
assets
|
1,686
|
1,232
|
|
Trade receivable and
other credits
|
4,946
|
4,469
|
|
Total non-current
assets
|
55,865
|
54,108
|
|
|
|
|
Other
Assets
|
-
|
1
|
|
Inventories
|
3,577
|
3,360
|
|
Financial assets with
a results changing fair value
|
8,438
|
4,188
|
|
Investments at
amortized cost
|
75
|
23
|
|
Financial
derivatives
|
6
|
13
|
|
Trade receivable and
other credits
|
14,623
|
14,144
|
|
Cash and cash
equivalents
|
3,069
|
1,421
|
|
Total current
assets
|
29,788
|
23,150
|
|
|
|
|
Non-current assets
held for sale
|
18
|
19
|
|
|
|
|
Total
assets
|
85,671
|
77,277
|
|
|
|
|
As of
3.31.17
|
As of
12.31.16
|
|
EQUITY
|
|
|
|
Share
capital
|
1,938
|
1,938
|
|
Share premium and
other reserves
|
4,974
|
4,963
|
|
Repurchased
shares
|
(72)
|
-
|
|
Statutory
reserve
|
232
|
232
|
|
Voluntary
reserve
|
3,862
|
3,862
|
|
Retained
earnings
|
1,890
|
(11)
|
|
Other comprehensive
result
|
(17)
|
70
|
|
Equity
attributable to
owners of the parent
|
12,807
|
11,054
|
|
|
|
|
Non-controlling
interests
|
3,363
|
3,020
|
|
|
|
|
Total
equity
|
16,170
|
14,074
|
|
|
|
|
LIABILITIES
|
|
|
|
Accounts payable and
other liabilities
|
5,483
|
5,336
|
|
Borrowings
|
26,445
|
15,286
|
|
Deferred
revenues
|
200
|
200
|
|
Salaries and social
security payable
|
100
|
94
|
|
Defined benefit plan
obligations
|
975
|
921
|
|
Deferred tax
liabilities
|
4,405
|
3,796
|
|
Income tax and
minimum expected profit tax liability
|
1,292
|
934
|
|
Tax
payable
|
502
|
306
|
|
Provisions
|
4,843
|
6,267
|
|
Total non-current
liabilities
|
44,245
|
33,140
|
|
|
|
|
Accounts payable and
other liabilities
|
13,449
|
12,867
|
|
Borrowings
|
6,694
|
10,686
|
|
Deferred
income
|
26
|
1
|
|
Salaries and social
security payable
|
1,498
|
1,745
|
|
Defined benefit plan
obligations
|
110
|
112
|
|
Income tax and
minimum expected profit tax liability
|
558
|
1,454
|
|
Tax
payable
|
2,153
|
2,392
|
|
Provisions
|
768
|
806
|
|
Total current
liabilities
|
25,256
|
30,063
|
|
|
|
|
Total
liabilities
|
69,501
|
63,203
|
|
|
|
|
Total liabilities
and equity
|
85,671
|
77,277
|
|
Consolidated
Income Statement
|
|
(For the quarter
ended on March 31, 2017 and 2016, in millions of Argentine
Pesos)
|
|
|
|
|
|
1st
Quarter
|
|
|
|
|
|
|
|
2017
|
|
2016
|
|
Sales
revenue
|
|
15,166
|
|
4,227
|
|
Cost of
sales
|
|
(10,491)
|
|
(3,279)
|
|
|
|
|
|
|
Gross
profit
|
|
4,675
|
|
948
|
|
|
|
|
|
|
Selling
expenses
|
|
(1,196)
|
|
(342)
|
|
Administrative
expenses
|
|
(1,199)
|
|
(448)
|
|
Exploration
expenses
|
|
(13)
|
|
-
|
|
Other operating
income
|
|
1,377
|
|
966
|
|
Other operating
expenses
|
|
(989)
|
|
(187)
|
|
Results for
participation in joint businesses
|
|
283
|
|
(30)
|
|
Results for
participation in associates
|
|
11
|
|
(3)
|
|
|
|
|
|
|
Operating
income
|
|
2,949
|
|
904
|
|
|
|
|
|
|
Financial
income
|
|
321
|
|
99
|
|
Financial
costs
|
|
(1,276)
|
|
(646)
|
|
Other financial
results
|
|
677
|
|
409
|
|
Financial
results, net
|
|
(278)
|
|
(138)
|
|
|
|
|
|
|
Profit before
tax
|
|
2,671
|
|
766
|
|
|
|
|
|
|
Income tax and
minimum expected profit tax
|
|
(376)
|
|
(93)
|
|
|
|
|
|
|
Net income for the
period
|
|
2,295
|
|
673
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
Owners of the
Company
|
|
1,901
|
|
608
|
|
Non-controlling
interests
|
|
394
|
|
65
|
|
|
|
|
|
|
Net income per
share for the period attributable to the owners of the
Company
|
|
|
|
|
|
Basic and diluted
income per share
|
|
0.9819
|
|
0.3585
|
|
|
|
|
|
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
first quarter 2017 results on Friday May 12,
2017 at 10:00 a.m. New York
Time / 11:00 a.m. Buenos Aires
Time.
The hosts will be Mr. Leandro
Montero, CFO of Edenor and Ms. 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:
- www.pampaenergia.com/ir
- www.cnv.gob.ar
- www.sec.gov
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 (C1084AB) Ciudad de
Buenos Aires, Argentina
Tel: +54 (11) 4344-6000
investor@pampaenergia.com
www.pampaenergia.com/ir
[1] The financial information presented in
this document for the quarters ended on March 31, 2017 and of 2016 are based on unaudited
financial statements prepared according to the IFRS accounting
standards in force in Argentina.
[2] Under the IFRS, Greenwind, OldelVal, Refinor,
Transener and TGS are not consolidated in Pampa's income statement
and balance sheet, being only its equity income shown 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.
[3] 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 interest,
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.
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SOURCE Pampa Energia S.A.