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
owners of the parent
|
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:
- www.pampaenergia.com/ri
- 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 (C1084ABA) Ciudad de
Buenos Aires, Argentina
Tel: +54 (11) 4344-6000
investor@pampaenergia.com
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.
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SOURCE Pampa Energia S.A.