May 11, 2018 - 8:03 PM EDT
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Pampa Energía S.A. announces results for the quarter ended on March 31, 2018

BUENOS AIRES, Argentina, May 11, 2018 /PRNewswire/ -- Pampa Energía S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP), the largest independent energy integrated company in Argentina, with active participation in the country's electricity and gas value chain, announces the results for the quarter ended on March 31, 2018. All figures are stated in Argentine Pesos and have been prepared in accordance with International Financial Reporting Standards.

Main Results for the First Quarter 2018 ('Q1 18')1

In order to objectively report the financial performance of each business segment, as from 2018 and for the comparative periods the corporate expenses (selling and administrative expenses, as well as the financial results), which used to be reported under holding and others, will be redistributed among the operating segments.

Consolidated net revenues of AR$19,401 million2, 74% higher than the AR$11,140 million for the first quarter 2017 ('Q1 17'), explained by increases of 109% in power generation, 105% in electricity distribution, 31% in oil and gas, 5% in petrochemicals and 102% in holding and others segment, partially offset by 37% of higher eliminations as a result of intersegment sales %.

  • Power Generation of 4,289 GWh from 11 power plants
  • Electricity sales of 5,550 GWh to 3 million end-users
  • Production of 45.9 thousand barrels per day of hydrocarbons
  • Sales of 87 thousand tons of petrochemical products

Consolidated adjusted EBITDA3 for continuing operations of AR$7,704 million, compared to AR$3,071 million for Q1 17, mainly due to increases of AR$1,303 million in power generation, AR$2,149 million in electricity distribution, AR$474 million in oil and gas, AR$55 million in refining and distribution, AR$35 million in petrochemicals and AR$637 million in holding and others segment, partially offset by higher intersegment eliminations of AR$21 million.

Consolidated profit attributable to the owners of the Company of AR$3,013 million, higher than the AR$1,901 million gain in Q1 17, explained by increases of AR$510 million in electricity distribution, AR$609 million in oil and gas, AR$131 million in refining and distribution, and AR$870 million in holding and others, partially offset by lower gains of AR$757 million in power generation, and higher losses of AR$99 million in petrochemicals and AR$152 million in intersegment eliminations.

Consolidated Balance Sheet
(As of March 31, 2018 and December 31, 2017, in millions of Argentine Pesos)


As of 3.31.18

As of 12.31.17

ASSETS



Participation in joint businesses and associates

6,313

5,754

Property, plant and equipment

42,443

41,214

Intangible assets

1,577

1,586

Other assets

15

2

Financial assets at fair value with changing results

150

150

Deferred tax credits

1,510

1,306

Trade receivable and other credits

6,926

5,042

Total non-current assets

58,934

55,054




Inventories

3,350

2,326

Financial assets at fair value with changing results

15,834

14,613

Investments at amortized cost

415

25

Financial derivatives

11

4

Trade receivable and other credits

23,855

19,145

Cash and cash equivalents

1,255

799

Total current assets

44,720

36,912




Assets classified as held for sale

13,208

12,501




Total assets

116,862

104,467








As of 3.31.18

As of 12.31.17

EQUITY



Share capital

2,078

2,080

Share premium

5,821

5,818

Repurchased shares

5

3

Cost of repurchased shares

(219)

(72)

Statutory reserve

300

300

Voluntary reserve

5,146

5,146

Other reserves

137

140

Retained earnings

6,219

3,243

Other comprehensive result

460

252

Equity attributable to
owners of the parent

19,947

16,910




Non-controlling interests

4,198

3,202




Total equity

24,145

20,112




LIABILITIES



Accounts payable and other liabilities

6,867

6,404

Borrowings

39,868

37,126

Deferred revenues

196

195

Salaries and social security payable

127

120

Defined benefit plan obligations

1,041

992

Deferred tax liabilities

1,762

1,526

Income tax and minimum expected profit tax liability

1,650

863

Tax payable

944

366

Provisions

4,068

4,435

Total non-current liabilities

56,523

52,027




Accounts payable and other liabilities

19,798

18,052

Borrowings

5,826

5,840

Deferred income

3

3

Salaries and social security payable

1,665

2,154

Defined benefit plan obligations

95

121

Income tax and minimum expected profit tax liability

658

943

Tax payable

5,034

1,965

Financial derivatives

-

82

Provisions

584

798

Total current liabilities

33,663

29,958




Liabilities associated to assets classified as held for sale

2,531

2,370




Total liabilities

92,717

84,355




Total liabilities and equity

116,862

104,467

Consolidated Income Statement
(For the quarter ended on March 31, 2018 and 2017, in millions of Argentine Pesos)



First Quarter








2018


2017

Sales revenue


19,401


11,140

Cost of sales


(11,655)


(7,408)






Gross profit


7,746


3,732






Selling expenses


(967)


(712)

Administrative expenses


(1,282)


(1,054)

Exploration expenses


(2)


(8)

Other operating income


3,490


1,241

Other operating expenses


(2,614)


(880)

Results for participation in joint businesses and associates


559


294






Operating income


6,930


2,613






Financial income


428


314

Financial costs


(1,435)


(1,267)

Other financial results


(2,026)


618

Financial results, net


(3,033)


(335)






Profit before tax


3,897


2,278






Income tax


(575)


(277)






Net income for continuing operations


3,322


2,001






Net income from discontinued operations


531


294






Net income for the period


3,853


2,295






Attributable to:





Owners of the Company


3,013


1,901

Continuing operations


2,544


1,651

Discontinued operations


469


250

Non-controlling interests


840


394






Net income per share for the period attributable to the owners of the Company


1.4500


0.9809

Basic and diluted income per share of continuing operations


1.2243


0.8292

Basic and diluted income per share of discontinued operations


0.2257


0.1517






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's first quarter 2018 results on Tuesday May 15, 2018 at 10:00 a.m. Eastern Standard Time / 11:00 a.m. Buenos Aires Time.

The host will be 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 and dial in five minutes before the scheduled time. Please download the Q1 18 Conference Call Presentation from our IR website.

There will also be a live audio webcast and presentation of the conference at www.pampaenergia.com/ir.

You may find additional information on the Company at:

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
[email protected]
www.pampaenergia.com/ir 

1 The financial information presented in this document for the quarters Q1 18 and Q1 17 are based on financial statements ('FS') prepared according to the International Financial Reporting Standards ('IFRS') in force in Argentina, and consequently, the FS discriminates the continuing operations from the assets agreed for sale, which are reported as discontinued operations.

2 Under the IFRS, Greenwind, OldelVal, Refinor, Transener and TGS are not consolidated in Pampa's FS, its equity income being shown as 'Results for participation in associates/joint businesses'. For more information, see section 3 of this Earnings Release.

3 Consolidated adjusted EBITDA represents the results before net financial results, income tax and minimum notional income tax, depreciations and amortizations, non-recurring and non-cash income and expense, equity income and includes adjustments from the IFRS implementation and affiliates' EBITDA at ownership. For more information, see section 3 of this Earnings Release.

Cision View original content:http://www.prnewswire.com/news-releases/pampa-energia-sa-announces-results-for-the-quarter-ended-on-march-31-2018-300647298.html

SOURCE Pampa Energia S.A.


Source: PR Newswire (May 11, 2018 - 8:03 PM EDT)

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