PAMPA ENERGÍA S.A. 
BUENOS AIRES, Argentina, May 13, 2013 /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 first quarter ended on March 31(st), 2013. All figures are stated in Argentine Pesos and have been prepared in accordance with International Financial Reporting Standards.
Highlights for the First Quarter of 2013
Consolidated sales revenues of AR$1,392.0 million(([1])) for the quarter ended on March 31, 2013, 2.6% lower than the AR$1,428.5 million for the same period of 2012, mainly explained by a decrease of 25.1% (AR$175.2 million) in the generation segment, partially offset by increases of 17.8% (AR$126.6 million) and of 0.7% (AR$0.3 million) in the distribution and the holding and others segments, respectively.
Adjusted Consolidated EBITDA(([2])) of AR$(118.6) million, compared to AR$177.3 million for the same period of 2012, mainly due to decreases of AR$194.5 million in generation and AR$109.1 million in distribution, which were partially offset by increases of AR$2.1 million in the transmission segment and AR$5.6 million in holding and others.
Consolidated loss under IFRS of AR$606.0 million in the first quarter ended on March 31, 2013, of which a loss of AR$386.6 million are attributable to the owners of the Company, compared to a AR$47.2 million loss attributable to the owners of the Company in the same period of 2012, mainly explained by the net losses from our generation, transmission and distribution segments (AR$84.6 million, AR$10.2 million and AR$353.4 million, respectively), partially offset by a profit of AR$61.7 in holding and others segment.
([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 the Earnings Release.
([2]) Adjusted Consolidated EBITDA represents the consolidated results for continuing activities before net financial results, income taxes, depreciation, amortization, reserve directors options, and non-controlling interests, including PUREE proceeds and other collections, impairments and other adjustments related to IFRS. For more information, please refer to section 4 of the Earnings Release.
Consolidated Balance Sheet
(As of March 31, 2013 and December 31, 2012, in millions of
Argentine Pesos)
As of 03.31.13 As of 12.31.12
ASSETS
Property, plant
and equipment 6,118.0 6,016.9
Intangible
assets 936.5 1,808.5
Biological
assets 2.0 2.0
Participation in
joint
businesses 183.3 192.3
Participation in
associates 138.1 132.5
Financial assets
with a results
changing fair
value 322.2 303.8
Deferred tax
assets 149.8 87.5
Trade receivable
and other
credits 408.8 422.1
Total non-
current assets 8,258.5 8,965.6
--------------- ------- -------
Inventories 68.9 103.3
Biological
assets 0.7 0.5
Assets on
construction - 84.5
Financial assets
with a results
changing fair
value 91.6 113.4
Trade receivable
and other
credits 1,445.1 1,541.5
Cash and cash
equivalents 484.7 279.9
Total current
assets 2,091.0 2,123.1
------------- ------- -------
Assets
classified as
held for sale 1,407.3 235.2
Total assets 11,756.8 11,323.9
------------ -------- --------
As of 03.31.13 As of 12.31.12
EQUITY
Share capital 1,314.3 1,314.3
Share premium 1,018.4 1,018.4
Director's
options reserve 252.6 250.4
Retained
earnings (1,158.4) (771.8)
Other
comprehensive
results (10.8) (10.8)
Equity
attributable to
owners of the
parent 1,416.2 1,800.5
---------------- ------- -------
Non-controlling
interests 311.6 529.8
Total equity 1,727.7 2,330.3
------------ ------- -------
LIABILITIES
Accounts payable
and other
liabilities 2,368.6 2,231.2
Borrowings 2,379.4 2,218.5
Deferred
revenues 34.4 264.4
Salaries and
social security
payable 18.9 17.5
Defined benefit
plan
obligations 92.3 120.9
Deferred tax
liabilities 504.4 628.9
Tax payable 47.7 46.8
Provisions 82.4 85.5
Total non-
current
liabilities 5,528.0 5,613.7
------------ ------- -------
Accounts payable
and other
liabilities 2,061.6 1,688.0
Borrowings 799.1 790.9
Salaries and
social security
payable 385.1 447.9
Defined benefit
plan
obligations 8.3 21.8
Tax payable 287.5 263.8
Provisions 7.1 11.7
Total current
liabilities 3,548.6 3,224.1
------------- ------- -------
Liabilities
classified as
held for sale 952.5 155.8
Total
liabilities 10,029.1 8,993.6
------------ -------- -------
Total
liabilities and
equity 11,756.8 11,323.9
---------------- -------- --------
Consolidated Income Statement
(For the three-month period ended on March 31, 2013, and March 31, 2012, in millions of Argentine Pesos)
1st Quarter
2013 2012
---- ----
Sales revenue 1,392.0 1,428.5
Cost of sales (1,492.9) (1,261.7)
Gross profit (100.9) 166.8
------------ ------ -----
Selling expenses (127.3) (83.1)
Administrative expenses (120.4) (102.2)
Other operating income 43.1 55.8
Other operating expenses (17.5) (19.7)
Results for participation in joint
businesses (10.2) (5.2)
Results for participation in associates 5.5 2.1
Impairment of property, plant and
equipment - -
Impairment of intangible assets - -
Gain for acquisition of companies - -
Operating income (327.6) 14.4
---------------- ------ ----
Financial income 33.8 19.3
Financial costs (194.6) (130.8)
Other financial results (62.3) (26.7)
Financial results, net (223.1) (138.2)
Profit before tax (550.8) (123.8)
----------------- ------ ------
Income tax and minimum expected profit
tax 72.8 12.5
Net income for continuing operations (478.0) (111.3)
------------------------------------ ------ ------
Discontinued operations (128.0) 40.0
Net income for the period (606.0) (71.4)
Attributable to:
Owners of the Company (386.6) (47.2)
Continuing operations (299.9) (68.2)
Discontinued operations (86.7) 21.0
Non-controlling interests (219.4) (24.2)
Net income for the period attributable
to the owners of the Company (AR$ per
share):
Basic and diluted income for continuing
operations per share (0.2281) (0.0519)
Basic and diluted income for
discontinued operations per share (0.0660) 0.0160
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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 2013 results on Wednesday May 15, 2013 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 Lida Wang, IR and Special Projects Associate. For those interested in participating, please dial 0800-444-2930 in Argentina, (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 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
investor@pampaenergia.com
SOURCE Pampa Energia S.A.
