PAMPA ENERGÍA S.A. 
BUENOS AIRES, Argentina, Nov. 10, 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 nine-month period and quarter ended on September 30, 2017. All figures are stated in Argentine Pesos and have been prepared in accordance with International Financial Reporting Standards.
Main Results for the Nine-Month Period ended on September 30, 2017 ('9M17')
Consolidated net revenues of AR$48,158 million([1]), 163.4% higher than the AR$18,280 million for the same period of 2016 ('9M16'), explained by increases of AR$3,813 million in power generation, AR$8,459 million in electricity distribution, AR$7,811 million in oil and gas, AR$9,529 million in refining and distribution, AR$4,459 million in petrochemicals and AR$254 million in holding and others segment, partially offset by higher eliminations as a result of intersegment sales for AR$4,447 million.
-- Power Generation of 11,494 GWh from 10 power plants
-- Electricity sales of 16,440 GWh to 2.9 million end-users
-- Production of 70.4 thousand barrels per day of hydrocarbons: 285 million
cf/d of gas and 23 kboe/d of oil and NGL
-- Sales of 1.4 million m(3) of refined products and 354 thousand tons of
petrochemical products
Adjusted consolidated EBITDA([2]) of AR$12,811 million, compared to AR$3,252 million for 9M16, mainly due to increases of AR$2,145 million in power generation, AR$2,594 million in electricity distribution, AR$3,708 million in oil and gas, AR$556 million in refining and distribution, AR$198 million in petrochemicals, AR$343 million in holding and others segment, and AR$15 million in intersegment eliminations.
Consolidated gain of AR$3,970 million, of which AR$3,094 million is attributable to the owners of the Company, higher than the AR$993 million of loss attributable to the owners in 9M16, explained by higher reported gains in power generation (AR$2,199 million), electricity distribution (AR$1,733 million), oil and gas (AR$1,629 million), refining and distribution (AR$408 million) and intersegment eliminations (AR$16 million), partially offset by losses in petrochemicals (AR$146 million) and higher losses in holding and others segment (AR$1,752 million).
Main Results for the Third Quarter of 2017 ('Q3 17')([3])
Consolidated net revenues of AR$17,357 million, compared to AR$9,897 million recorded in the third quarter 2016 ('Q3 16'), mainly explained by increases of AR$1,339 million in power generation, AR$3,047 million in electricity distribution, AR$1,157 million in oil and gas, AR$1,379 million in refining and distribution, AR$998 million in petrochemicals and AR$88 million in holding and others segment, partially offset by higher eliminations from intersegment sales of AR$548 million.
-- Power generation of 3,724 GWh from 10 power plants
-- Electricity sales of 5,583 GWh to 2.9 million of end-users
-- Production of 70.6 kboe/d of hydrocarbons: 287 million cf/d of gas and
22.7 kboe/d of oil and NGL
-- Sales of 447 thousand m(3) of refined products and 124 thousand tons of
petrochemical products
Consolidated adjusted EBITDA of AR$5,090 million, compared to AR$1,464 million in Q3 16, due to increases of AR$998 million in power generation, AR$1,406 million in electricity distribution, AR$647 million in oil and gas, AR$223 million in refining and distribution, AR$8 million in petrochemicals and AR$390 million in holding and others segment, partially offset by decreases of AR$46 million in intersegment eliminations.
Consolidated gain of AR$1,624 million, of which AR$1,284 million is attributable to the owners of the Company, higher than the loss of AR$932 million attributable to the owners of the Company in the Q3 16, explained by reported higher earnings in our segments of power generation (AR$779 million), electricity distribution (AR$578 million), oil and gas (AR$179 million), refining and distribution (AR$225 million) and in our holding and others segment (AR$633 million), partially offset by losses in petrochemicals (AR$133 million) and intersegment eliminations (AR$45 million).
Consolidated Balance Sheet
(As of September 30, 2017 and December 31, 2016, in millions of Argentine Pesos)
As of 9.30.17 As of 12.31.16
ASSETS
Participation in joint businesses 4,692 3,699
Participation in associates 825 787
Property, plant and equipment 47,102 41,090
Intangible assets 1,909 2,014
Other assets 2 13
Financial assets with a results
changing fair value 150 742
Investments at amortized cost 1 62
Deferred tax assets 1,636 1,232
Trade receivable and other credits 5,407 4,469
Total non-current assets 61,724 54,108
------------------------ ------ ------
Other Assets - 1
Inventories 4,154 3,360
Financial assets with a results
changing fair value 11,864 4,188
Investments at amortized cost 214 23
Financial derivatives 4 13
Trade receivable and other credits 16,136 14,144
Cash and cash equivalents 462 1,421
Total current assets 32,834 23,150
-------------------- ------ ------
Non-current assets held for sale 32 19
Total assets 94,590 77,277
------------ ------ ------
As of 9.30.17 As of 12.31.16
EQUITY
Share capital 1,935 1,938
Share premium and other reserves 4,842 4,828
Repurchased shares 3 -
Cost of repurchased shares (72) -
Statutory reserve 300 232
Voluntary reserve 5,146 3,862
Other reserves 134 135
Retained earnings 1,731 (11)
Other comprehensive result 292 70
Equity attributable to 14,311 11,054
owners of the parent
--------------------
Non-controlling interests 3,987 3,020
Total equity 18,298 14,074
------------ ------ ------
LIABILITIES
Accounts payable and other
liabilities 5,675 5,336
Borrowings 33,053 15,286
Deferred revenues 195 200
Salaries and social security payable 106 94
Defined benefit plan obligations 1,030 921
Deferred tax liabilities 3,685 3,796
Income tax and minimum expected
profit tax liability 821 934
Tax payable 444 306
Provisions 5,377 6,267
Total non-current liabilities 50,386 33,140
----------------------------- ------ ------
Accounts payable and other
liabilities 14,921 12,867
Borrowings 4,962 10,686
Deferred income 3 1
Salaries and social security payable 1,814 1,745
Defined benefit plan obligations 113 112
Income tax and minimum expected
profit tax liability 890 1,454
Tax payable 2,395 2,392
Provisions 808 806
Total current liabilities 25,906 30,063
------------------------- ------ ------
Total liabilities 76,292 63,203
----------------- ------ ------
Total liabilities and equity 94,590 77,277
---------------------------- ------ ------
Consolidated Income Statement
(For the nine-month period and quarter ended on September 30, 2017 and 2016, in millions of Argentine Pesos)
9-Month Period 3rd Quarter
2017 2016 2017 2016
Sales
revenue 48,158 18,280 17,357 9,897
Cost of
sales (33,954) (15,490) (11,972) (8,179)
Gross
profit 14,204 2,790 5,385 1,718
------- ------ ----- ----- -----
Selling
expenses (3,610) (1,702) (1,179) (851)
Administrative
expenses (3,611) (2,379) (1,246) (1,448)
Exploration
expenses (51) (76) (28) (76)
Other
operating
income 2,955 2,526 871 1,187
Other
operating
expenses (2,463) (1,117) (826) (719)
Results
for
participation
in joint
businesses 820 (194) 263 (121)
Results
for
participation
in
associates 45 2 34 5
Results
from
sale of
equity
share in
companies
and
financial
instruments - 480 - 480
Operating
income 8,289 330 3,274 175
--------- ----- --- ----- ---
Financial
income 1,047 483 365 228
Financial
costs (3,692) (3,039) (1,273) (1,619)
Other
financial
results (1,325) 157 (534) (78)
Financial
results,
net (3,970) (2,399) (1,442) (1,469)
Profit
before
tax 4,319 (2,069) 1,832 (1,294)
------- ----- ------ ----- ------
Income
tax and
minimum
expected
profit
tax (349) 525 (208) 176
Net
income
for the
period 3,970 (1,544) 1,624 (1,118)
Attributable
to:
Owners of
the
Company 3,094 (993) 1,284 (932)
Non-
controlling
interests 876 (551) 340 (186)
Net
income
per
share
for the
period
attributable
to the
owners
of the
Company
Basic and
diluted
income
per
share 1.5981 (0.5855) 0.6624 (0.5495)
--------- ------ ------- ------ -------
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 third quarter 2017 results on Monday November 13, 2017 at 10:00 a.m. New York Time / 12:00 p.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. Please download the Q3 17 Conference Call Presentation.
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:
-- 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/ir
([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 September 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 nine-month period ended on September 30, 2017 and of 2016, and the quarter ended on June 30, 2017 and 2016.
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SOURCE Pampa Energia S.A.
