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4-Traders Homepage  >  Equities  >  Nyse  >  Pampa Energia SA    PAM

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Pampa Energia : Energía S.A. announces results for the nine-month period and quarter ended on September 30, 2017

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11/11/2017 | 12:47am CET

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
[email protected]
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.

View original content:http://www.prnewswire.com/news-releases/pampa-energia-sa-announces-results-for-the-nine-month-period-and-quarter-ended-on-september-30-2017-300554133.html

SOURCE Pampa Energia S.A.

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