Le Lézard
Classified in: Oil industry, Business
Subjects: ERN, CCA, FVT

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



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.

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.

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
owners of the parent

14,311

11,054




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:

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.

SOURCE Pampa Energia S.A.


These press releases may also interest you

at 03:20
Sasol today unveiled its refined corporate strategy, which sets a clear path for sustainable growth and accelerated shareholder returns. Joint President and Chief Executive Officer (CEO), Stephen Cornell says: "In developing our strategy, we...

at 03:05
The Board of Royal Dutch Shell plc ("RDS") today announced the Reference Share Price in respect of the third quarter interim dividend of 2017, which was announced on November 2, 2017 at $0.47 per A ordinary share ("A Share") and B ordinary share...

22 nov 2017
Air Compressor Market share will likely surpass USD 40 billion by 2024; according to a new research report by Global Market Insights, Inc. Increasing industrial activities will propel the air compressors market owing to their extensive use in various...

22 nov 2017
Connacher Oil and Gas Limited ("Connacher" or the "Company") announces its financial and operating results for the three and nine months ended September 30, 2017 ("Q3 2017") (all amounts are in Canadian dollars unless otherwise noted). Through...

22 nov 2017
TR-1: Standard form for notification of major holdings NOTIFICATION OF MAJOR HOLDINGS  1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii: Royal Dutch Shell plc 1b. Please...

22 nov 2017
Key Highlights   IndiGrid receives 100% approval for acquisition of assets in EGM  Annual DPU to increase from INR 11.00/unit to INR 11.44/unit  IndiGrid, India's first Infrastructure Investment Trust (InvIT) in the power sector, held its first...




News published on 10 november 2017 at 18:45 and distributed by: