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.
- 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 m3 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 m3 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 |
|
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
[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.
SOURCE Pampa Energia S.A.
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