Pampa Energía S.A. announces results for the quarter ended on March 31, 2018
BUENOS AIRES, Argentina, May 11, 2018 /PRNewswire/ -- Pampa Energía S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP), the largest independent energy integrated company in Argentina, with active participation in the country's electricity and gas value chain, announces the results for the quarter ended on March 31, 2018. All figures are stated in Argentine Pesos and have been prepared in accordance with International Financial Reporting Standards.
Main Results for the First Quarter 2018 ('Q1 18')1
In order to objectively report the financial performance of each business segment, as from 2018 and for the comparative periods the corporate expenses (selling and administrative expenses, as well as the financial results), which used to be reported under holding and others, will be redistributed among the operating segments.
Consolidated net revenues of AR$19,401 million2, 74% higher than the AR$11,140 million for the first quarter 2017 ('Q1 17'), explained by increases of 109% in power generation, 105% in electricity distribution, 31% in oil and gas, 5% in petrochemicals and 102% in holding and others segment, partially offset by 37% of higher eliminations as a result of intersegment sales %.
- Power Generation of 4,289 GWh from 11 power plants
- Electricity sales of 5,550 GWh to 3 million end-users
- Production of 45.9 thousand barrels per day of hydrocarbons
- Sales of 87 thousand tons of petrochemical products
Consolidated adjusted EBITDA3 for continuing operations of AR$7,704 million, compared to AR$3,071 million for Q1 17, mainly due to increases of AR$1,303 million in power generation, AR$2,149 million in electricity distribution, AR$474 million in oil and gas, AR$55 million in refining and distribution, AR$35 million in petrochemicals and AR$637 million in holding and others segment, partially offset by higher intersegment eliminations of AR$21 million.
Consolidated profit attributable to the owners of the Company of AR$3,013 million, higher than the AR$1,901 million gain in Q1 17, explained by increases of AR$510 million in electricity distribution, AR$609 million in oil and gas, AR$131 million in refining and distribution, and AR$870 million in holding and others, partially offset by lower gains of AR$757 million in power generation, and higher losses of AR$99 million in petrochemicals and AR$152 million in intersegment eliminations.
Consolidated Balance Sheet
(As of March 31, 2018 and December 31, 2017, in millions of Argentine Pesos)
| As of 3.31.18 |
As of 12.31.17 |
|
| ASSETS |
||
| Participation in joint businesses and associates |
6,313 |
5,754 |
| Property, plant and equipment |
42,443 |
41,214 |
| Intangible assets |
1,577 |
1,586 |
| Other assets |
15 |
2 |
| Financial assets at fair value with changing results |
150 |
150 |
| Deferred tax credits |
1,510 |
1,306 |
| Trade receivable and other credits |
6,926 |
5,042 |
| Total non-current assets |
58,934 |
55,054 |
| Inventories |
3,350 |
2,326 |
| Financial assets at fair value with changing results |
15,834 |
14,613 |
| Investments at amortized cost |
415 |
25 |
| Financial derivatives |
11 |
4 |
| Trade receivable and other credits |
23,855 |
19,145 |
| Cash and cash equivalents |
1,255 |
799 |
| Total current assets |
44,720 |
36,912 |
| Assets classified as held for sale |
13,208 |
12,501 |
| Total assets |
116,862 |
104,467 |
| As of 3.31.18 |
As of 12.31.17 |
|
| EQUITY |
||
| Share capital |
2,078 |
2,080 |
| Share premium |
5,821 |
5,818 |
| Repurchased shares |
5 |
3 |
| Cost of repurchased shares |
(219) |
(72) |
| Statutory reserve |
300 |
300 |
| Voluntary reserve |
5,146 |
5,146 |
| Other reserves |
137 |
140 |
| Retained earnings |
6,219 |
3,243 |
| Other comprehensive result |
460 |
252 |
| Equity attributable to |
19,947 |
16,910 |
| Non-controlling interests |
4,198 |
3,202 |
| Total equity |
24,145 |
20,112 |
| LIABILITIES |
||
| Accounts payable and other liabilities |
6,867 |
6,404 |
| Borrowings |
39,868 |
37,126 |
| Deferred revenues |
196 |
195 |
| Salaries and social security payable |
127 |
120 |
| Defined benefit plan obligations |
1,041 |
992 |
| Deferred tax liabilities |
1,762 |
1,526 |
| Income tax and minimum expected profit tax liability |
1,650 |
863 |
| Tax payable |
944 |
366 |
| Provisions |
4,068 |
4,435 |
| Total non-current liabilities |
56,523 |
52,027 |
| Accounts payable and other liabilities |
19,798 |
18,052 |
| Borrowings |
5,826 |
5,840 |
| Deferred income |
3 |
3 |
| Salaries and social security payable |
1,665 |
2,154 |
| Defined benefit plan obligations |
95 |
121 |
| Income tax and minimum expected profit tax liability |
658 |
943 |
| Tax payable |
5,034 |
1,965 |
| Financial derivatives |
- |
82 |
| Provisions |
584 |
798 |
| Total current liabilities |
33,663 |
29,958 |
| Liabilities associated to assets classified as held for sale |
2,531 |
2,370 |
| Total liabilities |
92,717 |
84,355 |
| Total liabilities and equity |
116,862 |
104,467 |
Consolidated Income Statement
(For the quarter ended on March 31, 2018 and 2017, in millions of Argentine Pesos)
| First Quarter |
||||
| 2018 |
2017 |
|||
| Sales revenue |
19,401 |
11,140 |
||
| Cost of sales |
(11,655) |
(7,408) |
||
| Gross profit |
7,746 |
3,732 |
||
| Selling expenses |
(967) |
(712) |
||
| Administrative expenses |
(1,282) |
(1,054) |
||
| Exploration expenses |
(2) |
(8) |
||
| Other operating income |
3,490 |
1,241 |
||
| Other operating expenses |
(2,614) |
(880) |
||
| Results for participation in joint businesses and associates |
559 |
294 |
||
| Operating income |
6,930 |
2,613 |
||
| Financial income |
428 |
314 |
||
| Financial costs |
(1,435) |
(1,267) |
||
| Other financial results |
(2,026) |
618 |
||
| Financial results, net |
(3,033) |
(335) |
||
| Profit before tax |
3,897 |
2,278 |
||
| Income tax |
(575) |
(277) |
||
| Net income for continuing operations |
3,322 |
2,001 |
||
| Net income from discontinued operations |
531 |
294 |
||
| Net income for the period |
3,853 |
2,295 |
||
| Attributable to: |
||||
| Owners of the Company |
3,013 |
1,901 |
||
| Continuing operations |
2,544 |
1,651 |
||
| Discontinued operations |
469 |
250 |
||
| Non-controlling interests |
840 |
394 |
||
| Net income per share for the period attributable to the owners of the Company |
1.4500 |
0.9809 |
||
| Basic and diluted income per share of continuing operations |
1.2243 |
0.8292 |
||
| Basic and diluted income per share of discontinued operations |
0.2257 |
0.1517 |
||
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's first quarter 2018 results on Tuesday May 15, 2018 at 10:00 a.m. Eastern Standard Time / 11:00 a.m. Buenos Aires Time.
The host will be 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 and dial in five minutes before the scheduled time. Please download the Q1 18 Conference Call Presentation from our IR website.
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 The financial information presented in this document for the quarters Q1 18 and Q1 17 are based on financial statements ('FS') prepared according to the International Financial Reporting Standards ('IFRS') in force in Argentina, and consequently, the FS discriminates the continuing operations from the assets agreed for sale, which are reported as discontinued operations.
2 Under the IFRS, Greenwind, OldelVal, Refinor, Transener and TGS are not consolidated in Pampa's FS, its equity income being shown as 'Results for participation in associates/joint businesses'. For more information, see section 3 of this Earnings Release.
3 Consolidated adjusted EBITDA represents the results before net financial results, income tax and minimum notional income tax, depreciations and amortizations, non-recurring and non-cash income and expense, equity income and includes adjustments from the IFRS implementation and affiliates' EBITDA at ownership. For more information, see section 3 of this Earnings Release.
SOURCE Pampa Energia S.A.
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