Pampa Energa S.A. announces the results for the six-month period and quarter ended on June 30, 2017
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PR Newswire 11-Aug-2017 6:46 PM
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BUENOS AIRES, Argentina, Aug. 11, 2017 /PRNewswire/ -- Pampa Energa 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 six-month period and quarter ended on June 30, 2017. All figures are stated in Argentine Pesos and have been prepared in accordance with International Financial Reporting Standards.
Main Results for the First Semester of 2017 ('1H17')
Consolidated sales revenues of AR$30,801 million[1], 267.4% higher than the AR$8,383 million for the first half of 2016 ('1H16'), explained by increases of AR$2,474 million in power generation, AR$5,412 million in electricity distribution, AR$6,654 million in oil and gas, AR$8,150 million in refining and distribution, AR$3,461 million in petrochemicals and AR$166 million in holding and others segment, partially offset by higher eliminations as a result of intersegment sales for AR$3,899 million.
Power Generation of 7,768 GWh from 9 power plants
Electricity sales of 10,857 GWh to 2.9 million end-users
Production of 70.3 thousand barrels per day of hydrocarbons: 283 million cf/d of gas and 22.4 kb/d of oil
Sales of 953 thousand m3 of refined products and 230 thousand tons of petrochemical products
Adjusted consolidated EBITDA[2] of AR$7,699 million, compared to AR$1,775 million for 1H16, mainly due to increases of AR$1,135 million in power generation, AR$1,188 million in electricity distribution, AR$3,061 million in oil and gas, AR$311 million in refining and distribution, AR$190 million in petrochemicals and AR$61 million in intersegment eliminations, partially offset by decreases of AR$21 million in holding and others segment.
Consolidated gain of AR$2,346 million, of which AR$1,810 million is attributable to the owners of the Company, higher than the AR$61 million loss attributable to the owners in 1H16, explained by higher reported gains in power generation (AR$ 1,420 million), electricity distribution (AR$1,155 million), oil and gas (AR$1,450 million), refining and distribution (AR$183 million) and intersegment eliminations (AR$61 million), partially offset by losses in petrochemicals (AR$13 million) and higher losses in holding and others segment (AR$2,385 million).
Main Results for the Second Quarter of 2017 (' Q2 17')[3]
Consolidated sales revenues of AR$15,635 million, compared to AR$4,156 million recorded in the second quarter 2016 ('Q2 16'), mainly explained by increases of AR$1,396 million in power generation, AR$3,035 million in electricity distribution, AR$3,234 million in oil and gas, AR$4,159 million in refining and distribution, AR$1,654 million in petrochemicals and AR$79 million in holding and others segment, partially offset by higher eliminations from intersegment sales of AR$2,078 million.
Power generation of 3,794 GWh from 9 power plants
Electricity sales of 5,330 GWh to 2.9 million of end-users
Production of 70.1 kboe/d of hydrocarbons: 285 million cf/d of gas and 21.8 kb/d of oil
Sales of 480 thousand m3 of refined products and 107 thousand tons of petrochemical products
Consolidated adjusted EBITDA of AR$3, 858 million, compared to AR$186 million in Q2 16, due to increases of AR$579 million in power generation, AR$1,240 million in electricity distribution, AR$1,549 million in oil and gas, AR$80 million in refining and distribution, AR$77 million in petrochemicals, AR$113 million in holding and others segment and AR$35 million in intersegment eliminations.
Consolidated gain of AR$51 million, of which AR$91 million of losses are attributable to the owners of the Company, higher than the loss of AR$669 million attributable to the owners of the Company in the Q2 16, explained by reported higher earnings in our segments of power generation (AR$403 million), electricity distribution (AR$608 million), oil and gas (AR$599 million) and intersegment eliminations (AR$35 million), partially offset by losses in refining and distribution (AR$34 million), petrochemicals (AR$77 million) and higher losses in our holding and others segment (AR$956 million).

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Consolidated Balance Sheet
(As of June 30, 2017 and December 31, 2016, in millions of Argentine Pesos)

As of 6.30.17 As of 12.31.16
ASSETS
Participation in joint businesses 4,431 3,699
Participation in associates 791 787
Property, plant and equipment 45,131 41,090
Intangible assets 1,928 2,014
Other assets 13 13
Financial assets with a results changing fair value 150 742
Investments at amortized cost 5 62
Deferred tax assets 1,692 1,232
Trade receivable and other credits 5,196 4,469
Total non-current assets 59,337 54,108

Other Assets - 1
Inventories 3,917 3,360
Financial assets with a results changing fair value 9,117 4,188
Investments at amortized cost 55 23
Financial derivatives 38 13
Trade receivable and other credits 15,422 14,144
Cash and cash equivalents 305 1,421
Total current assets 28,854 23,150

Non-current assets held for sale 20 19

Total assets 88,211 77,277

As of 6.30.17 As of 12.31.16
EQUITY
Share capital 1,938 1,938
Share premium and other reserves 4,971 4,963
Repurchased shares (72) -
Statutory reserve 232 232
Voluntary reserve 3,862 3,862
Retained earnings 1,799 (11)
Other comprehensive result 170 70
Equity attributable to owners of the parent 12,900 11,054

Non-controlling interests 3,566 3,020

Total equity 16,466 14,074

LIABILITIES
Accounts payable and other liabilities 5,483 5,336
Borrowings 31,641 15,286
Deferred revenues 198 200
Salaries and social security payable 106 94
Defined benefit plan obligations 1,032 921
Deferred tax liabilities 3,979 3,796
Income tax and minimum expected profit tax liability 723 934
Tax payable 463 306
Provisions 5,147 6,267
Total non-current liabilities 48,772 33,140

Accounts payable and other liabilities 14,939 12,867
Borrowings 2,767 10,686
Deferred income 32 1
Salaries and social security payable 1,425 1,745
Defined benefit plan obligations 108 112
Income tax and minimum expected profit tax liability 761 1,454
Tax payable 2,149 2,392
Provisions 792 806
Total current liabilities 22,973 30,063

Total liabilities 71,745 63,203

Total liabilities and equity 88,211 77,277

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Consolidated Income Statement
(For the six-month period and quarter ended on June 30, 2017 and 2016, in millions of Argentine Pesos)

1stHalf 2ndQuarter

2017 2016 2017 2016
Sales revenue 30,801 8,383 15,635 4,156
Cost of sales (21,982) (7,311) (11,491) (4,032)

Gross profit 8,819 1,072 4,144 124

Selling expenses (2,431) (851) (1,235) (509)
Administrative expenses (2,365) (931) (1,166) (483)
Exploration expenses (23) - (10) -
Other operating income 2,084 1,339 707 373
Other operating expenses (1,637) (398) (648) (211)
Results for participation in joint businesses 557 (73) 274 (43)
Results for participation in associates 11 (3) - -

Operating income 5,015 155 2,066 (749)

Financial income 682 255 361 156
Financial costs (2,419) (1,420) (1,143) (774)
Other financial results (791) 235 (1,468) (174)
Financial results, net (2,528) (930) (2,250) (792)

Profit before tax 2,487 (775) (184) (1,541)

Income tax and minimum expected profit tax (141) 349 235 442

Net income for the period 2,346 (426) 51 (1,099)

Attributable to:
Owners of the Company 1,810 (61) (91) (669)
Non-controlling interests 536 (365) 142 (430)

Net income per share for the period attributable to the owners of the Company
Basic and diluted income per share 0.9349 (0.0360) (0.0469) (0.3945)

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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 second quarter 2017 results on Monday August 14, 2017 at 10:00 a.m. New York Time / 11:00 a.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 Energa / Edenor and dial in five minutes before the scheduled time. There will also be a live audio webcast 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 Energa Building, Maip 1 (C1084ABA) Ciudad de Buenos Aires, ArgentinaTel: +54 (11) 4344-6000 investor@pampaenergia.comwww.pampaenergia.com/ri
[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 June 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 six-month period ended on June 30, 2017 and of 2016, and the quarter ended on March 31, 2017 and 2016.
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SOURCE Pampa Energia S.A.

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