BUENOS AIRES, Argentina, March 12, 2013 /PRNewswire/ -- Pampa Energia S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP), the largest integrated electricity company in Argentina that, through its subsidiaries, participates in the generation, transmission and distribution of electricity, announces the results for the fiscal year ended on December 31st, 2012. All figures are stated in Argentine Pesos and have been prepared in accordance with International Financial Reporting Standards.
Highlights for the fiscal year of 2012
Consolidated sales revenues of AR$7,564.7 million[1] for the fiscal year ended December 31, 2012, 30.0% higher than the AR$5,819.6 million for the same period of 2011, mainly explained by an increase of 27.1% (AR$772.2 million), of 31.6% (AR$922.6 million) and AR$132.8 million in the generation, distribution and the holding and others segments, respectively.
Adjusted Consolidated EBITDA[2] of AR$444.4 million, 54.6% lower than for the same period of 2011, mainly due to decreases of 65.8% (AR$50.8 million) in transmission and of 94.5% (AR$570.4 million) in distribution, which were partially offset by increases of 18.4% (AR$52.0 million) in generation and a higher gain in holding and others (AR$34.8 million).
Consolidated loss under IFRS of AR$1,079.6 million in the fiscal year ended December 31, 2012, of which AR$649.7 million are attributable to the owners of the Company, compared to a AR$741.4 million loss attributable to the owners of the Company in the same period of 2011, mainly explained by the net losses from our generation, transmission and distribution segments (AR$74.8 million, AR$31.2 million and AR$669.3 million, respectively), partially offset by a profit of AR$125.5 in holding and others segment.
Highlights for the fourth quarter of 2012[3]
Consolidated net sales of AR$1,805.9 million, 27.2% greater than the AR$1,419.4 million for the same period of 2011, mainly due to increases of 13.8% (AR$88.4 million) in generation, 39.1% (AR$292.1 million) in distribution, and AR$25.1 million in holding and others.
Adjusted Consolidated EBITDA of AR$24.9 million, 89.3% lower than for the same period of 2011, mainly due to decreases of AR$67.4 million in generation, AR$11.1 million in transmission, AR$128.4 million in distribution, and AR$1.6 million in holding and others.
Consolidated net loss under IFRS of AR$433.2 million, of which AR$268.3 are attributable to the owners of the Company, in comparison to a net loss of AR$785.9 million attributable to the owners of the Company for the same period of 2011, mainly due to losses in our generation segment (AR$67.6 million), transmission (AR$12.6 million), distribution (AR$249.9 million), partially offset by a net profit in our holding and others segment (AR$61.9 million).
Consolidated Balance Sheet
(As of December 31, 2012 and December 31, 2011, in millions of Argentine Pesos)
|
As of 12.31.12
|
As of 12.31.11
|
|
ASSETS
|
|
|
|
Property, plant and equipment
|
6,023.9
|
5,847.1
|
|
Intangible assets
|
1,808.5
|
1,791.8
|
|
Biological assets
|
2.0
|
1.9
|
|
Participation in joint businesses
|
192.3
|
222.2
|
|
Participation in associates
|
132.5
|
130.3
|
|
Financial assets with a results changing fair value
|
303.8
|
553.8
|
|
Deferred tax assets
|
87.5
|
116.6
|
|
Trade receivable and other credits
|
422.0
|
342.2
|
|
Total non-current assets
|
8,972.5
|
9,005.8
|
|
|
|
|
Inventories
|
103.3
|
60.4
|
|
Biological assets
|
0.5
|
0.1
|
|
Assets on construction
|
84.5
|
45.5
|
|
Derivative financial instruments assets
|
-
|
1.3
|
|
Financial assets with a results changing fair value
|
113.4
|
72.7
|
|
Investments at redeemed cost
|
-
|
-
|
|
Trade receivable and other credits
|
1,541.5
|
1,373.6
|
|
Cash and cash equivalents
|
279.9
|
345.1
|
|
Total current assets
|
2,123.1
|
1,898.7
|
|
|
|
|
Assets classified as held for sale
|
235.2
|
1,184.0
|
|
|
|
|
Total assets
|
11,330.9
|
12,088.5
|
|
|
|
|
As of 12.31.12
|
As of 12.31.11
|
|
EQUITY
|
|
|
|
Share capital
|
1,314.3
|
1,314.3
|
|
Share premium
|
1,018.4
|
1,536.8
|
|
Director's options reserve
|
250.4
|
241.5
|
|
Legal reserve
|
-
|
27.4
|
|
Retained earnings
|
(771.8)
|
(667.9)
|
|
Other comprehensive results
|
(10.8)
|
(12.7)
|
|
Equity attributable to owners of the parent
|
1,800.5
|
2,439.4
|
|
|
|
|
Non-controlling interests
|
529.7
|
1,328.0
|
|
|
|
|
Total equity
|
2,330.2
|
3,767.3
|
|
|
|
|
LIABILITIES
|
|
|
|
Accounts payable and other liabilities
|
2,231.2
|
1,568.9
|
|
Borrowings
|
2,218.5
|
2,487.7
|
|
Deferred revenues
|
264.4
|
174.8
|
|
Salaries and social security payable
|
17.5
|
23.6
|
|
Defined benefit plan obligations
|
120.9
|
103.6
|
|
Deferred tax liabilities
|
636.0
|
821.1
|
|
Tax payable
|
46.8
|
45.7
|
|
Provisions
|
85.5
|
70.0
|
|
Total non-current liabilities
|
5,620.7
|
5,295.3
|
|
|
|
|
Accounts payable and other liabilities
|
1,688.0
|
1,083.0
|
|
Borrowings
|
790.9
|
893.8
|
|
Salaries and social security payable
|
447.9
|
324.9
|
|
Defined benefit plan obligations
|
21.8
|
14.9
|
|
Tax payable
|
263.8
|
196.3
|
|
Derivative financial instruments
|
-
|
-
|
|
Provisions
|
11.7
|
11.4
|
|
Total current liabilities
|
3,224.1
|
2,524.2
|
|
|
|
|
Liabilities classified as held for sale
|
155.8
|
501.6
|
|
|
|
|
Total liabilities
|
9,000.6
|
8,321.1
|
|
|
|
|
Total liabilities and equity
|
11,330.9
|
12,088.5
|
Consolidated Income Statement
(For the fiscal period and four-month period ended on December 31, 2012, and December 31, 2011, in millions of Argentine Pesos)
|
Full Year
|
|
4th Quarter
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
Sales revenue
|
7,564.7
|
|
5,819.6
|
|
1,805.9
|
|
1,419.4
|
|
Cost of sales
|
(6,982.0)
|
|
(5,122.7)
|
|
(1,671.2)
|
|
(1,280.1)
|
|
Gross profit
|
582.7
|
|
696.9
|
|
134.8
|
|
139.3
|
|
|
|
|
|
|
|
|
|
Selling expenses
|
(491.5)
|
|
(330.9)
|
|
(125.8)
|
|
(100.3)
|
|
Administrative expenses
|
(515.1)
|
|
(411.6)
|
|
(161.0)
|
|
(116.6)
|
|
Other operating income
|
197.5
|
|
138.0
|
|
15.8
|
|
37.0
|
|
Other operating expenses
|
(149.7)
|
|
(81.1)
|
|
(78.4)
|
|
(20.6)
|
|
Results for participation in joint businesses
|
(31.0)
|
|
(14.6)
|
|
(12.6)
|
|
(6.3)
|
|
Results for participation in associates
|
2.3
|
|
19.8
|
|
4.3
|
|
24.0
|
|
Impairment of property, plant and equipment
|
(108.3)
|
|
(557.7)
|
|
-
|
|
(557.7)
|
|
Impairment of intangible assets
|
-
|
|
(90.1)
|
|
-
|
|
(90.1)
|
|
Gain for acquisition of companies
|
-
|
|
505.9
|
|
-
|
|
4.0
|
|
Operating income
|
(513.1)
|
|
(125.4)
|
|
(222.9)
|
|
(687.2)
|
|
|
|
|
|
|
|
|
|
Financial income
|
155.0
|
|
94.9
|
|
51.1
|
|
39.2
|
|
Financial costs
|
(598.1)
|
|
(499.8)
|
|
(196.8)
|
|
(154.4)
|
|
Other financial results
|
(202.8)
|
|
(146.3)
|
|
(51.0)
|
|
(54.0)
|
|
Financial results, net
|
(645.9)
|
|
(551.2)
|
|
(196.6)
|
|
(169.2)
|
|
|
|
|
|
|
|
|
|
Profit before tax
|
(1,159.0)
|
|
(676.6)
|
|
(419.5)
|
|
(856.4)
|
|
|
|
|
|
|
|
|
|
Income tax and minimum expected profit tax
|
101.8
|
|
(37.4)
|
|
44.7
|
|
21.3
|
|
|
|
|
|
|
|
|
|
Net income for continuing operations
|
(1,057.2)
|
|
(714.0)
|
|
(374.7)
|
|
(835.1)
|
|
|
|
|
|
|
|
|
|
Discontinued operations
|
(22.4)
|
|
(106.0)
|
|
(58.5)
|
|
(132.9)
|
|
|
|
|
|
|
|
|
|
Net income for the period
|
(1,079.6)
|
|
(819.9)
|
|
(433.2)
|
|
(968.1)
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
Owners of the Company
|
(649.7)
|
|
(741.4)
|
|
(268.3)
|
|
(785.9)
|
|
Continuing operations
|
(643.8)
|
|
(689.0)
|
|
(226.3)
|
|
(706.6)
|
|
Discontinued operations
|
(5.9)
|
|
(52.4)
|
|
(42.0)
|
|
(79.4)
|
|
Non-controlling interests
|
(429.9)
|
|
(78.5)
|
|
(164.9)
|
|
(182.1)
|
|
|
|
|
|
|
|
|
|
Net income for the period attributable to the owners of the Company (AR$ per share):
|
|
|
|
|
|
|
|
|
Basic and diluted income for continuing operations per share
|
(0.4898)
|
|
(0.5242)
|
|
(0.1722)
|
|
(0.5376)
|
|
Basic and diluted income for discontinued operations per share
|
(0.0045)
|
|
(0.0399)
|
|
(0.0319)
|
|
(0.0604)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the full version of this Results 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 fourth quarter 2012 results on Wednesday, March 13, 2013 at 10:00 a.m. New York Time / 11:00 a.m. Buenos Aires Time. The hosts will be Mr. Mariano Batistella, IRO of Pampa Energia and Mr. Leandro Montero, CFO of Edenor. For those interested in participating, please dial 0800-444-2930 in Argentina, (877) 317-6776 in the United States or +1 (412) 317-6776 from any other country. Participants of the conference call should use the identification password Pampa Energia / 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.
Besides the access to the audio file in the website, a replay of the Conference Call through telephone is available, dialing (877) 344-7529 in the United States or +1 (412) 317-0088 from any other country. The conference's identification code is 10025614. This material will be available one hour after the finalization of the Conference Call and until March 21, 2013.
[1] Under the International Financial Reporting Standards ('IFRS'), we no longer consolidate the Transmission segment, and our net income in said segment is shown in the line 'Results for participation in joint businesses'. For more information, please refer to section 4 of the Earnings Release.
[2] Adjusted Consolidated EBITDA represents the consolidated results for continuing activities before net financial results, income taxes, depreciation, amortization, reserve directors options, and non-controlling interests, including PUREE proceeds and other collections, impairments and other adjustments related to IFRS. For more information, please refer to section 4 of the Earnings Release.
[3] The financial information presented in this document for the quarters ended on December 31, 2012 and of 2011 are based on unaudited financial statements prepared according to the IFRS accounting standards in force in Argentina corresponding to the fiscal year ended on December 31, 2012 and of 2011, and the nine-month periods ended on September 30, 2012 and of 2011.
For further information, contact:
Ricardo Torres - Chief Executive Officer
Mariano Batistella – Special Projects Manager and Investor Relations Officer
3302 Ortiz de Ocampo, Building #4
(C1425DSR) Ciudad Autonoma de Buenos Aires, Argentina
Phone: +54 (11) 4809 9500
http://www.pampaenergia.com/ir
investor@pampaenergia.com
SOURCE Pampa Energia S.A.