BUENOS AIRES, Argentina, Aug. 11, 2015 /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, as well as natural gas transportation and production, announces the results for the six-month period and quarter ended on June 30, 2015. All figures are stated in Argentine Pesos and have been prepared in accordance with International Financial Reporting Standards.
Highlights for the Six-Month Period of 2015
Consolidated sales revenues of AR$3,457.6 million[1] for the six-month period ended on June 30, 2015, 18.4% higher than the AR$2,921.4 million for the same period of 2014, primarily explained by increases of 25.2% (AR$263.8 million) in generation, 6.5% (AR$114.8 million) in distribution and 137.2% (AR$180.1 million) in oil and gas, partially offset by a decrease of 3.3% (AR$1.0 million) in the holding and others segment.
Adjusted consolidated EBITDA[2] of AR$1,693.3 million for the six-month period ended on June 30, 2015, compared to AR$27.1 million for the same period of 2014, mainly due to increases of AR$125.4 million in generation, AR$1,368.2 million in distribution and AR$196.0 million in oil and gas, partially offset by a decrease of AR$12.0 million and AR$11.4 million in the transmission and holding and others segments, respectively.
Consolidated profit of AR$1,365.1 million during the six-month period ended on June 30, 2015, of which a profit of AR$963.0 million is attributable to the owners of the Company, compared to a AR$80.4 million loss attributable to the owners of the Company in the same period of 2014, explained by profits of AR$258.1 million in generation, AR$28.6 million in transmission, AR$254.8 million in distribution, AR$28.5 million in oil and gas and AR$393.0 million in the holding and others segment.
Highlights for the Second Quarter of 2015
Consolidated sales revenues of AR$1,757.7 million for the quarter ended on June 30, 2015, 18.0% higher than the AR$1,489.9 million for the same period of 2014, mainly explained by increases of 20.7% (AR$117.8 million) in generation, 5.5% (AR$46.7 million) in distribution,163.5% (AR$113.2 million) in oil and gas and 19.8% (AR$2.8 million) in holding and others segment.
Adjusted consolidated EBITDA of AR$860.2 million, compared to AR$63.4 million loss for the same period of 2014, mainly due to increases of AR$17.3 million in generation, AR$798.3 million in distribution, AR$110.7 million in oil and gas and lesser losses for AR$0.4 million in holding and others, partially offset by a decrease of AR$3.0 million in the transmission segment.
Consolidated profit of AR$203.2 million, of which AR$61.1 million are attributable to the owners of the Company, compared to AR$309.7 million attributable to the owners of the Company in the same period of 2014, explained by profits of AR$121.6 million in generation, AR$25.1 million in transmission, AR$71.1 million in distribution and AR$7.5 million in oil and gas, partially offset by a loss of AR$164.2 million in the holding and others segment.
Consolidated Balance Sheet
(As of June 30, 2015 and December 31, 2014, in millions of Argentine Pesos)
|
As of 06.30.15
|
As of 12.31.14
|
|
ASSETS
|
|
|
|
Participation in joint businesses
|
247.0
|
226.9
|
|
Participation in associates
|
140.6
|
133.2
|
|
Property, plant and equipment
|
11,073.6
|
9,218.1
|
|
Intangible assets
|
857.7
|
872.4
|
|
Biological assets
|
1.9
|
1.9
|
|
Financial assets with a results changing fair value
|
1,318.4
|
963.0
|
|
Investments at amortized cost
|
39.8
|
-
|
|
Deferred tax assets
|
66.0
|
93.7
|
|
Trade receivable and other credits
|
1,061.5
|
954.8
|
|
Total non-current assets
|
14,806.4
|
12,464.0
|
|
|
|
|
Biological assets
|
0.0
|
0.2
|
|
Inventories
|
181.1
|
135.6
|
|
Financial assets with a results changing fair value
|
2,057.1
|
1,028.6
|
|
Investments at amortized cost
|
0.9
|
-
|
|
Trade receivable and other credits
|
3,430.7
|
2,896.8
|
|
Cash and cash equivalents
|
244.7
|
335.2
|
|
Total current assets
|
5,914.6
|
4,396.4
|
|
|
|
|
Total assets
|
20,721.0
|
16,860.4
|
|
|
|
|
As of 06.30.15
|
As of 12.31.14
|
|
EQUITY
|
|
|
|
Share capital
|
1,314.3
|
1,314.3
|
|
Share premium
|
347.1
|
343.0
|
|
Statutory reserve
|
51.5
|
14.3
|
|
Voluntary reserve
|
977.8
|
271.8
|
|
Director's options reserve
|
266.1
|
266.1
|
|
Retained earnings
|
963.0
|
743.2
|
|
Other comprehensive result
|
(32.0)
|
(32.2)
|
|
Equity attributable to owners of the parent
|
3,887.8
|
2,920.4
|
|
|
|
|
Non-controlling interests
|
1,031.0
|
633.4
|
|
|
|
|
Total equity
|
4,918.9
|
3,553.8
|
|
|
|
|
LIABILITIES
|
|
|
|
Accounts payable and other liabilities
|
2,463.9
|
1,909.4
|
|
Borrowings
|
4,002.8
|
3,731.3
|
|
Deferred revenues
|
127.0
|
109.1
|
|
Salaries and social security payable
|
75.1
|
62.9
|
|
Defined benefit plan obligations
|
220.0
|
196.6
|
|
Deferred tax liabilities
|
517.2
|
470.6
|
|
Tax payable
|
343.7
|
274.7
|
|
Provisions
|
147.6
|
119.5
|
|
Total non-current liabilities
|
7,897.4
|
6,873.9
|
|
|
|
|
Accounts payable and other liabilities
|
5,143.4
|
4,536.5
|
|
Borrowings
|
1,280.6
|
839.3
|
|
Deferred income
|
0.8
|
0.8
|
|
Salaries and social security payable
|
718.2
|
725.3
|
|
Defined benefit plan obligations
|
41.5
|
26.8
|
|
Tax payable
|
666.6
|
231.9
|
|
Financial derivatives
|
17.8
|
47.9
|
|
Provisions
|
35.8
|
24.2
|
|
Total current liabilities
|
7,904.7
|
6,432.6
|
|
|
|
|
Total liabilities
|
15,802.1
|
13,306.6
|
|
|
|
|
Total liabilities and equity
|
20,721.0
|
16,860.4
|
|
|
|
Consolidated Income Statement
(For the six-month period and quarter ended on June 30, 2015 and 2014, in millions of Argentine Pesos)
|
|
1st Semester
|
|
2nd Quarter
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Sales revenue
|
|
3,457.6
|
|
2,921.4
|
|
1,757.7
|
|
1,489.9
|
|
Cost of sales
|
|
(3,339.6)
|
|
(2,813.9)
|
|
(1,762.3)
|
|
(1,495.4)
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
118.0
|
|
107.5
|
|
(4.6)
|
|
(5.5)
|
|
|
|
|
|
|
|
|
|
|
Selling expenses
|
|
(419.6)
|
|
(315.7)
|
|
(226.7)
|
|
(160.8)
|
|
Administrative expenses
|
|
(523.1)
|
|
(366.8)
|
|
(276.1)
|
|
(203.8)
|
|
Other operating income
|
|
202.2
|
|
114.8
|
|
109.0
|
|
74.5
|
|
Other operating expenses
|
|
(224.7)
|
|
(167.5)
|
|
(130.7)
|
|
(106.9)
|
|
Results for participation in joint businesses
|
|
28.7
|
|
(2.7)
|
|
25.1
|
|
22.7
|
|
Results for participation in associates
|
|
7.5
|
|
(2.0)
|
|
5.6
|
|
5.5
|
|
|
|
|
|
|
|
|
|
|
Operating income before higher cost recognition and SE Res. No. 32/15
|
|
(811.0)
|
|
(632.3)
|
|
(498.4)
|
|
(374.2)
|
|
|
|
|
|
|
|
|
|
|
Income Recognition on account of the RTI - SE Res. No. 32/15
|
|
2,388.7
|
|
-
|
|
1,054.8
|
|
-
|
|
Higher Cost Recognition – SE Res. No. 250/13 and subsequent Notes and SE Res. No. 32/15
|
|
186.6
|
|
735.5
|
|
-
|
|
735.5
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
1,764.2
|
|
103.2
|
|
556.4
|
|
361.3
|
|
|
|
|
|
|
|
|
|
|
Financial income
|
|
128.9
|
|
194.1
|
|
72.0
|
|
147.3
|
|
Financial costs
|
|
(292.9)
|
|
(558.5)
|
|
46.9
|
|
(303.7)
|
|
Other financial results
|
|
352.5
|
|
(202.0)
|
|
(203.8)
|
|
98.8
|
|
Financial results, net
|
|
188.5
|
|
(566.4)
|
|
(84.9)
|
|
(57.6)
|
|
|
|
|
|
|
|
|
|
|
Profit before tax
|
|
1,952.7
|
|
(463.2)
|
|
471.5
|
|
303.7
|
|
|
|
|
|
|
|
|
|
|
Income tax and minimum expected profit tax
|
|
(587.5)
|
|
68.0
|
|
(268.3)
|
|
20.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the period
|
|
1,365.1
|
|
(395.2)
|
|
203.2
|
|
324.6
|
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
Owners of the Company
|
|
963.0
|
|
(80.4)
|
|
61.1
|
|
309.7
|
|
Non-controlling interests
|
|
402.1
|
|
(314.8)
|
|
142.1
|
|
14.9
|
|
|
|
|
|
|
|
|
|
|
Net income for the period attributable to the owners of the Company (AR$ per share):
|
|
|
|
|
|
|
|
|
|
Basic income per share
|
|
0.7327
|
|
(0.0612)
|
|
0.0465
|
|
0.2356
|
|
Diluted income per share
|
|
0.6152
|
|
(0.0612)
|
|
0.0388
|
|
0.2149
|
|
|
|
|
|
|
|
|
|
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 second quarter 2015 results on Thursday August 13, 2015 at 10:00 a.m. New York Time / 11:00 a.m. Buenos Aires Time.
The hosts will be Mr. Leandro Montero, CFO of Edenor and Mr. Mariano Batistella, Special Projects, Planning Manager and Investor Relations Officer of Pampa. For those interested in participating, please dial 0800-444-2930 in Argentina, +1 (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.
For further information, contact:
Ricardo Torres
Co-CEO
Gustavo Mariani
Co-CEO
Mariano Batistella
Special Projects, Planning and
Investor Relations Officer
Lida Wang
Investor Relations and
Special Projects Associate
Tel +54 (11) 4809-9500
investor@pampaenergia.com
www.pampaenergia.com/ir
[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, one-time income and expenses, and non-controlling interests, including PUREE proceeds, other non-accrued collections, and other adjustments related to IFRS. For more information, please refer to section 4 of the Earnings Release.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pampa-energia-announces-the-results-for-the-six-month-period-and-quarter-ended-june-30th-2015-300127261.html
SOURCE Pampa Energia S.A.