Pampa Energía S.A. announces results for fiscal year and quarter ended on December 31, 2017
Pampa Energía S.A. announces results for fiscal year and quarter ended on December 31, 2017
BUENOS AIRES, Argentina, March 12, 2018 /PRNewswire/ -- Pampa Energía S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP), the largest independent energy integrated company in Argentina, with participation in the electricity and oil and gas value chain, announces the results for the fiscal year and quarter ended on December 31, 2017. All figures are stated in Argentine Pesos and have been prepared in accordance with International Financial Reporting Standards.
Main Results for the Fiscal Year 2017 ('FY 2017')(1)
Consolidated net revenues of AR$50,347 million(2), 100.5% higher than the AR$25,110 million for the same period of 2016 ('FY 2016'), explained by increases of AR$4,973 million in power generation, AR$11,260 million in electricity distribution, AR$5,062 million in oil and gas, AR$4,722 million in petrochemicals and AR$344 million in holding and others segment, partially offset by higher eliminations as a result of intersegment sales for AR$1,124 million.
-- Power Generation of 14,186 GWh from 11 power plants
-- Electricity sales of 21,503 GWh to 3 million end-users
-- Production of 69.7 thousand barrels per day of hydrocarbons: 284 million
cf/d of gas and 22.2 kboe/d of oil and LPG
-- Sales of 1.8 million m(3) of refined products and 458 thousand tons of
petrochemical products
Adjusted consolidated EBITDA(3) of AR$17,953 million, compared to AR$7,372 million for FY 2016, mainly due to increases of AR$2,990 million in power generation, AR$1,923 million in electricity distribution, AR$3,755 million in oil and gas, AR$1,036 million in refining and distribution, AR$90 million in petrochemicals and AR$795 million in holding and others segment, partially offset by lower intersegment eliminations for AR$8 million.
Consolidated gain of AR$5,670 million, of which AR$4,606 million is attributable to the owners of the Company, higher than the AR$11 million of loss attributable to the owners in FY 2016, explained by higher reported gains in power generation (AR$2,845 million), electricity distribution (AR$2,098 million) and oil and gas (AR$2,614 million), partially offset by losses in refining and distribution (AR$117 million), petrochemicals (AR$187 million), holding and others (AR$2,574 million) and intersegment eliminations (AR$62 million).
Main Results for the Fourth Quarter of 2017 ('Q4 17')(4)
Consolidated net revenues of AR$13,977 million, compared to AR$9,380 million recorded in the fourth quarter 2016 ('Q4 16'), mainly explained by increases of AR$1,160 million in power generation, AR$2,801 million in electricity distribution, AR$299 million in oil and gas, AR$263 million in petrochemicals and AR$90 million in holding and others, partially offset by higher eliminations from intersegment sales for AR$16 million.
-- Power generation of 2,693 GWh from 11 power plants
-- Electricity sales of 5,064 GWh to 3 million of end-users
-- Production of 67.4 kboe/d of hydrocarbons: 284 million cf/d of gas and
20 kboe/d of oil and LPG
-- Sales of 443 thousand m(3) of refined products and 104 thousand tons of
petrochemical products
Consolidated adjusted EBITDA of AR$5,180 million, compared to AR$4,101 million in Q4 16, due to increases of AR$845 million in power generation, AR$51 million in oil and gas, AR$484 million in refining and distribution, AR$469 million in holding and others and AR$9 million in intersegment eliminations, partially offset by decreases of AR$671 million in electricity distribution and AR$108 million in petrochemicals.
Consolidated gain of AR$1,700 million, of which AR$1,512 million is attributable to the owners of the Company, higher than the gain of AR$982 million attributable to the owners of the Company in the Q4 16, explained by reported higher earnings in our segments of power generation (AR$646 million), electricity distribution (AR$365 million) and oil and gas (AR$985 million), partially offset by losses in refining and distribution (AR$388 million), petrochemicals (AR$41 million), holding and others (AR$959 million) and intersegment eliminations (AR$78 million).
Consolidated Balance Sheet
(As of December 31, 2017 and 2016, in millions of Argentine Pesos)
As of 12.31.17 As of 12.31.16
ASSETS
Participation in joint
businesses 4,930 3,699
Participation in associates 824 787
Property, plant and equipment 41,214 41,001
Intangible assets 1,586 2,103
Other assets 2 13
Financial assets with a results
changing fair value 150 742
Investments at amortized cost - 62
Deferred tax assets 1,306 1,232
Trade receivable and other
credits 5,042 4,469
Total non-current assets 55,054 54,108
------------------------ ------ ------
Other Assets - 1
Inventories 2,326 3,360
Financial assets with a results
changing fair value 14,613 4,188
Investments at amortized cost 25 23
Financial derivatives 4 13
Trade receivable and other
credits 19,145 14,144
Cash and cash equivalents 799 1,421
Total current assets 36,912 23,150
-------------------- ------ ------
Assets classified as held for
sale 12,501 19
Total assets 104,467 77,277
------------ ------- ------
As of 12.31.17 As of 12.31.16
EQUITY
Share capital 2,080 1,938
Share premium 5,818 4,828
Repurchased shares 3 -
Cost of repurchased shares (72) -
Statutory reserve 300 232
Voluntary reserve 5,146 3,862
Other reserves 140 135
Retained earnings 3,243 (11)
Other comprehensive result 252 70
Equity attributable to 16,910 11,054
owners of the parent
--------------------
Non-controlling interests 3,202 3,020
Total equity 20,112 14,074
------------ ------ ------
LIABILITIES
Accounts payable and other
liabilities 6,404 5,336
Borrowings 37,126 15,286
Deferred revenues 195 200
Salaries and social security
payable 120 94
Defined benefit plan
obligations 992 921
Deferred tax liabilities 1,526 3,796
Income tax and minimum
expected profit tax
liability 863 934
Tax payable 366 306
Provisions 4,435 6,267
Total non-current liabilities 52,027 33,140
----------------------------- ------ ------
Accounts payable and other
liabilities 18,052 12,867
Borrowings 5,840 10,686
Deferred income 3 1
Salaries and social security
payable 2,154 1,745
Defined benefit plan
obligations 121 112
Income tax and minimum
expected profit tax
liability 943 1,454
Tax payable 1,965 2,392
Financial derivatives 82 -
Provisions 798 806
Total current liabilities 29,958 30,063
------------------------- ------ ------
Liabilities associated to
assets classified as held
for sale 2,370 -
Total liabilities 84,355 63,203
----------------- ------ ------
Total liabilities and equity 104,467 77,277
---------------------------- ------- ------
Consolidated Income Statement
(For the fiscal year and quarter ended on December 31, 2017 and 2016, in millions of Argentine Pesos)
Fiscal Year 4thQuarter
2017 2016 2017 2016
Sales revenue 50,347 25,110 13,977 9,380
Cost of sales (34,427) (20,153) (9,618) (6,702)
Gross profit 15,920 4,957 4,359 2,678
------------ ------ ----- ----- -----
Selling expenses (2,904) (2,132) (841) (762)
Administrative expenses (4,905) (3,628) (1,444) (1,268)
Exploration expenses (44) (94) (7) (21)
Other operating income 3,388 4,164 787 1,824
Other operating expenses (2,951) (1,876) (684) (1,062)
Reversal of property, plant and equipment impairment 461 - 461 -
Reversal of intangible assets impairment 82 - 82 -
Results for participation in joint businesses 1,064 105 244 299
Results for participation in associates 44 7 (1) 5
Results from sale of equity share in companies - 480 - -
Operating income 10,155 1,983 2,956 1,693
---------------- ------ ----- ----- -----
Financial income 1,432 849 418 366
Financial costs (5,112) (4,277) (1,433) (1,243)
Other financial results (2,266) (80) (1,079) (253)
Financial results, net (5,946) (3,508) (2,094) (1,130)
Profit before tax 4,209 (1,525) 862 563
----------------- ----- ------ --- ---
Income tax and minimum expected profit tax 1,367 1,201 1,295 750
Net income for continuing operations 5,576 (324) 2,157 1,313
------------------------------------ ----- ---- ----- -----
Net income from discontinued operations 94 72 (457) (21)
Net income for the period 5,670 (252) 1,700 1,292
Attributable to:
Owners of the Company 4,606 (11) 1,512 982
Continuing operations 4,623 (93) 2,061 958
Discontinued operations (17) 82 (549) 24
Non-controlling interests 1,064 (241) 188 310
Net income per share for the period attributable to the owners of the Company 2.3369 (0.0063) 0.7801 0.5286
Basic and diluted income per share of continued operations 2.3455 (0.0478) 1.0633 0.5157
Basic and diluted income per share of discontinued operations (0.0086) 0.0415 (0.2832) 0.0129
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 fourth quarter 2017 results on Tuesday March 13, 2018 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 Energía / Edenor and dial in five minutes before the scheduled time. Please download the Q4 17 Conference Call Presentation at 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
investor@pampaenergia.com
www.pampaenergia.com/ir
(1) Under the International Financial Reporting Standards ('IFRS'), the income statement must only consolidate the continuing operations, being the assets agreed for sale reported as discontinued operations. For more information, see section 1.6 of this Earnings Release.
(2) Under the IFRS, Greenwind, OldelVal, Refinor, Transener and TGS are not consolidated in Pampa's financial statements, its equity income being shown only as 'Results for participation in associates/joint businesses'. For more information, see section 3 of this Earnings Release.
(3) 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, see section 3 of this Earnings Release.
((4)) The financial information presented in this document for the quarters ended on December 31, 2017 and of 2016 are based on unaudited financial statements prepared according to the IFRS accounting standards in force in Argentina corresponding to the fiscal year 2017 and 2016, and the results corresponding to the nine-month period ended on September 30, 2017 and 2016, respectively.
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SOURCE Pampa Energia S.A.
