Pampa Energía Announces Results for the Quarter Ended on March 31, 2019
BUENOS AIRES, Argentina, May 10, 2019 /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, 2019. All figures are stated in Argentine Pesos.
The financial information presented in the Earnings Release is disclosed and explained in constant currency as of March 31, 2019, based on financial statements ('FS') prepared in accordance with the International Accounting Standards ('IAS') 29 of the International Financial Reporting Standards ('IFRS'). For the convenience of the reader, the quarterly financial data in nominal terms is disclosed at the end of each segment's analysis as a supplementary information.
Main Results for the First Quarter 2019 ('Q1 19')
Consolidated net revenues of AR$29,908 million(1), 3% lower than the AR$30,728 million for the first quarter 2018 ('Q1 18'), explained by decreases of 8% in electricity distribution, 7% in oil and gas, and 13% in holding and others, in addition to higher eliminations due to intersegment sales of AR$2,454 million, partially offset by increases of 64% in power generation and 4% in petrochemicals.
-- Power Generation of 3,913 GWh from 12 power plants -- Electricity sales of 5,018 GWh to 3.1 million end-users -- Production of 46.8 thousand barrels per day of hydrocarbons -- Sales of 83 thousand tons of petrochemical products
Consolidated adjusted EBITDA(2) for continuing operations of AR$8,037 million, 34% lower compared to the AR$12,237 million for Q1 18, mainly due to decreases of 79% in electricity distribution, 47% in oil and gas, AR$213 in petrochemicals and 5% in holding and others, partially offset by increases of 25% in power generation and lower intersegment eliminations of AR$19 million.
Consolidated gain attributable to the owners of the Company of AR$6,375 million, 13% higher than the AR$5,640 million gain in Q1 18, which includes a higher profit of AR$4,103 million due to Results on Net Monetary Position ('RECPAM'), as a result of our passive net monetary position, in addition to a higher gain from lower deferred tax liabilities, partially offset by higher losses of AR$3.143 million due to 15% of AR$ depreciation against US$ in Q1 19, currency in which most of the Company's financial liabilities are denominated.
Consolidated Balance Sheet
(As of March 31, 2019 and December 31, 2018, in millions of Argentine Pesos)
In AR$ million As of 3.31.19 As of 12.31.18 --- ASSETS Property, plant and equipment 141,673 138,554 Intangible assets 6,659 6,739 Deferred tax credits 81 89 Participation in joint businesses and associates 16,534 16,995 Financial assets at fair value with changing results 468 468 Right-of-use assets 36 37 Other assets 306 Trade receivable and other credits 10,064 10,553 Total non-current assets 175,821 173,435 --- Inventories 6,061 5,729 Investments at amortized cost 1,822 1,474 Financial assets at fair value with changing results 17,596 16,928 Financial derivatives 166 3 Trade receivable and other credits 31,709 29,360 Cash and cash equivalents 4,281 10,083 Total current assets 61,635 63,577 --- Total assets 237,456 237,012 --- EQUITY Share capital 1,875 1,874 Adjustment to share capital 11,094 11,094 Share premium 20,503 20,504 Repurchased shares 25 25 Cost of repurchased shares (1,630) (1,652) Adjustment to share capital in treasury 151 151 Statutory reserve 1,002 1,002 Voluntary reserve 8,152 8,152 Other reserves (725) (535) Retained earnings 23,215 16,840 Other comprehensive result (239) (348) Equity attributable to owners of the parent 63,423 57,107 --- Non-controlling interests 17,927 17,912 Total equity 81,350 75,019 --- LIABILITIES Investments in joint ventures and associates 204 170 Provisions 6,598 6,095 Income tax and minimum expected profit tax liability 447 1,146 Deferred revenues 274 305 Tax payable 561 601 Deferred tax liabilities 12,277 17,018 Defined benefit plan obligations 1,262 1,303 Salaries and social security payable 176 181 Borrowings 79,077 76,688 Accounts payable and other liabilities 9,095 9,047 Total non-current liabilities 109,971 112,554 --- Provisions 892 965 Deferred income 5 6 Income tax and minimum expected profit tax liability 1,740 1,201 Tax payable 3,511 2,274 Defined benefit plan obligations 157 180 Salaries and social security payable 2,020 3,021 Financial derivatives 12 54 Borrowings 8,263 14,299 Accounts payable and other liabilities 29,535 27,439 Total current liabilities 46,135 49,439 --- Total liabilities 156,106 161,993 --- Total liabilities and equity 237,456 237,012 ---
Consolidated Income Statement
(For the quarter ended on March 31, 2019 and 2018, in millions of Argentine Pesos)
First Quarter In AR$ million 2019 2018 --- Sales revenue 29,908 30,728 Cost of sales (21,925) (19,422) Gross profit 7,983 11,306 --- Selling expenses (1,829) (1,590) Administrative expenses (1,900) (2,076) Exploration expenses (44) (3) Other operating income 515 5,527 Other operating expenses (1,038) (3,851) Results for participation in joint businesses and associates 756 841 Operating income 4,443 10,154 --- RECPAM -Results from net monetary position 8,080 3,977 Financial income 1,342 678 Financial costs (3,683) (2,667) Other financial results (6,381) (3,389) Financial results, net (642) (1,401) Profit before tax 3,801 8,753 --- Income tax 2,764 (2,565) Net income for continuing operations 6,565 6,188 --- Net income from discontinued operations 842 Net income for the period 6,565 7,030 Attributable to: Owners of the Company 6,375 5,640 Continuing operations 6,375 4,896 Discontinued operations 744 Non-controlling interests 190 1,390 Net income per share attributable to the owners of the Company 3.4000 2.7141 Basic and diluted income per share of continuing operations 3.4000 2.3561 Basic and diluted income per share of discontinued operations 0.3580
For the full version of the Earnings Report, please visit Pampa's Investor Relations website: ri.pampaenergia.com/en.
Information about the Conference Call
There will be a conference call to discuss Pampa's Q1 19 results on Tuesday, May 14, 2019 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 +54 (11) 3984-5677 in Argentina, +1 (844) 717-6837 in the United States or +1 (412) 317-6394 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 19 Conference Call Presentation from our IR website. There will also be a live audio webcast and presentation of the conference at http://bit.ly/PampaQ119Call.
You may find additional information on the Company at:
-- ri.pampaenergia.com/en -- www.cnv.gov.ar -- www.sec.gov -- www.bolsar.com
For further information, contact:
Gustavo Mariani
Chief Executive Officer - CEO
Ricardo Torres
Executive Vice-president
Mariano Batistella
Executive Director of Planning, Strategy, Downstream & Affiliates
Lida Wang
Investor Relations Officer
The Pampa Energía Building, Maipú 1 (C1084ABA) City of Buenos Aires, Argentina
Tel: +54 (11) 4344-6000
investor@pampaenergia.com
ri.pampaenergia.com/en
(1) Under the IFRS, Greenwind, OldelVal, Refinor, Transener and TGS are not consolidated in Pampa's FS, being its equity income shown as 'Results for participation in associates/joint businesses'.
(2) 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 other adjustments from the IFRS implementation, and includes affiliates' EBITDA at ownership. For more information, see section 3 of the Earnings Release.
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SOURCE Pampa Energia S.A.