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.

View original content:http://www.prnewswire.com/news-releases/pampa-energia-announces-results-for-the-quarter-ended-on-march-31-2019-300848431.html

SOURCE Pampa Energia S.A.