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 million1, 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 EBITDA2 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:
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
[email protected]
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.