BUENOS AIRES, Argentina, Nov. 11, 2010 /PRNewswire-FirstCall/ -- Pampa Energia S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP) ("Pampa" or the "Company"), the largest integrated electricity company in Argentina that, through its subsidiaries, participates in the generation, transmission and distribution of electricity, announces today its results corresponding to the nine-month period ended September 30, 2010. All figures are stated in Argentine pesos and have been prepared in accordance with Argentine GAAP.
Highlights for the Nine-month Period ended September 30, 2010
Consolidated net sales of AR$3,638.3 million, 11.2% greater than the AR$3,271.7 million for the same period of 2009, mainly due to 21.8% (AR$319.3 million) and 4.7% (AR$73.8 million) increases in net sales from our generation and distribution segments, respectively, partially offset by reductions in net sales of 7.7% (AR$17.1 million) and 96.7% (AR$14.0 million) from our transmission and holding segments, respectively.
Consolidated EBITDA(1) of AR$510.7 million, 22.1% lower than the AR$655.2 million for the same period of 2009, mainly due to decreases of 20.5% (AR$53.6 million), 19.8% (AR$14.7 million), and 24.5% (AR$83.8 million) in the generation, transmission and distribution segments, respectively, partially offset by a reduction in the loss in the holding segment (AR$7.6 million).
Consolidated net loss of AR$81.8 million, compared to a consolidated net gain of AR$254.7 million for the same period of 2009, mainly due to a reduction in operating income, lower gains from the repurchases of our own subsidiaries' debt, and the loss from the write off of the investment in San Antonio Global that was recorded in our holding segment during the second quarter of 2010.
Highlights for the Third Quarter of 2010
The financial information presented in this document for the quarters ended September 30, 2010 and 2009 is derived from the unaudited financial statements prepared in accordance with Argentine GAAP for the nine-month periods September 30, 2010 and 2009 and the six-month periods ended June 30, 2010 and 2009, respectively.
Consolidated net sales of AR$1,364.6 million in the third quarter of 2010, 12.8% greater than the AR$1,209.5 million for the same period of 2009, mainly due to increases in net sales of 18.8% (AR$116.2 million) and 8.3% (AR$42.9 million) from our generation and distribution segments, respectively, that compensated for decreases in net sales of 95.3% (AR$5.3 million) from our holding segment. The net sales from our transmission segment remained stable (AR$69.7 million) in the periods considered.
Consolidated EBITDA(1) of AR$154.0 million, 22.7% lower than the AR$199.1 million for the same period of 2009, mainly due to reductions of 23.4% (AR$19.0 million), 24.4% (AR$6.1 million), and 21.4% (AR$21,2 million) in our generation, transmission, and distribution segments, respectively, partially offset by a decreased loss of AR$1.1 million from our holding segment.
Consolidated net gain of AR$0.1 million in the third quarter of 2010, 99,8% lower than the AR$58.5 million for the same period of 2009, mainly due to a reduction in operating income and lower gains from the repurchases of our own subsidiaries' debt.
(1) Consolidated EBITDA represents the consolidated earnings before financial results, net, income taxes, depreciation, amortization, reserve directors options, other income and expenses, net, and minority interest.
Consolidated Balance Sheet (AR$)
(For the nine-month periods ended September 30, 2010 and September 30, 2009, in Argentine Pesos.)
09.30.10 09.30.10 ASSETS LIABILITIES CURRENT CURRENT ASSETS LIABILITIES Accounts Cash and banks 109,227,619 payable 583,306,140 Financial ST Investments 522,438,155 debt 765,480,549 Salaries and social Trade receivables, security net 951,305,906 payable 166,372,705 Other receivables, net 367,728,768 Tax payable 162,811,223 Other Inventories 29,349,130 liabilities 41,434,517 Other assets 225,208,351 Provisions 60,698,000 Total current assets 2,205,257,929 Total current liabilities 1,780,103,134 NON- CURRENT NON-CURRENT ASSETS LIABILITIES Accounts Trade receivables 207,260,127 payable 79,446,251 Financial LT Investments 79,740,631 debt 1,699,971,170 Salaries and social Other receivables, security net 219,573,163 payable 65,035,284 Taxes Inventories 707,264 payable 585,870,499 Other Fixed assets, net 6,463,247,142 payables 912,589,864 Intangible assets, net 273,536,490 Provisions 13,514,917 Total non- current Other assets 95,969,527 liabilities 3,356,427,985 Sub-total non- Total current assets 7,340,034,344 liabilities 5,136,531,119 Minority Goodwill, net 577,707,122 interest 1,724,926,412 Total non-current Shareholders assets 7,917,741,466 equity 3,261,541,864 Total liabilities, minority interest and shareholders Total assets 10,122,999,395 equity 10,122,999,395 Consolidated Income Statement (AR$)
(For the nine-month periods ended September 30, 2010 and September 30, 2009, in Argentine Pesos.)
Nine months ended September 30 of 2010 2009 Sales revenue 3,638,297,620 3,271,725,344 Cost of sales (2,968,788,210) (2,535,301,397) Gross profit 669,509,410 736,423,947 - - Selling expenses (150,080,187) (109,911,184) Administrative expenses (258,751,139) (219,322,148) Goodwill amortization (14,961,447) (15,001,948) Operating income 245,716,637 392,188,667 - - Financial and holding results generated by assets: Interest income 34,590,796 34,682,858 Taxes and commissions (55,087,691) (46,226,258) Foreign currency exchange difference 26,770,866 77,403,025 Result of receivables measured at present value 12,650,527 8,014,327 Holding results of financial assets 1,844,699 122,130,011 Devaluation of Investments (77,946,474) - Impairment of fixed assets and other assets - (18,179,143) Other financial results 7,257,806 (1,795,387) Sub-total (49,919,471) 176,029,433 - - Financial and holding results generated by liabilities: Interest expense (135,292,041) (161,038,846) Foreign currency exchange difference (60,382,006) (181,294,344) Financial debt repurchase results 12,423,696 244,829,765 Taxes and commissions (6,507,457) (8,678,246) Sub-total (189,757,808) (106,181,671) Total financial and holding results, net (239,677,279) 69,847,762 - - Other income and expenses, net (3,267,677) 8,995,933 - - Income before income taxes and minority interest 2,771,681 471,032,362 - - Income tax and tax on assets (67,054,040) (129,467,408) - - Minority interest (17,562,750) (86,867,052) - - Net income (81,845,109) 254,697,902 Basic income per share (0.0623) 0.1902 Diluted income per share (0.0561) 0.1825 Consolidated Income Statement (AR$)
(For the third quarters ended September 30, 2010 and September 30, 2009, in Argentine Pesos.)
The financial information presented in this document for the quarters ended September 30, 2010 and 2009 is derived from the unaudited financial statements prepared in accordance with Argentine GAAP for the nine-month periods ended September 30, 2010 and 2009 and the six-month periods ended June 30, 2010 and 2009, respectively.
3Q10 3Q09 Sales revenue 1,364,562,705 1,209,530,294 Cost of sales (1,147,518,164) (965,083,799) Gross profit 217,044,541 244,446,495 - - Selling expenses (51,342,622) (45,778,612) Administrative expenses (95,245,194) (82,577,902) Goodwill amortization (5,006,798) (5,020,803) Operating income 65,449,927 111,069,178 - - Financial and holding results generated by assets: Interest income 15,762,546 10,823,336 Taxes and commissions (26,804,141) (14,518,915) Foreign currency exchange difference 6,855,499 328,458 Result of receivables measured at present value 2,677,465 11,417,747 Holding results of financial assets 9,721,936 27,698,663 Devaluation of Investments 431,064 (561,811) Impairment of fixed assets and other assets - - Other financial results 4,473,280 (4,784,881) Sub-total 13,117,649 30,402,597 - - Financial and holding results generated by liabilities: Interest expense (48,149,654) (54,065,457) Foreign currency exchange difference (12,456,569) (9,224,958) Financial debt repurchase results 531,919 34,893,465 Taxes and commissions - - Other financial results 1,113,721 (4,567,710) Sub-total (58,960,583) (32,964,660) Total financial and holding results, net (45,842,934) (2,562,063) - - Other income and expenses, net (3,500,367) (6,120,167) - - Income before income taxes and minority interest 16,106,626 102,386,948 - - Income tax and tax on assets (13,556,937) (31,232,016) - - Minority interest (2,430,582) (12,627,158) - - Net income 119,107 58,527,774 Basic income per share 0.0001 0.0437 Diluted income per share - 0.0389
FOR THE FULL VERSION OF THIS RESULTS REPORT, PLEASE VISIT http://www.pampaenergia.com/ir
Conference Call Information
There will be a conference call to discuss Pampa's third quarter 2010 results on Friday, November 12th, 2010 at 10:00 a.m. New York Time / 12:00 p.m. Buenos Aires Time. Mr. Ricardo Torres, Chief Executive Officer of the Company, will be presenting for Pampa Energia S.A. For those interested in participating, please dial 0 800 444 0930 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 (72672) and dial-in five minutes before the scheduled time. There will also be a live audio webcast of the conference on our investor relations website: http://www.pampaenergia.com/ir
For further information, contact: Ricardo Torres - Chief Executive Officer Mariano Batistella - Investor Relations 3302 Ortiz de Ocampo, Building #4 (C1425DSR) Ciudad Autonoma de Buenos Aires, Argentina Phone: 5411 4809 9500 http://www.pampaenergia.com/ir investor@pampaenergia.com
Pampa Energia S.A.
CONTACT: Ricardo Torres - Chief Executive Officer, or Mariano Batistella
- Investor Relations, +5411-4809-9500, investor@pampaenergia.com
Web Site: http://www.pampaenergia.com/ir
