BUENOS AIRES, Argentina, March 11, 2011 /PRNewswire/ -- Pampa Energia S.A. ("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 fiscal year ended December 31, 2010. All figures are stated in Argentine pesos and have been prepared in accordance with Argentine GAAP.
Highlights for the Fiscal Year ended December 31, 2010
Consolidated net sales of AR$4,866.9 million, 18.9% greater than the AR$4,093.4 million for the same period of 2009, mainly due to 39.9% (AR$686.7 million), 0.2% (AR$0.6 million) and 4.6% (AR$95.8 million) increases in net sales from our generation, transmission, and distribution segments, respectively, partially offset by a reduction in net sales of 94.3% (AR$14.2 million) from our holding and others segment.
Consolidated EBITDA(1) of AR$641.6 million, 17.1% lower than the AR$773.5 million for the same period of 2009, mainly due to decreases of 0.5% (AR$1.3 million) and 35.7% (AR$149.6 million) in the generation and distribution segments, respectively, partially offset by an increase of 15.3% (AR$14.5 million) in the transmission segment and a decrease of 11.9% in the loss of the holding and others segment (AR$3.6 million).
Consolidated net loss of AR$46.6 million, compared to a consolidated net gain of AR$214.7 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 and others segment during the second quarter of 2010.
Highlights for the Fourth Quarter of 2010
The financial information presented in this document for the quarters ended December 31, 2010 and 2009 is derived from the audited and unaudited financial statements prepared in accordance with Argentine GAAP for the fiscal years ended December 31, 2010 and 2009 and the nine-month periods ended September 30, 2010 and 2009, respectively.
Consolidated net sales of AR$1,228.6 million in the fourth quarter of 2010, 49.5% greater than the AR$821.7 million for the same period of 2009, mainly due to increases in net sales of 143.8% (AR$367.5 million), 25.3% (AR$17.7 million), and 4.4% (AR$22.1 million) from our generation, transmission, and distribution segments, respectively, that were partially offset by decreases in net sales of 30.3% (AR$0.2 million) from our holding and others segment.
Consolidated EBITDA(1) of AR$130.9 million, 10.6% greater than the AR$118.4 million for the same period of 2009, mainly due to increases of 171.4% (AR$50.6 million) and 139.1% (AR$29.2 million) in our generation and transmission segments, respectively, that were partially offset by a reduction of 86.2% (AR$65.8 million) in our distribution segment and greater losses of AR$2.3 million from our holding and others segment.
Consolidated net gain of AR$35.3 million in the fourth quarter of 2010, AR$75.3 million greater than the net consolidated loss of AR$40.0 million for the same period of 2009, explained by gains in our generation (AR$17.2 million), transmission (AR$18.8 million), and holding and others (AR$53.4 million) that more than offset losses in our distribution segment (AR$54.1 million).
Consolidated Balance Sheet (AR$)
(For the fiscal years ended December 31, 2010 and December 31, 2009, in Argentine Pesos.)
12.31.10 12.31.10 ASSETS LIABILITIES CURRENT ASSETS CURRENT LIABILITIES Cash and banks 208,715,476 Accounts payable 651,057,807 Short-term Investments 961,538,811 Financial debt 668,299,691 Trade receivables, Salaries and social net 793,417,597 security payable 237,145,443 Other receivables, net 322,266,583 Tax payable 171,295,524 Inventories 29,678,642 Other liabilities 53,404,585 Other assets 128,091,604 Provisions 57,976,586 Total current assets 2,443,708,713 Total current liabilities 1,839,179,636 NON-CURRENT ASSETS NON-CURRENT LIABILITIES Trade receivables 237,091,115 Accounts payable 78,086,367 Long-term Investments 481,680 Financial debt 1,994,572,167 Other receivables, Salaries and social net 246,627,684 security payable 70,661,349 Inventories 638,632 Taxes payable 575,570,054 Fixed assets, net 6,563,165,793 Other payables 985,110,326 Intangible assets, net 268,206,304 Provisions 11,326,505 Total non-current Other assets 90,286,475 liabilities 3,715,326,768 Sub-total non-current assets 7,406,497,683 Total liabilities 5,554,506,404 Goodwill, net 572,704,466 Minority interest 1,587,453,391 Total non- current assets 7,979,202,149 Shareholders equity 3,280,951,067 Total liabilities, minority interest and Total assets 10,422,910,862 shareholders equity 10,422,910,862
Consolidated Income Statement (AR$)
(For the fiscal years ended December 31, 2010 and December 31, 2009, in Argentine Pesos.)
Fiscal year ended December 31 of 2010 2009 Sales revenue 4,866,925,429 4,093,439,873 Cost of sales (3,987,967,830) (3,192,146,239) Gross profit 878,957,599 901,293,634 - - Selling expenses (210,043,525) (154,663,071) Administrative expenses (366,835,721) (302,748,889) Goodwill amortization (19,964,093) (20,004,543) Operating income 282,114,260 423,877,131 - - Financial and holding results generated by assets: Interest income 90,179,841 38,654,815 Taxes and commissions (67,112,504) (78,035,607) Foreign currency exchange difference 24,857,026 80,313,136 Result of receivables measured at present value 7,373,095 11,765,722 Holding results of financial assets 54,456,618 128,453,780 Impairment of Investments (77,946,474) - Impairment of fixed assets and other assets - (18,502,059) Result of holding in other assets - 12,196,568 Other financial results 1,468,984 5,434,015 Sub-total 33,276,586 180,280,370 - - Financial and holding results generated by liabilities: Interest expense (205,594,144) (189,474,815) Foreign currency exchange difference (71,795,803) (178,701,629) Financial debt repurchase results 5,496,554 245,462,895 Other financial results (11,960,937) (9,183,303) Sub-total (283,854,330) (131,896,852) Total financial and holding results, net (250,577,744) 48,383,518 - - Other income and expenses, net 6,157,329 (2,010,213) - - Income before income taxes and minority interest 37,693,845 470,250,436 - - Income tax and tax on assets (74,280,606) (160,202,472) - - Minority interest (9,974,279) (95,311,143) - - Net income (46,561,040) 214,736,821 Basic income per share (0.0354) 0.1544 Diluted income per share (0.0315) 0.1453 ------------------------ ------- ------
Consolidated Income Statement (AR$)
(For the fourth quarters ended December 31, 2010 and December 31, 2009, in Argentine Pesos.)
The financial information presented in this document for the quarters ended December 31, 2010 and 2009 is derived from the audited and unaudited financial statements prepared in accordance with Argentine GAAP for the fiscal years ended December 31, 2010 and 2009 and the nine-month periods ended September 30, 2010 and 2009, respectively.
4Q10 4Q09 Sales revenue 1,228,627,809 821,714,529 Cost of sales (1,019,179,620) (656,844,842) Gross profit 209,448,189 164,869,687 - - Selling expenses (59,963,338) (44,751,887) Administrative expenses (108,084,582) (83,426,741) Goodwill amortization (5,002,646) (5,002,595) Operating income 36,397,623 31,688,464 - - Financial and holding results generated by assets: Interest income 55,589,045 3,971,957 Taxes and commissions (12,024,813) (31,809,349) Foreign currency exchange difference (1,913,840) 2,910,111 Result of receivables measured at present value (5,277,432) 3,751,395 Holding results of financial assets 52,611,919 6,323,769 Impairment of Investments - (322,916) Other financial results (5,788,822) 19,425,970 Sub-total 83,196,057 4,250,937 - - Financial and holding results generated by liabilities: Interest expense (70,302,103) (28,435,969) Foreign currency exchange difference (11,413,797) 2,592,715 Financial debt repurchase results (6,927,142) 633,130 Other financial results (5,453,480) (505,057) Sub-total (94,096,522) (25,715,181) Total financial and holding results, net (10,900,465) (21,464,244) - - Other income and expenses, net 9,425,006 (11,006,146) - - Income before income taxes and minority interest 34,922,164 (781,926) - - Income tax and tax on assets (7,226,566) (30,735,064) - - Minority interest 7,588,471 (8,444,091) - - Net income 35,284,069 (39,961,081) Basic income per share 0.0269 (0.0358) Diluted income per share 0.0246 (0.0372) ------------------------ ------ -------
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 fourth quarter 2010 results on Monday, March 14th, 2011 at 10:00 a.m. New York Time / 11:00 a.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 0-800-444-2929 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 Energia and dial in five minutes before the scheduled time. There will also be a live audio webcast of the conference at www.pampaenergia.com/ir page in the investor relation sector.
(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.
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, +011-5411-4809-9500, investor@pampaenergia.com
Web site: http://www.pampaenergia.com/ir/
