Pampa Energia S.A.: Results for the six-month period and quarter ended on June 30th, 2014 - WLOX.com - The News for South Mississippi

Pampa Energia S.A.: Results for the six-month period and quarter ended on June 30th, 2014

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.

SOURCE Pampa Energia S.A.

BUENOS AIRES, Argentina, Aug. 11, 2014 /PRNewswire/ -- Pampa Energia S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP), the largest integrated electricity company in Argentina that, through its subsidiaries, participates in the generation, transmission and distribution of electricity, announces the results for the six-month period and quarter ended on June 30, 2014. All figures are stated in Argentine Pesos and have been prepared in accordance with International Financial Reporting Standards.

Highlights for the Six-Month Period of 2014

Consolidated sales revenues of AR$2,921.4 million[1] for the six-month period ended on June 30, 2014, 15.4% higher than the AR$2,531.1 million for the same period of 2013, primarily explained by increases of 31.8% (AR$253.0 million) in generation , 5.8% (AR$96.4 million) in distribution and 81.5% (AR$71.6 million) in holding and others segments.

Adjusted consolidated EBITDA[2] of AR$(34.5) million for the six-month period ended on June 30, 2014, compared to AR$(282.7) million for the same period of 2013, mainly due to increases of AR$479.2 million in generation and AR$168.4 million in the transmission segment, partially offset by a decrease of AR$397.9 million in distribution and AR$1.5 million in holding and others.

Consolidated loss of AR$395.2 million during the six-month period ended on June 30, 2014, of which AR$80.4 million loss are attributable to the owners of the Company, compared to a AR$545.3 million profit attributable to the owners of the Company in the same period of 2013. Both period's results were affected by the higher cost recognition in distribution segment ('MMC') from the application of SE Resolution No. 250/2013 and its extension Notes, for which it was recorded a gain of AR$735.5 million during the first half of 2014, compared to AR$2,212.6 million accrued during the same period of 2013.

Highlights for the Second Quarter of 2014[3]

Consolidated sales revenues of AR$1,489.9 million for the quarter ended on June 30, 2014, 30.8% higher than the AR$1,138.9 million for the same period of 2013, mainly explained by increases of 109.9% (AR$298.7 million) in generation, 3.9% (AR$32.2 million) in distribution and 61.9% (AR$31.4 million) in holding and others segment.

Adjusted consolidated EBITDA of AR$(113.0) million, AR$29.2 million of lower losses compared to AR$(142.1) million in the same period of 2013, mainly due to increases of AR$255.2 million in generation and AR$94.0 million in transmission, which was partially offset by decreases of AR$289.0 million in distribution and AR$30.9 million in holding and others segment.

Consolidated profit of AR$324.6 million in the second quarter ended on June 30, 2014, of which AR$309.7 million are attributable to the owners of the Company, compared to AR$931.8 million attributable to the owners of the Company in the same period of 2013. Both period results were affected by the higher cost recognition in distribution segment ('MMC') from the application of SE Resolution No. 250/2013 and its extension Notes, for which it was recorded a gain of AR$735.5 million during the second quarter of 2014, compared to AR$2,212.6 million accrued during the same period of 2013.

Consolidated Balance Sheet
(As of June 30, 2014 and December 31, 2013, in millions of Argentine Pesos)


As of 6.30.14

As of 12.31.13

ASSETS



Participation in joint businesses

192.0

188.6

Participation in associates

132.8

134.8

Property, plant and equipment

7,677.9

6,902.7

Intangible assets

887.1

901.8

Biological assets

1.9

1.9

Financial assets with a results changing fair value

681.1

432.7

Deferred tax assets

107.0

63.2

Trade receivable and other credits

394.9

366.7

Total non-current assets

10,074.8

8,992.5




Biological assets

0.1

0.6

Inventories

155.2

114.6

Financial assets with a results changing fair value

1,318.4

844.3

Trade receivable and other credits

2,274.1

2,257.0

Cash and cash equivalents

512.3

341.7

Total current assets

4,260.0

3,558.1




Assets classified as held for sale

12.0

12.0




Total assets

14,346.8

12,562.6


As of 6.30.14

As of 12.31.13

EQUITY



Share capital

1,314.3

1,314.3

Share premium

337.8

263.5

Statutory reserve

14.3

-

Voluntary reserve

271.8

-

Director's options reserve

263.8

259.4

Retained earnings

(80.4)

286.1

Other comprehensive result

(24.4)

(24.4)

Equity attributable to owners of the parent

2,097.2

2,098.9




Non-controlling interests

539.3

776.0




Total equity

2,636.5

2,874.8




LIABILITIES



Accounts payable and other liabilities

1,528.3

1,295.9

Borrowings

3,489.9

2,924.5

Deferred revenues

32.5

33.7

Salaries and social security payable

30.3

26.0

Defined benefit plan obligations

140.2

136.5

Deferred tax liabilities

369.3

416.6

Tax payable

174.1

150.1

Provisions

87.6

91.5

Total non-current liabilities

5,852.3

5,074.7




Accounts payable and other liabilities

4,011.8

3,098.6

Borrowings

1,033.6

753.6

Deferred income

0.8

-

Salaries and social security payable

530.7

501.4

Defined benefit plan obligations

22.9

8.6

Tax payable

208.1

239.7

Provisions

50.1

11.2

Total current liabilities

5,858.0

4,613.1




Total liabilities

11,710.3

9,687.7




Total liabilities and equity

14,346.8

12,562.6

Consolidated Income Statement
(For the quarter ended on March 31, 2014 and 2013, in millions of Argentine Pesos)



Six-Month Period


2nd Quarter












2014


2013


2014


2013

Sales revenue


2,921.4


2,531.1


1,489.9


1,138.9

Cost of sales


(2,811.6)


(2,711.8)


(1,494.0)


(1,216.3)










Gross profit


109.8


(180.7)


(4.0)


(77.5)










Selling expenses


(296.2)


(290.5)


(141.9)


(163.1)

Administrative expenses


(404.7)


(263.0)


(240.3)


(144.1)

Other operating income


114.8


163.2


74.5


120.1

Other operating expenses


(156.1)


(84.3)


(91.5)


(50.4)

Results for participation in joint businesses


(2.7)


(13.2)


22.7


(3.0)

Results for participation in associates


(2.0)


4.2


5.5


(1.4)










Operating income before Res. No. 250/13 and Notes SE No. 6,852/13 and No. 4,012/14


(637.2)


(664.3)


(375.0)


(319.5)










Higher Cost Recognition – Res. No. 250/13 and Notes SE No. 6,852/13 and No. 4,012/14


735.5


2,212.6


735.5


2,212.6










Operating income


98.4


1,548.3


360.5


1,893.2










Financial income


198.4


241.1


151.2


207.4

Financial costs


(558.5)


(274.8)


(303.7)


(96.5)

Other financial results


(201.5)


(238.2)


95.7


(175.9)

Financial results, net


(561.6)


(271.9)


(56.8)


(65.1)










Profit before tax


(463.2)


1,276.4


303.7


1,828.0










Income tax and minimum expected profit tax


68.0


(35.5)


20.8


(109.1)










Net income for continuing operations


(395.2)


1,240.9


324.6


1,718.9










Discontinued operations


-


(120.0)


-


(120.0)










Net income for the period


(395.2)


1,120.9


324.6


1,598.9










Attributable to:









Owners of the Company


(80.4)


545.3


309.7


931.8

Continuing operations


(80.4)


627.7


309.7


927.6

Discontinued operations


-


(82.5)


-


4.2

Non-controlling interests


(314.8)


575.6


14.9


667.0










Net income for the period attributable to the owners of the Company (AR$ per share):









Basic and diluted income for continuing operations per share


(0.0612)


0.4776


0.2356


0.7058

Basic and diluted income for discontinued operations per share


-


(0.0627)


-


0.0032

For the full version of this Results Report, please visit Pampa's Investor Relations website: www.pampaenergia.com/ir.

Information about the Conference Call

There will be a conference call to discuss Pampa and Edenor's second quarter 2014 results on Wednesday August 13, 2014 at 10:00 a.m. New York Time / 11:00 a.m. Buenos Aires Time.

The hosts will be Mr. Leandro Montero, CFO of Edenor and Mr. Mariano Batistella, Special Projects, Planning Manager and Investor Relations Officer of Pampa. For those interested in participating, please dial 0800-444-2930 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 / Edenor 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.

For further information, contact:

Ricardo Torres - Chief Executive Officer
Mariano Batistella – Special Projects and Planning Manager and Investor Relations Officer
Lida Wang - Investor Relations and Special Projects Associate
3302 Ortiz de Ocampo, Building #4
(C1425DSR) Ciudad Autonoma de Buenos Aires, Argentina
Phone: +54 (11) 4809 9500
http://www.pampaenergia.com/ir 
investor@pampaenergia.com

[1] Under the International Financial Reporting Standards ('IFRS'), we no longer consolidate the Transmission segment, and our net income in said segment is shown in the line 'Results for participation in joint businesses'. For more information, please refer to section 4 of Pampa's full Earnings Release.

[2] Adjusted consolidated EBITDA represents the consolidated results for continuing activities before net financial results, income taxes, depreciation, amortization, reserve directors options, one-time income and expenses, and non-controlling interests, including PUREE proceeds, other non-accrued collections, and other adjustments related to IFRS. For more information, please refer to section 4 of Pampa's full Earnings Release.

[3] The financial information presented in this document for the quarters ended on June 30, 2014 and of 2013 are based on unaudited financial statements prepared according to the IFRS accounting standards in force in Argentina corresponding to the six-month periods ended on June 30, 2014 and of 2013, and the three-month periods ended on March 31, 2014 and of 2013.

©2012 PR Newswire. All Rights Reserved.

Powered by WorldNow

208 DeBuys Road
Biloxi, MS 39531
(228) 896-1313

FCC Public File
EEO Report
Closed Captioning

All content © Copyright 2000 - 2014 Worldnow and WLOX. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.