BUENOS AIRES, Argentina,
Aug. 12, 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 six-month period and quarter ended on
June 30, 2019.
As from April 1, 2019, the Company
adopted the US Dollar as functional currency ('FC US$') for the
reporting of its financial information, effective as from
January 1, 2019.
However, the information related to the comparative periods are
reported in local and constant currency ('L&CC') as of
December 31, 2018, which are shown in
US$ converted by closing nominal exchange rate ('FX'). Moreover,
Edenor, Transener, OldelVal, Refinor and TGS continue recording
their operations under L&CC, therefore their figures are
adjusted by inflation. For further information, see section 2 of
the Earnings Release or footnote 3 of Pampa's financial statements
('FS').
For the convenience of the reader, it is shown as supplementary
information for each segment's quarterly comparative period the
figures in historical terms recorded in local currency ('L&NC')
expressed in US$ at average FX, except for the distribution segment
and subsidiaries subject to L&CC, which comparative quarter's
figures are shown in L&CC as of June 30,
2019 and expressed in US$ at closing FX.
Main Results for the First Semester of 2019 ('1H
19')1
Consolidated net revenues of US$1,515
million2, 4% higher than the US$1,450 million recorded in the first semester
of 2018 ('1H 18'), explained by increases of 56% in power
generation, 8% in electricity distribution and 3% in
petrochemicals, partially offset by decreases of 8% in oil and gas,
and 38% in holding and others, in addition to higher eliminations
due to intersegment sales of US$124
million.
- Power Generation of 7,640 GWh from 15 power plants
- Electricity sales of 9,866 GWh to 3.1 million
end-users
- Production of 47.7 thousand barrels per day of
hydrocarbons
- Sales of 178 thousand tons of petrochemical
products
Consolidated adjusted
EBITDA3 for continuing operations
of US$484 million, 6% lower
compared to the US$514 million for 1H
18, mainly due to decreases of 39% in electricity distribution, 22%
in oil and gas and 2% in holding and others, partially offset by
increases of 36% in power generation, US$10
million in petrochemicals and lower intersegment
eliminations of US$1 million.
Consolidated gain attributable to the owners of the Company
of US$567 million, higher than
the US$63 million gain in 1H 18,
includes an extraordinary non-cash gain for the settlement of
Edenor's regulatory liabilities and lower accrual of losses from FX
difference as a result of change in the reporting methodology,
partially offset by decrease at operating margins in electricity
distribution and oil and gas segments.
Main Results for the Second Quarter 2019 ('Q2
19')4
Consolidated net revenues of US$808
million, 13% higher than the US$715 million recorded for the second quarter
2018 ('Q2 18'), explained by increases of 46% in power generation
and 30% in electricity distribution, partially offset by decreases
of 10% in oil and gas and 63% in holding and others, in addition to
higher eliminations due to intersegment sales of US$63 million. Petrochemicals remained
unchanged.
- Power Generation of 3,727 GWh from 15 power plants
- Electricity sales of 4,849 GWh to 3.1 million
end-users
- Production of 48.5 thousand barrels per day of
hydrocarbons
- Sales of 95 thousand tons of petrochemical products
Consolidated adjusted EBITDA for continuing operations of
US$266 million, 21% higher
compared to the US$219 million for Q2
18, mainly due to increases of 56% in power generation, 27% in
electricity distribution and US$9
million in petrochemicals, partially offset by decreases of
15% in oil and gas and 10% in holding and others.
Consolidated gain attributable to the owners of the Company
of US$394 million, US$466 million higher than the gain recorded in
Q2 18, includes an extraordinary non-cash gain of Edenor and lower
accrual of losses from FX difference, both effects explained
above.
Consolidated Balance Sheet
(As of June 30, 2019 and December
31, 2018, in millions)
|
|
|
|
|
|
|
|
Figures in
million
|
|
FC US$ as of
6.30.2019
|
|
L&CC as of
12.31.2018
|
|
|
AR$
|
US$ FX
42.46
|
|
AR$
|
US$ FX
37.7
|
|
ASSETS
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
154,620
|
3,642
|
|
125,005
|
3,316
|
|
Intangible
assets
|
|
7,025
|
165
|
|
6,080
|
161
|
|
Deferred tax
credits
|
|
3,319
|
78
|
|
80
|
2
|
|
Participation in
joint businesses and associates
|
|
21,741
|
512
|
|
15,333
|
407
|
|
Financial assets at
fair value with changing results
|
|
458
|
11
|
|
422
|
11
|
|
Other
assets
|
|
35
|
1
|
|
33
|
1
|
|
Right-of-use
assets
|
|
289
|
7
|
|
-
|
-
|
|
Trade receivable and
other credits
|
|
8,910
|
210
|
|
9,521
|
253
|
|
Total non-current
assets
|
|
196,397
|
4,625
|
|
156,474
|
4,151
|
|
Inventories
|
|
7,036
|
166
|
|
5,169
|
137
|
|
Investments at
amortized cost
|
|
-
|
-
|
|
1,330
|
35
|
|
Financial assets at
fair value with changing results
|
|
10,596
|
250
|
|
15,273
|
405
|
|
Financial
derivatives
|
|
7
|
0
|
|
3
|
0
|
|
Trade receivable and
other credits
|
|
31,725
|
747
|
|
26,489
|
703
|
|
Cash and cash
equivalents
|
|
8,527
|
201
|
|
9,097
|
241
|
|
Total current
assets
|
|
57,891
|
1,363
|
|
57,361
|
1,522
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
254,288
|
5,989
|
|
213,835
|
5,672
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
Share
capital
|
|
1,815
|
43
|
|
1,874
|
50
|
|
Adjustment to share
capital
|
|
9,826
|
231
|
|
9,826
|
261
|
|
Share
premium
|
|
18,500
|
436
|
|
18,499
|
491
|
|
Repurchased
shares
|
|
85
|
2
|
|
25
|
1
|
|
Adjustment to share
capital in treasury
|
|
134
|
3
|
|
134
|
4
|
|
Cost of repurchased
shares
|
|
(3,876)
|
(91)
|
|
(1,490)
|
(40)
|
|
Statutory
reserve
|
|
1,753
|
41
|
|
904
|
24
|
|
Voluntary
reserve
|
|
23,489
|
553
|
|
7,355
|
195
|
|
Other
reserves
|
|
(720)
|
(17)
|
|
(483)
|
(13)
|
|
Retained
earnings
|
|
25,304
|
596
|
|
15,193
|
403
|
|
Other comprehensive
result
|
|
6,338
|
149
|
|
(314)
|
(8)
|
|
Equity
attributable to owners of the parent
|
|
82,648
|
1,946
|
|
51,523
|
1,367
|
|
Non-controlling
interests
|
|
24,779
|
584
|
|
16,160
|
429
|
|
Total
equity
|
|
107,427
|
2,530
|
|
67,683
|
1,795
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Investments in joint
ventures and associates
|
|
199
|
5
|
|
153
|
4
|
|
Provisions
|
|
7,073
|
167
|
|
5,499
|
146
|
|
Income tax and
minimum expected profit tax liability
|
|
503
|
12
|
|
1,034
|
27
|
|
Deferred
revenues
|
|
273
|
6
|
|
275
|
7
|
|
Tax
payable
|
|
586
|
14
|
|
542
|
14
|
|
Deferred tax
liabilities
|
|
14,970
|
353
|
|
15,354
|
407
|
|
Defined benefit plan
obligations
|
|
1,380
|
33
|
|
1,175
|
31
|
|
Salaries and social
security payable
|
|
198
|
5
|
|
163
|
4
|
|
Borrowings
|
|
71,165
|
1,676
|
|
69,189
|
1,835
|
|
Accounts payable and
other liabilities
|
|
3,878
|
91
|
|
8,162
|
216
|
|
Total non-current
liabilities
|
|
100,225
|
2,360
|
|
101,546
|
2,694
|
|
Provisions
|
|
1,212
|
29
|
|
871
|
23
|
|
Deferred
income
|
|
5
|
0
|
|
5
|
0
|
|
Income tax and
minimum expected profit tax liability
|
|
3,004
|
71
|
|
1,084
|
29
|
|
Tax
payable
|
|
2,637
|
62
|
|
2,052
|
54
|
|
Defined benefit plan
obligations
|
|
161
|
4
|
|
162
|
4
|
|
Salaries and social
security payable
|
|
2,053
|
48
|
|
2,726
|
72
|
|
Financial
derivatives
|
|
6
|
0
|
|
49
|
1
|
|
Borrowings
|
|
13,651
|
322
|
|
12,901
|
342
|
|
Accounts payable and
other liabilities
|
|
23,907
|
563
|
|
24,756
|
657
|
|
Total current
liabilities
|
|
46,636
|
1,098
|
|
44,606
|
1,183
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
146,861
|
3,459
|
|
146,152
|
3,877
|
|
|
|
|
|
|
|
|
|
Total liabilities
and equity
|
|
254,288
|
5,989
|
|
213,835
|
5,672
|
|
|
|
|
|
|
|
|
|
Consolidated Income Statement
(For the six-month period and quarter ended on June 30, 2019 and 2018, in millions)
|
|
First
Half
|
|
Second
Quarter
|
|
Figures in
million
|
|
2019*
|
|
2018†
|
|
2019*
|
|
2018†
|
|
|
|
AR$
|
US$
|
|
AR$
|
US$
|
|
AR$
|
US$
|
|
AR$
|
US$
|
|
Sales
revenue
|
|
63,878
|
1,515
|
|
54,663
|
1,450
|
|
34,485
|
808
|
|
26,940
|
715
|
|
Cost of
sales
|
|
(45,131)
|
(1,070)
|
|
(36,308)
|
(963)
|
|
(23,860)
|
(567)
|
|
(18,786)
|
(498)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
18,747
|
445
|
|
18,355
|
487
|
|
10,625
|
241
|
|
8,154
|
216
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
(3,644)
|
(86)
|
|
(2,677)
|
(71)
|
|
(1,831)
|
(43)
|
|
(1,243)
|
(33)
|
|
Administrative
expenses
|
|
(3,704)
|
(88)
|
|
(3,805)
|
(101)
|
|
(1,842)
|
(43)
|
|
(1,932)
|
(51)
|
|
Exploration
expenses
|
|
(71)
|
(2)
|
|
(5)
|
(0)
|
|
(30)
|
(1)
|
|
(2)
|
(0)
|
|
Other operating
income
|
|
950
|
22
|
|
5,326
|
141
|
|
467
|
8
|
|
340
|
9
|
|
Other operating
expenses
|
|
(1,957)
|
(47)
|
|
(4,741)
|
(126)
|
|
(940)
|
(22)
|
|
(1,266)
|
(34)
|
|
Results for
participation in joint businesses and associates
|
|
2,928
|
69
|
|
705
|
19
|
|
2,090
|
43
|
|
(54)
|
(1)
|
|
Agreement from
regularization of liabilities
|
|
13,066
|
308
|
|
-
|
-
|
|
13,066
|
308
|
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
26,315
|
621
|
|
13,158
|
349
|
|
21,605
|
491
|
|
3,997
|
106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECPAM - Results from
net monetary position
|
|
5,825
|
137
|
|
7,413
|
197
|
|
2,517
|
61
|
|
3,825
|
101
|
|
Financial
income
|
|
2,399
|
64
|
|
1,313
|
35
|
|
1,101
|
31
|
|
701
|
19
|
|
Financial
costs
|
|
(7,151)
|
(170)
|
|
(4,728)
|
(125)
|
|
(3,540)
|
(82)
|
|
(2,322)
|
(62)
|
|
Other financial
results
|
|
538
|
6
|
|
(17,936)
|
(476)
|
|
1,033
|
12
|
|
(14,878)
|
(395)
|
|
Financial
results, net
|
|
1,611
|
37
|
|
(13,938)
|
(370)
|
|
1,111
|
22
|
|
(12,674)
|
(336)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before
tax
|
|
27,926
|
658
|
|
(780)
|
(21)
|
|
22,716
|
513
|
|
(8,677)
|
(230)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
|
|
1,159
|
36
|
|
543
|
14
|
|
(197)
|
6
|
|
2,858
|
76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for
continuing operations
|
|
29,085
|
694
|
|
(237)
|
(6)
|
|
22,519
|
519
|
|
(5,819)
|
(154)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
discontinued operations
|
|
-
|
-
|
|
4,125
|
109
|
|
-
|
-
|
|
3,366
|
89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the
period
|
|
29,085
|
694
|
|
3,888
|
103
|
|
22,519
|
519
|
|
(2,453)
|
(65)
|
|
Attributable to
the owners of the Company
|
|
23,704
|
567
|
|
2,392
|
63
|
|
17,236
|
394
|
|
(2,695)
|
(71)
|
|
Continuing
operations
|
|
23,704
|
567
|
|
(1,653)
|
(44)
|
|
17,236
|
394
|
|
(6,031)
|
(160)
|
|
Discontinued
operations
|
|
-
|
-
|
|
4,045
|
107
|
|
-
|
-
|
|
3,336
|
88
|
|
Attributable to
the non-controlling interests
|
|
5,381
|
127
|
|
1,496
|
40
|
|
5,283
|
125
|
|
242
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share attributable to the owners of the Company
|
|
12.7853
|
0.3058
|
|
1.1759
|
0.0311
|
|
9.4518
|
0.2159
|
|
(1.3536)
|
(0.0360)
|
|
Basic and diluted
income per share of continuing operations
|
|
12.7853
|
0.3058
|
|
(0.8126)
|
(0.0216)
|
|
9.4518
|
0.2159
|
|
(3.0293)
|
(0.0804)
|
|
Basic and diluted
income per share of discontinued operations
|
|
-
|
-
|
|
1.9885
|
0.0527
|
|
-
|
-
|
|
1.6757
|
0.0444
|
|
* FC US$ was adopted
on April1, 2019, effective as from January 1, 2019 for Pampa
Energía stand-alone and generation subsidiaries Greenwind, Los
Nihuiles hydroelectric power plant ('HINISA'), Diamante
hydroelectric power plant ('HIDISA'), Piedra Buena thermal power
plant and Pampa Cogeneración, among other subsidiaries. The 1H 19
and Q2 19 results in AR$ are disclosed at transactional FX.
|
L&CC applies as
from July 1, 2018 retrospectively and prospectively for
subsidiaries Edenor (electricity distribution segment), OldeVal
(oil and gas segment), Refinor, TGS and Transener (holding and
others segment). Figures in AR$ for 1H 19 and Q2 19 are adjusted by
inflation as of June 30, 2019 for approximately 10.1% and 4.5%,
respectively, and the disclosure in US$ results from converting by
a closing FX of AR$42.46 per US$.
|
† Figures
for 1H 18 and Q2 18 are recorded in AR$ and adjusted by inflation
as of December 31, 2018 for approximately 36.7% and 32.6%,
respectively, and shown in US$ at a closing FX of AR$37.70 per
US$.
|
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 Q2 19 results
on Tuesday August 13, 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 Q2 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/PampaQ219Call.
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 The businesses under FC US$ use the
corresponding period's average FX, whereas the figures adjusted by
inflation are converted into US$ by applying the closing FX.
2 Under the International Financial Reporting
Standards ('IFRS'), Greenwind, OldelVal, Refinor, Pampa
Cogeneración, Transener and TGS are not consolidated in Pampa's FS,
being its equity income shown as 'Results for participation in
associates/joint businesses'.
3 Consolidated adjusted EBITDA represents the
results before net financial results, income tax and minimum
notional income tax, depreciations and amortizations, extraordinary
and non-cash income and expense, equity income and other
adjustments from the IFRS implementation, and includes affiliates'
EBITDA at our ownership. For more information, see section 3 of the
Earnings Release.
4 The financial information presented in this
document for the quarters ended on June 30,
2019 and of 2018 are based on FS prepared according to IFRS
in force in Argentina,
corresponding to the six-month period of 2019 and 2018, and the
quarters ended on March 31, 2019 and
2018, respectively.
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SOURCE Pampa Energia S.A.