BUENOS AIRES, Argentina,
Nov. 11, 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 nine-month period and quarter ended on September 30, 2019.
The Company adopted the US Dollar as functional currency ('FC
US$') for the reporting of its financial information, effective as
from January 1, 2019. However, the
information of the comparative periods is reported in local and
constant currency ('L&CC') as of December 31, 2018, which are shown in US$
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 recorded in local currency and nominal terms ('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 September 30, 2019 and expressed in US$ at
closing FX.
Main Results for the Nine-Month Period Ended on September 30, 2019 ('9M19')
Consolidated net revenues of US$2,134
million1, 6% lower than the US$2,280 million recorded in the same period of
2018 ('9M18'), due to decreases of 7% in electricity distribution,
13% in oil and gas, 6% in petrochemicals, 44% in holding and
others, and higher eliminations due to intersegment sales of
US$195 million, partially offset by
increases of 50% in power generation.
- Power Generation of 11,777 GWh from 15 power
plants2
- Electricity sales of 15,228 GWh to 3.1 million
end-users
- Production of 48.4 thousand barrels per day of
hydrocarbons
- Sales of 253 thousand tons of petrochemical
products
Consolidated adjusted EBITDA3 for
continuing operations of US$724
million, 13% lower than the US$828 million for 9M18, mainly due to decreases
of 37% in electricity distribution, 29% in oil and gas, 26% in
holding and others, and higher intersegment eliminations of
US$1 million, partially offset by
increases of 24% in power generation and US$13 million in petrochemicals.
Consolidated gain attributable to the owners of the Company
of US$683 million, higher than
the US$65 million loss in 9M18,
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 of the functional currency,
partially offset by decrease at operating margins in electricity
distribution and oil and gas.
Main Results for the Third Quarter 2019 ('Q3
19')4
Consolidated net revenues of US$579
million, a 30% lower than the US$830 million recorded for the third quarter
2018 ('Q3 18'), explained by decreases of 44% in electricity
distribution, 20% in oil and gas, 22% in petrochemicals, 56% in
holding and others, and higher eliminations due to intersegment
sales for US$71 million, partially
offset by a 40% increase in power generation.
- Power Generation of 4,138 GWh from 15 power plants
- Electricity sales of 5,362 GWh to 3.1 million
end-users
- Production of 49.8 thousand barrels per day of
hydrocarbons
- Sales of 75 thousand tons of petrochemical products
Consolidated adjusted EBITDA for continuing operations of
US$270 million, 15% lower
compared to the US$319 million for Q3
18, due to decreases of 11% in electricity distribution, 39% in oil
and gas, 46% in holding and others, and higher intersegment
eliminations for US$2 million,
partially offset by increases of 11% in power generation and
US$3 million in petrochemicals.
Consolidated gain attributable to the owners of the Company
of US$116 million, US$244 million higher than the loss of
US$128 million in Q3 18, mainly due
to lower recording of losses from FX difference as explained
above.
|
Consolidated
Balance Sheet
|
|
(As of September
30, 2019 and December 31, 2018, in millions)
|
|
|
Figures in
million
|
|
FC US$ as of
9.30.2019
|
|
L&CC as of
12.31.2018
|
|
AR$
|
US$ FX
57.59
|
|
AR$
|
US$ FX
37.7
|
|
ASSETS
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
195,859
|
3,401
|
|
125,005
|
3,316
|
|
Intangible
assets
|
|
8,465
|
147
|
|
6,080
|
161
|
|
Deferred tax
credits
|
|
3,257
|
57
|
|
80
|
2
|
|
Participation in
joint businesses and associates
|
|
25,591
|
444
|
|
15,333
|
407
|
|
Investments at
amortized cost
|
|
2,027
|
35
|
|
-
|
-
|
|
Financial assets at
fair value with changing results
|
|
645
|
11
|
|
422
|
11
|
|
Other
assets
|
|
48
|
1
|
|
33
|
1
|
|
Right-of-use
assets
|
|
948
|
16
|
|
-
|
-
|
|
Trade receivable and
other credits
|
|
4,260
|
74
|
|
9,521
|
253
|
|
Total non-current
assets
|
|
241,100
|
4,186
|
|
156,474
|
4,151
|
|
Inventories
|
|
8,655
|
150
|
|
5,169
|
137
|
|
Investments at
amortized cost
|
|
3,097
|
54
|
|
1,330
|
35
|
|
Financial assets at
fair value with changing results
|
|
31,263
|
543
|
|
15,273
|
405
|
|
Financial
derivatives
|
|
739
|
13
|
|
3
|
0
|
|
Trade receivable and
other credits
|
|
35,341
|
614
|
|
26,489
|
703
|
|
Cash and cash
equivalents
|
|
2,361
|
41
|
|
9,097
|
241
|
|
Total current
assets
|
|
81,456
|
1,414
|
|
57,361
|
1,522
|
|
|
|
|
|
|
|
|
Total
assets
|
|
322,556
|
5,601
|
|
213,835
|
5,672
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
Share
capital
|
|
1,743
|
30
|
|
1,874
|
50
|
|
Adjustment to share
capital
|
|
9,826
|
171
|
|
9,826
|
261
|
|
Share
premium
|
|
18,500
|
321
|
|
18,499
|
491
|
|
Repurchased
shares
|
|
157
|
3
|
|
25
|
1
|
|
Adjustment to share
capital in treasury
|
|
134
|
2
|
|
134
|
4
|
|
Cost of repurchased
shares
|
|
(6,299)
|
(109)
|
|
(1,490)
|
(40)
|
|
Statutory
reserve
|
|
1,753
|
30
|
|
904
|
24
|
|
Voluntary
reserve
|
|
23,489
|
408
|
|
7,355
|
195
|
|
Other
reserves
|
|
(742)
|
(13)
|
|
(483)
|
(13)
|
|
Retained
earnings
|
|
49,929
|
867
|
|
15,193
|
403
|
|
Other comprehensive
result
|
|
9,240
|
160
|
|
(314)
|
(8)
|
|
Equity
attributable to owners of the parent
|
|
107,730
|
1,871
|
|
51,523
|
1,367
|
|
Non-controlling
interests
|
|
28,254
|
491
|
|
16,160
|
429
|
|
Total
equity
|
|
135,984
|
2,361
|
|
67,683
|
1,795
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Investments in joint
ventures and associates
|
|
199
|
3
|
|
153
|
4
|
|
Provisions
|
|
9,165
|
159
|
|
5,499
|
146
|
|
Income tax and
minimum expected profit tax liability
|
|
544
|
9
|
|
1,034
|
27
|
|
Deferred
revenues
|
|
271
|
5
|
|
275
|
7
|
|
Tax
payable
|
|
435
|
8
|
|
542
|
14
|
|
Deferred tax
liabilities
|
|
18,272
|
317
|
|
15,354
|
407
|
|
Defined benefit plan
obligations
|
|
1,484
|
26
|
|
1,175
|
31
|
|
Salaries and social
security payable
|
|
232
|
4
|
|
163
|
4
|
|
Borrowings
|
|
100,313
|
1,742
|
|
69,189
|
1,835
|
|
Accounts payable and
other liabilities
|
|
4,526
|
79
|
|
8,162
|
216
|
|
Total non-current
liabilities
|
|
135,441
|
2,352
|
|
101,546
|
2,694
|
|
Provisions
|
|
1,254
|
22
|
|
871
|
23
|
|
Deferred
income
|
|
5
|
0
|
|
5
|
0
|
|
Income tax and
minimum expected profit tax liability
|
|
3,876
|
67
|
|
1,084
|
29
|
|
Tax
payable
|
|
3,260
|
57
|
|
2,052
|
54
|
|
Defined benefit plan
obligations
|
|
163
|
3
|
|
162
|
4
|
|
Salaries and social
security payable
|
|
2,681
|
47
|
|
2,726
|
72
|
|
Financial
derivatives
|
|
3
|
0
|
|
49
|
1
|
|
Borrowings
|
|
13,735
|
238
|
|
12,901
|
342
|
|
Accounts payable and
other liabilities
|
|
26,154
|
454
|
|
24,756
|
657
|
|
Total current
liabilities
|
|
51,131
|
888
|
|
44,606
|
1,183
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
186,572
|
3,240
|
|
146,152
|
3,877
|
|
|
|
|
|
|
|
|
Total liabilities
and equity
|
|
322,556
|
5,601
|
|
213,835
|
5,672
|
|
Consolidated
Income Statement
|
|
(For the
nine-month period and quarter ended on September 30, 2019 and 2018,
in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine-Month
Period
|
|
Third
Quarter
|
|
Figures in
million
|
|
2019*
|
|
2018†
|
|
2019*
|
|
2018†
|
|
|
AR$
|
US$
|
|
AR$
|
US$
|
|
AR$
|
US$
|
|
AR$
|
US$
|
|
Sales
revenue
|
|
110,039
|
2,134
|
|
85,933
|
2,280
|
|
44,500
|
579
|
-
|
31,270
|
830
|
|
Cost of
sales
|
|
(77,802)
|
(1,481)
|
|
(55,840)
|
(1,481)
|
|
(31,010)
|
(371)
|
-
|
(19,532)
|
(518)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
32,237
|
653
|
|
30,093
|
799
|
|
13,490
|
208
|
|
11,738
|
312
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
(5,785)
|
(104)
|
|
(4,612)
|
(122)
|
|
(2,102)
|
(17)
|
-
|
(1,935)
|
(51)
|
|
Administrative
expenses
|
|
(5,886)
|
(121)
|
|
(5,513)
|
(146)
|
|
(2,221)
|
(34)
|
-
|
(1,708)
|
(45)
|
|
Exploration
expenses
|
|
(155)
|
(4)
|
|
(12)
|
(0)
|
|
(84)
|
(2)
|
-
|
(7)
|
(0)
|
|
Other operating
income
|
|
1,357
|
27
|
|
6,079
|
161
|
|
407
|
5
|
-
|
753
|
20
|
|
Other operating
expenses
|
|
(3,189)
|
(64)
|
|
(5,839)
|
(155)
|
|
(1,232)
|
(17)
|
-
|
(1,098)
|
(29)
|
|
Results for
participation in joint businesses and associates
|
|
3,429
|
62
|
|
505
|
13
|
|
501
|
(7)
|
-
|
(200)
|
(5)
|
|
Agreement from
regularization of liabilities
|
|
15,296
|
266
|
|
-
|
-
|
|
2,230
|
(42)
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
37,304
|
715
|
|
20,701
|
550
|
|
10,989
|
94
|
|
7,543
|
201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECPAM - Results from
net monetary position
|
|
8,514
|
148
|
|
17,217
|
457
|
|
2,689
|
11
|
|
9,804
|
260
|
|
Financial
income
|
|
3,659
|
83
|
|
2,356
|
62
|
|
1,260
|
19
|
-
|
1,043
|
27
|
|
Financial
costs
|
|
(10,669)
|
(219)
|
|
(8,229)
|
(218)
|
|
(3,518)
|
(49)
|
-
|
(3,501)
|
(93)
|
|
Other financial
results
|
|
1,966
|
56
|
|
(35,687)
|
(948)
|
|
1,428
|
50
|
-
|
(17,751)
|
(472)
|
|
Financial
results, net
|
|
3,470
|
68
|
|
(24,343)
|
(647)
|
|
1,859
|
31
|
|
(10,405)
|
(278)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before
tax
|
|
40,774
|
783
|
|
(3,642)
|
(97)
|
|
12,848
|
125
|
|
(2,862)
|
(77)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
|
|
(2,828)
|
7
|
|
841
|
23
|
|
(3,987)
|
(29)
|
-
|
298
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for
continuing operations
|
|
37,946
|
790
|
|
(2,801)
|
(74)
|
|
8,861
|
96
|
|
(2,564)
|
(68)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
discontinued operations
|
|
-
|
-
|
|
3,021
|
80
|
|
-
|
-
|
-
|
(1,104)
|
(29)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the
period
|
|
37,946
|
790
|
|
220
|
6
|
|
8,861
|
96
|
|
(3,668)
|
(97)
|
|
Attributable to
the owners of the Company
|
|
31,863
|
683
|
|
(2,468)
|
(65)
|
|
8,159
|
116
|
|
(4,860)
|
(128)
|
|
Continuing
operations
|
|
31,863
|
683
|
|
(5,399)
|
(143)
|
|
8,159
|
116
|
|
(3,746)
|
(98)
|
|
Discontinued
operations
|
|
-
|
-
|
|
2,931
|
78
|
|
-
|
-
|
-
|
(1,114)
|
(30)
|
|
Attributable to
the non-controlling interests
|
|
6,083
|
107
|
|
2,688
|
71
|
|
702
|
(20)
|
-
|
1,192
|
31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share attributable to the owners of the Company
|
|
17.4115
|
0.3732
|
|
(1.2414)
|
(0.0327)
|
|
4.5957
|
0.0653
|
|
(2.5653)
|
(0.0676)
|
|
Basic and diluted
income per share of continuing operations
|
|
17.4115
|
0.3732
|
|
(2.7158)
|
(0.0718)
|
|
4.5957
|
0.0653
|
|
(1.9773)
|
(0.0520)
|
|
Basic and diluted
income per share of discontinued operations
|
|
-
|
-
|
|
1.4743
|
0.0391
|
|
-
|
-
|
|
(0.5880)
|
(0.0156)
|
|
* FC US$
was adopted on April 1, 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 ('CPB') and Pampa Cogeneración, among other subsidiaries. The
9M19 and Q3 19 results are disclosed in AR$ converted 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 9M19 and Q3 19 are adjusted by
average inflation as of September 30, 2019 for approximately 15.9%
and 5.9%, respectively, and the disclosure in US$ results from
converting by a closing FX of AR$57.59 per US$.
|
|
|
† Figures
for 9M18 and Q3 18 are recorded in AR$ and adjusted by inflation as
of December 31, 2018 for approximately 27.1% and 18.9%,
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 Q3 19 results
on Tuesday, November 12, 2019 at
10:00 a.m. Eastern Standard Time /
12:00 p.m. Buenos Aires Time.
The host will be Lida Wang,
Investor Relations Manager at Pampa. For those interested in
participating, please connect to
http://bit.ly/PampaWebPhone or 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. There will also be
a live audio webcast of the conference at
http://bit.ly/PampaQ319Call. Please download the Q3 19 Conference
Call Presentation from our IR website.
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 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'.
2 Includes the operation of Ensenada Barragán
Thermal Power Plant ('CTEB') and Mario
Cebreiro Wind Farm ('PEMC'), assets co-controlled by Pampa
and of which holds 50% of equity stake.
3 Consolidated adjusted EBITDA represents the
results before 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 September
30, 2019 and of 2018 are based on FS prepared according to
IFRS in force in Argentina,
corresponding to the nine-month period of 2019 and 2018, and the
quarters ended on June 30, 2019 and
2018, respectively.
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content:http://www.prnewswire.com/news-releases/pampa-energia-announces-results-for-the-nine-month-period-and-quarter-ended-on-september-30-2019-300955915.html
SOURCE Pampa Energia S.A.