BUENOS AIRES, Argentina, March 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 fiscal year and quarter ended on December 31, 2013. All figures are stated in Argentine Pesos and have been prepared in accordance with International Financial Reporting Standards.
Highlights for the Fiscal Year of 2013
Consolidated sales revenues of AR$5,335.0 million[1] for the fiscal year ended on December 31st, 2013, 20.3% lower than the AR$6,695.4 million for the same period of 2012, mainly explained by a decrease of 52.2% (AR$1,891.9 million) in the generation segment, partially offset by increases of 15.6% (AR$463.5 million) in distribution and 11.5% (AR$21.6 million) in holding and others segments.
Adjusted consolidated EBITDA[2] of AR$(484.5) million, compared to AR$182.9 million for the same period of 2012, mainly due to decreases of AR$130.8 million in generation and AR$673.4 million in distribution, which were partially offset by increases of AR$108.5 million in the transmission segment and AR$28.2 million in holding and others.
Consolidated profit of AR$614.8 million during the fiscal year ended on December 31, 2013, of which a gain of AR$286.1 million are attributable to the owners of the Company, compared to a AR$649.7 million loss attributable to the owners of the Company in the same period of 2012, mainly explained by a higher profit of AR$832.7 million from distribution segment, due to the application in May 2013 of SE Resolution No. 250/13 and its extension in November 2013 through SE Note No. 6,852/13.
Main Results for the Fourth Quarter of 2013[3]
Consolidated sales revenues of AR$1,376.3 million for the quarter ended on December 31, 2013, 12.5% lower than the AR$1,573.1 million for the same period of 2012, mainly explained by a decrease of 37.1% (AR$269.6 million) in the generation segment, partially offset by increases of 7.6% (AR$61.5 million) in distribution and 40.2% (AR$19.2 million) in holding and others segment.
Adjusted consolidated EBITDA of AR$(103.8) million, compared to AR$(15.3) million in the same period of 2012, mainly due to decreases of AR$230.4 million in distribution and AR$9.5 million in holding and others segment, which was partially offset by increases of AR$88.0 million in generation and AR$63.3 million in transmission segment.
Consolidated loss of AR$124.3 million in the fourth quarter ended on December 31, 2013, of which AR$98.6 million are attributable to the owners of the Company, compared to a AR$268.3 million loss attributable to the owners of the Company in the same period of 2012.
Consolidated Balance Sheet
(As of December 31, 2013 and December 31, 2012, in millions of Argentine Pesos)
As of 12.31.13 | As of 12.31.12 | |
ASSETS | ||
Participation in joint businesses | 188.6 | 192.3 |
Participation in associates | 134.8 | 132.5 |
Property, plant and equipment | 6,902.7 | 6,019.4 |
Intangible assets | 901.8 | 1,798.5 |
Biological assets | 1.9 | 2.0 |
Financial assets with a results changing fair value | 432.7 | 303.8 |
Deferred tax assets | 63.2 | 87.5 |
Trade receivable and other credits | 366.7 | 421.1 |
Total non-current assets | 8,992.5 | 8,957.1 |
Assets on construction | - | 84.5 |
Biological assets | 0.6 | 0.5 |
Inventories | 113.7 | 107.3 |
Trade receivable and other credits | 2,257.9 | 1,541.5 |
Financial assets with a results changing fair value | 844.3 | 236.6 |
Cash and cash equivalents | 341.7 | 156.6 |
Total current assets | 3,558.1 | 2,127.1 |
Assets classified as held for sale | 12.0 | 235.2 |
Total assets | 12,562.6 | 11,319.5 |
As of 12.31.13 | As of 12.31.12 | |
EQUITY | ||
Share capital | 1,314.3 | 1,314.3 |
Share premium | 263.5 | 1,018.4 |
Director's options reserve | 259.4 | 250.4 |
Retained earnings | 286.1 | (771.8) |
Other comprehensive result | (24.4) | (10.8) |
Equity attributable to owners of the parent | 2,098.9 | 1,800.5 |
Non-controlling interests | 776.0 | 529.8 |
Total equity | 2,874.8 | 2,330.3 |
LIABILITIES | ||
Accounts payable and other liabilities | 1,295.9 | 2,230.3 |
Borrowings | 2,924.5 | 2,218.5 |
Deferred revenues | 33.7 | 264.4 |
Salaries and social security payable | 26.0 | 17.5 |
Defined benefit plan obligations | 136.5 | 120.9 |
Deferred tax liabilities | 416.6 | 625.4 |
Tax payable | 150.1 | 61.5 |
Provisions | 90.3 | 86.4 |
Total non-current liabilities | 5,073.5 | 5,624.9 |
Accounts payable and other liabilities | 3,098.6 | 1,688.0 |
Borrowings | 753.6 | 790.9 |
Salaries and social security payable | 501.4 | 447.9 |
Defined benefit plan obligations | 8.6 | 21.8 |
Tax payable | 239.7 | 248.1 |
Provisions | 12.4 | 11.7 |
Total current liabilities | 4,614.2 | 3,208.4 |
Liabilities classified as held for sale | - | 155.8 |
Total liabilities | 9,687.7 | 8,989.2 |
Total liabilities and equity | 12,562.6 | 11,319.5 |
Consolidated Income Statement
(For the fiscal year period and quarter ended on December 31, 2013, and December 31, 2012, in millions of Argentine Pesos)
Full Year | 4th Quarter | |||||||
2013 | 2012 | 2013 | 2012 | |||||
Sales revenue | 5,335.0 | 6,695.4 | 1,376.3 | 1,573.1 | ||||
Cost of sales | (5,598.6) | (6,355.8) | (1,435.5) | (1,526.3) | ||||
Gross profit | (263.6) | 339.6 | (59.2) | 46.8 | ||||
Selling expenses | (635.4) | (414.0) | (185.5) | (109.0) | ||||
Administrative expenses | (564.4) | (463.3) | (182.5) | (133.0) | ||||
Other operating income | 466.2 | 196.4 | 186.0 | 15.5 | ||||
Other operating expenses | (211.5) | (203.9) | (63.4) | (83.0) | ||||
Results for participation in joint businesses | (4.8) | (31.0) | 5.6 | (12.6) | ||||
Results for participation in associates | 2.2 | 2.3 | 0.8 | 4.3 | ||||
Impairment of property, plant and equipment | - | (108.3) | - | - | ||||
Operating income before Res. No. 250/13 and Note SE No. 6,852/13 | (1,211.2) | (682.3) | (298.3) | (270.9) | ||||
Higher Costs Recognition - Res. No. 250/13 and Note SE No. 6,852/13 | 2,933.1 | - | 720.4 | - | ||||
Operating income | 1,721.9 | (682.3) | 422.2 | (270.9) | ||||
Financial income | 337.6 | 143.3 | 53.0 | 40.8 | ||||
Financial costs | (815.7) | (501.9) | (216.1) | (174.2) | ||||
Other financial results | (510.8) | (203.0) | (272.8) | (51.9) | ||||
Financial results, net | (988.9) | (561.7) | (436.0) | (185.3) | ||||
Profit before tax | 733.0 | (1,243.9) | (13.8) | (456.2) | ||||
Income tax and minimum expected profit tax | 8.7 | 133.3 | (110.5) | 59.5 | ||||
Net income for continuing operations | 741.6 | (1,110.6) | (124.3) | (396.7) | ||||
Discontinued operations | (126.9) | 31.1 | 0.0 | (36.5) | ||||
Net income for the period | 614.8 | (1,079.6) | (124.3) | (433.2) | ||||
Attributable to: | ||||||||
Owners of the Company | 286.1 | (649.7) | (98.6) | (268.3) | ||||
Continuing operations | 371.8 | (674.7) | (98.6) | (260.0) | ||||
Discontinued operations | (85.7) | 25.0 | 0.0 | (8.3) | ||||
Non-controlling interests | 328.7 | (429.9) | (25.7) | (164.9) | ||||
Net income for the period attributable to the owners of the Company (AR$ per share): | ||||||||
Basic and diluted income for continuing operations per share | 0.2829 | (0.5133) | (0.0750) | (0.1978) | ||||
Diluted income for continuing operations per share (AR$ per share) | (0.0652) | 0.0190 | 0.0000 | (0.0063) | ||||
Basic and diluted income for discontinued operations per share | (0.0652) | 0.0186 | 0.0000 | (0.0059) | ||||
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 fourth quarter 2013 results on Wednesday March 12, 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 and 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 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 Earnings Release.
[3] The financial information presented in this document for the quarters ended on December 31, 2013 and of 2012 are based on unaudited financial statements prepared according to the IFRS accounting standards in force in Argentina corresponding to the fiscal year ended on December 31, 2013 and of 2012, and the nine-month periods ended on September 30, 2013 and of 2012.
SOURCE Pampa Energia S.A.
