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Pampa Energía Announces Results for the Quarter Ended on March 31, 2019

BUENOS AIRES, Argentina, May 10, 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 quarter ended on March 31, 2019. All figures are stated in Argentine Pesos.

The financial information presented in the Earnings Release is disclosed and explained in constant currency as of March 31, 2019, based on financial statements ('FS') prepared in accordance with the International Accounting Standards ('IAS') 29 of the International Financial Reporting Standards ('IFRS'). For the convenience of the reader, the quarterly financial data in nominal terms is disclosed at the end of each segment's analysis as a supplementary information.

Main Results for the First Quarter 2019 ('Q1 19')

Consolidated net revenues of AR$29,908 million1, 3% lower than the AR$30,728 million for the first quarter 2018 ('Q1 18'), explained by decreases of 8% in electricity distribution, 7% in oil and gas, and 13% in holding and others, in addition to higher eliminations due to intersegment sales of AR$2,454 million, partially offset by increases of 64% in power generation and 4% in petrochemicals.

  • Power Generation of 3,913 GWh from 12 power plants
  • Electricity sales of 5,018 GWh to 3.1 million end-users
  • Production of 46.8 thousand barrels per day of hydrocarbons
  • Sales of 83 thousand tons of petrochemical products

Consolidated adjusted EBITDA2 for continuing operations of AR$8,037 million, 34% lower compared to the AR$12,237 million for Q1 18, mainly due to decreases of 79% in electricity distribution, 47% in oil and gas, AR$213 in petrochemicals and 5% in holding and others, partially offset by increases of 25% in power generation and lower intersegment eliminations of AR$19 million.

Consolidated gain attributable to the owners of the Company of AR$6,375 million, 13% higher than the AR$5,640 million gain in Q1 18, which includes a higher profit of AR$4,103 million due to Results on Net Monetary Position ('RECPAM'), as a result of our passive net monetary position, in addition to a higher gain from lower deferred tax liabilities, partially offset by higher losses of AR$3.143 million due to 15% of AR$ depreciation against US$ in Q1 19, currency in which most of the Company's financial liabilities are denominated.

Consolidated Balance Sheet
(As of March 31, 2019 and December 31, 2018, in millions of Argentine Pesos) 

In AR$ million

As of 3.31.19

As of 12.31.18

ASSETS



Property, plant and equipment

141,673

138,554

Intangible assets

6,659

6,739

Deferred tax credits

81

89

Participation in joint businesses and associates

16,534

16,995

Financial assets at fair value with changing results

468

468

Right-of-use assets

36

37

Other assets

306

-

Trade receivable and other credits

10,064

10,553

Total non-current assets

175,821

173,435

Inventories

6,061

5,729

Investments at amortized cost

1,822

1,474

Financial assets at fair value with changing results

17,596

16,928

Financial derivatives

166

3

Trade receivable and other credits

31,709

29,360

Cash and cash equivalents

4,281

10,083

Total current assets

61,635

63,577




Total assets

237,456

237,012




EQUITY



Share capital

1,875

1,874

Adjustment to share capital

11,094

11,094

Share premium

20,503

20,504

Repurchased shares

25

25

Cost of repurchased shares

(1,630)

(1,652)

Adjustment to share capital in treasury

151

151

Statutory reserve

1,002

1,002

Voluntary reserve

8,152

8,152

Other reserves

(725)

(535)

Retained earnings

23,215

16,840

Other comprehensive result

(239)

(348)

Equity attributable to owners of the parent

63,423

57,107

Non-controlling interests

17,927

17,912

Total equity

81,350

75,019




LIABILITIES



Investments in joint ventures and associates

204

170

Provisions

6,598

6,095

Income tax and minimum expected profit tax liability

447

1,146

Deferred revenues

274

305

Tax payable

561

601

Deferred tax liabilities

12,277

17,018

Defined benefit plan obligations

1,262

1,303

Salaries and social security payable

176

181

Borrowings

79,077

76,688

Accounts payable and other liabilities

9,095

9,047

Total non-current liabilities

109,971

112,554

Provisions

892

965

Deferred income

5

6

Income tax and minimum expected profit tax liability

1,740

1,201

Tax payable

3,511

2,274

Defined benefit plan obligations

157

180

Salaries and social security payable

2,020

3,021

Financial derivatives

12

54

Borrowings

8,263

14,299

Accounts payable and other liabilities

29,535

27,439

Total current liabilities

46,135

49,439




Total liabilities

156,106

161,993




Total liabilities and equity

237,456

237,012

Consolidated Income Statement
(For the quarter ended on March 31, 2019 and 2018, in millions of Argentine Pesos)



First Quarter

In AR$ million


2019


2018

Sales revenue


29,908


30,728

Cost of sales


(21,925)


(19,422)






Gross profit


7,983


11,306






Selling expenses


(1,829)


(1,590)

Administrative expenses


(1,900)


(2,076)

Exploration expenses


(44)


(3)

Other operating income


515


5,527

Other operating expenses


(1,038)


(3,851)

Results for participation in joint businesses and associates


756


841






Operating income


4,443


10,154






RECPAM - Results from net monetary position


8,080


3,977

Financial income


1,342


678

Financial costs


(3,683)


(2,667)

Other financial results


(6,381)


(3,389)

Financial results, net


(642)


(1,401)






Profit before tax


3,801


8,753






Income tax


2,764


(2,565)






Net income for continuing operations


6,565


6,188






Net income from discontinued operations


-


842






Net income for the period


6,565


7,030






Attributable to:





Owners of the Company


6,375


5,640

Continuing operations


6,375


4,896

Discontinued operations


-


744

Non-controlling interests


190


1,390






Net income per share attributable to the owners of the Company


3.4000


2.7141

Basic and diluted income per share of continuing operations


3.4000


2.3561

Basic and diluted income per share of discontinued operations


-


0.3580






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 Q1 19 results on Tuesday, May 14, 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 Q1 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/PampaQ119Call.

You may find additional information on the Company at:

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 IFRS, Greenwind, OldelVal, Refinor, Transener and TGS are not consolidated in Pampa's FS, being its equity income shown as 'Results for participation in associates/joint businesses'.

2 Consolidated adjusted EBITDA represents the results before net financial results, income tax and minimum notional income tax, depreciations and amortizations, non-recurring and non-cash income and expense, equity income and other adjustments from the IFRS implementation, and includes affiliates' EBITDA at ownership. For more information, see section 3 of the Earnings Release.

Cision

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