Pampa Energía S.A. announces results for fiscal year and quarter ended on December 31, 2017
BUENOS AIRES, Argentina, March 12, 2018 /PRNewswire/ -- Pampa Energía S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP), the largest independent energy integrated company in Argentina, with participation in the electricity and oil and gas value chain, announces the results for the fiscal year and quarter ended on December 31, 2017. All figures are stated in Argentine Pesos and have been prepared in accordance with International Financial Reporting Standards.
Main Results for the Fiscal Year 2017 ('FY 2017')1
Consolidated net revenues of AR$50,347 million2, 100.5% higher than the AR$25,110 million for the same period of 2016 ('FY 2016'), explained by increases of AR$4,973 million in power generation, AR$11,260 million in electricity distribution, AR$5,062 million in oil and gas, AR$4,722 million in petrochemicals and AR$344 million in holding and others segment, partially offset by higher eliminations as a result of intersegment sales for AR$1,124 million.
- Power Generation of 14,186 GWh from 11 power plants
- Electricity sales of 21,503 GWh to 3 million end-users
- Production of 69.7 thousand barrels per day of hydrocarbons: 284 million cf/d of gas and 22.2 kboe/d of oil and LPG
- Sales of 1.8 million m3 of refined products and 458 thousand tons of petrochemical products
Adjusted consolidated EBITDA3 of AR$17,953 million, compared to AR$7,372 million for FY 2016, mainly due to increases of AR$2,990 million in power generation, AR$1,923 million in electricity distribution, AR$3,755 million in oil and gas, AR$1,036 million in refining and distribution, AR$90 million in petrochemicals and AR$795 million in holding and others segment, partially offset by lower intersegment eliminations for AR$8 million.
Consolidated gain of AR$5,670 million, of which AR$4,606 million is attributable to the owners of the Company, higher than the AR$11 million of loss attributable to the owners in FY 2016, explained by higher reported gains in power generation (AR$2,845 million), electricity distribution (AR$2,098 million) and oil and gas (AR$2,614 million), partially offset by losses in refining and distribution (AR$117 million), petrochemicals (AR$187 million), holding and others (AR$2,574 million) and intersegment eliminations (AR$62 million).
Main Results for the Fourth Quarter of 2017 ('Q4 17')4
Consolidated net revenues of AR$13,977 million, compared to AR$9,380 million recorded in the fourth quarter 2016 ('Q4 16'), mainly explained by increases of AR$1,160 million in power generation, AR$2,801 million in electricity distribution, AR$299 million in oil and gas, AR$263 million in petrochemicals and AR$90 million in holding and others, partially offset by higher eliminations from intersegment sales for AR$16 million.
- Power generation of 2,693 GWh from 11 power plants
- Electricity sales of 5,064 GWh to 3 million of end-users
- Production of 67.4 kboe/d of hydrocarbons: 284 million cf/d of gas and 20 kboe/d of oil and LPG
- Sales of 443 thousand m3 of refined products and 104 thousand tons of petrochemical products
Consolidated adjusted EBITDA of AR$5,180 million, compared to AR$4,101 million in Q4 16, due to increases of AR$845 million in power generation, AR$51 million in oil and gas, AR$484 million in refining and distribution, AR$469 million in holding and others and AR$9 million in intersegment eliminations, partially offset by decreases of AR$671 million in electricity distribution and AR$108 million in petrochemicals.
Consolidated gain of AR$1,700 million, of which AR$1,512 million is attributable to the owners of the Company, higher than the gain of AR$982 million attributable to the owners of the Company in the Q4 16, explained by reported higher earnings in our segments of power generation (AR$646 million), electricity distribution (AR$365 million) and oil and gas (AR$985 million), partially offset by losses in refining and distribution (AR$388 million), petrochemicals (AR$41 million), holding and others (AR$959 million) and intersegment eliminations (AR$78 million).
Consolidated Balance Sheet
(As of December 31, 2017 and 2016, in millions of Argentine Pesos)
As of 12.31.17 | As of 12.31.16 | ||
ASSETS | |||
Participation in joint businesses | 4,930 | 3,699 | |
Participation in associates | 824 | 787 | |
Property, plant and equipment | 41,214 | 41,001 | |
Intangible assets | 1,586 | 2,103 | |
Other assets | 2 | 13 | |
Financial assets with a results changing fair value | 150 | 742 | |
Investments at amortized cost | - | 62 | |
Deferred tax assets | 1,306 | 1,232 | |
Trade receivable and other credits | 5,042 | 4,469 | |
Total non-current assets | 55,054 | 54,108 | |
Other Assets | - | 1 | |
Inventories | 2,326 | 3,360 | |
Financial assets with a results changing fair value | 14,613 | 4,188 | |
Investments at amortized cost | 25 | 23 | |
Financial derivatives | 4 | 13 | |
Trade receivable and other credits | 19,145 | 14,144 | |
Cash and cash equivalents | 799 | 1,421 | |
Total current assets | 36,912 | 23,150 | |
Assets classified as held for sale | 12,501 | 19 | |
Total assets | 104,467 | 77,277 |
As of 12.31.17 | As of 12.31.16 | |
EQUITY | ||
Share capital | 2,080 | 1,938 |
Share premium | 5,818 | 4,828 |
Repurchased shares | 3 | - |
Cost of repurchased shares | (72) | - |
Statutory reserve | 300 | 232 |
Voluntary reserve | 5,146 | 3,862 |
Other reserves | 140 | 135 |
Retained earnings | 3,243 | (11) |
Other comprehensive result | 252 | 70 |
Equity attributable to | 16,910 | 11,054 |
Non-controlling interests | 3,202 | 3,020 |
Total equity | 20,112 | 14,074 |
LIABILITIES | ||
Accounts payable and other liabilities | 6,404 | 5,336 |
Borrowings | 37,126 | 15,286 |
Deferred revenues | 195 | 200 |
Salaries and social security payable | 120 | 94 |
Defined benefit plan obligations | 992 | 921 |
Deferred tax liabilities | 1,526 | 3,796 |
Income tax and minimum expected profit tax liability | 863 | 934 |
Tax payable | 366 | 306 |
Provisions | 4,435 | 6,267 |
Total non-current liabilities | 52,027 | 33,140 |
Accounts payable and other liabilities | 18,052 | 12,867 |
Borrowings | 5,840 | 10,686 |
Deferred income | 3 | 1 |
Salaries and social security payable | 2,154 | 1,745 |
Defined benefit plan obligations | 121 | 112 |
Income tax and minimum expected profit tax liability | 943 | 1,454 |
Tax payable | 1,965 | 2,392 |
Financial derivatives | 82 | - |
Provisions | 798 | 806 |
Total current liabilities | 29,958 | 30,063 |
Liabilities associated to assets classified as held for sale | 2,370 | - |
Total liabilities | 84,355 | 63,203 |
Total liabilities and equity | 104,467 | 77,277 |
Consolidated Income Statement
(For the fiscal year and quarter ended on December 31, 2017 and 2016, in millions of Argentine Pesos)
Fiscal Year | 4thQuarter | |||||||
2017 | 2016 | 2017 | 2016 | |||||
Sales revenue | 50,347 | 25,110 | 13,977 | 9,380 | ||||
Cost of sales | (34,427) | (20,153) | (9,618) | (6,702) | ||||
Gross profit | 15,920 | 4,957 | 4,359 | 2,678 | ||||
Selling expenses | (2,904) | (2,132) | (841) | (762) | ||||
Administrative expenses | (4,905) | (3,628) | (1,444) | (1,268) | ||||
Exploration expenses | (44) | (94) | (7) | (21) | ||||
Other operating income | 3,388 | 4,164 | 787 | 1,824 | ||||
Other operating expenses | (2,951) | (1,876) | (684) | (1,062) | ||||
Reversal of property, plant and equipment impairment | 461 | - | 461 | - | ||||
Reversal of intangible assets impairment | 82 | - | 82 | - | ||||
Results for participation in joint businesses | 1,064 | 105 | 244 | 299 | ||||
Results for participation in associates | 44 | 7 | (1) | 5 | ||||
Results from sale of equity share in companies | - | 480 | - | - | ||||
Operating income | 10,155 | 1,983 | 2,956 | 1,693 | ||||
Financial income | 1,432 | 849 | 418 | 366 | ||||
Financial costs | (5,112) | (4,277) | (1,433) | (1,243) | ||||
Other financial results | (2,266) | (80) | (1,079) | (253) | ||||
Financial results, net | (5,946) | (3,508) | (2,094) | (1,130) | ||||
Profit before tax | 4,209 | (1,525) | 862 | 563 | ||||
Income tax and minimum expected profit tax | 1,367 | 1,201 | 1,295 | 750 | ||||
Net income for continuing operations | 5,576 | (324) | 2,157 | 1,313 | ||||
Net income from discontinued operations | 94 | 72 | (457) | (21) | ||||
Net income for the period | 5,670 | (252) | 1,700 | 1,292 | ||||
Attributable to: | ||||||||
Owners of the Company | 4,606 | (11) | 1,512 | 982 | ||||
Continuing operations | 4,623 | (93) | 2,061 | 958 | ||||
Discontinued operations | (17) | 82 | (549) | 24 | ||||
Non-controlling interests | 1,064 | (241) | 188 | 310 | ||||
Net income per share for the period attributable to the owners of the Company | 2.3369 | (0.0063) | 0.7801 | 0.5286 | ||||
Basic and diluted income per share of continued operations | 2.3455 | (0.0478) | 1.0633 | 0.5157 | ||||
Basic and diluted income per share of discontinued operations | (0.0086) | 0.0415 | (0.2832) | 0.0129 | ||||
For the full version of the Earnings 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 2017 results on Tuesday March 13, 2018 at 10:00 a.m. New York Time / 11:00 a.m. Buenos Aires Time.
The hosts will be Leandro Montero, CFO of Edenor and Lida Wang, Investor Relations Manager at Pampa. For those interested in participating, please dial 0-800-444-2930 in Argentina, +1 (844) 854-4411 in the United States or +1 (412) 317-5481 from any other country. Participants of the conference call should use the identification password Pampa Energía / Edenor and dial in five minutes before the scheduled time. Please download the Q4 17 Conference Call Presentation at our IR website.
There will also be a live audio webcast and presentation of the conference at www.pampaenergia.com/ir.
You may find additional information on the Company at:
For further information, contact:
Gustavo Mariani
Executive Vice-president
Ricardo Torres
Executive Vice-president
Mariano Batistella
Executive Director of Planning, Strategy & Affiliates
Lida Wang
Investor Relations Officer
The Pampa Energía Building, Maipú 1 (C1084ABA) Ciudad de Buenos Aires, Argentina
Tel: +54 (11) 4344-6000
investor@pampaenergia.com
www.pampaenergia.com/ir
1 Under the International Financial Reporting Standards ('IFRS'), the income statement must only consolidate the continuing operations, being the assets agreed for sale reported as discontinued operations. For more information, see section 1.6 of this Earnings Release.
2 Under the IFRS, Greenwind, OldelVal, Refinor, Transener and TGS are not consolidated in Pampa's financial statements, its equity income being shown only as 'Results for participation in associates/joint businesses'. For more information, see section 3 of this Earnings Release.
3 Consolidated adjusted EBITDA represents the consolidated results before net financial results, income tax and minimum notional income tax, depreciations and amortizations, non-recurring incomes and expenses and non-controlling interests, and includes other incomes not accrued and other adjustments from the IFRS implementation. For more information, see section 3 of this Earnings Release.
4 The financial information presented in this document for the quarters ended on December 31, 2017 and of 2016 are based on unaudited financial statements prepared according to the IFRS accounting standards in force in Argentina corresponding to the fiscal year 2017 and 2016, and the results corresponding to the nine-month period ended on September 30, 2017 and 2016, respectively.
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SOURCE Pampa Energia S.A.
