SYS-CON MEDIA Authors: Liz McMillan, Roberto Medrano, Sean Houghton, Glenn Rossman, Ignacio M. Llorente

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Pampa Energia S.A. announces the results for the nine-month period ended on September 30th, 2012

BUENOS AIRES, Argentina, Nov. 19, 2012 /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 nine-month period ended on September 30th, 2012. All figures are stated in Argentine Pesos and have been prepared in accordance with International Financial Reporting Standards.

Highlights for the nine-month period of 2012

Consolidated net sales of AR$5,758.7 million(1), 30.9% greater than the AR$4,400.2 million for the same period of 2011, mainly due to increases of 30.9% (AR$683.8 million) in generation, 29.0% (AR$630.4 million) in distribution, and AR$107.7 million in holding and others.

Adjusted Consolidated EBITDA(2) of AR$405.9 million, 45.0% lower than for the same period of 2011, mainly due to decreases of 56.5% (AR$39.7 million) in transmission and of 90.9% (AR$447.8 million) in distribution, which were partially offset by increases of 64.3% (AR$119.4 million) in generation and a higher gain in holding and others (AR$36.4 million).

Consolidated loss under IFRS of AR$646.4 million, of which AR$381.4 are attributable to the owners of the Company, compared to the gain of AR$44.5 million attributable to the owners of the Company for the same period of 2011, mainly due to higher losses in our transmission segment (AR$10.2 million), distribution (AR$495.5 million), partially offset by minor losses in our generation segment (AR$29.6 million) and higher gains in holding and others segment (AR$50.1 million).

Highlights for the third quarter of 2012(3)

Consolidated net sales of AR$2,102.1 million, 27.8% greater than the AR$1,644.9 million for the same period of 2011, mainly due to increases of 33.3% (AR$282.3 million) in generation, 19.8% (AR$157.1 million) in distribution, and AR$35.5 million in holding and others.

Adjusted Consolidated EBITDA of AR$36.2 million, 86.1% lower than for the same period of 2011, mainly due to decreases of 66.1% (AR$18.0 million) in transmission and of AR$249.1 million in distribution, which were partially offset by increases of 47.8% (AR$25.8 million) in generation and a higher gain in holding and others (AR$17.4 million).

Consolidated net loss under IFRS of AR$346.5 million, of which AR$233.6 are attributable to the owners of the Company, in comparison to a net loss of AR$87.8 million attributable to the owners of the Company for the same period of 2011, mainly due to losses in our generation segment (AR$87.3 million), transmission (AR$8.1 million), distribution (AR$178.5 million), partially offset by a net profit in our holding and others (AR$40.2 million).

(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 the Earnings Release.

(2) Adjusted Consolidated EBITDA represents the consolidated earnings before financial results, net, income taxes, depreciation, amortization, reserve directors options, other income and expenses, net, and minority interest, including PUREE proceeds and other collections, impairments and other adjustments related to IFRS. For more information, please refer to section 4 of the Earnings Release.

(3) The financial information presented in this document for the quarters ended on September 30, 2012 and of 2011 are based on unaudited financial statements prepared according to the IFRS accounting standards in force in Argentina corresponding to the nine-month periods ended on September 30, 2012 and of 2011, and the six-month periods ended on June 30, 2012 and of 2011.

Consolidated Balance Sheet

(As of September 30, 2012 and December 31, 2011, in millions of Argentine Pesos)


As of 09.30.12


As of 12.31.11

ASSETS




Property, plant and equipment

5,920.1


5,847.5

Intangible assets

1,704.5


1,683.0

Biological assets

1.5


1.4

Participation in joint businesses

203.8


222.2

Participation in associates

128.2


130.3

Financial assets at redeemed cost

3.2


5.5

Financial assets with a results changing fair value

250.5


548.2

Deferred tax assets

79.8


116.6

Trade receivable and other credits

457.2


363.6

Total non-current assets

8,748.8


8,918.3





Inventories

105.6


60.4

Biological assets

0.4


0.1

Assets on construction

65.6


45.5

Trade receivable and other credits

1,418.0


1,649.2

Financial assets with a results changing fair value

111.7


70.5

Derivative financial instruments assets

2.5


1.3

Investments at redeemed cost

2.1


2.2

Cash and cash equivalents

284.6


345.1

Total current assets

1,990.5


2,174.3





Assets classified as held for sale

111.4


990.0





Total assets

10,850.6


12,082.7






As of 09.30.12


As of 12.31.11

EQUITY




Share capital

1,314.3


1,314.3

Share premium

1,018.4


1,536.8

Director's options reserve

248.2


241.5

Legal reserve

-


27.4

Retained earnings

(516.1)


(680.6)

Equity attributable to owners of the parent

2,064.7


2,439.4





Non-controlling interests

682.5


1,334.9





Total equity

2,747.2


3,774.2





LIABILITIES




Accounts payable and other liabilities

1,787.6


1,428.3

Borrowings

2,114.9


2,487.7

Deferred revenues

211.1


129.3

Salaries and social security payable

24.8


23.6

Defined benefit plan obligations

121.6


110.4

Deferred tax liabilities

681.8


849.2

Tax payable

58.6


45.7

Provisions

79.5


70.0

Total non-current liabilities

5,079.8


5,144.1





Accounts payable and other liabilities

1,521.6


1,241.0

Borrowings

893.8


893.8

Deferred income

7.9


-

Salaries and social security payable

369.3


324.9

Defined benefit plan obligations

23.3


14.9

Tax payable

196.5


217.6

Provisions

11.0


11.4

Total current liabilities

3,023.5


2,703.5





Liabilities classified as held for sale

-


460.8





Total liabilities

8,103.4


8,308.5





Total liabilities and equity

10,850.6


12,082.7



Consolidated Income Statement

(For the nine and three-month period ended on September 30, 2012, and September 30, 2011, in millions of Argentine Pesos)



9-Month Period


3rd Quarter



2012


2011


2012


2011

Sales revenue


5,758.7


4,400.2


2,102.1


1,644.9

Cost of sales


(5,310.8)


(3,842.6)


(1,995.4)


(1,458.8)

Gross profit


447.9


557.6


106.6


186.1










Selling expenses


(365.7)


(230.7)


(139.6)


(84.8)

Administrative expenses


(354.2)


(295.0)


(129.7)


(104.8)

Other operating income


181.7


101.0


28.7


16.4

Other operating expenses


(66.0)


(60.5)


(23.1)


(12.4)

Results for participation in joint businesses


(18.4)


(8.3)


(8.1)


(3.1)

Results for participation in associates


(2.1)


(4.3)


(1.9)


(2.8)

Impairment of property, plant and equipment


(108.3)


-


(108.3)


-

Impairment of intangible assets


(5.3)


-


-


-

Gain for acquisition of companies


-


502.0


-


-

Operating income


(290.3)


561.8


(275.3)


(5.3)










Financial income


103.9


55.6


36.7


18.0

Financial costs


(401.3)


(345.4)


(114.4)


(125.9)

Other financial results


(151.8)


(92.2)


(41.4)


(25.6)

Financial results, net


(449.3)


(382.0)


(119.1)


(133.5)










Profit before tax


(739.5)


179.8


(394.4)


(138.9)










Income tax and minimum expected profit tax


57.1


(58.6)


52.4


40.9










Net income for continuing operations


(682.5)


121.2


(342.0)


(98.0)










Discontinued operations


36.1


26.9


(4.5)


6.1










Total comprehensive income for the period


(646.4)


148.1


(346.5)


(91.9)










Attributable to:









Owners of the Company


(381.4)


44.5


(233.6)


(87.8)

Non-controlling interests


(265.0)


103.6


(112.9)


(4.0)










Total comprehensive income for the period attributable to the owners of the Company:









Basic income for continuing operations per share (AR$ per share)


(0.3177)


0.0134


-


-

Diluted income for continuing operations per share (AR$ per share)


(0.3177)


0.0158


-


-










Basic income for discontinued operations per share (AR$ per share)


0.0275


0.0205


-


-

Diluted income for discontinued operations per share (AR$ per share)


0.0275


0.0177


-


-



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 third quarter 2012 results on Wednesday, November 21, 2012 at 10:00 a.m. New York Time / 12:00 p.m. Buenos Aires Time. Mr. Ricardo Torres, Chief Executive Officer of Pampa and Chairman of Edenor, will be presenting for Pampa Energia S.A. For those interested in participating, please dial 0800-444-2930 in Argentina, (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.

Besides the access to the audio file in the website, a replay of the Conference Call through telephone is available, dialing (877) 344-7529 in the United States or +1 (412) 317-0088 from any other country. The conference's identification code is 10020022. This material will be available one hour after the finalization of the Conference Call and until November 29, 2012.

For further information, contact:

Ricardo Torres - Chief Executive Officer
Mariano Batistella – Special Projects Manager and Investor Relations Officer
3302 Ortiz de Ocampo, Building #4
(C1425DSR) Ciudad Autonoma de Buenos Aires, Argentina
Phone: +54 (11) 4809 9500
http://www.pampaenergia.com/ir
[email protected]

SOURCE Pampa Energia S.A.

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