Pampa Energía Announces Results for the Quarter Ended on March 31, 2019 - Pampa Energia (NYSE:PAM)

BUENOS AIRES, Argentina, May 10, 2019 /PRNewswire/ -- Pampa Energía S.A. PAMPAMP)), 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.

SOURCE Pampa Energia S.A.

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