BUENOS AIRES, Argentina, Aug. 12, 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 six-month period and quarter ended on June 30, 2019.
As from April 1, 2019, the Company adopted the US Dollar as functional currency ('FC US$') for the reporting of its financial information, effective as from January 1, 2019.
However, the information related to the comparative periods are reported in local and constant currency ('L&CC') as of December 31, 2018, which are shown in US$ converted by closing nominal exchange rate ('FX'). Moreover, Edenor, Transener, OldelVal, Refinor and TGS continue recording their operations under L&CC, therefore their figures are adjusted by inflation. For further information, see section 2 of the Earnings Release or footnote 3 of Pampa's financial statements ('FS').
For the convenience of the reader, it is shown as supplementary information for each segment's quarterly comparative period the figures in historical terms recorded in local currency ('L&NC') expressed in US$ at average FX, except for the distribution segment and subsidiaries subject to L&CC, which comparative quarter's figures are shown in L&CC as of June 30, 2019 and expressed in US$ at closing FX.
Main Results for the First Semester of 2019 ('1H 19')1
Consolidated net revenues of US$1,515 million2, 4% higher than the US$1,450 million recorded in the first semester of 2018 ('1H 18'), explained by increases of 56% in power generation, 8% in electricity distribution and 3% in petrochemicals, partially offset by decreases of 8% in oil and gas, and 38% in holding and others, in addition to higher eliminations due to intersegment sales of US$124 million.
- Power Generation of 7,640 GWh from 15 power plants
- Electricity sales of 9,866 GWh to 3.1 million end-users
- Production of 47.7 thousand barrels per day of hydrocarbons
- Sales of 178 thousand tons of petrochemical products
Consolidated adjusted EBITDA3 for continuing operations of US$484 million, 6% lower compared to the US$514 million for 1H 18, mainly due to decreases of 39% in electricity distribution, 22% in oil and gas and 2% in holding and others, partially offset by increases of 36% in power generation, US$10 million in petrochemicals and lower intersegment eliminations of US$1 million.
Consolidated gain attributable to the owners of the Company of US$567 million, higher than the US$63 million gain in 1H 18, includes an extraordinary non-cash gain for the settlement of Edenor's regulatory liabilities and lower accrual of losses from FX difference as a result of change in the reporting methodology, partially offset by decrease at operating margins in electricity distribution and oil and gas segments.
Main Results for the Second Quarter 2019 ('Q2 19')4
Consolidated net revenues of US$808 million, 13% higher than the US$715 million recorded for the second quarter 2018 ('Q2 18'), explained by increases of 46% in power generation and 30% in electricity distribution, partially offset by decreases of 10% in oil and gas and 63% in holding and others, in addition to higher eliminations due to intersegment sales of US$63 million. Petrochemicals remained unchanged.
- Power Generation of 3,727 GWh from 15 power plants
- Electricity sales of 4,849 GWh to 3.1 million end-users
- Production of 48.5 thousand barrels per day of hydrocarbons
- Sales of 95 thousand tons of petrochemical products
Consolidated adjusted EBITDA for continuing operations of US$266 million, 21% higher compared to the US$219 million for Q2 18, mainly due to increases of 56% in power generation, 27% in electricity distribution and US$9 million in petrochemicals, partially offset by decreases of 15% in oil and gas and 10% in holding and others.
Consolidated gain attributable to the owners of the Company of US$394 million, US$466 million higher than the gain recorded in Q2 18, includes an extraordinary non-cash gain of Edenor and lower accrual of losses from FX difference, both effects explained above.
Consolidated Balance Sheet
(As of June 30, 2019 and December 31, 2018, in millions)
Figures in million | FC US$ as of 6.30.2019 | L&CC as of 12.31.2018 | |||||
AR$ | US$ FX 42.46 | AR$ | US$ FX 37.7 | ||||
ASSETS | |||||||
Property, plant and equipment | 154,620 | 3,642 | 125,005 | 3,316 | |||
Intangible assets | 7,025 | 165 | 6,080 | 161 | |||
Deferred tax credits | 3,319 | 78 | 80 | 2 | |||
Participation in joint businesses and associates | 21,741 | 512 | 15,333 | 407 | |||
Financial assets at fair value with changing results | 458 | 11 | 422 | 11 | |||
Other assets | 35 | 1 | 33 | 1 | |||
Right-of-use assets | 289 | 7 | - | - | |||
Trade receivable and other credits | 8,910 | 210 | 9,521 | 253 | |||
Total non-current assets | 196,397 | 4,625 | 156,474 | 4,151 | |||
Inventories | 7,036 | 166 | 5,169 | 137 | |||
Investments at amortized cost | - | - | 1,330 | 35 | |||
Financial assets at fair value with changing results | 10,596 | 250 | 15,273 | 405 | |||
Financial derivatives | 7 | 0 | 3 | 0 | |||
Trade receivable and other credits | 31,725 | 747 | 26,489 | 703 | |||
Cash and cash equivalents | 8,527 | 201 | 9,097 | 241 | |||
Total current assets | 57,891 | 1,363 | 57,361 | 1,522 | |||
Total assets | 254,288 | 5,989 | 213,835 | 5,672 | |||
EQUITY | |||||||
Share capital | 1,815 | 43 | 1,874 | 50 | |||
Adjustment to share capital | 9,826 | 231 | 9,826 | 261 | |||
Share premium | 18,500 | 436 | 18,499 | 491 | |||
Repurchased shares | 85 | 2 | 25 | 1 | |||
Adjustment to share capital in treasury | 134 | 3 | 134 | 4 | |||
Cost of repurchased shares | (3,876) | (91) | (1,490) | (40) | |||
Statutory reserve | 1,753 | 41 | 904 | 24 | |||
Voluntary reserve | 23,489 | 553 | 7,355 | 195 | |||
Other reserves | (720) | (17) | (483) | (13) | |||
Retained earnings | 25,304 | 596 | 15,193 | 403 | |||
Other comprehensive result | 6,338 | 149 | (314) | (8) | |||
Equity attributable to owners of the parent | 82,648 | 1,946 | 51,523 | 1,367 | |||
Non-controlling interests | 24,779 | 584 | 16,160 | 429 | |||
Total equity | 107,427 | 2,530 | 67,683 | 1,795 | |||
LIABILITIES | |||||||
Investments in joint ventures and associates | 199 | 5 | 153 | 4 | |||
Provisions | 7,073 | 167 | 5,499 | 146 | |||
Income tax and minimum expected profit tax liability | 503 | 12 | 1,034 | 27 | |||
Deferred revenues | 273 | 6 | 275 | 7 | |||
Tax payable | 586 | 14 | 542 | 14 | |||
Deferred tax liabilities | 14,970 | 353 | 15,354 | 407 | |||
Defined benefit plan obligations | 1,380 | 33 | 1,175 | 31 | |||
Salaries and social security payable | 198 | 5 | 163 | 4 | |||
Borrowings | 71,165 | 1,676 | 69,189 | 1,835 | |||
Accounts payable and other liabilities | 3,878 | 91 | 8,162 | 216 | |||
Total non-current liabilities | 100,225 | 2,360 | 101,546 | 2,694 | |||
Provisions | 1,212 | 29 | 871 | 23 | |||
Deferred income | 5 | 0 | 5 | 0 | |||
Income tax and minimum expected profit tax liability | 3,004 | 71 | 1,084 | 29 | |||
Tax payable | 2,637 | 62 | 2,052 | 54 | |||
Defined benefit plan obligations | 161 | 4 | 162 | 4 | |||
Salaries and social security payable | 2,053 | 48 | 2,726 | 72 | |||
Financial derivatives | 6 | 0 | 49 | 1 | |||
Borrowings | 13,651 | 322 | 12,901 | 342 | |||
Accounts payable and other liabilities | 23,907 | 563 | 24,756 | 657 | |||
Total current liabilities | 46,636 | 1,098 | 44,606 | 1,183 | |||
Total liabilities | 146,861 | 3,459 | 146,152 | 3,877 | |||
Total liabilities and equity | 254,288 | 5,989 | 213,835 | 5,672 | |||
Consolidated Income Statement
(For the six-month period and quarter ended on June 30, 2019 and 2018, in millions)
First Half | Second Quarter | ||||||||||||
Figures in million | 2019* | 2018† | 2019* | 2018† | |||||||||
AR$ | US$ | AR$ | US$ | AR$ | US$ | AR$ | US$ | ||||||
Sales revenue | 63,878 | 1,515 | 54,663 | 1,450 | 34,485 | 808 | 26,940 | 715 | |||||
Cost of sales | (45,131) | (1,070) | (36,308) | (963) | (23,860) | (567) | (18,786) | (498) | |||||
Gross profit | 18,747 | 445 | 18,355 | 487 | 10,625 | 241 | 8,154 | 216 | |||||
Selling expenses | (3,644) | (86) | (2,677) | (71) | (1,831) | (43) | (1,243) | (33) | |||||
Administrative expenses | (3,704) | (88) | (3,805) | (101) | (1,842) | (43) | (1,932) | (51) | |||||
Exploration expenses | (71) | (2) | (5) | (0) | (30) | (1) | (2) | (0) | |||||
Other operating income | 950 | 22 | 5,326 | 141 | 467 | 8 | 340 | 9 | |||||
Other operating expenses | (1,957) | (47) | (4,741) | (126) | (940) | (22) | (1,266) | (34) | |||||
Results for participation in joint businesses and associates | 2,928 | 69 | 705 | 19 | 2,090 | 43 | (54) | (1) | |||||
Agreement from regularization of liabilities | 13,066 | 308 | - | - | 13,066 | 308 | - | - | |||||
Operating income | 26,315 | 621 | 13,158 | 349 | 21,605 | 491 | 3,997 | 106 | |||||
RECPAM - Results from net monetary position | 5,825 | 137 | 7,413 | 197 | 2,517 | 61 | 3,825 | 101 | |||||
Financial income | 2,399 | 64 | 1,313 | 35 | 1,101 | 31 | 701 | 19 | |||||
Financial costs | (7,151) | (170) | (4,728) | (125) | (3,540) | (82) | (2,322) | (62) | |||||
Other financial results | 538 | 6 | (17,936) | (476) | 1,033 | 12 | (14,878) | (395) | |||||
Financial results, net | 1,611 | 37 | (13,938) | (370) | 1,111 | 22 | (12,674) | (336) | |||||
Profit before tax | 27,926 | 658 | (780) | (21) | 22,716 | 513 | (8,677) | (230) | |||||
Income tax | 1,159 | 36 | 543 | 14 | (197) | 6 | 2,858 | 76 | |||||
Net income for continuing operations | 29,085 | 694 | (237) | (6) | 22,519 | 519 | (5,819) | (154) | |||||
Net income from discontinued operations | - | - | 4,125 | 109 | - | - | 3,366 | 89 | |||||
Net income for the period | 29,085 | 694 | 3,888 | 103 | 22,519 | 519 | (2,453) | (65) | |||||
Attributable to the owners of the Company | 23,704 | 567 | 2,392 | 63 | 17,236 | 394 | (2,695) | (71) | |||||
Continuing operations | 23,704 | 567 | (1,653) | (44) | 17,236 | 394 | (6,031) | (160) | |||||
Discontinued operations | - | - | 4,045 | 107 | - | - | 3,336 | 88 | |||||
Attributable to the non-controlling interests | 5,381 | 127 | 1,496 | 40 | 5,283 | 125 | 242 | 6 | |||||
Net income per share attributable to the owners of the Company | 12.7853 | 0.3058 | 1.1759 | 0.0311 | 9.4518 | 0.2159 | (1.3536) | (0.0360) | |||||
Basic and diluted income per share of continuing operations | 12.7853 | 0.3058 | (0.8126) | (0.0216) | 9.4518 | 0.2159 | (3.0293) | (0.0804) | |||||
Basic and diluted income per share of discontinued operations | - | - | 1.9885 | 0.0527 | - | - | 1.6757 | 0.0444 | |||||
* FC US$ was adopted on April1, 2019, effective as from January 1, 2019 for Pampa Energía stand-alone and generation subsidiaries Greenwind, Los Nihuiles hydroelectric power plant ('HINISA'), Diamante hydroelectric power plant ('HIDISA'), Piedra Buena thermal power plant and Pampa Cogeneración, among other subsidiaries. The 1H 19 and Q2 19 results in AR$ are disclosed at transactional FX. | |||||||||||||
L&CC applies as from July 1, 2018 retrospectively and prospectively for subsidiaries Edenor (electricity distribution segment), OldeVal (oil and gas segment), Refinor, TGS and Transener (holding and others segment). Figures in AR$ for 1H 19 and Q2 19 are adjusted by inflation as of June 30, 2019 for approximately 10.1% and 4.5%, respectively, and the disclosure in US$ results from converting by a closing FX of AR$42.46 per US$. | |||||||||||||
† Figures for 1H 18 and Q2 18 are recorded in AR$ and adjusted by inflation as of December 31, 2018 for approximately 36.7% and 32.6%, respectively, and shown in US$ at a closing FX of AR$37.70 per US$. | |||||||||||||
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 Q2 19 results on Tuesday August 13, 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 Q2 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/PampaQ219Call.
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 The businesses under FC US$ use the corresponding period's average FX, whereas the figures adjusted by inflation are converted into US$ by applying the closing FX.
2 Under the International Financial Reporting Standards ('IFRS'), Greenwind, OldelVal, Refinor, Pampa Cogeneración, Transener and TGS are not consolidated in Pampa's FS, being its equity income shown as 'Results for participation in associates/joint businesses'.
3 Consolidated adjusted EBITDA represents the results before net financial results, income tax and minimum notional income tax, depreciations and amortizations, extraordinary and non-cash income and expense, equity income and other adjustments from the IFRS implementation, and includes affiliates' EBITDA at our ownership. For more information, see section 3 of the Earnings Release.
4 The financial information presented in this document for the quarters ended on June 30, 2019 and of 2018 are based on FS prepared according to IFRS in force in Argentina, corresponding to the six-month period of 2019 and 2018, and the quarters ended on March 31, 2019 and 2018, respectively.
SOURCE Pampa Energia S.A.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
