Pampa Energía Announces 1Q:19 Financial Results

(Energy Analytics Institute, Aaron Simonsky, 10.Apr.2019) — Pampa Energía S.A. reported financial results for the first quarter ended 31 March 2019.

Pampa Energía S.A. is the largest independent energy integrated company in Argentina and maintains active in the country’s electricity and gas value chain.

The financial information presented in the Pampa’s 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 supplementary information.

All figures are stated in Argentine Pesos.

Main Results for the 1Q: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) 

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

For the full version of the Earnings Report, please visit Pampa’s Investor Relations website: ri.pampaenergia.com/en.

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