PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
(PAMPA ENERGIA INC.)
C1106ABG
City of Buenos Aires
Argentina
Form 20-F ___X___ Form 40-F ______
(Indicate by check mark whether the registrant by furnishing the
information contained in this form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934.)
Yes ______ No ___X___
registrant in connection with Rule 12g3-2(b): 82- .)
![](https://capedge.com/proxy/6-K/0001292814-09-001930/pampa_cab.gif)
Buenos Aires, August 11th, 2009
Results for the six-month period ended on June 30th, 2009
Pampa Energía S.A. (“Pampa” or the “Company”), announces the results for the six-month period ended on June 30th, 2009. |
Stock Information Luxembourg Euro MTF Market 1 GDR = 25 ordinary shares For further information, contact: Ricardo Torres. General Manager Tel +54-11-4510-9550 | Pampa Energía S.A., the largest integrated electricity company in Argentina that through its subsidiaries participates in the generation, transmission and distribution of electricity, announces today the results corresponding to the six-month period ended on June 30th, 2009: Consolidated salesrevenue of AR$2,086 million, 6.3% greater than the AR$1,962 million for the same period of 2008, mainly due to a 38.5% and 16.2% increase in the transmission and distribution segments, respectively, partially offset by a 7.0% decrease in the generation segment. Consolidated EBITDA1of AR$439 million, 10.5% greater than the AR$397 million for the same period of 2008, mainly due to a 2.8% increase in the generation segment, a 20.9% increase in the transmission segment and a 16.4% increase in the distribution segment. Consolidated gain on subsidiaries bonds’ repurchasesof AR$ 210 million, in addition to the AR$190 million gain as of December 31st, 2008, totalizing AR$400 million. Consolidated Net Incomeof AR$196 million, 238.5% greater than the AR$58 million for the same period of 2008. 1. Shares and bonds’ repurchases 1.1 | Pampa Energía’s Shares Repurchases and Public Tender Offer Due to the international financial crisis, which adversely affected the market price of Pampa’s shares, and as part of the Company’s strategy to focus on energy assets and to sell non-strategic assets, since September 2008 Pampa has initiated a share repurchase program, executed through a combination of market repurchases and public tender offers. Pampa believes that these measures are in the best interest of the Company’s shareholders, who are increasing their interest in the Company's strategic assets at a 62% discount on its book value as of June 30th, 2009 (AR$2.54 per share), and which is indicative of their original acquisition’s cost. |
__________________________________________________
1 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.
1 | ||||
547 Bouchard Street, 26th Floor | Tel +54-11-4510-9550 | |||
C1106ABG Buenos Aires | investor@pampaenergia.com | |||
Argentina | www.pampaenergia.com |
![](https://capedge.com/proxy/6-K/0001292814-09-001930/cabecalho.gif)
During the first half of 2009 Pampa has repurchased a total of 85,457,151 shares, representing 5.6% of the capital stock of Pampa, at an average price of AR$0.99 per share, totaling AR$85 million. These acquisitions have been executed both through market repurchases and through a public tender offer initiated on February 9th, 2009. Through the tender offer Pampa repurchased 46,639,578 shares at US$0.273 per share and 50,000 shares at AR$0.95 per share.
In total, from September 2008 through June 2009 Pampa repurchased 211,883,347 shares, representing 13.9% of the capital stock of Pampa, at an average price of AR$0.97 per share, totaling AR$205 million.
Finally, due to the CNV’s decision to restore as of June 30th, 2009, the 10% repurchase cap on own shares held by a company, Pampa has not executed any acquisitions after this date.
2 | ||||
547 Bouchard Street, 26th Floor | Tel +54-11-4510-9550 | |||
C1106ABG Buenos Aires | investor@pampaenergia.com | |||
Argentina | www.pampaenergia.com |
![](https://capedge.com/proxy/6-K/0001292814-09-001930/cabecalho.gif)
1.2 | Subsidiaries Bonds’ Repurchases
Since 2008, Pampa and its subsidiaries have initiated a repurchase process of bonds issued by Edenor, EASA, Transener, Central Térmica Güemes and Central Térmica Loma de la Lata. The decision was mainly based on the recent drop in value of those bonds, providing an attractive investment and an opportunity to decrease the indebtedness of those companies.
During the six-month period ended on June 30th, 2009, Pampa and its subsidiaries have repurchased a total of US$166.7 million principal amount of bonds of its subsidiaries. As a result of these acquisitions, Pampa recorded a consolidated gain of AR$209.9 million.
As of June 30th, 2009, and including the repurchases executed in 2008, Pampa and its subsidiaries have repurchased a total of US$301.2 million principal amount of bonds at an average price of 55% of par value.
The following table summarizes the repurchases made and the profits generated by them as of June 30th, 2009:
Bonds in US$
Amount | Amount | Amount | Repurchase | ||||
Subsidiary | Long-Term Notes | Maturity | Issued | Repurchased1 | Outstanding | Results2 | Agreed rate |
(US$ thousands ) | (US$ thousands) | (US$ thousands) | (AR$ thousands) | ||||
Transener | At Par fixed rate | 2016 | 220,000 | 92,774 | 127,226 | 8.875% | |
118,472 | 3% to 7% | ||||||
At Par class 63 | 2016 | 12,397 | 9,015 | 3,382 | (incremental) | ||
Edenor | At Par variable rate | 2019 | 12,656 | 0 | 12,656 | 163,115 | Libor + 0% to 2% |
(incremental) | |||||||
At par fixed rate | 2016 | 80,048 | 62,761 | 17,287 | 3% to 10% | ||
(incremental) | |||||||
At Par fixed rate | 2017 | 220,000 | 33,173 | 186,827 | 10.5% | ||
EASA | At Par fixed rate | 2017 | 12,874 | 49 | 12,825 | 99,847 | 3% to 5% |
(incremental) | |||||||
At Discount fixed rate | 2016 | 76,545 | 74,523 | 2,022 | 2,125% to 7% | ||
(incremental) | |||||||
CTG | At Par fixed rate | 2013 | 6,069 | 855 | 5,214 | 17,816 | 2.0% |
At Par fixed rate | 2017 | 22,030 | 17,739 | 4,291 | 10.5% | ||
Loma de la Lata4 | At Discount fixed rate | 2015 | 183,547 | 10,312 | 173,235 | 981 | 11.25% |
Total | 846,167 | 301,201 | 544,966 | 400,230 | |||
2Includes AR$190.3 million as of December 31st, 2008. Does not include income tax expense and minority interest.
3 Amount outstanding as of December 31st, 2008.
4 Amount issued includes capitalized interest.
Bonds in AR$
Subsidiary | Long and Short-Term Notes | Maturity | Amount | Amount | Amount | Repurchase | |
Issued | Repurchased | Outstanding | Results | Agreed rate | |||
(AR$ thousands ) | (AR$ thousands) | (AR$ thousands) | (AR$ thousands) | ||||
Edenor | At Par variable rate | 2013 | 75,700 | 0 | 75,700 | 0 | Badlar Privada + 6,75% |
CPB | Short-term note | 2009 | 21,750 | 0 | 21,750 | 0 | Badlar Privada + 4,25% |
Total | 97,450 | 0 | 97,450 | 0 | |||
3 | ||||
547 Bouchard Street, 26th Floor | Tel +54-11-4510-9550 | |||
C1106ABG Buenos Aires | investor@pampaenergia.com | |||
Argentina | www.pampaenergia.com |
In addition, as of June 30th, 2009, the financial trust created by Edenor at Banco Macro Limited held US$24.5 million principal amount of Edenor’s 2017 bonds.
Funds for repurchases were raised through various stockholder capital contributions received through capital increases at Pampa and its subsidiaries. In the case of bonds repurchased by Pampa, funds remaining from the AR$1,300 million capital increase of February 2007 were used. The bonds acquired by Edenor were purchased with the remaining funds from the US$61 million capital increase of April 2007. Finally, the bonds repurchased by Transener were mainly financed by the collection of the amortization of the canon for the fourth line.
Finally, from June 30th and until July 7th, 2009, Pampa and its subsidiaries have repurchased a total of US$3.9 million face value of bonds of its subsidiaries.
4 | ||||
547 Bouchard Street, 26th Floor | Tel +54-11-4510-9550 | |||
C1106ABG Buenos Aires | investor@pampaenergia.com | |||
Argentina | www.pampaenergia.com |
2. Relevant Events
2.1 | Registration of ADSs with the SEC
On August 5th, 2009 the U.S. Securities and Exchange Commission (“SEC”) declared effective the registration of American Depositary Shares (“ADSs”) of the Company under the U.S. Securities Exchange Act of 1934 (the “Exchange Act”). Each ADS represents 25 common shares of the Company. With this registration, the Company’s shares are eligible for trading in the United States.
The Company has initiated the process of listing the ADSs for trading on the New York Stock Exchange (“NYSE”) and intends to cancel the listing of the current Global Depositary Shares (“GDSs”) on the Luxembourg Stock Exchange. This registration and listing will be accompanied by the conversion of the GDSs into ADSs, each representative of 25 common shares of the Company, issued by The Bank of New York (“BoNY”).
The registration with the SEC and the listing of the ADSs on the NYSE are integral components of the Company's strategic plan to increase the liquidity and trading volume of Pampa's shares.
2.2 |Stock Option
On August 3er, 2009, Pampa’s Board of Directors accepted the proposal of Marcelo Mindlin, Damian Mindlin, Gustavo Mariani, and Ricardo Torres in which they irrevocably commit not to exercise any option accrued under the Series I, Series II or Series III warrants before of September 28th, 2013, and to cause any transferee of these warrants to assume the same commitment. Under the terms of the proposal, any violation of these commitments would result in the imposition of a monetary penalty of US$0.21 per new share issued payable to the Company by the person exercising the option.
2.3 | Short-term Notes (“VCP”)
On August 10th, 2009, Central Piedra Buena (“CPB”) issued a short-term note for AR$25,215,000 accruing interest at a rate of Badlar private plus a margin of 4.70% . The capital repayment will be done in only one payment 270 days from the date of the issuance and the interest is payable quarterly. The VCP will be issued on August 13th, 2009. The funds received through the VCP’s issuance will be used for investing in fixed assets, debt restructuring, and/or working capital.
Also, on July 21st, 2008, the General Ordinary and Extraordinary Shareholders Meeting of Central Térmica Güemes (“CTG”) approved the creation of a global short term note program. As of the date of this press release, CTG has not issued any short-term notes under this program.
2.4 | Modification of the Composition of the Board of Directors and the Supervisory Committee of Pampa Energía.
On May 13th, 2009, the General Ordinary Shareholders’ Meeting of Pampa Energía appointed Mr. Adrian Pablo Campana Grigio as Director and Mr. Hernán Bisquert Silvestre as Alternate Director, both representing the ANSES. Also, the Shareholder’s Meeting appointed Walter Antonio Pardi as Statutory Auditor and William Stok as Alternate Statutory Auditor, also on behalf of the ANSES.
5 | ||||
547 Bouchard Street, 26th Floor | Tel +54-11-4510-9550 | |||
C1106ABG Buenos Aires | investor@pampaenergia.com | |||
Argentina | www.pampaenergia.com |
3. Financial Highlights
3.1 |Consolidated Balance Sheet (AR$)
06.30.09 | 06.30.09 | |||
ASSETS | LIABILITIES | |||
CURRENT ASSETS | CURRENT LIABILITIES | |||
Cash and banks | 129,771,679 | Accounts payable | 459,622,456 | |
ST Investments | 474,012,973 | Financial debt | 408,984,878 | |
Trade receivables, net | 716,164,359 | Salaries and social security payable | 119,824,832 | |
Other receivables, net | 210,923,041 | Tax payable | 162,653,060 | |
Materials & spares | 22,661,422 | Other liabilities | 189,405,967 | |
Inventories | 5,095,793 | Provisions | 55,743,000 | |
Other assets | 8,219,187 | |||
Total current assets | 1,566,848,454 | Total current liabilities | 1,396,234,193 | |
NON-CURRENT ASSETS | NON-CURRENT LIABILITIES | |||
Trade receivables | 244,783,043 | Accounts payable | 79,378,782 | |
LT Investments | 407,271,828 | Financial debt | 1,900,945,786 | |
Other receivables, net | 177,329,111 | Salaries and social security payable | 55,370,423 | |
Materials & spares | 28,420,547 | Taxes payable | 565,308,254 | |
Inventories | 485,103 | Other payables | 353,614,491 | |
Fixed assets, net | 5,991,223,667 | Provisions | 15,850,502 | |
Intangible assets, net | 308,930,859 | Total non-current liabilities | 2,970,468,238 | |
Other assets | 124,384,784 | Total liabilities | 4,366,702,431 | |
Sub-total non-current assets | 7,282,828,942 | |||
Goodwill, net | 579,276,743 | Minority interest | 1,733,546,717 | |
Total non-current assets | 7,862,105,685 | Shareholders equity | 3,328,704,991 | |
Total assets | 9,428,954,139 | Total liabilities, minority interest and | 9,428,954,139 | |
shareholders equity | ||||
6 | ||||
547 Bouchard Street, 26th Floor | Tel +54-11-4510-9550 | |||
C1106ABG Buenos Aires | investor@pampaenergia.com | |||
Argentina | www.pampaenergia.com |
3.2 | Consolidated Income Statement (AR$)
Six-month ended June | Six-month ended June | ||
30th, 2009 | 30th, 2008 | ||
Sales revenue | 2,086,049,908 | 1,962,375,479 | |
Cost of sales | (1,613,719,301) | (1,535,477,288) | |
Gross profit | 472,330,607 | 426,898,191 | |
Selling expenses | (62,107,072) | (69,396,303) | |
Administrative expenses | (135,997,901) | (115,427,161) | |
Goodwill amortization | (9,981,145) | (10,064,766) | |
Operating income | 264,244,489 | 232,009,961 | |
Financial and holding results generated by assets: | |||
Interest income | 23,859,522 | 19,197,932 | |
Taxes and commissions | (5,611,001) | (2,238,977) | |
Foreign currency exchange difference | 88,012,867 | (13,036,156) | |
Result of receivables measured at present value | (3,403,420) | 3,053,692 | |
Holding results of financial assets | 94,431,348 | 427,376 | |
Impairment of fixed assets and other assets | (17,617,332) | (31,390,812) | |
Other financial results | 2,989,494 | (4,121,874) | |
Sub-total | 182,661,478 | (28,108,819) | |
Financial and holding results generated by liabilities: | |||
Interest expense | (106,973,389) | (86,115,362) | |
Foreign currency exchange difference | (183,007,686) | 65,218,718 | |
Financial debt repurchase results | 209,936,300 | - | |
Taxes and commissions | (9,221,342) | (7,567,119) | |
Other financial results | (4,110,536) | 47,008 | |
Sub-total | (93,376,653) | (28,416,755) | |
Total financial and holding results, net | 89,284,825 | (56,525,574) | |
Other income and expenses, net | 15,116,100 | (3,543,352) | |
Income before income taxes and minority interest | 368,645,414 | 171,941,035 | |
Income tax and tax on assets | (98,235,392) | (66,775,853) | |
Minority interest | (74,239,894) | (47,205,638) | |
Net income | 196,170,128 | 57,959,544 | |
Basic income per share | 0.1465 | 0.0380 | |
Diluted income per share | 0.1436 | 0.0375 | |
7 | ||||
547 Bouchard Street, 26th Floor | Tel +54-11-4510-9550 | |||
C1106ABG Buenos Aires | investor@pampaenergia.com | |||
Argentina | www.pampaenergia.com |
4 | Results’ analysis of the first half ended on June 30th, 2009 compared to the first half ended June 30th, 2008
During the first half of 2009, net sales increased to AR$2,086 million, a 6.3% higher than AR$1,962 million for the same period in 2008. This was primarily due to an increase of 38.5% and 16.2% from our transmission and distribution segments partially offset by a 7.0% decrease in our generation segment.
Our Consolidated EBITDA1 increased by 10.5% to AR$439 million for the first half of 2009, compared to AR$397 million for the same period of 2008. This increase was primarily due to an increase of 2.8% in the generation segment, 20.9% increase in the transmission segment, and 16.4% in the distribution segment, partially offset by 27.8% increase in losses from the holding segment.
In addition, during the first half of 2009, our consolidated gain on subsidiaries bonds' repurchases was AR$210 million, in addition to the AR$190 million gain as of December 31st, 2008, totalizing AR$400 million.
Finally, our consolidated net income for the first half of 2009 was AR$196 million, 238.5% higher than the AR$58 million for the same period of 2008.
Generation Segment
Six-months ended on June 30th, | Variation | |||||
Generation Segment, consolidated (AR$ million) | 2009 | 2008 | ||||
Sales revenue | 874.8 | 940.5 | -7.0% | |||
Cost of sales | (691.3) | (761.4) | -9.2% | |||
Gross profit | 183.5 | 179.0 | 2.5% | |||
Selling expenses | (6.9) | (6.8) | 0.7% | |||
Administrative expenses | (27.6) | (20.3) | 36.4% | |||
Goodwill amortization | (7.5) | (7.7) | -2.9% | |||
Operating income | 141.5 | 144.2 | -1.9% | |||
Financial and holding results: | ||||||
Generated by assets | 81.6 | (45.0) | NA | |||
Generated by liabilities | (101.2) | (8.9) | NA | |||
Other income and expenses, net | 0.3 | 2.2 | -85.2% | |||
(Loss) Gain before income tax and minority interest | 122.2 | 92.5 | 32.0% | |||
Income tax | (46.4) | (39.7) | 16.8% | |||
Minority interest | (24.2) | (16.6) | 45.6% | |||
Net income (Loss) for the period | 51.6 | 36.2 | 42.5% | |||
EBITDA1 | 180.1 | 175.2 | 2.8% | |||
Net sales from our generation activities decreased by 7.0% to AR$874.8 million for first half of 2009, due to a reduction of average electricity prices and energy sold in the period. The decrease of AR$65.7 million in net sales, 21.8% corresponded to a decrease in the average electricity prices received by Pampa’s subsidiaries (AR$185.1 per MWh for the first half of 2009, compared to AR$187.9 per MWh for the same period of 2008), and 78.2% corresponded to a decrease in the quantity of electricity sold (4,727 GWh in the first half of 2009, compared to 5,005 GWh for the same period in 2008).
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1 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.
8 | ||||
547 Bouchard Street, 26th Floor | Tel +54-11-4510-9550 | |||
C1106ABG Buenos Aires | investor@pampaenergia.com | |||
Argentina | www.pampaenergia.com |
Our cost of sales decreased by 9.2% to AR$691.3 million in the first half of 2009, primarily due to a 8.8% decrease in fuel costs and a 26.8% reduction in the cost of energy purchases at our thermal units, which more than offset increases in personnel costs by both our hydroelectric and thermal units and royalty payments.
Therefore, our gross profit related to our generation activities increased by 2.5% to AR$183.5 million for the first half of 2009, primarily due to the greater margin at our hydroelectrical facilities, which was due to their higher average electricity prices and, within our thermal units, to the higher margin sales at Central Térmica Güemes.
The selling expenses increased by 0.7% to AR$6.9 million for the first half of 2009. In addition, the administrative expenses increased by 36.4% to AR$27.6 million for the first half of 2009, primarily due to the increase in administrative services by third parties related to our generation expansions as well as the increase in professional fees related to the administrative and financing activities of our generation subsidiaries.
The operating income related to our generation activities decreased by 1.9% to AR$141.5 million for the first half of 2009. The total operating margin related to our generation activities increased by 5.5% to 16.2% over sales for the first half of 2009 from 15.3% over sales for the same period in 2008, primarily due to the increased margin at our hydroelectrical facilities and at Central Térmica Güemes.
Consolidated EBITDA1 associated with our generation activities increased 2.8% to AR$180.1 million in the first half of 2009, given by 10.0% increase in gross margin per MWh before amortization and depreciation that offset the decrease in energy sold at our generation segment. Also during this period, Central Piedra Buena continued burning fuel oil purchased by it to generate part of the energy, which allowed the company to record a profit of AR$11.7 million.
Our financial and holding results, net, related to our generation activities represented a loss of AR$19.6 million for the first half of 2009, primarily due to a AR$30.8 million in interest expenses, and AR$10.1 million in taxes and bank commissions, that more than offset gains from holding of financial instruments and foreign exchange differences, net, at our generation subsidiaries.
The generation segment had other income, net of AR$0.3 million for the first half of 2009. Additionally, the generation segment recorded a charge for income taxes of AR$46.4 million for the first half of 2009 and a charge for minority interest of AR$24.2 million.
Finally, our generation activities net income increased by 42.5%, to AR$51.6 million for the first half of 2009, compared to AR$36.2 million for the same period in 2008.
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1 Consolidated EBITDA represents the consolidated earnings before financial results, net, income taxes, depreciation, amortization, reserve directors options, other income and expenses, net, and minority interest.
9 | ||||
547 Bouchard Street, 26th Floor | Tel +54-11-4510-9550 | |||
C1106ABG Buenos Aires | investor@pampaenergia.com | |||
Argentina | www.pampaenergia.com |
Transmission Segment
Six-months ended on June 30th, | Variation | |||||
Trasmission Segment, consolidated (AR$ million) | 2009 | 2008 | ||||
Sales revenue | 151.6 | 109.4 | 38.5% | |||
Cost of sales | (116.0) | (84.5) | 37.3% | |||
Gross profit | 35.6 | 25.0 | 42.5% | |||
Selling expenses | - | - | NA | |||
Administrative expenses | (16.9) | (12.8) | 32.6% | |||
Goodwill amortization | 0.4 | 0.4 | 9.5% | |||
Operating income | 19.1 | 12.6 | 51.7% | |||
Financial and holding results: | ||||||
Generated by assets | 9.3 | 2.9 | 219.6% | |||
Generated by liabilities | 1.1 | (5.8) | NA | |||
Other income and expenses, net | 1.7 | 4.8 | -64.5% | |||
(Loss) Gain before income tax and minority interest | 31.2 | 14.5 | 115.5% | |||
Income tax | (3.0) | (6.8) | -55.7% | |||
Minority interest | (12.8) | (2.4) | 439.4% | |||
Net income (Loss) for the period | 15.5 | 5.3 | 190.6% | |||
EBITDA1 | 49.2 | 40.7 | 20.9% | |||
Net sales in connection with our transmission activities increased by 38.5% to AR$151.6 million for the first half of 2009. Net regulated sales increased to AR$75.8 million for the first half of 2009 from AR$56.6 million for the same period in 2008, primarily as a result of the tariff increase in Transener and Transba. Royalties for the Fourth Line increased to AR$21.7 million for the first half of 2009 from AR$17.2 million for the same period in 2008, due to application of the new royalties from October 2008. Other net revenues increased to AR$54.1 million for the first six months of 2009 from AR$35.7 million for the first six months of 2008 mainly as the result of the installation of equipment at Chocón and Bahia Blanca substations within the framework of Secretary of Energy Resolution No. 01/03.
Our cost of sales increased by 37.3% to AR$116.0 million in the first half of 2009, mainly due to wage increases and to the increase in materials for works related to the installation projects at the Chocón and Bahia Blanca substations.
Therefore, gross profit related to our transmission activities increased by 42.5% to AR$35.6 million for the first half of 2009, primarily due to the increase in tariffs related to our regulated sales and the increase in the Fourth Line royalties. The increase in non-regulated revenues related to work done on the Chocón and Bahia Blanca substations was partially offset by the increase in sales costs related to the same work. The gross margin related to our transmission activities increased by 2.9% to 23.5% over sales for the first half of 2009 from 22.8% over sales for the same period in 2008, primarily due to the reasons described above.
We do not record selling expenses related to our transmission activities. The administrative expenses increased by 32.6% to AR$16.9 million for the first half of 2009, mainly due to increases in salaries expenses related to wages increases.
__________________________________________________
1 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.
10 | ||||
547 Bouchard Street, 26th Floor | Tel +54-11-4510-9550 | |||
C1106ABG Buenos Aires | investor@pampaenergia.com | |||
Argentina | www.pampaenergia.com |
The operating income increased by 51.7% to AR$19.1 million for the first half of 2009. The total operating margin increased by 9.5% to 12.6% over sales for the first half of 2009 from 11.5% over sales for the same period in 2008.
The consolidated EBITDA1 related to our transmission activities increased by 20.9% to AR$49.2 million for the first half of 2009, mainly explained by higher revenues due to increases in the remuneration of the regulated segment and the royalties for the fourth line that offset the increases in wages, security charges, and materials for maintenance.
The financial and holding results, net, represented a gain of AR$10.5 million for the first half of 2009, primarily due to the gains recorded for the repurchase of Transener’s own financial debt that more than offset losses generated by foreign exchange differences and interest expenses for the period.
The transmission segment had other income, net for AR$1.7 million for the first half of 2009. Additionally, the transmission segment recorded a charge for income taxes of AR$3.0 million for the first half of 2009 and a charge for minority interest of AR$12.8 million.
Finally, our transmission activities increased by 20.9% in net income, to AR$49.2 million for the first half of 2009, compared to AR$40.7 million for the same period in 2008.
__________________________________________________
1 Consolidated EBITDA represents the consolidated earnings before financial results, net, income taxes, depreciation, amortization, reserve directors options, other income and expenses, net, and minority interest.
11 | ||||
547 Bouchard Street, 26th Floor | Tel +54-11-4510-9550 | |||
C1106ABG Buenos Aires | investor@pampaenergia.com | |||
Argentina | www.pampaenergia.com |
Distribution Segment
Six-months ended on June 30th, | Variation | |||||
Distribution Segment, consolidated (AR$ million) | 2009 | 2008 | ||||
Sales revenue | 1,060.2 | 912.4 | 16.2% | |||
Cost of sales | (793.0) | (688.5) | 15.2% | |||
Gross profit | 267.2 | 223.9 | 19.3% | |||
Selling expenses | (55.7) | (62.4) | -10.7% | |||
Administrative expenses | (81.9) | (64.7) | 26.6% | |||
Goodwill amortization | (2.8) | (2.7) | 1.2% | |||
Operating income | 126.8 | 94.1 | 34.7% | |||
Financial and holding results: | ||||||
Generated by assets | 46.4 | 8.2 | 463.8% | |||
Generated by liabilities | (104.5) | (13.8) | 658.5% | |||
Other income and expenses, net | 13.2 | (10.4) | NA | |||
(Loss) Gain before income tax and minority interest | 81.8 | 78.2 | 4.7% | |||
Income tax | (48.1) | (25.7) | 87.1% | |||
Minority interest | (37.3) | (28.2) | 32.1% | |||
Net income (Loss) for the period | (3.6) | 24.2 | NA | |||
EBITDA1 | 226.2 | 194.3 | 16.4% | |||
Net sales in connection with our distribution activities increased by 16.2% to AR$1,060.2 million for the first half of 2009, mainly due to the impact of the recognition of the CMM adjustment applied in 2008 and the increase in the energy purchase price that we pass on to certain customers, which more than offset a reduction in the volume of energy sales.
The cost of sales increased by 15.2% to AR$793.0 million for the first half of 2009, mainly due to a 17.9% increase in the cost of energy purchased, related to an increase in the energy purchase price passed on to some of Edenor’s customers and a 37.5% increase in salaries and social security charges.
Therefore, the gross profit related to our distribution activities increased by 19.3% to AR$267.2 million for the first half of 2009, primarily due to the impact of the recognition of the CMM adjustment, which more than offset the decrease in the volume of energy sold. The increase in net revenues due to an increase in the energy purchase price applied to some of Edenor’s customers recorded in the first half of 2009 was offset by a similar increase in the cost of the energy purchased to supply those clients. The gross margin related to our distribution activities increased by 2.7% to 25.2% over sales for the first half of 2009 from 24.5% over sales for the same period in 2008.
The selling expenses decreased 10.7% to AR$55.7 million for the first half of 2009, primarily due to a reduction in the allowance for doubtful accounts resulting from the approval of a new framework agreement regarding shantytowns between Edenor, the National Government, and the City of Buenos Aires, partially offset by an increase in salaries and social security taxes due to wage increases granted in the second half of 2008.
__________________________________________________
1 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.
12 | ||||
547 Bouchard Street, 26th Floor | Tel +54-11-4510-9550 | |||
C1106ABG Buenos Aires | investor@pampaenergia.com | |||
Argentina | www.pampaenergia.com |
The administrative expenses increased by 26.6% to AR$81.9 million for the first half of 2009, primarily due to increases in advertising expenses, salaries (due to wage increases approved during the second half of 2008), and the tax on financial transactions.
The operating income of our distribution activities increased by 34.7% to AR$126.8 million for the first half of 2009, due to the impact of the recognition of the CMM adjustment and the decrease in selling expenses, that more than offset the decrease in the volume of energy sold and the increase in administrative expenses. The total operating margin increased 15.9% to 12.0% over sales for the first half of 2009 from 10.3% over sales for the same period in 2008.
The consolidated EBITDA1 related to our distribution activities increased by 16.4% to AR$226.2 million for the first half of 2009, due to an increase on the MMC and the reduction of selling costs, which partially offset the reduction on energy sold and the increase in administrative expenses.
Our financial and holding results, net, related to our distribution activities represented a loss of AR$58.2 million for the first half of 2009, primarily due to a loss from interest expenses and the negative impact of the appreciation of the Dollar on this segment’s outstanding U.S. Dollar denominated debt and from results of receivables measured at present value, which was partially offset by gains from the repurchase of its own financial debt and gains generated by the holding of financial instruments.
The distribution segment had other income, net for AR$13.2 million for the first half of 2009, mainly due to the net recovery for allowances for tax contingencies due to the participation in the tax regularization plan implemented by the Government. Additionally, the distribution segment recorded a charge for income taxes of AR$48.1 million for the first half of 2009 and a charge of minority interest of AR$37.3 million.
Finally, our distribution activities registered a net income loss of AR$3.6 million for the first half of 2009, compared to AR$24.2 million net income gain for the same period in 2008.
____________________________
1 Consolidated EBITDA represents the consolidated earnings before financial results, net, income taxes, depreciation, amortization, reserve directors options, other income and expenses, net, and minority interest.
13 | ||||
547 Bouchard Street, 26th Floor | Tel +54-11-4510-9550 | |||
C1106ABG Buenos Aires | investor@pampaenergia.com | |||
Argentina | www.pampaenergia.com |
Holding Segment
Six-months ended on June 30th, | ||||||
Variation | ||||||
Holding Segment, consolidated (AR$ million) | 2009 | 2008 | ||||
Sales revenue | 27.0 | 6.7 | 301.3% | |||
Cost of sales | (22.2) | (1.6) | NA | |||
Gross profit | 4.9 | 5.1 | -5.4% | |||
Selling expenses | (0.6) | (0.8) | -19.5% | |||
Administrative expenses | (27.2) | (23.3) | 16.8% | |||
Goodwill amortization | (0.1) | - | NA | |||
Operating income | (23.1) | (18.9) | 22.1% | |||
Financial and holding results: | ||||||
Generated by assets | 50.9 | 5.8 | NA | |||
Generated by liabilities | 105.7 | 0.1 | NA | |||
Other income and expenses, net | (0.1) | (0.2) | -32.9% | |||
(Loss) Gain before income tax and minority interest | 133.4 | (13.3) | NA | |||
Income tax | (0.7) | 5.5 | NA | |||
Minority interest | - | - | NA | |||
Net income (Loss) for the period | 132.7 | (7.8) | NA | |||
EBITDA1 | (16.4) | (12.8) | 27.8% | |||
Net sales in connection with our holding segment increased by 301.3% to AR$27.0 million for the first half of 2009, mostly related to the services that we provide to our subsidiaries. The cost of sales increased to AR$22.2 million for the first half of 2009, mainly due to the incorporation of new personnel providing services to our subsidiaries and the transfer of personnel to Holding from our subsidiaries, and the increase in wages for the period in analysis.
Therefore, gross profit related to our holding segment decreased by 5.45% to AR$4.9 million for the first half of 2009, due to the increase in the cost of advisory services provided to our related companies.
Our selling expenses decreased by 19.5% to AR$0.6 million for the first half of 2009. The administrative expenses increased by 16.8% to AR$27.2 million for the first half of 2009.
The operating losses related to our holding segment increased by 22.1% to AR$23.1 million for the first half of 2009, primarily explained by the increase in personnel costs and third-party services needed to provide advisory services to our subsidiaries.
The consolidated EBITDA1 related to our holding segment recorded a loss of AR$16.4 million for the first half of 2009, a 27.8% greater than the loss for the same period of 2008, mainly explained by the increase in personnel costs and third-party services needed to provide advisory services to our subsidiaries.
____________________________
1 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.
14 | ||||
547 Bouchard Street, 26th Floor | Tel +54-11-4510-9550 | |||
C1106ABG Buenos Aires | investor@pampaenergia.com | |||
Argentina | www.pampaenergia.com |
Our financial and holding results, net, related to our holding activities represented a gain of AR$156.7 million for the first half of 2009, primarily due to gains generated by the repurchase of debt of our subsidiaries and by foreign exchange gains.
The holding segment recorded a charge for expenses of AR$0.1 million for the first half of 2009. Also, the holding had a charge for income taxes of AR$0.7 million for the first half of 2009.
Finally, our holding activities registered a net income gain of AR$132.7 million for the first half of 2009, compared to AR$7.8 million net income loss for the same period in 2008.
15 | ||||
547 Bouchard Street, 26th Floor | Tel +54-11-4510-9550 | |||
C1106ABG Buenos Aires | investor@pampaenergia.com | |||
Argentina | www.pampaenergia.com |
5. Summary of Electricity Generation
The following table summarizes Pampa’s electricity generation assets:
Hidroelectric | Thermal | |||||||||||
Total | ||||||||||||
Summary of Electricity Generation Assets | HINISA | HIDISA | CTG | CTLLL | CPB | |||||||
Installed Capacity (MW) | 265 | 388 | 361 | 369 | 620 | 2,003 | ||||||
Maket Share | 1.0% | 1.5% | 1.4% | 1.4% | 2.4% | 7.7% | ||||||
Net Generation Jan-Jun 2009 (GWh) | 428 | 327 | 877 | 632 | 1,668 | 3,932 | ||||||
Maket Share | 0.8% | 0.6% | 1.6% | 1.2% | 3.1% | 7.3% | ||||||
Sales Jan-Jun 2009 (GWh) | 591 | 490 | 1,027 | 641 | 1,978 | 4,727 | ||||||
Net Generation Jan-Jun 2008 (GWh) | 389 | 292 | 855 | 1,072 | 1,790 | 4,398 | ||||||
Variation Net Generation 1Q09 - 1Q08 | 10.0% | 12.3% | 2.6% | -41.0% | -6.8% | -10.6% | ||||||
Sales Jan-Jun 2008 (GWh) | 593 | 473 | 938 | 1,137 | 1,864 | 5,005 | ||||||
Average Price Jan-Jun 2009 (AR$ / MWh) | 139.1 | 163.3 | 219.5 | 117.9 | 208.0 | 185.1 | ||||||
Average Gross Margin Jan-Jun 2009 (AR$ / MWh) | 62.2 | 70.3 | 89.4 | 21.5 | 18.7 | 45.2 | ||||||
Average Gross Margin Jan-Jun 2008 (AR$ / M Wh) | 55.3 | 58.6 | 46.1 | 29.4 | 36.8 | 41.1 | ||||||
Net Generation 2Q 2009 (GWh) | 162 | 105 | 415 | 229 | 862 | 1,773 | ||||||
Maket Share | 0.6% | 0.4% | 1.5% | 0.9% | 3.2% | 6.6% | ||||||
Sales 2Q 2009 (GWh) | 233 | 186 | 475 | 236 | 1,026 | 2,156 | ||||||
Net Generation 2Q 2008 (GWh) | 176 | 126 | 429 | 444 | 795 | 1,970 | ||||||
Variation Net Generation 2Q09 - 2Q08 | -7.8% | -16.9% | -3.3% | -48.3% | 8.4% | -10.0% | ||||||
Sales 2Q 2008 (GWh) | 269 | 220 | 456 | 462 | 862 | 2,269 | ||||||
Average Price 2Q 2009 (AR$ / MWh) | 139.6 | 169.2 | 174.0 | 114.6 | 259.6 | 204.1 | ||||||
Average Gross Margin 2Q 2009 (AR$ / MWh) | 49.8 | 51.8 | 81.9 | 16.7 | 21.2 | 39.8 | ||||||
Average Gross Margin 2Q 2008 (AR$ / MWh) | 50.3 | 45.8 | 37.7 | 26.2 | 42.8 | 39.6 | ||||||
Source: Pampa Energía S.A. and C.A.M.M.E.S.A. | ||||||||||||
Note: Gross Margin before amortizations and depreciations. |
The decrease in the first half of 2009 generation is explained by a 41.0% and 6.8% reduction in the net generation of Central Térmica Loma de la Lata and Central Piedra Buena, respectively, due to maintenance works that took place and to natural gas restrictions during the winter. Nevertheless, during the first half of 2009 Hidroeléctrica Los Nihuiles and Hidroeléctrica Diamante’s net generation increased by 10.0% and 12.3%, respectively, compared to the same period of 2008. Said increases are explained in part by an increase in the hydroelectric contribution of rivers Atuel and Diamante of 2.5% and 11.6% respectively, compared to the same period of 2008. Also, Central Térmica Güemes presented a net generation 2.6% above that of the same period of 2008.
16 | ||||
547 Bouchard Street, 26th Floor | Tel +54-11-4510-9550 | |||
C1106ABG Buenos Aires | investor@pampaenergia.com | |||
Argentina | www.pampaenergia.com |
6. Expansion Projects
Pampa Energía is engaged in the following expansion projects aimed at the Energy Plus Program, which permits generators and large consumers to negotiate contracts and prices directly and freely:
- Central Térmica Güemes’ New Open Cycle.This was the first of the Energía Plus expansion projects to be completed. Construction was completed in July 2008 and it began commercial operations in September 2008. The project consists of a 100 MW open-cycle through the installation of a new natural gas-powered turbogenerator of 43% of efficiency.
- Loma de la Lata Project.Pampa Energía is expanding Loma de la Lata’s current electricity generation capacity by 178 MW by means of converting the plant into a combined cycle system generator. The project will increase Loma de la Lata’s capacity by approximately 50% with no additional gas consumption, resulting in increased efficiency for the whole plant. In that sense, Loma de la Lata’s current 369 MW open cycle operates at an efficiency of approximately 32% and we currently expect that, upon completion of the project, Loma de la Lata’s combined cycle will operate at an efficiency of approximately 50% for 547 MW.
- Ingentis Project.Pampa Energía together with the Province of Chubut launched the construction of a gas-fired generation plant in Chubut, consisting of two natural gas turbine generators with a combined capacity of approximately 205 MW and an expected efficiency of 43%. Currently, and given the local and international financial outlook which limits the access to financing, the project’s location is being revised to take advantage of the current natural gas availability and transportation capacity, in order to achieve costs efficiencies.
- New Gas-Fired Man Engines. This project consists of two gas-fired motor generators with a combined installed capacity of approximately 16 MW and an efficiency of 43%. Currently, the project’s location has yet to be confirmed.
The following table summarizes the current status of Pampa’s expansion projects:
New | Total | Invested as of | Estimated | |||||||||
Capacity | Investment | June‘09 | Starting | |||||||||
Project | Location | (MW) | (US$ MM) | (US$ MM) | Fuel | Operating | ||||||
Date | ||||||||||||
CTG | Salta | 100 | 69 | 69 | Natural Gas(1) | Completed | ||||||
Combined Cycle, no | ||||||||||||
Loma de la Lata | Neuquén | 178 | 205 | 188(2) | additional gas | 3Q 2010 | ||||||
required | ||||||||||||
Total | 278 | 274 | 257 | |||||||||
(1) Provision warranted by natural gas royalty assignment agreements.
(2) Includes AR$227.7 million corresponding to investments guaranteeing letters of credit of the project (included in the Consolidated Balance Sheet as Non Current Investments).
17 | ||||
547 Bouchard Street, 26th Floor | Tel +54-11-4510-9550 | |||
C1106ABG Buenos Aires | investor@pampaenergia.com | |||
Argentina | www.pampaenergia.com |
7. Comparison of Information by segment
Pampa focuses its business primarily on the electricity sector, participating in the generation, transmission and distribution sectors through the legal entities in which the Company holds an equity interest. Through its subsidiaries, and based on the nature, clients and risks involved, the following business segments have been identified:
- Energy Generation,composed by the direct and the indirect participation in Central Térmica Loma de la Lata, Hidroeléctrica Los Nihuiles, Hidroeléctrica Diamante, Central Térmica Güemes, Central Piedra Buena, Powerco, Ingentis, Energía Distribuida and investments in shares of other companies related to the electricity generation business.
- Energy Transmission,composed by the indirect participation in Transener and its subsidiaries.
- Energy Distribution,composed by the indirect participation in Edenor.
- Holding,composed by the Company’s own business, such us consulting, financial investments, and investments in real estate and other companies not related to the electricity sector.
18 | ||||
547 Bouchard Street, 26th Floor | Tel +54-11-4510-9550 | |||
C1106ABG Buenos Aires | investor@pampaenergia.com | |||
Argentina | www.pampaenergia.com |
7.1 |ConsolidatedResults for the six-monthsperiod ended on June 30th, 2009(AR$)1
Consolidated Results | ||||||||||||
(as of June 30th, 2009) | Generation | Transmission | Distribution | Holding | Deletions | Consolidated | ||||||
Sales | 868,438,419 | 151,435,939 | 1,060,189,000 | 5,306,132 | - | 2,085,369,490 | ||||||
Intra-segment sales | 6,364,606 | 144,994 | - | 21,704,774 | (27,533,956) | 680,418 | ||||||
Total Sales | 874,803,025 | 151,580,933 | 1,060,189,000 | 27,010,906 | (27,533,956) | 2,086,049,908 | ||||||
Cost of sales | (691,339,836) | (115,969,814) | (793,028,520) | (22,150,084) | 8,768,953 | (1,613,719,301) | ||||||
Gross Income | 183,463,189 | 35,611,119 | 267,160,480 | 4,860,822 | (18,765,003) | 472,330,607 | ||||||
Selling expenses | (6,866,664) | - | (55,698,000) | (631,017) | 1,088,609 | (62,107,072) | ||||||
Administrative expenses | (27,635,146) | (16,923,923) | (81,935,000) | (27,180,226) | 17,676,394 | (135,997,901) | ||||||
Goodwill amortization | (7,478,502) | 400,278 | (2,765,605) | (137,316) | - | (9,981,145) | ||||||
Operating results | 141,482,877 | 19,087,474 | 126,761,875 | (23,087,737) | - | 264,244,489 | ||||||
Financial and holding results: | ||||||||||||
Generated by assets | 81,566,151 | 9,306,674 | 46,360,000 | 50,949,512 | (5,520,859) | 182,661,478 | ||||||
Generated by liabilities | (101,211,782) | 1,146,222 | (104,539,000) | 105,707,048 | 5,520,859 | (93,376,653) | ||||||
Other income and expenses, net | 333,290 | 1,701,377 | 13,209,000 | (127,567) | - | 15,116,100 | ||||||
(Loss) Gain before income tax and minority interest | 122,170,536 | 31,241,747 | 81,791,875 | 133,441,256 | - | 368,645,414 | ||||||
Income tax | (46,415,723) | (3,019,749) | (48,089,787) | (710,133) | - | (98,235,392) | ||||||
Minority interest | (24,178,392) | (12,763,502) | (37,298,000) | - | - | (74,239,894) | ||||||
Net income (Loss) for the year | 51,576,421 | 15,458,496 | (3,595,912) | 132,731,123 | - | 196,170,128 | ||||||
EBITDA1 | 180,079,922 | 49,245,688 | 226,210,070 | (16,386,565) | - | 439,149,115 | ||||||
Consolidated Assets & Liabilities | ||||||||||||
(as of June 30th, 2009) | Generation | Transmission | Distribution | Holding | Deletions | Consolidated | ||||||
Total assets | 3,131,655,510 | 987,696,633 | 5,203,688,059 | 855,584,355 | (749,670,418) | 9,428,954,139 | ||||||
Total liabilities | 1,446,686,752 | 516,743,551 | 2,827,583,243 | 325,359,303 | (749,670,418) | 4,366,702,431 | ||||||
____________________________
1 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.
19 | ||||
547 Bouchard Street, 26th Floor | Tel +54-11-4510-9550 | |||
C1106ABG Buenos Aires | investor@pampaenergia.com | |||
Argentina | www.pampaenergia.com |
7.2 |ConsolidatedResults the six-monthsperiod ended on June 30th, 2008(AR$)1
Consolidated Results | ||||||||||||
(as of June 30th, 2008) | Generation | Transmission | Distribution | Holding | Deletions | Consolidated | ||||||
Sales | 938,735,424 | 109,443,050 | 912,440,000 | 1,214,056 | - | 1,961,832,530 | ||||||
Intra-segment sales | 1,732,500 | - | - | 5,516,735 | (6,706,286) | 542,949 | ||||||
Total Sales | 940,467,924 | 109,443,050 | 912,440,000 | 6,730,791 | (6,706,286) | 1,962,375,479 | ||||||
Cost of sales | (761,449,198) | (84,460,478) | (688,518,363) | (1,592,198) | 542,949 | (1,535,477,288) | ||||||
Gross Income | 179,018,726 | 24,982,572 | 223,921,637 | 5,138,593 | (6,163,337) | 426,898,191 | ||||||
Selling expenses | (6,818,223) | - | (62,370,000) | (783,581) | 575,501 | (69,396,303) | ||||||
Administrative expenses | (20,266,228) | (12,763,961) | (64,717,000) | (23,267,808) | 5,587,836 | (115,427,161) | ||||||
Goodwill amortization | (7,698,738) | 365,471 | (2,731,499) | - | - | (10,064,766) | ||||||
Operating results | 144,235,537 | 12,584,082 | 94,103,138 | (18,912,796) | - | 232,009,961 | ||||||
Financial and holding results: | ||||||||||||
Generated by assets | (45,033,913) | 2,911,852 | 8,223,000 | 5,790,242 | - | (28,108,819) | ||||||
Generated by liabilities | (8,899,403) | (5,791,186) | (13,783,000) | 56,834 | - | (28,416,755) | ||||||
Other income and expenses, net | 2,244,450 | 4,794,564 | (10,392,220) | (190,146) | - | (3,543,352) | ||||||
(Loss) Gain before income tax and minority interest | 92,546,671 | 14,499,312 | 78,150,918 | (13,255,866) | - | 171,941,035 | ||||||
Income tax | (39,740,378) | (6,814,233) | (25,697,848) | 5,476,606 | - | (66,775,853) | ||||||
Minority interest | (16,601,182) | (2,366,456) | (28,238,000) | - | - | (47,205,638) | ||||||
Net income (Loss) for the year | 36,205,111 | 5,318,623 | 24,215,070 | (7,779,260) | - | 57,959,544 | ||||||
EBITDA1 | 175,231,006 | 40,734,365 | 194,286,672 | (12,823,141) | - | 397,428,902 | ||||||
Consolidated Assets & Liabilities | ||||||||||||
(as of December 31st, 2008) | Generation | Transmission | Distribution | Holding | Deletions | Consolidated | ||||||
Total assets | 3,011,277,350 | 998,976,381 | 5,008,266,941 | 699,655,642 | (579,997,774) | 9,138,178,540 | ||||||
Total liabilities | 1,466,974,481 | 556,245,297 | 2,698,438,204 | 171,452,046 | (579,997,774) | 4,313,112,254 | ||||||
____________________________
1 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.
20 | ||||
547 Bouchard Street, 26th Floor | Tel +54-11-4510-9550 | |||
C1106ABG Buenos Aires | investor@pampaenergia.com | |||
Argentina | www.pampaenergia.com |
7.3 |ConsolidatedResults 2Q 2009(AR$)1
Consolidated Results | ||||||||||||
(2Q 2009) | Generation | Transmission | Distribution | Holding | Deletions | Consolidated | ||||||
Sales | 437,278,895 | 73,905,849 | 508,265,000 | 1,972,784 | - | 1,021,422,528 | ||||||
Intra-segment sales | 2,921,164 | 144,994 | - | 12,156,563 | (14,941,493) | 281,228 | ||||||
Total Sales | 440,200,059 | 74,050,843 | 508,265,000 | 14,129,347 | (14,941,493) | 1,021,703,756 | ||||||
Cost of sales | (369,006,656) | (55,470,670) | (394,987,006) | (12,562,146) | 6,713,705 | (825,312,773) | ||||||
Gross Income | 71,193,403 | 18,580,173 | 113,277,994 | 1,567,201 | (8,227,788) | 196,390,983 | ||||||
Selling expenses | (4,818,418) | - | (12,345,000) | (310,123) | 1,088,609 | (16,384,932) | ||||||
Administrative expenses | (14,892,448) | (8,558,290) | (40,457,000) | (11,369,041) | 7,197,936 | (68,078,843) | ||||||
Goodwill amortization | (3,739,643) | 200,139 | (1,381,616) | (68,658) | - | (4,989,778) | ||||||
Operating results | 47,742,894 | 10,222,022 | 59,094,378 | (10,180,621) | 58,757 | 106,937,430 | ||||||
Financial and holding results: | ||||||||||||
Generated by assets | 34,546,314 | 7,296,225 | 27,392,000 | 31,174,055 | (5,520,859) | 94,887,735 | ||||||
Generated by liabilities | (29,769,645) | (7,481,916) | (46,937,420) | 75,008,324 | 5,520,859 | (3,659,798) | ||||||
Other income and expenses, net | (1,489,113) | 1,651,705 | 18,593,000 | (168,213) | - | 18,587,379 | ||||||
(Loss) Gain before income tax and minority interest | 51,030,450 | 11,688,036 | 58,141,958 | 95,833,545 | 58,757 | 216,752,746 | ||||||
Income tax | (16,569,737) | (3,887,030) | (25,079,727) | 1,278,888 | - | (44,257,606) | ||||||
Minority interest | (8,105,675) | (3,607,757) | (22,709,000) | - | - | (34,422,432) | ||||||
Net income (Loss) for the year | 26,355,038 | 4,193,249 | 10,353,231 | 97,112,433 | 58,757 | 138,072,708 | ||||||
EBITDA1 | 66,484,372 | 25,409,346 | 108,936,790 | (6,803,223) | 58,757 | 194,086,042 | ||||||
Consolidated Assets & Liabilities | ||||||||||||
(2Q 2009) | Generation | Transmission | Distribution | Holding | Deletions | Consolidated | ||||||
Total assets | 3,131,655,510 | 987,696,633 | 5,203,688,059 | 855,584,355 | (749,670,418) | 9,428,954,139 | ||||||
Total liabilities | 1,446,686,752 | 516,743,551 | 2,827,583,243 | 325,359,303 | (749,670,418) | 4,366,702,431 | ||||||
____________________________
1 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.
21 | ||||
547 Bouchard Street, 26th Floor | Tel +54-11-4510-9550 | |||
C1106ABG Buenos Aires | investor@pampaenergia.com | |||
Argentina | www.pampaenergia.com |
7.4 |ConsolidatedResults 2Q 2008(AR$)
Consolidated Results | ||||||||||||
(2Q 2008) | Generation | Transmission | Distribution | Holding | Deletions | Consolidated | ||||||
Sales | 468,720,643 | 54,268,780 | 456,767,000 | 1,214,056 | - | 980,970,479 | ||||||
Intra-segment sales | 1,732,500 | - | - | 3,775,425 | (4,261,427) | 1,246,498 | ||||||
Total Sales | 470,453,143 | 54,268,780 | 456,767,000 | 4,989,481 | (4,261,427) | 982,216,977 | ||||||
Cost of sales | (395,400,363) | (44,553,299) | (349,539,941) | (1,473,666) | (958,231) | (791,925,500) | ||||||
Gross Income | 75,052,780 | 9,715,481 | 107,227,059 | 3,515,815 | (5,219,658) | 190,291,477 | ||||||
Selling expenses | (2,082,133) | - | (34,813,000) | 69,666 | 575,501 | (36,249,966) | ||||||
Administrative expenses | (11,223,875) | (6,451,086) | (32,213,000) | (13,428,849) | 4,266,766 | (59,050,044) | ||||||
Goodwill amortization | (4,066,484) | 165,332 | (1,379,829) | 175,743 | - | (5,105,238) | ||||||
Operating results | 57,680,288 | 3,429,727 | 38,821,230 | (9,667,625) | (377,391) | 89,886,229 | ||||||
Financial and holding results: | ||||||||||||
Generated by assets | (59,880,035) | 726,335 | 4,820,000 | (4,921,681) | - | (59,255,381) | ||||||
Generated by liabilities | (5,139,653) | 6,909,541 | 17,001,000 | 489,024 | - | 19,259,912 | ||||||
Other income and expenses, net | 2,324,372 | 2,765,571 | (4,482,819) | 1,528,827 | 377,391 | 2,513,342 | ||||||
(Loss) Gain before income tax and minority interest | (5,015,028) | 13,831,174 | 56,159,411 | (12,571,455) | - | 52,404,102 | ||||||
Income tax | (1,553,392) | (5,491,391) | (11,961,534) | 3,886,434 | - | (15,119,883) | ||||||
Minority interest | (6,231,867) | (3,336,843) | (18,929,000) | - | - | (28,497,710) | ||||||
Net income (Loss) for the year | (12,800,287) | 5,002,940 | 25,268,877 | (8,685,021) | - | 8,786,509 | ||||||
EBITDA1 | 72,904,502 | 17,544,376 | 89,194,772 | (6,790,590) | (377,391) | 172,475,669 | ||||||
Consolidated Assets & Liabilities | ||||||||||||
(as of December 31st, 2008) | Generation | Transmission | Distribution | Holding | Deletions | Consolidated | ||||||
Total assets | 3,011,277,350 | 998,976,381 | 5,008,266,941 | 699,655,642 | (579,997,774) | 9,138,178,540 | ||||||
Total liabilities | 1,466,974,481 | 556,245,297 | 2,698,438,204 | 171,452,046 | (579,997,774) | 4,313,112,254 | ||||||
____________________________
1 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.
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547 Bouchard Street, 26th Floor | Tel +54-11-4510-9550 | |||
C1106ABG Buenos Aires | investor@pampaenergia.com | |||
Argentina | www.pampaenergia.com |
Information about the Conference Call
There will be a conference call to discuss Pampa’s second quarter 2009 results on Thursday, August 13ed, 2009 at 10:00 a.m. Eastern Time / 11.00 a.m. Buenos Aires Time. Mr. Ricardo Torres, General Manager of the Company, will be presenting for Pampa Energía S.A. For those interested in participating, please dial 0-800-666-1537 in Argentina, (1 877) 391-5998 in the United States and Canada, or outside the United States and Canada dial (1 706) 634-1313. Participants for the conference call should use the identification number 19044620 and dial in five minutes before the scheduled time. There will also be a live audio webcast of the conference atwww.pampaenergia.com/ir page in the investor relation sector.
You may find additional information on the Company at:
www.pampaenergia.com/ir
www.cnv.org.ar
23 | ||||
547 Bouchard Street, 26th Floor | Tel +54-11-4510-9550 | |||
C1106ABG Buenos Aires | investor@pampaenergia.com | |||
Argentina | www.pampaenergia.com |
Pampa Energía S.A. | ||
By: | /S/ Roberto Luis Maestretti | |
Name: Roberto Luis Maestretti Title: Chief Financial Officer |