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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


Property, plant and equipment



Intangible assets



Biological assets



Participation in joint businesses



Participation in associates



Financial assets at redeemed cost



Financial assets with a results changing fair value



Deferred tax assets



Trade receivable and other credits



Total non-current assets






Biological assets



Assets on construction



Trade receivable and other credits



Financial assets with a results changing fair value



Derivative financial instruments assets



Investments at redeemed cost



Cash and cash equivalents



Total current assets



Assets classified as held for sale



Total assets



As of 09.30.12

As of 12.31.11


Share capital



Share premium



Director's options reserve



Legal reserve



Retained earnings



Equity attributable to owners of the parent



Non-controlling interests



Total equity




Accounts payable and other liabilities






Deferred revenues



Salaries and social security payable



Defined benefit plan obligations



Deferred tax liabilities



Tax payable






Total non-current liabilities



Accounts payable and other liabilities






Deferred income



Salaries and social security payable



Defined benefit plan obligations



Tax payable






Total current liabilities



Liabilities classified as held for sale



Total liabilities



Total liabilities and equity



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





Sales revenue





Cost of sales





Gross profit





Selling expenses





Administrative expenses





Other operating income





Other operating expenses





Results for participation in joint businesses





Results for participation in associates





Impairment of property, plant and equipment





Impairment of intangible assets





Gain for acquisition of companies





Operating income





Financial income





Financial costs





Other financial results





Financial results, net





Profit before tax





Income tax and minimum expected profit tax





Net income for continuing operations





Discontinued operations





Total comprehensive income for the period





Attributable to:

Owners of the Company





Non-controlling interests





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

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





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





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





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





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
[email protected]

SOURCE Pampa Energia S.A.

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