Pampa Energia S.A. announces the results for the nine-month period ended on September 30th, 2012

 Pampa Energia S.A. announces the results for the nine-month period ended on
                             September 30th, 2012

PR Newswire

BUENOS AIRES, Argentina, Nov. 19, 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
ASSETS
Property, plant and equipment                  5,920.1         5,847.5
Intangible assets                              1,704.5         1,683.0
Biological assets                              1.5             1.4
Participation in joint businesses              203.8           222.2
Participation in associates                    128.2           130.3
Financial assets at redeemed cost              3.2             5.5
Financial assets with a results changing fair
value                                          250.5           548.2
Deferred tax assets                            79.8            116.6
Trade receivable and other credits             457.2           363.6
Total non-current assets                       8,748.8         8,918.3
Inventories                                    105.6           60.4
Biological assets                              0.4             0.1
Assets on construction                         65.6            45.5
Trade receivable and other credits             1,418.0         1,649.2
Financial assets with a results changing fair
value                                          111.7           70.5
Derivative financial instruments assets        2.5             1.3
Investments at redeemed cost                   2.1             2.2
Cash and cash equivalents                      284.6           345.1
Total current assets                           1,990.5         2,174.3
Assets classified as held for sale             111.4           990.0
Total assets                                   10,850.6        12,082.7
                                               As of 09.30.12  As of 12.31.11
EQUITY
Share capital                                  1,314.3         1,314.3
Share premium                                  1,018.4         1,536.8
Director's options reserve                     248.2           241.5
Legal reserve                                  -               27.4
Retained earnings                              (516.1)         (680.6)
Equity attributable to owners of the parent    2,064.7         2,439.4
Non-controlling interests                      682.5           1,334.9
Total equity                                   2,747.2         3,774.2
LIABILITIES
Accounts payable and other liabilities         1,787.6         1,428.3
Borrowings                                     2,114.9         2,487.7
Deferred revenues                              211.1           129.3
Salaries and social security payable           24.8            23.6
Defined benefit plan obligations               121.6           110.4
Deferred tax liabilities                       681.8           849.2
Tax payable                                    58.6            45.7
Provisions                                     79.5            70.0
Total non-current liabilities                  5,079.8         5,144.1
Accounts payable and other liabilities         1,521.6         1,241.0
Borrowings                                     893.8           893.8
Deferred income                                7.9             -
Salaries and social security payable           369.3           324.9
Defined benefit plan obligations               23.3            14.9
Tax payable                                    196.5           217.6
Provisions                                     11.0            11.4
Total current liabilities                      3,023.5         2,703.5
Liabilities classified as held for sale        -               460.8
Total liabilities                              8,103.4         8,308.5
Total liabilities and equity                   10,850.6        12,082.7

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
                                   2012       2011       2012       2011
Sales revenue                      5,758.7    4,400.2    2,102.1    1,644.9
Cost of sales                      (5,310.8)  (3,842.6)  (1,995.4)  (1,458.8)
Gross profit                       447.9      557.6      106.6      186.1
Selling expenses                   (365.7)    (230.7)    (139.6)    (84.8)
Administrative expenses            (354.2)    (295.0)    (129.7)    (104.8)
Other operating income             181.7      101.0      28.7       16.4
Other operating expenses           (66.0)     (60.5)     (23.1)     (12.4)
Results for participation in
joint businesses                   (18.4)     (8.3)      (8.1)      (3.1)
Results for participation in
associates                         (2.1)      (4.3)      (1.9)      (2.8)
Impairment of property, plant and
equipment                          (108.3)    -          (108.3)    -
Impairment of intangible assets    (5.3)      -          -          -
Gain for acquisition of companies  -          502.0      -          -
Operating income                   (290.3)    561.8      (275.3)    (5.3)
Financial income                   103.9      55.6       36.7       18.0
Financial costs                    (401.3)    (345.4)    (114.4)    (125.9)
Other financial results            (151.8)    (92.2)     (41.4)     (25.6)
Financial results, net             (449.3)    (382.0)    (119.1)    (133.5)
Profit before tax                  (739.5)    179.8      (394.4)    (138.9)
Income tax and minimum expected
profit tax                         57.1       (58.6)     52.4       40.9
Net income for continuing
operations                         (682.5)    121.2      (342.0)    (98.0)
Discontinued operations            36.1       26.9       (4.5)      6.1
Total comprehensive income for
the period                         (646.4)    148.1      (346.5)    (91.9)
Attributable to:
Owners of the Company              (381.4)    44.5       (233.6)    (87.8)
Non-controlling interests          (265.0)    103.6      (112.9)    (4.0)
Total comprehensive income for
the period attributable to the
owners of the Company:
Basic income for continuing
operations per share (AR$ per
share)                             (0.3177)   0.0134     -          -
Diluted income for continuing
operations per share (AR$ per
share)                             (0.3177)   0.0158     -          -
Basic income for discontinued
operations per share (AR$ per
share)                             0.0275     0.0205     -          -
Diluted income for discontinued
operations per share (AR$ per
share)                             0.0275     0.0177     -          -

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
http://www.pampaenergia.com/ir
investor@pampaenergia.com

SOURCE Pampa Energia S.A.

Website: http://www.pampaholding.com
Website: http://www.pampaenergia.com/ir
 
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