Pampa Energia S.A. announces the results for the fiscal year ended on December 31st, 2012

Pampa Energia S.A. announces the results for the fiscal year ended on December
                                  31st, 2012

PR Newswire

BUENOS AIRES, Argentina, March 12, 2013

BUENOS AIRES, Argentina, March 12, 2013 /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 fiscal year ended on December 31st, 2012. All figures are
stated in Argentine Pesos and have been prepared in accordance with
International Financial Reporting Standards.

Highlights for the fiscal year of 2012

Consolidated sales revenues of AR$7,564.7 million^[1] for the fiscal year
ended December 31, 2012, 30.0% higher than the AR$5,819.6 million for the same
period of 2011, mainly explained by an increase of 27.1% (AR$772.2 million),
of 31.6% (AR$922.6 million) and AR$132.8 million in the generation,
distribution and the holding and others segments, respectively.

Adjusted Consolidated EBITDA^^[2] ^ of AR$444.4 million, 54.6% lower than for
the same period of 2011, mainly due to decreases of 65.8% (AR$50.8 million) in
transmission and of 94.5% (AR$570.4 million) in distribution, which were
partially offset by increases of 18.4% (AR$52.0 million) in generation and a
higher gain in holding and others (AR$34.8 million).

Consolidated loss under IFRS of AR$1,079.6 million in the fiscal year ended
December 31, 2012, of which AR$649.7 million are attributable to the owners of
the Company, compared to a AR$741.4 million loss attributable to the owners of
the Company in the same period of 2011, mainly explained by the net losses
from our generation, transmission and distribution segments (AR$74.8 million,
AR$31.2 million and AR$669.3 million, respectively), partially offset by a
profit of AR$125.5 in holding and others segment.

Highlights for the fourth quarter of 2012^[3]

Consolidated net sales of AR$1,805.9 million, 27.2% greater than the
AR$1,419.4 million for the same period of 2011, mainly due to increases of
13.8% (AR$88.4 million) in generation, 39.1% (AR$292.1 million) in
distribution, and AR$25.1 million in holding and others.

Adjusted Consolidated EBITDA of AR$24.9 million, 89.3% lower than for the same
period of 2011, mainly due to decreases of AR$67.4 million in generation,
AR$11.1 million in transmission, AR$128.4 million in distribution, and AR$1.6
million in holding and others.

Consolidated net loss under IFRS of AR$433.2 million, of which AR$268.3 are
attributable to the owners of the Company, in comparison to a net loss of
AR$785.9 million attributable to the owners of the Company for the same period
of 2011, mainly due to losses in our generation segment (AR$67.6 million),
transmission (AR$12.6 million), distribution (AR$249.9 million), partially
offset by a net profit in our holding and others segment (AR$61.9 million).

Consolidated Balance Sheet
(As of December 31, 2012 and December 31, 2011, in millions of Argentine
Pesos)

                                                 As of 12.31.12 As of 12.31.11
ASSETS
Property, plant and equipment                    6,023.9        5,847.1
Intangible assets                                1,808.5        1,791.8
Biological assets                                2.0            1.9
Participation in joint businesses                192.3          222.2
Participation in associates                      132.5          130.3
Financial assets with a results changing fair    303.8          553.8
value
Deferred tax assets                              87.5           116.6
Trade receivable and other credits               422.0          342.2
Total non-current assets                         8,972.5        9,005.8
Inventories                                      103.3          60.4
Biological assets                                0.5            0.1
Assets on construction                           84.5           45.5
Derivative financial instruments assets          -              1.3
Financial assets with a results changing fair    113.4          72.7
value
Investments at redeemed cost                     -              -
Trade receivable and other credits               1,541.5        1,373.6
Cash and cash equivalents                        279.9          345.1
Total current assets                             2,123.1        1,898.7
Assets classified as held for sale               235.2          1,184.0
Total assets                                     11,330.9       12,088.5



                                            As of 12.31.12 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                  250.4          241.5
Legal reserve                               -              27.4
Retained earnings                           (771.8)        (667.9)
Other comprehensive results                 (10.8)         (12.7)
Equity attributable to owners of the parent 1,800.5        2,439.4
Non-controlling interests                   529.7          1,328.0
Total equity                                2,330.2        3,767.3
LIABILITIES
Accounts payable and other liabilities      2,231.2        1,568.9
Borrowings                                  2,218.5        2,487.7
Deferred revenues                           264.4          174.8
Salaries and social security payable        17.5           23.6
Defined benefit plan obligations            120.9          103.6
Deferred tax liabilities                    636.0          821.1
Tax payable                                 46.8           45.7
Provisions                                  85.5           70.0
Total non-current liabilities               5,620.7        5,295.3
Accounts payable and other liabilities      1,688.0        1,083.0
Borrowings                                  790.9          893.8
Salaries and social security payable        447.9          324.9
Defined benefit plan obligations            21.8           14.9
Tax payable                                 263.8          196.3
Derivative financial instruments            -              -
Provisions                                  11.7           11.4
Total current liabilities                   3,224.1        2,524.2
Liabilities classified as held for sale     155.8          501.6
Total liabilities                           9,000.6        8,321.1
Total liabilities and equity                11,330.9       12,088.5



Consolidated Income Statement
(For the fiscal period and four-month period ended on December 31, 2012, and
December 31, 2011, in millions of Argentine Pesos)

                                    Full Year            4th Quarter
                                                         
                                    2012                             2011
                                               2011       2012
Sales revenue                       7,564.7    5,819.6    1,805.9    1,419.4
Cost of sales                       (6,982.0)  (5,122.7)  (1,671.2)  (1,280.1)
Gross profit                        582.7      696.9      134.8      139.3
Selling expenses                    (491.5)    (330.9)    (125.8)    (100.3)
Administrative expenses             (515.1)    (411.6)    (161.0)    (116.6)
Other operating income              197.5      138.0      15.8       37.0
Other operating expenses            (149.7)    (81.1)     (78.4)     (20.6)
Results for participation in joint  (31.0)     (14.6)     (12.6)     (6.3)
businesses
Results for participation in        2.3        19.8       4.3        24.0
associates
Impairment of property, plant and   (108.3)    (557.7)    -          (557.7)
equipment
Impairment of intangible assets     -          (90.1)     -          (90.1)
Gain for acquisition of companies   -          505.9      -          4.0
Operating income                    (513.1)    (125.4)    (222.9)    (687.2)
Financial income                    155.0      94.9       51.1       39.2
Financial costs                     (598.1)    (499.8)    (196.8)    (154.4)
Other financial results             (202.8)    (146.3)    (51.0)     (54.0)
Financial results, net              (645.9)    (551.2)    (196.6)    (169.2)
Profit before tax                   (1,159.0)  (676.6)    (419.5)    (856.4)
Income tax and minimum expected     101.8      (37.4)     44.7       21.3
profit tax
Net income for continuing           (1,057.2)  (714.0)    (374.7)    (835.1)
operations
Discontinued operations             (22.4)     (106.0)    (58.5)     (132.9)
Net income for the period           (1,079.6)  (819.9)    (433.2)    (968.1)
Attributable to:
Owners of the Company               (649.7)    (741.4)    (268.3)    (785.9)
Continuing operations               (643.8)    (689.0)    (226.3)    (706.6)
Discontinued operations             (5.9)      (52.4)     (42.0)     (79.4)
Non-controlling interests           (429.9)    (78.5)     (164.9)    (182.1)
Net income for the period
attributable to the owners of the
Company (AR$ per share):
Basic and diluted income for        (0.4898)   (0.5242)   (0.1722)   (0.5376)
continuing operations per share
Basic and diluted income for        (0.0045)   (0.0399)   (0.0319)   (0.0604)
discontinued operations 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 fourth quarter
2012 results on Wednesday, March 13, 2013 at 10:00 a.m. New York Time / 11:00
a.m. Buenos Aires Time. The hosts will be Mr. Mariano Batistella, IRO of Pampa
Energia and Mr. Leandro Montero, CFO of Edenor. 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 10025614. This material will be available one hour
after the finalization of the Conference Call and until March 21, 2013.

^[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 results for
continuing activities before net financial results, income taxes,
depreciation, amortization, reserve directors options, and non-controlling
interests, 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 December 31, 2012 and of 2011 are based on unaudited financial
statements prepared according to the IFRS accounting standards in force in
Argentina corresponding to the fiscal year ended on December 31, 2012 and of
2011, and the nine-month periods ended on September 30, 2012 and of 2011.

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.pampaenergia.com/ir