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Pampa Energia SA
Pampa Energia SA
11/15/2012 | Press release
Transener - 3Q12 Earnings Release
distributed by noodls on 11/16/2012 11:31
Buenos Aires, November 15th, 2012
Results for the nine-month period ended on September 30th,
2012
Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A. ("Transener"
or the "Company") announces the results for the nine-month period ended on September
30th, 2012
Stock Information
Bolsa de Comercio de Buenos Aires
Ticker: TRAN
For further information, contact:
Marcelo Rodríguez Ponti
Chief Financial Officer
Andrés G. Colombo
Accounting and Tax Manager
(Andres.Colombo@transx.com.ar)
Marcelo A. Fell
Financial Manager
(Marcelo.Fell@transx.com.ar)
Laura V. Varela
Investor Relations Coordination
(Laura.Varela@transener.com.ar)
Tel: (5411) 5167-9301
Fax: (5411) 4342-7147 www.transener.com.ar www.transba.com.ar
Transener, Argentina's leading electricity transmission company, announces results for the nine-month period ended on September
30th, 2012.
Consolidated net sales of AR$ 385,6 million, similar to AR$ 383,1 million for the same period of 2011, mainly due to an increase of
9,6% (AR$ 23,1 million) in the electricity transmission revenue and
15,1% (AR$ 1,4 million) in the Fourth Line operation and maintenance revenue, partially offset by a decrease of 16,5% (AR$ 22,1 million) in other revenues.
Consolidated adjusted EBITDA1 of AR$ 60,0 million, 51,7% lower than the AR$ 124,1 million for the same period of 2011, mainly due to an increase of 27,6% (AR$ 92,4 million) in the operating costs and administrative expenses, partially offset by an increase of AR$ 15,5 and AR$ 9,3 million in the interest from the Instrumental Agreement and the Fourth Line, respectively.
Consolidated net loss of AR$ 59,4 million, compared to a consolidated net loss under IFRS of AR$ 22,6 million for the same period of 2011, mainly due to an increase in the operating costs and administrative expenses, partially offset by a higher profit in finance results and income tax and a lower loss in discontinued operations
Main results for the Third Quarter of 2012 2:
Consolidated net sales of AR$ 138,3 million, similar to AR$ 136,1 million for the same period of 2011, mainly due to increases of 5,5% (AR$ 4,9 million) in the electricity transmission revenue and 26,7% (AR$ 0,7 million) in the Fourth Line operation and maintenance revenue, partially offset by a decrease of 7,7% (AR$ 3,4 million) in other revenues.
Consolidated adjusted EBITDA of AR$ 44,5 million,14,2% lower than the AR$ 51,8 million for the same period of 2011, mainly due to increases of 22,7% (AR$ 28,8 million) in the operating costs and administrative expenses and an increase of AR$ 14,0 and AR$5,0 million in the interest from the Instrumental Agreement and the Fourth Line, respectively.
1 Consolidated adjusted EBITDA represents consolidated operating results before depreciation plus interest from the Fourth Line and interest from the
Instrumental Agreement.
2 The financial information presented in this document for the quarters ended on September 30th, 2012 and of 2011 are based on unaudited financial statements prepared according to the IFRS accounting standards in force in Argentina, corresponding to the three-month and nine-month periods ended on September 30th, 2012 and 2011.
Av. Paseo Colón 728 6º piso C1063ACU Buenos Aires Argentina
Tel +54 (11) 5167-9100 info@transx.com.ar www.transener.com.ar
Consolidated net loss of AR$ 26,9 million, compared to a consolidated net loss under IFRS of AR$ 8,5 million for the same period of 2011, mainly due to an increase in the operating costs and administrative expenses and a higher loss in finance results, partially offset by a higher profit in income tax and a lower loss in discontinued operations.
1. Financial Situation
As of September 30th, 2012, consolidated outstanding principal debt of the Company net of repurchases amounts to US$ 156,5 million and, as a consequence of the refinancing of the Series 1 Notes in August
2011, the Company has not significant principal maturities until year 2021.
The following table shows the schedule of maturities of capital of the financial debt in dollars:
US$ mm
100
90
80
70
60
50
40
30
20
10
0
Others
ON 2016
99 ON 2021
Net of US$mm 2 hold by the Company
Regarding the Transener's qualifications, on November 1st, 2012 S&P modified the local qualification from "raBB-" negative to "raB" negative and the global qualification for foreign and local currency from "CCC+" negative to "CCC" negative.
2. Tariff Situation
On December 21st, 2010, Transener and Transba entered into with the Secretariat of Energy (SE) and the
ENRE an Instrumental Agreement (the "Instrumental Agreement"), which included:
(i) the recognition of Transener and Transba´s credits resulting from the variations of costs occurred during the period June 2005 - November 2010, which have been calculated according to the costs variation index (CVI),
(ii) a mechanism of cancellation of the pending balances, during 2011,
(iii) the recognition of an additional amount to receive from CAMMESA for capital expenditures in the system, for an amount of AR$ 34,0 million for Transener and AR$ 18,4 million for Transba and
(iv) a procedure for the updating and payment of the cost variations, arising from the sequence of the semesters as from December 1st, 2010 up to December 31st, 2011.
Av. Paseo Colón 728 6º piso C1063ACU Buenos Aires Argentina
Tel +54 (11) 5167-9100 info@transx.com.ar www.transener.com.ar
According to what was stated in the Instrumental Agreement, on May 2nd, 2011 new loans were entered into with CAMMESA (the "CAMMESA Financing") for an amount of AR$ 290 and AR$ 134 million for Transener and Transba, respectively, corresponding to the credits recognized by the SE and the ENRE in that agreement. The credits in favor of Transener and Transba resulting from the recognition of costs stated the Instrumental Agreement are immediately compensated with the disbursements from the CAMMESA Financing.
The amounts received and the remaining balance as of September 30th, 2012 is as follows:
The Company has recognized revenues and interest income for the amount of AR$ 32,8 and AR$ 36,7 million respectively, for the nine-month period ended on September 30th, 2012.
3. Fourth Line
On April 25th, 2012, the ENRE issued Resolution N° 90/2012 which establishes a new annual canon of AR$ 113,4 million as from August 2011 and instructed CAMMESA to make the corresponding adjustments taking into consideration the corresponding interest. During the nine-month period ended on September
30th, 2012, the Company recognized income for AR$ 7,3 million corresponding to the retroactive
adjustment for year 2011.
4. Consolidated Adjusted EBITDA Calculation
Consolidated adjusted EBITDA has been calculated as follows:
N in e -mo n th p e r io d e n d e d o n
S e p te mb e r 30t h,
Th r e e -mo n th p e rio d e n d e d o n
Se p te mb e r 30t h,
AR$mm 2012 2011 2012 2011
Co n so lid ate d o p e r atin g lo ss (98,2) (10,3) (37,0) (11,2) De p re c iatio n s 57,6 58,6 18,9 19,4
Co n so lid ate d EBITDA u n d e r IFRS (40,6) 48,3 (18,1) 8,2
Ad ju stme n ts
In stru me n tal Agr e e me n t in te r e st 36,7 21,2 18,3 4,3
Fo u rth Lin e in te re st 63,9 54,6 44,2 39,3
Co n so lid ate d ad ju ste d EBITDA 60,0 124,1 44,5 51,8
Av. Paseo Colón 728 6º piso C1063ACU Buenos Aires Argentina
Tel +54 (11) 5167-9100 info@transx.com.ar www.transener.com.ar
5. Operating information
• 500 kV Transmission Federal Plan
Here follows the works in progress, the estimated construction costs, Transener's estimated revenues for the supervision of the construction and the status of the works:
|
Wo rks |
Est imate d Co n stru c tio n Co sts |
Estimate d Su p e r visio n Re ve n u e s |
Statu s |
|
Wo rks |
AR$mm |
% |
|
|
IN T ERCO N N ECTIO N P ICO TRU N CADO - ES P ERAN Z A - RIO TU RB IO - RIO GALLEGO S |
2.398 |
71,9 |
100% |
• Expansion Works
Here follows the most significant works in progress, the estimated construction costs, Transener's estimated revenues for the supervision of the construction and the status of the works:
|
W o rks |
Estimate d Co n str u c tio n Co sts |
Estimate d Su p e rvisio n Re ve n u e s |
S tatu s |
|
W o rks |
AR$mm |
% |
|
|
E.T. M A L V IN A S ( S t and-by t r ans fo r me r ) |
10 |
0,3 |
92% |
|
El CORTA D ERA L 5 0 0 kV S ubs t at i o n ( N e w s ubs t at i o n) |
186 |
5,6 |
68% |
|
Expansi o n of t he OL A V A RRÍA 5 0 0 kV S ubs t at i o n |
30 |
1,7 |
70% |
Av. Paseo Colón 728 6º piso C1063ACU Buenos Aires Argentina
Tel +54 (11) 5167-9100 info@transx.com.ar www.transener.com.ar
• Rate of failures
The rate of failures respresents the quality of the services provided. The following charts show the quality of the service provided by Transener and Transba as from year 2000.
Transener and Transba Concession Agreements state a maximum rate of failures of 2,5 and 7,0 outages per 100km over a 12-month period, respectively.
Transener
3,0
2,5
2.5 FAILURE LIMIT
2,0
1,5
COMPANY FAILURES
1,0
0,5
0,0
Transba
8,0
7,0
6,0
7.0 FAILURE LIMIT
5,0
4,0
3,0
COMPANY FAILURE
2,0
1,0
0,0
Av. Paseo Colón 728 6º piso C1063ACU Buenos Aires Argentina
Tel +54 (11) 5167-9100 info@transx.com.ar www.transener.com.ar
6. Significant Financial Information
6.1 Consolidated Statements of Operations (AR$mm)
N in e -mo n th p e rio d e n de d o n
Se pte mbe r 30t h,
Th re e -mo n th pe rio d e n d e d o n
Se pte mbe r 30t h,
2012 2011 2012 2011
|
Continued operations |
||||
|
N e t Sale s |
385,6 |
383,1 |
138,3 |
136,1 |
|
O p e ratin g c o sts |
(392,3) |
(318,3) |
(141,3) |
(117,7) |
|
Gro ss (lo ss) / p ro fit |
(6,7) |
64,8 |
(3,1) |
18,3 |
|
Admin istrative e xp e n se s |
(92,4) |
(75,0) |
(33,2) |
(28,6) |
|
O th e r (lo sse s) / gain s - n e t |
1,0 |
(0,1) |
(0,7) |
(0,9) |
|
O p e ratin g lo ss |
(98,2) |
(10,3) |
(37,0) |
(11,2) |
|
Fin an c e in c o me |
116,1 |
81,9 |
42,4 |
34,8 |
|
Fin an c e c o sts |
(67,8) |
(58,9) |
(21,9) |
(21,7) |
|
O th e r fin an c e re su lts |
(38,4) |
(24,8) |
(23,8) |
(9,1) |
|
Lo ss be fo re taxe s |
(88,3) |
(12,1) |
(40,3) |
(7,2) |
|
In c o me tax |
30,9 |
3,9 |
14,1 |
2,6 |
|
Lo ss fo r th e p e rio d fro m c o n tin u in g o pe ratio n s |
(57,4) |
(8,2) |
(26,2) |
(4,6) |
|
D isconti nued operations Lo ss fo r th e p e rio d |
(4,7) |
(23,5) |
(1,9) |
(6,1) |
|
In c o me tax |
1,6 |
8,2 |
0,7 |
2,1 |
|
Lo ss fo r th e p e rio d fro m disc o n tin u e d o pe ratio n s |
(3,1) |
(15,3) |
(1,2) |
(3,9) |
|
L oss for the period |
(60,4) |
(23,5) |
(27,4) |
(8,6) |
|
L oss attributable to : O w n e rs o f th e p are n t |
(59,4) |
(22,6) |
(26,9) |
(8,5) |
|
N o n -c o n tro llin g in te re sts |
(1,1) |
(0,9) |
(0,5) |
(0,0) |
|
To tal fo r th e p e rio d |
(60,4) |
(23,5) |
(27,4) |
(8,6) |
|
Other consolidated comprehensive (loss) / profit |
||||
|
Lo ss fo r th e p e rio d |
(60,4) |
(23,5) |
(27,4) |
(8,6) |
|
O th e r c o mpre h e n sive in c o me |
0,0 |
0,0 |
0,0 |
0,0 |
|
To tal c o mpre h e n sive lo ss fo r th e pe rio d |
(60,4) |
(23,5) |
(27,4) |
(8,6) |
|
Comprehensive (loss) / profit attributable to : O w n e rs o f th e p are n t |
(59,4) |
(22,6) |
(26,9) |
(8,5) |
|
N o n -c o n tro llin g in te re sts |
(1,1) |
(0,9) |
(0,5) |
(0,0) |
|
To tal fo r th e p e rio d |
(60,4) |
(23,5) |
(27,4) |
(8,6) |
Av. Paseo Colón 728 6º piso C1063ACU Buenos Aires Argentina
Tel +54 (11) 5167-9100 info@transx.com.ar www.transener.com.ar
7.2 Consolidated Balance Sheets (AR$mm)
Av. Paseo Colón 728 6º piso C1063ACU Buenos Aires Argentina
Tel +54 (11) 5167-9100 info@transx.com.ar www.transener.com.ar
7. Analysis of results for the nine-month period ended on
September 30th, 2012 compared to the same period of
2011
Net sales
Consolidated net sales for the nine-month period ended on September 30th, 2012 resulted in AR$ 385,6 million, similar to the AR$ 383,1 million for the same period of 2011.
The electricity transmission revenue for the nine-month period ended on September 30th, 2012, amounted to AR$ 262,9 million, 9,6% higher than the AR$ 239,8 million for the same period of 2011 mainly by an increase of (i) AR$ 15,2 million in the recognition of revenue from the Instrumental Agreements entered into by Transener and Transba with the Secretariat of Energy ("SE") and the ENRE (See "Tariff situation") and (ii) AR$ 5,5 million in the higher quality service rewards recognized by the ENRE.
The Fourth Line operation and maintenance revenue for the nine-month period ended on September 30th,
2012 amounted to AR$ 11,1 million, 15,1% higher than the AR$ 9,6 million for the same period of 2011, mainly due to the approval of the increase of the canon by the ENRE, through Res. ENRE 90/2012 of April
25th, 2012 (See "Fourth Line").
The other revenues for the nine-month period ended on September 30th, 2012 amounted to AR$ 111,7 million, 16,5% lower than the AR$ 133,7 million for the same period of 2011, mainly due to a decrease in supervision of expansion works revenues.
Operating costs and administrative costs
Consolidated operating costs and administrative expenses for the nine-month period ended on September
30th, 2012 amounted to AR$ 484,7 million, 23,2% higher than the AR$ 393,3 million for the same period of
2011, principally due to an increase of (i) AR$ 50,1 million in salaries and social security charges and (ii) AR$ 16,2 million mainly due to a reversal of a provision for contingencies during the nine-month period ended on September 30th, 2011.
Finance results
Consolidated finance income for the nine-month period ended on September 30th, 2012 amounted to
AR$ 116,1 million, 41,7% higher than the AR$ 81,9 million for the same period of 2011, mainly due to an increase of (i) AR$ 15,5 million in interests generated by assets principally in the recognition of interest from the Instrumental Agreements entered into with the SE and the ENRE, (ii) AR$ 9,3 million in finance income from the Fourth Line, resulting from the increase in the canon above mentioned and (iii) AR$5,2 million from short-term investments.
Consolidated finance costs for the nine-month period ended on September 30th, 2012 amounted to AR$ 67,8 million, 15,2% higher than the AR$ 58,9 million for the same period of 2011, mainly due to an increase of AR$ 6,2 million in interest generated by employee benefits payable.
Consolidated other finance results for the nine-month period ended on September 30th, 2012 amounted to a loss of AR$ 38,4 million, 54,9% higher than the AR$ 24,8 million for the same period of 2011, mainly due to a decrease of AR$ 22,0 million in the exchange loss net, partially offset by a profit of AR$ 7,2 million corresponding to the changes in the fair values of the financial assets.
Income tax
Consolidated income tax charges for the nine-month period ended on September 30th, 2012 resulted in a profit of AR$ 32,6 million, in comparison with a profit of AR$ 12,1 million for the same period of 2011 due
to a higher profit in the deferred tax charge.
You may find additional information on the Company at:
www.transener.com.ar www.cnv.gob.ar
Av. Paseo Colón 728 6º piso C1063ACU Buenos Aires Argentina
Tel +54 (11) 5167-9100 info@transx.com.ar www.transener.com.ar
