LAS VEGAS, Nov. 11, 2009 (GLOBE NEWSWIRE) -- Players Network (OTCBB: PNTV), the leading Digital Television and Internet Media Network dedicated to Las Vegas Entertainment and the Gaming Lifestyle, announced today a distribution deal with Amazon to sell gaming DVDs to Amazon's 50 million plus unique user customer base.
The distribution deal with Amazon is part of Players Network's 2010 strategy to expand their audience base with increased brand awareness. By tapping into the direct-to-DVD market, Players Network hopes to reach consumers not yet in the new media space, and create a brand loyalty that can cross over into television and web through promotional efforts to be revealed in the first quarter of 2010.
As Amazon's sales are verifiable, Players Network sees Amazon's reporting as another tool for measurability of audience preferences. Other Players Network genres, such as Las Vegas shows and attractions, are expected to be marketed through Amazon in early 2010.
About Players Network
Players Network is a Digital Media Company that focuses on the Las Vegas and Gaming Lifestyles, producing and distributing original content for its own VOD Channels on television in over 23,000,000 homes over Comcast, DirecTV, AT&T, Verizon and Dish Network and its own Broadband Network, Hulu, Blinkx, Google, YouTube and Yahoo Video, for DVD Home Video, mobile platforms, and through worldwide television syndication. Players Network has a 12-year history of providing consumers with quality Gaming and Las Vegas Lifestyle content, as well as strategic partnership services in Las Vegas, Atlantic City, and throughout the worldwide gaming industry. For more information go to www.playersnetwork.info
The Players Network logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6398
Statement under the Private Securities Litigation Reform Act: With the exception of the historical information contained in this Release, the matters described herein contain forward-looking statements that involve risk and uncertainties that may individually or mutually impact the matters herein described, including but not limited to: the ability of the Company to increase revenues in the future due to the developing and unpredictable markets for its products, the ability to achieve a positive cash flow, the ability to obtain orders for or install its products, the ability to obtain new customers and the ability to continue to commercialize its products, which could cause actual results or revenues to differ materially from those contemplated by these statements.
CONTACT: Players Network
Jenna Bodnar, Business Affairs Consultant &
Independent Producer
702.734.3457
BUENOS AIRES, Argentina, Nov. 11 /PRNewswire-FirstCall/ -- Pampa Energia S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP) ("Pampa" or the "Company"), the largest integrated electricity company in Argentina that, through its subsidiaries, participates in the generation, transmission and distribution of electricity, announces today its results corresponding to the nine-month period ended September 30, 2009. All figures are stated in Argentine pesos and have been prepared in accordance with Argentine GAAP.
HIGHLIGHTS FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2009
- Consolidated Net Sales Revenues of AR$3,386.3 million for the nine months ended September 30, 2009, 14.8% higher than the AR$2,949.0 million for the same period of 2008, mainly due to a 13.9% increase in the generation segment, a 33.3% increase in the transmission segment and a 13.1% increase in the distribution segment.
- Consolidated EBITDA(*) of AR$630.6 million for the nine months ended September 30, 2009, 8.7% higher than the AR$580.1 million for the same period of 2008, mainly due to a 7.6% increase in the generation segment, a 24.1% increase in the transmission segment and a 2.6% increase in the distribution segment.
- Consolidated gain on subsidiaries bonds' repurchase of AR$244.8 million for the nine months ended September 30, 2009, that added to the AR$190.3 million gain as of December 31, 2008, totals AR$435.1 million.
- Consolidated Net Income of AR$254.7 million for the nine months ended September 30, 2009, or 414.4% higher than the AR$49.5 million for the same period of 2008.
HIGHLIGHTS FOR THIRD QUARTER 2009
The financial information presented in this document for the quarters ended September 30, 2009 and 2008 is derived from the unaudited financial statements prepared in accordance with Argentine GAAP for the nine month periods ended September 30, 2009 and 2008 and the six month periods ended June 30, 2009 and 2008.
- Consolidated Net Sales Revenues of AR$1,300.3 million in the third quarter of 2009, 31.8% higher than the AR$986.6 million for the same period of 2008, mainly due to a 58.0% increase in the generation segment, a 23.3% increase in the transmission segment and a 7.3% increase in the distribution segment.
- Consolidated EBITDA(*) of AR$191.5 million in the third quarter of 2009, 4.9% higher than the AR$182.6 million for the same period of 2008, mainly due to a 36.1% increase in the generation segment and a 31.1% increase in the transmission segment that were partially offset by a 23.1% decrease in the distribution segment.
- Consolidated gain on subsidiaries bonds' repurchase of AR$34.9 million in the third quarter of 2009.
- Consolidated Net Income of AR$58.5 million in the third quarter of 2009, compared to a loss of AR$8.4 million for the same period of 2008.
(*) Consolidated EBITDA represents the consolidated income before financial results, net, income taxes, depreciation, amortization, reserve for directors' options, other income and expenses, net, and minority interests.
CONSOLIDATED BALANCE SHEET (AR$)
(For the nine months ended September 30, 2009, in Argentine Pesos.)
09.30.09 09.30.09
ASSETS LIABILITIES
CURRENT ASSETS CURRENT LIABILITIES
Cash and banks 146,757,245 Accounts payable 526,275,054
Short-term
investments 581,993,085 Financial debt 471,582,589
Salaries and
Trade receivables, social security
net 754,789,481 payable 136,339,139
Other receivables,
net 278,973,381 Taxes payable 176,725,104
Materials & spare
parts 40,342,824 Other liabilities 218,543,535
Inventories 5,689,982 Provisions 59,968,000
Other assets 8,219,187
Total current Total current
assets 1,816,765,185 liabilities 1,589,433,421
NON-CURRENT ASSETS NON-CURRENT LIABILITIES
Trade receivables,
net 239,712,068 Accounts payable 81,228,512
Long-term
investments 210,017,483 Financial debt 1,812,615,588
Salaries and
Other receivables, social security
net 164,581,779 payable 57,704,135
Materials & spare
parts 22,543,547 Taxes payable 570,716,170
Inventories 1,030,930 Other liabilities 381,243,135
Fixed assets, net 6,192,033,839 Provisions 15,910,959
Intangible assets, Total non-current
net 303,232,873 liabilities 2,919,418,499
Other assets 118,701,732 Total liabilities 4,508,851,920
Sub-total non-
current assets 7,251,854,251
Goodwill, net 574,255,940 Minority interest 1,743,849,023
Total non-current Shareholders'
assets 7,826,110,191 equity 3,390,174,433
Total assets 9,642,875,376 Total liabilities,
minority interest
and shareholders'
equity 9,642,875,376
CONSOLIDATED INCOME STATEMENT (AR$)
(For the nine months ended September 30, 2009 and September 30, 2008, in
Argentine Pesos.)
Nine months ended Nine months ended
September 30, September 30,
2009 2008
Sales revenue 3,386,312,055 2,948,987,990
Cost of sales (2,685,324,505) (2,318,245,959)
Gross profit 700,987,550 630,742,031
- -
Selling expenses (111,254,182) (99,865,197)
Administrative expenses (207,059,753) (185,261,435)
Goodwill amortization (15,001,948) (14,959,219)
Operating income 367,671,667 330,656,180
- -
Financial and holding results
generated by assets:
Interest income 34,682,858 28,174,417
Taxes and bank commissions (8,304,438) (4,440,068)
Foreign currency exchange
difference 95,183,541 10,351,685
Result of receivables
measured at present value 8,014,327 26,017,441
Holding results on financial
assets 122,130,011 (9,224,741)
Impairment of fixed assets
and other assets (18,179,143) (60,806,296)
Other financial results (1,795,387) 4,418,003
Sub-total 231,731,769 (5,509,559)
- -
Financial and holding results
generated by liabilities:
Interest expense (161,038,846) (145,249,050)
Foreign currency exchange
difference (199,074,860) (6,299,547)
Result from repurchase of
financial debt 244,829,765 20,425,355
Taxes and bank commissions (13,404,820) (10,103,511)
Other financial results (8,678,246) 190,707
Sub-total (137,367,007) (141,036,046)
Total financial and holding
results, net 94,364,762 (146,545,605)
- -
Other income and expenses,
net 8,995,933 (11,494,766)
- -
Income before taxes and
minority interest 471,032,362 172,615,809
- -
Income tax and tax on assets (129,467,408) (75,168,799)
- -
Minority interest (86,867,052) (47,930,964)
- -
Net income 254,697,902 49,516,046
Basic income per share 0.1902 0.0324
Diluted income per share 0.1825 0.0315
CONSOLIDATED INCOME STATEMENT (AR$)
(For the third quarter ended September 30, 2009 and September 30, 2008, in Argentine Pesos.)
The financial information presented in this document for the quarters
ended September 30, 2009 and 2008 is derived from the unaudited financial
statements prepared in accordance with Argentine GAAP for the nine month
periods ended September 30, 2009 and 2008 and the six month periods ended June
30, 2009 and 2008.
3Q09 3Q08
Sales revenue 1,300,262,147 986,612,511
Cost of sales (1,071,605,204) (782,768,671)
Gross profit 228,656,943 203,843,840
- -
Selling expenses (49,147,110) (30,468,894)
Administrative expenses (71,061,852) (69,834,274)
Goodwill amortization (5,020,803) (4,894,453)
Operating income 103,427,178 98,646,219
- -
Financial and holding
results generated by
assets:
Interest income 10,823,336 8,976,485
Taxes and bank commissions (2,693,437) (2,201,091)
Foreign currency exchange
difference 7,170,674 23,387,841
Result of receivables
measured at present value 11,417,747 22,963,749
Holding results on financial
assets 27,698,663 (9,652,117)
Impairment of fixed assets
and other assets (561,811) (29,415,484)
Other financial results (4,784,881) 8,539,877
Sub-total 49,070,291 22,599,260
- -
Financial and holding
results generated by
liabilities:
Interest expense (54,065,457) (59,133,688)
Foreign currency exchange
difference (16,067,174) (71,518,265)
Result from repurchase of
financial debt 34,893,465 20,425,355
Taxes and bank commissions (4,183,478) (2,536,392)
Other financial results (4,567,710) 143,699
Sub-total (43,990,354) (112,619,291)
Total financial and holding
results, net 5,079,937 (90,020,031)
- -
Other income and expenses,
net (6,120,167) (7,951,414)
- -
Income before taxes and
minority interest 102,386,948 674,774
- -
Income tax and tax on assets (31,232,016) (8,392,946)
Minority interest (12,627,158) (725,326)
- -
Net income 58,527,774 (8,443,498)
Basic income per share 0.0437 (0.0056)
Diluted income per share 0.0389 (0.0065)
FOR THE FULL VERSION OF THIS RESULTS REPORT, PLEASE VISIT http://www.pampaenergia.com/ri.
CONFERENCE CALL INFORMATION
There will be a conference call to discuss Pampa's third quarter 2009 results on Friday, November 13, 2009 at 10:00 a.m. Eastern Standard Time / 12.00 p.m. Buenos Aires Time. Mr. Ricardo Torres, Chief Executive Officer of the Company, will be presenting for Pampa Energia S.A. For those interested in participating, please dial 0 800 666 1537 in Argentina, or (1 706) 634 1313 from outside Argentina. Conference-call participants should use the identification number 37306410 and dial in five minutes before the scheduled time. There will also be a live audio webcast of the conference at our investor relations website: http://www.pampaenergia.com/ri.
For further information, contact:
Ricardo Torres - Chief Executive Officer
Mariano Batistella - Investor Relations
Phone: 5411 4809 9500
http://www.pampaenergia.com/ri
investor@pampaenergia.com
SOURCE Pampa Energia S.A.
BUENOS AIRES, Argentina, Nov. 11 /PRNewswire-FirstCall/ -- Cresud S.A.C.I.F. y A. (Nasdaq: CRESY, BASE: CRES), today announces results for the First Quarter Fiscal Year 2010 Ended September 30, 2009
HIGHLIGHTS
- Net income for the first quarter of fiscal year 2010 amounted to Ps. 61.8 million, compared to a loss of Ps. 37.4 million in the first quarter of the previous fiscal year, mainly attributable to the operating income of IRSA's real estate business, which amounted to Ps. 110.0 million, and income from IRSA's related companies (Banco Hipotecario S.A.)
- Operating results for the quarter showed a Ps. 90.3 million profit, composed of operating income of Ps. 110.0 million derived from the consolidation of IRSA's segments and a Ps. 19.7 million loss from Cresud's agribusiness segments for the first quarter of fiscal year 2010, compared to the Ps. 8.0 million operating loss posted by Cresud in the same period of the previous fiscal year. The increase in operating losses from the agribusiness segments is explained mainly by lower yields caused by adverse weather conditions recorded in the previous season that impacted production levels and sales at the beginning of the new fiscal year.
- We have allocated 111,459 hectares to agriculture, a figure similar to that of the previous year. We have increased our own areas and those under long-term concessions devoted to agriculture by more than 70%, and have reduced hectares under short-term leases by 35%. For the 2009/10 season, better rainfall levels are expected, which should lead to improved soil humidity conditions and higher crop yields.
- Development of land reserves: During the July-September 2009 period, the number of hectares under beef cattle production in our Los Pozos farm increased to 50,000, and the number of hectares allocated to agriculture in the same farm increased to almost 7,000. We continue to develop Agropecuaria Anta S.A., which has reached almost 10,000 hectares of own land under agricultural production.
- Subsequent to the closing of the quarter, we increased our interest in BrasilAgro to 22.89%. BrasilAgro plans to increase its production area by 44% this fiscal year to more than 48,000 hectares, and over 31,000 hectares have already been planted with summer crops.
- IRSA's Segments: During the first quarter of this fiscal year, the trend in losses in the Consumer Finance segment was reverted, recording Ps. 5.8 million of operating income. IRSA's rental segments (Shopping Centers and Offices and Other) showed a solid performance despite the more adverse market conditions experienced in the past year.
- In September, Cresud issued Notes for an amount equivalent to Ps. 50 million to finance working capital and short-term liabilities. A series in pesos for a 270-day tenor and another series in Dollars for a one-year tenor were issued, at very competitive rates, showing Cresud's capacity and franchise to access the capital markets when conditions are feasible.
- Subsequent to the closing of the first quarter of fiscal year 2010, the Ordinary and Extraordinary General Shareholders' Meeting held on October 29, 2009 approved the distribution of cash dividends for Ps. 60.0 million.
Financial Highlights
(In thousands of Argentine Pesos)
First Quarter Fiscal Year 2010
Ended September 30, 2009
Cresud's consolidated financial statements for the period from July 1, 2009 to September 30, 2009 (First Quarter FY10) includes IRSA's consolidated data, while Cresud's consolidated financial statements as of September 30, 2008, disclosed in the comparative tables, do not include IRSA's consolidated data, thus affecting the comparability of the income statement.
Income Statement 09/30/2009 09/30/2008
Total Production Revenues 13,206 14,518
Production Results (9,182) (2,115)
Total Sales Revenues 62,631 74,670
Sales Results 5,897 12,549
Total Real Estate Sales 267,050 --
Real Estate Results 154,952 --
Gross Profit 151,667 10,434
Operating Profit 90,275 (8,032)
Net Income (loss) 61,827 (37,399)
Balance Sheet 09/30/2009 09/30/2008
Current Assets 1,070,435 544,873
Non Current Assets 4,998,855 1,383,173
Total Assets 6,069,290 1,928,046
Current Liabilities 1,253,580 187,438
Non Current Liabilities 1,423,797 44,803
Total Liabilities 2,677,377 232,241
Minority Interest 1,491,629 1,211
Shareholders' Equity 1,900,284 1,694,594
About Cresud:
Cresud is a leading Argentine agricultural company with a growing presence in the Brazilian agricultural sector through its investment in BrasilAgro - Companhia Brasileira de Propriedades Agricola. Cresud is currently involved in a range of activities including crop production, cattle raising and milk production. Cresud's business model, which it seeks to roll out abroad, taking into account the specific conditions of each country, focuses on the acquisition, development and exploitation of properties having attractive prospects for agricultural production and/or value appreciation and the selective disposition of such properties where appreciation has been realized.
Additionally, Cresud owns a 57.1% stake in IRSA Inversiones y Representaciones S.A., Argentina's largest, most well-diversified real estate company. Through its subsidiaries, IRSA manages an expanding top portfolio of shopping centers and office buildings, primarily in Buenos Aires. The company also develops residential subdivisions and apartments (specializing in high-rises and loft-style conversions) and owns three luxury hotels.
A longer version of this press release with detailed information is available on the web site: http://www.cresud.com.ar .
Cresud cordially invites you to participate in its First Quarter Fiscal Year 2010 Results Conference Call on Wednesday, November 18, 2009, at 11:00 a.m. Eastern Time
If you would like to participate, please call:
United States: 800-314-6696
International: 706-758-8485
To access the webcast, click on the link below:
http://www.videonewswire.com/event.asp?id=63987
Investor Relations Department
Cresud S.A.C.I.F. y A.
ir@cresud.com.ar
SOURCE Cresud S.A.C.I.F. y A.
- Drilling Initiated with Two Successful Wells -
- New Estimates of Volume Certified by D&M: Net Risked Prospective Resources of 6.7 billion and Net Contingent Resources of 212 million boe -
- US$ 4.4 billion in cash exceeds exploratory capex needs for over 3 years -
RIO DE JANEIRO--(BUSINESS WIRE)-- OGX S.A. (Bovespa: OGXP3; OTC: OGXPY) announced its third quarter results today. The following financial and operating information is presented on a consolidated basis, pursuant to Brazilian corporate law, in thousands of reais (R$), unless stated otherwise.
"This has been a very significant period for OGX. In less than two years since the formation of the Company, we were able to initiate our drilling campaign, gain valuable knowledge about our portfolio and already show substantial results," noted Paulo Mendonca, OGX's General Executive Officer. "In our first wholly-owned well, OGX-1, in the shallow waters of the Campos Basin, we made a discovery of an estimated 500 million to 1.5 billion barrels of oil which we believe is the beginning of a highly promising campaign in this area. More broadly, we see this discovery as a validation of our geological model and exploration strategy.
"Furthermore, we have taken the information obtained through the drilling of OGX-1 and turned it over to our technical team for additional analysis. We expect that they will refine the interpretation of the seismic data for the Campos basin taking into consideration this new knowledge, further reducing the exploratory risk associated with the next prospects to be drilled," added Mr. Mendonca.
Third Quarter and Subsequent Events:
-- On August 16th, drilling was initiated on well 1-MRK-2A-SPS, located in
the BM-S-29, block in the shallow waters of the Santos Basin where
indications of oil and gas were found. OGX holds a 65% working interest
while Maersk Oil, the operator, holds 35%;
-- On September 17th, drilling was initiated on well 1-OGX-1-RJS, located
in the BM-C-43 block, in the shallow waters of the southern part of the
Campos Basin. The drilling of this first well was concluded in less than
a month and resulted in a discovery of an estimated 500 million to 1.5
billion barrels of recoverable oil;
-- On October 22nd, drilling was initiated on well 1-OGX-2-RJS, located in
the BM-C-41 block, in the shallow waters of the southern part of the
Campos basin. Drilling in this block is still in progress;
-- OGX acquired a 70% participation in each of seven exploratory onshore
blocks in the Parnaiba Basin, in the state of Maranhao. This Basin is
considered a high potential new frontier for onshore gas production, as
the drilling of a well there in 1987 confirmed the presence of
hydrocarbons. In parallel to this acquisition, OGX signed a Memorandum
of Understanding with MPX Energia S.A. ("MPX"), an EBX Group Company
focused on power generation. The objective of this agreement is to
formalize the transfer, subject to ANP approval, of OGX's participation
to a new special purpose vehicle in which OGX and MPX would hold
respectively 66.7% and 33.3% interests, as well as the intention of
executing an agreement for the sale of the gas to be produced;
-- OGX's controlling shareholder, Chairman and CEO, Mr. Eike Batista,
acquired an additional 1.5% stake in OGX through the purchase of
2,423,975 global depositary receipts (GDRs), representing 484,795 common
shares, increasing his overall ownership position to approximately 62%;
-- Secured a fifth drilling rig, Ocean Star, from Diamond Offshore
Netherlands B.V. This decision reflects the Company's positive outlook
regarding the potential of OGX's prospects supported by additional
analysis of the 3D seismic data, as well as recent successes in the
drilling campaign;
-- Cash position at the end of the third quarter reached US$4.4 billion
(R$7.8 billion)
DeGolyer & MacNaughton Report
On November 9th, we disclosed the results of two reports prepared by DeGolyer & MacNaughton (D&M) which certify the new estimates of OGX s potential resources. The Prospective Resource Report certifies our net risked prospective resources at 6.7 billion barrels of oil equivalent ("boe") and the Contingent Resources Report, certified net contingent resources at 212 million boe. Both reports were prepared with information available as of September 30th 2009.
D&M has over 70 years of experience as a leading consultant in reserve certification for the oil and natural gas industry with extensive knowledge of the Brazilian sedimentary basin. D&M was responsible for our first appraisal report in March of 2008 which estimated 4.8 billion boe of net risked resources with an average probability of success of 27% based primarily on 2D seismic data.
The newly-issued Prospective Resource Report, which replaces the previously issued report from March of 2008, certified our risked resources at 6.7 billion boe for the entire portfolio with an average probability of success of 34.5%. This report was based on recently acquired seismic data for the five blocks located in the southern part of the Campos basin and for the five blocks in the Espirito Santo basin. This report also includes preliminary volume estimates based on a few existing seismic lines in the onshore blocks recently acquired in the Parnaiba basin, in the Maranhao state.
The Contingent Resources Report certified our net contingent resources at 212 million boe in the Parnaiba Basin, based on data derived from a well drilled in 1987 on block PN-T-68, where hydrocarbons were discovered.
The table below shows the new numbers:
In million of boe
Total Total OGX Total OGX
Probability
Basin Blocks Unrisked of Risked Risked Contingent Contingent
Resources Success(2) Resources Resources Resources Resources
(1)
Campos 7 9,350 44.1% 4,124 3,693 - -
Santos 5 6,659 27.0% 1,796 1,688 - -
Espirito 5 5,017 32.6% 1,634 817 - -
Santo
Para-Maranhao 5 2,104 21.3% 447 447 - -
Parnaiba 7 186 19.9% 37 26 303 212
Total 29 23,317 34.5% 8,039 6,672 303 212
(1) Gross Prospective Resources
(2) Pg = Probability of geological success
OGX Drilling Campaign
The drilling campaign on our wholly-owned and operated blocks was initiated on September 17th with the drilling of well 1-OGX-1 in block BM-C-43 in shallow waters of the southern part of the Campos Basin. The rig Ocean Ambassador took 27 days to drill all mapped targets and encountered an oil column of over 200 meters and sandy reservoirs (net pay) of 57 meters. Based on the well information and existing 3D seismic data interpretation, OGX estimates a recoverable oil volume of between 500 million and 1.5 billion barrels.
As a consequence of this excellent result, we have raised the priority given to drilling activity in the Campos Basin during 2009. Data derived from the initial drilling is being evaluated by our technical team in conjunction with the seismic interpretation. This work will improve our understanding and help to "de-risk" future targets.
Drilling of one additional well in the southern part of the Campos Basin has been initiated. Ocean Ambassador, the rig also responsible for drilling of OGX-1, commenced work on well OGX-2 on October 22nd . This well is located on the BM-C-41 block, 77 km from the coast of the Rio de Janeiro state at a water depth of approximately 130 m.
Drilling on BM-S-29 is still in progress, with very promising results so far.
Upcoming Events
For the coming months, we expect to highlight results related to the ongoing drilling activity on wells OGX-2, as well as the initiation of drilling for wells OGX-3, OGX-4 and OGX-5, all located in the Campos Basin. The drilling of well OGX-2, located in block BM-C-41, was initiated on October 22nd and it is estimated that it will take approximately 60 days to reach all of the targets. The drilling of well OGX-3 will be initiated in a few days and it is anticipated that it will also be concluded in about 60 days. It is currently expected that the drilling of the wells OGX-4 and OGX-5 will be initiated in December and concluded in the beginning of 2010.
In the next few months, we expect to acquire new seismic data for the Parnaiba basin, as only a small part of the seven blocks is currently covered by sparse 2D seismic. This new data should increase our confidence in the mapped prospects and help us to identify new structures. We expect to initiate drilling in this area by mid 2010.
At the Board of Directors meeting held on October 7th, the Board approved a stock split which is subject to approval at the next Shareholders Meeting. The proportion of the split, 100 newly issued shares of OGX stock for one existing OGX share, is intended to promote liquidity and expand the shareholder base. We expect this split to occur in December.
Financial Highlights
"We ended this quarter with R$7.8 billion in cash, essentially flat with the prior quarter despite having incurred additional charges related to the initiation of our drilling campaign. Interest income on our cash investment associated with an efficient cost management helped us to optimize our financial resources. Our strong cash position is a critical element supporting the implementation of our business plan into the next few years," noted Marcelo Torres, Chief Financial and Investor Relations Officer.
At the beginning of the Exploratory Campaign, OGX put in place an insurance program to cover risks associated with its operations. OGX purchased the following policies: (i) Property with Maximum Insurance Limit ("MIL") of US$ 38 million for both onshore and offshore operations, (ii) Third Party Liability with MIL of US$ 100 million for each occurrence, and (iii) Control of Well with MIL of US$ 250 million for the Santos Basin and MIL of US$ 125 million for the Campos Basin. This coverage is valid for 18 months from September 16th, 2009.
Main Accounts 3Q09 2Q09 Variance YTD09 Net Financial Results 13,845 (107,357 ) 121,202 150,050 Exploration Expenses (12,577 ) (12,594 ) 17 (80,681 ) General and Administrative Expenses (28,547 ) (24,187 ) (4,360 ) (69,600 ) Net Loss (31,856 ) (148,819 ) 116,963 (33,088 )
Main Accounts 09/30/2009 06/30/2009 Variance Intangibles 2,293,958 2,052,672 241,286 Property, plant and equipment 18,898 16,980 1,918 Cash and cash equivalents 7,790,067 7,854,954 (64,887 )
Net Financial Results
The net financial gain of R$ 13.8 million was mainly driven by the financial income of R$ 180 million in the period, partially offset by the negative impact on the Mark to Market ("MtM") position in comparison to the previous quarter (R$ 72.9 million) and the realized losses of the foreign exchange hedge position (R$ 92.7 million).
Exploration Expenses
Exploration expenses were stable quarter-over-quarter, amounting to R$ 12.6 million. In this quarter, our activities were more focused on the interpretation of the seismic data and the beginning of our drilling campaign.
General and Administrative Expenses
General and administrative expenses were predominantly impacted by an increase in the number of employees to 126. This expansion is associated with the ramping up of our drilling campaign.
Net Loss
The net loss of R$ 31.9 million during the third quarter was R$ 117 million lower than that of the previous quarter mainly due to reduced impact of unrealized hedging losses.
Intangible Assets
Intangible assets represent capitalized expenditures occurred during the start-up period, relating to the acquisition of concession rights, minimum work program and well costs related to the exploratory phase. The increase in the third quarter is driven by the initiation of the drilling campaign and the Parnaiba basin farm-in.
Cash and Cash Equivalents
The reduction in Cash and Cash Equivalents was not material (0.8%). Despite the fact that the beginning of the drilling campaign significantly increased payments to suppliers and partners, the financial income generated during the period partially offset this impact. These resources are managed by OGX through Fundo de Investimento em Cotas de Fundos de Investimento Multimercado Credito Privado OGX63 (Investment Fund in Quotas of Private Credit Multi-market Investment Funds), which invests primarily in fixed income securities of the most solid banks in Brazil. The year-to-date average accumulated gross interest rate for the investment funds was equivalent to 118.74% of the Interbank Deposit Certificate rate (CDI).
Assets 09/30/2009 06/30/2009 Total Assets 10,306,268 10,098,974 Current 7,992,412 8,029,322 Cash and cash equivalents 7,790,067 7,854,954 Recoverable taxes 146,193 144,972 Inventory 39,359 7,146 Others 16,793 22,250 Non-current 2,313,856 2,069,652 Investments 1,000 - PPE, net 18,898 16,980 Intangibles 2,293,958 2,052,672 Liabilities + Shareholder's Equity 09/30/2009 06/30/2009 Total Liabilities 10,306,268 10,098,974 Current 1,171,082 933,107 Suppliers 13,250 12,731 Taxes and contributions payable 34,096 29,107 Provisions 642,774 552,174 Compensations & benefits 18,028 3,226 Financial instruments - derivatives 381,820 308,908 Others 81,114 26,961 Non-current 2,442 1,370 Related parties 2,442 1,370 Shareholder's equity 9,132,744 9,164,497 Capital 8,799,004 8,798,901 Revenue reserves 366,828 366,828 Retained losses (33,088 ) (1,232 )
P&L 3Q09 YTD 09 3Q08 YTD 08 Operating income (expenses) Exploration expenses (12,577 ) (80,681 ) (18,876 ) (35,250 ) General and administrative (28,547 ) (69,600 ) (15,895 ) (35,454 ) Financial Income 181,115 704,579 304,249 390,731 Financial expenses (167,270 ) (554,529 ) (5,133 ) (29,028 ) Profit (loss) before income (27,279 ) (231 ) 264,345 290,999 tax and social contribution (-) Income tax and social (4,577 ) (32,857 ) (16,691 ) (121,779 ) contribution Net profit (loss) for the (31,856 ) (33,088 ) 247,654 169,220 period Number of shares 32,320,041 32,319,606 Profit (loss) per shares - R$ (1.0238 ) 5.2358
Conference Call Information: Thursday, 12th - 10:00h (Brazilian Time); 7:00h (NY Time) Telephone USA: +1 888-700-0802 Telephone Brazil: +55 11 4688-6341 Telephone Other Countries: +1 786-924-6977 Access Code: OGX Webcast: www.ccall.com.br/ogx/3q09.htm Audio will be available two hours after the conference call on: http://ri.ogx.com.br/enu/s-10-enu.html
The conference call will be held in English with simultaneous translation to Portuguese.
ABOUT OGX
OGX Petroleo e Gas SA is focused on oil and natural gas exploration and production in Brazilian offshore sedimentary basins and is Brazil's largest private sector oil and gas company in terms of offshore exploration area, with approximately 7,000 km(2), as well as 21,500 km(2) onshore area. OGX has a high potential and diversified portfolio, composed of 29 exploratory blocks in the Campos, Santos, Espirito Santo, Para-Maranhao and Parnaiba Basins. OGX relies on an experienced management team and holds a solid cash position, with more than US$4 billion in cash to fund its E&P investments and new opportunities. In June 2008, the company went public raising R$6.7 billion, the largest amount ever raised in a Brazilian primary IPO. OGX is a member of the EBX Group, an industrial group founded and under the leadership of Brazilian entrepreneur Eike F. Batista, who has a proven track record in developing new ventures in the natural resources and infrastructure sectors. For more information, please visit www.ogx.com.br/ri
LEGAL NOTICE
This document contains Company-related statements and information that reflect the current vision and/or expectations the Company and its management have regarding its business plan. These include, among others, all forward-looking statements that involve forecasts and projections, indicate or imply results, performance or future achievements, and may contain words such as "believe," "foresee," "expect," "consider," "is likely to result in" or other words or expressions of similar meaning. Such statements are subject to a series of expressive risks, uncertainty and premises. Please be advised that several important factors can cause the actual results to diverge materially from the plans, objectives, expectations, estimations, and intentions expressed in this document. In no event shall the Company or the members of its board, directors, assigns or employees be liable to any third party (including investors) for investment decisions or acts or business carried out based on the information and statements that appear in this presentation, or for indirect damage, lost profit or related issues. The Company does not intend to provide to potential shareholders with a revision of the statements or an analysis of the differences between the statements and the actual results. You are urged to carefully review OGX's offering circular, including the risk factors included therein. This presentation does not purport to be all-inclusive or to contain all the information that a prospective investor may desire in evaluating OGX. Each investor must conduct and rely on its own evaluation, including of the associated risks, in making an investment decision.
Source: OGX S.A.
BUENOS AIRES, Argentina, Nov. 11 /PRNewswire-FirstCall/ -- IRSA Inversiones y Representaciones Sociedad Anonima (NYSE: IRS; BASE: IRSA), the leading real estate company in Argentina, announced its results for the First Quarter Fiscal Year 2010 Ended September 30, 2009.
HIGHLIGHTS
-- Net income for the first quarter of fiscal year 2010 amounted to Ps. 131.4 million, compared to a Ps. 70.3 million loss in the same period of the previous fiscal year. This is mainly attributable to the increase in our operating income and profits from our related company Banco Hipotecario S.A.
-- Operating results for the July-September 2009 period showed a Ps. 111.6 million profit compared to a Ps. 0.9 million loss recorded in the same period of the previous fiscal year. This improvement reflects the recovery of results from our Consumer Finance segment, which had recorded operating losses of Ps. 73.7 million during the first quarter of the previous fiscal year, whereas during the period in question it posted an operating income of Ps. 5.9 million.
-- Compared to the first quarter of the previous fiscal year, total revenues increased 20.5%, to Ps. 263.2 million, attributable to the following segments: Sales and Development, Ps. 36.3 million; Offices and Other, Ps. 40.7 million; Shopping Centers, Ps. 113.8 million; Hotels: Ps. 29.2 million; and Consumer Finance: Ps. 43.2 million. Excluding the Consumer Finance segment, the revenues and operating results of the remaining segments increased by 29.7% to Ps. 220.0 million and 45.2% to Ps. 105.7 million, respectively.
-- The Shopping Center segment continued to show robust results despite the general deterioration of market conditions last year and the outbreak of the H1N1 Influenza that affected the flow of visitors to our shopping centers during the month of July, in the peak of the winter season. Both revenues and EBITDA from this segment increased approximately 20%, whereas the EBITDA/Sales margins remained at levels above 77% and occupancy stood at around 98%.
-- Our offices and other lease properties had a satisfactory performance during the first quarter of this fiscal year compared to the same period of the previous fiscal year, although certain signs of stagnation were observed in terms of occupancy levels and market prices. Revenues from this segment increased 35.7% whereas the EBITDA rose 31.0%.
-- As for concerns in the Consumer Finance segment, during the first three months of fiscal year 2010 the trend in losses of the past quarters was reversed, thanks to the actions taken in terms of capitalization and streamlining of business operations, confirming the diagnosis that had been made.
-- In connection with the Sales and Development segment, during this quarter we sold non-strategic office assets for around US$ 3,000 per square meter, reflecting the strength of the local real estate market, as such an amount is close to the price paid by us for the purchase of premium properties before the world financial crisis. Moreover, we have started to compute the results of the Horizons project being jointly developed with Cyrela, hand in hand with the progress of works and cash revenues arising from this venture.
-- Investments in the USA: Although IRSA's strategic focus is real estate development and operations in Argentina, the current world scenario presents attractive investment opportunities in new markets. Because of this, in August 2009 we acquired an indirect interest in Hersha Hospitality Trust, a REIT that has 73 hotels located in major cities throughout the United States, becoming its principal shareholder. These hotels are operated under leading franchises that enjoy wide recognition in the market.
-- During this period we have increased our interest in Banco Hipotecario S.A. to 24.01% of its issued stock capital. The increase in this interest combined with the recovery in Banco Hipotecario's net income have had a favorable impact on IRSA's results.
-- IRSA resumes dividend payments: The Shareholders' Meeting held on October 29 authorized the payment of Ps. 31.7 million in dividends, representing 20% of its net income for fiscal year 2009, according to the dividend policy set by the Board of Directors.
First Quarter Fiscal Year 2010 Financial Highlights
(In thousands of Argentine Pesos)
Ended September 30, 2009
09-30-09 09-30-08
Total sales 263,227 218,383
Operating Income 111,561 (888)
Net Income (Loss) 131,445 (70,265)
Net Income per GDS 2.27 (1.21)
09-30-09 09-30-08
Total Current Assets 822,728 891,869
Total Non Current Assets 4,199,553 4,044,118
Total Assets 5,022,281 4,935,987
Short-Term debt 357,992 349,243
Total Current Liabilities 876,133 974,890
Long-term debt 1,057,100 1,044,725
Total Non Current Liabilities 1,423,204 1,401,054
Total Liabilities 2,299,337 2,375,944
Minority interest 494,553 464,381
Shareholders' Equity 2,228,391 2,095,662
IRSA Inversiones y Representaciones S.A. (NYSE: IRS, BASE: IRSA) is Argentina's largest, most diversified real estate company, and it is the only company in the industry whose shares are listed on both the Bolsa de Comercio de Buenos Aires and The New York Stock Exchange. Through its subsidiaries, IRSA manages an expanding top portfolio of shopping centers and office buildings, primarily in Buenos Aires. The company also develops residential subdivisions and apartments (specializing in high-rises and loft-style conversions) and owns three luxury hotels. Its solid, diversified portfolio of properties has established the Company as the leader in the sector in which it participates, making it the best vehicle to access the Argentine real estate market. Additionally, IRSA owns a stake in Banco Hipotecario, Argentina's largest mortgage supplier.
A LONGER VERSION OF THIS PRESS RELEASE WITH DETAILED INFORMATION IS AVAILABLE ON THE WEB SITE: WWW.IRSA.COM.AR
IRSA cordially invites you to participate in its First Quarter Fiscal Year 2010 Results Conference Call on Wednesday, November 18, 2009 at 10:00 a.m. Eastern Time
To participate, please call:
800-314-6696 If you are in the U.S. or
+1-706-758- 8485 for international calls
To access the webcast, click on the link below:
http://www.videonewswire.com/event.asp?id=63989
Investor Relations Department
IRSA Inversiones y Representaciones S.A.
ir@irsa.com.ar
SOURCE IRSA Inversiones y Representaciones Sociedad Anonima
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