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Pampa Energía Sa ` UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 20-F REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: PAMPA ENERGÍA S.A. (Exact name of registrant as specified in its charter) Pampa Energy Inc. (Translation of registrant’s name into English) Argentina (Jurisdiction of incorporation or organization) Bouchard 547, 26th Floor C1106ABG City of Buenos Aires Argentina (Address of principal executive offices) Romina Benvenuti Bouchard 547, 26th Floor C1106ABG City of Buenos Aires Argentina + 54 11 4510 9500 + 54 11 4510 9555 (Name, telephone, e-mail and/or facsimile number and address of company contact person) Securities registered or to be registered pursuant to Section 12(b) of the Act: Name of each exchange Title of each class on which registered American Depositary Shares, each representing 25 shares of common stock, par value Ps. 1.00 per share .......................................... New York Stock Exchange, Inc. Securities registered or to be registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None The number of outstanding shares of each class of capital or common stock as of December 31, 2008 was: 1,526,194,242 shares of common stock, par value Ps. 1.00 per share (including 126,426,196 shares held by the registrant and not cancelled) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. N/A Yes No Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. N/A Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one): Large Accelerated filer Accelerated filer Non-accelerated filer Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAP IFRS Other If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 Item 18 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No TABLE OF CONTENTS PART I Item 1. Identity of Directors, Senior Management and Advisers......................................................................4 Item 2. Not Applicable......................................................................................................................................5 Item 3. Key Information ...................................................................................................................................5 Selected Financial Data ........................................................................................................................5 Exchange Rates and Controls ...............................................................................................................8 Capitalization......................................................................................................................................10 Risk Factors........................................................................................................................................11 Item 4. Information on the Company..............................................................................................................26 The Argentine Electricity Sector ........................................................................................................27 Our Business.......................................................................................................................................39 Item 4A. Not Applicable....................................................................................................................................70 Item 5. Operating and Financial Review and Prospects..................................................................................70 Item 6. Directors, Senior Management and Employees................................................................................132 Item 7. Major Shareholders and Related Party Transactions ........................................................................143 Item 8. Financial Information .......................................................................................................................146 Consolidated Financial Statements...................................................................................................146 Legal Proceedings.............................................................................................................................146 Dividends..........................................................................................................................................148 Item 9. The Offer and Listing .......................................................................................................................150 Item 10. Additional Information.....................................................................................................................153 Share Capital ....................................................................................................................................153 Memorandum and Articles of Association .......................................................................................154 Material Contracts ............................................................................................................................163 Exchange Controls............................................................................................................................163 Taxation............................................................................................................................................163 Dividends and Paying Agents...........................................................................................................167 Statements by Experts ......................................................................................................................168 Documents on Display......................................................................................................................169 Item 11. Quantitative and Qualitative Disclosures about Market Risk...........................................................169 Item 12. Description of Securities Other than Equity Securities ....................................................................170 Description of American Depositary Shares.....................................................................................170 PART II Items 13-16. Not Applicable.................................................................................................................................177 PART III Item 17. Not Applicable..................................................................................................................................177 Item 18. Financial Statements.........................................................................................................................177 Item 19. Exhibits.............................................................................................................................................177 Index to the Financial Statements..................................................................................................... F-1 i PRESENTATION OF INFORMATION In this registration statement, we use the terms “we,” “us,” “our,” the “registrant” and the “company” to refer to Pampa Energía S.A. Financial Information This registration statement contains our unaudited interim consolidated financial statements as of March 31, 2009 and for the three-month periods ended March 31, 2009 and 2008 and our audited consolidated financial statements as of December 31, 2008 and 2007 and for the fiscal years ended December 31, 2008 and 2007, the six-month transition period ended December 31, 2006, and the fiscal year ended June 30, 2006. The audited consolidated financial statements have been audited by Price Waterhouse & Co. S.R.L., member firm of PricewaterhouseCoopers, whose report is included in this registration statement. In the opinion of our company’s management, the unaudited interim consolidated financial statements contained in this registration statement include all adjustments necessary for a fair statement of our results for the relevant interim period. The financial results for the three-month periods ended March 31, 2009 and 2008 are not necessarily indicative of the results for the full year ending December 31, 2009 or for any other interim period or financial year. Our unaudited and audited financial statements have been prepared in accordance with generally accepted accounting principles in Argentina (Argentine GAAP) and the regulations
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