Pampa Energía announces fourth quarter 2021 results boosted by Plan Gas and operating performance

News provided by

Pampa Energia S.A.

Mar 10, 2022, 18:00 ET

BUENOS AIRES, Argentina, March 10, 2022 /PRNewswire/ -- Pampa Energía S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP), an independent company with active participation in Argentina's electricity and gas value chain, announces the results for the fiscal year and quarter ended on December 31, 2021.

Pampa's financial information adopts US$ as functional currency, and it's expressed in AR$ at the transactional nominal exchange rate ('FX'). However, our affiliates Transener, TGS and Refinor report under local currency. Hence, their figures are adjusted by inflation as of December 31, 2021, except for previous periods already reported.

Main results from the quarter[1]

42% year-on-year increase in sales, recording US$406 million[2] in the fourth quarter 2021 ('Q4 21'), explained by the rise in prices of gas, oil and petrochemical products, increased physical volume sold in all our businesses and higher legacy energy sales, offset by the Power Purchase Agreement ('PPA') maturity at Loma De La Lata Thermal Power Plant ('CTLL')'s steam turbine.

Pampa's main operational KPIs

Q4 21

Q4 20

Variation

Power

Generation (GWh)

4,670

4,400

+6%

Gross margin (US$/MWh)

26.1

33.2

-21%





Hydrocarbon

Production (k boe/day)

58.1

43.7

+33%

Gas over total production

91%

90%

+1%

Average gas price (US$/MBTU)

3.1

2.1

+47%

Average oil price (US$/bbl)

58.6

41.3

+42%





Petrochemicals

Volume sold (k ton)

114

107

+6%

Average price (US$/ton)

1,266

795

+59%

8% year-on-year increase in the adjusted EBITDA[3], recording US$199 million in Q4 21, explained by an increase of US$27 million in oil and gas, and US$5 million in holding and others, offset by decreases of US$16 million in power generation and US$1 million in petrochemicals.

Pampa recorded a consolidated profit attributable to the Company's shareholders of US$39 million, vs. a net loss of US$463 million in the fourth quarter 2020 ('Q4 20'), mainly due to the impairment of assets from discontinued operations in Q4 20, better operating margin in oil and gas, and to lower stock of debt, offset by losses from the holding of financial securities in Q4 21.

Consolidated net debt decreased to US$866 million as of December 31, 2021, recording a continuous and significant reduction compared to the US$1,148 million recorded by the end of 2020.

Consolidated balance sheet
(As of December 31, 2021 and 2020, in millions) 

Figures in million

As of 12.31.2021

As of 12.31.2020

AR$

US$ FX 102.72

AR$

US$ FX 84.15

ASSETS





Property, plant and equipment

170,390

1,659

135,445

1,610

Intangible assets

3,956

39

3,455

41

Right-of-use assets

1,231

12

867

10

Deferred tax assets

8,675

84

9,082

108

Investments in joint ventures and associates

79,500

774

46,229

549

Financial assets at amortized cost

10,821

105

8,428

100

Financial assets at fair value through profit and loss

2,998

29

942

11

Other assets

61

1

57

1

Trade and other receivables

3,379

33

3,631

43

Total non-current assets

281,011

2,736

208,136

2,473

Inventories

15,888

155

9,766

116

Financial assets at amortized cost

537

5

2,062

25

Financial assets at fair value through profit and loss

47,026

458

27,382

325

Derivative financial instruments

16

0

1

0

Trade and other receivables

40,892

398

28,678

341

Cash and cash equivalents

11,283

110

11,900

141

Total current assets

115,642

1,126

79,789

948

Assets classified as held for sale

-

-

123,603

1,469

Total assets

396,653

3,861

411,528

4,890







EQUITY





Equity attributable to owners of the company

183,431

1,786

120,247

1,429

Non-controlling interest

609

6

28,631

340

Total equity

184,040

1,792

148,878

1,769







LIABILITIES





Investments in joint ventures and associates

386

4

161

2

Provisions

14,444

141

9,326

111

Income tax and presumed minimum income tax liabilities

19,287

188

11,004

131

Taxes payables

-

-

128

2

Deferred tax liabilities

-

-

93

1

Defined benefit plans

2,419

24

1,460

17

Borrowings

139,630

1,359

115,428

1,372

Other payables

1,340

13

1,418

17

Total non-current liabilities

177,506

1,728

139,018

1,652

Provisions

560

5

1,379

16

Income tax liabilities

2,098

20

897

11

Taxes payables

2,314

23

3,030

36

Defined benefit plans

515

5

298

4

Salaries and social security payable


2,876

28

1,935

23

Derivative financial instruments

18

0

40

0

Borrowings

8,165

79

20,377

242

Trade and other payables

18,561

181

9,778

116

Total current liabilities

35,107

342

37,734

448

Liabilities associated to assets classified as held for sale

-

-

85,898

1,021

Total liabilities

212,613

2,070

262,650

3,121







Total liabilities and equity

396,653

3,861

411,528

4,890

Consolidated income statement
(For the fiscal years and quarters ended on December 31, 2021 and 2020, in millions)

Fiscal year

Fourth quarter

Figures in million

2021

2020

2021

2020


AR$

US$

AR$

US$

AR$

US$

AR$

US$

Sales revenue

144,641

1,508

76,775

1,073

40,901

406

23,106

286

Cost of sales

(91,342)

(955)

(46,850)

(663)

(28,690)

(289)

(14,481)

(181)













Gross profit

53,299

553

29,925

410

12,211

117

8,625

105













Selling expenses

(3,156)

(33)

(1,828)

(26)

(1,404)

(15)

(472)

(6)

Administrative expenses

(9,507)

(99)

(6,588)

(93)

(3,206)

(32)

(1,740)

(22)

Exploration expenses

(61)

-

(29)

-

(11)

-

(8)

-

Other operating income

10,196

105

3,628

51

1,332

13

1,122

14

Other operating expenses

(5,360)

(58)

(2,550)

(36)

(737)

(8)

(769)

(10)

Impairment of financial assets

(220)

(2)

(560)

(9)

9

1

291

4

Impairment of PPE, intangible assets and inventories

(332)

(4)

(10,351)

(139)

(160)

(2)

(6,035)

(72)

Results for part. in joint businesses and associates

11,567

117

6,551

85

3,436

32

1,741

19













Operating income

56,426

579

18,198

243

11,470

106

2,755

32













Financial income

847

10

686

9

228

3

157

1

Financial costs

(17,512)

(185)

(12,528)

(177)

(3,384)

(34)

(3,930)

(50)

Other financial results

(1,545)

(14)

6,131

84

(4,358)

(43)

2,778

36

Financial results, net

(18,210)

(189)

(5,711)

(84)

(7,514)

(74)

(995)

(13)













Profit before tax

38,216

390

12,487

159

3,956

32

1,760

19













Income tax

(7,301)

(77)

(3,122)

(35)

485

6

(391)

(1)













Net income for continuing operations

30,915

313

9,365

124

4,441

38

1,369

18













Net income (loss) from discontinued operations

(7,129)

(75)

(49,333)

(592)

-

-

(47,568)

(569)













Net income (loss) for the period

23,786

238

(39,968)

(468)

4,441

38

(46,199)

(551)

Attributable to the owners of the Company

27,097

273

(31,447)

(367)

4,520

39

(38,603)

(463)

Continuing operations

30,823

312

9,952

132

4,520

39

1,851

24

Discontinued operations

(3,726)

(39)

(41,399)

(499)

-

-

(40,454)

(487)

Attributable to the non-controlling interests

(3,311)

(35)

(8,521)

(101)

(79)

(1)

(7,596)

(88)













Net income (loss) per share attributable to shareholders

19.38

0.20

(20.40)

(0.24)

3.26

0.03

(26.53)

(0.32)

From continuing operations

22.05

0.22

6.46

0.09

3.26

0.03

1.27

0.02

From discontinued operations

(2.67)

(0.03)

(26.85)

(0.32)

-

-

(27.804)

(0.335)













Net income (loss) per ADR attributable to shareholders

484.61

4.88

(509.97)

(5.95)

81.51

0.70

(663.30)

(7.96)

From continuing operations

551.25

5.58

161.39

2.14

81.51

0.70

31.81

0.41

From discontinued operations

(66.64)

(0.70)

(671.36)

(8.09)

-

-

(695.11)

(8.37)













Average outstanding common shares

1,397.9

1,541.6

1,386.3

1,455.0

Outstanding common shares by the end of period

1,386.0

1,453.9

1,386.0

1,453.9













For the full version of the Earnings Report, please visit Pampa's Investor Relations website: ri.pampaenergia.com/en.

Information about the videoconference

There will be a videoconference to discuss Pampa's Q4 21 results on Friday, March 11, 2022, at 10:00 a.m. Eastern Standard Time/12:00 p.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO and Nicolás Mindlin, CFO.

For those interested in participating, please register at bit.ly/Pampa4Q21VC. The videoconference call will also be simultaneously webcasted at Pampa's website ri.pampaenergia.com/en.

For further information about Pampa:

[1] The information is based on financial statements ('FS') prepared according to International Financial Reporting Standards ('IFRS') in force in Argentina. Only continuing operations are considered.

[2] It does not include sales from the affiliates Greenwind, OldelVal, Refinor, CTBSA, Transener and TGS, which at our ownership account for US$147 million. Under IFRS they are not consolidated in Pampa, thus shown as 'Results for participation in joint businesses and associates'.

[3] Consolidated adjusted EBITDA represents the results before financial results, income tax, depreciations and amortizations, extraordinary and non-cash income and expense, equity income and other adjustments from the IFRS implementation, and includes affiliates' EBITDA at our ownership. For further information, see section 3 of the Earnings Release.

SOURCE Pampa Energia S.A.

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