Pampa Energía announces fourth quarter 2022 results

News provided by

Pampa Energia S.A.

Mar 09, 2023, 16:40 ET

BUENOS AIRES, Argentina, March 9, 2023 /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, 2022.

Pampa's financial information adopts US$ as functional currency, expressed in AR$ at transactional nominal exchange rate ('FX'). However, our affiliates, Transener and TGS, report in local currency. Hence, their figures are adjusted by inflation as of December 31, 2022, except for previous periods already reported.

Main results from the quarter[1]

10% year-on-year increase in sales, recording US$448 million[2] in the fourth quarter 2022 ('Q4 22'), explained by better natural gas prices and higher sales of petrochemical reforming products and legacy energy, offset by the Power Purchase Agreement ('PPA') maturity at Loma De La Lata Thermal Power Plant ('CTLL')'s steam turbine ('ST') and Piquirenda Thermal Power Plant ('CTP').

Outstanding operating performance in every business segment:

Pampa's main operational KPIs

Q4 22

Q4 21

Variation

Power

Generation (GWh)

5,175

4,670

+11 %

Gross margin (US$/MWh)

17.4

26.1

-33 %





Hydrocarbon

Production (k boe/day)

61.6

58.1

+6 %

Gas over total production

91 %

91 %

-0 %

Average gas price (US$/MBTU)

3.9

3.1

+24 %

Average oil price (US$/bbl)

66.9

58.6

+14 %





Petrochemicals

Volume sold (k ton)

120

114

+5 %

Average price (US$/ton)

1,285

1,266

+2 %










7% year-on-year decrease in the adjusted EBITDA[3], recording US$183 million in Q4 22, explained by reductions of 74% in holding and others and 19% in power generation, partially offset by increases of 57% in oil and gas and 68% in petrochemicals.

Profit attributable to the Company's shareholders of US$113 million, almost 3x the fourth quarter 2021 ('Q4 21') figure, mainly due to Ecuador's arbitral compensation, higher gains from holding financial securities and depreciation over the passive monetary position in AR$. Certain PPAs' maturity, higher income tax charges and financial interests partially offset the higher net income.

Net debt continued decreasing, reaching US$913 million, with a net leverage ratio of 1.2x.

Consolidated balance sheet 
(As of December 31, 2022 and 2021, in millions) 

Figures in million

As of 12.31.2022

As of 12.31.2021

AR$

US$ FX 177,16

AR$

US$ FX 102,72

ASSETS





Property, plant and equipment

383,464

2,165

170,390

1,659

Intangible assets

24,364

138

3,956

39

Right-of-use assets

1,521

9

1,231

12

Deferred tax asset

6,326

36

8,675

84

Investments in joint ventures and associates

159,833

902

79,500

774

Financial assets at amortized cost

18,000

102

10,821

105

Financial assets at fair value through profit and loss

4,867

27

2,998

29

Other assets

91

1

61

1

Trade and other receivables

3,415

19

3,379

33

Total non-current assets

601,881

3,397

281,011

2,736







Inventories

30,724

173

15,888

155

Financial assets at amortized cost

1,357

8

537

5

Financial assets at fair value through profit and loss

103,856

586

47,026

458

Derivative financial instruments

161

1

16

0

Trade and other receivables

83,328

470

40,892

398

Cash and cash equivalents

18,757

106

11,283

110

Total current assets

238,183

1,344

115,642

1,126







Total assets

840,064

4,742

396,653

3,861







EQUITY





Equity attributable to owners of the company

403,463

2,277

183,431

1,786







Non-controlling interest

1,157

7

609

6







Total equity

404,620

2,284

184,040

1,792







LIABILITIES





Investments in joint ventures

-

-

386

4

Provisions

26,062

147

14,444

141

Income tax and presumed minimum income tax liabilities

31,728

179

19,287

188

Deferred tax liabilities

19,854

112

-

-

Defined benefit plans

4,908

28

2,419

24

Borrowings

237,437

1,340

139,630

1,359

Trade and other payables

3,757

21

1,340

13

Total non-current liabilities

323,746

1,827

177,506

1,728







Provisions

779

4

560

5

Income tax liabilities

927

5

2,098

20

Taxes payables

4,966

28

2,314

23

Defined benefit plans

1,021

6

515

5

Salaries and social security payable 

5,627

32

2,876

28

Derivative financial instruments

318

2

18

0

Borrowings

48,329

273

8,165

79

Trade and other payables

49,731

281

18,561

181

Total current liabilities

111,698

630

35,107

342







Total liabilities

435,444

2,458

212,613

2,070







Total liabilities and equity

840,064

4,742

396,653

3,861







Consolidated income statement 
(For the fiscal year and quarters ended on December 31, 2022 and 2021, in millions)













Fiscal year

Fourth quarter

Figures in million

2022

2021

2022

2021


AR$

US$

AR$

US$

AR$

US$

AR$

US$

Sales revenue

242,182

1,829

144,641

1,508

73,434

448

40,901

406

Local market sales

196,723

1,478

121,638

1,270

59,861

364

33,063

328

Foreign market sales

45,459

351

23,003

238

13,573

84

7,838

78

Cost of sales

(150,891)

(1,148)

(91,342)

(955)

(46,094)

(283)

(28,690)

(289)













Gross profit

91,291

681

53,299

553

27,340

165

12,211

117













Selling expenses

(7,218)

(56)

(3,156)

(33)

(2,273)

(15)

(1,404)

(15)

Administrative expenses

(18,708)

(138)

(9,507)

(99)

(6,319)

(37)

(3,206)

(32)

Exploration expenses

(50)

-

(61)

-

(27)

-

(11)

-

Other operating income

19,066

131

10,196

105

8,721

52

1,332

13

Other operating expenses

(5,952)

(46)

(5,360)

(58)

(1,743)

(13)

(737)

(8)

Impairment of financial assets

(1,142)

(8)

(220)

(2)

(470)

(3)

9

1

Impairment of PPE, int. assets & inventories

(4,925)

(38)

(332)

(4)

(665)

(4)

(160)

(2)

Results for part. in joint businesses & associates

16,089

105

11,567

117

2,479

5

3,436

32













Operating income

88,451

631

56,426

579

27,043

150

11,470

106













Financial income

768

5

847

10

171

(1)

228

3

Financial costs

(30,488)

(221)

(17,512)

(185)

(12,361)

(73)

(3,384)

(34)

Other financial results

25,558

166

(1,545)

(14)

21,450

133

(4,358)

(43)

Financial results, net

(4,162)

(50)

(18,210)

(189)

9,260

59

(7,514)

(74)













Profit before tax

84,289

581

38,216

390

36,303

209

3,956

32













Income tax

(19,389)

(124)

(7,301)

(77)

(14,165)

(98)

485

6













Net income for continuing operations

64,900

457

30,915

313

22,138

111

4,441

38













Net income (loss) from discontinued operations

-

-

(7,129)

(75)

-

-

-

-













Net income (loss) for the period

64,900

457

23,786

238

22,138

111

4,441

38

Attributable to the owners of the Company

64,859

456

27,097

273

22,411

113

4,520

39

Continuing operations

64,859

456

30,823

312

22,411

113

4,520

39

Discontinued operations

-

-

(3,726)

(39)

-

-

-

-

Attributable to the non-controlling interests

41

1

(3,311)

(35)

(273)

(2)

(79)

(1)













Net income (loss) per share to shareholders

46.97

0.33

19.29

0.19

16.24

0.08

3.27

0.03

From continuing operations

46.97

0.33

21.94

0.22

16.24

0.08

3.27

0.03

From discontinued operations

-

-

(2.65)

(0.03)

-

-

-

-













Net income (loss) per ADR to shareholders

1,174.13

8.26

482.15

4.86

406.00

2.05

81.77

0.71

From continuing operations

1,174.13

8.26

548.45

5.55

406.00

2.05

81.77

0.71

From discontinued operations

-

-

(66.30)

(0.70)

-

-

-

-













Average outstanding common shares1

1,381

1,405

1,380

1,382

Outstanding shares by the end of period1

1,380

1,382

1,380

1,382













Note: 1 It includes shares from the Employee stock-based compensation plan, which as of December 31, 2022 and 2021 amounted to 3.9 million common shares.

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 22 results on Monday, March 13, 2023, at 10:00 a.m. Eastern Standard Time/11:00 a.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO, Nicolás Mindlin, CFO, and Lida Wang, investor relations and sustainability officer at Pampa.

For those interested in participating, please register at bit.ly/Pampa4Q2022VC. 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 CTBSA, Transener and TGS, which at our ownership account for US$74 million. Under IFRS affiliates 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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