Pampa Energía announces third quarter 2022 results

News provided by

Pampa Energia S.A.

Nov 07, 2022, 17:22 ET

BUENOS AIRES, Nov. 7, 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 nine-month period and quarter ended on September 30, 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 September 30, 2022, except for previous periods already reported.

Main results from the quarter1

17% year-on-year increase in sales, recording US$507 million2 in the third quarter 2022 ('Q3 22'), explained by natural gas peak seasonality and higher prices in petrochemical, Energía Plus and legacy energy, partially offset by the end of Power Purchase Agreement ('PPA') at Loma De La Lata Thermal Power Plant ('CTLL')'s steam turbine ('ST') and Piquirenda Thermal Power Plant ('CTP').

Outstanding operating performance in natural gas and oil production (+20% and +14% year-on-year, respectively).

Pampa's main operational KPIs

Q3 22

Q3 21

Variation

Power

Generation (GWh)

3,767

4,512

-17 %

Gross margin (US$/MWh)

24.2

31.0

-22 %





Hydrocarbon

Production (k boe/day)

68.5

57.4

+19 %

Gas over total production

92 %

92 %

+0 %

Average gas price (US$/MBTU)

4.8

4.4

+9 %

Average oil price (US$/bbl)

70.2

61.6

+14 %





Petrochemicals

Volume sold (k ton)

120

129

-7 %

Average price (US$/ton)

1,496

1,118

+34 %










5% year-on-year decrease in the Adjusted EBITDA 3, recording US$246 million in Q3 22, explained by power generation (-US$36 million) and holding and others (-US$4 million), offset by oil and gas (+US$14 million), and petrochemicals (+US$12 million).

Profit attributable to the Company's shareholders of US$176 million, 35% higher than the third quarter 2021 ('Q3 21'), mainly due to operating performance plus higher gains from holding financial securities and depreciation over the passive monetary position in AR$, offset by higher income tax charge.

Net debt slightly grew to US$927 million, with a net leverage ratio of 1.3x.

Consolidated balance sheet
(As of September 30, 2022 and December 31, 2021, in millions)

Figures in million

As of 9.30.2022

As of 12.31.2021

AR$

US$ FX 147,32

AR$

US$ FX 102,72

ASSETS





Property, plant and equipment

282,322

1,916

170,390

1,659

Intangible assets

11,028

75

3,956

39

Right-of-use assets

1,207

8

1,231

12

Deferred tax asset

34,719

236

8,675

84

Investments in joint ventures and associates

134,244

911

79,500

774

Financial assets at amortized cost

14,960

102

10,821

105

Financial assets at fair value through profit and loss

4,299

29

2,998

29

Other assets

79

1

61

1

Trade and other receivables

3,540

24

3,379

33

Total non-current assets

486,398

3,302

281,011

2,736







Inventories

24,802

168

15,888

155

Financial assets at amortized cost

1,899

13

537

5

Financial assets at fair value through profit and loss

84,731

575

47,026

458

Derivative financial instruments

177

1

16

0

Trade and other receivables

67,816

460

40,892

398

Cash and cash equivalents

14,259

97

11,283

110

Total current assets

193,684

1,315

115,642

1,126







Assets classified as held for sale

1,816

12

-

-







Total assets

681,898

4,629

396,653

3,861







EQUITY





Equity attributable to owners of the company

322,664

2,190

183,431

1,786







Non-controlling interest

1,217

8

609

6







Total equity

323,881

2,198

184,040

1,792







LIABILITIES





Investments in joint ventures

-

-

386

4

Provisions

21,065

143

14,444

141

Income tax and presumed minimum income tax liabilities

47,823

325

19,287

188

Deferred tax liabilities

7,636

52

-

-

Defined benefit plans

3,597

24

2,419

24

Borrowings

195,733

1,329

139,630

1,359

Trade and other payables

2,648

18

1,340

13

Total non-current liabilities

278,502

1,890

177,506

1,728







Provisions

656

4

560

5

Income tax liabilities

34

0

2,098

20

Taxes payables

5,668

38

2,314

23

Defined benefit plans

395

3

515

5

Salaries and social security payable 

4,018

27

2,876

28

Derivative financial instruments

-

-

18

0

Borrowings

41,788

284

8,165

79

Trade and other payables

26,956

183

18,561

181

Total current liabilities

79,515

540

35,107

342







Total liabilities

358,017

2,430

212,613

2,070







Total liabilities and equity

681,898

4,629

396,653

3,861







Consolidated income statement
(For the nine-month periods and quarters ended on September 30, 2022 and 2021, in millions)

Nine-month period

Third quarter

Figures in million

2022

2021

2022

2021


AR$

US$

AR$

US$

AR$

US$

AR$

US$

Sales revenue

168,748

1,381

103,740

1,102

69,225

507

42,529

435

Local market sales

136,862

1,114

88,575

942

58,154

426

35,135

359

Foreign market sales

31,886

267

15,165

160

11,071

81

7,394

76

Cost of sales

(104,797)

(865)

(62,652)

(666)

(43,538)

(322)

(27,309)

(280)













Gross profit

63,951

516

41,088

436

25,687

185

15,220

155













Selling expenses

(4,945)

(41)

(1,752)

(18)

(1,587)

(11)

(669)

(6)

Administrative expenses

(12,389)

(101)

(6,301)

(67)

(5,063)

(38)

(2,258)

(23)

Exploration expenses

(23)

-

(50)

-

(8)

-

(6)

-

Other operating income

10,345

79

8,864

92

5,988

43

4,018

42

Other operating expenses

(4,209)

(33)

(4,623)

(50)

(1,577)

(10)

(792)

(8)

Impairment of financial assets

(672)

(5)

(229)

(3)

(153)

(1)

(33)

(1)

Impairment of PPE, int. assets & inventories

(4,260)

(34)

(172)

(2)

124

1

-

-

Results for part. in joint businesses & associates

13,610

100

8,131

85

6,749

43

5,030

51













Operating income

61,408

481

44,956

473

30,160

212

20,510

210













Financial income

597

6

619

7

147

1

282

4

Financial costs

(18,127)

(148)

(14,128)

(151)

(9,333)

(70)

(6,287)

(65)

Other financial results

4,108

33

2,813

29

8,278

68

(118)

-

Financial results, net

(13,422)

(109)

(10,696)

(115)

(908)

(1)

(6,123)

(61)













Profit before tax

47,986

372

34,260

358

29,252

211

14,387

149













Income tax

(5,224)

(26)

(7,786)

(83)

(5,195)

(32)

(1,680)

(19)













Net income for continuing operations

42,762

346

26,474

275

24,057

179

12,707

130













Net income (loss) from discontinued operations

-

-

(7,129)

(75)

-

-

-

-













Net income (loss) for the period

42,762

346

19,345

200

24,057

179

12,707

130

Attributable to the owners of the Company

42,448

343

22,577

234

23,979

178

12,804

131

Continuing operations

42,448

343

26,303

273

23,979

178

12,804

131

Discontinued operations

-

-

(3,726)

(39)

-

-

-

-

Attributable to the non-controlling interests

314

3

(3,232)

(34)

78

1

(97)

(1)













Net income (loss) per share to shareholders

30.74

0.25

15.98

0.17

17.38

0.13

9.26

0.09

From continuing operations

30.74

0.25

18.62

0.19

17.38

0.13

9.26

0.09

From discontinued operations

-

-

(2.64)

(0.03)

-

-

-

-













Net income (loss) per ADR to shareholders

768.43

6.21

399.45

4.14

434.40

3.23

231.45

2.36

From continuing operations

768.43

6.21

465.38

4.82

434.40

3.23

231.45

2.36

From discontinued operations

-

-

(65.92)

(0.68)

-

-

-

-













Average outstanding common shares1

1,381

1,381

1,413

1,413

1,380

1,380

1,383

1,383.0

Outstanding shares by the end of period1

1,380

1,380

1,382

1,382

1,380

1,380

1,382

1,382.0

Note: 1 It includes shares from the Employee stock-based compensation plan, which as of September 30, 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 Q3 22 results on Tuesday, November 8, 2022, at 10:00 a.m. Eastern Standard Time/12:00 p.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/Pampa3Q2022VC. 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$47 million. Greenwind was an affiliate until August 12, 2022, when Pampa fully owned the company and began to consolidate in FS. 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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