Company Announcements

Pampa Energía announces solid third quarter 2021 results coupled with record high gas production

BUENOS AIRES, Argentina, Nov. 10, 2021 /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, 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 September 30, 2021, except for previous periods already reported.

Main results from the quarter[1]

49% year-on-year increase in sales, recording US$435 million [2]  in the third quarter 2021 ('Q3 21'), explained by the rise in prices of oil, gas and petrochemical products, increased physical volume sold in all our businesses and higher sales of own fuel to thermal power plants.

Pampa's main operational KPIs

Q3 21

Q3 20

Variation

Power

Generation (GWh)

4,512

4,000

+13%


Gross margin (US$/MWh)

31.0

40.3

-23%






Hydrocarbon

Production (k boe/day)

57.4

46.8

+23%


Gas over total production

92%

91%

+0%


Average gas price (US$/MBTU)

4.4

2.5

+76%


Average oil price (US$/bbl)

61.6

40.4

+52%






Petrochemicals

Volume sold (k ton)

129

90

+43%


Average price (US$/ton)

1,123

748

+50%






27% year-on-year increase in the adjusted EBITDA [3] , recording US$262 million in Q3 21, explained by an increase of US$68 million in oil and gas, offset by decreases of US$6 million in power generation and US$6 million in holding and others.

Pampa recorded a consolidated profit attributable to the Company's shareholders of US$131 million, US$53 million higher than the third quarter 2020 ('Q3 20'), mainly due to better operating margin in oil and gas, offset by higher losses from the holding of financial securities and the own debt buyback profit recorded in Q3 20.

Consolidated net debt decreased to US$917 million as of September 30, 2021, recording a continuous and significant reduction (mainly AR$-nominated maturities) compared to the US$1,148 million recorded by the end of 2020.

Consolidated balance sheet
(As of September 30, 2021 and December 31, 2020, in millions) 

Figures in million


As of 9.30.2021


As of 12.31.2020


AR$

US$ FX 98.74


AR$

US$ FX 84.15

ASSETS







Property, plant and equipment


159,563

1,616


135,445

1,610

Intangible assets


3,814

39


3,455

41

Right-of-use assets


1,440

15


867

10

Deferred tax assets


6,874

70


9,082

108

Investments in joint ventures and associates


70,500

714


46,229

549

Financial assets at amortized cost


9,906

100


8,428

100

Financial assets at fair value through profit and loss


4,780

48


942

11

Other assets


61

1


57

1

Trade and other receivables


2,599

26


3,631

43

Total non-current assets


259,537

2,628


208,136

2,473

Inventories


14,175

144


9,766

116

Financial assets at amortized cost


-

-


2,062

25

Financial assets at fair value through profit and loss


32,940

334


27,382

325

Derivative financial instruments


1

0


1

-

Trade and other receivables


47,840

485


28,678

341

Cash and cash equivalents


17,117

173


11,900

141

Total current assets


112,073

1,135


79,789

948

Assets classified as held for sale


-

-


123,603

1,469

Total assets


371,610

3,764


411,528

4,890








EQUITY







Equity attributable to owners of the company


169,789

1,720


120,247

1,428

Non-controlling interest


675

7


28,631

341

Total equity


170,464

1,726


148,878

1,769








LIABILITIES







Investments in joint ventures and associates


378

4


161

2

Provisions


13,921

141


9,326

111

Income tax liabilities


18,855

191


11,004

131

Taxes payables


151

2


128

2

Deferred tax liabilities


-

-


93

1

Defined benefit plans


2,165

22


1,460

17

Borrowings


134,564

1,363


115,428

1,372

Other payables


1,289

13


1,418

16

Total non-current liabilities


171,323

1,735


139,018

1,652

Provisions


546

6


1,379

16

Income tax liabilities


498

5


897

11

Taxes payables


3,947

40


3,030

36

Defined benefit plans


298

3


298

4

Salaries and social security payable 


2,099

21


1,935

23

Derivative financial instruments


16

0


40

-

Borrowings


6,041

61


20,377

242

Trade and other payables


16,378

166


9,778

116

Total current liabilities


29,823

302


37,734

448

Liabilities associated to assets classified as held for sale


-

-


85,898

1,021

Total liabilities


201,146

2,037


262,650

3,121








Total liabilities and equity


371,610

3,764


411,528

4,890

 

Consolidated income statement
(For the nine-month periods and quarters ended on September 30, 2021 and 2020, in millions)



Nine-month period


Third quarter

Figures in million


2021


2020


2021


2020



AR$

US$


AR$

US$


AR$

US$


AR$

US$

Sales revenue


103,740

1,102


53,669

787


42,529

435


21,515

291

Cost of sales


(62,652)

(666)


(32,369)

(482)


(27,309)

(280)


(12,060)

(164)














Gross profit


41,088

436


21,300

305


15,220

155


9,455

127














Selling expenses


(1,752)

(18)


(1,356)

(20)


(669)

(6)


(356)

(4)

Administrative expenses


(6,301)

(67)


(4,848)

(71)


(2,258)

(23)


(1,674)

(22)

Exploration expenses


(50)

-


(21)

-


(6)

-


(12)

-

Other operating income


8,864

92


2,506

37


4,018

42


1,245

17

Other operating expenses


(4,623)

(50)


(1,781)

(26)


(792)

(8)


(505)

(7)

Impairment of financial assets


(229)

(3)


(851)

(13)


(33)

(1)


(863)

(13)

Impairment of PPE, intangible assets and inventories


(172)

(2)


(4,316)

(67)


-

-


-

-

Results for part. in joint businesses and associates


8,131

85


4,810

66


5,030

51


1,652

20














Operating income


44,956

473


15,443

211


20,510

210


8,942

118














Financial income


619

7


529

8


282

4


234

4

Financial costs


(14,128)

(151)


(8,598)

(127)


(6,287)

(65)


(3,250)

(45)

Other financial results


2,813

29


3,353

48


(118)

-


1,593

20

Financial results, net


(10,696)

(115)


(4,716)

(71)


(6,123)

(61)


(1,423)

(21)














Profit before tax


34,260

358


10,727

140


14,387

149


7,519

97














Income tax


(7,786)

(83)


(2,731)

(34)


(1,680)

(19)


(1,332)

(20)














Net income for continuing operations


26,474

275


7,996

106


12,707

130


6,187

77














Net income (loss) from discontinued operations


(7,129)

(75)


(1,765)

(23)


-

-


(17)

1














Net income (loss) for the period


19,345

200


6,231

83


12,707

130


6,170

78

Attributable to the owners of the Company


22,577

234


7,156

96


12,804

131


6,161

78

Continuing operations


26,303

273


8,101

108


12,804

131


6,159

77

Discontinued operations


(3,726)

(39)


(945)

(12)


-

-


2

1

Attributable to the non-controlling interests


(3,232)

(34)


(925)

(13)


(97)

(1)


9

-














Net income (loss) per share attributable to shareholders


16.11

0.17


4.56

0.06


9.23

0.09


4.08

0.05

From continuing operations


18.76

0.19


5.16

0.07


9.23

0.09


4.08

0.05

From discontinued operations


(2.66)

(0.03)


(0.60)

(0.01)


-

-


0.00

0.00














Net income (loss) per ADR attributable to shareholders


402.65

4.18


113.90

1.53


230.69

2.36


101.99

1.29

From continuing operations


469.10

4.87


128.94

1.72


230.69

2.36


101.96

1.28

From discontinued operations


(66.45)

(0.70)


(15.04)

(0.19)


-

-


0.03

0.02














Average outstanding common shares


1,401.8



1,570.7



1,387.6



1,510.2


Outstanding common shares by the end of period


1,386.4



1,479.0



1,386.4



1,479.0


 

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 21 results on Thursday, November 11, 2021, at 10:00 a.m. Eastern Standard Time/12:00 p.m.Buenos Aires Time. The hosts will be Gustavo Mariani, CEO; Gabriel Cohen, CFO and Lida Wang, investor relations and sustainability officer at Pampa.

For those interested in participating, please register at bit.ly/Pampa3Q21VC. 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$115 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.

 

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SOURCE Pampa Energia S.A.