Pampa Energía announces first quarter 2022 results boosted by hydrocarbon exports and operating performance
Pampa's financial information adopts US$ as functional currency, and it is expressed in AR$ at transactional nominal exchange rate ('FX'). However, our affiliates Transener, TGS and Refinor report in local currency. Hence, their figures are adjusted by inflation as of
28% year-on-year increase in sales, recording
Pampa's main operational KPIs |
Q1 22 |
Q1 21 |
Variation |
|
Power |
Generation (GWh) |
4,892 |
4,443 |
+10% |
|
Gross margin (US$/MWh) |
28.9 |
30.0 |
-4% |
|
|
|
|
|
Hydrocarbon |
Production (k boe/day) |
57.5 |
43.8 |
+32% |
|
Gas over total production |
91% |
90% |
+1% |
|
Average gas price (US$/MBTU) |
3.5 |
2.8 |
+27% |
|
Average oil price (US$/bbl) |
69.0 |
55.4 |
+25% |
|
|
|
|
|
Petrochemicals |
Volume sold (k ton) |
91 |
98 |
-7% |
|
Average price (US$/ton) |
1,382 |
1,052 |
+31% |
Excellent operating performance, led by hydrocarbon exports and higher thermal generation, above national growth, despite seasonality.
11% year-on-year increase in the adjusted EBITDA
3
, recording
Pampa recorded a consolidated profit attributable to the Company's shareholders of
Consolidated net debt decreased to
(As of
Figures in million |
|
As of |
|
As of |
||
|
AR$ |
US$ FX 111.01 |
|
AR$ |
US$ FX 102.72 |
|
ASSETS |
|
|
|
|
|
|
Property, plant and equipment |
|
186,940 |
1,684 |
|
170,390 |
1,659 |
Intangible assets |
|
4,262 |
38 |
|
3,956 |
39 |
Right-of-use assets |
|
1,107 |
10 |
|
1,231 |
12 |
Deferred tax asset |
|
15,477 |
139 |
|
8,675 |
84 |
Investments in joint ventures and associates |
|
92,220 |
831 |
|
79,500 |
774 |
Financial assets at amortized cost |
|
11,700 |
105 |
|
10,821 |
105 |
Financial assets at fair value through profit and loss |
|
3,239 |
29 |
|
2,998 |
29 |
Other assets |
|
64 |
1 |
|
61 |
1 |
Trade and other receivables |
|
3,203 |
29 |
|
3,379 |
33 |
Total non-current assets |
|
318,212 |
2,867 |
|
281,011 |
2,736 |
Inventories |
|
19,973 |
180 |
|
15,888 |
155 |
Financial assets at amortized cost |
|
580 |
5 |
|
537 |
5 |
Financial assets at fair value through profit and loss |
|
52,192 |
470 |
|
47,026 |
458 |
Derivative financial instruments |
|
126 |
1 |
|
16 |
0 |
Trade and other receivables |
|
45,082 |
406 |
|
40,892 |
398 |
Cash and cash equivalents |
|
14,624 |
132 |
|
11,283 |
110 |
Total current assets |
|
132,577 |
1,194 |
|
115,642 |
1,126 |
Total assets |
|
450,789 |
4,061 |
|
396,653 |
3,861 |
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
Equity attributable to owners of the company |
|
213,213 |
1,921 |
|
183,431 |
1,786 |
Non-controlling interest |
|
811 |
7 |
|
609 |
6 |
Total equity |
|
214,024 |
1,928 |
|
184,040 |
1,792 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Investments in joint ventures |
|
385 |
3 |
|
386 |
4 |
Provisions |
|
15,622 |
141 |
|
14,444 |
141 |
Income tax and presumed minimum income tax liabilities |
|
19,685 |
177 |
|
19,287 |
188 |
Defined benefit plans |
|
2,822 |
25 |
|
2,419 |
24 |
Borrowings |
|
153,448 |
1,382 |
|
139,630 |
1,359 |
Other payables |
|
2,177 |
20 |
|
1,340 |
13 |
Total non-current liabilities |
|
194,139 |
1,749 |
|
177,506 |
1,728 |
Provisions |
|
599 |
5 |
|
560 |
5 |
Income tax liabilities |
|
7,589 |
68 |
|
2,098 |
20 |
Taxes payables |
|
2,831 |
26 |
|
2,314 |
23 |
Defined benefit plans |
|
472 |
4 |
|
515 |
5 |
Salaries and social security payable |
|
1,983 |
18 |
|
2,876 |
28 |
Derivative financial instruments |
|
- |
- |
|
18 |
0 |
Borrowings |
|
7,746 |
70 |
|
8,165 |
79 |
Trade and other payables |
|
21,406 |
193 |
|
18,561 |
181 |
Total current liabilities |
|
42,626 |
384 |
|
35,107 |
342 |
Total liabilities |
|
236,765 |
2,133 |
|
212,613 |
2,070 |
|
|
|
|
|
|
|
Total liabilities and equity |
|
450,789 |
4,061 |
|
396,653 |
3,861 |
(For the quarters ended on
|
|
First quarter |
||||
Figures in million |
|
2022 |
|
2021 |
||
|
|
AR$ |
US$ |
|
AR$ |
US$ |
Sales revenue |
|
44,011 |
412 |
|
28,635 |
321 |
Cost of sales |
|
(26,387) |
(248) |
|
(16,353) |
(185) |
|
|
|
|
|
|
|
Gross profit |
|
17,624 |
164 |
|
12,282 |
136 |
|
|
|
|
|
|
|
Selling expenses |
|
(1,920) |
(19) |
|
(542) |
(7) |
Administrative expenses |
|
(3,529) |
(32) |
|
(2,016) |
(23) |
Exploration expenses |
|
(8) |
- |
|
(7) |
- |
Other operating income |
|
1,300 |
11 |
|
976 |
11 |
Other operating expenses |
|
(1,668) |
(15) |
|
(3,050) |
(33) |
Impairment of financial assets |
|
(127) |
(1) |
|
(103) |
(1) |
Impairment of PPE, intangible assets and inventories |
|
(9) |
- |
|
- |
- |
Results for part. in joint businesses and associates |
|
2,682 |
25 |
|
2,226 |
26 |
|
|
|
|
|
|
|
Operating income |
|
14,345 |
133 |
|
9,766 |
109 |
|
|
|
|
|
|
|
Financial income |
|
246 |
3 |
|
165 |
2 |
Financial costs |
|
(4,195) |
(39) |
|
(3,986) |
(45) |
Other financial results |
|
(289) |
(2) |
|
(2,061) |
(24) |
Financial results, net |
|
(4,238) |
(38) |
|
(5,882) |
(67) |
|
|
|
|
|
|
|
Profit before tax |
|
10,107 |
95 |
|
3,884 |
42 |
|
|
|
|
|
|
|
Income tax |
|
347 |
5 |
|
(715) |
(8) |
|
|
|
|
|
|
|
Net income for continuing operations |
|
10,454 |
100 |
|
3,169 |
34 |
|
|
|
|
|
|
|
Net income (loss) from discontinued operations |
|
- |
- |
|
525 |
5 |
|
|
|
|
|
|
|
Net income (loss) for the period |
|
10,454 |
100 |
|
3,694 |
39 |
Attributable to the owners of the Company |
|
10,304 |
99 |
|
3,152 |
33 |
Continuing operations |
|
10,304 |
99 |
|
3,150 |
34 |
Discontinued operations |
|
- |
- |
|
2 |
(1) |
Attributable to the non-controlling interests |
|
150 |
1 |
|
542 |
6 |
|
|
|
|
|
|
|
Net income (loss) per share attributable to shareholders |
|
7.45 |
0.07 |
|
2.21 |
0.02 |
From continuing operations |
|
7.45 |
0.07 |
|
2.21 |
0.02 |
From discontinued operations |
|
- |
- |
|
0.001 |
(0.001) |
|
|
|
|
|
|
|
Net income (loss) per ADR attributable to shareholders |
|
186.18 |
1.79 |
|
55.29 |
0.58 |
From continuing operations |
|
186.18 |
1.79 |
|
55.25 |
0.60 |
From discontinued operations |
|
- |
- |
|
0.04 |
(0.02) |
|
|
|
|
|
|
|
Average outstanding common shares |
|
1,383.6 |
|
|
1,425.3 |
|
Outstanding common shares by the end of period |
|
1,383.6 |
|
|
1,410.5 |
|
|
|
|
|
|
|
|
For the full version of the Earnings Report, please visit Pampa's Investor Relations website: ri.pampaenergia.com/en.
There will be a videoconference to discuss Pampa's Q1 22 results on
For those interested in participating, please register at bit.ly/Pampa1Q22VC. 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
2 It does not include sales from the affiliates Greenwind, OldelVal, Refinor, CTBSA, Transener and TGS, which at our ownership account for
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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