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Pampa Energia SA

Pampa Energía announces first quarter 2022 results boosted by hydrocarbon exports and operating performance

BUENOS AIRES , May 12, 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 quarter ended on March 31, 2022.

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 March 31, 2022, except for previous periods already reported.

Main results from the quarter1

28% year-on-year increase in sales, recording US$412 million 2  in the first quarter 2022 ('Q1 22'), explained by higher gas volumes and prices, petrochemical products prices and legacy energy sales, partially offset by the Power Purchase Agreement ('PPA') maturity at Loma De La Lata Thermal Power Plant ('CTLL')'s steam turbine ('ST').

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 US$226 million in Q1 22, explained by increases of US$23 million in oil and gas, US$6 million in power generation and US$5 million in holding and others, offset by a decrease of US$12 million in petrochemicals.

Pampa recorded a consolidated profit attributable to the Company's shareholders of US$99 million, US$66 million higher than the first quarter 2021 ('Q1 21'), mainly due to better operating margin in oil and gas, and lower losses from the holding of financial securities.

Consolidated net debt decreased to US$845 million.

Consolidated balance sheet

(As of March 31, 2022 and December 31, 2021, in millions) 

Figures in million


As of 3.31.2022


As of 12.31.2021


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

Consolidated income statement

(For the quarters ended on March 31, 2022 and 2021, in millions)



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.

Information about the videoconference

There will be a videoconference to discuss Pampa's Q1 22 results on Friday, May 13, 2022, 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/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 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$139 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.