Company Announcements

Pampa Energía announces third quarter 2022 results

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 million 2  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.

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SOURCE Pampa Energia S.A.