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.
28% year-on-year increase in sales, recording US$412 million2 in the first quarter 2022 ('Q1 22'), explained by higher gas volumes and prices, petrochemical products prices and legacy energy sales, partially offset by the Power Purchase Agreement ('PPA') maturity at Loma De La Lata Thermal Power Plant ('CTLL')'s steam turbine ('ST').
Pampa's main operational KPIs | Q1 22 | Q1 21 | Variation | |
Power | Generation (GWh) | 4,892 | 4,443 | +10% |
Gross margin (US$/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 EBITDA3, 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$845 million.
(As of March 31, 2022 and December 31, 2021, in millions)
Figures in million | As of 3.31.2022 | As of 12.31.2021 | ||||
AR$ | 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 | ||
(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.
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.
SOURCE Pampa Energia S.A.
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