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

News provided by

Pampa Energia S.A.

May 12, 2022, 17:37 ET

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 quarter 1

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.

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.

SOURCE Pampa Energia S.A.

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