Pampa Energía announces second quarter 2022 results
BUENOS AIRES, Argentina, Aug. 11, 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 six-month period and quarter ended on June 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 June 30, 2022, except for previous periods already reported.
Main results from the quarter[1]
34% year-on-year increase in sales, recording US$462 million[2] in the second quarter 2022 ('Q2 22'), explained by higher volumes and prices for gas, petrochemical products, legacy and Energía Plus energy, partially offset by the end of Power Purchase Agreement ('PPA') at Loma De La Lata Thermal Power Plant ('CTLL')'s steam turbine ('ST') and Piquirenda Thermal Power Plant ('CTP').
Excellent operating performance, led by 38% year-on-year growth in gas production under Plan Gas.Ar, followed by increases in reforming products and thermal generation.
Pampa's main operational KPIs |
Q2 22 |
Q2 21 |
Variation |
|
Power |
Generation (GWh) |
4,477 |
3,808 |
+18 % |
Gross margin (US$/MWh) |
22.1 |
35.0 |
-37 % |
|
Hydrocarbon |
Production (k boe/day) |
64.6 |
47.7 |
+35 % |
Gas over total production |
92 % |
90 % |
+2 % |
|
Average gas price (US$/MBTU) |
4.4 |
3.9 |
+14 % |
|
Average oil price (US$/bbl) |
72.6 |
57.7 |
+26 % |
|
Petrochemicals |
Volume sold (k ton) |
91 |
76 |
+19 % |
Average price (US$/ton) |
1,739 |
1,285 |
+35 % |
|
6% year-on-year rise in the adjusted EBITDA[3], recording US$253 million in Q2 22, explained by increases of 39% in oil and gas, 19% in petrochemicals and 22% in holding and others, offset by an 18% decrease in power generation.
Profit attributable to the Company's shareholders of US$66 million, 39% lower than the second quarter 2021 ('Q2 21'), mainly due to losses from holding financial securities and Property, Plant and Equipment ('PPE') impairment in the oil and gas segment, offset by a lower income tax charge and the better operating margin.
Net debt grew to US$902 million, with a net leverage ratio of 1.3x.
Consolidated balance sheet
(As of June 30, 2022 and December 31, 2021, in millions)
Figures in million |
As of 6.30.2022 |
As of 12.31.2021 |
||||
AR$ |
US$ FX 125.23 |
AR$ |
US$ FX 102.72 |
|||
ASSETS |
||||||
Property, plant and equipment |
213,941 |
1,708 |
170,390 |
1,659 |
||
Intangible assets |
5,732 |
46 |
3,956 |
39 |
||
Right-of-use assets |
1,070 |
9 |
1,231 |
12 |
||
Deferred tax asset |
26,073 |
208 |
8,675 |
84 |
||
Investments in joint ventures and associates |
109,591 |
875 |
79,500 |
774 |
||
Financial assets at amortized cost |
12,585 |
100 |
10,821 |
105 |
||
Financial assets at fair value through profit and loss |
3,654 |
29 |
2,998 |
29 |
||
Other assets |
69 |
1 |
61 |
1 |
||
Trade and other receivables |
3,284 |
26 |
3,379 |
33 |
||
Total non-current assets |
375,999 |
3,002 |
281,011 |
2,736 |
||
Inventories |
21,590 |
172 |
15,888 |
155 |
||
Financial assets at amortized cost |
1,276 |
10 |
537 |
5 |
||
Financial assets at fair value through profit and loss |
56,428 |
451 |
47,026 |
458 |
||
Derivative financial instruments |
172 |
1 |
16 |
0 |
||
Trade and other receivables |
59,654 |
476 |
40,892 |
398 |
||
Cash and cash equivalents |
13,172 |
105 |
11,283 |
110 |
||
Total current assets |
152,292 |
1,216 |
115,642 |
1,126 |
||
Assets classified as held for sale |
1,544 |
12 |
- |
- |
||
Total assets |
529,835 |
4,231 |
396,653 |
3,861 |
||
EQUITY |
||||||
Equity attributable to owners of the company |
250,953 |
2,004 |
183,431 |
1,786 |
||
Non-controlling interest |
968 |
8 |
609 |
6 |
||
Total equity |
251,921 |
2,012 |
184,040 |
1,792 |
||
LIABILITIES |
||||||
Investments in joint ventures |
424 |
3 |
386 |
4 |
||
Provisions |
17,758 |
142 |
14,444 |
141 |
||
Income tax and presumed minimum income tax liabilities |
26,405 |
211 |
19,287 |
188 |
||
Defined benefit plans |
3,210 |
26 |
2,419 |
24 |
||
Borrowings |
175,046 |
1,398 |
139,630 |
1,359 |
||
Other payables |
1,894 |
15 |
1,340 |
13 |
||
Total non-current liabilities |
224,737 |
1,795 |
177,506 |
1,728 |
||
Provisions |
594 |
5 |
560 |
5 |
||
Income tax liabilities |
10,256 |
82 |
2,098 |
20 |
||
Taxes payables |
4,499 |
36 |
2,314 |
23 |
||
Defined benefit plans |
403 |
3 |
515 |
5 |
||
Salaries and social security payable |
2,411 |
19 |
2,876 |
28 |
||
Derivative financial instruments |
- |
- |
18 |
0 |
||
Borrowings |
8,746 |
70 |
8,165 |
79 |
||
Trade and other payables |
26,268 |
210 |
18,561 |
181 |
||
Total current liabilities |
53,177 |
425 |
35,107 |
342 |
||
Total liabilities |
277,914 |
2,219 |
212,613 |
2,070 |
||
Total liabilities and equity |
529,835 |
4,231 |
396,653 |
3,861 |
||
Consolidated income statement
(For the six-month periods and quarters ended on June 30, 2022 and 2021, in millions)
First half |
Second quarter |
|||||||||||
Figures in million |
2022 |
2021 |
2022 |
2021 |
||||||||
AR$ |
US$ |
AR$ |
US$ |
AR$ |
US$ |
AR$ |
US$ |
|||||
Sales revenue |
99,523 |
874 |
61,211 |
667 |
55,512 |
462 |
32,576 |
346 |
||||
Cost of sales |
(61,259) |
(543) |
(35,343) |
(386) |
(34,872) |
(295) |
(18,990) |
(201) |
||||
Gross profit |
38,264 |
331 |
25,868 |
281 |
20,640 |
167 |
13,586 |
145 |
||||
Selling expenses |
(3,358) |
(30) |
(1,083) |
(12) |
(1,438) |
(11) |
(541) |
(5) |
||||
Administrative expenses |
(7,326) |
(63) |
(4,043) |
(44) |
(3,797) |
(31) |
(2,027) |
(21) |
||||
Exploration expenses |
(15) |
- |
(44) |
- |
(7) |
- |
(37) |
- |
||||
Other operating income |
4,357 |
36 |
4,846 |
50 |
3,057 |
25 |
3,870 |
39 |
||||
Other operating expenses |
(2,632) |
(23) |
(3,831) |
(42) |
(964) |
(8) |
(781) |
(9) |
||||
Impairment of financial assets |
(519) |
(4) |
(196) |
(2) |
(392) |
(3) |
(93) |
(1) |
||||
Impairment of PPE, int. assets & inventories |
(4,384) |
(35) |
(172) |
(2) |
(4,375) |
(35) |
(172) |
(2) |
||||
Results for part. in joint businesses & associates |
6,861 |
57 |
3,101 |
34 |
4,179 |
32 |
875 |
8 |
||||
Operating income |
31,248 |
269 |
24,446 |
263 |
16,903 |
136 |
14,680 |
154 |
||||
Financial income |
450 |
5 |
337 |
3 |
204 |
2 |
172 |
1 |
||||
Financial costs |
(8,794) |
(78) |
(7,841) |
(86) |
(4,599) |
(39) |
(3,855) |
(41) |
||||
Other financial results |
(4,170) |
(35) |
2,931 |
29 |
(3,881) |
(33) |
4,992 |
53 |
||||
Financial results, net |
(12,514) |
(108) |
(4,573) |
(54) |
(8,276) |
(70) |
1,309 |
13 |
||||
Profit before tax |
18,734 |
161 |
19,873 |
209 |
8,627 |
66 |
15,989 |
167 |
||||
Income tax |
(29) |
6 |
(6,106) |
(64) |
(376) |
1 |
(5,391) |
(56) |
||||
Net income for continuing operations |
18,705 |
167 |
13,767 |
145 |
8,251 |
67 |
10,598 |
111 |
||||
Net income (loss) from discontinued operations |
- |
- |
(7,129) |
(75) |
- |
- |
(7,654) |
(80) |
||||
Net income (loss) for the period |
18,705 |
167 |
6,638 |
70 |
8,251 |
67 |
2,944 |
31 |
||||
Attributable to the owners of the Company |
18,469 |
165 |
9,773 |
103 |
8,165 |
66 |
6,621 |
70 |
||||
Continuing operations |
18,469 |
165 |
13,499 |
142 |
8,165 |
66 |
10,349 |
108 |
||||
Discontinued operations |
- |
(0) |
(3,726) |
(39) |
- |
- |
(3,728) |
(38) |
||||
Attributable to the non-controlling interests |
236 |
2 |
(3,135) |
(33) |
86 |
1 |
(3,677) |
(39) |
||||
Net income (loss) per share to shareholders |
13.37 |
0.12 |
6.84 |
0.07 |
5.91 |
0.05 |
4.68 |
0.05 |
||||
From continuing operations |
13.37 |
0.12 |
9.45 |
0.10 |
5.91 |
0.05 |
7.32 |
0.08 |
||||
From discontinued operations |
- |
(0.0001) |
(2.61) |
(0.03) |
- |
- |
(2.64) |
(0.03) |
||||
Net income (loss) per ADR to shareholders |
334.34 |
2.99 |
171.10 |
1.80 |
147.85 |
1.20 |
117.09 |
1.24 |
||||
From continuing operations |
334.34 |
2.99 |
236.33 |
2.49 |
147.85 |
1.20 |
183.02 |
1.92 |
||||
From discontinued operations |
- |
(0.003) |
(65.23) |
(0.69) |
- |
- |
(65.93) |
(0.67) |
||||
Average outstanding common shares1 |
1,381 |
1,428 |
1,381 |
1,414 |
||||||||
Outstanding shares by the end of period1 |
1,380 |
1,395 |
1,380 |
1,395 |
||||||||
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 Q2 22 results on Friday, August 12, 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/Pampa2Q22VC. 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, CTBSA, Transener and TGS, which at our ownership account for US$98 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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