Pampa Energía announces solid third quarter 2021 results coupled with record high gas production
BUENOS AIRES, Argentina, Nov. 10, 2021 /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, 2021.
Pampa's financial information adopts US$ as functional currency, and it's expressed in AR$ at the transactional nominal exchange rate ('FX'). However, our affiliates Transener, TGS and Refinor report under local currency. Hence, their figures are adjusted by inflation as of September 30, 2021, except for previous periods already reported.
Main results from the quarter[1]
49% year-on-year increase in sales, recording US$435 million[2] in the third quarter 2021 ('Q3 21'), explained by the rise in prices of oil, gas and petrochemical products, increased physical volume sold in all our businesses and higher sales of own fuel to thermal power plants.
Pampa's main operational KPIs |
Q3 21 |
Q3 20 |
Variation |
|
Power |
Generation (GWh) |
4,512 |
4,000 |
+13% |
Gross margin (US$/MWh) |
31.0 |
40.3 |
-23% |
|
Hydrocarbon |
Production (k boe/day) |
57.4 |
46.8 |
+23% |
Gas over total production |
92% |
91% |
+0% |
|
Average gas price (US$/MBTU) |
4.4 |
2.5 |
+76% |
|
Average oil price (US$/bbl) |
61.6 |
40.4 |
+52% |
|
Petrochemicals |
Volume sold (k ton) |
129 |
90 |
+43% |
Average price (US$/ton) |
1,123 |
748 |
+50% |
|
27% year-on-year increase in the adjusted EBITDA[3], recording US$262 million in Q3 21, explained by an increase of US$68 million in oil and gas, offset by decreases of US$6 million in power generation and US$6 million in holding and others.
Pampa recorded a consolidated profit attributable to the Company's shareholders of US$131 million, US$53 million higher than the third quarter 2020 ('Q3 20'), mainly due to better operating margin in oil and gas, offset by higher losses from the holding of financial securities and the own debt buyback profit recorded in Q3 20.
Consolidated net debt decreased to US$917 million as of September 30, 2021, recording a continuous and significant reduction (mainly AR$-nominated maturities) compared to the US$1,148 million recorded by the end of 2020.
Consolidated balance sheet
(As of September 30, 2021 and December 31, 2020, in millions)
Figures in million |
As of 9.30.2021 |
As of 12.31.2020 |
||||
AR$ |
US$ FX 98.74 |
AR$ |
US$ FX 84.15 |
|||
ASSETS |
||||||
Property, plant and equipment |
159,563 |
1,616 |
135,445 |
1,610 |
||
Intangible assets |
3,814 |
39 |
3,455 |
41 |
||
Right-of-use assets |
1,440 |
15 |
867 |
10 |
||
Deferred tax assets |
6,874 |
70 |
9,082 |
108 |
||
Investments in joint ventures and associates |
70,500 |
714 |
46,229 |
549 |
||
Financial assets at amortized cost |
9,906 |
100 |
8,428 |
100 |
||
Financial assets at fair value through profit and loss |
4,780 |
48 |
942 |
11 |
||
Other assets |
61 |
1 |
57 |
1 |
||
Trade and other receivables |
2,599 |
26 |
3,631 |
43 |
||
Total non-current assets |
259,537 |
2,628 |
208,136 |
2,473 |
||
Inventories |
14,175 |
144 |
9,766 |
116 |
||
Financial assets at amortized cost |
- |
- |
2,062 |
25 |
||
Financial assets at fair value through profit and loss |
32,940 |
334 |
27,382 |
325 |
||
Derivative financial instruments |
1 |
0 |
1 |
- |
||
Trade and other receivables |
47,840 |
485 |
28,678 |
341 |
||
Cash and cash equivalents |
17,117 |
173 |
11,900 |
141 |
||
Total current assets |
112,073 |
1,135 |
79,789 |
948 |
||
Assets classified as held for sale |
- |
- |
123,603 |
1,469 |
||
Total assets |
371,610 |
3,764 |
411,528 |
4,890 |
||
EQUITY |
||||||
Equity attributable to owners of the company |
169,789 |
1,720 |
120,247 |
1,428 |
||
Non-controlling interest |
675 |
7 |
28,631 |
341 |
||
Total equity |
170,464 |
1,726 |
148,878 |
1,769 |
||
LIABILITIES |
||||||
Investments in joint ventures and associates |
378 |
4 |
161 |
2 |
||
Provisions |
13,921 |
141 |
9,326 |
111 |
||
Income tax liabilities |
18,855 |
191 |
11,004 |
131 |
||
Taxes payables |
151 |
2 |
128 |
2 |
||
Deferred tax liabilities |
- |
- |
93 |
1 |
||
Defined benefit plans |
2,165 |
22 |
1,460 |
17 |
||
Borrowings |
134,564 |
1,363 |
115,428 |
1,372 |
||
Other payables |
1,289 |
13 |
1,418 |
16 |
||
Total non-current liabilities |
171,323 |
1,735 |
139,018 |
1,652 |
||
Provisions |
546 |
6 |
1,379 |
16 |
||
Income tax liabilities |
498 |
5 |
897 |
11 |
||
Taxes payables |
3,947 |
40 |
3,030 |
36 |
||
Defined benefit plans |
298 |
3 |
298 |
4 |
||
Salaries and social security payable |
2,099 |
21 |
1,935 |
23 |
||
Derivative financial instruments |
16 |
0 |
40 |
- |
||
Borrowings |
6,041 |
61 |
20,377 |
242 |
||
Trade and other payables |
16,378 |
166 |
9,778 |
116 |
||
Total current liabilities |
29,823 |
302 |
37,734 |
448 |
||
Liabilities associated to assets classified as held for sale |
- |
- |
85,898 |
1,021 |
||
Total liabilities |
201,146 |
2,037 |
262,650 |
3,121 |
||
Total liabilities and equity |
371,610 |
3,764 |
411,528 |
4,890 |
||
Consolidated income statement
(For the nine-month periods and quarters ended on September 30, 2021 and 2020, in millions)
Nine-month period |
Third quarter |
|||||||||||
Figures in million |
2021 |
2020 |
2021 |
2020 |
||||||||
AR$ |
US$ |
AR$ |
US$ |
AR$ |
US$ |
AR$ |
US$ |
|||||
Sales revenue |
103,740 |
1,102 |
53,669 |
787 |
42,529 |
435 |
21,515 |
291 |
||||
Cost of sales |
(62,652) |
(666) |
(32,369) |
(482) |
(27,309) |
(280) |
(12,060) |
(164) |
||||
Gross profit |
41,088 |
436 |
21,300 |
305 |
15,220 |
155 |
9,455 |
127 |
||||
Selling expenses |
(1,752) |
(18) |
(1,356) |
(20) |
(669) |
(6) |
(356) |
(4) |
||||
Administrative expenses |
(6,301) |
(67) |
(4,848) |
(71) |
(2,258) |
(23) |
(1,674) |
(22) |
||||
Exploration expenses |
(50) |
- |
(21) |
- |
(6) |
- |
(12) |
- |
||||
Other operating income |
8,864 |
92 |
2,506 |
37 |
4,018 |
42 |
1,245 |
17 |
||||
Other operating expenses |
(4,623) |
(50) |
(1,781) |
(26) |
(792) |
(8) |
(505) |
(7) |
||||
Impairment of financial assets |
(229) |
(3) |
(851) |
(13) |
(33) |
(1) |
(863) |
(13) |
||||
Impairment of PPE, intangible assets and inventories |
(172) |
(2) |
(4,316) |
(67) |
- |
- |
- |
- |
||||
Results for part. in joint businesses and associates |
8,131 |
85 |
4,810 |
66 |
5,030 |
51 |
1,652 |
20 |
||||
Operating income |
44,956 |
473 |
15,443 |
211 |
20,510 |
210 |
8,942 |
118 |
||||
Financial income |
619 |
7 |
529 |
8 |
282 |
4 |
234 |
4 |
||||
Financial costs |
(14,128) |
(151) |
(8,598) |
(127) |
(6,287) |
(65) |
(3,250) |
(45) |
||||
Other financial results |
2,813 |
29 |
3,353 |
48 |
(118) |
- |
1,593 |
20 |
||||
Financial results, net |
(10,696) |
(115) |
(4,716) |
(71) |
(6,123) |
(61) |
(1,423) |
(21) |
||||
Profit before tax |
34,260 |
358 |
10,727 |
140 |
14,387 |
149 |
7,519 |
97 |
||||
Income tax |
(7,786) |
(83) |
(2,731) |
(34) |
(1,680) |
(19) |
(1,332) |
(20) |
||||
Net income for continuing operations |
26,474 |
275 |
7,996 |
106 |
12,707 |
130 |
6,187 |
77 |
||||
Net income (loss) from discontinued operations |
(7,129) |
(75) |
(1,765) |
(23) |
- |
- |
(17) |
1 |
||||
Net income (loss) for the period |
19,345 |
200 |
6,231 |
83 |
12,707 |
130 |
6,170 |
78 |
||||
Attributable to the owners of the Company |
22,577 |
234 |
7,156 |
96 |
12,804 |
131 |
6,161 |
78 |
||||
Continuing operations |
26,303 |
273 |
8,101 |
108 |
12,804 |
131 |
6,159 |
77 |
||||
Discontinued operations |
(3,726) |
(39) |
(945) |
(12) |
- |
- |
2 |
1 |
||||
Attributable to the non-controlling interests |
(3,232) |
(34) |
(925) |
(13) |
(97) |
(1) |
9 |
- |
||||
Net income (loss) per share attributable to shareholders |
16.11 |
0.17 |
4.56 |
0.06 |
9.23 |
0.09 |
4.08 |
0.05 |
||||
From continuing operations |
18.76 |
0.19 |
5.16 |
0.07 |
9.23 |
0.09 |
4.08 |
0.05 |
||||
From discontinued operations |
(2.66) |
(0.03) |
(0.60) |
(0.01) |
- |
- |
0.00 |
0.00 |
||||
Net income (loss) per ADR attributable to shareholders |
402.65 |
4.18 |
113.90 |
1.53 |
230.69 |
2.36 |
101.99 |
1.29 |
||||
From continuing operations |
469.10 |
4.87 |
128.94 |
1.72 |
230.69 |
2.36 |
101.96 |
1.28 |
||||
From discontinued operations |
(66.45) |
(0.70) |
(15.04) |
(0.19) |
- |
- |
0.03 |
0.02 |
||||
Average outstanding common shares |
1,401.8 |
1,570.7 |
1,387.6 |
1,510.2 |
||||||||
Outstanding common shares by the end of period |
1,386.4 |
1,479.0 |
1,386.4 |
1,479.0 |
||||||||
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 21 results on Thursday, November 11, 2021, at 10:00 a.m. Eastern Standard Time/12:00 p.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO; Gabriel Cohen, CFO and Lida Wang, investor relations and sustainability officer at Pampa.
For those interested in participating, please register at bit.ly/Pampa3Q21VC. 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$115 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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