(Pampa Energía, 11.Nov.2020) — Pampa Energía S.A., the largest independent energy integrated company in Argentina, with active participation in the country’s electricity and gas value chain, announces the results for the nine-month period and quarter ended on 30 September 2020.
As from January 1, 2019, the company adopted US$ as functional currency for the reporting of its financial information. The presentation of this information in AR$ is converted at transactional nominal exchange rate (‘FX’).
However, Edenor (electricity distribution), OldelVal (oil and gas), Transener, TGS and Refinor (holding and others) continue recording their operations in local currency. Thus, the 2020 figures are adjusted by inflation as of September 30, 2020 (9M20: 10.0% and Q3 20: 3.7%), translated to US$ at closing FX of 76.18. Moreover, the 2019 figures are adjusted by inflation as of September 30, 2019 (9M19: 15.9% and Q3 19: 5.9%), translated to US$ at closing FX of 57.59.
Main highlights from the 9M20 results
Consolidated net revenues of $1,651mn, 23% lower than the $2,137mn recorded in 9M19, mainly due to tariff freeze in the regulated businesses, lower gas sales for own power generation, fall on prices and volumes of hydrocarbons and petrochemicals products, and lower remuneration for spot energy, partially offset by the commissioning of new power generation units priced under PPA.
— Power Generation of 12,069 GWh from 15 power plants
— Electricity sales of 15,427 GWh to 3.1 million end-users
— Production of 45.5 thousand boe per day of hydrocarbons
— Sales of 230 thousand tons of petrochemical products
Consolidated adjusted EBITDA of $583mn, 20% lower than the $731mn in 9M19, due to decreases of 55% in electricity distribution and 53% in oil and gas, partially offset by increases of 7% in petrochemicals, 4% in power generation and 1% in holding and others.
Consolidated gain attributable to the owners of the Company of $96mn, 86% lower than the $683mn profit achieved in 9M19, mainly due to the one-off non-cash profit from the settlement of Edenor’s regulatory liabilities in 9M19, in addition to lower operating margin, lesser RECPAM recorded due to the lower passive net monetary position allocated to the electricity distribution segment, plus impairment of accrued assets and an income tax charge in 9M20.
Main highlights from the Q3 20 results
Consolidated net revenues of $592mn, 2% higher than the $581mn recorded in Q3 19, mainly due to the commissioning of the new combined cycle gas turbine Genelba Plus and the strong devaluation in Q3 19 which implied a dilution of sales in Edenor, partially offset by reductions on fuel sales for own thermal power dispatch, lower prices and volumes of hydrocarbons sold, and lower prices and dispatch at spot energy.
— Power Generation of 4,000 GWh from 15 power plants
— Electricity sales of 5,434 GWh to 3.1 million end-users
— Production of 46.8 thousand boe per day of hydrocarbons
— Sales of 90 thousand tons of petrochemical products
Consolidated adjusted EBITDA of $234mn, 3% lower than the $242mn in Q3 19, due to decreases of 38% in electricity distribution and 31% in oil and gas, partially offset by increases of $19mn in holding and others, $4mn in petrochemicals and $1mn in power generation.
Consolidated gain attributable to the owners of the Company of $78mn, 33% lower than the US$116 million gain recorded in Q3 19, mainly explained by the financial effect from the Agreement for the Regularization and Settlement of Receivables with the WEM executed in Q3 19 and lower operating margin in oil and gas, partially offset by higher profit in our equity income.
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