(Pampa Energía S.A., 12.May.2022) — 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 31 March 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 31 March 2022, except for previous periods already reported.
Main results from the quarter 1
28% year-on-year increase in sales, recording US$412mn2 in the first quarter 2022 (‘Q1 22’), explained by higher gas volumes and prices, petrochemical products prices and legacy energy sales, partially offset by the Power Purchase Agreement (‘PPA’) maturity at Loma De La Lata Thermal Power Plant (‘CTLL’)’s steam turbine (‘ST’).
| Pampa’s main operational KPIs | Q1 22 | Q1 21 | Variation | |
| Power | Generation (GWh) | 4,892 | 4,443 | +10% |
| Gross margin (US$/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$226mn in Q1 22, explained by increases of US$23mn in oil and gas, US$6mn in power generation and US$5mn in holding and others, offset by a decrease of US$12mn in petrochemicals.
Pampa recorded a consolidated profit attributable to the Company’s shareholders of US$99mn, US$66mn 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$845mn.
Consolidated balance sheet
(As of March 31, 2022 and December 31, 2021, in millions)
| Figures in million | As of 3.31.2022 | As of 12.31.2021 | ||||
| AR$ | 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 | ||||
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