BUENOS AIRES, Argentina, March 9, 2023 /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 fiscal year and quarter ended on December 31, 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 December 31, 2022, except for previous periods already reported.
Main results from the quarter[1]
10% year-on-year increase in sales, recording US$448 million[2] in the fourth quarter 2022 ('Q4 22'), explained by better natural gas prices and higher sales of petrochemical reforming products and legacy energy, offset by the Power Purchase Agreement ('PPA') maturity at Loma De La Lata Thermal Power Plant ('CTLL')'s steam turbine ('ST') and Piquirenda Thermal Power Plant ('CTP').
Outstanding operating performance in every business segment:
Pampa's main operational KPIs | Q4 22 | Q4 21 | Variation | |
Power | Generation (GWh) | 5,175 | 4,670 | +11 % |
Gross margin (US$/MWh) | 17.4 | 26.1 | -33 % | |
Hydrocarbon | Production (k boe/day) | 61.6 | 58.1 | +6 % |
Gas over total production | 91 % | 91 % | -0 % | |
Average gas price (US$/MBTU) | 3.9 | 3.1 | +24 % | |
Average oil price (US$/bbl) | 66.9 | 58.6 | +14 % | |
Petrochemicals | Volume sold (k ton) | 120 | 114 | +5 % |
Average price (US$/ton) | 1,285 | 1,266 | +2 % | |
7% year-on-year decrease in the adjusted EBITDA[3], recording US$183 million in Q4 22, explained by reductions of 74% in holding and others and 19% in power generation, partially offset by increases of 57% in oil and gas and 68% in petrochemicals.
Profit attributable to the Company's shareholders of US$113 million, almost 3x the fourth quarter 2021 ('Q4 21') figure, mainly due to Ecuador's arbitral compensation, higher gains from holding financial securities and depreciation over the passive monetary position in AR$. Certain PPAs' maturity, higher income tax charges and financial interests partially offset the higher net income.
Net debt continued decreasing, reaching US$913 million, with a net leverage ratio of 1.2x.
Consolidated balance sheet
(As of December 31, 2022 and 2021, in millions)
Figures in million | As of 12.31.2022 | As of 12.31.2021 | ||||
AR$ | US$ FX 177,16 | AR$ | US$ FX 102,72 | |||
ASSETS | ||||||
Property, plant and equipment | 383,464 | 2,165 | 170,390 | 1,659 | ||
Intangible assets | 24,364 | 138 | 3,956 | 39 | ||
Right-of-use assets | 1,521 | 9 | 1,231 | 12 | ||
Deferred tax asset | 6,326 | 36 | 8,675 | 84 | ||
Investments in joint ventures and associates | 159,833 | 902 | 79,500 | 774 | ||
Financial assets at amortized cost | 18,000 | 102 | 10,821 | 105 | ||
Financial assets at fair value through profit and loss | 4,867 | 27 | 2,998 | 29 | ||
Other assets | 91 | 1 | 61 | 1 | ||
Trade and other receivables | 3,415 | 19 | 3,379 | 33 | ||
Total non-current assets | 601,881 | 3,397 | 281,011 | 2,736 | ||
Inventories | 30,724 | 173 | 15,888 | 155 | ||
Financial assets at amortized cost | 1,357 | 8 | 537 | 5 | ||
Financial assets at fair value through profit and loss | 103,856 | 586 | 47,026 | 458 | ||
Derivative financial instruments | 161 | 1 | 16 | 0 | ||
Trade and other receivables | 83,328 | 470 | 40,892 | 398 | ||
Cash and cash equivalents | 18,757 | 106 | 11,283 | 110 | ||
Total current assets | 238,183 | 1,344 | 115,642 | 1,126 | ||
Total assets | 840,064 | 4,742 | 396,653 | 3,861 | ||
EQUITY | ||||||
Equity attributable to owners of the company | 403,463 | 2,277 | 183,431 | 1,786 | ||
Non-controlling interest | 1,157 | 7 | 609 | 6 | ||
Total equity | 404,620 | 2,284 | 184,040 | 1,792 | ||
LIABILITIES | ||||||
Investments in joint ventures | - | - | 386 | 4 | ||
Provisions | 26,062 | 147 | 14,444 | 141 | ||
Income tax and presumed minimum income tax liabilities | 31,728 | 179 | 19,287 | 188 | ||
Deferred tax liabilities | 19,854 | 112 | - | - | ||
Defined benefit plans | 4,908 | 28 | 2,419 | 24 | ||
Borrowings | 237,437 | 1,340 | 139,630 | 1,359 | ||
Trade and other payables | 3,757 | 21 | 1,340 | 13 | ||
Total non-current liabilities | 323,746 | 1,827 | 177,506 | 1,728 | ||
Provisions | 779 | 4 | 560 | 5 | ||
Income tax liabilities | 927 | 5 | 2,098 | 20 | ||
Taxes payables | 4,966 | 28 | 2,314 | 23 | ||
Defined benefit plans | 1,021 | 6 | 515 | 5 | ||
Salaries and social security payable | 5,627 | 32 | 2,876 | 28 | ||
Derivative financial instruments | 318 | 2 | 18 | 0 | ||
Borrowings | 48,329 | 273 | 8,165 | 79 | ||
Trade and other payables | 49,731 | 281 | 18,561 | 181 | ||
Total current liabilities | 111,698 | 630 | 35,107 | 342 | ||
Total liabilities | 435,444 | 2,458 | 212,613 | 2,070 | ||
Total liabilities and equity | 840,064 | 4,742 | 396,653 | 3,861 | ||
Consolidated income statement
(For the fiscal year and quarters ended on December 31, 2022 and 2021, in millions)
Fiscal year | Fourth quarter | |||||||||||
Figures in million | 2022 | 2021 | 2022 | 2021 | ||||||||
AR$ | US$ | AR$ | US$ | AR$ | US$ | AR$ | US$ | |||||
Sales revenue | 242,182 | 1,829 | 144,641 | 1,508 | 73,434 | 448 | 40,901 | 406 | ||||
Local market sales | 196,723 | 1,478 | 121,638 | 1,270 | 59,861 | 364 | 33,063 | 328 | ||||
Foreign market sales | 45,459 | 351 | 23,003 | 238 | 13,573 | 84 | 7,838 | 78 | ||||
Cost of sales | (150,891) | (1,148) | (91,342) | (955) | (46,094) | (283) | (28,690) | (289) | ||||
Gross profit | 91,291 | 681 | 53,299 | 553 | 27,340 | 165 | 12,211 | 117 | ||||
Selling expenses | (7,218) | (56) | (3,156) | (33) | (2,273) | (15) | (1,404) | (15) | ||||
Administrative expenses | (18,708) | (138) | (9,507) | (99) | (6,319) | (37) | (3,206) | (32) | ||||
Exploration expenses | (50) | - | (61) | - | (27) | - | (11) | - | ||||
Other operating income | 19,066 | 131 | 10,196 | 105 | 8,721 | 52 | 1,332 | 13 | ||||
Other operating expenses | (5,952) | (46) | (5,360) | (58) | (1,743) | (13) | (737) | (8) | ||||
Impairment of financial assets | (1,142) | (8) | (220) | (2) | (470) | (3) | 9 | 1 | ||||
Impairment of PPE, int. assets & inventories | (4,925) | (38) | (332) | (4) | (665) | (4) | (160) | (2) | ||||
Results for part. in joint businesses & associates | 16,089 | 105 | 11,567 | 117 | 2,479 | 5 | 3,436 | 32 | ||||
Operating income | 88,451 | 631 | 56,426 | 579 | 27,043 | 150 | 11,470 | 106 | ||||
Financial income | 768 | 5 | 847 | 10 | 171 | (1) | 228 | 3 | ||||
Financial costs | (30,488) | (221) | (17,512) | (185) | (12,361) | (73) | (3,384) | (34) | ||||
Other financial results | 25,558 | 166 | (1,545) | (14) | 21,450 | 133 | (4,358) | (43) | ||||
Financial results, net | (4,162) | (50) | (18,210) | (189) | 9,260 | 59 | (7,514) | (74) | ||||
Profit before tax | 84,289 | 581 | 38,216 | 390 | 36,303 | 209 | 3,956 | 32 | ||||
Income tax | (19,389) | (124) | (7,301) | (77) | (14,165) | (98) | 485 | 6 | ||||
Net income for continuing operations | 64,900 | 457 | 30,915 | 313 | 22,138 | 111 | 4,441 | 38 | ||||
Net income (loss) from discontinued operations | - | - | (7,129) | (75) | - | - | - | - | ||||
Net income (loss) for the period | 64,900 | 457 | 23,786 | 238 | 22,138 | 111 | 4,441 | 38 | ||||
Attributable to the owners of the Company | 64,859 | 456 | 27,097 | 273 | 22,411 | 113 | 4,520 | 39 | ||||
Continuing operations | 64,859 | 456 | 30,823 | 312 | 22,411 | 113 | 4,520 | 39 | ||||
Discontinued operations | - | - | (3,726) | (39) | - | - | - | - | ||||
Attributable to the non-controlling interests | 41 | 1 | (3,311) | (35) | (273) | (2) | (79) | (1) | ||||
Net income (loss) per share to shareholders | 46.97 | 0.33 | 19.29 | 0.19 | 16.24 | 0.08 | 3.27 | 0.03 | ||||
From continuing operations | 46.97 | 0.33 | 21.94 | 0.22 | 16.24 | 0.08 | 3.27 | 0.03 | ||||
From discontinued operations | - | - | (2.65) | (0.03) | - | - | - | - | ||||
Net income (loss) per ADR to shareholders | 1,174.13 | 8.26 | 482.15 | 4.86 | 406.00 | 2.05 | 81.77 | 0.71 | ||||
From continuing operations | 1,174.13 | 8.26 | 548.45 | 5.55 | 406.00 | 2.05 | 81.77 | 0.71 | ||||
From discontinued operations | - | - | (66.30) | (0.70) | - | - | - | - | ||||
Average outstanding common shares1 | 1,381 | 1,405 | 1,380 | 1,382 | ||||||||
Outstanding shares by the end of period1 | 1,380 | 1,382 | 1,380 | 1,382 | ||||||||
Note: 1 It includes shares from the Employee stock-based compensation plan, which as of December 31, 2022 and 2021 amounted to 3.9 million common shares.
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 Q4 22 results on Monday, March 13, 2023, 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/Pampa4Q2022VC. 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 CTBSA, Transener and TGS, which at our ownership account for US$74 million. Under IFRS affiliates 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.
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SOURCE Pampa Energia S.A.