Pampa Energía Announces Six-Month Period and Second Quarter 2024 Results
BUENOS AIRES, ARGENTIA / ACCESSWIRE / August 7, 2024 / Pampa Energía S.A. (NYSE:PAM)(Buenos Aires Stock Exchange:PAMP), an independent company with active participation in the Argentine electricity and gas value chain, announces the results for the six-month period and quarter ended on June 30, 2024.
Pampa's financial information adopts US$ as functional currency, converted into AR$ at transactional exchange rate (‘FX'). However, our affiliates Transener and TGS's adjust their figures for inflation as of June 30, 2024, which are expressed in US$ at the period's closing FX. The previously reported figures remain unchanged.
Second quarter 2024 (‘Q2 24') main results[1]
8% year-on-year sales increase achieved in Q2 24, reaching US$500 million[2], driven by increased gas production from the latest round of Plan Gas, seasonal demand and, to a lesser extent, higher domestic reforming volumes, partially offset by lower gas sales to Chile and industries, volume sold of styrenics and Engineer Mario Cebreiro Wind Farm (‘PEMC')'s divestment.
Gas production grew by 37%, showcasing our strong operating performance:
Pampa's main operational KPIs |
|
|
| Q2 24 |
|
|
| Q2 23 |
|
| Variation |
| |
Power | Generation (GWh) |
|
| 5,067 |
|
|
| 5,218 |
|
|
| -3 | % |
| Gross margin (US$/MWh) |
|
| 24.7 |
|
|
| 22.6 |
|
|
| +10 | % |
|
|
|
|
|
|
|
|
|
|
|
| ||
Oil and gas | Production (k boe/day) |
|
| 90.8 |
|
|
| 67.3 |
|
|
| +35 | % |
| Gas over total production |
|
| 94 | % |
|
| 92 | % |
|
| +2 | % |
| Average gas price (US$/MBTU) |
|
| 4.0 |
|
|
| 4.7 |
|
|
| -14 | % |
| Average oil price (US$/bbl) |
|
| 71.8 |
|
|
| 65.1 |
|
|
| +10 | % |
|
|
|
|
|
|
|
|
|
|
|
| ||
Petrochemicals | Volume sold (k ton) |
|
| 111 |
|
|
| 106 |
|
|
| +5 | % |
| Average price (US$/ton) |
|
| 1,205 |
|
|
| 1,240 |
|
|
| -3 | % |
Adjusted EBITDA[3] rose 30% to US$288 million in Q2 24, mainly explained by increases in holding and others, oil and gas and, to a lesser extent, in petrochemicals and power generation.
Net profit attributable to the Company's shareholders of US$100 million, a 39% decline from Q2 23, due to lower gains from financial securities and FX differences over the financial position in AR$, an impairment on PPE affecting Ensenada Barragán Thermal Power Plant (‘CTEB')'s equity income and a haircut on certain overdue interests from the Argentine Wholesale Electricity Market Clearing Company (CAMMESA). Higher sales and lower financial interests and income tax partially offset these variations.
Net debt decreased to US$691 million, resulting in a net leverage ratio of 1.0x, largely due to improved payment collections from CAMMESA.
[1] The information is based on financial statements (‘FS') prepared according to International Financial Reporting Standards (‘IFRS') in force in Argentina.
[2] Sales from the affiliates CTBSA, Transener and TGS are excluded, shown as ‘Results for participation in joint businesses and associates.'
[3] Consolidated adjusted EBITDA represents the flows before financial items, income tax, depreciations and amortizations, extraordinary and non-cash income and expense, equity income, and includes affiliates' EBITDA at our ownership. Further information on section 3.1.
Consolidated balance sheet
(As of June 30, 2024 and December 2023, in millions)
Figures in million |
| As of 06.30.2024 |
|
| As of 12.31.2023 |
| ||||||||||
|
| AR$ |
|
| US$ FX 912 |
|
| AR$ |
|
| US FX 808.45 |
| ||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Property, plant and equipment |
|
| 2,395,378 |
|
|
| 2,627 |
|
|
| 2,056,974 |
|
|
| 2,544 |
|
Intangible assets |
|
| 88,689 |
|
|
| 97 |
|
|
| 77,898 |
|
|
| 96 |
|
Right-of-use assets |
|
| 30,308 |
|
|
| 33 |
|
|
| 17,259 |
|
|
| 21 |
|
Deferred tax asset |
|
| 45,252 |
|
|
| 50 |
|
|
| 2 |
|
|
| 0 |
|
Investments in joint ventures and associates |
|
| 824,581 |
|
|
| 904 |
|
|
| 542,978 |
|
|
| 672 |
|
Financial assets at fair value through profit and loss |
|
| 24,857 |
|
|
| 27 |
|
|
| 28,040 |
|
|
| 35 |
|
Other assets |
|
| 357 |
|
|
| 0 |
|
|
| 349 |
|
|
| 0 |
|
Trade and other receivables |
|
| 16,287 |
|
|
| 18 |
|
|
| 14,524 |
|
|
| 18 |
|
Total non-current assets |
|
| 3,425,709 |
|
|
| 3,756 |
|
|
| 2,738,024 |
|
|
| 3,387 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Inventories |
|
| 209,723 |
|
|
| 230 |
|
|
| 166,023 |
|
|
| 205 |
|
Financial assets at amortized cost |
|
| 92,708 |
|
|
| 102 |
|
|
| 84,749 |
|
|
| 105 |
|
Financial assets at fair value through profit and loss |
|
| 602,341 |
|
|
| 660 |
|
|
| 451,883 |
|
|
| 559 |
|
Derivative financial instruments |
|
| 100 |
|
|
| 0 |
|
|
| 250 |
|
|
| 0 |
|
Trade and other receivables |
|
| 500,304 |
|
|
| 549 |
|
|
| 238,294 |
|
|
| 295 |
|
Cash and cash equivalents |
|
| 138,514 |
|
|
| 152 |
|
|
| 137,973 |
|
|
| 171 |
|
Total current assets |
|
| 1,543,690 |
|
|
| 1,693 |
|
|
| 1,079,172 |
|
|
| 1,335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total assets |
|
| 4,969,399 |
|
|
| 5,449 |
|
|
| 3,817,196 |
|
|
| 4,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity attributable to owners of the company |
|
| 2,742,490 |
|
|
| 3,007 |
|
|
| 1,943,736 |
|
|
| 2,404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total equity |
|
| 2,750,165 |
|
|
| 3,016 |
|
|
| 1,950,696 |
|
|
| 2,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions |
|
| 164,997 |
|
|
| 181 |
|
|
| 119,863 |
|
|
| 148 |
|
Income tax and presumed minimum income tax liabilities |
|
| 66,294 |
|
|
| 73 |
|
|
| 44,614 |
|
|
| 55 |
|
Deferred tax liabilities |
|
| 46,807 |
|
|
| 51 |
|
|
| 240,686 |
|
|
| 298 |
|
Defined benefit plans |
|
| 25,033 |
|
|
| 27 |
|
|
| 13,172 |
|
|
| 16 |
|
Borrowings |
|
| 1,217,319 |
|
|
| 1,335 |
|
|
| 989,182 |
|
|
| 1,224 |
|
Trade and other payables |
|
| 35,539 |
|
|
| 39 |
|
|
| 37,301 |
|
|
| 46 |
|
Total non-current liabilities |
|
| 1,555,989 |
|
|
| 1,706 |
|
|
| 1,444,818 |
|
|
| 1,787 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Provisions |
|
| 8,268 |
|
|
| 9 |
|
|
| 4,649 |
|
|
| 6 |
|
Income tax liabilities |
|
| 131,963 |
|
|
| 145 |
|
|
| 14,026 |
|
|
| 17 |
|
Taxes payables |
|
| 44,133 |
|
|
| 48 |
|
|
| 11,427 |
|
|
| 14 |
|
Defined benefit plans |
|
| 2,557 |
|
|
| 3 |
|
|
| 2,695 |
|
|
| 3 |
|
Salaries and social security payable |
|
| 18,618 |
|
|
| 20 |
|
|
| 15,537 |
|
|
| 19 |
|
Derivative financial instruments |
|
| 112 |
|
|
| 0 |
|
|
| 191 |
|
|
| 0 |
|
Borrowings |
|
| 246,274 |
|
|
| 270 |
|
|
| 181,357 |
|
|
| 224 |
|
Trade and other payables |
|
| 211,320 |
|
|
| 232 |
|
|
| 191,800 |
|
|
| 237 |
|
Total current liabilities |
|
| 663,245 |
|
|
| 727 |
|
|
| 421,682 |
|
|
| 522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total liabilities |
|
| 2,219,234 |
|
|
| 2,433 |
|
|
| 1,866,500 |
|
|
| 2,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total liabilities and equity |
|
| 4,969,399 |
|
|
| 5,449 |
|
|
| 3,817,196 |
|
|
| 4,722 |
|
Consolidated income statement
(For the six-month periods and quarters ended on June 30, 2024 and 2023, in millions)
| First half |
| Second quarter |
| |||||||||||||||||||||
Figures in million |
| 2024 |
| 2023 |
| 2024 |
| 2023 |
| ||||||||||||||||
| AR$ |
| US$ |
| AR$ |
| US$ |
| AR$ |
| US$ |
| AR$ |
| US$ |
| |||||||||
Sales revenue |
|
| 783,788 |
|
| 901 |
|
| 194,256 |
|
| 895 |
|
| 446,412 |
|
| 500 |
|
| 110,341 |
|
| 464 |
|
Domestic sales |
|
| 649,186 |
|
| 742 |
|
| 154,309 |
|
| 708 |
|
| 374,607 |
|
| 416 |
|
| 86,900 |
|
| 363 |
|
Foreign market sales |
|
| 134,602 |
|
| 159 |
|
| 39,947 |
|
| 187 |
|
| 71,805 |
|
| 84 |
|
| 23,441 |
|
| 101 |
|
Cost of sales |
|
| (487,428 | ) |
| (565 | ) |
| (117,939 | ) |
| (555 | ) |
| (272,245 | ) |
| (307 | ) |
| (67,401 | ) |
| (290 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Gross profit |
|
| 296,360 |
|
| 336 |
|
| 76,317 |
|
| 340 |
|
| 174,167 |
|
| 193 |
|
| 42,940 |
|
| 174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Selling expenses |
|
| (31,582 | ) |
| (36 | ) |
| (7,723 | ) |
| (34 | ) |
| (18,002 | ) |
| (20 | ) |
| (4,530 | ) |
| (18 | ) |
Administrative expenses |
|
| (71,674 | ) |
| (83 | ) |
| (20,202 | ) |
| (89 | ) |
| (37,436 | ) |
| (42 | ) |
| (11,681 | ) |
| (48 | ) |
Exploration expenses |
|
| (167 | ) |
| - |
|
| (1,750 | ) |
| (7 | ) |
| (85 | ) |
| - |
|
| (1,702 | ) |
| (7 | ) |
Other operating income |
|
| 70,781 |
|
| 83 |
|
| 14,289 |
|
| 61 |
|
| 41,789 |
|
| 48 |
|
| 9,430 |
|
| 45 |
|
Other operating expenses |
|
| (43,054 | ) |
| (52 | ) |
| (7,375 | ) |
| (35 | ) |
| (16,669 | ) |
| (21 | ) |
| (3,530 | ) |
| (22 | ) |
Impairment of financial assets |
|
| (49,592 | ) |
| (56 | ) |
| (299 | ) |
| (3 | ) |
| (19,762 | ) |
| (22 | ) |
| (219 | ) |
| (3 | ) |
Recovery/(accrual) of impairment on int. assets & inventories |
|
| (142 | ) |
| - |
|
| (323 | ) |
| (1 | ) |
| (110 | ) |
| - |
|
| (734 | ) |
| (3 | ) |
Results for participation in joint businesses & associates |
|
| 31,894 |
|
| 39 |
|
| 8,570 |
|
| 34 |
|
| (19,522 | ) |
| (22 | ) |
| 5,370 |
|
| 19 |
|
Income from the sale of associates |
|
| 5,765 |
|
| 7 |
|
| - |
|
| - |
|
| 4,307 |
|
| 5 |
|
| - |
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating income |
|
| 208,589 |
|
| 238 |
|
| 61,504 |
|
| 266 |
|
| 108,677 |
|
| 119 |
|
| 35,344 |
|
| 137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Financial income |
|
| 2,009 |
|
| 2 |
|
| 428 |
|
| 2 |
|
| 662 |
|
| - |
|
| 235 |
|
| 2 |
|
Financial costs |
|
| (81,688 | ) |
| (94 | ) |
| (41,078 | ) |
| (188 | ) |
| (37,733 | ) |
| (41 | ) |
| (26,367 | ) |
| (112 | ) |
Other financial results |
|
| 62,861 |
|
| 74 |
|
| 55,461 |
|
| 254 |
|
| 19,056 |
|
| 22 |
|
| 40,818 |
|
| 170 |
|
Financial results, net |
|
| (16,818) |
|
| (18) |
|
| 14,811 |
|
| 68 |
|
| (18,015) |
|
| (19) |
|
| 14,686 |
|
| 60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Profit before tax |
|
| 191,771 |
|
| 220 |
|
| 76,315 |
|
| 334 |
|
| 90,662 |
|
| 100 |
|
| 50,030 |
|
| 197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income tax |
|
| 121,166 |
|
| 147 |
|
| (7,087 | ) |
| (29 | ) |
| (1,521 | ) |
| (1 | ) |
| (7,730 | ) |
| (33 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income for the period |
|
| 312,937 |
|
| 367 |
|
| 69,228 |
|
| 305 |
|
| 89,141 |
|
| 99 |
|
| 42,300 |
|
| 164 |
|
Attributable to the owners of the Company |
|
| 313,160 |
|
| 367 |
|
| 69,097 |
|
| 305 |
|
| 90,061 |
|
| 100 |
|
| 42,179 |
|
| 164 |
|
Attributable to the non-controlling interest |
|
| (223) |
|
| - |
|
| 131 |
|
| - |
|
| (920) |
|
| (1.0) |
|
| 121 |
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income per share to shareholders |
|
| 230.3 |
|
| 0.3 |
|
| 50.4 |
|
| 0.2 |
|
| 66.2 |
|
| 0.1 |
|
| 31.0 |
|
| 0.1 |
|
Net income per ADR to shareholders |
|
| 5,756.6 |
|
| 6.7 |
|
| 1,259.1 |
|
| 5.6 |
|
| 1,655.5 |
|
| 1.8 |
|
| 775.4 |
|
| 3.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Average outstanding common shares1 |
|
| 1,360 |
|
|
|
|
| 1,372 |
|
|
|
|
| 1,360 |
|
|
|
|
| 1,360 |
|
| 1,360.0 |
|
Outstanding shares by the end of period1 |
|
| 1,360 |
|
|
|
|
| 1,360 |
|
|
|
|
| 1,360 |
|
|
|
|
| 1,360 |
|
| 1,360.0 |
|
Note: 1 It considers the Employee stock-based compensation plan shares, which amounted to 3.9 million common shares as of June 30, 2023 and 2024.
For the full version of the Earnings Report, please visit Pampa's Investor Relations website: ri.pampa.com/en.
Information about the videoconference
There will be a videoconference to discuss Pampa's Q2 24 results on Thursday, August 8, 2024, at 10:00 a.m. Eastern Standard Time/11:00 a.m. Buenos Aires Time. The hosts will be Nicolás Mindlin, CFO, Horacio Turri, executive director of E&P and Lida Wang, investor relations and sustainability officer at Pampa.
For those interested in participating, please register here.
For further information about Pampa:
SOURCE: 1/3 Pampa Energía S.A.
View the original press release on accesswire.com