BUENOS AIRES, Nov. 7, 2022 /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, 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 September 30, 2022, except for previous periods already reported.
Main results from the quarter1
17% year-on-year increase in sales, recording US$507 million2 in the third quarter 2022 ('Q3 22'), explained by natural gas peak seasonality and higher prices in petrochemical, Energía Plus and legacy energy, partially offset by the end of Power Purchase Agreement ('PPA') at Loma De La Lata Thermal Power Plant ('CTLL')'s steam turbine ('ST') and Piquirenda Thermal Power Plant ('CTP').
Outstanding operating performance in natural gas and oil production (+20% and +14% year-on-year, respectively).
Pampa's main operational KPIs | Q3 22 | Q3 21 | Variation | |
Power | Generation (GWh) | 3,767 | 4,512 | -17 % |
Gross margin (US$/MWh) | 24.2 | 31.0 | -22 % | |
Hydrocarbon | Production (k boe/day) | 68.5 | 57.4 | +19 % |
Gas over total production | 92 % | 92 % | +0 % | |
Average gas price (US$/MBTU) | 4.8 | 4.4 | +9 % | |
Average oil price (US$/bbl) | 70.2 | 61.6 | +14 % | |
Petrochemicals | Volume sold (k ton) | 120 | 129 | -7 % |
Average price (US$/ton) | 1,496 | 1,118 | +34 % | |
5% year-on-year decrease in the Adjusted EBITDA 3, recording US$246 million in Q3 22, explained by power generation (-US$36 million) and holding and others (-US$4 million), offset by oil and gas (+US$14 million), and petrochemicals (+US$12 million).
Profit attributable to the Company's shareholders of US$176 million, 35% higher than the third quarter 2021 ('Q3 21'), mainly due to operating performance plus higher gains from holding financial securities and depreciation over the passive monetary position in AR$, offset by higher income tax charge.
Net debt slightly grew to US$927 million, with a net leverage ratio of 1.3x.
Consolidated balance sheet
(As of September 30, 2022 and December 31, 2021, in millions)
Figures in million | As of 9.30.2022 | As of 12.31.2021 | ||||
AR$ | US$ FX 147,32 | AR$ | US$ FX 102,72 | |||
ASSETS | ||||||
Property, plant and equipment | 282,322 | 1,916 | 170,390 | 1,659 | ||
Intangible assets | 11,028 | 75 | 3,956 | 39 | ||
Right-of-use assets | 1,207 | 8 | 1,231 | 12 | ||
Deferred tax asset | 34,719 | 236 | 8,675 | 84 | ||
Investments in joint ventures and associates | 134,244 | 911 | 79,500 | 774 | ||
Financial assets at amortized cost | 14,960 | 102 | 10,821 | 105 | ||
Financial assets at fair value through profit and loss | 4,299 | 29 | 2,998 | 29 | ||
Other assets | 79 | 1 | 61 | 1 | ||
Trade and other receivables | 3,540 | 24 | 3,379 | 33 | ||
Total non-current assets | 486,398 | 3,302 | 281,011 | 2,736 | ||
Inventories | 24,802 | 168 | 15,888 | 155 | ||
Financial assets at amortized cost | 1,899 | 13 | 537 | 5 | ||
Financial assets at fair value through profit and loss | 84,731 | 575 | 47,026 | 458 | ||
Derivative financial instruments | 177 | 1 | 16 | 0 | ||
Trade and other receivables | 67,816 | 460 | 40,892 | 398 | ||
Cash and cash equivalents | 14,259 | 97 | 11,283 | 110 | ||
Total current assets | 193,684 | 1,315 | 115,642 | 1,126 | ||
Assets classified as held for sale | 1,816 | 12 | - | - | ||
Total assets | 681,898 | 4,629 | 396,653 | 3,861 | ||
EQUITY | ||||||
Equity attributable to owners of the company | 322,664 | 2,190 | 183,431 | 1,786 | ||
Non-controlling interest | 1,217 | 8 | 609 | 6 | ||
Total equity | 323,881 | 2,198 | 184,040 | 1,792 | ||
LIABILITIES | ||||||
Investments in joint ventures | - | - | 386 | 4 | ||
Provisions | 21,065 | 143 | 14,444 | 141 | ||
Income tax and presumed minimum income tax liabilities | 47,823 | 325 | 19,287 | 188 | ||
Deferred tax liabilities | 7,636 | 52 | - | - | ||
Defined benefit plans | 3,597 | 24 | 2,419 | 24 | ||
Borrowings | 195,733 | 1,329 | 139,630 | 1,359 | ||
Trade and other payables | 2,648 | 18 | 1,340 | 13 | ||
Total non-current liabilities | 278,502 | 1,890 | 177,506 | 1,728 | ||
Provisions | 656 | 4 | 560 | 5 | ||
Income tax liabilities | 34 | 0 | 2,098 | 20 | ||
Taxes payables | 5,668 | 38 | 2,314 | 23 | ||
Defined benefit plans | 395 | 3 | 515 | 5 | ||
Salaries and social security payable | 4,018 | 27 | 2,876 | 28 | ||
Derivative financial instruments | - | - | 18 | 0 | ||
Borrowings | 41,788 | 284 | 8,165 | 79 | ||
Trade and other payables | 26,956 | 183 | 18,561 | 181 | ||
Total current liabilities | 79,515 | 540 | 35,107 | 342 | ||
Total liabilities | 358,017 | 2,430 | 212,613 | 2,070 | ||
Total liabilities and equity | 681,898 | 4,629 | 396,653 | 3,861 | ||
Consolidated income statement
(For the nine-month periods and quarters ended on September 30, 2022 and 2021, in millions)
Nine-month period | Third quarter | |||||||||||
Figures in million | 2022 | 2021 | 2022 | 2021 | ||||||||
AR$ | US$ | AR$ | US$ | AR$ | US$ | AR$ | US$ | |||||
Sales revenue | 168,748 | 1,381 | 103,740 | 1,102 | 69,225 | 507 | 42,529 | 435 | ||||
Local market sales | 136,862 | 1,114 | 88,575 | 942 | 58,154 | 426 | 35,135 | 359 | ||||
Foreign market sales | 31,886 | 267 | 15,165 | 160 | 11,071 | 81 | 7,394 | 76 | ||||
Cost of sales | (104,797) | (865) | (62,652) | (666) | (43,538) | (322) | (27,309) | (280) | ||||
Gross profit | 63,951 | 516 | 41,088 | 436 | 25,687 | 185 | 15,220 | 155 | ||||
Selling expenses | (4,945) | (41) | (1,752) | (18) | (1,587) | (11) | (669) | (6) | ||||
Administrative expenses | (12,389) | (101) | (6,301) | (67) | (5,063) | (38) | (2,258) | (23) | ||||
Exploration expenses | (23) | - | (50) | - | (8) | - | (6) | - | ||||
Other operating income | 10,345 | 79 | 8,864 | 92 | 5,988 | 43 | 4,018 | 42 | ||||
Other operating expenses | (4,209) | (33) | (4,623) | (50) | (1,577) | (10) | (792) | (8) | ||||
Impairment of financial assets | (672) | (5) | (229) | (3) | (153) | (1) | (33) | (1) | ||||
Impairment of PPE, int. assets & inventories | (4,260) | (34) | (172) | (2) | 124 | 1 | - | - | ||||
Results for part. in joint businesses & associates | 13,610 | 100 | 8,131 | 85 | 6,749 | 43 | 5,030 | 51 | ||||
Operating income | 61,408 | 481 | 44,956 | 473 | 30,160 | 212 | 20,510 | 210 | ||||
Financial income | 597 | 6 | 619 | 7 | 147 | 1 | 282 | 4 | ||||
Financial costs | (18,127) | (148) | (14,128) | (151) | (9,333) | (70) | (6,287) | (65) | ||||
Other financial results | 4,108 | 33 | 2,813 | 29 | 8,278 | 68 | (118) | - | ||||
Financial results, net | (13,422) | (109) | (10,696) | (115) | (908) | (1) | (6,123) | (61) | ||||
Profit before tax | 47,986 | 372 | 34,260 | 358 | 29,252 | 211 | 14,387 | 149 | ||||
Income tax | (5,224) | (26) | (7,786) | (83) | (5,195) | (32) | (1,680) | (19) | ||||
Net income for continuing operations | 42,762 | 346 | 26,474 | 275 | 24,057 | 179 | 12,707 | 130 | ||||
Net income (loss) from discontinued operations | - | - | (7,129) | (75) | - | - | - | - | ||||
Net income (loss) for the period | 42,762 | 346 | 19,345 | 200 | 24,057 | 179 | 12,707 | 130 | ||||
Attributable to the owners of the Company | 42,448 | 343 | 22,577 | 234 | 23,979 | 178 | 12,804 | 131 | ||||
Continuing operations | 42,448 | 343 | 26,303 | 273 | 23,979 | 178 | 12,804 | 131 | ||||
Discontinued operations | - | - | (3,726) | (39) | - | - | - | - | ||||
Attributable to the non-controlling interests | 314 | 3 | (3,232) | (34) | 78 | 1 | (97) | (1) | ||||
Net income (loss) per share to shareholders | 30.74 | 0.25 | 15.98 | 0.17 | 17.38 | 0.13 | 9.26 | 0.09 | ||||
From continuing operations | 30.74 | 0.25 | 18.62 | 0.19 | 17.38 | 0.13 | 9.26 | 0.09 | ||||
From discontinued operations | - | - | (2.64) | (0.03) | - | - | - | - | ||||
Net income (loss) per ADR to shareholders | 768.43 | 6.21 | 399.45 | 4.14 | 434.40 | 3.23 | 231.45 | 2.36 | ||||
From continuing operations | 768.43 | 6.21 | 465.38 | 4.82 | 434.40 | 3.23 | 231.45 | 2.36 | ||||
From discontinued operations | - | - | (65.92) | (0.68) | - | - | - | - | ||||
Average outstanding common shares1 | 1,381 | 1,381 | 1,413 | 1,413 | 1,380 | 1,380 | 1,383 | 1,383.0 | ||||
Outstanding shares by the end of period1 | 1,380 | 1,380 | 1,382 | 1,382 | 1,380 | 1,380 | 1,382 | 1,382.0 | ||||
Note: 1 It includes shares from the Employee stock-based compensation plan, which as of September 30, 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 Q3 22 results on Tuesday, November 8, 2022, at 10:00 a.m. Eastern Standard Time/12:00 p.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/Pampa3Q2022VC. 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$47 million. Greenwind was an affiliate until August 12, 2022, when Pampa fully owned the company and began to consolidate in FS. 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.