Pampa Energía announces second quarter 2022 results

·8 min read

BUENOS AIRES, Argentina, Aug. 11, 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 six-month period and quarter ended on June 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 June 30, 2022, except for previous periods already reported.

Main results from the quarter[1]

34% year-on-year increase in sales, recording US$462 million[2] in the second quarter 2022 ('Q2 22'), explained by higher volumes and prices for gas, petrochemical products, legacy and Energía Plus 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').

Excellent operating performance, led by 38% year-on-year growth in gas production under Plan Gas.Ar, followed by increases in reforming products and thermal generation.

Pampa's main operational KPIs

Q2 22

Q2 21

Variation

Power

Generation (GWh)

4,477

3,808

+18 %


Gross margin (US$/MWh)

22.1

35.0

-37 %






Hydrocarbon

Production (k boe/day)

64.6

47.7

+35 %


Gas over total production

92 %

90 %

+2 %


Average gas price (US$/MBTU)

4.4

3.9

+14 %


Average oil price (US$/bbl)

72.6

57.7

+26 %






Petrochemicals

Volume sold (k ton)

91

76

+19 %


Average price (US$/ton)

1,739

1,285

+35 %






6% year-on-year rise in the adjusted EBITDA[3], recording US$253 million in Q2 22, explained by increases of 39% in oil and gas, 19% in petrochemicals and 22% in holding and others, offset by an 18% decrease in power generation.

Profit attributable to the Company's shareholders of US$66 million, 39% lower than the second quarter 2021 ('Q2 21'), mainly due to losses from holding financial securities and Property, Plant and Equipment ('PPE') impairment in the oil and gas segment, offset by a lower income tax charge and the better operating margin.

Net debt grew to US$902 million, with a net leverage ratio of 1.3x.

Consolidated balance sheet
(As of June 30, 2022 and December 31, 2021, in millions)

Figures in million


As of 6.30.2022


As of 12.31.2021


AR$

US$ FX 125.23


AR$

US$ FX 102.72

ASSETS







Property, plant and equipment


213,941

1,708


170,390

1,659

Intangible assets


5,732

46


3,956

39

Right-of-use assets


1,070

9


1,231

12

Deferred tax asset


26,073

208


8,675

84

Investments in joint ventures and associates


109,591

875


79,500

774

Financial assets at amortized cost


12,585

100


10,821

105

Financial assets at fair value through profit and loss


3,654

29


2,998

29

Other assets


69

1


61

1

Trade and other receivables


3,284

26


3,379

33

Total non-current assets


375,999

3,002


281,011

2,736








Inventories


21,590

172


15,888

155

Financial assets at amortized cost


1,276

10


537

5

Financial assets at fair value through profit and loss


56,428

451


47,026

458

Derivative financial instruments


172

1


16

0

Trade and other receivables


59,654

476


40,892

398

Cash and cash equivalents


13,172

105


11,283

110

Total current assets


152,292

1,216


115,642

1,126








Assets classified as held for sale


1,544

12


-

-








Total assets


529,835

4,231


396,653

3,861








EQUITY







Equity attributable to owners of the company


250,953

2,004


183,431

1,786








Non-controlling interest


968

8


609

6








Total equity


251,921

2,012


184,040

1,792








LIABILITIES







Investments in joint ventures


424

3


386

4

Provisions


17,758

142


14,444

141

Income tax and presumed minimum income tax liabilities


26,405

211


19,287

188

Defined benefit plans


3,210

26


2,419

24

Borrowings


175,046

1,398


139,630

1,359

Other payables


1,894

15


1,340

13

Total non-current liabilities


224,737

1,795


177,506

1,728








Provisions


594

5


560

5

Income tax liabilities


10,256

82


2,098

20

Taxes payables


4,499

36


2,314

23

Defined benefit plans


403

3


515

5

Salaries and social security payable 


2,411

19


2,876

28

Derivative financial instruments


-

-


18

0

Borrowings


8,746

70


8,165

79

Trade and other payables


26,268

210


18,561

181

Total current liabilities


53,177

425


35,107

342








Total liabilities


277,914

2,219


212,613

2,070








Total liabilities and equity


529,835

4,231


396,653

3,861

 

 

Consolidated income statement
(For the six-month periods and quarters ended on June 30, 2022 and 2021, in millions)



First half


Second quarter

Figures in million


2022


2021


2022


2021



AR$

US$


AR$

US$


AR$

US$


AR$

US$

Sales revenue


99,523

874


61,211

667


55,512

462


32,576

346

Cost of sales


(61,259)

(543)


(35,343)

(386)


(34,872)

(295)


(18,990)

(201)














Gross profit


38,264

331


25,868

281


20,640

167


13,586

145














Selling expenses


(3,358)

(30)


(1,083)

(12)


(1,438)

(11)


(541)

(5)

Administrative expenses


(7,326)

(63)


(4,043)

(44)


(3,797)

(31)


(2,027)

(21)

Exploration expenses


(15)

-


(44)

-


(7)

-


(37)

-

Other operating income


4,357

36


4,846

50


3,057

25


3,870

39

Other operating expenses


(2,632)

(23)


(3,831)

(42)


(964)

(8)


(781)

(9)

Impairment of financial assets


(519)

(4)


(196)

(2)


(392)

(3)


(93)

(1)

Impairment of PPE, int. assets & inventories


(4,384)

(35)


(172)

(2)


(4,375)

(35)


(172)

(2)

Results for part. in joint businesses & associates


6,861

57


3,101

34


4,179

32


875

8














Operating income


31,248

269


24,446

263


16,903

136


14,680

154














Financial income


450

5


337

3


204

2


172

1

Financial costs


(8,794)

(78)


(7,841)

(86)


(4,599)

(39)


(3,855)

(41)

Other financial results


(4,170)

(35)


2,931

29


(3,881)

(33)


4,992

53

Financial results, net


(12,514)

(108)


(4,573)

(54)


(8,276)

(70)


1,309

13














Profit before tax


18,734

161


19,873

209


8,627

66


15,989

167














Income tax


(29)

6


(6,106)

(64)


(376)

1


(5,391)

(56)














Net income for continuing operations


18,705

167


13,767

145


8,251

67


10,598

111














Net income (loss) from discontinued operations


-

-


(7,129)

(75)


-

-


(7,654)

(80)














Net income (loss) for the period


18,705

167


6,638

70


8,251

67


2,944

31

Attributable to the owners of the Company


18,469

165


9,773

103


8,165

66


6,621

70

Continuing operations


18,469

165


13,499

142


8,165

66


10,349

108

Discontinued operations


-

(0)


(3,726)

(39)


-

-


(3,728)

(38)

Attributable to the non-controlling interests


236

2


(3,135)

(33)


86

1


(3,677)

(39)














Net income (loss) per share to shareholders


13.37

0.12


6.84

0.07


5.91

0.05


4.68

0.05

From continuing operations


13.37

0.12


9.45

0.10


5.91

0.05


7.32

0.08

From discontinued operations


-

(0.0001)


(2.61)

(0.03)


-

-


(2.64)

(0.03)














Net income (loss) per ADR to shareholders


334.34

2.99


171.10

1.80


147.85

1.20


117.09

1.24

From continuing operations


334.34

2.99


236.33

2.49


147.85

1.20


183.02

1.92

From discontinued operations


-

(0.003)


(65.23)

(0.69)


-

-


(65.93)

(0.67)














Average outstanding common shares1


1,381



1,428



1,381



1,414


Outstanding shares by the end of period1


1,380



1,395



1,380



1,395


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 Q2 22 results on Friday, August 12, 2022, 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/Pampa2Q22VC. 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 Greenwind, CTBSA, Transener and TGS, which at our ownership account for US$98 million. Under IFRS they 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.