BUENOS AIRES, Argentina,
Aug. 11, 2020 /PRNewswire/
-- Pampa Energía S.A. (NYSE: PAM; Buenos Aires Stock Exchange:
PAMP), the largest independent energy integrated company in
Argentina, with active
participation in the country's electricity and gas value chain,
announces the results for the six-month period and quarter ended on
June 30, 2020.
As from January 1, 2019, the
Company adopted US$ as functional currency for the reporting of its
financial information. The presentation of this information in AR$
is converted at transactional nominal exchange rate ('FX').
However, Edenor (electricity distribution), OldelVal (oil and
gas), Transener, TGS and Refinor (holding and others) continue
recording their operations in local currency. Thus, the 2020
figures are adjusted by inflation as of June
30, 2020 (1H 20: 6.4% and Q2 20: 2.6%), translated to US$ at
closing FX of 70.46. Moreover, the 2019 figures are adjusted by
inflation as of June 30, 2019 (1H 19:
10.1% and Q2 19: 4.5%), translated to US$ at closing FX of
42.461.
Main highlights from the 1H 20 results
Consolidated net revenues of US$1,059
million2, 30% lower than the US$1,516 million recorded in 1H 19, mainly due to
unadjusted tariffs at regulated businesses, the termination of fuel
self-procurement for power sold to CAMMESA as from January 2020, and lower prices and volumes sold
in oil and gas, partially offset by new power generation units
priced under PPAs.
- Power Generation of 8,070 GWh from 15 power
plants3
- Electricity sales of 9,994 GWh to 3.1 million
end-users
- Production of 44.9 thousand boe per day of
hydrocarbons
- Sales of 139 thousand tons of petrochemical
products
Consolidated adjusted EBITDA4 of
US$341 million, 30% lower than
the US$484 million in 1H 19, due to
decreases of 69% in electricity distribution, 65% in oil and gas,
60% in petrochemicals and 23% in holding and others, partially
offset by 6% increase at power generation and lower intersegment
eliminations for US$1 million.
Consolidated gain attributable to the owners of the Company
of US$18 million, 97% lower than
the US$567 million gain achieved in
1H 19, mainly due to the extraordinary non-cash profit from the
settlement of Edenor's regulatory liabilities in 1H 19, in addition
to lower operating margins in oil and gas and regulated businesses,
lesser RECPAM recorded due to the lower passive net monetary
position allocated to the electricity distribution segment, an
income tax charge and impairment of accrued assets in 1H 20.
Main highlights from the Q2 20 results5
Consolidated net revenues of US$450
million, 43% lower than the US$788 million recorded in Q2 19, mainly due to
unadjusted tariffs at regulated businesses, the termination of fuel
self-procurement for power sold to CAMMESA as from January 2020, and lower prices and volumes sold
in oil and gas, partially offset by new power generation units
priced under PPAs.
- Power Generation of 3,461 GWh from 15 power plants
- Electricity sales of 4,791 GWh to 3.1 million
end-users
- Production of 43.7 thousand boe per day of
hydrocarbons
- Sales of 52 thousand tons of petrochemical products
Consolidated adjusted EBITDA of US$120
million, 56% lower than the US$271 million in Q2 19, due to decreases of 5%
in power generation, US$86 million in
electricity distribution, 88% in oil and gas, and 35% in holding
and others, partially offset by a 33% increase at petrochemicals
and lower intersegment eliminations for US$1
million.
Consolidated gain attributable to the owners of the Company
of US$4 million, 99% lower than
the US$400 million gain in Q2 19,
mainly due to Edenor's extraordinary non-cash profit in Q2 19, in
addition to lower operating margins in oil and gas and regulated
businesses, and lesser RECPAM recorded due to the lower passive net
monetary position allocated to the electricity distribution segment
and income tax charge.
|
Consolidated
Balance Sheet
|
|
(As of June 30,
2020 and December 31, 2019, in millions)
|
|
|
|
|
|
|
|
|
Figures in
million
|
|
As of
6.30.2020
|
|
As of
12.31.2019
|
|
AR$
|
US$ FX
70.46
|
|
AR$
|
US$ FX
59.89
|
|
ASSETS
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
239,109
|
3,394
|
|
210,056
|
3,507
|
|
Intangible
assets
|
|
9,812
|
139
|
|
9,068
|
151
|
|
Right-of-use
assets
|
|
998
|
14
|
|
930
|
16
|
|
Deferred tax
assets
|
|
6,095
|
87
|
|
1,702
|
28
|
|
Investments in joint
ventures and associates
|
|
37,340
|
530
|
|
30,638
|
512
|
|
Financial assets at
amortized cost
|
|
-
|
-
|
|
1,048
|
17
|
|
Financial assets at
fair value through profit and loss
|
|
789
|
11
|
|
671
|
11
|
|
Other
assets
|
|
54
|
1
|
|
45
|
1
|
|
Trade and other
receivables
|
|
5,301
|
75
|
|
4,711
|
79
|
|
Total non-current
assets
|
|
299,498
|
4,251
|
|
258,869
|
4,322
|
|
Inventories
|
|
9,218
|
131
|
|
9,175
|
153
|
|
Financial assets at
amortized cost
|
|
3,350
|
48
|
|
3,224
|
54
|
|
Financial assets at
fair value through profit and loss
|
|
4,232
|
60
|
|
21,867
|
365
|
|
Derivative financial
instruments
|
|
-
|
-
|
|
214
|
4
|
|
Trade and other
receivables
|
|
33,284
|
472
|
|
33,583
|
561
|
|
Cash and cash
equivalents
|
|
29,151
|
414
|
|
13,496
|
225
|
|
Total current
assets
|
|
79,235
|
1,125
|
|
81,559
|
1,362
|
|
|
|
|
|
|
|
|
Total
assets
|
|
378,733
|
5,375
|
|
340,428
|
5,684
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
Total
equity
|
|
162,126
|
2,301
|
|
144,262
|
2,409
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Investments in joint
ventures and associates
|
|
222
|
3
|
|
265
|
4
|
|
Provisions
|
|
10,038
|
142
|
|
8,703
|
145
|
|
Income tax
provision
|
|
6,035
|
86
|
|
590
|
10
|
|
Deferred
revenue
|
|
1,200
|
17
|
|
270
|
5
|
|
Taxes
payables
|
|
128
|
2
|
|
263
|
4
|
|
Deferred tax
liabilities
|
|
24,482
|
347
|
|
22,068
|
368
|
|
Defined benefit
plans
|
|
2,133
|
30
|
|
1,606
|
27
|
|
Salaries and social
security payable
|
|
309
|
4
|
|
241
|
4
|
|
Borrowings
|
|
107,469
|
1,525
|
|
105,629
|
1,764
|
|
Trade and other
payables
|
|
7,202
|
102
|
|
5,419
|
90
|
|
Total non-current
liabilities
|
|
159,218
|
2,260
|
|
145,054
|
2,422
|
|
Provisions
|
|
1,437
|
20
|
|
1,206
|
20
|
|
Deferred
revenue
|
|
32
|
0
|
|
5
|
0
|
|
Income tax
provision
|
|
1,833
|
26
|
|
3,154
|
53
|
|
Taxes
payables
|
|
3,798
|
54
|
|
4,316
|
72
|
|
Defined benefit
plans
|
|
238
|
3
|
|
230
|
4
|
|
Salaries and social
security payable
|
|
3,208
|
46
|
|
3,834
|
64
|
|
Derivative financial
instruments
|
|
47
|
1
|
|
204
|
3
|
|
Borrowings
|
|
15,302
|
217
|
|
10,974
|
183
|
|
Trade and other
payables
|
|
31,494
|
447
|
|
27,189
|
454
|
|
Total current
liabilities
|
|
57,389
|
814
|
|
51,112
|
853
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
216,607
|
3,074
|
|
196,166
|
3,275
|
|
|
|
|
|
|
|
|
Total liabilities
and equity
|
|
378,733
|
5,375
|
|
340,428
|
5,684
|
|
|
|
|
|
|
|
|
Consolidated
Income Statement
|
|
|
|
|
(For the six-month
period and quarter ended on June 30, 2020 and 2019, in
millions)
|
|
|
|
|
|
|
|
|
|
First
half
|
|
Second
quarter
|
|
Figures in
million
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
AR$
|
US$
|
|
AR$
|
US$
|
|
AR$
|
US$
|
|
AR$
|
US$
|
|
Sales
revenue
|
|
71,788
|
1,059
|
|
63,932
|
1,516
|
|
33,251
|
450
|
|
34,505
|
788
|
|
Cost of
sales
|
|
(53,952)
|
(795)
|
|
(45,131)
|
(1,070)
|
|
(26,396)
|
(359)
|
|
(23,862)
|
(547)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
17,836
|
264
|
|
18,801
|
446
|
|
6,855
|
91
|
|
10,643
|
241
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
(5,494)
|
(79)
|
|
(3,644)
|
(86)
|
|
(3,166)
|
(43)
|
|
(1,831)
|
(43)
|
|
Administrative
expenses
|
|
(5,239)
|
(79)
|
|
(3,704)
|
(88)
|
|
(2,815)
|
(40)
|
|
(1,841)
|
(43)
|
|
Exploration
expenses
|
|
(9)
|
-
|
|
(71)
|
(2)
|
|
(5)
|
-
|
|
(30)
|
(1)
|
|
Other operating
income
|
|
889
|
13
|
|
896
|
21
|
|
407
|
6
|
|
446
|
8
|
|
Other operating
expenses
|
|
(2,082)
|
(31)
|
|
(1,957)
|
(47)
|
|
(1,260)
|
(17)
|
|
(940)
|
(22)
|
|
Results for part. in
joint businesses and associates
|
|
3,157
|
46
|
|
2,928
|
69
|
|
1,088
|
14
|
|
2,093
|
49
|
|
Impairment of PPE and
inventory
|
|
(4,316)
|
(67)
|
|
-
|
-
|
|
-
|
-
|
|
-
|
-
|
|
Agreement from
regularization of liabilities
|
|
-
|
-
|
|
13,066
|
308
|
|
-
|
-
|
|
13,066
|
308
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
4,742
|
67
|
|
26,315
|
621
|
|
1,104
|
11
|
|
21,606
|
497
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECPAM
|
|
3,259
|
46
|
|
5,825
|
137
|
|
1,583
|
20
|
|
2,517
|
61
|
|
Financial
income
|
|
1,875
|
28
|
|
2,399
|
64
|
|
868
|
12
|
|
1,101
|
31
|
|
Financial
costs
|
|
(8,291)
|
(124)
|
|
(7,151)
|
(170)
|
|
(4,430)
|
(62)
|
|
(3,540)
|
(82)
|
|
Other financial
results
|
|
433
|
9
|
|
538
|
6
|
|
1,547
|
24
|
|
1,033
|
12
|
|
Financial
results, net
|
|
(2,724)
|
(41)
|
|
1,611
|
37
|
|
(432)
|
(6)
|
|
1,111
|
22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before
tax
|
|
2,018
|
26
|
|
27,926
|
658
|
|
672
|
5
|
|
22,717
|
519
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
|
|
(1,957)
|
(21)
|
|
1,159
|
36
|
|
(1,554)
|
(16)
|
|
(268)
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
for the period
|
|
61
|
5
|
|
29,085
|
694
|
|
(882)
|
(11)
|
|
22,449
|
525
|
|
Attributable to
the owners of the Company
|
|
995
|
18
|
|
23,704
|
567
|
|
220
|
4
|
|
17,173
|
400
|
|
Attributable to
the non-controlling interests
|
|
(934)
|
(13)
|
|
5,381
|
127
|
|
(1,102)
|
(15)
|
|
5,276
|
125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share attributable to the shareholders
|
|
0.62
|
0.01
|
|
12.79
|
0.31
|
|
0.14
|
0.00
|
|
9.40
|
0.22
|
|
Net income per ADR
attributable to the shareholders
|
|
15.54
|
0.28
|
|
319.69
|
7.65
|
|
3.50
|
0.06
|
|
234.88
|
5.47
|
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 20 results
on Wednesday August 12, 2020 at
10:00 a.m. Eastern Standard
Time/11:00 a.m. Buenos Aires
Time.
The hosts will be Gustavo
Mariani, CEO, Gabriel Cohen,
CFO and Lida Wang, investor
relations and sustainability officer at Pampa.
For those interested in participating, please register at
bit.ly/Pampa2Q20VideoCall. The videoconference call will also be
simultaneously webcasted at Pampa's website
ri.pampaenergia.com/en.
You may find additional information on the Company at:
|
ri.pampaenergia.com/en
www.cnv.gov.ar
|
www.sec.gov
www.bolsar.com
|
For more information, contact:
Gustavo Mariani
CEO
Gabriel Cohen
CFO
Lida Wang
Investor relations and sustainability officer
The Pampa Energía Building, Maipú 1 (C1084ABA) City of Buenos Aires, Argentina
Tel: +54 (11) 4344-6000
investor@pampaenergia.com
ri.pampaenergia.com/en
1 For further information, see section 3 of
Pampa's financial statements ('FS').
2 Under International Financial Reporting
Standards ('IFRS'), sales at our ownership from the affiliates
Greenwind, OldelVal, Refinor, CTBSA, Transener and TGS are not
consolidated in Pampa, being its equity income shown as 'Results
for participation in joint businesses and associates' (1H 20:
US$208 million and Q2 20:
US$94 million).
3 Includes 100% of Ensenada Barragán Thermal
Power Plant ('CTEB') and Mario Cebreiro
Wind Farm ('PEMC'), assets operated by Pampa but
co-controlled by Pampa, with 50% of equity stake.
4 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 more
information, see section 3 of the Earnings Release.
5 The financial information presented in this
document for Q2 20 and Q2 19 quarters are based on FS prepared
according to IFRS in force in Argentina, corresponding to the six-month
period of 2020 and 2019, and the quarters ended March 31, 2020 and 2019, respectively.
View original
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SOURCE Pampa Energia S.A.