BUENOS AIRES, Nov. 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 nine-month period and quarter ended on September 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 September 30, 2020 (9M20: 10.0% and Q3 20: 3.7%),
translated to US$ at closing FX of 76.18. Moreover, the 2019
figures are adjusted by inflation as of September 30, 2019 (9M19: 15.9% and Q3 19: 5.9%),
translated to US$ at closing FX of 57.59[1].
Main highlights from the 9M20 results
Consolidated net revenues of US$1,651
million[2], 23% lower than the US$2,137 million recorded in 9M19, mainly due to
tariff freeze in the regulated businesses, lower gas sales for own
power generation, fall on prices and volumes of hydrocarbons and
petrochemicals products, and lower remuneration for spot energy,
partially offset by the commissioning of new power generation units
priced under PPA.
- Power Generation of 12,069 GWh from 15 power
plants[3]
- Electricity sales of 15,427 GWh to 3.1 million
end-users
- Production of 45.5 thousand boe per day of
hydrocarbons
- Sales of 230 thousand tons of petrochemical
products
Consolidated adjusted EBITDA[4] of US$583 million, 20% lower than the
US$731 million in 9M19, due to
decreases of 55% in electricity distribution and 53% in oil and
gas, partially offset by increases of 7% in petrochemicals, 4% in
power generation and 1% in holding and others.
Consolidated gain attributable to the owners of the Company
of US$96 million, 86% lower than
the US$683 million profit achieved in
9M19, mainly due to the one-off non-cash profit from the settlement
of Edenor's regulatory liabilities in 9M19, in addition to lower
operating margin, lesser RECPAM recorded due to the lower passive
net monetary position allocated to the electricity distribution
segment, plus impairment of accrued assets and an income tax charge
in 9M20.
Main highlights from the Q3 20 results[5]
Consolidated net revenues of US$592
million, 2% higher than the US$581 million recorded in Q3 19, mainly due to
the commissioning of the new combined cycle gas turbine Genelba
Plus and the strong devaluation in Q3 19 which implied a dilution
of sales in Edenor, partially offset by reductions on fuel sales
for own thermal power dispatch, lower prices and volumes of
hydrocarbons sold, and lower prices and dispatch at spot
energy.
- Power Generation of 4,000 GWh from 15 power plants
- Electricity sales of 5,434 GWh to 3.1 million
end-users
- Production of 46.8 thousand boe per day of
hydrocarbons
- Sales of 90 thousand tons of petrochemical products
Consolidated adjusted EBITDA of US$234
million, 3% lower than the US$242
million in Q3 19, due to decreases of 38% in electricity
distribution and 31% in oil and gas, partially offset by increases
of US$19 million in holding and
others, US$4 million in
petrochemicals and US$1 million in
power generation.
Consolidated gain attributable to the owners of the Company
of US$78 million, 33% lower than
the US$116 million gain recorded in
Q3 19, mainly explained by the financial effect from the Agreement
for the Regularization and Settlement of Receivables with the WEM
executed in Q3 19 and lower operating margin in oil and gas,
partially offset by higher profit in our equity income.
|
Consolidated
Balance Sheet
|
|
(As of September
30, 2020 and December 31, 2019, in millions)
|
|
|
|
|
|
|
|
|
Figures in
million
|
|
As of
9.30.2020
|
|
As of
12.31.2019
|
|
AR$
|
US$ FX
76.18
|
|
AR$
|
US$ FX
59.89
|
|
ASSETS
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
256,828
|
3,371
|
|
210,056
|
3,507
|
|
Intangible
assets
|
|
10,494
|
138
|
|
9,068
|
151
|
|
Right-of-use
assets
|
|
1,092
|
14
|
|
930
|
16
|
|
Deferred tax
assets
|
|
8,142
|
107
|
|
1,702
|
28
|
|
Investments in joint
ventures and associates
|
|
41,801
|
549
|
|
30,638
|
512
|
|
Financial assets at
amortized cost
|
|
7,624
|
100
|
|
1,048
|
17
|
|
Financial assets at
fair value through profit and loss
|
|
853
|
11
|
|
671
|
11
|
|
Other
assets
|
|
53
|
1
|
|
45
|
1
|
|
Trade and other
receivables
|
|
4,497
|
59
|
|
4,711
|
79
|
|
Total non-current
assets
|
|
331,384
|
4,350
|
|
258,869
|
4,322
|
|
Inventories
|
|
10,244
|
134
|
|
9,175
|
153
|
|
Financial assets at
amortized cost
|
|
2,759
|
36
|
|
3,224
|
54
|
|
Financial assets at
fair value through profit and loss
|
|
11,170
|
147
|
|
21,867
|
365
|
|
Derivative financial
instruments
|
|
-
|
-
|
|
214
|
4
|
|
Trade and other
receivables
|
|
42,188
|
554
|
|
33,583
|
561
|
|
Cash and cash
equivalents
|
|
24,625
|
323
|
|
13,496
|
225
|
|
Total current
assets
|
|
90,986
|
1,194
|
|
81,559
|
1,362
|
|
|
|
|
|
|
|
|
Total
assets
|
|
422,370
|
5,544
|
|
340,428
|
5,684
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
Total
equity
|
|
178,771
|
2,347
|
|
144,262
|
2,409
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Investments in joint
ventures and associates
|
|
184
|
2
|
|
265
|
4
|
|
Provisions
|
|
10,767
|
141
|
|
8,703
|
145
|
|
Income tax
liabilities
|
|
8,776
|
115
|
|
590
|
10
|
|
Deferred
revenue
|
|
1,487
|
20
|
|
270
|
5
|
|
Taxes
payables
|
|
128
|
2
|
|
263
|
4
|
|
Deferred tax
liabilities
|
|
26,751
|
351
|
|
22,068
|
368
|
|
Defined benefit
plans
|
|
2,395
|
31
|
|
1,606
|
27
|
|
Salaries and social
security payable
|
|
340
|
4
|
|
241
|
4
|
|
Borrowings
|
|
110,582
|
1,452
|
|
105,629
|
1,764
|
|
Trade and other
payables
|
|
7,471
|
98
|
|
5,419
|
90
|
|
Total non-current
liabilities
|
|
168,881
|
2,217
|
|
145,054
|
2,422
|
|
Provisions
|
|
1,639
|
22
|
|
1,206
|
20
|
|
Deferred
revenue
|
|
32
|
0
|
|
5
|
0
|
|
Income tax
liabilities
|
|
1,405
|
18
|
|
3,154
|
53
|
|
Taxes
payables
|
|
4,595
|
60
|
|
4,316
|
72
|
|
Defined benefit
plans
|
|
243
|
3
|
|
230
|
4
|
|
Salaries and social
security payable
|
|
3,714
|
49
|
|
3,834
|
64
|
|
Derivative financial
instruments
|
|
22
|
0
|
|
204
|
3
|
|
Borrowings
|
|
20,612
|
271
|
|
10,974
|
183
|
|
Trade and other
payables
|
|
42,456
|
557
|
|
27,189
|
454
|
|
Total current
liabilities
|
|
74,718
|
981
|
|
51,112
|
853
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
243,599
|
3,198
|
|
196,166
|
3,275
|
|
|
|
|
|
|
|
|
Total liabilities
and equity
|
|
422,370
|
5,544
|
|
340,428
|
5,684
|
|
Consolidated
Income Statement
|
|
(For the
nine-month period and quarter ended on September 30, 2020 and 2019,
in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine-month
period
|
|
Third
quarter
|
|
Figures in
million
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
AR$
|
US$
|
|
AR$
|
US$
|
|
AR$
|
US$
|
|
AR$
|
US$
|
|
Sales
revenue
|
|
119,493
|
1,651
|
|
110,198
|
2,137
|
|
47,705
|
592
|
|
44,606
|
581
|
|
Cost of
sales
|
|
(87,675)
|
(1,208)
|
|
(77,931)
|
(1,484)
|
|
(33,549)
|
(410)
|
|
(31,061)
|
(372)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
31,818
|
443
|
|
32,267
|
653
|
|
14,156
|
182
|
|
13,545
|
209
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
(9,556)
|
(129)
|
|
(5,785)
|
(104)
|
|
(4,062)
|
(50)
|
|
(2,141)
|
(18)
|
|
Administrative
expenses
|
|
(7,950)
|
(112)
|
|
(5,757)
|
(118)
|
|
(2,885)
|
(36)
|
|
(2,132)
|
(32)
|
|
Exploration
expenses
|
|
(21)
|
-
|
|
(155)
|
(4)
|
|
(12)
|
-
|
|
(84)
|
(2)
|
|
Other operating
income
|
|
4,163
|
58
|
|
3,932
|
85
|
|
1,706
|
21
|
|
1,398
|
18
|
|
Other operating
expenses
|
|
(3,059)
|
(43)
|
|
(3,189)
|
(64)
|
|
(977)
|
(12)
|
|
(1,232)
|
(17)
|
|
Results for part. in
joint businesses and associates
|
|
4,809
|
66
|
|
3,429
|
62
|
|
1,652
|
20
|
|
501
|
(7)
|
|
Impairment of PPE and
inventory
|
|
(4,316)
|
(67)
|
|
-
|
-
|
|
-
|
-
|
|
-
|
-
|
|
Agreement from
regularization of liabilities
|
|
-
|
-
|
|
15,296
|
266
|
|
-
|
-
|
|
2,230
|
(42)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
15,888
|
216
|
|
40,038
|
776
|
|
9,578
|
125
|
|
12,085
|
109
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECPAM
|
|
5,997
|
79
|
|
8,514
|
148
|
|
2,738
|
33
|
|
2,689
|
11
|
|
Financial
income
|
|
545
|
8
|
|
925
|
22
|
|
238
|
4
|
|
164
|
4
|
|
Financial
costs
|
|
(14,019)
|
(198)
|
|
(10,669)
|
(219)
|
|
(5,728)
|
(74)
|
|
(3,518)
|
(49)
|
|
Other financial
results
|
|
1,764
|
27
|
|
1,966
|
56
|
|
1,331
|
18
|
|
1,428
|
50
|
|
Financial
results, net
|
|
(5,713)
|
(84)
|
|
736
|
7
|
|
(1,421)
|
(19)
|
|
763
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before
tax
|
|
10,175
|
132
|
|
40,774
|
783
|
|
8,157
|
106
|
|
12,848
|
125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
|
|
(3,944)
|
(49)
|
|
(2,828)
|
7
|
|
(1,987)
|
(28)
|
|
(3,987)
|
(29)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
for the period
|
|
6,231
|
83
|
|
37,946
|
790
|
|
6,170
|
78
|
|
8,861
|
96
|
|
Attributable to
the owners of the Company
|
|
7,156
|
96
|
|
31,863
|
683
|
|
6,161
|
78
|
|
8,159
|
116
|
|
Attributable to
the non-controlling interests
|
|
(925)
|
(13)
|
|
6,083
|
107
|
|
9
|
-
|
|
702
|
(20)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share attributable to the shareholders
|
|
4.56
|
0.06
|
|
17.43
|
0.37
|
|
4.08
|
0.05
|
|
4.59
|
0.07
|
|
Net income per ADR
attributable to the shareholders
|
|
113.90
|
1.53
|
|
435.76
|
9.34
|
|
101.99
|
1.29
|
|
114.75
|
1.63
|
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 20 results
on Thursday November 12, 2020 at
10:00 a.m. Eastern Standard
Time/12:00 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/Pampa3Q20VideoCall. 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:
|
ü
ri.pampaenergia.com/en
ü
www.cnv.gov.ar
|
ü
www.sec.gov
ü
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' (9M20: US$305 million and Q3 20: US$97 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 Q3 20 and Q3 19 quarters are based on FS prepared according to
IFRS in force in Argentina,
corresponding to the nine-month period of 2020 and 2019, and the
quarters ended June 30, 2020 and
2019, respectively.
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SOURCE Pampa Energia S.A.