BUENOS
AIRES, May 12, 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 quarter ended on March 31, 2022.
Pampa's financial information adopts US$ as functional currency,
and it is expressed in AR$ at transactional nominal exchange rate
('FX'). However, our affiliates Transener, TGS and Refinor report
in local currency. Hence, their figures are adjusted by inflation
as of March 31, 2022, except for
previous periods already reported.
Main results from the
quarter1
28% year-on-year increase in sales, recording US$412
million2 in
the first quarter 2022 ('Q1 22'), explained by higher gas
volumes and prices, petrochemical products prices and legacy energy
sales, partially offset by the Power Purchase Agreement ('PPA')
maturity at Loma De La Lata Thermal Power Plant ('CTLL')'s steam
turbine ('ST').
|
Pampa's main
operational KPIs
|
Q1 22
|
Q1 21
|
Variation
|
|
Power
|
Generation
(GWh)
|
4,892
|
4,443
|
+10%
|
|
Gross margin
(US$/MWh)
|
28.9
|
30.0
|
-4%
|
|
|
|
|
|
|
Hydrocarbon
|
Production (k
boe/day)
|
57.5
|
43.8
|
+32%
|
|
Gas over total
production
|
91%
|
90%
|
+1%
|
|
Average gas price
(US$/MBTU)
|
3.5
|
2.8
|
+27%
|
|
Average oil price
(US$/bbl)
|
69.0
|
55.4
|
+25%
|
|
|
|
|
|
|
Petrochemicals
|
Volume sold (k
ton)
|
91
|
98
|
-7%
|
|
Average price
(US$/ton)
|
1,382
|
1,052
|
+31%
|
Excellent operating performance, led by hydrocarbon
exports and higher thermal generation, above national growth,
despite seasonality.
11% year-on-year increase in the adjusted
EBITDA3, recording
US$226 million in Q1 22,
explained by increases of US$23
million in oil and gas, US$6
million in power generation and US$5
million in holding and others, offset by a decrease of
US$12 million in petrochemicals.
Pampa recorded a consolidated profit attributable to the
Company's shareholders of US$99
million, US$66 million
higher than the first quarter 2021 ('Q1 21'), mainly due to better
operating margin in oil and gas, and lower losses from the holding
of financial securities.
Consolidated net debt decreased to US$845 million.
Consolidated balance
sheet
(As of March 31, 2022 and
December 31, 2021, in
millions)
|
Figures in
million
|
|
As of
3.31.2022
|
|
As of
12.31.2021
|
|
AR$
|
US$ FX
111.01
|
|
AR$
|
US$ FX
102.72
|
|
ASSETS
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
186,940
|
1,684
|
|
170,390
|
1,659
|
|
Intangible
assets
|
|
4,262
|
38
|
|
3,956
|
39
|
|
Right-of-use
assets
|
|
1,107
|
10
|
|
1,231
|
12
|
|
Deferred tax
asset
|
|
15,477
|
139
|
|
8,675
|
84
|
|
Investments in joint
ventures and associates
|
|
92,220
|
831
|
|
79,500
|
774
|
|
Financial assets at
amortized cost
|
|
11,700
|
105
|
|
10,821
|
105
|
|
Financial assets at
fair value through profit and loss
|
|
3,239
|
29
|
|
2,998
|
29
|
|
Other assets
|
|
64
|
1
|
|
61
|
1
|
|
Trade and other
receivables
|
|
3,203
|
29
|
|
3,379
|
33
|
|
Total non-current
assets
|
|
318,212
|
2,867
|
|
281,011
|
2,736
|
|
Inventories
|
|
19,973
|
180
|
|
15,888
|
155
|
|
Financial assets at
amortized cost
|
|
580
|
5
|
|
537
|
5
|
|
Financial assets at
fair value through profit and loss
|
|
52,192
|
470
|
|
47,026
|
458
|
|
Derivative financial
instruments
|
|
126
|
1
|
|
16
|
0
|
|
Trade and other
receivables
|
|
45,082
|
406
|
|
40,892
|
398
|
|
Cash and cash
equivalents
|
|
14,624
|
132
|
|
11,283
|
110
|
|
Total current
assets
|
|
132,577
|
1,194
|
|
115,642
|
1,126
|
|
Total
assets
|
|
450,789
|
4,061
|
|
396,653
|
3,861
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
Equity attributable
to owners of the company
|
|
213,213
|
1,921
|
|
183,431
|
1,786
|
|
Non-controlling
interest
|
|
811
|
7
|
|
609
|
6
|
|
Total
equity
|
|
214,024
|
1,928
|
|
184,040
|
1,792
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Investments in joint
ventures
|
|
385
|
3
|
|
386
|
4
|
|
Provisions
|
|
15,622
|
141
|
|
14,444
|
141
|
|
Income tax and presumed
minimum income tax liabilities
|
|
19,685
|
177
|
|
19,287
|
188
|
|
Defined benefit
plans
|
|
2,822
|
25
|
|
2,419
|
24
|
|
Borrowings
|
|
153,448
|
1,382
|
|
139,630
|
1,359
|
|
Other
payables
|
|
2,177
|
20
|
|
1,340
|
13
|
|
Total non-current
liabilities
|
|
194,139
|
1,749
|
|
177,506
|
1,728
|
|
Provisions
|
|
599
|
5
|
|
560
|
5
|
|
Income tax
liabilities
|
|
7,589
|
68
|
|
2,098
|
20
|
|
Taxes
payables
|
|
2,831
|
26
|
|
2,314
|
23
|
|
Defined benefit
plans
|
|
472
|
4
|
|
515
|
5
|
|
Salaries and social
security payable
|
|
1,983
|
18
|
|
2,876
|
28
|
|
Derivative financial
instruments
|
|
-
|
-
|
|
18
|
0
|
|
Borrowings
|
|
7,746
|
70
|
|
8,165
|
79
|
|
Trade and other
payables
|
|
21,406
|
193
|
|
18,561
|
181
|
|
Total current
liabilities
|
|
42,626
|
384
|
|
35,107
|
342
|
|
Total
liabilities
|
|
236,765
|
2,133
|
|
212,613
|
2,070
|
|
|
|
|
|
|
|
|
Total liabilities
and equity
|
|
450,789
|
4,061
|
|
396,653
|
3,861
|
Consolidated income statement
(For the quarters ended on March 31,
2022 and 2021, in millions)
|
|
First
quarter
|
|
Figures in
million
|
|
2022
|
|
2021
|
|
|
AR$
|
US$
|
|
AR$
|
US$
|
|
Sales
revenue
|
|
44,011
|
412
|
|
28,635
|
321
|
|
Cost of
sales
|
|
(26,387)
|
(248)
|
|
(16,353)
|
(185)
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
17,624
|
164
|
|
12,282
|
136
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
(1,920)
|
(19)
|
|
(542)
|
(7)
|
|
Administrative
expenses
|
|
(3,529)
|
(32)
|
|
(2,016)
|
(23)
|
|
Exploration
expenses
|
|
(8)
|
-
|
|
(7)
|
-
|
|
Other operating
income
|
|
1,300
|
11
|
|
976
|
11
|
|
Other operating
expenses
|
|
(1,668)
|
(15)
|
|
(3,050)
|
(33)
|
|
Impairment of financial
assets
|
|
(127)
|
(1)
|
|
(103)
|
(1)
|
|
Impairment of PPE,
intangible assets and inventories
|
|
(9)
|
-
|
|
-
|
-
|
|
Results for part. in
joint businesses and associates
|
|
2,682
|
25
|
|
2,226
|
26
|
|
|
|
|
|
|
|
|
Operating
income
|
|
14,345
|
133
|
|
9,766
|
109
|
|
|
|
|
|
|
|
|
Financial
income
|
|
246
|
3
|
|
165
|
2
|
|
Financial
costs
|
|
(4,195)
|
(39)
|
|
(3,986)
|
(45)
|
|
Other financial
results
|
|
(289)
|
(2)
|
|
(2,061)
|
(24)
|
|
Financial
results, net
|
|
(4,238)
|
(38)
|
|
(5,882)
|
(67)
|
|
|
|
|
|
|
|
|
Profit before
tax
|
|
10,107
|
95
|
|
3,884
|
42
|
|
|
|
|
|
|
|
|
Income tax
|
|
347
|
5
|
|
(715)
|
(8)
|
|
|
|
|
|
|
|
|
Net income for
continuing operations
|
|
10,454
|
100
|
|
3,169
|
34
|
|
|
|
|
|
|
|
|
Net income (loss) from
discontinued operations
|
|
-
|
-
|
|
525
|
5
|
|
|
|
|
|
|
|
|
Net income (loss)
for the period
|
|
10,454
|
100
|
|
3,694
|
39
|
|
Attributable to
the owners of the Company
|
|
10,304
|
99
|
|
3,152
|
33
|
|
Continuing
operations
|
|
10,304
|
99
|
|
3,150
|
34
|
|
Discontinued
operations
|
|
-
|
-
|
|
2
|
(1)
|
|
Attributable to
the non-controlling interests
|
|
150
|
1
|
|
542
|
6
|
|
|
|
|
|
|
|
|
Net income (loss)
per share attributable to shareholders
|
|
7.45
|
0.07
|
|
2.21
|
0.02
|
|
From continuing
operations
|
|
7.45
|
0.07
|
|
2.21
|
0.02
|
|
From discontinued
operations
|
|
-
|
-
|
|
0.001
|
(0.001)
|
|
|
|
|
|
|
|
|
Net income (loss)
per ADR attributable to shareholders
|
|
186.18
|
1.79
|
|
55.29
|
0.58
|
|
From continuing
operations
|
|
186.18
|
1.79
|
|
55.25
|
0.60
|
|
From discontinued
operations
|
|
-
|
-
|
|
0.04
|
(0.02)
|
|
|
|
|
|
|
|
|
Average
outstanding common shares
|
|
1,383.6
|
|
|
1,425.3
|
|
|
Outstanding
common shares by the end of period
|
|
1,383.6
|
|
|
1,410.5
|
|
|
|
|
|
|
|
|
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 Q1 22 results
on Friday, May 13, 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/Pampa1Q22VC. The videoconference call will also be
simultaneously webcasted at Pampa's website
ri.pampaenergia.com/en.
For further information about Pampa:
|
investor@pampaenergia.com
ri.pampaenergia.com/en
|
www.argentina.gob.ar/cnv
www.sec.gov
|
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, OldelVal, Refinor, CTBSA, Transener and TGS, which at
our ownership account for US$139
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.
View original
content:https://www.prnewswire.com/news-releases/pampa-energia-announces-first-quarter-2022-results-boosted-by-hydrocarbon-exports-and-operating-performance-301546616.html
SOURCE Pampa Energia S.A.