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:
- 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, 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.
View original
content:https://www.prnewswire.com/news-releases/pampa-energia-announces-second-quarter-2022-results-301604685.html
SOURCE Pampa Energia S.A.