BUENOS
AIRES, Nov. 7, 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 nine-month period and quarter ended
on September 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
September 30, 2022, except for
previous periods already reported.
Main results from the
quarter1
17% year-on-year increase in sales, recording US$507
million2 in
the third quarter 2022 ('Q3 22'), explained by natural gas peak
seasonality and higher prices in petrochemical, Energía Plus and
legacy energy, partially offset by the end of Power Purchase
Agreement ('PPA') at Loma De La Lata Thermal Power Plant ('CTLL')'s
steam turbine ('ST') and Piquirenda Thermal Power Plant
('CTP').
Outstanding operating performance in natural gas and oil
production (+20% and +14% year-on-year, respectively).
|
Pampa's main
operational KPIs
|
Q3 22
|
Q3 21
|
Variation
|
|
Power
|
Generation
(GWh)
|
3,767
|
4,512
|
-17 %
|
|
Gross margin
(US$/MWh)
|
24.2
|
31.0
|
-22 %
|
|
|
|
|
|
|
Hydrocarbon
|
Production (k
boe/day)
|
68.5
|
57.4
|
+19 %
|
|
Gas over total
production
|
92 %
|
92 %
|
+0 %
|
|
Average gas price
(US$/MBTU)
|
4.8
|
4.4
|
+9 %
|
|
Average oil price
(US$/bbl)
|
70.2
|
61.6
|
+14 %
|
|
|
|
|
|
|
Petrochemicals
|
Volume sold (k
ton)
|
120
|
129
|
-7 %
|
|
Average price
(US$/ton)
|
1,496
|
1,118
|
+34 %
|
|
|
|
|
|
|
|
|
|
|
5% year-on-year decrease in the Adjusted EBITDA
3, recording US$246 million in Q3 22, explained by power
generation (-US$36 million) and
holding and others (-US$4 million),
offset by oil and gas (+US$14 million), and petrochemicals (+US$12
million).
Profit attributable to the Company's shareholders of
US$176 million, 35% higher than
the third quarter 2021 ('Q3 21'), mainly due to operating
performance plus higher gains from holding financial securities and
depreciation over the passive monetary position in AR$, offset by
higher income tax charge.
Net debt slightly grew to US$927
million, with a net leverage ratio of 1.3x.
Consolidated balance sheet
(As of September 30, 2022 and December 31, 2021, in millions)
|
Figures in
million
|
|
As of
9.30.2022
|
|
As of
12.31.2021
|
|
AR$
|
US$ FX
147,32
|
|
AR$
|
US$ FX
102,72
|
|
ASSETS
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
282,322
|
1,916
|
|
170,390
|
1,659
|
|
Intangible
assets
|
|
11,028
|
75
|
|
3,956
|
39
|
|
Right-of-use
assets
|
|
1,207
|
8
|
|
1,231
|
12
|
|
Deferred tax
asset
|
|
34,719
|
236
|
|
8,675
|
84
|
|
Investments in joint
ventures and associates
|
|
134,244
|
911
|
|
79,500
|
774
|
|
Financial assets at
amortized cost
|
|
14,960
|
102
|
|
10,821
|
105
|
|
Financial assets at
fair value through profit and loss
|
|
4,299
|
29
|
|
2,998
|
29
|
|
Other assets
|
|
79
|
1
|
|
61
|
1
|
|
Trade and other
receivables
|
|
3,540
|
24
|
|
3,379
|
33
|
|
Total non-current
assets
|
|
486,398
|
3,302
|
|
281,011
|
2,736
|
|
|
|
|
|
|
|
|
Inventories
|
|
24,802
|
168
|
|
15,888
|
155
|
|
Financial assets at
amortized cost
|
|
1,899
|
13
|
|
537
|
5
|
|
Financial assets at
fair value through profit and loss
|
|
84,731
|
575
|
|
47,026
|
458
|
|
Derivative financial
instruments
|
|
177
|
1
|
|
16
|
0
|
|
Trade and other
receivables
|
|
67,816
|
460
|
|
40,892
|
398
|
|
Cash and cash
equivalents
|
|
14,259
|
97
|
|
11,283
|
110
|
|
Total current
assets
|
|
193,684
|
1,315
|
|
115,642
|
1,126
|
|
|
|
|
|
|
|
|
Assets classified as
held for sale
|
|
1,816
|
12
|
|
-
|
-
|
|
|
|
|
|
|
|
|
Total
assets
|
|
681,898
|
4,629
|
|
396,653
|
3,861
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
Equity attributable
to owners of the company
|
|
322,664
|
2,190
|
|
183,431
|
1,786
|
|
|
|
|
|
|
|
|
Non-controlling
interest
|
|
1,217
|
8
|
|
609
|
6
|
|
|
|
|
|
|
|
|
Total
equity
|
|
323,881
|
2,198
|
|
184,040
|
1,792
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Investments in joint
ventures
|
|
-
|
-
|
|
386
|
4
|
|
Provisions
|
|
21,065
|
143
|
|
14,444
|
141
|
|
Income tax and presumed
minimum income tax liabilities
|
|
47,823
|
325
|
|
19,287
|
188
|
|
Deferred tax
liabilities
|
|
7,636
|
52
|
|
-
|
-
|
|
Defined benefit
plans
|
|
3,597
|
24
|
|
2,419
|
24
|
|
Borrowings
|
|
195,733
|
1,329
|
|
139,630
|
1,359
|
|
Trade and other
payables
|
|
2,648
|
18
|
|
1,340
|
13
|
|
Total non-current
liabilities
|
|
278,502
|
1,890
|
|
177,506
|
1,728
|
|
|
|
|
|
|
|
|
Provisions
|
|
656
|
4
|
|
560
|
5
|
|
Income tax
liabilities
|
|
34
|
0
|
|
2,098
|
20
|
|
Taxes
payables
|
|
5,668
|
38
|
|
2,314
|
23
|
|
Defined benefit
plans
|
|
395
|
3
|
|
515
|
5
|
|
Salaries and social
security payable
|
|
4,018
|
27
|
|
2,876
|
28
|
|
Derivative financial
instruments
|
|
-
|
-
|
|
18
|
0
|
|
Borrowings
|
|
41,788
|
284
|
|
8,165
|
79
|
|
Trade and other
payables
|
|
26,956
|
183
|
|
18,561
|
181
|
|
Total current
liabilities
|
|
79,515
|
540
|
|
35,107
|
342
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
358,017
|
2,430
|
|
212,613
|
2,070
|
|
|
|
|
|
|
|
|
Total liabilities
and equity
|
|
681,898
|
4,629
|
|
396,653
|
3,861
|
|
|
|
|
|
|
|
Consolidated income statement
(For the nine-month
periods and quarters ended on September 30,
2022 and 2021, in millions)
|
|
Nine-month
period
|
|
Third
quarter
|
|
Figures in
million
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
AR$
|
US$
|
|
AR$
|
US$
|
|
AR$
|
US$
|
|
AR$
|
US$
|
|
Sales
revenue
|
|
168,748
|
1,381
|
|
103,740
|
1,102
|
|
69,225
|
507
|
|
42,529
|
435
|
|
Local market
sales
|
|
136,862
|
1,114
|
|
88,575
|
942
|
|
58,154
|
426
|
|
35,135
|
359
|
|
Foreign market
sales
|
|
31,886
|
267
|
|
15,165
|
160
|
|
11,071
|
81
|
|
7,394
|
76
|
|
Cost of
sales
|
|
(104,797)
|
(865)
|
|
(62,652)
|
(666)
|
|
(43,538)
|
(322)
|
|
(27,309)
|
(280)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
63,951
|
516
|
|
41,088
|
436
|
|
25,687
|
185
|
|
15,220
|
155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
(4,945)
|
(41)
|
|
(1,752)
|
(18)
|
|
(1,587)
|
(11)
|
|
(669)
|
(6)
|
|
Administrative
expenses
|
|
(12,389)
|
(101)
|
|
(6,301)
|
(67)
|
|
(5,063)
|
(38)
|
|
(2,258)
|
(23)
|
|
Exploration
expenses
|
|
(23)
|
-
|
|
(50)
|
-
|
|
(8)
|
-
|
|
(6)
|
-
|
|
Other operating
income
|
|
10,345
|
79
|
|
8,864
|
92
|
|
5,988
|
43
|
|
4,018
|
42
|
|
Other operating
expenses
|
|
(4,209)
|
(33)
|
|
(4,623)
|
(50)
|
|
(1,577)
|
(10)
|
|
(792)
|
(8)
|
|
Impairment of financial
assets
|
|
(672)
|
(5)
|
|
(229)
|
(3)
|
|
(153)
|
(1)
|
|
(33)
|
(1)
|
|
Impairment of PPE, int.
assets & inventories
|
|
(4,260)
|
(34)
|
|
(172)
|
(2)
|
|
124
|
1
|
|
-
|
-
|
|
Results for part. in
joint businesses & associates
|
|
13,610
|
100
|
|
8,131
|
85
|
|
6,749
|
43
|
|
5,030
|
51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
61,408
|
481
|
|
44,956
|
473
|
|
30,160
|
212
|
|
20,510
|
210
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
income
|
|
597
|
6
|
|
619
|
7
|
|
147
|
1
|
|
282
|
4
|
|
Financial
costs
|
|
(18,127)
|
(148)
|
|
(14,128)
|
(151)
|
|
(9,333)
|
(70)
|
|
(6,287)
|
(65)
|
|
Other financial
results
|
|
4,108
|
33
|
|
2,813
|
29
|
|
8,278
|
68
|
|
(118)
|
-
|
|
Financial
results, net
|
|
(13,422)
|
(109)
|
|
(10,696)
|
(115)
|
|
(908)
|
(1)
|
|
(6,123)
|
(61)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before
tax
|
|
47,986
|
372
|
|
34,260
|
358
|
|
29,252
|
211
|
|
14,387
|
149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
|
|
(5,224)
|
(26)
|
|
(7,786)
|
(83)
|
|
(5,195)
|
(32)
|
|
(1,680)
|
(19)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for
continuing operations
|
|
42,762
|
346
|
|
26,474
|
275
|
|
24,057
|
179
|
|
12,707
|
130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) from
discontinued operations
|
|
-
|
-
|
|
(7,129)
|
(75)
|
|
-
|
-
|
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
for the period
|
|
42,762
|
346
|
|
19,345
|
200
|
|
24,057
|
179
|
|
12,707
|
130
|
|
Attributable to
the owners of the Company
|
|
42,448
|
343
|
|
22,577
|
234
|
|
23,979
|
178
|
|
12,804
|
131
|
|
Continuing
operations
|
|
42,448
|
343
|
|
26,303
|
273
|
|
23,979
|
178
|
|
12,804
|
131
|
|
Discontinued
operations
|
|
-
|
-
|
|
(3,726)
|
(39)
|
|
-
|
-
|
|
-
|
-
|
|
Attributable to
the non-controlling interests
|
|
314
|
3
|
|
(3,232)
|
(34)
|
|
78
|
1
|
|
(97)
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
per share to shareholders
|
|
30.74
|
0.25
|
|
15.98
|
0.17
|
|
17.38
|
0.13
|
|
9.26
|
0.09
|
|
From continuing
operations
|
|
30.74
|
0.25
|
|
18.62
|
0.19
|
|
17.38
|
0.13
|
|
9.26
|
0.09
|
|
From discontinued
operations
|
|
-
|
-
|
|
(2.64)
|
(0.03)
|
|
-
|
-
|
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
per ADR to shareholders
|
|
768.43
|
6.21
|
|
399.45
|
4.14
|
|
434.40
|
3.23
|
|
231.45
|
2.36
|
|
From continuing
operations
|
|
768.43
|
6.21
|
|
465.38
|
4.82
|
|
434.40
|
3.23
|
|
231.45
|
2.36
|
|
From discontinued
operations
|
|
-
|
-
|
|
(65.92)
|
(0.68)
|
|
-
|
-
|
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
outstanding common shares1
|
|
1,381
|
1,381
|
|
1,413
|
1,413
|
|
1,380
|
1,380
|
|
1,383
|
1,383.0
|
|
Outstanding
shares by the end of period1
|
|
1,380
|
1,380
|
|
1,382
|
1,382
|
|
1,380
|
1,380
|
|
1,382
|
1,382.0
|
Note: 1 It includes shares from the Employee
stock-based compensation plan, which as of September 30, 2022 and 2021 amounted to 3.9
million common shares.
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 22 results
on Tuesday, November 8, 2022, at
10:00 a.m. Eastern Standard
Time/12:00 p.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/Pampa3Q2022VC. 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
CTBSA, Transener and TGS, which at our ownership account for
US$47 million. Greenwind was an
affiliate until August 12, 2022, when
Pampa fully owned the company and began to consolidate in FS. Under
IFRS affiliates 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-third-quarter-2022-results-301670816.html
SOURCE Pampa Energia S.A.