Pampa Energía announces first quarter 2023 results

BUENOS AIRES, Argentina, May 10, 2023 /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, 2023.

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 March 31, 2023, except for previous periods already reported.

Main results from the quarter^[1]

5% year-on-year increase in sales, recording US$431 million^[2] in the first quarter 2023 ('Q1 23'), explained by better natural gas and spot energy prices, higher electricity, reforming and styrene volume sold, and the incorporation of Arauco Wind Farm ('PEA') and Engineer Mario Cebreiro Wind Farm ('PEMC'), partially offset by lower gas production due to soft residential demand and bottlenecks in the main gas pipelines.

Operating performance led by thermal power dispatch and reforming:

Pampa's main operational KPIs		Q1 23	Q1 22	Variation
Power	Generation (GWh)	5,760	4,892	+18 %
	Gross margin (US$/MWh)	20.8	28.9	-28 %
Oil and gas	Production (k boe/day)	57.6	57.5	+0 %
	Gas over total production	91 %	91 %	-0 %
	Average gas price (US$/MBTU)	4.0	3.5	+11 %
	Average oil price (US$/bbl)	67.7	69.0	-2 %
Petrochemicals	Volume sold (k ton)	103	91	+13 %
	Average price (US$/ton)	1,219	1,385	-12 %

 

8% year-on-year decrease, in the adjusted EBITDA^[3], recording US$206 million in Q1 23, explained by reductions of 29% in holding and others and 11% in power generation, partially offset by increases of 16% in petrochemicals and 10% in oil and gas.

Profit attributable to the Company's shareholders of US$141 million (+42% vs. the first quarter 2022 ('Q1 22') figure), mainly due to gains from holding financial securities and nominal depreciation over the passive net monetary position in AR$, partially offset by increased financial interests from the higher stock of AR$-debt.

Net debt continued decreasing, reaching US$903 million, with a net leverage ratio of 1.2x.

Consolidated balance sheet
(As of March 31, 2023 and December 31, 2022, in millions) 

Figures in million		As of 03.31.2023			As of 12.31.2022
		AR$	US$ FX 209,01		AR$	US$ FX 177,16
ASSETS
Property, plant and equipment		478,125	2,288		383,464	2,165
Intangible assets		27,048	129		24,364	138
Right-of-use assets		1,652	8		1,521	9
Deferred tax asset		9,185	44		6,326	36
Investments in joint ventures and associates		195,096	933		159,833	902
Financial assets at amortized cost		21,038	101		18,000	102
Financial assets at fair value through profit and loss		5,742	27		4,867	27
Other assets		103	0		91	1
Trade and other receivables		5,823	28		3,415	19
Total non-current assets		743,812	3,559		601,881	3,397
Inventories		40,092	192		30,724	173
Financial assets at amortized cost		3,485	17		1,357	8
Financial assets at fair value through profit and loss		130,780	626		103,856	586
Derivative financial instruments		187	1		161	1
Trade and other receivables		100,683	482		83,328	470
Cash and cash equivalents		26,298	126		18,757	106
Total current assets		301,525	1,443		238,183	1,344
Total assets		1,045,337	5,001		840,064	4,742
EQUITY
Equity attributable to owners of the company		509,572	2,438		403,463	2,277
Non-controlling interest		1,397	7		1,157	7
Total equity		510,969	2,445		404,620	2,284
LIABILITIES
Provisions		30,907	148		26,062	147
Income tax and presumed minimum income tax liabilities		35,719	171		31,728	179
Deferred tax liabilities		23,590	113		19,854	112
Defined benefit plans		6,650	32		4,908	28
Borrowings		281,374	1,346		237,437	1,340
Trade and other payables		5,813	28		3,757	21
Total non-current liabilities		384,053	1,837		323,746	1,827
Provisions		909	4		779	4
Income tax liabilities		506	2		927	5
Taxes payables		6,026	29		4,966	28
Defined benefit plans		984	5		1,021	6
Salaries and social security payable		4,502	22		5,627	32
Derivative financial instruments		371	2		318	2
Borrowings		67,982	325		48,329	273
Trade and other payables		69,035	330		49,731	281
Total current liabilities		150,315	719		111,698	630
Total liabilities		534,368	2,557		435,444	2,458
Total liabilities and equity		1,045,337	5,001		840,064	4,742

 

Consolidated income statement
(For the quarters ended on March 31, 2023 and 2022, in millions)

		First quarter
Figures in million		2023			2022
		AR$	US$		AR$	US$
Sales revenue		83,915	431		44,011	412
Local market sales		67,409	345		33,709	316
Foreign market sales		16,506	86		10,302	96
Cost of sales		(50,538)	(265)		(26,244)	(247)
Gross profit		33,377	166		17,767	165
Selling expenses		(3,193)	(16)		(2,063)	(20)
Administrative expenses		(8,310)	(41)		(3,529)	(32)
Exploration expenses		(48)	-		(8)	-
Other operating income		4,859	16		1,300	11
Other operating expenses		(3,845)	(13)		(1,668)	(15)
Impairment of financial assets		(291)	-		(127)	(1)
Rec. of imp. (impairment) of int. assets & inventories		411	2		(9)	-
Results for part. in joint businesses & associates		3,200	15		2,682	25
Operating income		26,160	129		14,345	133
Financial income		193	0		246	3
Financial costs		(14,711)	(76)		(4,195)	(39)
Other financial results		14,643	84		(289)	(2)
Financial results, net		125	8		(4,238)	(38)
Profit before tax		26,285	137		10,107	95
Income tax		643	4		347	5
Net income for the period		26,928	141		10,454	100
Attributable to the owners of the Company		26,918	141		10,304	99
Attributable to the non-controlling interests		10	-		150	1
Net income per share to shareholders		19.51	0.10		7.46	0.07
Net income per ADR to shareholders		487.65	2.56		186.40	1.79
Average outstanding common shares1		1,380			1,382
Outstanding shares by the end of period1		1,380			1,382

Note: 1 It nets shares from the Employee stock-based compensation plan, which as of March 31, 2023 and 2022 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 Q1 23 results on Thursday, May 11, 2023, 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/Pampa1Q2023VC. The videoconference call will also be simultaneously webcasted at Pampa's website ri.pampaenergia.com/en.

For further information about Pampa:

ü  investor@pampaenergia.com ü  ri.pampaenergia.com/en

ü  www.argentina.gob.ar/cnv ü  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$94 million. 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.

 

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SOURCE Pampa Energia S.A.