Pampa Energía S.A. Pampa Energia Announces Nine-Month Period and Third Quarter 2023 Results
Ciudad Autónoma de Buenos Aires, 11/08/2023 / 15:40, EST/EDT – EQS Newswire – 1/3 Pampa Energía S.A. (NYSE)
BUENOS AIRES, ARGENTINA / ACCESSWIRE / November 8, 2023 / 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, 2023.
Pampa’s financial information adopts US$ as functional currency, converted into AR$ at transactional nominal exchange rate (‘FX’). However, for our affiliates, Transener and TGS, their figures are adjusted for inflation as of September 30, 2023, and then translated into US$ at the period’s closing FX. The reported figures in US$ from previous periods remain unchanged.
Third quarter 2023 (‘Q3 23′) main results[1]
7% year-on-year sales decrease, recording US$474 million[2] in Q3 23, explained by a drop in prices and sales of petrochemicals and oil, and the impact of the AR$ devaluation in legacy energy, offset by higher gas sales.
Operating performance highlighted by natural gas and Ensenada Barragán Thermal Power Plant (‘CTEB’)’s Combined Cycle (‘CCGT’):
Pampa’s main operational KPIs
Q3 23
Q3 22
Variation
Power
Generation (GWh)
4,985
3,767
+32
%
Gross margin (US$/MWh)
23.1
24.2
-5
%
Oil and gas
Production (k boe/day)
80.4
68.5
+17
%
Gas over total production
94
%
92
%
+2
%
Average gas price (US$/MBTU)
4.7
4.8
-3
%
Average oil price (US$/bbl)
63.1
70.2
-10
%
Petrochemicals
Volume sold (k ton)
102
120
-14
%
Average price (US$/ton)
1,283
1,496
-14
%
Adjusted EBITDA[3] reached US$244 million, similar to Q3 22, explained by reductions of 72% in holding and others, 16% in petrochemicals, offset by increases of 12% in oil and gas, and 2% in power generation.
The profit attributable to the Company’s shareholders decreased by 15%, reaching US$152 million, mainly explained by increased financial interests of AR$-debt and higher income tax charges, partially offset by gains from holding financial securities.
Net debt continued decreasing to US$677 million, resulting in a net leverage ratio of 1.0x.
[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 is US$90 million. Under IFRS, affiliates are not consolidated in Pampa, shown as ‘Results for participation in joint businesses and associates’.
[3] Consolidated adjusted EBITDA represents the results before financial results, income tax, depreciations and amortizations, extraordinary and non-cash income and expense, equity income and other adjustments, and includes affiliates’ EBITDA at our ownership. For further information, see section 3.1 of the Earnings Release.
Consolidated balance sheet
(As of September 30, 2023 and December 31, 2022, in millions)
As of 09.30.2023
As of 12.31.2022
Figures in million
AR$
$
US FX 349.95
AR$
$
US FX 177.16
ASSETS
Property, plant and equipment
846,115
2,418
383,464
2,165
Intangible assets
34,072
97
24,364
138
Right-of-use assets
3,043
9
1,521
9
Deferred tax asset
1,616
5
6,326
36
Investments in joint ventures and associates
325,458
930
159,833
902
Financial assets at amortized cost
14,128
40
18,000
102
Financial assets at fair value through profit and loss
9,615
27
4,867
27
Other assets
158
0
91
1
Trade and other receivables
9,358
27
3,415
19
Total non-current assets
1,243,563
3,554
601,881
3,397
Inventories
73,942
211
30,724
173
Financial assets at amortized cost
24,289
69
1,357
8
Financial assets at fair value through profit and loss
248,926
711
103,856
586
Derivative financial instruments
289
1
161
1
Trade and other receivables
158,061
452
83,328
470
Cash and cash equivalents
64,117
183
18,757
106
Total current assets
569,624
1,628
238,183
1,344
Total assets
1,813,187
5,181
840,064
4,742
Equity attributable to owners of the company
963,757
2,754
403,463
2,277
Non-controlling interest
2,398
7
1,157
7
Total equity
966,155
2,761
404,620
2,284
LIABILITIES
Provisions
54,194
155
26,062
147
Income tax and presumed minimum income tax liabilities
40,593
116
31,728
179
Deferred tax liabilities
19,821
57
19,854
112
Defined benefit plans
10,060
29
4,908
28
Borrowings
451,083
1,289
237,437
1,340
Trade and other payables
13,231
38
3,757
21
Total non-current liabilities
588,982
1,683
323,746
1,827
Provisions
1,205
3
779
4
Income tax liabilities
12,392
35
927
5
Taxes payables
11,762
34
4,966
28
Defined benefit plans
915
3
1,021
6
Salaries and social security payable
9,433
27
5,627
32
Derivative financial instruments
2
0
318
2
Borrowings
123,132
352
48,329
273
Trade and other payables
99,209
283
49,731
281
Total current liabilities
258,050
737
111,698
630
Total liabilities
847,032
2,420
435,444
2,458
Total liabilities and equity
1,813,187
5,181
840,064
4,742
Consolidated income statement
(For the nine-month periods and quarters ended on September 30, 2023 and 2022, in millions)
Nine-month period
Third quarter
Figures in million
2023
2022
2023
2022
AR$
US$
AR$
US$
AR$
US$
AR$
US$
Sales revenue
346,957
1,370
168,748
1,381
152,701
474
69,225
507
Domestic sales
285,892
1,117
136,862
1,114
131,583
408
58,154
426
Foreign market sales
61,065
253
31,886
267
21,118
66
11,071
81
Cost of sales
(209,953)
(850)
(104,023)
(859)
(92,014)
(294)
(43,127)
(319)
Gross profit
137,004
520
64,725
522
60,687
180
26,098
188
Selling expenses
(13,333)
(51)
(5,719)
(47)
(5,610)
(17)
(1,998)
(14)
Administrative expenses
(33,554)
(133)
(12,389)
(101)
(13,990)
(44)
(5,063)
(38)
Exploration expenses
(1,772)
(7)
(23)
–
(22)
–
(8)
–
Other operating income
31,627
115
10,345
79
17,338
54
5,988
43
Other operating expenses
(18,079)
(68)
(4,209)
(33)
(10,704)
(33)
(1,577)
(10)
Impairment of financial assets
(1,490)
(4)
(672)
(5)
(553)
(1)
(153)
(1)
Rec. of imp. (impairm.) of int. assets & inventories
(324)
(1)
(4,260)
(34)
(1)
–
124
1
Results for part. in joint businesses & associates
14,044
42
13,610
100
5,474
8
6,749
43
Income from the sale of associates
486
1
–
–
486
1
–
–
Operating income
114,609
414
61,408
481
53,105
148
30,160
212
Financial income
1,090
4
597
6
662
2
147
1
Financial costs
(71,096)
(283)
(18,127)
(148)
(30,018)
(95)
(9,333)
(70)
Other financial results
95,794
392
4,108
33
40,333
138
8,278
68
Financial results, net
25,788
113
(13,422)
(109)
10,977
45
(908)
(1)
Profit before tax
140,397
527
47,986
372
64,082
193
29,252
211
Income tax
(20,437)
(69)
(5,224)
(26)
(13,350)
(40)
(5,195)
(32)
Net income for the period
119,960
458
42,762
346
50,732
153
24,057
179
Attributable to the owners of the Company
119,708
457
42,448
343
50,611
152
23,979
178
Attributable to the non-controlling interests
252
1
314
3
121
0.9
78
1
Net income per share to shareholders
87.51
0.33
30.74
0.25
37.21
0.11
17.38
0.13
Net income per ADR to shareholders
2,187.65
8.35
768.43
6.21
930.35
2.80
434.40
3.23
Average outstanding common shares1
1,368
1,381
1,360
1,380
Outstanding shares by the end of period1
1,360
1,380
1,360
1,380
Note: 1 It considers the Employee stock-based compensation plan shares, which amounted to 3.9 million common shares as of September 30, 2022 and 2023.
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 23 results on Thursday, November 9, 2023, at 10:00 a.m. Eastern Standard Time/12:00 p.m. Buenos Aires Time. The hosts will be Nicolás Mindlin, CFO, Horacio Turri, Head of E&P and Lida Wang, investor relations and sustainability officer at Pampa.
