Pampa Energía S.A. Pampa Energía announces six-month period and second quarter 2024 results
Ciudad Autónoma de Buenos Aires, 08/07/2024 / 17:02, EST/EDT – EQS Newswire – 1/3 Pampa Energía S.A. (NYSE)
BUENOS AIRES, ARGENTIA / ACCESSWIRE / August 7, 2024 / Pampa Energía S.A. (NYSE:PAM)(Buenos Aires Stock Exchange:PAMP), an independent company with active participation in the Argentine electricity and gas value chain, announces the results for the six-month period and quarter ended on June 30, 2024.
Pampa’s financial information adopts US$ as functional currency, converted into AR$ at transactional exchange rate (‘FX’). However, our affiliates Transener and TGS’s adjust their figures for inflation as of June 30, 2024, which are expressed in US$ at the period’s closing FX. The previously reported figures remain unchanged.
Second quarter 2024 (‘Q2 24′) main results[1]
8% year-on-year sales increase achieved in Q2 24, reaching US$500 million[2], driven by increased gas production from the latest round of Plan Gas, seasonal demand and, to a lesser extent, higher domestic reforming volumes, partially offset by lower gas sales to Chile and industries, volume sold of styrenics and Engineer Mario Cebreiro Wind Farm (‘PEMC’)’s divestment.
Gas production grew by 37%, showcasing our strong operating performance:
Pampa’s main operational KPIs
Q2 24
Q2 23
Variation
Power
Generation (GWh)
5,067
5,218
-3
%
Gross margin (US$/MWh)
24.7
22.6
+10
%
Oil and gas
Production (k boe/day)
90.8
67.3
+35
%
Gas over total production
94
%
92
%
+2
%
Average gas price (US$/MBTU)
4.0
4.7
-14
%
Average oil price (US$/bbl)
71.8
65.1
+10
%
Petrochemicals
Volume sold (k ton)
111
106
+5
%
Average price (US$/ton)
1,205
1,240
-3
%
Adjusted EBITDA[3] rose 30% to US$288 million in Q2 24, mainly explained by increases in holding and others, oil and gas and, to a lesser extent, in petrochemicals and power generation.
Net profit attributable to the Company’s shareholders of US$100 million, a 39% decline from Q2 23, due to lower gains from financial securities and FX differences over the financial position in AR$, an impairment on PPE affecting Ensenada Barragán Thermal Power Plant (‘CTEB’)’s equity income and a haircut on certain overdue interests from the Argentine Wholesale Electricity Market Clearing Company (CAMMESA). Higher sales and lower financial interests and income tax partially offset these variations.
Net debt decreased to US$691 million, resulting in a net leverage ratio of 1.0x, largely due to improved payment collections from CAMMESA.
[1] The information is based on financial statements (‘FS’) prepared according to International Financial Reporting Standards (‘IFRS’) in force in Argentina.
[2] Sales from the affiliates CTBSA, Transener and TGS are excluded, shown as ‘Results for participation in joint businesses and associates.’
[3] Consolidated adjusted EBITDA represents the flows before financial items, income tax, depreciations and amortizations, extraordinary and non-cash income and expense, equity income, and includes affiliates’ EBITDA at our ownership. Further information on section 3.1.
Consolidated balance sheet
(As of June 30, 2024 and December 2023, in millions)
Figures in million
As of 06.30.2024
As of 12.31.2023
AR$
US$ FX 912
AR$
US FX 808.45
ASSETS
Property, plant and equipment
2,395,378
2,627
2,056,974
2,544
Intangible assets
88,689
97
77,898
96
Right-of-use assets
30,308
33
17,259
21
Deferred tax asset
45,252
50
2
0
Investments in joint ventures and associates
824,581
904
542,978
672
Financial assets at fair value through profit and loss
24,857
27
28,040
35
Other assets
357
0
349
0
Trade and other receivables
16,287
18
14,524
18
Total non-current assets
3,425,709
3,756
2,738,024
3,387
Inventories
209,723
230
166,023
205
Financial assets at amortized cost
92,708
102
84,749
105
Financial assets at fair value through profit and loss
602,341
660
451,883
559
Derivative financial instruments
100
0
250
0
Trade and other receivables
500,304
549
238,294
295
Cash and cash equivalents
138,514
152
137,973
171
Total current assets
1,543,690
1,693
1,079,172
1,335
Total assets
4,969,399
5,449
3,817,196
4,722
EQUITY
Equity attributable to owners of the company
2,742,490
3,007
1,943,736
2,404
Total equity
2,750,165
3,016
1,950,696
2,413
LIABILITIES
Provisions
164,997
181
119,863
148
Income tax and presumed minimum income tax liabilities
66,294
73
44,614
55
Deferred tax liabilities
46,807
51
240,686
298
Defined benefit plans
25,033
27
13,172
16
Borrowings
1,217,319
1,335
989,182
1,224
Trade and other payables
35,539
39
37,301
46
Total non-current liabilities
1,555,989
1,706
1,444,818
1,787
Provisions
8,268
9
4,649
6
Income tax liabilities
131,963
145
14,026
17
Taxes payables
44,133
48
11,427
14
Defined benefit plans
2,557
3
2,695
3
Salaries and social security payable
18,618
20
15,537
19
Derivative financial instruments
112
0
191
0
Borrowings
246,274
270
181,357
224
Trade and other payables
211,320
232
191,800
237
Total current liabilities
663,245
727
421,682
522
Total liabilities
2,219,234
2,433
1,866,500
2,309
Total liabilities and equity
4,969,399
5,449
3,817,196
4,722
Consolidated income statement
(For the six-month periods and quarters ended on June 30, 2024 and 2023, in millions)
First half
Second quarter
Figures in million
2024
2023
2024
2023
AR$
US$
AR$
US$
AR$
US$
AR$
US$
Sales revenue
783,788
901
194,256
895
446,412
500
110,341
464
Domestic sales
649,186
742
154,309
708
374,607
416
86,900
363
Foreign market sales
134,602
159
39,947
187
71,805
84
23,441
101
Cost of sales
(487,428
)
(565
)
(117,939
)
(555
)
(272,245
)
(307
)
(67,401
)
(290
)
Gross profit
296,360
336
76,317
340
174,167
193
42,940
174
Selling expenses
(31,582
)
(36
)
(7,723
)
(34
)
(18,002
)
(20
)
(4,530
)
(18
)
Administrative expenses
(71,674
)
(83
)
(20,202
)
(89
)
(37,436
)
(42
)
(11,681
)
(48
)
Exploration expenses
(167
)
–
(1,750
)
(7
)
(85
)
–
(1,702
)
(7
)
Other operating income
70,781
83
14,289
61
41,789
48
9,430
45
Other operating expenses
(43,054
)
(52
)
(7,375
)
(35
)
(16,669
)
(21
)
(3,530
)
(22
)
Impairment of financial assets
(49,592
)
(56
)
(299
)
(3
)
(19,762
)
(22
)
(219
)
(3
)
Recovery/(accrual) of impairment on int. assets & inventories
(142
)
–
(323
)
(1
)
(110
)
–
(734
)
(3
)
Results for participation in joint businesses & associates
31,894
39
8,570
34
(19,522
)
(22
)
5,370
19
Income from the sale of associates
5,765
7
–
–
4,307
5
–
–
Operating income
208,589
238
61,504
266
108,677
119
35,344
137
Financial income
2,009
2
428
2
662
–
235
2
Financial costs
(81,688
)
(94
)
(41,078
)
(188
)
(37,733
)
(41
)
(26,367
)
(112
)
Other financial results
62,861
74
55,461
254
19,056
22
40,818
170
Financial results, net
(16,818)
(18)
14,811
68
(18,015)
(19)
14,686
60
Profit before tax
191,771
220
76,315
334
90,662
100
50,030
197
Income tax
121,166
147
(7,087
)
(29
)
(1,521
)
(1
)
(7,730
)
(33
)
Net income for the period
312,937
367
69,228
305
89,141
99
42,300
164
Attributable to the owners of the Company
313,160
367
69,097
305
90,061
100
42,179
164
Attributable to the non-controlling interest
(223)
–
131
–
(920)
(1.0)
121
–
Net income per share to shareholders
230.3
0.3
50.4
0.2
66.2
0.1
31.0
0.1
Net income per ADR to shareholders
5,756.6
6.7
1,259.1
5.6
1,655.5
1.8
775.4
3.0
Average outstanding common shares1
1,360
1,372
1,360
1,360
1,360.0
Outstanding shares by the end of period1
1,360
1,360
1,360
1,360
1,360.0
Note: 1 It considers the Employee stock-based compensation plan shares, which amounted to 3.9 million common shares as of June 30, 2023 and 2024.
For the full version of the Earnings Report, please visit Pampa’s Investor Relations website: ri.pampa.com/en.
Information about the videoconference
There will be a videoconference to discuss Pampa’s Q2 24 results on Thursday, August 8, 2024, at 10:00 a.m. Eastern Standard Time/11:00 a.m. Buenos Aires Time. The hosts will be Nicolás Mindlin, CFO, Horacio Turri, executive director of E&P and Lida Wang, investor relations and sustainability officer at Pampa.
For those interested in participating, please register here.
