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Pampa Energía announces fourth quarter 2021 results boosted by Plan Gas and operating performance

·8 min read

BUENOS AIRES, Argentina, March 10, 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 fiscal year and quarter ended on December 31, 2021.

Pampa's financial information adopts US$ as functional currency, and it's expressed in AR$ at the transactional nominal exchange rate ('FX'). However, our affiliates Transener, TGS and Refinor report under local currency. Hence, their figures are adjusted by inflation as of December 31, 2021, except for previous periods already reported.

Main results from the quarter[1]

42% year-on-year increase in sales, recording US$406 million[2] in the fourth quarter 2021 ('Q4 21'), explained by the rise in prices of gas, oil and petrochemical products, increased physical volume sold in all our businesses and higher legacy energy sales, offset by the Power Purchase Agreement ('PPA') maturity at Loma De La Lata Thermal Power Plant ('CTLL')'s steam turbine.

Pampa's main operational KPIs

Q4 21

Q4 20

Variation

Power

Generation (GWh)

4,670

4,400

+6%


Gross margin (US$/MWh)

26.1

33.2

-21%






Hydrocarbon

Production (k boe/day)

58.1

43.7

+33%


Gas over total production

91%

90%

+1%


Average gas price (US$/MBTU)

3.1

2.1

+47%


Average oil price (US$/bbl)

58.6

41.3

+42%






Petrochemicals

Volume sold (k ton)

114

107

+6%


Average price (US$/ton)

1,266

795

+59%

8% year-on-year increase in the adjusted EBITDA[3], recording US$199 million in Q4 21, explained by an increase of US$27 million in oil and gas, and US$5 million in holding and others, offset by decreases of US$16 million in power generation and US$1 million in petrochemicals.

Pampa recorded a consolidated profit attributable to the Company's shareholders of US$39 million, vs. a net loss of US$463 million in the fourth quarter 2020 ('Q4 20'), mainly due to the impairment of assets from discontinued operations in Q4 20, better operating margin in oil and gas, and to lower stock of debt, offset by losses from the holding of financial securities in Q4 21.

Consolidated net debt decreased to US$866 million as of December 31, 2021, recording a continuous and significant reduction compared to the US$1,148 million recorded by the end of 2020.

Consolidated balance sheet
(As of December 31, 2021 and 2020, in millions)

Figures in million


As of 12.31.2021


As of 12.31.2020


AR$

US$ FX 102.72


AR$

US$ FX 84.15

ASSETS







Property, plant and equipment


170,390

1,659


135,445

1,610

Intangible assets


3,956

39


3,455

41

Right-of-use assets


1,231

12


867

10

Deferred tax assets


8,675

84


9,082

108

Investments in joint ventures and associates


79,500

774


46,229

549

Financial assets at amortized cost


10,821

105


8,428

100

Financial assets at fair value through profit and loss


2,998

29


942

11

Other assets


61

1


57

1

Trade and other receivables


3,379

33


3,631

43

Total non-current assets


281,011

2,736


208,136

2,473

Inventories


15,888

155


9,766

116

Financial assets at amortized cost


537

5


2,062

25

Financial assets at fair value through profit and loss


47,026

458


27,382

325

Derivative financial instruments


16

0


1

0

Trade and other receivables


40,892

398


28,678

341

Cash and cash equivalents


11,283

110


11,900

141

Total current assets


115,642

1,126


79,789

948

Assets classified as held for sale


-

-


123,603

1,469

Total assets


396,653

3,861


411,528

4,890








EQUITY







Equity attributable to owners of the company


183,431

1,786


120,247

1,429

Non-controlling interest


609

6


28,631

340

Total equity


184,040

1,792


148,878

1,769








LIABILITIES







Investments in joint ventures and associates


386

4


161

2

Provisions


14,444

141


9,326

111

Income tax and presumed minimum income tax liabilities


19,287

188


11,004

131

Taxes payables


-

-


128

2

Deferred tax liabilities


-

-


93

1

Defined benefit plans


2,419

24


1,460

17

Borrowings


139,630

1,359


115,428

1,372

Other payables


1,340

13


1,418

17

Total non-current liabilities


177,506

1,728


139,018

1,652

Provisions


560

5


1,379

16

Income tax liabilities


2,098

20


897

11

Taxes payables


2,314

23


3,030

36

Defined benefit plans


515

5


298

4

Salaries and social security payable


2,876

28


1,935

23

Derivative financial instruments


18

0


40

0

Borrowings


8,165

79


20,377

242

Trade and other payables


18,561

181


9,778

116

Total current liabilities


35,107

342


37,734

448

Liabilities associated to assets classified as held for sale


-

-


85,898

1,021

Total liabilities


212,613

2,070


262,650

3,121








Total liabilities and equity


396,653

3,861


411,528

4,890

Consolidated income statement
(For the fiscal years and quarters ended on December 31, 2021 and 2020, in millions)



Fiscal year


Fourth quarter

Figures in million


2021


2020


2021


2020



AR$

US$


AR$

US$


AR$

US$


AR$

US$

Sales revenue


144,641

1,508


76,775

1,073


40,901

406


23,106

286

Cost of sales


(91,342)

(955)


(46,850)

(663)


(28,690)

(289)


(14,481)

(181)














Gross profit


53,299

553


29,925

410


12,211

117


8,625

105














Selling expenses


(3,156)

(33)


(1,828)

(26)


(1,404)

(15)


(472)

(6)

Administrative expenses


(9,507)

(99)


(6,588)

(93)


(3,206)

(32)


(1,740)

(22)

Exploration expenses


(61)

-


(29)

-


(11)

-


(8)

-

Other operating income


10,196

105


3,628

51


1,332

13


1,122

14

Other operating expenses


(5,360)

(58)


(2,550)

(36)


(737)

(8)


(769)

(10)

Impairment of financial assets


(220)

(2)


(560)

(9)


9

1


291

4

Impairment of PPE, intangible assets and inventories


(332)

(4)


(10,351)

(139)


(160)

(2)


(6,035)

(72)

Results for part. in joint businesses and associates


11,567

117


6,551

85


3,436

32


1,741

19














Operating income


56,426

579


18,198

243


11,470

106


2,755

32














Financial income


847

10


686

9


228

3


157

1

Financial costs


(17,512)

(185)


(12,528)

(177)


(3,384)

(34)


(3,930)

(50)

Other financial results


(1,545)

(14)


6,131

84


(4,358)

(43)


2,778

36

Financial results, net


(18,210)

(189)


(5,711)

(84)


(7,514)

(74)


(995)

(13)














Profit before tax


38,216

390


12,487

159


3,956

32


1,760

19














Income tax


(7,301)

(77)


(3,122)

(35)


485

6


(391)

(1)














Net income for continuing operations


30,915

313


9,365

124


4,441

38


1,369

18














Net income (loss) from discontinued operations


(7,129)

(75)


(49,333)

(592)


-

-


(47,568)

(569)














Net income (loss) for the period


23,786

238


(39,968)

(468)


4,441

38


(46,199)

(551)

Attributable to the owners of the Company


27,097

273


(31,447)

(367)


4,520

39


(38,603)

(463)

Continuing operations


30,823

312


9,952

132


4,520

39


1,851

24

Discontinued operations


(3,726)

(39)


(41,399)

(499)


-

-


(40,454)

(487)

Attributable to the non-controlling interests


(3,311)

(35)


(8,521)

(101)


(79)

(1)


(7,596)

(88)














Net income (loss) per share attributable to shareholders


19.38

0.20


(20.40)

(0.24)


3.26

0.03


(26.53)

(0.32)

From continuing operations


22.05

0.22


6.46

0.09


3.26

0.03


1.27

0.02

From discontinued operations


(2.67)

(0.03)


(26.85)

(0.32)


-

-


(27.804)

(0.335)














Net income (loss) per ADR attributable to shareholders


484.61

4.88


(509.97)

(5.95)


81.51

0.70


(663.30)

(7.96)

From continuing operations


551.25

5.58


161.39

2.14


81.51

0.70


31.81

0.41

From discontinued operations


(66.64)

(0.70)


(671.36)

(8.09)


-

-


(695.11)

(8.37)














Average outstanding common shares


1,397.9



1,541.6



1,386.3



1,455.0


Outstanding common shares by the end of period


1,386.0



1,453.9



1,386.0



1,453.9















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 Q4 21 results on Friday, March 11, 2022, at 10:00 a.m. Eastern Standard Time/12:00 p.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO and Nicolás Mindlin, CFO.

For those interested in participating, please register at bit.ly/Pampa4Q21VC. The videoconference call will also be simultaneously webcasted at Pampa's website ri.pampaenergia.com/en.

For further information about Pampa:

[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, OldelVal, Refinor, CTBSA, Transener and TGS, which at our ownership account for US$147 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.

Cision
Cision

View original content:https://www.prnewswire.com/news-releases/pampa-energia-announces-fourth-quarter-2021-results-boosted-by-plan-gas-and-operating-performance-301500611.html

SOURCE Pampa Energia S.A.