BUENOS AIRES, Argentina,
May 12, 2021 /PRNewswire/ -- Pampa
Energía S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP), the
largest independent energy integrated company in Argentina, with active participation in the
country's electricity and gas value chain, announces the results
for the quarter ended on March 31,
2021.
As of January 1, 2019, the Company
adopted US$ as functional currency for the reporting of its
financial information. The presentation of this information in AR$
is converted at transactional nominal exchange rate ('FX').
However, Edenor (electricity distribution), Transener, TGS and
Refinor (holding and others) record their operations in local
currency. Thus, the Q1 21 figures are adjusted by inflation as of
March 31, 2021 (6.1%), translated to
US$ at closing FX of 92.00. Moreover, the Q1 20 figures are
adjusted by inflation as of March 31,
2020 (3.8%), translated to US$ at closing FX of
64.47[1].
On December 28, 2020, it was
announced the sale of the controlling stake in Edenor. Therefore,
the electricity distribution segment is shown as a discontinued
operation for the current and comparative periods. Its analysis is
detailed in the Appendix of the Earnings Release.
Main results from the Q1 21[2]
Consolidated revenues from continuing operations of
US$321 million[3], 11%
higher than the US$290 million
recorded in Q1 20, explained by the new combined cycle gas turbine
at Genelba Thermal Power Plant ('CTGEBA'), thus higher own gas
sales to cover said Power Purchase Agreement ('PPA'), higher sale
volumes and prices in petrochemicals and the recovery of oil and
gas prices, partially offset by lower spot energy revenue and
hydrocarbons volume sold.
- Power generation of 4,442 GWh from 15 power
plants[4]
- Production of 43.7 thousand boe per day of
hydrocarbons
- Sales of 98 thousand tons of petrochemical products
Consolidated adjusted EBITDA[5] from
continuing operations of US$204
million, 16% higher than the US$175 million in Q1 20, mainly from
petrochemicals, and to a lesser extent, from oil and gas, holding
and others, and power generation.
Consolidated gain attributable to the owners of the Company
of US$33 million, US$19 million higher than Q1 20, mainly due to
better operating margin and assets' impairment loss in Q1 20
(US$67 million), partially offset by
higher losses from the holding of financial instruments and an
income tax charge in Q1 21.
Consolidated balance sheet
(As of March 31, 2021 and December 31, 2020, in millions)
|
Figures in
million
|
|
As of
3.31.2021
|
|
As of
12.31.2020
|
|
AR$
|
US$ FX 92
|
|
AR$
|
US$ FX
84.15
|
|
ASSETS
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
147,018
|
1,598
|
|
135,445
|
1,610
|
|
Intangible
assets
|
|
3,754
|
41
|
|
3,455
|
41
|
|
Right-of-use
assets
|
|
926
|
10
|
|
867
|
10
|
|
Deferred tax
assets
|
|
9,230
|
100
|
|
9,082
|
108
|
|
Investments in joint
ventures and associates
|
|
56,571
|
615
|
|
46,229
|
549
|
|
Financial assets at
amortized cost
|
|
9,222
|
100
|
|
8,428
|
100
|
|
Financial assets at
fair value through profit and loss
|
|
1,030
|
11
|
|
942
|
11
|
|
Other
assets
|
|
60
|
1
|
|
57
|
1
|
|
Trade and other
receivables
|
|
3,302
|
36
|
|
3,631
|
43
|
|
Total non-current
assets
|
|
231,113
|
2,512
|
|
208,136
|
2,473
|
|
Inventories
|
|
12,471
|
136
|
|
9,766
|
116
|
|
Financial assets at
amortized cost
|
|
1,144
|
12
|
|
2,062
|
25
|
|
Financial assets at
fair value through profit and loss
|
|
28,340
|
308
|
|
27,382
|
325
|
|
Derivative financial
instruments
|
|
8
|
0
|
|
1
|
-
|
|
Trade and other
receivables
|
|
31,622
|
344
|
|
28,678
|
341
|
|
Cash and cash
equivalents
|
|
9,254
|
101
|
|
11,900
|
141
|
|
Total current
assets
|
|
82,839
|
900
|
|
79,789
|
948
|
|
Assets classified as
held for sale
|
|
141,419
|
1,537
|
|
123,603
|
1,469
|
|
Total
assets
|
|
455,371
|
4,950
|
|
411,528
|
4,890
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
Equity
attributable to owners of the company
|
|
133,502
|
1,451
|
|
120,247
|
1,428
|
|
Non-controlling
interest
|
|
32,864
|
357
|
|
28,631
|
341
|
|
Total
equity
|
|
166,366
|
1,808
|
|
148,878
|
1,769
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Investments in joint
ventures and associates
|
|
168
|
2
|
|
161
|
2
|
|
Provisions
|
|
12,805
|
139
|
|
9,326
|
111
|
|
Income tax
liabilities
|
|
11,540
|
125
|
|
11,004
|
131
|
|
Taxes
payables
|
|
128
|
1
|
|
128
|
2
|
|
Deferred tax
liabilities
|
|
-
|
-
|
|
93
|
1
|
|
Defined benefit
plans
|
|
1,710
|
19
|
|
1,460
|
17
|
|
Borrowings
|
|
126,169
|
1,371
|
|
115,428
|
1,372
|
|
Trade and other
payables
|
|
1,542
|
17
|
|
1,418
|
16
|
|
Total non-current
liabilities
|
|
154,062
|
1,675
|
|
139,018
|
1,652
|
|
Provisions
|
|
1,502
|
16
|
|
1,379
|
16
|
|
Income tax
liabilities
|
|
556
|
6
|
|
897
|
11
|
|
Taxes
payables
|
|
3,751
|
41
|
|
3,030
|
36
|
|
Defined benefit
plans
|
|
289
|
3
|
|
298
|
4
|
|
Salaries and social
security payable
|
|
1,316
|
14
|
|
1,935
|
23
|
|
Derivative financial
instruments
|
|
5
|
0
|
|
40
|
-
|
|
Borrowings
|
|
17,577
|
191
|
|
20,377
|
242
|
|
Trade and other
payables
|
|
11,074
|
120
|
|
9,778
|
116
|
|
Total current
liabilities
|
|
36,070
|
392
|
|
37,734
|
448
|
|
Liabilities
associated to assets classified as held for sale
|
|
98,873
|
1,075
|
|
85,898
|
1,021
|
|
Total
liabilities
|
|
289,005
|
3,141
|
|
262,650
|
3,121
|
|
|
|
|
|
|
|
|
Total liabilities
and equity
|
|
455,371
|
4,950
|
|
411,528
|
4,890
|
Consolidated income statement
(For the quarter
ended on March 31, 2021 and 2020, in
millions)
|
|
First
quarter
|
|
Figures in
million
|
|
2021
|
|
2020
|
|
|
AR$
|
US$
|
|
AR$
|
US$
|
|
Sales
revenue
|
|
28,635
|
321
|
|
18,036
|
290
|
|
Cost of
sales
|
|
(16,353)
|
(185)
|
|
(11,161)
|
(182)
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
12,282
|
136
|
|
6,875
|
108
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
(542)
|
(7)
|
|
(599)
|
(10)
|
|
Administrative
expenses
|
|
(2,016)
|
(23)
|
|
(1,536)
|
(25)
|
|
Exploration
expenses
|
|
(7)
|
-
|
|
(4)
|
-
|
|
Other operating
income
|
|
976
|
11
|
|
709
|
11
|
|
Other operating
expenses
|
|
(3,050)
|
(33)
|
|
(458)
|
(8)
|
|
Results for part. in
joint businesses and associates
|
|
2,226
|
26
|
|
2,069
|
32
|
|
Impairment of PPE,
intangible assets and inventories
|
|
-
|
-
|
|
(4,316)
|
(67)
|
|
Impairment of
financial assets
|
|
(103)
|
(1)
|
|
(69)
|
(1)
|
|
|
|
|
|
|
|
|
Operating
income
|
|
9,766
|
109
|
|
2,671
|
40
|
|
|
|
|
|
|
|
|
Financial
income
|
|
165
|
2
|
|
142
|
3
|
|
Financial
costs
|
|
(3,986)
|
(45)
|
|
(2,643)
|
(43)
|
|
Other financial
results
|
|
(2,061)
|
(24)
|
|
(409)
|
(4)
|
|
Financial
results, net
|
|
(5,882)
|
(67)
|
|
(2,910)
|
(44)
|
|
|
|
|
|
|
|
|
Profit before
tax
|
|
3,884
|
42
|
|
(239)
|
(4)
|
|
|
|
|
|
|
|
|
Income tax
|
|
(715)
|
(8)
|
|
439
|
8
|
|
|
|
|
|
|
|
|
Net income for
continuing operations
|
|
3,169
|
34
|
|
200
|
4
|
|
|
|
|
|
|
|
|
Net income (loss)
from discontinued operations
|
|
525
|
5
|
|
743
|
12
|
|
|
|
|
|
|
|
|
Net income (loss)
for the period
|
|
3,694
|
39
|
|
943
|
16
|
|
Attributable to
the owners of the Company
|
|
3,152
|
33
|
|
775
|
14
|
|
Continuing
operations
|
|
3,150
|
33
|
|
360
|
7
|
|
Discontinued
operations
|
|
2
|
0
|
|
415
|
7
|
|
Attributable to
the non-controlling interests
|
|
542
|
6
|
|
168
|
2
|
|
|
|
|
|
|
|
|
Net income (loss)
per share attributable to shareholders
|
|
2.21
|
0.02
|
|
0.47
|
0.01
|
|
From continuing
operations
|
|
2.21
|
0.02
|
|
0.22
|
0.00
|
|
From discontinued
operations
|
|
0.00
|
-
|
|
0.25
|
0.00
|
|
|
|
|
|
|
|
|
Net income (loss)
per ADR attributable to shareholders
|
|
55.29
|
0.58
|
|
11.87
|
0.22
|
|
From continuing
operations
|
|
55.25
|
0.58
|
|
5.51
|
0.11
|
|
From discontinued
operations
|
|
0.04
|
-
|
|
6.36
|
0.11
|
|
|
|
|
|
|
|
|
Average
outstanding common shares
|
|
1,425.3
|
|
|
1,632.4
|
|
|
Outstanding
common shares by the end of period
|
|
1,410.5
|
|
|
1,596.3
|
|
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 21 results
on Thursday, May 13, 2021, at
10:00 a.m. Eastern Standard
Time/11:00 a.m. Buenos Aires
Time. The hosts will be Gustavo
Mariani, CEO; Gabriel Cohen,
CFO and Lida Wang, investor
relations and sustainability officer at Pampa.
For those interested in participating, please register at
bit.ly/Pampa1Q21VideoCall. The videoconference call will also be
simultaneously webcasted at Pampa's website
ri.pampaenergia.com/en.
You may find additional information on the Company at:
|
-
ri.pampaenergia.com/en
-
www.cnv.gov.ar
|
-
www.sec.gov
-
www.bolsar.com
|
For more information, contact:
Gustavo Mariani
CEO
Gabriel Cohen
CFO
Lida Wang
Investor relations and sustainability officer
The Pampa Energía Building, Maipú 1 (C1084ABA) City of Buenos Aires, Argentina
Tel: +54 (11) 4344-6000
investor@pampaenergia.com
ri.pampaenergia.com/en
[1] For further information, see section 3 of
Pampa's financial statements ('FS').
[2] The financial information presented in this
document is based on FS prepared according to International
Financial Reporting Standards ('IFRS') in force in Argentina.
[3] It does not include sales from discontinued
operations for US$229 million and
from the affiliates Greenwind, OldelVal, Refinor, CTBSA, Transener
and TGS, which at our ownership account for US$97 million. Under IFRS they are not
consolidated in Pampa, thus shown as 'Results from discontinued
operations' and the equity income as 'Results for participation in
joint businesses and associates'.
[4] It includes 100% of Ensenada Barragán Thermal
Power Plant ('CTEB') and Mario Cebreiro
Wind Farm ('PEMC'), assets operated by Pampa but
co-controlled by Pampa, with 50% of equity stake.
[5] 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.
