BUENOS
AIRES, Argentina, March 9,
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 fiscal year and quarter ended on
December 31, 2022.
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
December 31, 2022, except for
previous periods already reported.
Main results from the quarter[1]
10% year-on-year increase in sales, recording US$448
million[2] in
the fourth quarter 2022 ('Q4 22'), explained by better natural
gas prices and higher sales of petrochemical reforming products and
legacy energy, offset by the Power Purchase Agreement ('PPA')
maturity at Loma De La Lata Thermal Power Plant ('CTLL')'s steam
turbine ('ST') and Piquirenda Thermal Power Plant ('CTP').
Outstanding operating performance in every business
segment:
|
Pampa's main
operational KPIs
|
Q4 22
|
Q4 21
|
Variation
|
|
Power
|
Generation
(GWh)
|
5,175
|
4,670
|
+11 %
|
|
Gross margin
(US$/MWh)
|
17.4
|
26.1
|
-33 %
|
|
|
|
|
|
|
Hydrocarbon
|
Production (k
boe/day)
|
61.6
|
58.1
|
+6 %
|
|
Gas over total
production
|
91 %
|
91 %
|
-0 %
|
|
Average gas price
(US$/MBTU)
|
3.9
|
3.1
|
+24 %
|
|
Average oil price
(US$/bbl)
|
66.9
|
58.6
|
+14 %
|
|
|
|
|
|
|
Petrochemicals
|
Volume sold (k
ton)
|
120
|
114
|
+5 %
|
|
Average price
(US$/ton)
|
1,285
|
1,266
|
+2 %
|
|
|
|
|
|
|
|
|
|
|
7% year-on-year decrease in the adjusted
EBITDA[3], recording
US$183 million in Q4 22,
explained by reductions of 74% in holding and others and 19% in
power generation, partially offset by increases of 57% in oil and
gas and 68% in petrochemicals.
Profit attributable to the Company's shareholders of
US$113 million, almost 3x the
fourth quarter 2021 ('Q4 21') figure, mainly due to Ecuador's arbitral compensation, higher gains
from holding financial securities and depreciation over the passive
monetary position in AR$. Certain PPAs' maturity, higher income tax
charges and financial interests partially offset the higher net
income.
Net debt continued decreasing, reaching US$913 million, with a net
leverage ratio of 1.2x.
Consolidated balance sheet
(As of
December 31, 2022 and 2021, in
millions)
|
Figures in
million
|
|
As of
12.31.2022
|
|
As of
12.31.2021
|
|
AR$
|
US$ FX
177,16
|
|
AR$
|
US$ FX
102,72
|
|
ASSETS
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
383,464
|
2,165
|
|
170,390
|
1,659
|
|
Intangible
assets
|
|
24,364
|
138
|
|
3,956
|
39
|
|
Right-of-use
assets
|
|
1,521
|
9
|
|
1,231
|
12
|
|
Deferred tax
asset
|
|
6,326
|
36
|
|
8,675
|
84
|
|
Investments in joint
ventures and associates
|
|
159,833
|
902
|
|
79,500
|
774
|
|
Financial assets at
amortized cost
|
|
18,000
|
102
|
|
10,821
|
105
|
|
Financial assets at
fair value through profit and loss
|
|
4,867
|
27
|
|
2,998
|
29
|
|
Other assets
|
|
91
|
1
|
|
61
|
1
|
|
Trade and other
receivables
|
|
3,415
|
19
|
|
3,379
|
33
|
|
Total non-current
assets
|
|
601,881
|
3,397
|
|
281,011
|
2,736
|
|
|
|
|
|
|
|
|
Inventories
|
|
30,724
|
173
|
|
15,888
|
155
|
|
Financial assets at
amortized cost
|
|
1,357
|
8
|
|
537
|
5
|
|
Financial assets at
fair value through profit and loss
|
|
103,856
|
586
|
|
47,026
|
458
|
|
Derivative financial
instruments
|
|
161
|
1
|
|
16
|
0
|
|
Trade and other
receivables
|
|
83,328
|
470
|
|
40,892
|
398
|
|
Cash and cash
equivalents
|
|
18,757
|
106
|
|
11,283
|
110
|
|
Total current
assets
|
|
238,183
|
1,344
|
|
115,642
|
1,126
|
|
|
|
|
|
|
|
|
Total
assets
|
|
840,064
|
4,742
|
|
396,653
|
3,861
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
Equity attributable
to owners of the company
|
|
403,463
|
2,277
|
|
183,431
|
1,786
|
|
|
|
|
|
|
|
|
Non-controlling
interest
|
|
1,157
|
7
|
|
609
|
6
|
|
|
|
|
|
|
|
|
Total
equity
|
|
404,620
|
2,284
|
|
184,040
|
1,792
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Investments in joint
ventures
|
|
-
|
-
|
|
386
|
4
|
|
Provisions
|
|
26,062
|
147
|
|
14,444
|
141
|
|
Income tax and presumed
minimum income tax liabilities
|
|
31,728
|
179
|
|
19,287
|
188
|
|
Deferred tax
liabilities
|
|
19,854
|
112
|
|
-
|
-
|
|
Defined benefit
plans
|
|
4,908
|
28
|
|
2,419
|
24
|
|
Borrowings
|
|
237,437
|
1,340
|
|
139,630
|
1,359
|
|
Trade and other
payables
|
|
3,757
|
21
|
|
1,340
|
13
|
|
Total non-current
liabilities
|
|
323,746
|
1,827
|
|
177,506
|
1,728
|
|
|
|
|
|
|
|
|
Provisions
|
|
779
|
4
|
|
560
|
5
|
|
Income tax
liabilities
|
|
927
|
5
|
|
2,098
|
20
|
|
Taxes
payables
|
|
4,966
|
28
|
|
2,314
|
23
|
|
Defined benefit
plans
|
|
1,021
|
6
|
|
515
|
5
|
|
Salaries and social
security payable
|
|
5,627
|
32
|
|
2,876
|
28
|
|
Derivative financial
instruments
|
|
318
|
2
|
|
18
|
0
|
|
Borrowings
|
|
48,329
|
273
|
|
8,165
|
79
|
|
Trade and other
payables
|
|
49,731
|
281
|
|
18,561
|
181
|
|
Total current
liabilities
|
|
111,698
|
630
|
|
35,107
|
342
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
435,444
|
2,458
|
|
212,613
|
2,070
|
|
|
|
|
|
|
|
|
Total liabilities
and equity
|
|
840,064
|
4,742
|
|
396,653
|
3,861
|
|
|
|
|
|
|
|
Consolidated income statement
(For the fiscal
year and quarters ended on December 31,
2022 and 2021, in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal
year
|
|
Fourth
quarter
|
|
Figures in
million
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
AR$
|
US$
|
|
AR$
|
US$
|
|
AR$
|
US$
|
|
AR$
|
US$
|
|
Sales
revenue
|
|
242,182
|
1,829
|
|
144,641
|
1,508
|
|
73,434
|
448
|
|
40,901
|
406
|
|
Local market
sales
|
|
196,723
|
1,478
|
|
121,638
|
1,270
|
|
59,861
|
364
|
|
33,063
|
328
|
|
Foreign market
sales
|
|
45,459
|
351
|
|
23,003
|
238
|
|
13,573
|
84
|
|
7,838
|
78
|
|
Cost of
sales
|
|
(150,891)
|
(1,148)
|
|
(91,342)
|
(955)
|
|
(46,094)
|
(283)
|
|
(28,690)
|
(289)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
91,291
|
681
|
|
53,299
|
553
|
|
27,340
|
165
|
|
12,211
|
117
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
(7,218)
|
(56)
|
|
(3,156)
|
(33)
|
|
(2,273)
|
(15)
|
|
(1,404)
|
(15)
|
|
Administrative
expenses
|
|
(18,708)
|
(138)
|
|
(9,507)
|
(99)
|
|
(6,319)
|
(37)
|
|
(3,206)
|
(32)
|
|
Exploration
expenses
|
|
(50)
|
-
|
|
(61)
|
-
|
|
(27)
|
-
|
|
(11)
|
-
|
|
Other operating
income
|
|
19,066
|
131
|
|
10,196
|
105
|
|
8,721
|
52
|
|
1,332
|
13
|
|
Other operating
expenses
|
|
(5,952)
|
(46)
|
|
(5,360)
|
(58)
|
|
(1,743)
|
(13)
|
|
(737)
|
(8)
|
|
Impairment of financial
assets
|
|
(1,142)
|
(8)
|
|
(220)
|
(2)
|
|
(470)
|
(3)
|
|
9
|
1
|
|
Impairment of PPE, int.
assets & inventories
|
|
(4,925)
|
(38)
|
|
(332)
|
(4)
|
|
(665)
|
(4)
|
|
(160)
|
(2)
|
|
Results for part. in
joint businesses & associates
|
|
16,089
|
105
|
|
11,567
|
117
|
|
2,479
|
5
|
|
3,436
|
32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
88,451
|
631
|
|
56,426
|
579
|
|
27,043
|
150
|
|
11,470
|
106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
income
|
|
768
|
5
|
|
847
|
10
|
|
171
|
(1)
|
|
228
|
3
|
|
Financial
costs
|
|
(30,488)
|
(221)
|
|
(17,512)
|
(185)
|
|
(12,361)
|
(73)
|
|
(3,384)
|
(34)
|
|
Other financial
results
|
|
25,558
|
166
|
|
(1,545)
|
(14)
|
|
21,450
|
133
|
|
(4,358)
|
(43)
|
|
Financial
results, net
|
|
(4,162)
|
(50)
|
|
(18,210)
|
(189)
|
|
9,260
|
59
|
|
(7,514)
|
(74)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before
tax
|
|
84,289
|
581
|
|
38,216
|
390
|
|
36,303
|
209
|
|
3,956
|
32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
|
|
(19,389)
|
(124)
|
|
(7,301)
|
(77)
|
|
(14,165)
|
(98)
|
|
485
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for
continuing operations
|
|
64,900
|
457
|
|
30,915
|
313
|
|
22,138
|
111
|
|
4,441
|
38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) from
discontinued operations
|
|
-
|
-
|
|
(7,129)
|
(75)
|
|
-
|
-
|
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
for the period
|
|
64,900
|
457
|
|
23,786
|
238
|
|
22,138
|
111
|
|
4,441
|
38
|
|
Attributable to
the owners of the Company
|
|
64,859
|
456
|
|
27,097
|
273
|
|
22,411
|
113
|
|
4,520
|
39
|
|
Continuing
operations
|
|
64,859
|
456
|
|
30,823
|
312
|
|
22,411
|
113
|
|
4,520
|
39
|
|
Discontinued
operations
|
|
-
|
-
|
|
(3,726)
|
(39)
|
|
-
|
-
|
|
-
|
-
|
|
Attributable to
the non-controlling interests
|
|
41
|
1
|
|
(3,311)
|
(35)
|
|
(273)
|
(2)
|
|
(79)
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
per share to shareholders
|
|
46.97
|
0.33
|
|
19.29
|
0.19
|
|
16.24
|
0.08
|
|
3.27
|
0.03
|
|
From continuing
operations
|
|
46.97
|
0.33
|
|
21.94
|
0.22
|
|
16.24
|
0.08
|
|
3.27
|
0.03
|
|
From discontinued
operations
|
|
-
|
-
|
|
(2.65)
|
(0.03)
|
|
-
|
-
|
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
per ADR to shareholders
|
|
1,174.13
|
8.26
|
|
482.15
|
4.86
|
|
406.00
|
2.05
|
|
81.77
|
0.71
|
|
From continuing
operations
|
|
1,174.13
|
8.26
|
|
548.45
|
5.55
|
|
406.00
|
2.05
|
|
81.77
|
0.71
|
|
From discontinued
operations
|
|
-
|
-
|
|
(66.30)
|
(0.70)
|
|
-
|
-
|
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
outstanding common shares1
|
|
1,381
|
|
|
1,405
|
|
|
1,380
|
|
|
1,382
|
|
|
Outstanding
shares by the end of period1
|
|
1,380
|
|
|
1,382
|
|
|
1,380
|
|
|
1,382
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: 1 It includes shares from the Employee
stock-based compensation plan, which as of December 31, 2022 and 2021 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 Q4 22 results
on Monday, March 13, 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/Pampa4Q2022VC. 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$74 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.
View original
content:https://www.prnewswire.com/news-releases/pampa-energia-announces-fourth-quarter-2022-results-301768468.html
SOURCE Pampa Energia S.A.
