Pampa Energia Announces Nine-Month Period and Third Quarter 2023 Results

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.

For those interested in participating, please register at bit.ly/Pampa3Q2023VC.

For further information about Pampa:

SOURCE: 1/3 Pampa Energía S.A.



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