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Pampa Energía announces results for the quarter ended on March 31, 2021

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PRNewswire
May 12, 2021
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PR Newswire

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:

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
[email protected]
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.

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