Pampa Energía Announces Results For The Quarter Ended On Ma

|May 12|magazine17 min read

BUENOS AIRES, Argentina, May 12, 2020 /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, 2020.

As from 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 (distribution segment), OldelVal (oil and gas segment), Transener, TGS and Refinor (holding and others segment) continue recording their operations under local currency. Thus, the first quarter 2020 ('Q1 20') figures are adjusted as of March 31, 2020 by a 3.8% inflation rate, translated to US$ at closing FX of 64.47. For the comparative period of the first quarter 2019 ('Q1 19'), figures remain adjusted as of March 31, 2019 by an inflation rate of 5.6%, and translated to US$ at closing FX of 43.351.

Main Highlights from the Q1 20 Results2

Consolidated net revenues of US$607 million3, 17% lower than the US$727 million recorded in Q1 19, due to decreases of 35% in power generation, 18% in electricity distribution, 25% in oil and gas, 5% in petrochemicals, 14% in holding and others, and lower eliminations from intersegment sales (US$56 million).

  • Power Generation of 4,608 GWh from 15 power plants4
  • Electricity sales of 5,203 GWh to 3.1 million end-users
  • Production of 46 thousand boe per day of hydrocarbons
  • Sales of 87 thousand tons of petrochemical products

Consolidated adjusted EBITDA5 of US$221 million, 5% higher than the US$210 million for Q1 19, mainly due to increases of 18% in power generation and 74% in electricity distribution, partially offset by decreases of 38% in oil and gas, 10% in holding and others, and US$4 million losses in petrochemicals.

Consolidated gain attributable to the owners of the Company of US$14 million, 92% lower than the US$167 million gain in Q1 19, mainly due to the recording of a loss from impairment of assets (US$67 million), lesser results from net monetary position ('RECPAM') recorded due to the lower passive net monetary position allocated to the electricity distribution segment (US$50 million) and higher income taxes charges (US$35 million).

Consolidated Balance Sheet

(As of March 31, 2020 and December 31, 2019, in millions) 


Figures in million


As of 3.31.2020


As of 12.31.2019


AR$

US$ FX 64.47


AR$

US$ FX 59.89

ASSETS







Property, plant and equipment


222,220

3,447


210,056

3,507

Intangible assets


9,250

143


9,068

151

Right-of-use assets


963

15


930

16

Deferred tax assets


3,512

54


1,702

28

Investments in joint ventures and associates


35,074

544


30,638

511

Financial assets at amortized cost


302

5


1,048

18

Financial assets at fair value through profit and loss


722

11


671

11

Other assets


48

1


45

1

Trade and other receivables


4,989

77


4,711

79

Total non-current assets


277,080

4,298


258,869

4,322

Inventories


8,922

138


9,175

153

Financial assets at amortized cost


3,473

54


3,224

54

Financial assets at fair value through profit and loss


15,767

245


21,867

365

Derivative financial instruments


-

-


214

4

Trade and other receivables


37,959

589


33,583

561

Cash and cash equivalents


12,783

198


13,496

225

Total current assets


78,904

1,224


81,559

1,362








Total assets


355,984

5,522


340,428

5,684








EQUITY







Total equity


153,807

2,386


144,262

2,409








LIABILITIES







Investments in joint ventures and associates


291

5


265

4

Provisions


9,138

142


8,703

145

Income tax and minimum notional income tax provision


2,677

42


590

10

Deferred revenue


269

4


270

5

Taxes payables


207

3


263

4

Deferred tax liabilities


23,180

360


22,068

368

Defined benefit plans


1,869

29


1,606

27

Salaries and social security payable 


274

4


241

4

Borrowings


109,540

1,699


105,629

1,764

Trade and other payables


6,771

105


5,419

90

Total non-current liabilities


154,216

2,392


145,054

2,421

Provisions


1,317

20


1,206

20

Deferred revenue


5

0


5

-

Income tax and minimum notional income tax provision


3,236

50


3,154

53

Taxes payables


3,575

55


4,316

72

Defined benefit plans


235

4


230

4

Salaries and social security payable 


3,127

49


3,834

65

Derivative financial instruments


254

4


204

3

Borrowings


6,204

96


10,974

183

Trade and other payables


30,008

465


27,189

454

Total current liabilities


47,961

744


51,112

854








Total liabilities


202,177

3,136


196,166

3,275








Total liabilities and equity


355,984

5,522


340,428

5,684

 

Consolidated Income Statement

(For the quarters ended on March 31, 2020 and 2019, in millions)










First Quarter

Figures in million


2020


2019



AR$

US$


AR$

US$

Sales revenue


38,415

607


29,393

727

Cost of sales


(27,556)

(436)


(21,269)

(523)








Gross profit


10,859

171


8,124

204








Selling expenses


(2,328)

(36)


(1,813)

(43)

Administrative expenses


(2,424)

(39)


(1,863)

(45)

Exploration expenses


(4)

-


(41)

(1)

Other operating income


604

9


484

14

Other operating expenses


(822)

(14)


(1,017)

(25)

Results for participation in joint businesses and associates


2,069

32


835

20

Impairment of PPE and inventory


(4,316)

(67)


-

-








Operating income


3,638

56


4,709

124








RECPAM


1,676

26


3,308

76

Financial income


1,007

16


1,298

33

Financial costs


(3,861)

(62)


(3,611)

(88)

Other financial results


(1,114)

(15)


(495)

(6)

Financial results, net


(2,292)

(35)


500

15








Profit before tax


1,346

21


5,209

139








Income tax


(403)

(5)


1,427

30








Net income for the period


943

16


6,636

169

Attributable to the owners of the Company


775

14


6,531

167

Attributable to the non-controlling interests


168

2


105

2








Net income per share attributable to the shareholders


0.47

0.01


3.48

0.09

Net income per share attributable to the shareholders


11.81

0.21


87.08

2.23








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 20 results on Wednesday May 13, 2020 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 Manager at Pampa.

For those interested in participating, please register at bit.ly/PampaQ120VideoCall. 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 further information, contact:

Gustavo Mariani 
Chief Executive Officer – CEO

Ricardo Torres
Executive Vice-president

Mariano Batistella
Executive Director of Planning, Strategy, Downstream & Affiliates

Lida Wang
Investor Relations Officer and Sustainability

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 for the quarters Q1 20 and Q1 19 are based on FS prepared according to International Financial Reporting Standards ('IFRS') in force in Argentina.

3 Under the IFRS, US$114 million sales at our ownership from the affiliates Greenwind, OldelVal, Refinor, CTBSA, Transener and TGS are not consolidated in Pampa, being its equity income shown as 'Results for participation in joint businesses and associates'.

4 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 more information, see section 3 of the Earnings Release.

Cision View original content:http://www.prnewswire.com/news-releases/pampa-energia-announces-results-for-the-quarter-ended-on-march-31-2020-301058078.html

SOURCE Pampa Energia S.A.