BUENOS AIRES, Aug. 11, 2021 /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 six-month period and quarter ended on
June 30, 2021.
Pampa's financial information adopts US$ as functional currency,
and it's expressed in AR$ at the transactional nominal exchange
rate ('FX'). However, Transener, TGS and Refinor, from our holding
and others segment, report under local currency. Hence, their
figures are adjusted by inflation as of June
30, 2021, except for previous periods already reported.
Main results from the quarter1
68% year-on-year increase in sales, recording US$346 million2 in the
second quarter 2021 ('Q2 21'), explained by higher price and
volume of hydrocarbons and petrochemicals sold, the new combined
cycle gas turbine at Genelba Thermal Power Plant ('CTGEBA'), and
the retroactive rise as of February
2021 on spot energy remuneration, partially offset by real
devaluation affecting spot revenues.
|
Q2
21
|
Q2
20
|
Variation
|
|
Power
|
Generation
(GWh)
|
3,808
|
3,461
|
+10%
|
|
Gross margin
(US$/MWh)
|
35.0
|
36.6
|
-4%
|
|
|
|
|
|
|
Hydrocarbon
|
Production (k
boe/day)
|
47.7
|
43.7
|
+9%
|
|
Gas over total
production
|
90%
|
91%
|
-1%
|
|
Average gas price
(US$/MBTU)
|
3.9
|
2.0
|
+99%
|
|
Average oil price
(US$/bbl)
|
57.7
|
20.8
|
+177%
|
|
|
|
|
|
|
Petrochemicals
|
Volume sold (k
ton)
|
76
|
52
|
+46%
|
|
Average price
(US$/ton)
|
1,285
|
741
|
+73%
|
|
|
|
|
|
79% year-on-year increase in the adjusted EBITDA3,
recording US$241 million during Q2
21, explained by rises of US$67
million in oil and gas, US$25
million in power generation, US$12
million in petrochemicals, and US$2
million in holding and others.
Pampa recorded a consolidated profit attributable to the
Company's shareholders of US$70
million, US$66 million
higher than the second quarter 2020 ('Q2 20'), mainly due to better
operating margin, offset by higher losses from discontinued
operations and income tax charge in Q2 21.
Net debt decreased to US$1,042
million as of June 30, 2021, showing a continuous
reduction compared to the US$1,148
million recorded by the end of 2020.
Consolidated balance sheet
(As of June 30, 2021 and December
31, 2020, in millions)
|
Figures in
million
|
|
As of
6.30.2021
|
|
As of
12.31.2020
|
|
AR$
|
US$ FX
95.72
|
|
AR$
|
US$ FX
84.15
|
|
ASSETS
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
153,639
|
1,605
|
|
135,445
|
1,610
|
|
Intangible
assets
|
|
4,075
|
43
|
|
3,455
|
41
|
|
Right-of-use
assets
|
|
1,595
|
17
|
|
867
|
10
|
|
Deferred tax
assets
|
|
7,146
|
75
|
|
9,082
|
108
|
|
Investments in joint
ventures and associates
|
|
61,544
|
643
|
|
46,229
|
549
|
|
Financial assets at
amortized cost
|
|
9,598
|
100
|
|
8,428
|
100
|
|
Financial assets at
fair value through profit and loss
|
|
3,811
|
40
|
|
942
|
11
|
|
Other
assets
|
|
61
|
1
|
|
57
|
1
|
|
Trade and other
receivables
|
|
3,249
|
34
|
|
3,631
|
43
|
|
Total non-current
assets
|
|
244,718
|
2,557
|
|
208,136
|
2,473
|
|
Inventories
|
|
14,894
|
156
|
|
9,766
|
116
|
|
Financial assets at
amortized cost
|
|
-
|
-
|
|
2,062
|
25
|
|
Financial assets at
fair value through profit and loss
|
|
32,324
|
338
|
|
27,382
|
325
|
|
Derivative financial
instruments
|
|
1
|
0
|
|
1
|
-
|
|
Trade and other
receivables
|
|
45,275
|
473
|
|
28,678
|
341
|
|
Cash and cash
equivalents
|
|
11,946
|
125
|
|
11,900
|
141
|
|
Total current
assets
|
|
104,440
|
1,091
|
|
79,789
|
948
|
|
Assets classified as
held for sale
|
|
-
|
-
|
|
123,603
|
1,469
|
|
Total
assets
|
|
349,158
|
3,648
|
|
411,528
|
4,890
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
Equity
attributable to owners of the company
|
|
149,939
|
1,566
|
|
120,247
|
1,428
|
|
Non-controlling
interest
|
|
743
|
8
|
|
28,631
|
341
|
|
Total
equity
|
|
150,682
|
1,574
|
|
148,878
|
1,769
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Investments in joint
ventures and associates
|
|
416
|
4
|
|
161
|
2
|
|
Provisions
|
|
13,428
|
140
|
|
9,326
|
111
|
|
Income tax
liabilities
|
|
15,750
|
165
|
|
11,004
|
131
|
|
Taxes
payables
|
|
138
|
1
|
|
128
|
2
|
|
Deferred tax
liabilities
|
|
-
|
-
|
|
93
|
1
|
|
Defined benefit
plans
|
|
1,944
|
20
|
|
1,460
|
17
|
|
Borrowings
|
|
130,932
|
1,368
|
|
115,428
|
1,372
|
|
Other
payables
|
|
1,593
|
17
|
|
1,418
|
16
|
|
Total non-current
liabilities
|
|
164,201
|
1,715
|
|
139,018
|
1,652
|
|
Provisions
|
|
363
|
4
|
|
1,379
|
16
|
|
Income tax
liabilities
|
|
49
|
1
|
|
897
|
11
|
|
Taxes
payables
|
|
4,295
|
45
|
|
3,030
|
36
|
|
Defined benefit
plans
|
|
298
|
3
|
|
298
|
4
|
|
Salaries and social
security payable
|
|
1,372
|
14
|
|
1,935
|
23
|
|
Derivative financial
instruments
|
|
27
|
0
|
|
40
|
-
|
|
Borrowings
|
|
13,094
|
137
|
|
20,377
|
242
|
|
Trade and other
payables
|
|
14,777
|
154
|
|
9,778
|
116
|
|
Total current
liabilities
|
|
34,275
|
358
|
|
37,734
|
448
|
|
Liabilities
associated to assets classified as held for sale
|
|
-
|
-
|
|
85,898
|
1,021
|
|
Total
liabilities
|
|
198,476
|
2,074
|
|
262,650
|
3,121
|
|
|
|
|
|
|
|
|
Total liabilities
and equity
|
|
349,158
|
3,648
|
|
411,528
|
4,890
|
Consolidated income statement
(For the six-month
periods and quarters ended on June 30,
2021 and 2020, in millions)
|
|
First
half
|
|
Second
quarter
|
|
Figures in
million
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
AR$
|
US$
|
|
AR$
|
US$
|
|
AR$
|
US$
|
|
AR$
|
US$
|
|
Sales
revenue
|
|
61,211
|
667
|
|
32,154
|
496
|
|
32,576
|
346
|
|
14,118
|
206
|
|
Cost of
sales
|
|
(35,343)
|
(386)
|
|
(20,309)
|
(318)
|
|
(18,990)
|
(201)
|
|
(9,148)
|
(136)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
25,868
|
281
|
|
11,845
|
178
|
|
13,586
|
145
|
|
4,970
|
70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
(1,083)
|
(12)
|
|
(1,000)
|
(16)
|
|
(541)
|
(5)
|
|
(401)
|
(6)
|
|
Administrative
expenses
|
|
(4,043)
|
(44)
|
|
(3,174)
|
(49)
|
|
(2,027)
|
(21)
|
|
(1,638)
|
(24)
|
|
Exploration
expenses
|
|
(44)
|
-
|
|
(9)
|
-
|
|
(37)
|
-
|
|
(5)
|
-
|
|
Other operating
income
|
|
4,846
|
50
|
|
1,261
|
20
|
|
3,870
|
39
|
|
552
|
9
|
|
Other operating
expenses
|
|
(3,831)
|
(42)
|
|
(1,276)
|
(19)
|
|
(781)
|
(9)
|
|
(818)
|
(11)
|
|
Impairment of
financial assets
|
|
(196)
|
(2)
|
|
12
|
-
|
|
(93)
|
(1)
|
|
81
|
1
|
|
Impairment of PPE,
intangible assets and inventories
|
|
(172)
|
(2)
|
|
(4,316)
|
(67)
|
|
(172)
|
(2)
|
|
-
|
-
|
|
Results for part. in
joint businesses and associates
|
|
3,101
|
34
|
|
3,158
|
46
|
|
875
|
8
|
|
1,089
|
14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
24,446
|
263
|
|
6,501
|
93
|
|
14,680
|
154
|
|
3,830
|
53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
income
|
|
337
|
3
|
|
295
|
4
|
|
172
|
1
|
|
153
|
1
|
|
Financial
costs
|
|
(7,841)
|
(86)
|
|
(5,348)
|
(82)
|
|
(3,855)
|
(41)
|
|
(2,705)
|
(39)
|
|
Other financial
results
|
|
2,931
|
29
|
|
1,760
|
28
|
|
4,992
|
53
|
|
2,169
|
32
|
|
Financial
results, net
|
|
(4,573)
|
(54)
|
|
(3,293)
|
(50)
|
|
1,309
|
13
|
|
(383)
|
(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before
tax
|
|
19,873
|
209
|
|
3,208
|
43
|
|
15,989
|
167
|
|
3,447
|
47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
|
|
(6,106)
|
(64)
|
|
(1,399)
|
(14)
|
|
(5,391)
|
(56)
|
|
(1,838)
|
(22)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for
continuing operations
|
|
13,767
|
145
|
|
1,809
|
29
|
|
10,598
|
111
|
|
1,609
|
25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from discontinued operations
|
|
(7,129)
|
(75)
|
|
(1,748)
|
(24)
|
|
(7,654)
|
(80)
|
|
(2,491)
|
(36)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
for the period
|
|
6,638
|
70
|
|
61
|
5
|
|
2,944
|
31
|
|
(882)
|
(11)
|
|
Attributable to
the owners of the Company
|
|
9,773
|
103
|
|
995
|
18
|
|
6,621
|
70
|
|
220
|
4
|
|
Continuing
operations
|
|
13,499
|
142
|
|
1,942
|
31
|
|
10,349
|
108
|
|
1,582
|
24
|
|
Discontinued
operations
|
|
(3,726)
|
(39)
|
|
(947)
|
(13)
|
|
(3,728)
|
(38)
|
|
(1,362)
|
(20)
|
|
Attributable to
the non-controlling interests
|
|
(3,135)
|
(33)
|
|
(934)
|
(13)
|
|
(3,677)
|
(39)
|
|
(1,102)
|
(15)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
per share attributable to shareholders
|
|
6.94
|
0.07
|
|
0.62
|
0.01
|
|
4.75
|
0.05
|
|
0.14
|
0.003
|
|
From continuing
operations
|
|
9.58
|
0.10
|
|
1.21
|
0.02
|
|
7.43
|
0.08
|
|
1.01
|
0.02
|
|
From discontinued
operations
|
|
(2.64)
|
(0.03)
|
|
(0.59)
|
(0.01)
|
|
(2.68)
|
(0.03)
|
|
(0.87)
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
per ADR attributable to shareholders
|
|
173.40
|
1.83
|
|
15.54
|
0.28
|
|
118.84
|
1.26
|
|
3.50
|
0.07
|
|
From continuing
operations
|
|
239.51
|
2.52
|
|
30.32
|
0.49
|
|
185.75
|
1.94
|
|
25.19
|
0.38
|
|
From discontinued
operations
|
|
(66.11)
|
(0.69)
|
|
(14.79)
|
(0.20)
|
|
(66.91)
|
(0.68)
|
|
(21.69)
|
(0.32)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
outstanding common shares
|
|
1,409.0
|
|
|
1,601.3
|
|
|
1,392.9
|
|
|
1,570.2
|
|
|
Outstanding
common shares by the end of period
|
|
1,388.8
|
|
|
1,557.1
|
|
|
1,388.8
|
|
|
1,557.1
|
|
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 Q2 21 results
on Friday, August 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/Pampa2Q21VideoCall. The videoconference call will also be
simultaneously webcasted at Pampa's website
ri.pampaenergia.com/en.
For further information about Pampa:
- investor@pampaenergia.com
- ri.pampaenergia.com/en
|
- www.argentina.gob.ar/cnv
- 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
Greenwind, OldelVal, Refinor, CTBSA, Transener and TGS, which at
our ownership account for US$110
million. Under IFRS they 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-solid-second-quarter-2021-results-coupled-with-record-high-gas-production-301353829.html
SOURCE Pampa Energia S.A.