Pampa Energia announces fourth quarter 2022 results.
BUENOS AIRES, Argentina: Pampa Energia 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...
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