BUENOS AIRES, March 10, 2020 /PRNewswire/ -- Pampa Energía S.A. PAMPAMP)), 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 fiscal year and quarter ended on December 31, 2019.
The Company adopted the US Dollar as functional currency ('FC US$') for the reporting of its financial information, effective as from January 1, 2019. However, the information of the comparative periods is reported in local and constant currency ('L&CC') as of December 31, 2018, which are shown in US$ converted by closing nominal exchange rate ('FX'). Moreover, Edenor, Transener, OldelVal, Refinor and TGS continue recording their operations under L&CC, therefore their figures are adjusted by inflation (for further information, see section 2 of this Earnings Release or footnote 3 of Pampa's financial statements ('FS')).
For the convenience of the reader, it is shown as supplementary information for each segment's quarterly comparative period the figures recorded in local currency and nominal terms ('L&NC') expressed in US$ at average FX, except for the distribution segment and subsidiaries under L&CC, which comparative quarter's figures are shown in L&CC as of December 31, 2019 and expressed in US$ at closing FX.
Main Results for the Fiscal Year 2019
Consolidated net revenues of US$2,836 million1, 3% lower than the US$2,920 million recorded in the fiscal year 2018, due to decreases of 15% in oil and gas, 5% in petrochemicals, 44% in holding and others, and higher eliminations due to intersegment sales of US$205 million, partially offset by increases of 35% in power generation and 1% in electricity distribution.
- Power Generation of 15,582 GWh from 15 power plants2
- Electricity sales of 19,974 GWh to 3.1 million end-users
- Production of 48.2 thousand barrels of oil equivalent ('boe') per day of hydrocarbons
- Sales of 343 thousand tons of petrochemical products
Consolidated adjusted EBITDA3 for continuing operations of US$915 million, 9% lower than the US$1,001 million for 2018, mainly due to decreases of 31% in electricity distribution, 34% in oil and gas, and 15% in holding and others, partially offset by increases of 20% in power generation, US$29 million in petrochemicals and higher intersegment eliminations of US$1 million.
Consolidated gain attributable to the owners of the Company of US$692 million, US$468 million higher than the US$224 million gain in 2018, mainly due to the on-time non-cash gain for the settlement of Edenor's regulatory liabilities and lower accrual of losses from FX difference as a result of change to FC US$, partially offset by decrease at operating margins in electricity distribution and oil and gas.
Main Results for the Fourth Quarter 2019 ('Q4 19')4
Consolidated net revenues of US$702 million, a 10% higher than the US$640 million recorded for the fourth quarter 2018 ('Q4 18'), explained by increases of 2% in power generation and 37% in electricity distribution, partially offset by decreases of 22% in oil and gas, 2% in petrochemicals, 45% in holding and others, and higher eliminations due to intersegment sales (US$10 million).
- Power Generation of 3,805 GWh from 15 power plants
- Electricity sales of 4,745 GWh to 3.1 million end-users
- Production of 47.7 thousand boe per day of hydrocarbons
- Sales of 91 thousand tons of petrochemical products
Consolidated adjusted EBITDA for continuing operations of US$170 million, 3% higher compared to the US$165 million reached at Q4 18, due to increases of 9% in power generation, US$8 million in electricity distribution, lower losses of US$18 million in petrochemicals and higher intersegment eliminations for US$2 million, partially offset by decreases of 56% in oil and gas and 11% in holding and others.
Consolidated gain attributable to the owners of the Company of US$9 million, US$280 million lower than the gain of US$289 million in Q4 18, mainly due to lower RECPAM recorded, due to the passive net monetary position allocated to the electricity distribution segment, lower gains from the participation in joint businesses and affiliates, and a higher loss from impairment of fixed assets.
Consolidated Balance Sheet | ||||||
As of December 31, 2019 and 2018, in millions) | ||||||
Figures in million | FC US$ as of 12.31.2019 | L&CC as of 12.31.2018 | ||||
AR$ | US$ FX 59.89 | AR$ | US$ FX 37.7 | |||
ASSETS | ||||||
Property, plant and equipment | 210,056 | 3,507 | 125,005 | 3,316 | ||
Intangible assets | 9,068 | 151 | 6,080 | 161 | ||
Right-of-use assets | 930 | 16 | - | - | ||
Deferred tax assets | 1,702 | 28 | 80 | 2 | ||
Investments in joint ventures and associates | 30,638 | 511 | 15,333 | 407 | ||
Financial assets at amortized cost | 1,048 | 18 | - | - | ||
Financial assets at fair value through profit and loss | 671 | 11 | 422 | 11 | ||
Other assets | 45 | 1 | 33 | 1 | ||
Trade and other receivables | 4,711 | 79 | 9,521 | 253 | ||
Total non-current assets | 258,869 | 4,322 | 156,474 | 4,151 | ||
Inventories | 9,175 | 153 | 5,169 | 137 | ||
Financial assets at amortized cost | 3,224 | 54 | 1,330 | 35 | ||
Financial assets at fair value through profit and loss | 21,867 | 365 | 15,273 | 405 | ||
Derivative financial instruments | 214 | 4 | 3 | - | ||
Trade and other receivables | 33,583 | 561 | 26,489 | 703 | ||
Cash and cash equivalents | 13,496 | 225 | 9,097 | 241 | ||
Total current assets | 81,559 | 1,362 | 57,361 | 1,521 | ||
Total assets | 340,428 | 5,684 | 213,835 | 5,672 | ||
EQUITY | ||||||
Share capital | 1,677 | 46 | 1,874 | 50 | ||
Share capital adjustment | 9,826 | 260 | 9,826 | 260 | ||
Share premium | 19,570 | 510 | 18,499 | 491 | ||
Treasury shares | 71 | 1 | 25 | - | ||
Treasury shares adjustment | 27 | 1 | 134 | 4 | ||
Treasury shares cost | (2,527) | (44) | (1,490) | (39) | ||
Legal reserve | 1,753 | 42 | 904 | 24 | ||
Voluntary reserve | 17,727 | 422 | 7,355 | 195 | ||
Other reserves | (771) | (18) | (483) | (13) | ||
Retained earnings | 51,844 | 726 | 15,193 | 403 | ||
Other comprehensive income | 15,668 | (29) | (314) | (9) | ||
Equity attributable to owners of the parent | 114,865 | 1,917 | 51,523 | 1,366 | ||
Non-controlling interest | 29,397 | 492 | 16,160 | 429 | ||
Total equity | 144,262 | 2,409 | 67,683 | 1,795 | ||
LIABILITIES | ||||||
Investments in joint ventures and associates | 265 | 4 | 153 | 4 | ||
Provisions | 8,703 | 145 | 5,499 | 146 | ||
Income tax and minimum notional income tax provision | 590 | 10 | 1,034 | 27 | ||
Deferred revenue | 270 | 5 | 275 | 7 | ||
Taxes payables | 263 | 4 | 542 | 14 | ||
Deferred tax liabilities | 22,068 | 368 | 15,354 | 407 | ||
Defined benefit plans | 1,606 | 27 | 1,175 | 31 | ||
Salaries and social security payable | 241 | 4 | 163 | 4 | ||
Borrowings | 105,629 | 1,764 | 69,189 | 1,835 | ||
Trade and other payables | 5,419 | 90 | 8,162 | 220 | ||
Total non-current liabilities | 145,054 | 2,421 | 101,546 | 2,695 | ||
Provisions | 1,206 | 20 | 871 | 23 | ||
Deferred revenue | 5 | - | 5 | - | ||
Income tax and minimum notional income tax provision | 3,154 | 53 | 1,084 | 29 | ||
Taxes payables | 4,316 | 72 | 2,052 | 54 | ||
Defined benefit plans | 230 | 4 | 162 | 4 | ||
Salaries and social security payable | 3,834 | 65 | 2,726 | 72 | ||
Derivative financial instruments | 204 | 3 | 49 | 1 | ||
Borrowings | 10,974 | 183 | 12,901 | 342 | ||
Trade and other payables | 27,189 | 454 | 24,756 | 657 | ||
Total current liabilities | 51,112 | 854 | 44,606 | 1,182 | ||
Total liabilities | 196,166 | 3,275 | 146,152 | 3,877 | ||
Total liabilities and equity | 340,428 | 5,684 | 213,835 | 5,672 | ||
Consolidated Income Statement | ||||||||||||
(For the fiscal year and quarter ended on December 31, 2019 and 2018, in millions) | ||||||||||||
Fiscal Year | Fourth Quarter | |||||||||||
Figures in million | 2019* | 2018† | 2019* | 2018† | ||||||||
AR$ | US$ | AR$ | US$ | AR$ | US$ | AR$ | US$ | |||||
Sales revenue | 154,642 | 2,836 | 110,080 | 2,920 | 44,603 | 702 | 24,147 | 640 | ||||
Cost of sales | (112,433) | (2,032) | (74,161) | (1,967) | (34,631) | (551) | (18,321) | (486) | ||||
Gross profit | 42,209 | 804 | 35,919 | 953 | 9,972 | 151 | 5,826 | 154 | ||||
Selling expenses | (8,645) | (148) | (6,451) | (171) | (2,860) | (44) | (1,839) | (49) | ||||
Administrative expenses | (9,179) | (174) | (7,751) | (206) | (3,293) | (53) | (2,238) | (60) | ||||
Exploration expenses | (463) | (9) | (45) | (1) | (308) | (5) | (33) | (1) | ||||
Other operating income | 2,088 | 40 | 6,842 | 181 | 731 | 13 | 763 | 20 | ||||
Other operating expenses | (4,617) | (86) | (7,526) | (200) | (1,428) | (22) | (1,687) | (45) | ||||
Impairment of PPE and intangible assets | (3,713) | (62) | (1,195) | (32) | (3,713) | (62) | (1,195) | (32) | ||||
Results for participation in joint businesses and associates | 5,855 | 101 | 4,464 | 118 | 2,426 | 39 | 3,959 | 105 | ||||
Results from sale of equity share in companies | - | - | 1,052 | 28 | - | - | 1,052 | 28 | ||||
Agreement from regularization of liabilities | 17,095 | 285 | - | - | 1,799 | 19 | - | - | ||||
Operating income | 40,630 | 751 | 25,309 | 670 | 3,326 | 36 | 4,608 | 120 | ||||
RECPAM | 11,186 | 187 | 23,696 | 629 | 2,672 | 39 | 6,479 | 172 | ||||
Financial income | 4,483 | 96 | 3,751 | 99 | 824 | 13 | 1,395 | 37 | ||||
Financial costs | (15,759) | (299) | (11,944) | (316) | (5,090) | (80) | (3,715) | (98) | ||||
Other financial results | 4,891 | 113 | (32,365) | (858) | 2,925 | 57 | 3,322 | 90 | ||||
Financial results, net | 4,801 | 97 | (16,862) | (446) | 1,331 | 29 | 7,481 | 201 | ||||
Profit before tax | 45,431 | 848 | 8,447 | 224 | 4,657 | 65 | 12,089 | 321 | ||||
Income tax | (6,124) | (48) | (658) | (17) | (3,296) | (55) | (1,499) | (40) | ||||
Net income for continuing operations | 39,307 | 800 | 7,789 | 207 | 1,361 | 10 | 10,590 | 281 | ||||
Net income from discontinued operations | - | - | 3,019 | 80 | - | - | (2) | (0) | ||||
Net income for the period | 39,307 | 800 | 10,808 | 287 | 1,361 | 10 | 10,588 | 281 | ||||
Attributable to the owners of the Company | 33,012 | 692 | 8,435 | 224 | 1,149 | 9 | 10,903 | 289 | ||||
Continuing operations | 33,012 | 692 | 5,506 | 146 | 1,149 | 9 | 10,905 | 289 | ||||
Discontinued operations | - | - | 2,929 | 78 | - | - | (2) | (0) | ||||
Attributable to the non-controlling interests | 6,295 | 108 | 2,373 | 63 | 212 | 1 | (315) | (8) | ||||
Net income per share attributable to the shareholders | 18.35 | 0.38 | 4.31 | 0.11 | 0.68 | 0.01 | 5.73 | 0.15 | ||||
From continuing operations | 18.35 | 0.38 | 2.81 | 0.07 | 0.68 | 0.01 | 5.74 | 0.15 | ||||
From discontinued operations | - | - | 1.50 | 0.04 | - | - | (0.00) | - | ||||
Net income per share attributable to the shareholders | 458.76 | 9.62 | 107.65 | 2.86 | 17.00 | 0.13 | 143.37 | 3.80 | ||||
From continuing operations | 458.76 | 9.62 | 70.27 | 1.87 | 17.00 | 0.13 | 143.40 | 3.80 | ||||
From discontinued operations | - | - | 37.38 | 0.99 | - | - | (0.03) | - | ||||
Note: * FC US$ was adopted on April 1, 2019, effective as from January 1, 2019 for Pampa Energía stand-alone and generation subsidiaries Los Nihuiles hydroelectric power plant ('HINISA'), Diamante hydroelectric power plant ('HIDISA') and Piedra Buena thermal power plant ('CPB'), as well as affiliates Greenwind and CTBSA, among others. The 2019 and Q4 19 results are disclosed in AR$ converted at transactional FX. | ||||||||||||
L&CC applies as from July 1, 2018 retrospectively and prospectively for subsidiaries Edenor (electricity distribution segment), OldeVal (oil and gas segment), Refinor, TGS and Transener (holding and others segment). Figures in AR$ for 2019 and Q4 19 are adjusted by average inflation as of December 31, 2019 for approximately 21.2% and 5.5%, respectively, and the disclosure in US$ results from converting by a closing FX of AR$59.89 per US$. | ||||||||||||
† Figures for 2018 and Q4 18 are recorded in AR$ and adjusted by inflation as of December 31, 2018 for approximately 19.2% and 5.4%, respectively, and shown in US$ at a closing FX of AR$37.70 per US$. | ||||||||||||
For the full version of the Earnings Report, please visit Pampa's Investor Relations website: ri.pampaenergia.com/en.
Information about the Conference Call
There will be a conference call to discuss Pampa's Q4 19 results on Wednesday March 11, 2020 at 10:00 a.m. Eastern Standard Time / 11:00 a.m. Buenos Aires Time.
The host will be Lida Wang, Investor Relations Manager at Pampa. For those interested in participating, please connect to http://bit.ly/PampaWebPhone or dial +54 (11) 3984-5677 in Argentina, +1 (844) 717-6837 in the United States or +1 (412) 317-6394 from any other country. Participants of the conference call should use the identification password 'Pampa Energía' and dial in five minutes before the scheduled time. There will also be a live audio webcast of the conference at http://bit.ly/PampaQ419Call. Please download the Q4 19 Conference Call Presentation from our IR website.
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
The Pampa Energía Building, Maipú 1 (C1084ABA) City of Buenos Aires, Argentina
Tel: +54 (11) 4344-6000
investor@pampaenergia.com
ri.pampaenergia.com/en
1 Under the International Financial Reporting Standards ('IFRS'), the affiliates Greenwind, OldelVal, Refinor, CTBSA, Transener and TGS are not consolidated in Pampa's FS, being its equity income shown as 'Results for participation in associates/joint businesses'.
2 Includes the operation of Ensenada Barragán Thermal Power Plant ('CTEB') and Mario Cebreiro Wind Farm ('PEMC'), assets co-controlled by Pampa and of which holds 50% of equity stake.
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 more information, see section 3 of the Earnings Release.
4 The financial information presented in this document for the quarters ended on December 31, 2019 and of 2018 are based on FS prepared according to IFRS in force in Argentina, corresponding to the fiscal years of 2019 and 2018, and the nine-month periods ended on September 30, 2019 and 2018, respectively.
SOURCE Pampa Energia S.A.
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