BUENOS AIRES, Argentina, May 12, 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 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
investor@pampaenergia.com
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.
SOURCE Pampa Energia S.A.
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