BUENOS AIRES, ARGENTINA / ACCESSWIRE / November 6, 2024 / Pampa EnergÃa S.A. (NYSE:PAM)(Buenos Aires Stock Exchange:PAMP), an independent company with active participation in the Argentine electricity and gas value chain, announces the results for the nine-month period and quarter ended on September 30, 2024.
Pampa's financial information adopts US$ as functional currency, converted into AR$ at transactional exchange rate (‘FX'). However, Transener and TGS's adjust their figures for inflation as of September 30, 2024, which are expressed in US$ at the period's closing FX. The previously reported figures remain unchanged.
Third quarter 2024 (‘Q3 24') main results[1]
14% year-on-year sales increase in Q3 24, reaching US$540 million[2], driven by increased gas production in line with the last Plan Gas round, improved availability, dispatch and prices in power generation, and higher reforming volumes. These effects were partially offset by lower gas sales to industries and Chile, reforming prices and local petchem sales.
Operational KPIs in power generation and gas production outperformed during the winter peak demand
Pampa's main operational KPIs |
|
| Q3 24 |
|
|
| Q3 23 |
|
| Variation |
| ||
Power | Generation (GWh) |
|
| 5,951 |
|
|
| 4,985 |
|
|
| +19 | % |
Gross margin (US$/MWh) |
|
| 22.6 |
|
|
| 23.1 |
|
|
| -2 | % | |
|
|
|
|
|
|
|
|
|
|
|
| ||
Oil and gas | Production (k boe/day) |
|
| 87.5 |
|
|
| 80.4 |
|
|
| +9 | % |
Gas over total production |
|
| 94 | % |
|
| 94 | % |
|
| -0 | % | |
Average gas price (US$/MBTU) |
|
| 4.4 |
|
|
| 4.7 |
|
|
| -6 | % | |
Average oil price (US$/bbl) |
|
| 71.9 |
|
|
| 63.1 |
|
|
| +14 | % | |
|
|
|
|
|
|
|
|
|
|
|
| ||
Petrochemicals | Volume sold (k ton) |
|
| 128 |
|
|
| 102 |
|
|
| +25 | % |
Average price (US$/ton) |
|
| 1,092 |
|
|
| 1,285 |
|
|
| -15 | % | |
Adjusted EBITDA[3] was US$279 million in Q3 24, 14% higher than Q3 23 , mainly explained by increased deliveries under Plan Gas, power generation and our stakes at Transener and Transportadora de Gas del Sur (‘TGS'), offset by petrochemicals and operating costs.
Net profit to the Company's shareholders of US$146 million, a 4% decline from Q3 23, due to lower gains from financial securities and lesser devaluation over the monetary active position in AR$, partially offset by lesser financial expenses and income tax, and improvements in the operating margin.
Net debt decreased US$150 million vs. June 2024 to US$539 million, the lowest amount and ratio in the last 8 years, explained by the operating cash flow of core businesses and improved collections.
Consolidated balance sheet
(As of September 30, 2024 and December 2023, in millions)
Figures in million |
| As of 09.30.2024 |
|
| As of 12.31.2023 |
| ||||||||||
|
| AR$ |
|
|
| US$ FX |
|
| AR$ |
|
|
| US$ FX |
| ||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Property, plant and equipment |
|
| 2,499,436 |
|
|
| 2,575 |
|
|
| 2,056,974 |
|
|
| 2,544 |
|
Intangible assets |
|
| 94,114 |
|
|
| 97 |
|
|
| 77,898 |
|
|
| 96 |
|
Right-of-use assets |
|
| 12,153 |
|
|
| 13 |
|
|
| 17,259 |
|
|
| 21 |
|
Deferred tax asset |
|
| 101,466 |
|
|
| 105 |
|
|
| 2 |
|
|
| 0 |
|
Investments in joint ventures and associates |
|
| 918,879 |
|
|
| 947 |
|
|
| 542,978 |
|
|
| 672 |
|
Financial assets at fair value through profit and loss |
|
| 26,451 |
|
|
| 27 |
|
|
| 28,040 |
|
|
| 35 |
|
Other assets |
|
| 1,722 |
|
|
| 2 |
|
|
| 349 |
|
|
| 0 |
|
Trade and other receivables |
|
| 43,103 |
|
|
| 44 |
|
|
| 14,524 |
|
|
| 18 |
|
Total non-current assets |
|
| 3,697,324 |
|
|
| 3,810 |
|
|
| 2,738,024 |
|
|
| 3,387 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Inventories |
|
| 231,400 |
|
|
| 238 |
|
|
| 166,023 |
|
|
| 205 |
|
Financial assets at amortized cost |
|
| 77,881 |
|
|
| 80 |
|
|
| 84,749 |
|
|
| 105 |
|
Financial assets at fair value through profit and loss |
|
| 750,900 |
|
|
| 774 |
|
|
| 451,883 |
|
|
| 559 |
|
Derivative financial instruments |
|
| 108 |
|
|
| 0 |
|
|
| 250 |
|
|
| 0 |
|
Trade and other receivables |
|
| 598,582 |
|
|
| 617 |
|
|
| 238,294 |
|
|
| 295 |
|
Cash and cash equivalents |
|
| 322,011 |
|
|
| 332 |
|
|
| 137,973 |
|
|
| 171 |
|
Total current assets |
|
| 1,980,882 |
|
|
| 2,041 |
|
|
| 1,079,172 |
|
|
| 1,335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Assets classified as held for sale |
|
| 13,357 |
|
|
| 14 |
|
|
| - |
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total assets |
|
| 5,691,563 |
|
|
| 5,865 |
|
|
| 3,817,196 |
|
|
| 4,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity attributable to owners of the company |
|
| 3,092,655 |
|
|
| 3,187 |
|
|
| 1,943,736 |
|
|
| 2,404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total equity |
|
| 3,100,822 |
|
|
| 3,195 |
|
|
| 1,950,696 |
|
|
| 2,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions |
|
| 183,254 |
|
|
| 189 |
|
|
| 119,863 |
|
|
| 148 |
|
Income tax and presumed minimum income tax liabilities |
|
| 71,282 |
|
|
| 73 |
|
|
| 44,614 |
|
|
| 55 |
|
Deferred tax liabilities |
|
| 48,121 |
|
|
| 50 |
|
|
| 240,686 |
|
|
| 298 |
|
Defined benefit plans |
|
| 40,976 |
|
|
| 42 |
|
|
| 13,172 |
|
|
| 16 |
|
Borrowings |
|
| 1,368,963 |
|
|
| 1,411 |
|
|
| 989,182 |
|
|
| 1,224 |
|
Trade and other payables |
|
| 49,286 |
|
|
| 51 |
|
|
| 37,301 |
|
|
| 46 |
|
Total non-current liabilities |
|
| 1,761,882 |
|
|
| 1,815 |
|
|
| 1,444,818 |
|
|
| 1,787 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Provisions |
|
| 8,720 |
|
|
| 9 |
|
|
| 4,649 |
|
|
| 6 |
|
Income tax liabilities |
|
| 199,094 |
|
|
| 205 |
|
|
| 14,026 |
|
|
| 17 |
|
Taxes payables |
|
| 47,984 |
|
|
| 49 |
|
|
| 11,427 |
|
|
| 14 |
|
Defined benefit plans |
|
| 12,148 |
|
|
| 13 |
|
|
| 2,695 |
|
|
| 3 |
|
Salaries and social security payable |
|
| 29,187 |
|
|
| 30 |
|
|
| 15,537 |
|
|
| 19 |
|
Derivative financial instruments |
|
| 2 |
|
|
| 0 |
|
|
| 191 |
|
|
| 0 |
|
Borrowings |
|
| 305,312 |
|
|
| 315 |
|
|
| 181,357 |
|
|
| 224 |
|
Trade and other payables |
|
| 225,170 |
|
|
| 232 |
|
|
| 191,800 |
|
|
| 237 |
|
Total current liabilities |
|
| 827,617 |
|
|
| 853 |
|
|
| 421,682 |
|
|
| 522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Liabilities associated to assets classified as held for sale |
|
| 1,242 |
|
|
| 1 |
|
|
| - |
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total liabilities |
|
| 2,590,741 |
|
|
| 2,669 |
|
|
| 1,866,500 |
|
|
| 2,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total liabilities and equity |
|
| 5,691,563 |
|
|
| 5,865 |
|
|
| 3,817,196 |
|
|
| 4,722 |
|
Consolidated income statement
(For the nine-month periods and quarters ended on September 30, 2024 and 2023, in millions)
Nine-month period |
| Third quarter |
| |||||||||||||||||||||
Figures in million | 2024 |
| 2023 |
| 2024 |
| 2023 |
| ||||||||||||||||
AR$ |
| US$ |
| AR$ |
| US$ |
| AR$ |
| US$ |
| AR$ |
| US$ |
| |||||||||
Sales revenue |
| 1,294,494 |
|
| 1,441 |
|
| 346,957 |
|
| 1,370 |
|
| 510,706 |
|
| 540 |
|
| 152,701 |
|
| 475 |
|
Domestic sales |
| 1,086,342 |
|
| 1,207 |
|
| 285,892 |
|
| 1,117 |
|
| 437,156 |
|
| 465 |
|
| 131,583 |
|
| 409 |
|
Foreign market sales |
| 208,152 |
|
| 234 |
|
| 61,065 |
|
| 253 |
|
| 73,550 |
|
| 75 |
|
| 21,118 |
|
| 66 |
|
Cost of sales |
| (831,719 | ) |
| (930 | ) |
| (209,953 | ) |
| (850 | ) |
| (344,291 | ) |
| (365 | ) |
| (92,014 | ) |
| (295 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Gross profit |
| 462,775 |
|
| 511 |
|
| 137,004 |
|
| 520 |
|
| 166,415 |
|
| 175 |
|
| 60,687 |
|
| 180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Selling expenses |
| (51,380 | ) |
| (57 | ) |
| (13,333 | ) |
| (51 | ) |
| (19,798 | ) |
| (21 | ) |
| (5,610 | ) |
| (17 | ) |
Administrative expenses |
| (124,840 | ) |
| (139 | ) |
| (34,629 | ) |
| (133 | ) |
| (53,166 | ) |
| (56 | ) |
| (14,427 | ) |
| (44 | ) |
Exploration expenses |
| (256 | ) |
| - |
|
| (1,772 | ) |
| (7 | ) |
| (89 | ) |
| - |
|
| (22 | ) |
| - |
|
Other operating income |
| 102,716 |
|
| 116 |
|
| 31,627 |
|
| 115 |
|
| 31,935 |
|
| 33 |
|
| 17,338 |
|
| 54 |
|
Other operating expenses |
| (63,966 | ) |
| (72 | ) |
| (18,079 | ) |
| (68 | ) |
| (20,912 | ) |
| (20 | ) |
| (10,704 | ) |
| (33 | ) |
Impairment of financial assets |
| (48,912 | ) |
| (56 | ) |
| (415 | ) |
| (4 | ) |
| 680 |
|
| - |
|
| (116 | ) |
| (1 | ) |
Impairment on PPE, int. assets & inventories |
| (18,578 | ) |
| (19 | ) |
| (324 | ) |
| (1 | ) |
| (18,436 | ) |
| (19 | ) |
| (1 | ) |
| - |
|
Results for part. in joint businesses & associates |
| 94,331 |
|
| 101 |
|
| 14,044 |
|
| 42 |
|
| 62,437 |
|
| 62 |
|
| 5,474 |
|
| 8 |
|
Income from the sale of associates |
| 5,765 |
|
| 7 |
|
| 486 |
|
| 1 |
|
| - |
|
| - |
|
| 486 |
|
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating income |
| 357,655 |
|
| 392 |
|
| 114,609 |
|
| 414 |
|
| 149,066 |
|
| 154 |
|
| 53,105 |
|
| 148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Financial income |
| 4,095 |
|
| 4 |
|
| 1,090 |
|
| 4 |
|
| 2,086 |
|
| 2 |
|
| 662 |
|
| 2 |
|
Financial costs |
| (120,932 | ) |
| (137 | ) |
| (71,096 | ) |
| (283 | ) |
| (39,244 | ) |
| (43 | ) |
| (30,018 | ) |
| (95 | ) |
Other financial results |
| 99,806 |
|
| 114 |
|
| 95,794 |
|
| 392 |
|
| 36,945 |
|
| 40 |
|
| 40,333 |
|
| 138 |
|
Financial results, net |
| (17,031) |
|
| (19) |
|
| 25,788 |
|
| 113 |
|
| (213) |
|
| (1) |
|
| 10,977 |
|
| 45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Profit before tax |
| 340,624 |
|
| 373 |
|
| 140,397 |
|
| 527 |
|
| 148,853 |
|
| 153 |
|
| 64,082 |
|
| 193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income tax |
| 111,715 |
|
| 140 |
|
| (20,437 | ) |
| (69 | ) |
| (9,451 | ) |
| (7 | ) |
| (13,350 | ) |
| (40 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income for the period |
| 452,339 |
|
| 513 |
|
| 119,960 |
|
| 458 |
|
| 139,402 |
|
| 146 |
|
| 50,732 |
|
| 153 |
|
Attributable to the owners of the Company |
| 452,630 |
|
| 513 |
|
| 119,708 |
|
| 457 |
|
| 139,470 |
|
| 146 |
|
| 50,611 |
|
| 152 |
|
Attributable to the non-controlling interest |
| (291) |
|
| - |
|
| 252 |
|
| 1 |
|
| (68) |
|
| - |
|
| 121 |
|
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income per share to shareholders |
| 332.8 |
|
| 0.4 |
|
| 87.5 |
|
| 0.3 |
|
| 102.6 |
|
| 0.1 |
|
| 37.2 |
|
| 0.1 |
|
Net income per ADR to shareholders |
| 8,320.4 |
|
| 9.4 |
|
| 2,187.6 |
|
| 8.4 |
|
| 2,563.8 |
|
| 2.7 |
|
| 930.4 |
|
| 2.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Average outstanding common shares1 |
| 1,360 |
|
| 1,360 |
|
| 1,368 |
|
| 1,368 |
|
| 1,360 |
|
| 1,360 |
|
| 1,360 |
|
| 1,360.0 |
|
Outstanding shares by the end of period1 |
| 1,360 |
|
| 1,360 |
|
| 1,360 |
|
| 1,360 |
|
| 1,360 |
|
| 1,360 |
|
| 1,360 |
|
| 1,360.0 |
|
Note:1 It considers the Employee stock-based compensation plan shares, which amounted to 3.9 million common shares as of September 30, 2023 and 2024.
For the full version of the Earnings Report, please visit Pampa's Investor Relations website: ri.pampa.com/en.
Information about the video conference
There will be a video conference to discuss Pampa's Q3 24 results on Thursday, November 7, 2024, at 10:00 a.m. Eastern Standard Time/12:00 p.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO, Nicolás Mindlin, CFO, and Lida Wang, investor relations and sustainability officer at Pampa.
For those interested in participating, please register here.
For further information about Pampa :
[1] The information is based on financial statements ('FS') prepared according to International Financial Reporting Standards (‘IFRS') in force in Argentina.
[2] Sales from the affiliates CTBSA, Transener and TGS are excluded, shown as ‘Results for participation in joint businesses and associates.'
[3] Consolidated adjusted EBITDA represents the flows before financial items, income tax, depreciations and amortizations, extraordinary and non-cash income and expense, equity income, and includes affiliates' EBITDA at our ownership. Further information on section 3.1.
SOURCE: 1/3 Pampa EnergÃa S.A.