Pampa Energía announces nine-month period and third quarter 2024 results
Ciudad Autónoma de Buenos Aires, 11/06/2024 / 16:00, EST/EDT - EQS Newswire - 1/3 Pampa Energía S.A. (NYSE)
BUENOS AIRES, ARGENTINA / ACCESSWIRE / November 6, 2024 / Pampa Energía 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 970.5
AR$
US$ FX 808.45
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.
[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.
