Pampa Energía announces results for the fiscal year and quarter ended on December 31, 2020

BUENOS AIRES, Argentina, March 11, 2021 /PRNewswire/ -- Pampa Energía S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP), 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, 2020.

As of 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 (electricity distribution), Transener, TGS and Refinor (holding and others) record their operations in local currency. Thus, the 2020 figures are adjusted by inflation as of December 31, 2020 (2020: 15.3% and Q4 20: 5.4%), translated to US$ at closing FX of 84.15. Moreover, the 2019 figures are adjusted by inflation as of December 31, 2019 (2019: 21.2% and Q4 19: 5.5%), translated to US$ at closing FX of 59.89[1].

On December 28, 2020, it was announced the sale of the controlling stake in Edenor. Therefore, the electricity distribution segment is shown as discontinued operations for the current and comparative periods[2].

Main results for the fiscal year 2020

Consolidated net revenues for continuing operations of US$1,071 million[3], 20% lower than the US$1,338 million recorded in 2019, mainly due to lower gas sales for our power generation, the drop in prices and volumes sold of hydrocarbons, petrochemical products and spot energy, partially offset by the commissioning of new power generation units priced under Power Purchase Agreement ('PPA').

  • Power generation of 16,470 GWh from 15 power plants[4]
  • Production of 45.0 thousand boe per day of hydrocarbons
  • Sales of 337 thousand tons of petrochemical products

Consolidated adjusted EBITDA[5] of US$750 million, 18% lower than the US$915 million in 2019, due to decreases of 67% in electricity distribution, 48% in oil and gas and 12% in holding and others, partially offset by increases of 6% in power generation and US$13 million in petrochemicals.

Consolidated loss attributable to the owners of the Company of US$367 million, lower than the US$692 million profit achieved in 2019, mainly due to the impairment of assets in electricity distribution, power generation and petrochemicals, in addition to lower operating margin and an income tax charge. In 2019 income tax benefit and a US$285 million gain due to Edenor's regularization of liabilities were recorded.

Main results for the fourth quarter 2020 ('Q4 20')[6]

Consolidated net revenues for continuing operations of US$285 million, 10% lower than the US$318 million recorded in Q4 19, mainly due to reduced fuel sales for our thermal power dispatch, lower price and volume sold of hydrocarbons and spot energy, partially offset by the commissioning of the new combined cycle gas turbine Genelba Plus, and to a lesser extent, by higher volumes sold of petrochemical products.

  • Power generation of 4,400 GWh from 15 power plants
  • Production of 43.7 thousand boe per day of hydrocarbons
  • Sales of 107 thousand tons of petrochemical products

Consolidated adjusted EBITDA of US$168 million, 6% lower than the US$179 million in Q4 19, due to decreases of US$24 million in electricity distribution, 24% in holding and others, 7% in oil and gas and US$1 million in intersegment eliminations, partially offset by increases of 13% in power generation and US$12 million in petrochemicals.

Consolidated loss attributable to the owners of the Company of US$463 million, lower than the US$9 million profit recorded in Q4 19, mainly explained by the deterioration of assets in electricity distribution, partially offset by a lower income tax charge.

Consolidated balance sheet
(As of December 31, 2020 and 2019, in millions) 

Figures in million


As of 12.31.2020


As of 12.31.2019


AR$

US$ FX 84.15


AR$

US$ FX 59.89

ASSETS







Property, plant and equipment


135,445

1,610


210,056

3,507

Intangible assets


3,455

41


9,068

151

Right-of-use assets


867

10


930

16

Deferred tax assets


9,082

108


1,702

28

Investments in joint ventures and associates


46,229

549


30,638

511

Financial assets at amortized cost


8,428

100


1,048

18

Financial assets at fair value through profit and loss


942

11


671

11

Other assets


57

1


45

1

Trade and other receivables


3,631

43


4,711

79

Total non-current assets


208,136

2,473


258,869

4,322

Inventories


9,766

116


9,175

153

Financial assets at amortized cost


2,062

25


3,224

54

Financial assets at fair value through profit and loss


27,382

325


21,867

365

Derivative financial instruments


1

-


214

4

Trade and other receivables


28,678

341


33,583

561

Cash and cash equivalents


11,900

141


13,496

225

Total current assets


79,789

948


81,559

1,362

Assets classified as held for sale


123,603

1,469


-

-

Total assets


411,528

4,890


340,428

5,684








EQUITY







Equity attributable to owners of the company


120,247

1,428


114,865

1,917

Non-controlling interest


28,631

341


29,397

492

Total equity


148,878

1,769


144,262

2,409








LIABILITIES







Investments in joint ventures and associates


161

2


265

4

Provisions


9,326

111


8,703

145

Income tax liabilities


11,004

131


590

10

Deferred revenue


-

-


270

5

Taxes payables


128

2


263

4

Deferred tax liabilities


93

1


22,068

368

Defined benefit plans


1,460

17


1,606

27

Salaries and social security payable 


-

-


241

4

Borrowings


115,428

1,372


105,629

1,764

Trade and other payables


1,418

16


5,419

90

Total non-current liabilities


139,018

1,652


145,054

2,421

Provisions


1,379

16


1,206

20

Deferred revenue


-

-


5

-

Income tax liabilities


897

11


3,154

53

Taxes payables


3,030

36


4,316

72

Defined benefit plans


298

4


230

4

Salaries and social security payable 


1,935

23


3,834

65

Derivative financial instruments


40

-


204

3

Borrowings


20,377

242


10,974

183

Trade and other payables


9,778

116


27,189

454

Total current liabilities


37,734

448


51,112

854

Liabilities associated to assets classified as held for sale


85,898

1,021


-

-

Total liabilities


262,650

3,121


196,166

3,275








Total liabilities and equity


411,528

4,890


340,428

5,684















Consolidated income statement
(For the fiscal year and quarter ended on December 31, 2020 and 2019, in millions)



Fiscal year


Fourth quarter

Figures in million


2020


2019


2020


2019



AR$

US$


AR$

US$


AR$

US$


AR$

US$

Sales revenue


76,639

1,071


64,699

1,338


23,067

285


18,809

318

Cost of sales


(46,850)

(663)


(39,169)

(811)


(14,481)

(181)


(12,457)

(216)














Gross profit


29,789

408


25,530

527


8,586

104


6,352

102














Selling expenses


(2,680)

(38)


(1,294)

(26)


(503)

(6)


(515)

(9)

Administrative expenses


(6,588)

(93)


(5,342)

(105)


(1,740)

(22)


(2,097)

(31)

Exploration expenses


(29)

-


(463)

(9)


(8)

-


(308)

(5)

Other operating income


4,056

56


3,749

79


1,453

18


188

12

Other operating expenses


(2,550)

(36)


(2,060)

(43)


(738)

(9)


(716)

(11)

Results for part. in joint businesses and associates


6,551

85


5,854

101


1,741

19


2,425

39

Impairment of PPE, intangible assets and inventories


(10,351)

(139)


(3,713)

(62)


(6,035)

(72)


(3,713)

(62)














Operating income


18,198

243


22,261

462


2,756

32


1,616

35














RECPAM


-

-


-

-


5

-


4

-

Financial income


686

9


1,027

23


157

1


851

2

Financial costs


(12,528)

(177)


(9,005)

(187)


(3,932)

(50)


(2,498)

(40)

Other financial results


6,131

84


8,680

175


2,774

36


4,064

66

Financial results, net


(5,711)

(84)


702

11


(996)

(13)


2,421

28














Profit before tax


12,487

159


22,963

473


1,760

19


4,037

63














Income tax


(3,122)

(35)


4,531

130


(391)

(1)


(1,633)

(33)














Net income for continuing operations


9,365

124


27,494

603


1,369

18


2,404

30














Net income (loss) from discontinued operations


(49,333)

(592)


11,813

197


(47,568)

(569)


(1,043)

(20)














Net income (loss) for the period


(39,968)

(468)


39,307

800


(46,199)

(551)


1,361

10

Attributable to the owners of the Company


(31,447)

(367)


33,012

692


(38,603)

(463)


1,149

9

Continuing operations


9,952

132


27,057

593


2,796

24


(4,806)

24

Discontinued operations


(41,399)

(499)


5,955

99


(41,399)

(487)


5,955

(15)

Attributable to the non-controlling interests


(8,521)

(101)


6,295

108


(7,596)

(88)


212

1














Net income (loss) per share attributable to shareholders


(20.40)

(0.24)


18.40

0.39


(26.53)

(0.32)


0.68

0.01

From continuing operations


6.46

0.09


15.08

0.33


1.92

0.02


(2.84)

0.01

From discontinued operations


(26.85)

(0.32)


3.32

0.06


(28.45)

(0.33)


3.51

(0.01)














Net income (loss) per ADR attributable to shareholders


(509.97)

(5.95)


459.90

9.64


(663.30)

(7.96)


16.95

0.14

From continuing operations


161.39

2.14


376.94

8.26


48.04

0.41


(70.88)

0.36

From discontinued operations


(671.36)

(8.09)


82.96

1.38


(711.35)

(8.37)


87.83

(0.22)














Average outstanding common shares


1,541.6



1,794.5



1,455.0



1,695.1


Outstanding common shares by the end of period


1,453.9



1,682.1



1,453.9



1,682.1




























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 Q4 20 results on Friday, March 12, 2021, at 10:00 a.m. Eastern Standard Time/12:00 p.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO; Gabriel Cohen, CFO and Lida Wang, investor relations and sustainability officer at Pampa.

For those interested in participating, please register at bit.ly/Pampa4Q20VideoCall. 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:

- ri.pampaenergia.com/en

- www.cnv.gov.ar

- www.sec.gov

- www.bolsar.com

For more information, contact:

Gustavo Mariani
CEO

Gabriel Cohen
CFO

Lida Wang
Investor relations and sustainability 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] For further information, see section 3 of Pampa's financial statements ('FS').
[2] For further information, see section 1.4 of the Earnings Release.
[3] It does not include discontinued operations for US$1,085 million. Under International Financial Reporting Standards ('IFRS'), 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' (2020: US$400 million and Q4 20: US$94 million).
[4] It 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] 
It includes discontinued operations. 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 further information, see section 3 of the Earnings Release.
[6]
 The financial information presented in this document for Q4 20 and Q4 19 quarters are based on FS prepared according to IFRS in force in Argentina, corresponding to the fiscal years of 2020 and 2019, and the nine-months period ended on September 30, 2020 and 2019, respectively.

Cision View original content:http://www.prnewswire.com/news-releases/pampa-energia-announces-results-for-the-fiscal-year-and-quarter-ended-on-december-31-2020-301246072.html

SOURCE Pampa Energia S.A.

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