Q2 2020 results videoconference
Disclaimer
Pampa Energía ⚫ 2
Reporting considerations
Q2 2020 | Q2 2019 | ||
Reporting | How Pampa reports | ||
FC US$ | FC US$ | ||
FC AR$ @ | FC AR$ @ | ||
June 30, 2020 | June 30, 2019 | ||
Inflation = 3% | Inflation = 5% | ||
Devaluation = 9% | Appreciation = 2% | ||
Pampa Restricted Group | Pampa consolidated non-GAAP | |
• | ||
• | • | |
• | • | |
• | ||
• | ||
Pampa Energía ⚫ 3
The main highlights of the quarter
•
•
•
•
Aerial view of CTGEBA, 2020 | Pampa Energía ⚫ 4 |
Q2 2020's key takeaways
Consolidated figures, in US$ million
Revenues1 | Consolidated adjusted EBITDA1 |
900
800
700
600
500
400
900 723
544
300
250
200
150
271 | 221 | |
30% | 31% | 120 |
80%
70%
60%
50%
40%
300 | | 100 | ||
200 | ✓ | 22% | ||
50 | ||||
100 | ||||
0 | 0 | |||
Q2 20 | Q2 20 | |||
Capex Pampa Restricted Group+Edenor | Consolidated adjusted EBITDA breakdown1,2 |
30%
✓
20%
✓
10%
0%
180
160
140
120
100
80
60
40
20
0
180
63 67
Q2 20
24%
%
76%
Pampa Energía ⚫ 5
Lockdown negatively impacted on Argentina's GDP, although power generation proved resiliency
Argentina's net electricity demand, monthly average in MW
Q2
Pampa Energía ⚫ 6
Power generation smoothly performed despite challenging environment
Adjusted EBITDA1, in US$ million | Generation performance, in GWh |
120100
100
80
60
4049%
20
-
114 95
71% 68%
Q2 20
100%
90%
80%
✓70%
✓60%
50%
✓
40%
4,500 | 3,727 |
4,000 | |
3,500 | |
3,000 | |
2,500 | |
2,000 | |
1,500 | |
1,000 | |
500 | |
- |
4,608
3,461 | |
✓ ✓
✓
Q2 20
Main news
•
•
Availability performance, in % to installed capacity
95.3% | 96.6% | 98.6% |
✓
Q2 20
Pampa Energía ⚫ 7
Genelba Thermal Power Plant
One of the most important milestones in Pampa Energía's history COD on time despite COVID-19 pandemic
Aerial view of CTGEBA, 2020 | Pampa Energía ⚫ 8 |
Ensenada Barragán Thermal Power Plant
Key infrastructure project for Argentina's electricity supply Works resumed with the strictest protocols in place
Aerial view of CTEB, 2019 | Pampa Energía ⚫ 9 |
COVID-19 lockdown and fall season: a tough combination for gas
Nation-wide gas demand, monthly average in bcf per day
Q2
Pampa Energía ⚫ 10
Our production remained stable despite collapsing prices
Adjusted EBITDA1, in US$ million
Production performance, in kboe/d
53 | ||
50 | ||
40 | 29 | |
30 | 48% | |
20 | ||
10 | 34% | |
- |
6 11%
Q2 20
48.5
140% | |
120% | |
100% | |
80% | |
60% | |
40% | ✓ |
20% | |
0% | ✓ |
-0%2 |
46.0 43.7
Q2 20
Crude oil sales, in kbbl/d
60. | 4.9 | 5.3 |
50. | ||
40.
30.
20.
10.
-
20.8
4.1
✓
Q2 20
Pampa Energía ⚫ 11
300
250
200
150
100
50
-
Our production remained stable despite collapsing prices
Gas sales, in mcf/dWeighted avg gas price for Pampa, in US$/MBTU1282 | 259 | 253 | 3.3 | |
3.1 | 3.1 | |||
| 2.6 | |||
✓
2.0
✓
Q2 20 | |||||
Q2 | |||||
Main news | Destination of our sales, YTD as of June |
- Gas tenders for power generation and pricing environment
• Operating update
Pampa Energía ⚫ 12
Q2 2020's key takeaways
Consolidated figures, in US$ million
Q2 20
Net income to 4 shareholders
Q2 19 | Q2 20 |
Pampa Energía ⚫ 13
Outstanding balance sheet to weather a difficult environment
Key leverage figures, as of June 30, 20201
Pampa | Edenor | Affiliates | Consolidated with | ||
Restricted Group | 3 | affiliates @ O/S | |||
@ O/S | |||||
Debt | 2 | 1,591 | 150 | 416 | 2,158 |
Cash | 393 | 81 | 161 | 635 | |
Net debt | 1,198 | 70 | 255 | 1,523 | |
LTM adj. EBITDA | 462 | 91 | 223 | 773 | |
Net leverage | 2.6x | 0.8x | 1.1x | 2.0x |
After Q2 2020:
✓
Pampa Restricted Group principal debt profile and breakdown, net of repurchases
646
430 | % | AR$ | Int'l | % | ECA 2% | ||||
US$ | Banks | ||||||||
Bonds | |||||||||
293 89% | 11% | 9% | |||||||
87% | |||||||||
80 | 98 | 8 | Local Bonds | ||||||
8 | 2% | ||||||||
Pampa Energía ⚫ 14
Q&A |
Electricity Distribution
Adj. EBITDA, in US$ million
9072
70 | 45 |
30 | 16% | 14% |
50 | ||
10 | (14) | |
(10) | ||
(30) |
Q2 20
Number of End-Users, in million
70%
60%
✓50%
40%
✓30%
20%
✓10%
0%
-10%
-20%
Sales Performance , in GWh | ||
4,849 | 5,203 | 4,791 |
Q2 20
Main News
•
✓ ✓ ✓
3.09
3.12 3.13
✓
✓
Q2 20
Pampa Energía ⚫ 16
Petrochemicals
Adj. EBITDA, in US$ million
5 | |
4 | 3 |
3 | 3% |
2 | |
1 | (2) |
- | |
(1) | |
(2) | |
(3) |
Main News
•
4 10%
Q2 20
15%
✓10%
✓
5%
0%
-5%
-10%
Sales Performance, in thousand ton
741
95 | 87 | |
100 | ||
90 | 52 | |
80 | ||
70 | ||
60 | ||
50 | ||
40 | ||
30 | ||
20 | ||
10 | ||
- |
Q2 20
✓
Pampa Energía ⚫ 17
Holding & Others
Adj. EBITDA2, in US$ million
6044
Main News
•
▪
50 | 35 | 29 |
40 | ||
30 | ||
20 | ||
10 | ||
- | ||
(10) |
▪
•
▪
Q2 20
Affiliates' EBITDA Performance @ 100% Ownership, in US$ million
47 | 142 | 5 | ||||||
96 | | |||||||
2 | ||||||||
29 | 79 | |||||||
28 | ||||||||
| ✓ | |||||||
| ✓ | | ||||||
✓ | | |||||||
(2) | ||||||||
✓ | ✓ | |||||||
Q2 20 | Q2 20 | Q2 20 | ||||||
Pampa Energía ⚫ 18
Attachments
- Original document
- Permalink
Disclaimer
Pampa Energia SA published this content on 11 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2020 06:32:14 UTC