Pampa Energia Sa · BCBA:PAMP
Pampa Energia Sa — Q4 2017 Earnings Presentation
24 slides from Pampa Energia Sa's earnings presentation, Mar 13, 2018
Slide 1: Pampa & Edenor Joint Q4 17 Results Call
Pampa & Edenor Joint Q4 17 Results Call March 13, 2017 10 AM EST / 11 AM ART
Slide 2: Disclaimer
Disclaimer The material that follows is a presentation of general background information about Pampa Energía SA as of the date of the presentation. It is information in summary form and does not purport to be complete. It is not intended to be relied upon as advice to potential investors. This prese
Slide 3: Today's Agenda
Today’s Agenda • Edenor, presented by Leandro Montero, CFO • Pampa, presented by Lida Wang, IRO Q4 17 results by business segment • Power Generation • Oil & Gas Upstream • Refining & Distribution • Petrochemicals • Holding & Others Cash and Debt Pampa Energía ● Q4 2017 Earnings Call 3
Slide 4: Relevant Events
Relevant Events New Tariff Scheme • New Prices for Energy & Transportation • New Distribution Fee: - Dic’17 (1): 18% tariff increase + 11.6% inflation adjustment (1st semester 2017) - Feb’18 (2): 18% tariff increase + 10.9% inflation adjustment (2nd semester 2017) – 2.51% Stimulus factor (“E”) Contr
Slide 5: Fourth Quarter Results
Fourth Quarter Results (ARS billion & %) 8.000,0 7.000,0 6.8 (3.6) 6.000,0 4Q 2017 5.000,0 4.000,0 3.2 (2.4) 3.000,0 2.000,0 1.000,0 (0.1) 0.7 (0.4) (0.2) 0.02 - Revenue Energy Gross margin Operating Other op. Results due Net op. income Financial Income Tax Net income from sales purchases expenses e
Slide 6: Energy Sales Evolution
Energy Sales Evolution Quarterly Energy Sales (in GWh) Customers Evolution (in thousands) Q4 2016 Q4 2017 5,139 5,064 3502000,0 Turnover b/ type of customer │ QoQ (in GWh) 2,950 3002000,0 2,866 Residential - 3.9% 2502000,0 Medium 2002000,0 Commercial - 3.7% Wheeling 1502000,0 + 0.4% System 1002000,0
Slide 7: Fourth Quarter Results
Fourth Quarter Results (ARS billion & %) 8.000,0 7.000,0 6.8 (3.6) 6.000,0 4Q 2017 5.000,0 4.000,0 3.2 (2.4) 3.000,0 2.000,0 1.000,0 (0.1) 0.7 (0.4) (0.2) 0.02 - Revenue Energy Gross margin Operating Other op. Results due Net op. income Financial Income Tax Net income from sales purchases expenses e
Slide 8: Adjusted EBITDA
Adjusted EBITDA (in ARS million) 1,465 In million of Pesos Q4 2016 Q4 2017 Net operating income before res. 32/15 154.5 646.2 (+) Depreciations 94.0 119.9 (+) Penalty interests 48.1 - 794 EBITDA 296.7 766.1 (+) Resolution 32/15 and Recognition of Income from Remedies 1,125.9 - (+) Commercial Interes
Slide 9: Capital Expenditures
Capital Expenditures (in ARS million & %) 1,292 31% Maintenance 694 36% 69% Expansion 64% Q4 2016 Q4 2017 Edenor Investor Day 2017 Earnings Release | 4Q 2017 9
Slide 10: Energy Losses
Energy Losses 18,9% 18,4% 18,2% 17,2% 16,2% 16,2% 16,4% 14,5% 1Q 2Q 3Q 4Q 2016 2017 Edenor Investor Day 2017 Earnings Release | 4Q 2017 10
Slide 11: Indebtedness
Indebtedness (in USD million) 295 286 209 191 191 50 ICBC Loan 176 Oct ‘17 176 2011 2012 2013 2014 2015 2016 Dec'17 Edenor Investor Day 2017 Earnings Release | 4Q 2017
Slide 12: edenor
edenor®
Slide 13: Q4 17 Consolidated Results
Q4 17 Consolidated Results Adjusted EBITDA1 In million AR$ Segment Q4 16 Q4 17 5,180 Power Generation 574 1,419 845 +147% +26% 4,101 Electricity Distribution 1,464 794 (671) -46% 2,348 Oil & Gas* 2,297 2,348 51 +2% 2,297 Refining & Marketing* (79) 405 484 NA 794 Petrochemicals 70 (38) (108) NA Holdi
Slide 14: Q4 17 Consolidated Results: Adjusted EBITDA
Q4 17 Consolidated Results Adjusted EBITDA In million AR$ Adj. EBITDA Q4 17 1,419 794 2,348 405 (38) 253 5,180 +26% +478 qoq +845 (671) +484 (108) +51 4,101 Power Electricity Refining & Petro- Holding, Q41 16 2 Generation 3 Distribution Oil &4 Gas 5 Marketing 6 chemicals 7 Others & Q48 17 Eliminatio
Slide 15: Power Generation
Power Generation Adjusted EBITDA Generation Performance In million AR$ In GWh Technical 1,419 New pricing 3,469 problem at scheme for CTGEBA & lower +147% legacy capacity 2,693 dispatch at CPB AR$ devaluation Programmed New PPAs in maintenance 574 force service at CTLL Commissioning of CTPP,
Slide 16: Electricity Distribution
Electricity Distribution Adjusted EBITDA Sales Performance In million AR$ Implementation In GWh Impact from tariff of RTI’s first & 1,464 second tariff 5,139 increase, especially in increase with -46% CPD update residential segment 794 CAMMESA’s recognition of Mild weather conditions injunctio
Slide 17: Oil & Gas
Oil & Gas Adjusted EBITDA Gas: better sale Total Production Performance (Argentina + Abroad) In million AR$ prices in US$ In kboe per day 2,348 and AR$ End of service at +2% With OldelVal’s 77.1 Medanito La Pampa in Oct-17 EBITDA @23.1% 2,297 End of service at 68.0 Divestments in Oct- 16 Med
Slide 18: Oil & Gas News Update
Oil & Gas News Update • New natural gas prices for residential and gas for cars as from Dec-17 • Advances at Parva Negra Este block • Sale of oil-bearing assets to Vista Oil & Gas, pending of closing Direct ownership of 58.88% at Pelsa, 3.85% at Entre Lomas, Bajada del Palo and Agua Amarga blocks,
Slide 19: Downstream: Refining & Marketing
Downstream: Refining & Marketing Adjusted EBITDA Sales Performance In million AR$ Lower cost of In thousand m3 crude oil 476 405 Higher sale 42 4 443 4 prices: fuels & 71 54 IFOs 65 Crude Oil With Refinor’s 145 Other distillates 118 Fuel Oil, IFOs & EBITDA @28.5% (79) Lower demand Asphalts Gasol
Slide 20: Downstream: Petrochemicals
Downstream: Petrochemicals Adjusted EBITDA Sales Performance In million AR$ In thousand ton Lower domestic 127 sales of reforming 70 104 products & styrene Higher operating Higher exports of and raw 83 SBRs 63 material’s cost (38) Other Excludes ex PZE 7 SBR 9 contingency Styrene & 37 32 Poly
Slide 21: Holding & Others
Holding & Others Adjusted EBITDA Affiliates’ EBITDA Performance @ 100% Ownership In million AR$ In million AR$ 248 Transener TGS RTI (1st & 2nd hike) 403 (221) 1,241 1,581 Better pricing TGS RTI and 243 37 327 Transener 952 higher Holding volume sold of (501) (482) 140 NGLs Q4 16 Q4 17 Q4 16 Q4 1
Slide 22: Q4 17 Consolidated Results: Net Income
Q4 17 Consolidated Results Net Income to Shareholders In million AR$ Reported Q4 17 NI to 1,085 581 727 (267) (159) (455) 1,512 Shareholders +985 (388) (41) (1,037) +365 +54% +646 qoq 982 Power Electricity Refining & Petro- Holding, Q4 16 Generation Distribution Oil & Gas Marketing chemicals Others
Slide 23: Cash & Debt
Cash & Debt Debt Profile as of December 31, 20171 750 In US$ million US$ US$ Link AR$ Gross Consolidated Debt = US$2.2 billion Current Credit Ratings Less Cash = US$0.9 billion 513 for Pampa Net Debt, incl. affiliates @ O/S = US$1.3 billion B+ 314 B2 107 212 189 31 34 122 BB- 81 207 AA- (arg) 6 29 1
Slide 24: Thank you! Any Questions?
Thank you! Any Questions? For further information, contact: • Gustavo Mariani Vice President • Ricardo Torres Vice President • Mariano Batistella Planning, Strategy & Related Companies Executive Director • Lida Wang Investor Relations Officer Pampa Energía Building, Maipú 1 (C1084ABA), Ciudad Autóno