Pampa Energia Sa · BCBA:PAMP
Pampa Energia Sa — Q2 2019 Earnings Presentation
16 slides from Pampa Energia Sa's earnings presentation, Aug 13, 2019
Slide 1: Q2 2019 Results Call
Q2 2019 Results Call August 13, 2019 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 • Reporting considerations to take into account • Q2 2019’s key takeaways • Results & news by business segment Power generation Electricity distribution Oil & gas upstream Petrochemicals Holding and Others • Q2 2019 consolidated net income • Cash and debt • Q&A session Pampa
Slide 4: Reporting Considerations to Take Into Account
Reporting Considerations to Take Into Account FC = 2019 2018 Functional Currency Chosen Proxy As Reported As Reported to Compare Q2 2018 to Dec 18 Pampa FC AR$, Nominal AR$ stand-alone, adjusted by as reported Inflation = gencos and FC US$ inflation as at avg FX 33% other of December subsidiaries 31
Slide 5: Q2 2019’s Key Takeaways
Q2 2019’s Key Takeaways Revenues1, US$ million Consolidated Adjusted EBITDA1, US$ million -3% yoy EBITDA margin 939 +12% qoq -11% yoy 912 300 350 80% +22% qoq Lower E&P & 300 266 70% genco’s legacy prices 250 218 Lower prices in 60% 811 FX over inflation E&P & genco’s 200 50% for AR$ revenues
Slide 6: Q2 2019’s Key Takeaways
Q2 2019’s Key Takeaways Adjusted EBITDA, in US$ million Adj. EBITDA Q2 19* 100 71 53 3 39 266 Holding, Power Electricity Petro- Q2 18‡ Generation1 Distribution Oil & Gas2 chemicals Others3 & Q2 19* Eliminations *Under FC US$, AR$ FC adjusted by inflation as of June 2019. ‡For convenience purposes on
Slide 7: Power Generation
Power Generation Adjusted EBITDA1, in US$ million Generation Performance, in GWh Operation of EBITDA margin -6% yoy +2% yoy wind farms & +2% qoq -5% qoq 106 3,913 Genelba Plus’ 108 150% 106 130% 3,659 3,727 GTs Lower legacy 104 Higher dispatch capacity prices 110% at CPB 100 Additions of PEP
Slide 8: Power Generation
Power Generation Genelba Expansion: 383 MW, first milestone 207 MW open cycle online since June 2019 Pampa Energía ● Q2 2019 Earnings Call 8
Slide 9: Electricity Distribution
Electricity Distribution Adjusted EBITDA, in US$ million Sales Performance , in GWh Lagged sales from Lower demand EBITDA margin +17% yoy 2017-18 -9% yoy +148% qoq 71 (shantytowns & 5,344 -3% qoq 5,018 Mild weather 4,849 Economic 80 50% social tariff) 61 6% 45% 6% 70 Lower AR$-link 7% rece
Slide 10: Oil & Gas
Oil & Gas Adjusted EBITDA1, in US$ million Domestic Production Performance, in kboe/d EBITDA margin -34% yoy +6% yoy 79 +11% qoq +4% qoq 46.8 48.5 45.9 90 150% Lower prices in US$ 80 130% End of Plan Gas 2 70 60 48 53 110% 50 Higher production 90% Higher 40 52% 47% 42% intersegment 70% sales
Slide 11: Oil & Gas
Oil & Gas Weighted Average Gas Price for Pampa, Argentina Gas Production Performance, in mcf/d without Subsidy, in US$/MBTU 5.5 +6% yoy 3.1 3.1 +5% qoq Price in US$/MBTU 5.0 262 End of Plan Gas 2 4.8 4.8 4.7 Excess of supply 4.5 2017 4.7 247 249 CAMMESA & 4.8 2016 industries 4.5 4.4 Production
Slide 12: Petrochemicals
Petrochemicals Adjusted EBITDA, in US$ million Sales Performance, in thousand ton Higher reforming EBITDA margin +47% yoy +0% yoy destined to +26% qoq 3 +15% qoq 955 956 domestic market 1,161 3 5% Fixed costs’ Lower demand of 3 2 optimization 95 95 styrene products 2 4% 2 Lower AR$-link 83 a
Slide 13: Holding & Others
Holding & Others Adjusted EBITDA2, in US$ million News Update 51 -21% yoy • TGS: tender for new pipeline -5% qoq 42 40 12 1 Refinor • Transener: major power outage 1 11 Transener 12 • Holding: status of share repurchase program 37 33 TGS 30 4 (1) (5) Holding Q2 18‡ … Q1 19* Q2 Q2 19* 19* Affiliates’
Slide 14: Q2 2019’s Key Takeaways: Results compared as reported
Q2 2019’s Key Takeaways Results compared as reported Net Income to Shareholders, in US$ million Reported Q2 19* NI to 73 131 25 (3) 168 394 Shareholders Power Electricity Petro- Holding, Q2 18† Generation Distribution Oil & Gas chemicals Others & Q2 19* Eliminations *Under FC US$, AR$ FC adjusted by
Slide 15: Strong Cash & Debt Position
Strong Cash & Debt Position Principal Debt Profile as of June 30, 20191 Summary @ June 30, 20191, in US$ million In US$ million Pampa Edenor Transener @ O/S TGS @ O/S Other affiliates @ O/S Consolidated debt from FS US$1,871 million + Affiliates' debt @ O/S US$422 million 740 Gross debt as of June 2
Slide 16: Thank you! Any Questions?
Thank you! Any Questions? For further information, contact: • Gustavo Mariani CEO • Ricardo Torres Vice President • Mariano Batistella Executive Director of Planning, Strategy, Downstream & Affiliates • Lida Wang Investor Relations Officer The Pampa Energía Building, Maipú 1 (C1084ABA), Ciudad Autón