Pampa Energia Sa · BCBA:PAMP
Pampa Energia Sa — Q3 2019 Earnings Presentation
17 slides from Pampa Energia Sa's earnings presentation, Nov 12, 2019
Slide 1: Q3 2019 Results Call
Q3 2019 Results Call November 12, 2019 10 AM EST / 12 PM 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 • Q3 2019’s key takeaways • Results & news by business segment Power generation Electricity distribution Oil & gas upstream Petrochemicals Holding and Others • Q3 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 = Q3 2019 Q3 2018 Functional Currency Chosen Proxy to Reporting Reporting Compare Pampa stand- Nominal AR$ as alone, FC AR$, adjusted by reported in Q3 2018 gencos and FC US$ inflation as of at avg FX 32.04 other December 31, 2018 subsidiaries ≈ FC US
Slide 5: Q3 2019's Key Takeaways
Q3 2019’s Key Takeaways Revenues1, US$ million Consolidated Adjusted EBITDA1, US$ million EBITDA margin -21% yoy 888 -24% qoq 915 290 283 -5% yoy High AR$ 80% +10% qoq depreciation at High AR$ 697 270 reg. utilities 70% 280 depreciation at Lower prices in 60% reg. utilities 270 39% E&P & genco
Slide 6: Q3 2019's Key Takeaways
Q3 2019’s Key Takeaways Adjusted EBITDA, in US$ million Adj. EBITDA Q3 19* 131 59 52 3 25 270 Holding, Power Electricity Petro- Q3 18‡ Generation1 Distribution Oil & Gas2 chemicals Others3 & Q3 19* Eliminations *Under FC US$; FC AR$ adjusted by inflation as of Sept 2019. ‡For convenience purposes on
Slide 7: Power Generation
Power Generation Adjusted EBITDA1, in US$ million Generation Performance, in GWh EBITDA margin +19% yoy +16% yoy 140 +31% qoq 131 150% +11% qoq 4,138 New wind & Additions of PEPE 110 3,572 3,727 100 wind farms, thermal capacity 120 130% Genelba+’s GTs Higher thermal 100 110% & CTEB dispatch at
Slide 8: Power Generation: Genelba Expansion
Power Generation 383 MW Genelba Expansion Pampa Energía ● Q3 2019 Earnings Call 8
Slide 9: Power Generation: Ensenada Barragán Expansion
Power Generation 280 MW Ensenada Barragán Expansion Pampa Energía ● Q3 2019 Earnings Call 9
Slide 10: Electricity Distribution
Electricity Distribution Adjusted EBITDA, in US$ million Sales Performance , in GWh CPD outpaced by -1% yoy AR$ deval & CPI -5% yoy Mild weather EBITDA margin 0% qoq 5% lower demand 5,626 +11% qoq 5,362 Economic 59 7% 4,849 recession 60 59 59 Higher energy 50% 7% Price-demand 59 losses 4
Slide 11: Oil & Gas
Oil & Gas Adjusted EBITDA1, in US$ million Production Performance, in kboe/d EBITDA margin Lower gas prices +11% yoy in US$ +3% qoq 76 -32% yoy 49.8 90 150% -1% qoq FX freeze for 48.5 45.0 80 130% 70 crude oil prices 60 53 52 Higher gas 110% 50 treatment fees 90% Higher total 49% 47% 40 42%
Slide 12: Oil & Gas
Oil & Gas Weighted Average Gas Price for Pampa, Gas Production Performance, in mcf/d Average Price in Without Subsidy, in US$/MBTU 4.5 +13% yoy 3.1 3.3 US$ per MBTU +3% qoq 5.0 4.8 270 4.8 4.5 4.7 2017 262 Price 4.7 4.8 CAMMESA & 2016 industries 4.5 4.4 4.2 238 Winter season Production 3.8 3.3
Slide 13: Petrochemicals
Petrochemicals Adjusted EBITDA, in US$ million Sales Performance, in thousand ton EBITDA margin -12% yoy Higher SBR 4 +8m yoy 3 3 5% 1,161 -22% qoq 955 956 destined to domestic market 3 Higher reforming +8% qoq 2 3% price spread 4% 95 Lower exports 4% Lower AR$-link 85 Closing of Zárate 75
Slide 14: Holding & Others
Holding & Others Adjusted EBITDA2, in US$ million Main News -22% yoy 32 • TGS: 41 -38% qoq 1 Tariff deferral 1 11 9 25 Commissioning of VM midstream pipeline north tranche 10 Transener Postponement of Litoral pipeline tender 29 33 Dividends 18 TGS 2 • Transener: semiannual tariff adjustment
Slide 15: Q3 2019's Key Takeaways: Results compared as reported
Q3 2019’s Key Takeaways Results compared as reported Net Income to Shareholders, in US$ million Reported Q3 19* NI to 166 (20) 14 5 (49) 116 Shareholders Power Electricity Petro- Holding, Q3 18† Generation Distribution Oil & Gas chemicals Others & Q3 19* Eliminations *Under FC US$, FC AR$ adjusted b
Slide 16: Strong Cash & Debt Position
Strong Cash & Debt Position Principal Debt Profile as of September 30, 20191 Summary @ September 30, 20191, in US$ million In US$ million Consolidated debt from FS US$1,980 million Pampa Edenor Transener @ O/S TGS @ O/S Other affiliates @ O/S + Affiliates' debt @ O/S US$420 million 687 2 Total gross
Slide 17: 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