Pampa Energia(PAM) - 2023 Q1 - Quarterly Report

Financial Performance - For the three-month period ended March 31, 2023, revenue increased to $83,915 million, up 90.5% from $44,011 million in the same period of 2022[16] - Gross profit for the period was $33,377 million, representing a 88.1% increase compared to $17,767 million in the prior year[16] - Operating income rose to $26,160 million, a 82.5% increase from $14,345 million year-over-year[16] - Profit for the period reached $26,928 million, significantly higher than $10,454 million in the same quarter of 2022, marking a 157.5% increase[16] - Total comprehensive income for the period was $106,223 million, compared to $30,226 million in the previous year, reflecting a 251.5% increase[17] - Basic and diluted earnings per share increased to 19.51 from 7.46, reflecting a significant growth in profitability[18] - The company reported a profit for the period of ARS 26,928 million for Q1 2023, a significant increase from ARS 10,454 million in Q1 2022, representing a year-over-year growth of 157%[30] - The company reported a profit before income tax of $26,285 million for Q1 2023, compared to $10,107 million in Q1 2022, indicating a 160% increase[104] Assets and Liabilities - As of March 31, 2023, total assets amounted to $1,045,337 million, up from $840,064 million at the end of 2022, indicating a growth of 24.4%[21] - Total liabilities increased to ARS 534,368 million from ARS 435,444 million, reflecting a rise of 22.7%[23] - Non-current liabilities grew to ARS 384,053 million, up from ARS 323,746 million, indicating a 18.6% increase[23] - Current liabilities also saw an increase, reaching ARS 150,315 million compared to ARS 111,698 million, which is a 34.6% rise[23] - Total current trade payables increased to $69,035 million as of March 31, 2023, up from $49,731 million at the end of 2022, reflecting a significant rise in supplier liabilities[126] Cash Flow and Investments - Cash and cash equivalents stood at $26,298 million, compared to $18,757 million at the end of 2022, showing an increase of 40.2%[21] - Net cash generated by operating activities reached ARS 32,542 million in Q1 2023, compared to ARS 12,642 million in Q1 2022, indicating a growth of 157%[30] - The net cash used in investing activities was ARS 36,334 million in Q1 2023, compared to ARS 8,007 million in Q1 2022, reflecting increased investment activity[30] - The Company reported a total share of profit from investments in associates and joint ventures of $3,200 million for the three-month period ended March 31, 2023, compared to $2,682 million in the same period of 2022[64] Production and Capacity - The company has an installed capacity of 5,386 MW, accounting for approximately 12% of Argentina's total installed capacity, with plans to expand by an additional 185 MW[34] - Natural gas production reached 8.9 million m³/day and oil production was 5.2 thousand boe/day during Q1 2023[35] Financial Position and Equity - Total equity increased to ARS 510,969 million as of March 31, 2023, up from ARS 404,620 million at December 31, 2022, representing a growth of 26.2%[23] - Retained earnings rose significantly to ARS 130,659 million, compared to ARS 84,505 million at the end of 2022, marking an increase of 54.6%[23] - The company's trade receivables, net, increased to $73,252 million as of March 31, 2023, from $54,028 million as of December 31, 2022, showing improved sales performance[115] Expenses and Costs - Total administrative expenses increased significantly to $8,310 million in Q1 2023, up from $3,529 million in Q1 2022, representing a 135% increase[97] - Total financial costs surged to $14,711 million in Q1 2023, up from $4,195 million in Q1 2022, reflecting a 250% increase[102] - The cost of sales for the period was ARS 50,538 million, up from ARS 26,244 million in the same period last year, reflecting a 92.5% increase[95] Compliance and Regulations - The Company is in compliance with all covenants under its debt agreements as of the issuance date of the financial statements[71] - The company has requested to be severed from environmental damage proceedings as it did not own any service station during the claim period[140] Future Plans and Projects - The Company plans to drill and complete one horizontal well in the Vaca Muerta area before September 2024 as part of a continuity plan in the Parva Negra Este block[72] - The company has initiated the construction of the Pampa Energía VI Wind Farm, which will have a total capacity of 300 MW with an estimated investment of $500 million[152] - The PEPE IV project will add 81 MW capacity through the installation of 18 additional wind turbines, increasing the total capacity of PEPE III and PEPE IV to 134.2 MW[149]