Cover
Cover | 12 Months Ended |
Dec. 31, 2022 shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2022 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-34429 |
Entity Registrant Name | Pampa Energy Inc. |
Entity Central Index Key | 0001469395 |
Entity Incorporation, State or Country Code | C1 |
Entity Address, Address Line One | Maipú 1 |
Entity Address, City or Town | Buenos Aires |
Entity Address, Country | AR |
Entity Address, Postal Zip Code | C1084ABA |
Title of 12(b) Security | Common Stock |
Trading Symbol | PAM |
Security Exchange Name | NYSE |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 1,379,765,666 |
ICFR Auditor Attestation Flag | true |
Auditor Firm ID | 1349 |
Auditor Name | PRICE WATERHOUSE & CO. S.R.L. |
Auditor Location | Buenos Aires |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | Maipú 1 |
Entity Address, City or Town | Buenos Aires |
Entity Address, Country | AR |
Entity Address, Postal Zip Code | C1084ABA |
City Area Code | + 54 11 |
Local Phone Number | 4344 6000 |
Contact Personnel Name | María Carolina Sigwald |
Contact Personnel Fax Number | 54 11 4344 6473 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | |||
Revenue | $ 1,829 | $ 1,508 | $ 1,073 |
Cost of sales | (1,148) | (955) | (663) |
Gross profit | 681 | 553 | 410 |
Selling expenses | (56) | (33) | (26) |
Administrative expenses | (138) | (99) | (93) |
Other operating income | 131 | 105 | 51 |
Other operating expenses | (46) | (58) | (36) |
Impairment of property, plant and equipment, intangible assets and inventories | (38) | (4) | (139) |
Impairment of financial assets | (8) | (2) | (9) |
Share of profit from associates and joint ventures | 105 | 117 | 85 |
Operating income | 631 | 579 | 243 |
Financial income | 5 | 10 | 9 |
Financial costs | (221) | (185) | (177) |
Other financial results | 166 | (14) | 84 |
Financial results, net | (50) | (189) | (84) |
Profit before income tax | 581 | 390 | 159 |
Income tax | (124) | (77) | (35) |
Profit of the year from continuing operations | 457 | 313 | 124 |
Loss of the year from discontinued operations | (75) | (592) | |
Total income (loss) of the year | 457 | 238 | (468) |
Items that will not be reclassified to profit or loss | |||
Results related to defined benefit plans | (9) | (3) | 1 |
Income tax | 3 | 1 | |
Exchange differences on translation | 21 | 22 | (5) |
Items that may be reclassified to profit or loss | |||
Exchange differences on translation | 39 | 70 | (3) |
Other comprehensive income (loss) of the year from continuing operations | 54 | 90 | (7) |
Other comprehensive income (loss) of the year from discontinued operations | 64 | (33) | |
Other comprehensive income (loss) of the year | 54 | 154 | (40) |
Total comprehensive income of the year | 511 | 392 | (508) |
Total income (loss) of the year attributable to: | |||
Owners of the company | 456 | 273 | (367) |
Non-controlling interest | 1 | (35) | (101) |
Total income (loss) of the year attributable to owners of the Company: | |||
Continuing operations | 456 | 312 | 132 |
Discontinued operations | (39) | (499) | |
Total income of the year attributable to owners of the company | 456 | 273 | (367) |
Total comprehensive income (loss) of the year attributable to: | |||
Owners of the Company | 510 | 393 | (393) |
Non-controlling interest | 1 | (1) | (115) |
Total comprehensive income (loss) of the year attributable to owners of the Company: | |||
Continuing operations | 510 | 402 | 124 |
Discontinued operations | (9) | (517) | |
Total comprehensive income (loss) of the year attributable to owners of the company | $ 510 | $ 393 | $ (393) |
Earnings (Loss) per share attributable to equity holders of the Company | |||
Basic and diluted earnings per share from continuing operations | $ 0.33 | $ 0.22 | $ 0.08 |
Basic and diluted loss per share from discontinued operations | (0.03) | (0.32) | |
Total basic and diluted earning (loss) per share | $ 0.33 | $ 0.19 | $ (0.23) |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
NON-CURRENT ASSETS | |||
Property, plant and equipment | $ 2,164 | $ 1,659 | |
Intangible assets | 138 | 38 | |
Right-of-use assets | 9 | 12 | |
Deferred tax asset | 36 | 84 | |
Investments in associates and joint ventures | 902 | 774 | |
Financial assets at amortized cost | 102 | 105 | |
Financial assets at fair value through profit and loss | 27 | 29 | |
Other assets | 1 | 1 | |
Trade and other receivables | 20 | 34 | |
Total non-current assets | 3,399 | 2,736 | |
CURRENT ASSETS | |||
Inventories | [1] | 173 | 155 |
Financial assets at amortized cost | 8 | 5 | |
Financial assets at fair value through profit and loss | 586 | 458 | |
Trade and other receivables | 470 | 397 | |
Cash and cash equivalents | 106 | 110 | |
Total current assets | 1,343 | 1,125 | |
Total assets | 4,742 | 3,861 | |
SHAREHOLDERS´ EQUITY | |||
Share capital | 36 | 36 | |
Share capital adjustment | 191 | 191 | |
Share premium | 516 | 516 | |
Treasury shares adjustment | 1 | 1 | |
Treasury shares cost | (23) | (7) | |
Legal reserve | 45 | 61 | |
Voluntary reserve | 968 | 659 | |
Other reserves | (15) | (15) | |
Other comprehensive income | 81 | 48 | |
Retained earnings | 477 | 295 | |
Equity attributable to owners of the company | 2,277 | 1,785 | |
Non-controlling interest | 7 | 6 | |
Total equity | 2,284 | 1,791 | |
NON-CURRENT LIABILITIES | |||
Investments in joint ventures | 4 | ||
Provisions | 147 | 141 | |
Income tax and minimum notional income tax provision | 179 | 188 | |
Deferred tax liability | 112 | ||
Defined benefit plans | 28 | 24 | |
Borrowings | 1,340 | 1,359 | |
Trade and other payables | 21 | 12 | |
Total non-current liabilities | 1,827 | 1,728 | |
CURRENT LIABILITIES | |||
Provisions | 4 | 5 | |
Income tax liability | 5 | 20 | |
Tax liabilities | 28 | 23 | |
Defined benefit plans | 6 | 5 | |
Salaries and social security payable | 32 | 28 | |
Derivative financial instruments | 2 | ||
Borrowings | 273 | 79 | |
Trade and other payables | 281 | 182 | |
Total current liabilities | 631 | 342 | |
Total liabilities | 2,458 | 2,070 | |
Total liabilities and equity | $ 4,742 | $ 3,861 | |
[1]It includes impairment loss as a result of the performed recoverability assessment for US$ 2 million as of December 31, 2022 and 2021, acoording with the policy described in Note 4.13. |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions | Issued capital [member] | Issued Capital Adjustment [Member] | Share premium [member] | Treasury shares [member] | Treasury Shares Adjustment [Member] | Treasury Shares Cost [Member] | Statutory reserve [member] | Voluntary Reserve [Member] | Other reserves [member] | Accumulated other comprehensive income [member] | Retained earnings [member] | Equity Subtotal [Member] | Non-controlling interests [member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 46 | $ 260 | $ 510 | $ 1 | $ 1 | $ (44) | $ 42 | $ 422 | $ (18) | $ (29) | $ 726 | $ 1,917 | $ 492 | $ 2,409 |
IfrsStatementLineItems [Line Items] | ||||||||||||||
Legal and voluntary reserve constitution | 19 | 707 | (726) | |||||||||||
Capital reduction | (9) | (59) | 140 | (72) | (19) | (19) | ||||||||
Treasury shares acquisition | (8) | (59) | 6 | 8 | 59 | (102) | (96) | (8) | (104) | |||||
Dividens ditribution | (9) | (9) | ||||||||||||
Profit of the year | (367) | (367) | (101) | (468) | ||||||||||
Other comprehensive income of the year | (21) | (5) | (26) | (14) | (40) | |||||||||
Ending balance, value at Dec. 31, 2020 | 38 | 201 | 516 | 1 | (6) | 61 | 1,057 | (18) | (50) | (372) | 1,428 | 341 | 1,769 | |
IfrsStatementLineItems [Line Items] | ||||||||||||||
Legal and voluntary reserve constitution | (372) | 372 | ||||||||||||
Capital reduction | (2) | (10) | 38 | (26) | ||||||||||
Treasury shares acquisition | (2) | (10) | 2 | 10 | (39) | (39) | (39) | |||||||
Stock compensation plans | 3 | 3 | 3 | |||||||||||
Sale of subsidiary | (334) | (334) | ||||||||||||
Profit of the year | 273 | 273 | (35) | 238 | ||||||||||
Other comprehensive income of the year | 98 | 22 | 120 | 34 | 154 | |||||||||
Ending balance, value at Dec. 31, 2021 | 36 | 191 | 516 | 1 | (7) | 61 | 659 | (15) | 48 | 295 | 1,785 | 6 | 1,791 | |
IfrsStatementLineItems [Line Items] | ||||||||||||||
Legal and voluntary reserve constitution | (16) | 311 | (295) | |||||||||||
Capital reduction | 2 | (2) | ||||||||||||
Treasury shares acquisition | (18) | (18) | (18) | |||||||||||
Profit of the year | 456 | 456 | 1 | 457 | ||||||||||
Other comprehensive income of the year | 33 | 21 | 54 | 54 | ||||||||||
Ending balance, value at Dec. 31, 2022 | $ 36 | $ 191 | $ 516 | $ 1 | $ (23) | $ 45 | $ 968 | $ (15) | $ 81 | $ 477 | $ 2,277 | $ 7 | $ 2,284 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Profit of the year from continuing operations | $ 457 | $ 313 | $ 124 |
Adjustments to reconcile net profit to cash flows from operating activities: | 307 | 365 | 380 |
Changes in operating assets and liabilities | (145) | (65) | (22) |
Net cash generated by operating activities from discontinued operations | 116 | 211 | |
Net cash generated by operating activities | 619 | 729 | 693 |
Cash flows from investing activities: | |||
Payment for property, plant and equipment acquisitions | (416) | (206) | (124) |
Payment for intangible assets acquisitions | (31) | (4) | |
Payment for public securities and shares acquisitions, net | (102) | (234) | (151) |
(Subscription) Recovery of mutual funds, net | (1) | 52 | 93 |
Payment for the acquisition of subsidiaries and associates | (111) | (17) | (3) |
Early collection for sale of subsidiary | 5 | ||
Collection for equity interests in companies sales | 44 | 51 | |
Collections for intangible assets sales | 21 | 6 | 1 |
Dividends received | 10 | 18 | 3 |
Collection of loans | 11 | 26 | 7 |
Net cash used in investing activities from discontinued operations | (166) | (86) | |
Net cash used in investing activities | (575) | (474) | (255) |
Cash flows from financing activities: | |||
Proceeds from borrowings | 308 | 188 | 353 |
Payment of borrowings | (143) | (336) | (291) |
Payment of borrowings interests | (162) | (140) | (190) |
Payment for treasury shares acquisition | (18) | (39) | (104) |
Repurchase and redemption of corporate bonds | (28) | (3) | (110) |
Payments of leases | (3) | (5) | (2) |
Payments of dividends | (9) | ||
Payments to third parties for capital reduction of subsidiaries | (19) | ||
Net cash used in financing activities from discontinued operations | (7) | (73) | |
Net cash used in financing activities | (46) | (342) | (445) |
Decrease in cash and cash equivalents | (2) | (87) | (7) |
Cash and cash equivalents at the beginning of the year | 110 | 141 | 225 |
Cash and cash equivalents at the beginning of the year reclasified to assets classified as held for sale | 52 | ||
Exchange difference generated by cash and cash equivalents | (2) | 4 | (25) |
Cash and cash equivalents at the end of the year reclasified to assets classified as held for sale | (52) | ||
Decrease in cash and cash equivalents | (2) | (87) | (7) |
Cash and cash equivalents at the end of the year | $ 106 | $ 110 | $ 141 |
GENERAL INFORMATION
GENERAL INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
General Information | |
GENERAL INFORMATION | NOTE 1 GENERAL INFORMATION 1.1 General information of the Company The Company is a fully integrated power company in Argentina, which directly and through its subsidiaries, participates in the electric energy and gas value chains. In the generation segment, the Company, directly and through its subsidiaries and joint ventures, has a 5,088 MW installed capacity as of December 31, 2022, which represents approximately 12% of Argentina’s installed capacity, and being one of the four largest independent generators in the country. Additionally, the Company is currently undergoing a process to expand its installed capacity by an additional 437.5 MW. In the oil and gas segment, the Company develops an important activity in gas and oil exploration and production, with operations in 13 production areas and 5 exploratory areas reaching a production level of 9.8 million m3/day of natural gas and 5.3 thousand boe/day of oil in Argentina, as of December 31, 2022. Its main natural gas production blocks are located in the Provinces of Neuquén and Río Negro. In the petrochemicals segment, operations are located in Argentina, where the Company operates 2 high-complexity plants producing styrene, synthetic rubber and polystyrene, with a domestic market share ranging between 94% and 100%. Finally, through the holding and others segment, the Company participates in the electricity transmission and oil and gas transportation businesses. In the transmission business, the Company jointly controls Citelec, which has a controlling interest in Transener, a company engaged in the operation and maintenance of a 21,697 km high-voltage electricity transmission network in Argentina with an 86% share in the Argentine electricity transmission market. In the gas transportation business, the Company jointly controls CIESA, which has a controlling interest in TGS, a company holding a concession for the transportation of natural gas with 9,233 km of gas pipelines in the center, west and south of Argentina, and which is also engaged in the processing and sale of natural gas liquids through the Cerri Complex, located in Bahía Blanca, in the Province of Buenos Aires, in addition to shale gas transportation and conditioning at Vaca Muerta. Besides, the Company owns a 30.1% indirect interest in OCP, licensee company of an oil pipeline in Ecuador that has a transportation capacity of 450 thousand barrels/day. Additionally, the segment includes advisory services provided to related companies. 1.2 Economic context The Company operates in a complex economic context which main variables experience volatility as a result of political and economic events both in the domestic and international spheres. At the domestic level, in the first quarter of 2022 Argentina and the International Monetary Fund reached an agreement defining tax and monetary goals for the country and agreeing on the refinancing of debt maturities. However, monthly inflation levels and depreciation of the peso against the U.S. dollar have remained high, and exchange restrictions have remained in force and even tightened (see Note 2.5), continuing to affect the foreign currency value. At the international level, Russia’s invasion to Ukraine in early 2022 entailed an important global destabilization factor, which mainly resulted in lower growth expectations and increased inflation due to increased prices of food and energy (mainly oil and natural gas). The increase in international energy prices may adversely affect Argentina’s fiscal balance. In this respect, it is worth highlighting that the Argentine Government, aiming to substitute fuel imports and strengthen the domestic supply, has promoted a project of the construction of the Néstor Kirchner Gas Pipeline, which would allow for increasing transportation capacity by 24 1,500 11 20 Regarding the energy industry, the sustained inflation increase and increased political-economic uncertainty have affected the electricity distribution company’s payment chain, added to deferrals in the National Treasury contributions, as a result of which CAMMESA has recorded delays in payment terms to generators and hydrocarbon producers exceeding 90 days in August 2022. Moreover, on June 16, 2022, PEN Executive Order No. 332/22 established a subsidies segmentation system for electricity and natural gas utility residential customers. Under it, the Argentine Government, which currently covers an average of 70 The Argentine economy registered a cumulative growth of 6.4 10.8 94.8 50.9 72.5 22.1 The context of volatility and uncertainty continues as of the date of issuance of these Consolidated Financial Statements. The Company’s Management permanently monitors the evolution of the variables affecting its business to define its course of action and identify potential impacts on its assets and financial position. The Company’s financial statements should be read in the light of these circumstances. |
REGULATORY FRAMEWORK
REGULATORY FRAMEWORK | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Framework | |
REGULATORY FRAMEWORK | NOTE 2 REGULATORY FRAMEWORK 2.1 Generation 2.1.1 Generation units The Company’s revenues related to this segment come from: i) sales contracts with large users within the MAT (Resolutions No. 1,281/06 and No. 281/17); ii) supply agreements with CAMMESA (Resolutions No. 220/07, No. 21/16, No. 287/17 and Renovar Programs) and iii) sales to the Spot market pursuant to the provisions applicable within the WEM administered by CAMMESA (SE Resolution No. 31/20 as from February 2020, SE Resolution No. 440/21 as from February 2021, SE Resolution No. 238/22 as from February 2022 and SE Resolution No. 826/22 as from September 2022). The Company’s generating units, held directly and through its subsidiaries and joint ventures, are detailed below: Schedule of generating units in operation In operation as of 12.31.2022: Generator Generating unit Tecnology Power Applicable regime (1) CTG GUEMTG01 TG 100 MW Energy Plus Res. No. 1,281/06 CTG GUEMTV11 TV ≤100 MW Resolution No. 826/22 CTG GUEMTV12 TV ≤100 MW Resolution No. 826/22 CTG GUEMTV13 TV >100 MW Resolution No. 826/22 Piquirenda PIQIDI 01-10 MCI 30 MW Resolution No. 826/22 CPB BBLATV29 TV >100 MW Resolution No. 826/22 CPB BBLATV30 TV >100 MW Resolution No. 826/22 CT Ing. White BBLMD01-06 MCI 100 MW Resolution No. 21/16 CTLL LDLATG01/TG02/TG03/TV01 CC >150 MW Resolution No. 826/22 CTLL LDLATG04 TG 105 MW Res. No 220/07 (75%) CTLL LDLATG05 TG 105 MW Resolution No. 21/16 CTLL LDLMDI01 MCI 15 MW Resolution No. 826/22 CTGEBA GEBATG01/TG02/TV01 CC >150 MW Resolution No. 826/22 CTGEBA GEBATG03 TG 169 MW Energy Plus Res. No. 1,281/06 CTGEBA GEBATG03/TG04/TV02 CC 400 MW Resolution No. 287/17 Ecoenergía CERITV01 TV 14 MW Energy Plus Res. N° 1,281/06 CT Parque Pilar PILBD01-06 MCI 100 MW Resolution No. 21/16 CTB EBARTG01 - TG02 TG >50 MW Resolution No. 826/22 (2) HIDISA AGUA DEL TORO HI HI – Media 120<P≤300 Resolution No. 826/22 HIDISA EL TIGRE HR Renewable ≤ 50 Resolution No. 826/22 HIDISA LOS REYUNOS HB HB – Media 120<P≤300 Resolution No. 826/22 HINISA NIHUIL I - II - III HI HI – Small 50<P≤120 Resolution No. 826/22 HPPL PPLEHI HI HI – Media 120<P≤300 Resolution No. 826/22 P.E. M. Cebreiro CORTEO Wind 100 MW Renovar PEPE II PAMEEO Wind 53 MW MATER Res. No. 281/17 PEPE III BAHIEO Wind 53 MW MATER Res. No. 281/17 PEPE IV BAHIEO Wind 18 MW MATER Res. No. 281/17 PE Arauco AR21EO Wind 99.75 MW Renovar (1) (2) Schedule of generating units in construction In construction: Generator Tecnology Capacity Applicable regime CTB CC 280 MW Resolution No. 220/07 PEPE IV Wind 63 MW MATER Res. No. 281/17 PEPE VI Wind 94.5 MW MATER Res. No. 281/17 2.1.2 Sales contracts with large users within the MAT 2.1.2.1 Energy Plus Aiming to encourage new generation works, in 2006, the SE approved Resolution No. 1,281/06 in which established a specific regime which remunerates newly installed generation sold to a certain category of Large Users at higher prices. The Energy Plus service consists of the offer of additional generation availability by generators, co-generators and self-generators which, as of the date of publication of SE Resolution No. 1,281/06, were not WEM agents or did not have facilities or an interconnection with the WEM. Considering that: - These plants should have fuel supply and transportation facilities; - The energy used by GU300 in excess of the base demand (energy consumption for 2005 year) qualifies for Energy Plus agreements within the MAT at a price negotiated between the parties; and - For new GU300 entering the system, their base demand will equal zero. If a generator cannot meet the power demand by an Energy Plus customer, it should purchase that power in the market at the operated marginal cost, or, alternatively, support the committed demand in case of unavailability through agreements with other Energía Plus generators. Currently, the Company has Power Availability agreements in force with other generators whereby, in case of unavailability, it may purchase or sell power to support the contracts mutually. Furthermore, the SE, through Note No. 567/07, as amended, established that GU300 not purchasing their surplus demand in the MAT should pay the Average Incremental Charge of Surplus Demand (“CMIDE”). As from the month of June 2018, pursuant to SE Note No. 28663845/18, the CMIDE became the greater of $1,200/MWh or the temporary dispatch surcharge. Under this regime, the Company —through its power plants Güemes, EcoEnergía and Genelba— sells its energy and power capacity for a maximum amount of 283 MW. The values of Energy Plus contracts are mostly denominated in U.S. dollars. 2.1.2.2 Renewable Energy Term Market (“MATER” Regime) Pursuant to Resolution No. 281/17, the MEyM regulated the MATER Regime with the purpose of setting the conditions for large users within the WEM and WEM distributing agents’ large users covered by Section 9 of Law No. 27,191 to meet their demand supply obligation from renewable sources through the individual purchase within the MATER from renewable sources or self-generation from renewable sources. Projects destined to the supply of electric power from renewable sources under the MATER Regime may not be covered by other remuneration mechanisms, such as the agreements under the Renovar rounds. Surplus energy is sold in the spot market. Finally, contracts executed under the MATER Regime are administered and managed in accordance with the WEM procedures. The contractual terms —life, allocation priorities, prices and other conditions, notwithstanding the maximum price set forth in Section 9 of Law No. 27,191— are freely agreed between the parties, although the committed electricity volumes are limited by the electric power from renewable sources produced by the generator or supplied by other generators or suppliers with which it has purchase agreements in place. Resolution No. 370/22 was passed on May 16, 2022, which expanded the MATER system allowing for the sale of renewable energy under this system to meet the GUDI and distribution utility company’s demand. Under this resolution, the Company, through its PEPE II, III and IV wind farms, sells energy for up to 124 MW. Additionally, the Company has started selling third-party generators’ renewable energy for an approximate volume of 2 MW. After the fiscal year closing, took place the commissioning of 4 additional wind turbines with an incremental capacity of 18 MW. For further information regarding PEPE IV project, see Note 17.1. 2.1.2.3 MATER dispatch priority SE Resolution No. 551/21 published on June 16, 2021 modified the dispatch priority maintenance system established by Resolution No. 281/17. Overall, it replaces the granting of a security for the maintenance of the dispatch priority by the payment of a quarterly installment of US$ 500/MW until commissioning within the declared term or a maximum term of 24 months as from the priority assignment. It also established certain conditions for obtaining an extension in the committed commissioning date, which, according to the project development level and the requested extension term, requires a payment between 500 and 1,500 US$/MW/month. Additionally, it allows projects with an assigned dispatch priority but not yet commissioned to continue their execution keeping the dispatch priority, or to waive such priority, thus releasing the transmission capacity. The Company, as owner of the Wind Farm project, located in Las Armas, Province of Buenos Aires, notified its decision to waive the timely granted dispatch priority, and recovered the security it had provided. As a result, CAMMESA notified that the already initiated execution of the security was determined to be moot as it had no further claim against the Company; therefore, as of September 30, 2021, the amount of US$ 12.5 million recorded for to such effect was recovered and disclosed under the item “Other operating income” of the Consolidated Statement of Comprehensive Income. Under the MATER calls for tenders for the third quarter of 2021 and 2022, the Company was awarded a 36 MW and 41 MW dispatch priority, respectively, for the expansion of the PEPE III wind farm. For further information on the extension project aforementioned, see Note 17.1. 2.1.3 Supply Agreements with CAMMESA 2.1.3.1 SE Resolution No. 220/07 Aiming to encourage new investments to increase the generation offer, the SE passed Resolution No. 220/07, which empowers CAMMESA to enter into 220 Agreement with WEM Generating Agents for the energy produced with new equipment. These will be long-term agreements and the price payable by CAMMESA should compensate for the investments made by the agent at a rate of return to be accepted by the SE. Within the framework of this resolution, the Company has remunerated units under 220 agreements for 79 MW and 280 MW, through Loma la Lata thermal power plant and as from the closing to combined cycle’s commissioning at Ensenada de Barragán thermal power plant, owned by CTB, respectively (see Note 5.2.3). 2.1.3.2 SE Resolution No. 21/16 As a result of the state of emergency in the national electricity sector, on March 22, 2016, the SE issued Resolution No. 21/16 calling for parties interested in offering new thermal power generation capacity with the commitment to making it available through the WEM for the 2016/2017 summer, 2017 winter, and 2017/2018 summer periods. For the awarded projects, wholesale power purchase agreements were entered into with CAMMESA for a term of 10 years, with a remuneration made up of the available power capacity price plus the variable non-fuel cost for the delivered energy and the fuel cost (if appropriate), less penalties and fuel surpluses. Surplus power capacity is sold in the spot market. Pursuant to this resolution, the Company, through its Loma de la Lata, Ingeniero White and Pilar thermal power plants, has effective agreements with CAMMESA for the sale of energy and power capacity for a total 305 MW. 2.1.3.3 SE Resolution No. 287/17 On May 10, 2017 the SE issued Resolution No. 287/17 launching a call for tenders for co-generation projects and the closing to CC over existing equipment. The projects should have low specific consumption (lower than 1,680 kcal/kWh with natural gas and 1,820 kcal/kWh with alternative liquid fuels), and the new capacity should not exceed the existing electric power transmission capacity; otherwise, the cost of the necessary extensions will be borne by the bidder. Pursuant to this regulation, the Company, through its Genelba thermal power plant, has entered into a wholesale power purchase agreement with CAMMESA for the sale of energy and power capacity for a total 400 MW, for a term of 15 2.1.3.4 Renovar Programs In order to meet the objectives, set by Law No. 26,190 and Law No. 27,191 promoting the use of renewable sources of energy, the MEyM called for open rounds for the hiring of electric power from renewable sources (Renovar Programs, Rounds 1, 1.5 and 2) within the WEM. These calls aimed to assign power capacity contracts from different technologies (wind energy, solar energy, biomass, biogas and small hydraulic developments with a power capacity of up to 50 MW). For the awarded projects, renewable electric power supply agreements were executed for the sale of an annual committed electric power block for a term of 20 years. Additionally, several measures were established to promote the construction of projects for the generation of energy from renewable sources, including tax benefits (advance VAT reimbursement, equipment’s accelerated depreciation in the income tax, import duty exemptions, etc.) and the creation of a fund for the development of renewable energies destined, among other objectives, to the granting of loans and capital contributions for the financing of such projects. On December 27, 2021, the SE passed Resolution No. 1,260/21 to address issues regarding the projects under the different Renovar rounds that did not meet committed commissioning terms. Upon satisfaction of certain conditions, the resolution gives project awardees the option to: i) terminate the current contract with CAMMESA against the payment of a sum of money; ii) amend the contract and extend the term for commissioning against a reduction in the contract price and term; iii) commission the project for a power capacity lower than that committed initially. Under the Renovar programs, the Company, through Greenwind, has a supply contract in place with CAMMESA for a total of 100 MW, and in December 2022 it incorporated an additional 99.75 MW following the acquisition of Arauco wind farm (see Note 5.1.5). 2.1.3.5 RenMDI Call SE Resolution No. 36/23 launched a national and international call for tenders to select renewable energy generation projects with a twofold objective: i) the substitution of forced generation (line 1) and ii) the diversification of the energy matrix (line 2). The tender form establishes the following maximum power capacities to be awarded: (i) 500 MW distributed among 6 regions for line 1 and (ii) 120 MW throughout the national territory for line 2. The projects under line 2 will have no priority over other renewable projects. Projects will be remunerated under a supply agreement executed with CAMMESA for a term of 15 years from the project’s commissioning. Until commissioning, the tenderer will meet a payment scheme (an initial payment and quarterly payments), which will be allocated to a special account to be administered by CAMMESA through the the “Electricity Supply Transportation Works Fund” trust (“FOTAE”) for the transmission system’s expansion. The tender submission deadline is April 27, 2023. As of the date of issuance of these Consolidated Financial Statements, Pampa is evaluating the possibility of participating in the call. 2.1.3.6 Remuneration for combined cycles SE Resolution No. 59/23 dated February 7, 2023 established an opt-in system under which combined cycles’ owners could execute an availability and efficiency optimization agreement with CAMMESA. The agreement contemplates an availability commitment for 85 5 35 15 The opt-in application form should be submitted to CAMMESA within a term of 90 calendar days. As of the date of issuance of these Consolidated Financial Statements, the Company is currently evaluating the resolution. 2.1.4 Remuneration at the Spot market On February 27, 2020, SE Resolution No. 31/20 was published in the BO, applicable as from February 2020, established remunerative items based on technology and scale with prices in pesos and set an additional remuneration, in pesos, for the power capacity generated during the hours of maximum thermal demand of the month, taking into consideration the average power capacity generated by thermal generators and the average power capacity operated by hydroelectric generators. Besides, SE Resolution No. 31/20 set a monthly remuneration update scheme with a factor contemplating a 60% CPI and 40% IPIM adjustment. However, on April 8, 2020, through Note No. 2020-24910606-APN-SE#MDP, the SE instructed CAMMESA to postpone the application of this automatic adjustment mechanism. On May 19, 2021, SE Resolution No. 440/21 provided for a 29% increase in spot generation remuneration values, and repealed the automatic adjustment mechanism established by SE Resolution No. 31/20. In November 2021, SE Resolution No. 1,037/21, instrumented through Note NO-2021-108163338-APN-SE#ME, provided for an additional transitional remuneration for generated energy and suspended the application of the utilization factor for economic transactions comprised between September 1, 2021 and February 28, 2022. On April 21, 2022, SE Resolution No. 238/22 was published in the BO. This resolution provided a 30% increase in spot generation remuneration values from the February 2022 economic transaction, and an additional 10% increase from the June 2022 economic transaction. It also abrogated the application of the utilization factor and the additional transitional remuneration set by SE Resolution No. 1,037/21. On December 14, 2022, through SE Resolution No. 826/22, the spot remuneration values were modified considering the following increases: i) 20 10 25 28 Additionally, SE Resolution No. 826/22 replaced the remuneration scheme at hours of maximum thermal demand with a differentiated remuneration scheme at peak hours from the November 2022 economic transaction. The applicable remunerations, based on technology and resolution, are detailed below. The amounts reported under SE Resolution No. 238/22 and SE Resolution No. 826/22 correspond to tariffs applicable from the June 2022 and December 2022 economic transactions, respectively. 2.1.4.1 Remuneration for Available Power Capacity 2.1.4.1.1 Thermal Power Generators A minimum remuneration for power capacity based on technology and scale was established, and generating, co-generating and self-generating agents owning conventional thermal power plants were allowed to offer guaranteed availability commitments for the energy and power capacity generated by their units and not committed under sales contracts with large users within the MAT and supply agreements with CAMMESA. Availability commitments are tendered for quarterly periods: a) summer (December through February); b) winter (June through August) and c) ‘other,’ which comprises two quarters (March through May, and September through November), the thermal generators’ remuneration for committed power capacity being proportional to their compliance. The minimum remuneration for generators with no availability commitments includes the following scales and prices: Schedule of minimum remuneration to thermal generators Technology / Scale SE No. 31/20 ($ / MW-month) SE No. 440/21 ($ / MW-month) SE No. 238/22 ($ / MW-month) SE No. 826/22 ($ / MW-month) Large CC Capacity > 150 MW 100,650 129,839 185,670 245,084 Large TV Capacity > 100 MW 143,550 185,180 264,807 349,546 Small TV Capacity ≤ 100 MW 171,600 221,364 316,551 417,847 Large GT Capacity > 50 MW 117,150 151,124 216,107 285,262 The remuneration for guaranteed power capacity to generators with availability commitments is: Schedule of remuneration for thermal generators with guaranteed power capacity Period SE No. 31/20 ($ / MW-month) SE No. 440/21 ($ / MW-month) SE No 238/22 ($ / MW-month) SE No 826/22 ($ / MW-month) Summer – Winter 360,000 464,400 664,092 876,601 Fall - Spring 270,000 348,300 498,069 657,451 In the case of thermal power plants with a power capacity equal to or lower than 42 MW in total, a differential remuneration was applied until its elimination on August 2022. In the same way, a coefficient derived from the average utilization factor over the unit’s last twelve months was applied to the power capacity remuneration: with a minimum 70% of the utilization factor, 100% of the power capacity payment is collected; if the utilization is between 30% and 70%, the power capacity payment ranges from 70% to 100%; and if the utilization factor is lower than 30%, 70% of the power capacity payment was collected until January 2020 and 60% of the power capacity payment is collected as from February 2020. The application of this factor was suspended in 2021 and finally abrogated from February 2022 (see Note 2.1.4.3). For the February 2020 to October 2022 period, an additional remuneration for the hours of maximum thermal requirement of the month (hmrt) was established, which corresponds to the 50 hours with the largest dispatch of thermal generation of each month divided into two blocks of 25 hours each, applying the following prices to the average generated power: Schedule of additional remuneration to thermal generators Period SE No. 31/20 SE No. 440/21 SE No. 238/22 First 25 hours ($ / MW-hmrt) Second 25 hours ($ / MW-hmrt) First 25 hours ($ / MW-hmrt) Second 25 hours ($ / MW-hmrt) First 25 hours ($ / MW-hmrt) Second 25 hours ($ / MW-hmrt) Summer – Winter 45,000 22,500 58,050 29,025 83,012 41,506 Fall - Spring 7,500 - 9,675 - 13,835 - 2.1.4.1.2 Hydroelectric Generators Power capacity availability is determined independently of the reservoir level, the contributions made, or the expenses incurred. Furthermore, in the case of pumping hydroelectric power plants, the operation as turbine and pump is considered to calculate availability. The base remuneration includes the following scales and prices: Schedule of hydroelectric generators by technology and scales values Technology / Scale SE No. 31/20 ($ / MW-month) SE No. 440/21 ($ / MW-month) SE No. 238/22 ($ / MW-mes) SE No. 826/22 ($ / MW-mes) Medium HI Capacity > 120 ≤ 300 MW 132,000 170,280 243,500 321,421 Small HI Capacity > 50 ≤ 120 MW 181,500 234,135 334,813 441,953 Medium Pumped HI Capacity > 120 ≤ 300 MW 132,000 170,280 243,500 321,421 Renewable HI Capacity ≤ 50 MW 297,000 383,130 547,876 723,196 The payment for power capacity is determined by the actual capacity, hours of unavailability due to programmed and/or agreed maintenance are not computed for the calculation of the remuneration. However, to consider the incidence of programmed maintenance works in power plants, SME Note No. 46631495/19 provided for the application of a 1.05 factor over the power capacity payment. In the case of hydroelectric power plants maintaining control structures on river courses and not having an associated power plant, a 1.20 factor is applied to the plant at the headwaters. Furthermore, for the February 2020 to October 2022 period, an additional remuneration was set for the hours of maximum thermal demand (hmrt), corresponding to the 50 hours with the largest dispatch of thermal generation in each month, divided into two blocks of 25 hours each: Generation units > 50 MW and ≤ 300 MW Schedule of hydroelectric generators by technology and scales values Period SE No. 31/20 SE No. 440/21 SE No. 238/22 First 25 hours ($ / MW-hmrt) Second 25 hours ($ / MW-hmrt) First 25 hours ($ / MW-hmrt) Second 25 hours ($ / MW-hmrt) First 25 hours ($ / MW-hmrt) Second 25 hours ($ / MW-hmrt) Summer – Winter 39,000 19,500 50,310 25,155 71,943 35,972 Fall - Spring 6,500 - 8,385 - 11,991 - Generation units ≤ 50 MW Period SE No. 31/20 SE No. 440/21 SE No. 238/22 First 25 hours ($ / MW-hmrt) Second 25 hours ($ / MW-hmrt) First 25 hours ($ / MW-hmrt) Second 25 hours ($ / MW-hmrt) First 25 hours ($ / MW-hmrt) Second 25 hours ($ / MW-hmrt) Summer – Winter 42,000 21,000 54,180 27,090 77,478 38,739 Fall – Spring 7,000 - 9,030 - 12,913 - 2.1.4.2 Remuneration for generated and operated energy In the case of thermal power generators, a remuneration was set for generated energy, depending on the type of fuel used, and for operated energy, as shown below: Generated and operated energy termal units remuneration Remuneration SE No. 31/20 ($ / MWh) SE No. 440/21 ($ / MWh) SE No. 238/22 ($ / MWh) SE No. 826/22 ($ / MWh) Generated energy Between 240 and 420 Between 310 and 542 Between 403 and 705 Between 585 and 1,023 Operated energy 84 108 154 204 It is worth highlighting that if the thermal generation unit operates outside its optimal dispatch, the remuneration for generated energy will be recognised at 60% of the installed net capacity, irrespective of the energy delivered by the unit. In the case of hydroelectric plants, the following prices were established for generated and operated energy, irrespective of scale: Generated and operated energy hydroelectic units remuneration Remuneration SE No. 31/20 ($ / MWh) SE No. 440/21 ($ / MWh) SE No. 238/22 ($ / MWh) SE No. 826/22 ($ / MWh) Generated energy 210 271 388 512 Operated energy 84 108 154 204 The remuneration for operated energy should correspond with the grid’s optimal dispatch; however, the current resolution does not indicate which would be the consequence otherwise. In the case of pumping hydroelectric power plants, both the generated energy and that used for pumping are considered. Besides, if it works as a synchronous condenser, 60 $/MVAr, and 77 $/MVAr, 110 $/MVAr and 145 $/MVAr are recognised under SE Resolution No. 31/20, and No. 440/21, No. 238/22 and No. 826/22, respectively, for the megavolt-amperes exchanged with the grid when required, in addition to the prices for operated energy. As from November 2022, a differentiated remuneration scheme applicable to thermal and hydroelectric generators for generated energy at peak hours, was established with a remuneration equivalent to twice the value of the generated energy’s current price at peak hours (18:00 to 23:00) every day in the months of December, January, February, June, July and August, and to one time that value for the same hours in the months of March, April, May, September, October and November. As regards energy generated from unconventional sources, a single remuneration value was set irrespective of the source used: Unconventional sources remuneration Remuneration SE No. 31/20 ($ / MWh) SE No. 440/21 ($ / MWh) SE No. 238/22 ($ / MWh) SE No. 826/22 ($ / MWh) Generated energy 1,680 2,167 3,099 3,719 Energy generated before commissioning by the Agency in Charge of Dispatch, will be remunerated at 50% of the above-mentioned remuneration. 2.1.4.3 Transitory additional remuneration On November 2, 2021, SE Resolution No. 1,037/21 provided as follows: (i) the creation of an exports account in the WEM’s stabilization fund for the accumulation of income from electricity export transactions conducted by CAMMESA, as from the economic transactions for the month of September 2021, for the financing of energy infrastructure works; and (ii) the transitory recognition of an additional remuneration to the one established by SE Resolution No. 440/21 for the economic transactions comprised between September 1, 2021 and February 28, 2022. On November 9, 2021, the SE, through Note NO-2021-108163338-APN-SE#ME, instructed CAMMESA to assume that covered generators have a 70% utilization factor, therefore, 100% of the power capacity remuneration would be paid, and added an amount of $ 1,000/MWh for exported energy, which will be distributed proportionately to the energy generated monthly by each generator. SE Resolution No. 238/22 canceled the detailed additional and transitory remuneration from the February 2022 economic transaction. 2.1.4.4 Suspension of contracts within the MAT The suspension of contracts within the MAT (excluding those derived from a differential remuneration scheme) provided for by SE Resolution No. 95/13 remains in effect. 2.1.5 Fuel supply for thermal power plants On December 27, 2019, the Ministry of Productive Development Resolution No. 12/19, restored the centralized scheme in CAMMESA for the supply of fuels for generation purposes (except for generators under the Energy Plus regime and with Wholesale Power Purchase Agreements under Resolution SE No. 287/17). In December 2020, on account of the implementation of the GasAr Plan (see Note 2.2.4.1.2), SE Resolution No. 354/20 was passed, which established a new dispatch order for generation units based on the fuel supplied for their operation under a centralized dispatch scheme. SE Resolution No. 354/20 established the gas volumes CAMMESA should prioritize in the electricity dispatch. In this sense, firm volumes to be used by CAMMESA were defined, including: i) volumes corresponding to contracts entered into by CAMMESA with producers acceding to the GasAr Plan; ii) volumes corresponding to contracts executed by adherent producers with generators acceding to the centralized dispatch (these volumes will be discounted by the adherent producers from the applicable quota for which they should enter into contracts with CAMMESA under the GasAr Plan) and; iii) volumes to meet the Take or Pay (“TOP”) obligations under the supply agreement entered into between IEASA and Yacimientos Petrolíferos Fiscales Bolivianos (“YPFB”). Besides, an electricity dispatch priority scheme was set based on the allocation of the natural gas quota taking into consideration the TOP obligations. To this effect, the following priorities were set (within each priority level, the order of agents is set based on the generator’s production cost): (i) Dispatch Priority 1: Generators, Self-generators and/or Co-generators supplied with a natural gas quota under a TOP Bolivia condition assigned by IEASA. If a generator with a fuel stocking obligation optionally acquires from IEASA natural gas from Bolivia, this volume will be included in this quota. (ii) Dispatch Priority 2: Generators, Self-generators and/or Co-generators supplied by CAMMESA with a natural gas quota from the centralized list of volumes up to the TOP of each contract. (iii) Dispatch Priority 3: Generators, Self-generators and/or Co-generators supplied by CAMMESA with a natural gas quota from the centralized list of volumes for the Daily Maximum Amount (DMA) less those corresponding to the TOP of each contract. (iv) Dispatch Priority 4: Generators, Self-generators and/or Co-generators supplied by CAMMESA with natural gas or LNG coming from other firm commitments undertaken by CAMMESA. (v) Dispatch Priority 5: Generators, Self-generators and/or Co-generators supplied with a gas quota from the unassigned, spot natural gas contracts from any source, acquired by CAMMESA and/or the Generator, according to the supply source. In the case of a generator with its own fuel, the maximum amount to be acknowledged will be the corresponding reference prices. As regards the costs associated with the supply of these fuels, it was established that the electricity demand will bear, among others, the regulated transportation costs, the cost of natural gas and the applicable TOP obligations. Generating agents that kept the possibility to purchase their fuel supply (agents under the Energy Plus regime or with Wholesale Purchase Agreements under Resolution SE No. 287/17) could opt in or out of CAMMESA’s unified dispatch, through the operating assignment of the contracted firm transportation and gas volumes, which impact the assigned priority order. Under such assignment, agents should waive all claims regarding the application of SE Resolution No. 354/20. In the specific case of generators with wholesale power purchase agreements under SE Resolution No. 287/17, it was provided that they would have the option of canceling the self-supply obligation and the resulting recognition of its associated costs, having to maintain the respective transportation capacity for its management in the centralized dispatch. The Company assigned the firm transportation and gas volumes committed to supplying Genelba Plus’ CC and Energy Plus contracts, setting certain guidelines for calculating fuel costs to support its Energy Plus contracts. In the case of the supply to Genelba Plus’ CC, the assignment will remain effective during the life of the GasAr Plan, and it may be revoked by the generator with a minimum advance notice of 30 business days. Within this framework, the parties agreed to enter into an addendum to the Wholesale Power Purchase Agreement to establish the modifications regarding this new supply scheme, which execution is pending as of the issuance of these Consolidated Financial Statements. 2.2 Oil and gas 2.2.1 Argentine Hydrocarbons Law On October 29, 2014, the National Congress enacted Law No. 27,007 amending Hydrocarbons Law No. 17,319 (enacted in 1967), which empowers the Government to grant exploration permits and concessions to the private sector. Additionally: (i) Sets the terms for exploration permits: - Conventional exploration - Unconventional exploration - Continental shelf and off-shore exploitation (ii) Sets the terms for exploitation concessions, extensible for 10-year terms: - Conventional exploitation concession - Unconventional exploitation concession - Continental shelf and off-shore exploitation concession (iii) Sets transportation concessions will be granted for the same term than that granted for the originating exploitation concession. (iv) Sets prices for payments of exploration and exploitation levy and empowers the enforcement authority to establish the payment of extension and exploitation bonds. (v) Establishes a 12% royalty payable by the exploitation concessionaire to the grantor on the proceeds derived from liquid hydrocarbons extracted at wellhead and the production of natural gas. In the case of extension, additional royalties for up to 3% over the applicable royalties at the time of the first extension, up to a total of 18%, will be paid for the following extensions. (vi) Provides for two types of non-binding commitments between the National Government and the Provinces aiming to establish a uniform environmental legislation and to adopt a uniform tax treatment to encourage hydrocarbon activities. (vii) Restricts the National Government and the Provinces from re |
BASIS OF PREPARATION
BASIS OF PREPARATION | 12 Months Ended |
Dec. 31, 2022 | |
Basis Of Preparation | |
BASIS OF PREPARATION | NOTE 3 BASIS OF PREPARATION These Consolidated Financial Statements have been prepared in accordance with IFRS issued by IASB, are expressed in million dollars and were approved for their issuance by the Board of Directors on March 9, 2023. Significant accounting policies adopted in the preparation of these Consolidated Financial Statements are described in Note 4, which have been consistently applied. This consolidated financial information has been prepared under the historical cost convention, modified by the measurement of financial assets at fair value through profit or loss. These accounting policies have been applied consistently by all Group companies. Additionally, certain non-significant reclassifications have been made to financial statements presented with comparative purposes to keep the consistency in the presentation with the amounts of the current year. |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies | |
ACCOUNTING POLICIES | NOTE 4 ACCOUNTING POLICIES The main accounting policies used in the preparation of these Consolidated Financial Statements are explained below. 4.1 New accounting standards, amendments and interpretations issued by the IASB effective as of December 31, 2022 and adopted by the Company The Company has applied the following standards and/or amendments for the first time as of January 1, 2022: - IFRS 3 “Business combination” (amended in May 2020). - Annual Improvements to IFRS Standards - 2018-2020 cycle (issued in May 2020). - IAS 16 “Property, Plant and Equipment” (amended in May 2020). - IAS 37 “Provisions, contingent liabilities and contingent assets” (amended in May 2020). The application of the detailed standards and amendments did not have any impact on the results of the operations or the financial position of the Company. 4.2 New standards, amendments and interpretations issued by the IASB not yet effective and which have not been early adopted by the Company - IFRS 17 - “Insurance Contracts”: issued in May 2017 and modified in June 2020 and December 2021. It supersedes IFRS 4, introduced in 2004 as an interim standard, which gave companies dispensation to carry on accounting for insurance contracts using national accounting standards, thus resulting in several application approaches. IFRS 17 sets the principles for the recognition, measurement, presentation and disclosure of information associated with insurance contracts and is applicable as from January 1, 2023, allowing for its early adoption for entities already applying IFRS 9 and IFRS 15. Its application will not have a significant impact on the Company’s operating results or financial position. - IAS 1 - “Presentation of financial statements”: amended in February 2021. It incorporates amendments to the information to be disclosed on accounting policies. Amendments are applicable to fiscal years starting on or after January 1, 2023, allowing for early adoption. Its application will not have a significant impact on the Company’s operating results or financial position. - IAS 8 - “Accounting Policies”: amended in February 2021. Clarifies the treatment of estimates required in the application of accounting policies. Amendments are applicable to fiscal years beginning on or after January 1, 2023, allowing for early adoption. Their application will not have an impact on the Company’s operating results or financial position. - IAS 12 - “Income Tax”: amended in May 2021. It incorporates modifications regarding the recognition of deferred tax related to assets and liabilities that arise from a single transaction, giving riso to equal taxable and deductible temporary differences. Amendments are applicable to fiscal years beginning on or after January 1, 2023, allowing for early adoption. Their application will not have an impact on the Company’s operating results or financial position. - IFRS 16 - “Leases”: amended in September 2022. It incorporates amendments on sale and leaseback transactions. Amendments are applicable to fiscal years starting on or after January 1, 2024, allowing for early adoption. Its application will not have a significant impact on the Company’s operating results or financial position. - IAS 1 - “Presentation of financial statements”: amended in January 2020, July 2020 and October 2022. It incorporates amendments to the classification of liabilities as current or non-current and provides clarification on the treatment to be given to liabilities with covenants. Amendments are applicable to fiscal years starting on or after January 1, 2024, allowing for early adoption. Their application will not have a significant impact on the Company’s operating results or financial position. 4.3 Effects of changes in foreign exchange rates 4.3.1 Functional and presentation currency The information included in these Consolidated Financial Statements is recorded in U.S. dollars, which is the Company’s functional currency, that is, the currency of the primary economic environment where the entity operates. 4.3.2 Foreign-currency transactions and balances Foreign currency transactions are translated into the functional currency at the exchange rates prevailing on each transaction date or valuation date, when items are remeasured. Foreign exchange gains and losses arising on the settlement of monetary items and on translating monetary items at the closing of the fiscal year using year-end exchange rate are recognised within the financial results in the statement of comprehensive income, with the exception of capitalized amounts. 4.3.3 Group entities’ translation into functional currency The results and financial position of subsidiaries, joint ventures and associates whose functional currency is the Argentine Peso, a currency of a hyperinflationary economy, are translated into the Company’s functional currency using the year-end exchange rate. The results generated by the application of IAS 29 adjustment mechanism for hyperinflationary economies, on the opening equity measured in functional currency are recognised under “Other comprehensive income”. 4.3.4 Presentation of Other comprehensive income within the Company’s equity The Company classifies and directly accumulates within equity, in the retained earnings line, the results generated by the application of the IAS 29 adjustment mechanism on the opening retained earnings, while the remaining results are presented in a separate component of equity and accumulated until the disposal of the foreign operation in “Other comprehensive income”, in accordance with IAS 21. 4.4 Principles of consolidation and equity accounting 4.4.1 Subsidiaries Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. The Group ceases consolidation of entities from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the Group (see Note 4.4.5 below). Intercompany transactions, balances and unrealized gains on transactions between Group entities are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed when necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the Consolidated Statement of Comprehensive Income, Consolidated Statement of Changes in Equity and Consolidated Statement of Financial Position respectively. 4.4.2 Associates Associates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting (see Note 4.4.4 below), after initially being recognised at cost. 4.4.3 Joint arrangements Investments in joint arrangements are classified as either joint operations or joint ventures, according to IFRS 11. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The Company has both joint operations and joint ventures. 4.4.3.1 Joint operations The Company recognizes its direct right to the assets, liabilities, incomes and expenses of joint operations and its share of any jointly held or incurred assets, liabilities, incomes and expenses. These have been incorporated in the Consolidated Financial Statements under the appropriate headings. 4.4.3.2 Joint ventures Interests in joint ventures are accounted for using the equity method, after initially being recognised at cost (see Note 4.4.4 below). 4.4.4 Equity Method Under the equity method of accounting, the investments are initially recognised at cost and adjusted to recognize the Group’s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group’s share of movements in other comprehensive income of the investee in other comprehensive income. On acquisition of the investment, any difference between the cost of the investment and the entity’s share of the net fair value of the investee’s identifiable assets and liabilities is accounted for as follows: (i) goodwill relating to an associate or a joint venture is included in the carrying amount of the investment and is not amortised, and (ii) any excess of the net fair value over the cost is included as income in the determination of the entity’s share of the associate or joint venture’s profit or loss. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. When the Group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, together with any long-term interests that, in substance, form part of the net investment, the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the other entity. Unrealized gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the group’s interest in these entities. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group. The carrying amount of equity accounted investments is tested for impairment in accordance with the policy described below in Note 4.9. 4.4.5 Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisitions comprises: (i) the fair value of the transferred assets, (ii) the liabilities incurred to the former owners of the acquired business, (iii) the equity interests issued by the group, (iv) the fair value of any asset or liability resulting from a contingent consideration arrangement, and (v) the fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values in the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets. Acquisition-related costs are expensed as incurred. The value of the goodwill represents the excess of: i) the consideration transferred, ii) the amount of any non-controlling interest in the acquired entity, and iii) the acquisition-date fair value of any previous equity interest in the acquired entity, over the fair value of the net identifiable assets acquired is recorded as goodwill. If the fair value of the net identifiable assets of the business acquired exceeds those amounts, the gain on bargain purchase is recognised directly in profit or loss. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognised in profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss. The Group has up to 12 months to finalize the accounting for a business combination. Where the accounting for a business combination is not complete by the end of the year in which the business combination occurred, the Group reports provisional amounts. 4.4.6 Changes in ownership interests The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised in “Other reserves” within equity attributable to owners of the Company. When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognised in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities, this means that amounts previously recognised in other comprehensive income are reclassified to profit or loss. If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where appropriate. 4.5 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the Executive committee. The Executive Committee, is the highest decision-making authority, is the person responsible for allocating resources and setting the performance of the entity’s operating segments and has been identified as the body executing the Company’s strategic decisions. In segmentation the Company considers transactions with third parties and intercompany operations, which are done on internal transfer pricing based on market prices for each product. 4.6 Property, plant and equipment Property, Plant and Equipment is measured following the cost model. It is recognised at acquisition cost less depreciation a less any accumulated impairment. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. The cost of work in progress whose construction will extend over time includes, if applicable, the computation of financial costs accrued on loans granted by third parties and other pre-production costs. Revenues and costs arising from the sale of elements obtained during the start-up process are charged to the profit and loss of the period. Works in progress are valued according to their degree of progress. Works in progress are recorded at cost less any loss due to impairment, if applicable. Assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each year. An asset’s carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing the sale price with the carrying amount, stated in terms of the measuring unit current at the disposal date. 4.6.1 Depreciation methods and useful lives The group depreciates productive wells, machinery and camps in the oil and gas production areas according to the units of production method, by applying the ratio of oil and gas produced to estimated proved developed oil and gas reserves. The acquisition cost of property with proved reserves is depreciated by applying the ratio of oil and gas produced to estimated proved oil and gas reserves. Acquisition costs related to properties with unproved reserves is valued at cost with recoverability periodically assessed on the basis of geological and engineering estimates of possible and probable reserves that are expected to be proved over the life of each concession. Machinery and generation equipment (including any significant identifiable component) are depreciated under the unit of production method. The group´s remaining items of property, plant and equipment (including any significant identifiable component) are depreciated by the straight-line method based on estimated useful lives, as detailed below: Schedule of estimated useful lives Buildings: 50 Vehicles: 3 5 Furniture, fittings and communication equipment: 5 Computer equipment and software: 3 Tools: 10 Equipment and machinery: 10 30 If appropriate, the depreciation method is reviewed and adjusted at the end of each year. 4.6.2 Asset retirement obligations and wind turbines decommissioning Estimated future costs of asset retirement obligations on well abandonment in oil and gas areas and wind turbines decommissioning in wind farms, discounted at a risk adjusted rate, are capitalized in the cost of the assets and depreciated using the units of production method. Additionally, a liability at the estimated value of the discounted amounts payable is recognised. Changes in the measurement of asset retirement obligations that result from changes in the estimated timing, amount of the outflow of resources required to settle the obligation, or the discount rate, are added to, or deducted from, the cost of the related asset. If a decrease in the liability exceeds the carrying amount of the asset, the excess is recognised immediately in profit or loss. 4.7 Intangible assets 4.7.1 Goodwill Goodwill is the result of the acquisition of subsidiaries. Goodwill represents the excess of the acquisition cost over the fair value of the equity interest in the acquired entity held by the company on the net identifiable assets acquired on the date of acquisition. For impairment testing, goodwill acquired in a business combination is allocated from the acquisition date to each of the acquirer’s CGU or group of CGU that are expected to benefit from the synergies of the combination. Each unit or group of units that goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. 4.7.2 Concession arrangements Concession arrangements corresponding to hydroelectric generation plants Diamante and Nihuiles are not under the scope of the guidelines of IFRIC 12 “Service Concession Arrangements”. These concession agreements meet the criteria set forth by the IFRSs for capitalization less depreciation a less any accumulated impairment. They are amortized following the straight-line method based on useful life, which corresponds to the life of each concession agreement. 4.7.3 Identified intangible assets in acquired investments Corresponds to intangible assets identified in the moment of the acquisition of companies. Identified assets meet the criteria established in IFRS for capitalization less depreciation and less any accumulated impairment. They are amortized by the straight-line method according to the useful life of each asset, considering the estimated way in which the benefits produced by the asset will be consumed. 4.7.4 Digital Assets The Company accounts for digital assets (cryptocurrencies) as intangible assets with indefinite useful life under the cost model. They are recognised at acquisition cost less any accumulated impairment. 4.8 Assets for oil and gas exploration The Company uses the successful efforts method of accounting for its oil and gas exploration and production activities. This method involves the capitalization of: (i) the cost of acquiring properties in oil and gas exploration and production areas; (ii) the cost of drilling and equipping exploratory wells that result in the discovery of commercially recoverable reserves; (iii) the cost of drilling and equipping development wells, and (iv) the estimated asset retirement obligations (see Note 4.6.2). According to the successful efforts method of accounting, exploration costs (including geological and geophysical costs), excluding exploratory well costs, are expensed during the period in which they are incurred. Drilling costs of exploratory wells are capitalized until it is determined that proved reserves exists and they justify the commercial development. If reserves are not found, such drilling costs are expensed. Occasionally, an exploratory well may determine the existence of oil and gas reserves but they cannot be classified as proved when drilling is complete. In those cases, such costs continue to be capitalized insofar as the well has allowed determining the existence of sufficient reserves to warrant its completion as a production well and the Company is making sufficient progress in evaluating the economic and operating feasibility of the project. 4.9 Impairment of non-financial long-lived assets Intangible assets that have an indefinite useful life and goodwill are not subject to amortization and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. The remaining non-financial long-lived assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows which are largely independent of the cash inflows from other assets or groups of assets (CGU). Non-financial long-lived assets, other than goodwill, that have been impaired are reviewed for possible reversal of the impairment at the end of each reporting period. 4.10 Financial assets 4.10.1 Classification The Group classifies its financial assets in the following categories: (i) those that are subsequently measured at fair value, and (ii) those that are subsequently measured at amortised cost. The classification depends on the entity’s business model for managing the financial assets and the contractual cash flow characteristics. Gains and losses from financial assets measured at fair value, will be recorded in the Statement of Comprehensive Income or in the Other Comprehensive Income. Investments in equity instruments are measured at fair value. For those investments that are not held for trading, the Company may make an irrevocable election at initial recognition to present subsequent changes in other comprehensive income. The Company's election was to recognize changes in fair value through profit and loss. The company reclassifies financial assets when and only when it changes its business model for managing those financial assets. 4.10.2 Recognition and derecognition The conventional purchases and sales of financial assets are accounted for at settlement date. Financial assets are derecognised when contractual rights to the cash flows from the financial assets have expired or been transferred, and the Company has substantially transferred all risks and rewards of ownership of the asset. 4.10.3 Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. A gain or loss on a debt investment that is subsequently measured at fair value and is not part of a hedging relationship is recognised in profit or loss and disclosed in “Changes in the fair value of financial instruments” within “Other financial Results. A gain or loss on a debt investment that is subsequently measured at amortized cost and is not part of a hedging relationship is recognised in profit or loss when the financial asset is derecognised or impaired and through the amortization process using the effective interest rate method. The Group subsequently measures equity investments at fair value. Dividends from such investments continue to be recognised in profit or loss as long as they represent a return on investment. 4.10.4 Impairment of financial assets The Company assesses the expected credit losses related to its financial instruments at amortized cost and financial instruments at fair value through other comprehensive income, if applicable. The Company applies the simplified approach allowed by IFRS 9 to measure expected credit losses for trade receivables and other receivables with similar risk characteristics. For this purpose, receivables are grouped by business segment and based on shared credit risk characteristics and expected credit losses are determined based on rates calculated for different ranges of default days from the due date. The expected loss rates are based on the sales collection profiles over a period of 24 months before the end of each year, considering historical credit losses experienced within this period that are adjusted, if applicable, to reflect forward-looking information that could affect the ability of customers to settle the receivables. 4.10.5 Offsetting of financial instruments Financial assets and liabilities are offset, and the net amount reported in the consolidated statements of financial position, when there is a legally enforceable right to offset the recognised amounts, and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. 4.11 Trade and other receivables Trade receivables and other receivables are recognised at fair value and subsequently measured at amortized cost, using the effective interest method, less provision for impairment, if applicable. The Company recognizes provisions for impairment on trade and other receivables based on expected credit loss model described in Note 4.10.4. Trade receivables are written off when there is no reasonable expectation of recovery. The Company considers the following default indicators: i) voluntary reorganization proceedings, bankruptcy or initiation of judicial demands; ii) insolvency implying a high impossibility of collection and iii) past due balances greater than 90 days. Where applicable, provisions for impairment on tax credits have been recognised based on estimates on their uncollectibility within their statutory limitation period, taking into consideration the Company’s current business plans. 4.12 Derivative financial instruments and hedging account Derivative financial instruments are measured at fair value, determined as the amount of cash to be collected or paid to settle the instrument as of the measurement date, net of any prepayment collected or paid. Fair value of derivative financial instruments traded in active markets is disclosed based on their quoted market prices and fair value of instruments that are not traded in active markets is determined using different valuation techniques. Subsequent accounting of changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The Company may designate derivative financial instruments in the following categories: (i) fair value hedge of recognised assets or liabilities or over firm commitment (fair value hedge); (ii) cash flow hedges of a particular risk associated with recognised assets and liabilities and highly probable future transactions (cash flow hedges), or (iii) net investment hedge in foreign operation (net investment hedges). At the beginning of the hedge relationship, the Group documents the economic relationship between the hedging instruments and the hedged items, even if it is expected that changes in the cash flows of the hedging instruments offset changes in the cash flows of the hedged items. The Group documents its objective and risk management strategy to carry out its hedging operations. Changes in the measurement of derivative financial instruments designated as cash flow hedge, which have been determined as effective, are recognised in equity. The gain or loss related to the ineffective portion is recognised immediately in profit or loss. Changes in the measurement of derivative instruments that do not qualify for hedge accounting are recognised in profit or loss. The Company has not formally designated financial instruments as hedging instruments. 4.13 Inventories This line item includes crude oil stock, raw materials, work in progress and finished products relating to Petrochemicals and Oil and Gas business segments as well as materials and spare parts relating to the Generation business segment. Inventories are stated at the lower of cost or net realizable value. Cost is determined using the weighted average price method. The cost of inventories includes expenditure incurred in purchases and production and other necessary costs to bring them to their existing location and condition. In case of manufactured products and production in process, the cost includes a portion of indirect production costs, excluding any idle capacity (slack). The net realizable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and the estimated costs to make the sale. The assessment of the recoverable value of these assets is made at each reporting date, and the resulting loss is recognised in the statement of income when the inventories are overstated. The Company has classified materials and spare parts into current and non-current, depending on the timing in which they are expected to be used for replacement or improvement on existing assets. The portion of materials and spare parts for maintenance or improvements on existing assets, is exposed under the heading “Property, plant and equipment”. 4.14 Non-current assets (or disposal group) held for sale and discontinued operations Non-current assets are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except deferred tax assets, assets arising from employee benefits, financial assets and investment property that are carried at fair value and contractual rights from insurance contracts, which are specifically exempt from this requirement. An impairment loss is recognized for any initial or subsequent write-down of the asset until fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative impairment loss previously recognized. The gain or loss not previously recognized by the date of the sale of the non-current asset is recognized at the date of derecognition. Non-current assets (including those that are part of a disposal group) are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognised. Non-current assets or group of assets classified as held for sale are presented separately from the other assets in the balance sheet. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the balance sheet. These assets and liabilities are not offset. If it is a discontinued operation, that is, an item which has been disposed of or classif |
GROUP STRUCTURE
GROUP STRUCTURE | 12 Months Ended |
Dec. 31, 2022 | |
Group Structure | |
GROUP STRUCTURE | NOTE 5 GROUP STRUCTURE 5.1 Acquisition and sale of equity interests 5.1.1 Sale of equity interests of controlling stake in Edenor On December 28, 2020, the Company entered into with Empresa de Energía del Cono Sur S.A. and Integra Capital S.A., Daniel Eduardo Vila, Mauricio Filiberti and José Luis Manzano (the “Purchaser”) a share purchase agreement whereby it agreed to sell its controlling interest in Edenor through the transfer of all Class A shares representing 51% of the capital stock and voting rights of said company (the “Transaction”). On February 17, 2021, Pampa’s shareholders meeting was held and the Transaction was approved. On June 24, 2021, the ENRE approved the Transaction through Resolution No. 207/21, whereas, after meeting the precedent conditions, the transaction closing took place on June 30, 2021, with the transfer of shares and the change of controlling shareholder. The agreed sales price consisted of: 21,876,856 Class B shares of Edenor, representing 2.41% of Edenor’s capital stock and voting rights, transferred upon the execution of the share purchase agreement; and US$ 95 million in cash, which was paid in 3 installments: (i) US$ 5 million upon the execution of the share purchase agreement; (ii) US$ 50 million on the closing date; and US$ 40 million, plus interest at a 10% fixed nominal annual rate (payable quarterly), between June and July 2022. Within the previously described framework and pursuant to IFRS 5, and considering that the transaction involved loss of control over the subsidiary, all Edenor’s assets and liabilities had been classified as held for sale as of December 31, 2020 and had been measured at the lower between its fair value, net of costs associated with the sale, if applicable, and its book value, which involved the recognition of an impairment loss for US$ 589 The statement of comprehensive income associated with the discontinued operations is disclosed below: Schedule of consolidated statement of comprehensive income related to discontinued operations Distribution of Energy 12.31.2021 12.31.2020 Revenue 493 1,085 Cost of sales (398) (926) Gross profit 95 159 Selling expenses (36) (79) Administrative expenses (26) (64) Other operating income 21 29 Other operating expenses (18) (25) Reversal of property, plant and equipment impairment 16 (589) Impairment of financial assets (11) (50) Operating income (loss) 41 (619) Gain on monetary position, net 120 115 Financial income - 1 Financial costs (106) (110) Other financial results 8 (20) Financial results, net 22 (14) Profit (Loss) before income tax 63 (633) Income tax (138) 41 Loss of the year from discontinued operations (75) (592) Other comprehensive income (loss) Items that will not be reclassified to profit or loss Results related to defined benefit plans - 1 Exchange differences on translation 34 (15) Items that may be reclassified to profit or loss Exchange differences on translation (1) 30 (19) Other comprehensive income (loss) of the year from discontinued operations 64 (33) Total comprehensive loss of the year from discontinued operations (11) (625) Total (loss) profit of the year from discontinued operations attributable to: Owners of the company (39) (499) Non - controlling interest (36) (93) (75) (592) Total comprehensive loss of the year from discontinued operations attributable to: Owners of the company (9) (517) Non - controlling interest (2) (108) Total comprehensive (loss) income of the year from discontinued operations attributable to: (11) (625) (1) As of December 31, 2021, corresponds to the reclassification adjustment for exchange differences losses included in profit or loss on Edenor disposal. No exchange differences losses on translation were reconized during 2021. The consolidated statement of cash flows related to discontinued operations as of December 21, 2021 and 2020 is presented below: Schedule of consolidated statement of cash flows related to discontinued operations Distribution of Energy 12.31.2021 12.31.2020 Net cash generated by operating activities 116 211 Net cash used in investing activities (166) (86) Net cash used in financing activities (7) (73) (Decrease) Increase in cash and cash equivalents from discontinued operations (57) 52 Cash and cash equivalents at the beginning of the year 52 9 Effect of devaluation and inflation on cash and cash equivalents 5 (9) (Decrease) Increase in cash and cash equivalents (57) 52 Cash and cash equivalents at the end of the year - 52 5.1.2 Sale of equity interests in Refinor On September 15, 2022, the Company entered into an agreement with Hidrocarburos del Norte S.A. for the sale of its Class A shares representing 28.5 5.7 As of September 30, 2022, in accordance with IFRS 5 and since the transaction price was below the carrying amount, the Company recognised impairment losses, before taxes, for US$ 11 On October 14, 2022, with the precedent conditions being met, the Company transferred such shares. As of the date of issuance of these Consolidated Financial Statements, the Company has collected US$ 1.7 4 8 5.1.3 Acquisition of an additional 50% interest in Greenwind On August 12, 2022, Vientos Solutions L.L.C., Rio River Capital L.L.C and the Group entered into a share acquisition agreement whereby it acquired, for the amount of US$ 20.5 50 On the acquisition date, the Company recorded profits of US$ 23.3 million to reflect the fair value of the 50 The following table details the fair value of the consideration transferred and the fair values of the assets acquired and the liabilities assumed as of August 12, 2022: Schedule of fair value of the consideration transferred In million US$ Consideration transferred (20.5) Fair value of the previous interest in Greenwind (20.4) Total (40.9) Property, plant and equipment (1) 127.7 Intangible assets - Customer contract (2) 31.6 Financial assets at fair value 24.4 Trade receivables (3) 6.3 Other assets 0.1 Cash and cash equivalents 3.1 Borrowings (89.3) Deferred tax liabilities (54.3) Income tax liabilities (4.4) Trade and other payables (2.0) Provisions (1.4) Tax liabilities (0.9) Total acquisition price allocation (4) 40.9 (1) Mario Cebreiro Wind Farm’s fair value was assessed using the “cost-based approach,” which consists of the farm’s replacement cost new, adjusted by its loss of value resulting from physical deterioration and functional and economic obsolescence. (2) The fair value of this intangible asset regarding the identified business transactions has been determined through the application of the “income-based approach” and the “multi-period excess earnings” method. Key assumptions used considered: i) projected generation level; and ii) discount rate. The useful life was assessed based on the remaining years of the contract. (3) For acquired trade receivables, contractual value does not differ from fair value. (4) No differences in the acquired assets’ accounting valuation were identified, except for the values detailed under Property, plant and equipment and Intangible assets. Expenses related to the acquisition transaction were non-significant, therefore they were recognised as expenses in fiscal year result. The acquisition contributed to the Group revenues from sales for US$ 11.3 3.5 If the acquisition had taken place on January 1, 2022, the consolidated revenues from sales and the results for the period as of December 31, 2022 would have been US$ 1,844 459 The Company paid US$ 20.5 3.1 17.4 5.1.4 Acquisition of Autotrol Renovables S.A. On September 30, 2022, the Company acquired 100% of the capital stock of Autotrol Renovables S.A., an entity holder of the “Wayra I Wind Farm” project (registered with the National Renewable Energy Projects Registry, “RENPER”) for a price of US$ 50 thousand. 5.1.5 Acquisition of VAR On December 12, 2022, Parque Eólico Arauco S.A.P.E.M. (“PEA”) and the Company executed an agreement to acquire 100% of VAR’s capital stock. This company is exclusively engaged in electric power generation in the domestic market through the operation of Arauco II Wind Farm, with a 99.75 MW capacity, at a price of US$ 171 46 Upon the meeting of the precedent conditions, on December 16, 2022, PEA transferred VAR’s shares, and the Company paid US$ 128.1 million, an amount that considers the working capital adjustment estimated on that date. The amount paid is currently under review by the Company and PEA in accordance with the processes established in the share purchase agreement to assess the amount of VAR’s working capital adjustment as of closing. The following table details the fair value of the consideration transferred, and the fair values of the assets acquired and liabilities assumed as of, December 16, 2022: Schedule of fair values of assets acquired and liabilities assumed In million US$ Consideration transferred (128.1) Estimated price adjustment 6.7 Total (121.4) Property, plant and equipment (1) 167.7 Intangible assets - Customer contract (2) 62.3 Trade receivables (3) 4.9 Other receivables 1.2 Deferred tax liability (60.2) Income tax liability (5.0) Trade and other payables (3.3) Other payables (46.0) Tax liabilities (0.2) Total acquisition price allocation (4) 121.4 (1) Arauco Wind Farm’s fair value was assessed using the “cost-based approach,” which consists of the farm’s replacement cost new, adjusted by its loss of value resulting from physical deterioration and functional and economic obsolescence. (2) The fair value of this intangible asset regarding the identified business transactions has been determined through the application of the “income-based approach” and the “multi-period excess earnings” method. Key assumptions used considered: i) projected generation level; and ii) discount rate. The useful life was assessed based on the remaining years of the contract. (3) For acquired trade receivables, contractual value does not differ from fair value. (4) No differences in the acquired assets’ accounting valuation were identified, except for the values detailed under Property, plant and equipment and Intangible assets. Expenses related to the acquisition transaction were non-significant, therefore they were recognised as expenses in fiscal year result. If the acquisition had taken place on January 1, 2022, the consolidated revenues from sales and the results for the period as of December 31, 2022 would have been US$ 1,858 448 The Company paid US$ 93.2 million for the acquisition of the equity interest, which is disclosed in the consolidated statement of cash flows in the item “Payment for the acquisition of subsidiaries and associates” under investment activities. In addition, the Company made a partial payment by delivering public securities for US$ 34.9 5.2 5.2.1 Subsidiaries information Unless otherwise indicated, the capital stock of the subsidiaries consists of common shares, each granting the right to one vote. The country of the registered office is also the principal place where the subsidiary develops its activities. Schedule of subsidiaries information 12.31.2022 12.31.2021 Company Country Main activity Direct and indirect participation % Direct and indirect participation % Autotrol Renovable S.A. (1) Argentina Generation 100.00% - GASA Argentina Generation 100.00% 100.00% Enecor S.A. Argentina Electricity transportation 70.00% 70.00% Fideicomiso CIESA Argentina Investment 100.00% 100.00% Greenwind (3) Argentina Generation 100.00% 50.00% HIDISA Argentina Generation 61.00% 61.00% HINISA Argentina Generation 52.04% 52.04% CISA Argentina Trader & investment 100.00% 100.00% PEB Bolivia Investment 100.00% 100.00% PB18 Ecuador Oil 100.00% 100.00% Energía Operaciones ENOPSA S.A. Ecuador Oil 100.00% 100.00% Pampa Ecuador Inc Ecuador Investment 100.00% 100.00% PE Energía Ecuador LTD Gran Cayman Investment 100.00% 100.00% EISA Uruguay Investment 100.00% 100.00% PISA Uruguay Investment 100.00% 100.00% TGU Uruguay Gas transportation 51.00% 51.00% Corod (3) Venezuela Oil - 100.00% Petrolera San Carlos S.A. Venezuela Oil 100.00% 100.00% Vientos de Arauco Renovables S.A.U. (4) Argentina Generation 100.00% - Vientos Solutions Argentina S.A.U. Argentina Advisory services 100.00% - VS S.L. (2) España Investment 100.00% - (1) See Note 5.1.4. (2) See Note 5.1.3. (3) Interest assigned under the assignment of the indirect interest in the capital stock of mixed companies in Venezuela. See Note 5.3.2. (4) See Note 5.1.5. 5.2.2 Information about investments in associates and joint ventures The following table presents the main activity and financial information used for valuation and percentages of participation in associates and joint ventures: Disclosure Of Investments In Associates And Joint Ventures Information about the issuer Main activity Date Share capital Profit (loss) of the year Equity Associates OCP Investment 12.31.2022 100 (4) 96 TGS (1) Gas transportation 12.31.2022 4 182 1,508 Joint ventures CIESA (1) Investment 12.31.2022 4 93 770 Citelec (2) Investment 12.31.2022 3 5 235 CTB Generation 12.31.2022 48 53 536 (1) The Company holds a direct and indirect interest of 3.764% in TGS and 50% in CIESA, a company that holds a 51% interest in the share capital of TGS. Therefore, additionally the Company has an indirect participation of 25.50% in TGS. As of December 31, 2022, the quotation of TGS's ordinary shares and ADR published on the Buenos Aires Stock Exchange and the NYSE was $ 811.05 and US$ 11.80, respectively, granting to Pampa (direct and indirect) ownership an approximate stake market value of $ 188,568 million. (2) The Company holds a 50% interest in Citelec, a company that holds a 52.65% interest in Transener’s capital stock; therefore, the Company has a 26.33% indirect interest in Transener. As of December 31, 2022, Transener’s common share price listed at the Buenos Aires Stock Exchange was $ 184,50, conferring Pampa’s indirect interest an approximate $ 21,598 million market value. The details of the balances of investments in associates and joint ventures are as follows: Schedule of interest in associates and joint ventures 12.31.2022 12.31.2021 Disclosed in non-current assets Associates Refinor (1) - 22 OCP 15 24 TGS 67 52 Total associates 82 98 Joint ventures CIESA 435 347 Citelec 117 102 CTB 268 227 Total joint ventures 820 676 Total associates and joint ventures 902 774 Disclosed in non-current liabilities Joint ventures Greenwind - (4) Total joint ventures - (4) (1) See Note 5.1.2. The following tables show the breakdown of the share of profit from associates and joint ventures: Schedule of result from interests in associates and joint ventures 12.31.2022 12.31.2021 12.31.2020 Associates Refinor (12) (2) (2) OCP (1) 18 (5) TGS 7 7 1 Total associates (6) 23 (6) Joint ventures CIESA 43 50 11 CTB 41 49 64 Citelec 3 (3) 13 Greenwind (1) 24 (2) 3 Total joint ventures 111 94 91 Total associates and joint ventures 105 117 85 (1) See Note 5.1.3. The evolution of investments in associates and joint ventures is as follows: Schedule of evolution of interests in associates and joint ventures 12.31.2022 12.31.2021 12.31.2020 At the beginning of the year 770 547 507 Compensation - - (5) Dividends (8) - (34) Increases 1 17 3 Decrease due to acquisition of control (1) (20) - - Decrease due to sale of equity interests (2) (6) - - Share of profit 116 117 85 Impairment (2) (11) - - Exchange differences on translation 60 89 (9) At the end of the year 902 770 547 (1) See Note 5.1.3. (2) See Note 5.1.2. 5.2.3 Investment in CTB On June 26, 2019. the acquisition by CTB, a company co-controlled by YPF and Pampa, of CTEB's goodwill was perfected, which is located at the petrochemical complex of the town of Ensenada, Province of Buenos Aires, consists of two open-cycle gas turbines, and has a 567 MW installed capacity. CTB committed to obtain the commissioning of the closing of the combined cycle increasing the installed power capacity to 847 MW. Both the open and the closed cycle have effective power purchase agreements with CAMMESA under Resolution SE No. 220/07: the first one, entered into on March 26, 2009 which expired on April 27, 2022, and the second one dated March 26, 2013 for a term of 10 years as from the commercial operation of the combined cycle, which stared operations on February 22, 2022. Moreover, energy not committed under contracts with CAMMESA is remunerated at the spot market. CTEB will be managed and operated by Pampa and YPF on a rotational basis over 4-year periods. Pampa is responsible for managing CTEB’s operations until mid-2023. And YPF, through its subsidiary YPF Energía Eléctrica S.A., will supervise the necessary works for the closing of the combined cycle. 5.2.3.1 Financial Trust Agreement As a result of the award of CTEB’s goodwill, certain amendments were made to the Enarsa-Barragán Financial Trust Agreement entered into between BICE Fideicomisos S.A. (Nación Fideicomisos S.A.’ continuing company), acting as Trustee, and CTB, in its capacity as Trustor substituting IEASA (former ENARSA) (the “Trust Agreement” or the “Trust”). Under the Trust, on April 25, 2011 publicly traded Series B VRD for a face value of 582,920,167 were issued. The Trust’s underlying flow is made up of the collection rights resulting from the power supply agreements originally entered into between ENARSA (currently IEASA) and CAMMESA. On June 26, 2019 and October 16, 2020, CTB made a partial early redemption of 109,628,836 and 275,053,045 outstanding Series B VRD, which were canceled on October 29, 2019 and December 4, 2020, respectively. Finally, on December 17, 2021, CTB performed the total early redemption of 198,238,286 VRD for a total amount of US$ 94 million. As of the issuance of these Consolidated Financial Statements, the VRD have been canceled and the Trust has been liquidated. 5.2.3.2 Syndicated loan On June 25, 2019, in order to partially finance the obligations undertaken as a result of the award and execution of the works for the closing of the combined cycle at CTEB, Citibank, N.A., Banco de Galicia y Buenos Aires S.A.U., Banco Santander Río S.A., HSBC Bank Argentina S.A. and Industrial and Commercial Bank of China (Argentina) S.A., in their capacity as lenders (the “Lenders”), granted a syndicated loan to CTB in the amount of US$ 170 million maturing on June 26, 2022, with US$ 136 million accruing a fixed 10.25% interest rate and US$ 34 million accruing a variable LIBOR rate+6.25. On March 25, 2022 CTB and the lenders executed a amendment to the agreement modifying the loan repayment scheme in its variable interest rate tranche, with a new maturity on October 1, 2022, and changing the reference rate from LIBOR to SOFR. During the fiscal year ended December 31, 2022, CTB has repaid at maturity the amount of US$ 74,4 million of the syndicated loan´s remaining installments. 5.2.3.4 Global Program of CB On July 23, 2020, CTB’s Extraordinary General Shareholders’ Meeting resolved to approve the creation of a global program of simple corporate bonds non-convertible into shares for up to US$ 200 million or its equivalent in other currencies or units of value, and the issuance of corporate bonds under such program up to its maximum amount, at any time, to be issued in one or more classes and/or series, which authorization was granted by the CNV on September 24, 2020. 5.2.3.5 Issuance of CB On June 4, 2021, CTB issued: (i) Class 1 CB for a total amount of US$ 27.3 million, accruing interest at an annual fixed rate of 4% and maturing on June 4, 2023; and (ii) Class 2 CB for a total amount of 37,504,954 units of purchasing power (“UVA”), adjustable by the Reference Stabilization Coefficient (CER), equivalent to $2,928 million, accruing interest at a fixed 4% rate and maturing on June 4, 2024. On August 18, 2021, CTB reopened (i) Class 1 CB for a total amount of US$ 15.6 million at an issue price of 101.7050%; and (ii) Class 2 CB for a total amount of 27.9 million UVA at an initial value of $84.76 per UVA at an issue price of 100.82%. On November 26, 2021, CTB issued Class 4 CB for a total amount of US$ 96 million, accruing interest at an annual 0% fixed rate and maturing on November 26, 2024. On May 16, 2022, CTB issued: (i) Class 6 CB for a total amount of US$ 25 0 May 16, 2025 1,754 2.98 November 16, 2023 On August 22, 2022, CTB issued Class 8 CB for a total amount of $ 4,235 1.00 Finally, on December 12, 2022, CTB reopened additional Class 6 CB for a total amount of US$ 58.6 0 May 16, 2025 10.7 32.2 All CB are secured by a personal guarantee subject to a precedent and subsequent condition granted by YPF and Pampa. As of the date of issuance of these Consolidated Financial Statements, CTB is in compliance with all the covenants under its debt agreements. 5.2.3.6 Closing to combined cycle project CTB’s closing to combined cycle commitment to increase its installed capacity from 567 MW to 847 MW has been affected from its beginning by the evolution of the measures associated with the COVID-19 pandemic. The stiffening of social lockdown measures from July 1, 2020 excluded private infrastructure works from the exempted activities. Later on, pursuant to Resolutions No. 1197-MJGM-2020 and No. 1690-MJGM-2020 issued by the Buenos Aires Chief of the Cabinet of Ministers’ Office, as amended, CTB resumed the execution of construction works following their critical path from July 20, 2020. Within this framework, on July 28, 2020, the Company and the Joint Venture made up of SACDE Sociedad Argentina de Construcción y Desarrollo Estratégico S.A. and Techint Compañía Técnica Internacional S.A.C.E.I. entered into an addendum to the construction agreement within the framework of the restrictions imposed as a result of the COVID-19 pandemic, reaching an agreement on the impact on costs and works’ execution terms, and launching a new stage for the execution of the closing to combined cycle. The evolution of the Argentine Government’s measures to contain the spread of COVID-19 in 2020 and 2021 has affected the works execution progress, delaying the term initially planned for commissioning and generating several instances of review in the schedule and the scope of the tasks necessary to complete the works, with the resulting increase in associated costs. Moreover, exchange and customs restrictions have impacted costs and terms for the supply of foreign equipment. Given the problems in the normal execution of the project affecting the works’ terms and costs, on July 1, 2022, CTB and the Joint Venture made up by SACDE and Techint Compañía Técnica Internacional S.A.C.E I. entered into a new addendum to the construction agreement, which mainly stipulated as follows: (i) a new work schedule to reach the combined cycle’s commissioning; and (ii) the recognition in favor of the Joint Venture of the right to an US$8 million compensation on account of the incurred term and cost variations. On January 27, 2023, CTB has launched the CC and on February 22, 2023, it stared operations under the supply agreement with CAMMESA. 5.2.3.7 Impairment of non-financial assets Spot market prices were modified in May 2021 by SE Resolution No. 440/21, which, although providing for a 29% increase in remuneration, permanently abrogated the application of the automatic adjustment mechanism. This impacted the future flows collectible by CTB after the termination, in the year 2022, of the supply agreement with CAMMESA that remunerates the units making up the open cycle. Additionally, in 2020 and 2021 the progress of works for CTB’s closing to combined cycle was affected by the measures implemented to contain the COVID-19 spread, delaying the scheduled term for commissioning and increasing the costs associated with the completion of the project. In view of these indications, CTB determined the estimation of the recoverable amount as of December 31, 2022 and 2021. The methodology used in the estimation of the recoverable amount consisted of calculating the present value of future net cash flows expected to be generated by the CGU, discounted with a rate reflecting the weighted average costs of the capital employed. The projections used by CTB in the calculation of the recoverable amount as of December 31, 2022 take into consideration 2 scenarios that weigh: i) the entry into effect of the new supply agreement with CAMMESA for the combined cycle in the first quarter of 2023; ii) the periodic price update in line with inflation for the spot remuneration; iii) the recognition of a long-term differential remuneration allowing to make the investments necessary to maintain availability and improve the open cycle’s efficiency; iv) the regularization of the financing term granted to CAMMESA in 2024; and v) an 11.7% after-tax WACC rate. As of December 31, 2022, and 2021, CTB has not recorded any impairment losses as a result of the performed recoverability assessment. 5.2.4 Investment in OCP The Company, through PEB, has an equity interest in OCPSA, an oil pipeline in Ecuador that has a transportation capacity of 450,000 barrels/day. On August 12, 2021, the Company, through its subsidiary PEB, executed an agreement with Occidental International Exploration and Production Company for the acquisition of all the shares of Occidental del Ecuador Inc. (currently Pampa Ecuador Inc.) for US$ 5 million. Pampa Ecuador Inc. holds a 14.15 % equity interest in OCP. The closing of the transaction involved the recognition of profits for US$ 17.2 million, under IAS 28. The following table details the consideration, the fair value of the acquired assets, and the profit recorded by the Company as of August 12, 2021: Investment in associates adquisition In million US$ Acquisition cost (5.0) Total consideration (5.0) Share value of the interest in the fair value of OCP’s identifiable assets and liabilities (1) 12.7 OCP dividends to be received 9.5 Assets fair value 22.2 Profit (2) 17.2 (1) Calculated based on the present value of expected dividend flows. (2) Disclosed under “Share of profit from associates and joint ventures”. On August 12, 2021, PEB recorded an impairment reversal of US$ 1.6 15.09 The termination of the oil pipeline concession agreement is scheduled for January 12, 2024, considering the term extension resulting from the suspension of the contractual obligations due to force majeure events. On that date, OCP will transfer and deliver to the Ecuadorian Government or its designee all OCPSA’s shares at no cost, as well as the titles and rights over the oil pipeline’s assets. As of the issuance of these Consolidated Financial Statements, OCPSA is executing the actions defined in the contract to meet the transfer plan. 5.2.4.1 Recoverable value of the investment The erosion process in the Quijos River course, in the San Rafael sector, on the border of the provinces of Sucumbíos and Napo, Ecuador, caused two force majeure events consisting of the rupture of different oil pipeline tranches and the resulting temporary suspension of the crude oil pumping in 2020 and 2021. Additionally, on January 28, 2022, a new force majeure event occurred due to a stone landslide causing the pipeline’s rupture at KP96+526. OCPSA started the repairs of the affected pipeline and cleanup and remediation works. The crude oil transportation service was resumed on February 7, 2022. PEB has performed recoverable amount tests for its investment in OCP as of December 31, 2021, considering the present value of the future cash flows it expects to obtain through the collection of dividends during the concession term, the term extension due to the suspension of contractual obligations resulting from the detailed Force Majeure events and a discount rate of 17.12%. PEB has not recorded any impairment losses as a result of the recoverability assessment performed as of December 31, 2021, and, as of December 31, 2022, has identified no additional indications that may impact the assumptions taken into consideration in the aforementioned assessment. It is worth highlighting that on February 22, 2023, after the end of the fiscal year, a force majeure event occurred due to the collapse of the bridge over the Marker River, located in El Choco canton, Napo Province. In order to guarantee the continuity of the pipeline’s operations and avoid an environmental incident, OCPSA suspended crude oil pumping and started the complete drainage of the pipeline at KP96+075. Additionally, OCPSA notified the occurrence of the previously mentioned event to the Ministry of Energy and Mines. The crude oil transportation service was resumed on March 2, 2023. 5.2.4.2 Contingent liabilities in OCP Several organizations and natural persons filed a constitutional protection proceeding against OCPSA, as well as the Ministry of Energy, the Ministry of the Environment and Water, Petroecuador and the Ministry of Health, alleging the infringement of several constitutional rights regarding the force majeure event consisting of the land subsidence and sliding at the Quijos River course, which resulted in the rupture of the pipeline at KP 93+469 in 2020. The safeguard action has been disallowed in the first and second instances by Orellana’s Provincial Court of Justice. As of the date of issuance of these Consolidated Financial Statements, the plaintiffs have filed a constitutional protection proceeding, which has been admitted to be heard by the Constitutional Court. OCPSA's Management together with its legal advisors have classified an unfavorable ruling as remote, therefore, no provision has been recognized on this matter. 5.2.5 Investment in CITELEC 5.2.5.1 Impairment in the value of non-financial assets in Transener The projections used by Transener in the calculation of the recoverable amount of long-lived non-financial assets considered 3 weighted alternatives associated with: (i) the status of negotiations with the ENRE; (ii) the Right-of-Use and Associated Maintenance contract; (iii) Transener’s management expectations on the transitional tariff increase to be granted until the conclusion of the new RTI; (iv) Transener’s expectations on the timeliness and outcome of the new RTI process; and (v) the impact of a cost monitoring scheme allowing for bi-annual updates to current tariffs. As of December 31, 2022 and 2021, the book value of Transener’s long-lived non-financial assets does not exceed their recoverable amount. 5.2.5.2 Distribution of earnings Regarding the loan agreement executed in July 2021 between Transener and BNA in the amount of $ 1,000 million, for the tree-year term, Transener’s Board of Directors has committed, while the loan remains outstanding, to refrain from making any proposal to the Shareholders’ Meeting regarding the release of reserves for their distribution as dividends to shareholders or, in case there are negative results affecting reserves, from proposing the distribution of earnings until reserves have been replenished. 5.2.6 Investment in CIESA Impairment of non-financial assets in Argentina’s main macroeconomic and business variables have deteriorated since August 2019. This situation worsened in 2020 due to the negative consequences of the COVID pandemic on the Argentine economic situation, which forced the Argentine Government to take a series of measures, even affecting the regulatory framework of the natural gas transportation segment. As a result, TGS has re-estimated the cash flows used in determining the recoverable value (value in use) of the CGU in the Natural Gas Transportation segment. The projections used in the calculation of the recoverable amount considered 3 weighted alternatives associated with: (i) the status of negotiations with the Argentine Government; (ii) the contractual rights resulting from the license; (iii) expectations on the transitional tariff increase to be granted until the conclusion of the new RTI; (iv) expectations on the result of the new RTI process; and (v) the impact of a cost monitoring scheme allowing for bi-annual updates to current tariffs. As of December 31, 2022 and 2021, TGS has determined that it is not necessary to record an additional impairment charge, nor to reverse the recorded one. 5.3 Operations in oil and gas consortiums 5.3.1 General considerations The Company is jointly and severally liable with the other participants for meeting the contractual obligations under these arrangements. The production areas in Argentina are operated pursuant to concession production agreements with free hydrocarbons availability. For the computable crude oil and natural gas in Argentina production, according to Law No.17,319, are paid royalties equivalent to 12% of the wellhead price of crude oil and natural gas. The wellhead price is calculated by deducting freight and other sales related expenses from the sale prices obtained from transactions with th |
RISKS
RISKS | 12 Months Ended |
Dec. 31, 2022 | |
Risks | |
RISKS | NOTE 6 RISKS 6.1 Critical accounting estimates and judgments The preparation of financial statements requires the Company’s Management to make future estimates and assessments, to apply critical judgment and to establish assumptions affecting the application of accounting policies and the amounts of disclosed assets and liabilities, income and expenses. The applied estimates and accounting judgments are evaluated on a continuous basis and are based on past experiences and other reasonable factors under the existing circumstances. Actual future results might differ from the estimates and evaluations made at the date of preparation of these Consolidated Financial Statements. The estimates which have a significant risk of producing adjustments on the amounts of the assets and liabilities during the following year are detailed below: 6.1.1 Impairment of non-financial long-lived assets Non-financial long-lived assets, including identifiable intangible assets and right-of-use assets, are reviewed for impairment at the lowest level for which there are separately identifiable cash flows (CGU). For this purpose, each assets group with independent cash flows, each subsidiary, associate and each jointly controlled company has been considered a single CGU, as all of their assets jointly contribute to the generation of cash inflows, which are derived from a single service or product; thus cash inflows cannot be attributed to individual assets. In order to evaluate if there is evidence that a CGU could be affected, both external and internal sources of information are analyzed. Specific facts and circumstances are considered, which generally include the discount rate used in the estimates of the future cash flows of each CGU and the business condition as regards economic and market factors, such as the cost of inventories, oil and gas prices, international petrochemical product’s price, the regulatory framework for the energy industry, the projected capital investments and the evolution of the energy demand. The value in use of each CGU is estimated on the basis of the present value of future net cash flows expected to be derived on the UGE. Management uses approved budgets up to one year as the base for cash flow projections that are later extrapolated into a term consistent with the assets’ remaining useful life, taking into consideration the appropriate discount rates. The discount rates used to discount future net cash flows is the WACC, for each CGU a specific WACC was determined which considered the business segment and the country conditions where the operations are performed. In order to calculate the fair value less the costs of disposal, the Company Management uses the estimated value of the future cash flows that a market participant could generate from the appropriate CGU, less the necessary costs to carry out the sale of the corresponding CGU. The Company Management is required to make judgments at the moment of the future cash flow estimation. The actual cash flows and the values may differ significantly from the expected future cash flows and the related values obtained through discount techniques. 6.1.2 Current and deferred Income tax The Company’s Management periodically evaluates tax treatments affecting the determination of taxable profit regarding uncertain tax treatment under tax law considering the acceptability of a particular tax treatment by the relevant taxation authority, and, if applicable, recognizes tax provisions to reflect the effect of the uncertainty for each tax treatment based on the amount estimated to be paid to the tax authorities. If the final tax resolution regarding uncertain tax treatments differs from recognised figures, such differences will have an effect on income tax and deferred income tax at the year of such determination. Deferred tax asset is reviewed at each reporting date and reduced in accordance with the probability that the sufficient taxable base will be available to allow and for the total or partial recovery of these assets. In assessing the recoverability of deferred tax assets, Management considers if it is likely that a portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets depends on the generation of future taxable income in the periods in which these temporary differences become deductible. To make this assessment, Management takes into consideration the scheduled reversal of deferred tax liabilities, the projections of future taxable income and tax planning strategies. The generation of future taxable profits may differ from these estimated affecting the deductibility of deferred tax assets. 6.1.3 Provision for contingencies The Company is subject to various claims, lawsuits and other legal proceedings that arise during the ordinary course of its business. The Company’s liabilities with respect to such claims, lawsuits and other legal proceedings cannot be estimated with certainty. The Company reviews the status of each contingency and assesses potential financial liability, applying the criteria indicated in Note 4.21, for which elaborates the estimates mainly with the assistance of legal advisors, based on information available to the Management at Consolidated Financial Statements date, and taking into account the litigation and resolution/settlement strategies. Contingencies include outstanding lawsuits or claims for possible damages to third parties in the ordinary course of the Company’s business, as well as third party claims arising from disputes concerning the interpretation of legislation. The Company evaluates whether there would be additional expenses directly associated with the ultimate resolution of each contingency, which will be included in the provision if they may be reasonably estimated. The final resolutions of the litigation could differ from Management's estimates, generating current provisions to be inadequate, which could have a material adverse effect on the statement of financial position, comprehensive income, changes in equity and cash flows. 6.1.4 Asset retirement obligations and decommissioning of wind turbines Asset retirement obligations in oil and gas areas after completion of operations require the Company’s Management to estimate the number of wells, long-term well abandonment costs and the time remaining until abandonment. In the same way, the obligations related to the decommissioning of wind turbines in wind farms require the Company’s Management to estimate long-term dismantling costs and the time remaining until the dismantling. Technology, costs and political, environmental and safety considerations constantly change and may result in differences between actual future costs and estimates. Asset retirement obligations’ and the decommissioning of wind turbines’ estimates are adjusted at least once a year or more frequently if there are changes in the assumptions considered in the assessment. 6.1.5 Impairment of financial assets and other credits The Group is exposed to losses for uncollectible receivables. The Company Management estimates the final collectability of the accounts receivable. The accounting of expected credit losses for trade receivables and other receivables with similar risk characteristics is based on the Company's best estimate of the default risk and the calculation of the expected credit losses rates, based on historical information of the behavior of the Company's clients, current market conditions and forward-looking estimates at the end of each reporting period. In order to estimate collections related to the sale of gas and energy in the spot market and revenues associated with natural gas production promotion plans, the Company mainly considers CAMMESA’s and federal government’s capacity to meet its payment obligations to generators and producers, including the resolutions issued by the SE, which allow the Company to collect its receivables through different mechanisms. Future adjustments to the allowance may be necessary if future real economic conditions differ substantially from the assumptions used in the assessment for each year. 6.1.6 Actuarial assumptions in defined benefit plans Commitments with defined benefit plans to employees are recognised as liabilities in the statement of financial position based on actuarial estimates revised annually by an independent actuary, using the projected unit credit method. The present value of defined benefit pension plan depends on multiple factors that are determined according to actuarial estimates, net of the fair value of the plan assets, when applicable. For this purpose, certain assumptions are used including the discount rate and wage growth rate assumptions. It may be necessary to make adjustments in the future if future real economic conditions materially differ from the assumptions used in the valuation of each year. 6.1.7 Oil and gas reserves Reserves include oil and gas volumes (in m3 of oil equivalent) that are economically producible, in the areas where the Company operates or has a (direct or indirect) interest and over which the Company has exploration and exploitation rights. There are numerous uncertainties in estimating proved and unproved reserves, future production profiles, development costs and prices, including several factors beyond the producer’s control. Reserve engineering is a subjective process of estimating underground accumulations involving a certain degree of uncertainty. Reserves estimates depend on the quality of the available engineering and geological data as of the estimation date and on the interpretation and judgment thereof. Periodic revisions and adjustments to the estimated oil and gas reserves and related future net cash flows may be necessary as a result of changes in a number of factors, related to reservoir performance, new drilling, oil and gas prices, cost, technological advances, new geological or geophysical data, and other economic factors or at least once a year. The Company’s estimates of oil and gas reserves have been developed by the Company’s internal specialists, specifically petroleum engineers, and audited by independent specialists engaged by Company. The Company uses the information obtained from the calculation of reserves in the determination of depreciation of properties, plant and equipment used in oil and gas areas, as well as assessing the recoverability of these assets and including, when applicable, goodwill allocated to the oil and gas segment (see Notes 4.6 to 4.9). 6.1.8 Environmental remediation The costs incurred to limit, neutralize or prevent environmental pollution are only capitalized if at least one of the following conditions is met: (a) such costs relate to improvements in safety; (b) the risk of environmental pollution is prevented or limited; or (c) the costs are incurred to prepare the assets for sale and the book value of such assets does not exceed their respective recoverable value. Liabilities related to future remediation costs are recorded when, on the basis of environmental assessments, such liabilities are probable to materialize, and costs can be reasonably estimated. The actual recognition and amount of these provisions are generally based on the Company’s commitment to an action plan, such as an approved remediation plan or the sale or disposal of an asset. In general, the provision is recognised on the basis that a future remediation commitment may be required. The Company measures liabilities based on its best estimation of present value of future costs, using currently available technology and applying current environmental laws and regulations as well as the Company’s own internal environmental policies. 6.1.9 Fair value of financial assets that are not traded in active markets The fair value of financial instruments that are not traded in active markets is determined using valuation techniques. These valuation techniques consider estimates based on information available to the Management at Consolidated Financial Statements date, for those significant variables that cannot be observed in the market, including the discount rate, among others. Future adjustments may be necessary if future real economic conditions differ substantially from the assumptions used in the valuation for each period. 6.1.10 Business Combinations The acquisition method involves the measurement at fair value of the identifiable assets acquired and the liabilities assumed in the business combination at the acquisition date. For the purpose to determine the fair value of identifiable assets, the Company uses the valuation approach considered the most representative for each asset. These include: i) the income approach, through indirect cash flows (net present value of expected future cash flows) or through the multi-period excess earnings method, ii) the cost approach (replacement value of the good adjusted for loss due to physical deterioration, functional and economic obsolescence) and iii) the market approach through comparable transactions method. Likewise, in order to determine the fair value of liabilities assumed, the Company’s Management considers the probability of cash outflows that will be required for each contingency, and elaborates the estimates with assistance of legal advisors, based on the information available and taking into account the strategy of litigation and resolution / liquidation. Management critical judgment is required in selecting the approach to be used and estimating future cash flows. Actual cash flows and values may differ significantly from the expected future cash flows and related values obtained through the mentioned valuation techniques. 6.2 6.2.1 Financial Risk Factors The Company’s activities are subject to several financial risks: market risk (including the exchange rate risk, the interest rate risk and the price risk), credit risk and liquidity risk. Financial risk management is encompassed within the Company’s global policies, there is an integrated risk management methodology, where the focus is not placed on the individual risks of the business units’ operations, but there is rather a wider perspective focused on monitoring risks affecting the whole portfolio. The Company’s risk management strategy seeks to achieve a balance between profitability targets and risk exposure levels. Financial risks are those derived from financial instruments the Company is exposed to during or at the closing of each fiscal year. The Company uses derivative instruments to hedge certain risks when it deems it necessary according to its risk management internal policies. Financial risk management is controlled by the Financial Department, which identifies, evaluates and covers financial risks. Risk management systems and policies are reviewed on a regular basis to reflect changes in market conditions and the Company’s activities, and have been applied consistently during the periods included in these Consolidated Financial Statements. This section includes a description of the main risks and uncertainties which may adversely affect the Company’s strategy, performance, operational results and financial position. 6.2.1.1 Market risks 6.2.1.1.1 Foreign exchange risk The Company’s results of operations and financial position are exposed to changes in the exchange rate between the Company’s functional currency, which is the U.S. dollar and other currencies, primarily with respect to the Argentine peso (which is the legal currency in Argentina). In some cases, the Company may use derivative financial instruments to mitigate the associated exchange rate risk. In fiscal year 2022, the U.S. dollar recorded an approximate 72.5% increase against the Argentine peso, from $ 102.72 in December 2021 to $ 177.16 in December 2022, and taking into consideration that during the year the Company mostly had a net passive position in Argentine pesos, as of December 31, 2022 the Company recorded net foreign exchange gain in the amount of US$ 80 million. Taking into account the net passive financial position in Argentine pesos as of December 31, 2021, the Company estimates that provided all other variables remain constant, a 10% revaluation/(devaluation) of U.S. dollar as compared to the Argentine peso would generate in absolute values a (decrease)/increase of US$ 23 million in the 2022 fiscal year’s income, before income tax. The Group´s exposure to other foreign currency movements is not material. 6.2.1.1.2 Price risk The Company’s financial instruments are not significantly exposed to hydrocarbon international price risks because the current regulatory, economic and governmental policies in force, prevent oil and gas domestic prices to be directly affected in the short-term due to variations in the international market. Additionally, the Company’s investments in financial assets classified as “at fair value through profit or loss” are sensitive to the risk of changes in the market prices resulting from uncertainties as to the future value of such financial assets. The Company estimates that provided all other variables remain constant, a 10% revaluation/(devaluation) of each market price would generate the following increase/(decrease) in the fiscal year’s income, before income tax in relation to financial assets at fair value through profit and loss detailed in Note 12.2 to these Consolidated Financial Statements: Schedule of exposure to the price risk Increase of the result for the year Financial assets 12.31.2022 12.31.2021 Shares 19 15 Government securities 28 28 Corporate Bonds 12 2 Mutual funds 3 4 Variation of the result of the year 62 49 6.2.1.1.3 Cash flow and fair value interest rate risk The management of the interest rate risk seeks to reduce financial costs and limit the Company’s exposure to interest rate increases. Indebtedness at variable rates exposes the Company to the interest rate risk on its cash flows due to the possible volatility they may experience. Indebtedness at fixed rates exposes the Company to the interest rate risk on the fair value of its liabilities, since they may be considerably higher than variable rates. As of December 31, 2022, 18% of the indebtedness was subject to variable interest rates. Furthermore, 52% of the Company’s debt accruing variable interest rates is denominated in U.S. dollars, mainly at Libor and SOFR rate plus an applicable spread. Regarding the replacement of the LIBOR reference interest rate effective from July 2023, the Company does not estimate any significant impacts on the current indebtedness subject to such reference rate. The Company seeks to mitigate its interest-rate risk exposure through the analysis and evaluation of: (i) the different liquidity sources available in the financial and capital market, both domestic and (if available) international; (ii) interest rates alternatives (fixed or variable), currencies and terms available for companies in a similar sector, industry and risk than the Company; (iii) the availability, access and cost of interest-rate hedge agreements. On doing this, the Company evaluates the impact on profits or losses resulting from each strategy over the obligations representing the main interest-bearing positions. In the case of fixed rates and in view of the market’s current conditions, the Company considers that the risk of a significant decrease in interest rates is low and, therefore, does not foresee a substantial risk in its indebtedness at fixed rates. As of the date of issuance of these Consolidated Financial Statements, the Company is not exposed to a significant risk of variable interest rate increases since most of the financial debt is subject to fixed rate. The following table shows the breakdown of the Company’s borrowings classified by interest rate and the currency in which they are denominated: Schedule of borrowings classified by interest rate and currency 12.31.2022 12.31.2021 Fixed interest rate: Argentine pesos 57 11 U.S. dollar 1,173 1,318 Subtotal loans obtained at a fixed interest rate 1,230 1,329 Floating interest rate: Argentine pesos 140 - U.S. dollar 149 87 Subtotal loans obtained at a floating interest rate 289 87 Non interest accrued Argentine pesos 22 - U.S. dollar 72 22 Subtotal loans no interest accrued 94 22 Total borrowings 1,613 1,438 Based on the conducted simulations, and provided all other variables remain constant, a 10% increase/decrease in variable interest rates would generate the following (decrease)/increase in the 2022 fiscal year's income, before income tax, of US$ 0.1 million. 6.2.1.2 Credit risk The Company establishes individual credit limits according to the limits defined by the Board of Directors and approved by the Financial Department based on internal or external ratings. The Company makes constant credit assessments on its customers’ financial capacity, which minimizes the potential risk for bad debt losses. The credit risk represents the exposure to possible losses resulting from the breach by commercial or financial counterparties of their obligations taken on with the Company. This risk stems mainly from economic and financial factors or a possible counterparty default. The credit risk is associated with the Company’s commercial activity through customer trade receivables, as well as available funds and deposits in banking and financial institutions. The Company, in its ordinary course of business and in accordance with its credit policies, grants credits to a large customer base, mainly large sectors of the industry, including petrochemical companies, natural gas distributors and electricity large users. As of December 31, 2022, the Company’s short-term trade receivables totaled US$ 305 million. With the exception of CAMMESA, which represents approximately 54% of such trade receivables, the Company does not have a significant credit risk concentration, as this exposure is distributed among a large number of customers and other counterparties. The impossibility by CAMMESA to pay these receivables may have a substantially adverse effect on cash income and, consequently, on the result of operations and financial situation which, in turn, may adversely affect the Company’s repayment capacity. The credit risk of liquid funds and other financial investments is limited since the counterparties are high credit quality banking institutions. If there are no independent risk ratings, the Financial Department evaluates the customer’s creditworthiness, based on past experiences and other factors. The Company applies the simplified approach of IFRS 9 to measure the expected credit losses of trade receivables and other receivables in accordance with the policy described in Note 4.10.4. The expected credit loss on trade receivables and financial assets as of December 31, 2022, 2021 and 2020 amounts to US$ 1 million, US$ 1 million and US$ 12 million, respectively and was determined based on credit loss rates calculated for days past due detailed below: Schedule of expected credit loss on trade receivables and financial assets rates 12.31.2022 Undue 30 days 60 days 90 days 120 days 150 days 180 days + 180 days Generation 0.08 0.26 2.54 7.11 14.37 21.39 27.22 33.01 Oil and Gas 0.18 0.48 13.24 31.50 32.01 32.09 32.31 32.38 Petrochemicals 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Holding 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 12.31.2021 Undue 30 days 60 days 90 days 120 days 150 days 180 days + 180 days Generation 0.06 0.29 2.08 2.83 4.67 6.12 6.24 6.25 Oil and Gas 0.04 0.17 0.77 2.72 6.88 19.88 21.97 15.89 Petrochemicals 0.00 0.00 0.01 0.05 0.12 0.52 0.52 0.54 Holding 0.00 0.00 0.01 0.05 0.12 0.52 0.52 0.54 12.31.2020 Undue 30 days 60 days 90 days 120 days 150 days 180 days + 180 days Generation 0.35 1.11 5.74 9.78 11.23 19.77 20.87 22.71 Oil and Gas 0.49 0.72 5.96 16.21 16.23 17.74 17.76 17.79 Petrochemicals 0.02 0.06 0.72 2.26 9.95 23.84 19.14 36.92 Holding 12.58 0.94 0.00 0.00 0.00 0.00 0.00 0.00 Finally, although cash, cash equivalents and financial assets are also subject to the impairment requirements of IFRS 9, the identified impairment loss is immaterial. Allowance of impairment of financial assets and other credits evolution as of December 31, 2022, 2021 and 2020, is detailed in Note 12.3. The Company’s maximum exposure to credit risk is based on the book value of each financial asset in the Consolidated Financial Statements. On the basis of the change in an assumption, while holding all other assumptions constant, a 5% increase/(decrease) in the estimated trade receivables’ uncollectibility rate would result in US$ 0.3 million (decrease)/increase in 2022 fiscal year’s results, before income tax. 6.2.1.3 Liquidity risk The liquidity risk is associated with the Company’s capacity to finance its commitments and conduct its business plans with stable financial sources, as well as with the indebtedness level and the financial debt maturities profile. The cash flow projection is made by the Financial Department. The Company Management supervises updated projections on liquidity requirements to guarantee the sufficiency of cash and liquid financial instruments to meet operating and financing needs of the Company while keeping at all times a sufficient margin of unused credit facilities. In this way, the aim is that the Company does not breach indebtedness levels or the Covenants, if applicable, of any credit facility. Those projections take into consideration the Company’s debt financing plans, the meeting of the covenants and, if applicable, the external regulatory or legal requirements such as, for example, restrictions on the use of foreign currency. Additionally, the Financial Department regularly monitors the available credit for the Company, both in the local and international capital market as well as in the banking sector. Excess cash and balances above working capital management requirements are managed by the Company’s Treasury Department, which invests them in marketable securities, term deposits and mutual funds, selecting instruments having proper currencies and maturities, and an adequate credit quality and liquidity to meet cash needs estimated in the previously indicated projections. The Company keeps its sources of financing diversified between banks and the capital market, and it is exposed to the refinancing risk at maturity. It should be noted that the Company operates in an economic context in which main variables experience volatility as a result of political and economic events both domestically and internationally, as described in Note 1.2. The international instability resulting from the Russian invasion, added to the particular circumstances of the Argentine sovereign debt renegotiation, has impacted the international financial markets, increasing the cost of access to finance for emerging markets in general, and particularly for Argentina. As regards access to domestic financing, an increased liquidity in pesos and a reduced cost of financing have been verified, especially in the very short term. All these impacts may potentially affect the Company’s capacity to obtain financing for its operations in a timely manner and under acceptable and efficient terms, costs and conditions in line with the Company’s business needs. Furthermore, the restrictions imposed by the BCRA (see Note 2.5) with the purpose of regulating inflows and outflows in the MLC and other new restrictions which may be imposed in the future may affect the Company’s capacity to access the MLC to acquire the foreign currency necessary to meet its financial obligations, such as debt principal and interest payments (including the CBs debt), and other additional payments abroad, or otherwise affect the Company’s business and the results of its operations. The Company’s Management permanently monitors the evolution of situations affecting its business to determine possible steps to take and identify potential impacts on its assets and financial position. It is worth highlighting that the Company currently has a strong level of liquidity that allows it to properly face such volatility. The determination of the Company’s liquidity index for fiscal years ended December 31, 2022 and 2021 is detailed below: Schedule of liquidity index 12.31.2022 12.31.2021 Current assets 1,343 1,125 Current liabilities 631 342 Liquidity ratio 2.13 3.29 The following table includes an analysis of the Company trade receivables, other receivables and financial liabilities, grouped according to their maturity dates and considering the period remaining until their contractual maturity date from the date of the Consolidated Financial Statements. Derivative financial liabilities are included in the analysis if their contractual maturities are essential for the understanding of the cash flow calendar. The amounts shown in the table are the contractual undiscounted cash flows. Schedule of financial liabilities contractual undiscounted cash flows maturity As of December 31, 2022 Trade and other receivables Trade and other payables (1) Borrowings Less than three months 412 231 118 Three months to one year 19 50 304 One to two years 6 12 357 Two to five years 12 3 992 More than five years - 6 332 No set maturity term 41 - - Total 490 302 2,103 As of December 31, 2021 Trade and other receivables Trade and other payables (1) Borrowings Less than three months 304 178 56 Three months to one year 61 4 102 One to two years 6 5 557 Two to five years 18 3 256 More than five years - 4 1,025 No set maturity term 42 - - Total 431 194 1,996 (1) Includes Lease Liabilities (see Note 19). 6.3 The aims of managing capital are to safeguard its capacity to continue operating as an on-going business with the purpose of generating return for its shareholders and benefits to other stakeholders, and keeping an optimal capital structure to reduce the cost of capital. To keep or adjust its capital structure, the Company may adjust the amount of the dividends paid to its shareholders, reimburse capital to its shareholders, issue new shares, conduct stock repurchase programs or sell assets to reduce its debt. In line with industry practices, the Company monitors its capital based on the leverage ratio. This ratio is calculated by dividing the net debt by the total capital. The net debt equals the total indebtedness (including current and non-current indebtedness) minus cash and cash equivalents and current financial assets at fair value through profit and loss. The total capital corresponds to the shareholders’ equity as shown in the statement of financial position, plus the net debt. Financial leverage ratios as at December 31, 2022 and 2021 were as follows: Schedule of financial leverage ratios 12.31.2022 12.31.2021 Total borrowings 1,613 1,438 Less: cash and cash equivalents, and financial assets at fair value through profit and loss (692) (568) Net debt 921 870 Total capital 3,198 2,655 Leverage ratio 28.80 32.77 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Segment Information | |
SEGMENT INFORMATION | NOTE 7 SEGMENT INFORMATION The Company is a fully integrated power company in Argentina, which participates in the electricity and oil and gas value chains. Through its own activities, subsidiaries and share holdings in joint ventures, and based on the business nature, customer portfolio and risks involved, the following business segments have been identified: Electricity Generation Electricity Distribution results corresponding to the divestment mentioned in Note 5.1.1 as discontinued operations Oil and Gas Petrochemicals Holding and Other Business The Company manages its operating segment based on its individual net result in U.S. dollars. Disclosure of operating segment information in million of US$ Consolidated profit and loss information for the year ended December 31, 2022 Generation Oil and gas Petrochemicals Holding and others Eliminations Consolidated Revenue - local market 663 370 425 20 - 1,478 Revenue - foreign market - 159 192 - - 351 Intersegment revenue - 117 - - (117) - Cost of sales (370) (359) (536) - 117 (1,148) Gross profit 293 287 81 20 - 681 Selling expenses (3) (36) (17) - - (56) Administrative expenses (39) (60) (5) (34) - (138) Other operating income 25 61 1 44 - 131 Other operating expenses (5) (26) (6) (9) - (46) Impairment of property, plant and equipment, intangible assets and inventories - (30) (2) (6) - (38) Impairment of financial assets - (2) - (6) - (8) Share of profit from associates and joint ventures 65 - - 40 - 105 Operating income 336 194 52 49 - 631 Financial income 1 2 - 9 (7) 5 Financial costs (82) (107) (3) (36) 7 (221) Other financial results 72 (28) 6 116 - 166 Financial results, net (9) (133) 3 89 - (50) Profit before income tax 327 61 55 138 - 581 Income tax (73) (16) (15) (20) - (124) Profit of the year 254 45 40 118 - 457 Depreciation and amortization 82 125 5 - - 212 in million of US$ Consolidated profit and loss information for the year ended December 31, 2022 Generation Oil and gas Petrochemicals Holding and others Eliminations Consolidated Total profit of the year attributable to: Owners of the company 253 45 40 118 - 456 Non-controlling interest 1 - - - - 1 Consolidated financial position information as of December 31, 2022 Assets 2,464 1,234 177 1,029 (162) 4,742 Liabilities 979 1,248 147 245 (161) 2,458 Net book values of property, plant and equipment 1,299 807 24 34 - 2,164 Additional consolidated information as of December 31, 2022 Increases in property, plant and equipment, intangible assets and right-of-use assets 115 324 7 36 - 482 in million of US$ Consolidated profit and loss information for the year ended December 31, 2021 Generation Distribution Oil and gas Petrochemicals Holding and others Eliminations Consolidated Revenue - local market 656 - 282 310 22 - 1,270 Revenue - foreign market - - 58 180 - - 238 Intersegment revenue - - 113 - - (113) - Cost of sales (355) - (289) (424) - 113 (955) Gross profit 301 - 164 66 22 - 553 Selling expenses (2) - (18) (13) - - (33) Administrative expenses (31) - (46) (4) (18) - (99) Other operating income 42 - 58 1 4 - 105 Other operating expenses (5) - (28) (3) (22) - (58) Impairment of intangible assets and inventories (2) - - (2) - - (4) Impairment of financial assets - - - - (2) - (2) Share of profit from associates and joint ventures 47 - - - 70 - 117 Operating income 350 - 130 45 54 - 579 Financial income 4 - 3 - 4 (1) 10 Financial costs (46) - (103) (3) (34) 1 (185) Other financial results (14) - (16) (2) 18 - (14) Financial results, net (56) - (116) (5) (12) - (189) Profit before income tax 294 - 14 40 42 - 390 Income tax (75) - 8 (12) 2 - (77) Profit of the year from continuing operations 219 - 22 28 44 - 313 Loss of the year from discontinued operations - (75) - - - - (75) Profit (Loss) of the year 219 (75) 22 28 44 - 238 Depreciation and amortization 88 - 114 3 - - 205 in million of US$ Consolidated profit and loss information for the year ended December 31, 2021 Generation Distribution Oil and gas Petrochemicals Holding and others Eliminations Consolidated Total profit (loss) of the year attributable to: Owners of the company 218 (39) 22 28 44 - 273 Non-controlling interest 1 (36) - - - - (35) Consolidated financial position information as of December 31, 2021 Assets 1,670 - 1,157 176 1,067 (209) 3,861 Liabilities 525 - 1,324 166 264 (209) 2,070 Net book values of property, plant and equipment 969 - 636 22 32 - 1,659 Additional consolidated information as of December 31, 2021 Increases in property, plant and equipment, intangible assets and right-of-use assets 39 - 213 6 6 - 264 in million of US$ Consolidated profit and loss information for the year ended December 31, 2020 Generation Distribution Oil and gas Petrochemicals Holding and others Eliminations Consolidated Revenue - local market 559 - 199 178 20 - 956 Revenue - foreign market - - 28 89 - - 117 Intersegment revenue - - 67 - - (67) - Cost of sales (254) - (243) (233) - 67 (663) Gross profit 305 - 51 34 20 - 410 Selling expenses (2) - (15) (9) - - (26) Administrative expenses (30) - (42) (3) (18) - (93) Other operating income 35 - 9 - 7 - 51 Other operating expenses (6) - (17) (6) (7) - (36) Impairment of property, plant and equipment, intangible assets and inventories (128) - - (11) - - (139) Impairment of financial assets - - (13) 1 3 - (9) Share of profit from associates and joint ventures 67 - - - 18 - 85 Operating income (loss) 241 - (27) 6 23 - 243 Financial income 3 - 7 - 1 (2) 9 Financial costs (73) - (100) (3) (3) 2 (177) Other financial results 1 - 44 5 34 - 84 Financial results, net (69) - (49) 2 32 - (84) Profit (loss) before income tax 172 - (76) 8 55 - 159 Income tax (33) - 23 (2) (23) - (35) Profit (loss) of the year from continuing operations 139 - (53) 6 32 - 124 Loss of the year from discontinued operations - (592) - - - - (592) Profit (loss) of the year 139 (592) (53) 6 32 - (468) Depreciation and amortization 95 81 108 2 - - 286 in million of US$ Consolidated profit and loss information for the year ended December 31, 2020 Generation Distribution Oil and gas Petrochemicals Holding and others Eliminations Consolidated Total profit (loss) of the year attributable to: Owners of the company 147 (499) (53) 6 32 - (367) Non-controlling interest (8) (93) - - - - (101) Consolidated financial position information as of December 31, 2020 Assets 1,595 1,356 1,085 107 832 (85) 4,890 Liabilities 707 1,021 1,174 126 178 (85) 3,121 Net book values of property, plant and equipment 1,015 - 543 19 33 - 1,610 Additional consolidated information as of December 31, 2020 Increases in property, plant and equipment and right-of-use assets 61 135 41 3 2 - 242 |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2022 | |
Revenue [abstract] | |
REVENUE | NOTE 8 REVENUE Schedule of revenue 12.31.2022 12.31.2021 12.31.2020 Energy sales in Spot Market 210 167 179 Energy sales by supply contracts 346 380 323 Fuel supply 103 104 54 Other sales 4 5 3 Generation sales subtotal 663 656 559 Gas sales 383 231 152 Oil sales 136 99 65 Other sales 10 10 10 Oil and gas sales subtotal 529 340 227 Products from catalytic reforming sales 270 185 98 Styrene sales 96 84 42 Synthetic rubber sales 106 99 49 Polystyrene sales 141 119 71 Other sales 4 3 7 Petrochemicals sales subtotal 617 490 267 Technical assistance and administration services sales 20 22 20 Other - - - Holding and others subtotal 20 22 20 Total revenue 1,829 1,508 1,073 |
COST OF SALES
COST OF SALES | 12 Months Ended |
Dec. 31, 2022 | |
Cost Of Sales | |
COST OF SALES | NOTE 9 COST OF SALES Schedule of cost of sales 12.31.2022 12.31.2021 12.31.2020 Inventories at the beginning of the year 155 116 153 Plus: Charges of the year Purchases of inventories, energy and gas 502 433 153 Salaries and social security charges 79 59 51 Employees benefits 15 13 11 Accrual of defined benefit plans 5 4 4 Works contracts, fees and compensation for services 87 68 55 Property, plant and equipment depreciation 202 194 194 Intangible assets amortization 1 1 5 Right-of-use assets amortization 3 5 1 Energy transportation 8 6 5 Transportation and freights 35 22 20 Consumption of materials 30 26 17 Penalties 1 2 - Maintenance 61 52 26 Canons and royalties 89 65 42 Environmental control 5 4 4 Rental and insurance 31 27 23 Surveillance and security 4 3 2 Taxes, rates and contributions 5 4 3 Other 3 6 2 Total charges of the year 1,166 994 618 Exchange differences on translation - - 8 Less: Inventories at the end of the year (173) (155) (116) Total cost of sales 1,148 955 663 |
OTHER ITEMS OF THE STATEMENT OF
OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME | 12 Months Ended |
Dec. 31, 2022 | |
Other Items Of Statement Of Comprehensive Income | |
OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME | NOTE 10 OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME 10.1 Selling expenses Selling expenses 12.31.2022 12.31.2021 12.31.2020 Salaries and social security charges 5 3 3 Employees benefits 1 - - Compensation agreements - - 1 Fees and compensation for services 4 3 3 Taxes, rates and contributions 14 11 8 Transportation and freights 31 14 9 Other 1 2 2 Total selling expenses 56 33 26 10.2 Administrative expenses 12.31.2022 12.31.2021 12.31.2020 Salaries and social security charges 50 34 34 Employees benefits 8 5 4 Accrual of defined benefit plans 9 7 7 Fees and compensation for services 30 32 26 Compensation agreements 19 2 - Directors' and Sindycs' fees 7 6 7 Property, plant and equipment depreciation 6 5 5 Maintenance 2 2 1 Transport and per diem 2 1 1 Rental and insurance 1 1 1 Surveillance and security 1 - 1 Taxes, rates and contributions 2 2 2 Communications 1 1 1 Other - 1 3 Total administrative expenses 138 99 93 10.3 Other operating income and expenses Other operating income and expenses Note 12.31.2022 12.31.2021 12.31.2020 Other operating income Insurance recovery - 3 3 Services provided to third parties 1 2 4 Result from property, plant and equipment sale 2 1 1 Result from intangible assets sale 2 2 - Dividends received - - 1 Contingencies recovery - 13 2 Tax charges recovery - 2 - Contractual penalty - - 7 Commercial interests 27 27 30 Argentine Natural Gas Production Promotion Plan 56 51 - Compensation for arbitration award 15.6 37 - - Other 6 4 3 Total other operating income 131 105 51 Other operating expenses Provision for contingencies (4) (16) (7) Provision for environmental remediation - (15) - Derecognition of property, plant and equipment - - (1) Tax on bank transactions (14) (13) (11) Donations and contributions (2) (2) (3) Institutional promotion (3) (3) (2) Readjustment of investment plan (1) (9) - - Royalties of Argentine Natural Gas Production Promotion Plan (8) (5) - Other (6) (4) (12) Total other operating expenses (46) (58) (36) (1) Corresponding to the investment plan’s readjustment bond at the Sierra Chata block (see Note 17.2). 10.4 Financial results Financial results 12.31.2022 12.31.2021 12.31.2020 Financial income Financial interest 1 - 1 Other interest 4 10 8 Total financial income 5 10 9 Financial costs Financial interests (1) (172) (137) (164) Commercial interests (1) - - Fiscal interests (38) (38) (3) Other interests (5) (3) (3) Bank and other financial expenses (5) (7) (7) Total financial costs (221) (185) (177) Other financial results Foreign currency exchange difference, net 80 3 14 Changes in the fair value of financial instruments 110 (15) 30 Result from present value measurement (14) (1) 2 Result from exchange of corporate bonds (14) - - Result from repurchase of corporate bonds 6 - 38 Other financial results (2) (1) - Total other financial results 166 (14) 84 Total financial results, net (50) (189) (84) (1) Net of US$ 11 million and US$ 10 million capitalized in property, plant and equipment for the years ended December 31, 2022 and 2020, respectively. There are no capitalized financial costs in the fiscal year ended December 31, 2021. 10.5 The breakdown of income tax charge is: Income tax benefit expense 12.31.2022 12.31.2021 12.31.2020 Current tax 99 67 13 Deferred tax 46 10 22 Difference between previous fiscal year income tax provision and the income tax statement (21) - - Total income tax - Loss 124 77 35 Below is a reconciliation between income tax expense and the amount resulting from application of the tax rate on the income before taxes: 12.31.2022 12.31.2021 12.31.2020 Profit before income tax 581 390 159 Current income tax rate 35 35 30 Income tax at the statutary tax rate 203 138 48 Share of profit from companies (37) (40) (26) Non-taxable results (3) (1) (5) Effects of exchange differences and other results associated with the valuation of the currency, net 275 79 88 Effects of valuation of property, plant and equipment, intangible assets and financial assets (575) (269) (156) Effect of change in tax rate - (6) 19 Effect for tax inflation adjustment 253 169 74 Unrecognized deferred assets - 4 - Difference between previous fiscal year income tax provision and the income tax statement 2 1 (7) Non-deductible cost 4 3 - Impairment on deferred tax assets 2 - - Other - (1) - Total income tax - Loss 124 77 35 |
NON-FINANCIAL ASSETS AND LIABIL
NON-FINANCIAL ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
Non-financial Assets And Liabilities | |
NON-FINANCIAL ASSETS AND LIABILITIES | NOTE 11 NON-FINANCIAL ASSETS AND LIABILITIES 11.1 Property, plant and equipment Schedule of changes in property plant and equipment Original values Type of good At the beginning Increases (1) Increases for (2) Transfers Decreases Impairment At the end Lands 14 - - - - - 14 Buildings 140 - 3 - - - 143 Equipment and machinery 1,458 5 291 163 (1) - 1,916 Wells 867 9 - 145 (1) (28) 992 Mining property 253 - - - - (72) 181 Vehicles 8 2 - - - - 10 Furniture and fixtures and software equipment 55 2 - 2 - - 59 Communication equipments 3 - - - - - 3 Materials, spare parts and tools 30 43 - (37) - - 36 Petrochemical industrial complex 23 - - 6 - - 29 Work in progress 135 352 - (233) - - 254 Advances to suppliers 52 37 - (46) - - 43 Other goods 2 - 1 - - - 3 Total at 12.31.2022 3,040 450 295 - (2) (100) 3,683 Total at 12.31.2021 2,792 253 - - (5) - 3,040 (1) Includes US$ 11 million corresponding to capitalized financial costs in the fiscal year ended December 31, 2022. There are no capitalized financial costs in the fiscal year ended December 31, 2021. (2) See Notes 5.1.3 and 5.1.5. Depreciation Net book values Type of good At the beginning Decreases For the year Impairment At the end At 12.31.2022 At 12.31.2021 Lands - - - - - 14 14 Buildings (68) - (8) - (76) 67 72 Equipment and machinery (536) - (103) - (639) 1,277 922 Wells (532) - (77) 20 (589) 403 335 Mining property (174) - (10) 50 (134) 47 79 Vehicles (7) - (1) - (8) 2 1 Furniture and fixtures and software equipment (48) - (4) - (52) 7 7 Communication equipments (1) - - - (1) 2 2 Materials, spare parts and tools (3) - - - (3) 33 27 Petrochemical industrial complex (12) - (5) - (17) 12 11 Work in progress - - - - - 254 135 Advances to suppliers - - - - - 43 52 Other goods - - - - - 3 2 Total at 12.31.2022 (1,381) - (208) 70 (1,519) 2,164 Total at 12.31.2021 (1,182) - (199) - (1,381) 1,659 11.1.1 Impairment of Property, plant and equipment The Company regularly monitors the existence of events or changes in circumstances which may indicate that the book value of property, plant and equipment may not be recoverable in accordance with the policy described in Notes 4.9 and 6.1.1. In the Power Generation segment, in May 2021 spot market prices were modified by SE Resolution No. 440/21, which, although providing for a 29% increase in remuneration, permanently abrogated the application of the automatic adjustment mechanism, with an impact on the expected revenues update schedule (see Note 2.1). It is worth highlighting that the most significant share of revenues in the Power Generation segment comes from energy remunerated under a differential scheme (that is, supply agreements with large users in the MATER, Energy Plus or supply agreements entered into with CAMMESA), which have not been affected by the previously mentioned regulation. In view of the above-mentioned indications, the Company determined the recoverable value of the CGUs that make up the Power Generation segment as of June 30, 2021. As of December 31, 2021 and 2022, the Company did not identify additional indications that could impact the assumptions considered in the aforementioned assessments. As of June 30, 2022, due to Company’s strategic reasons and aiming to focus its investments in the development and exploitation of its unconventional gas reserves, and also in line with the Rincón del Mangrullo block’s Joint Venture members’ strategy, future drilling and workover activities were rescheduled for the next few years, which involves a 2.7 MMBoe recategorization of reserves to contingent resources. In view of the above-mentioned indications of impairment, the Company has determined the recoverable amount of the CGU Rincón del Mangrullo making up the Oil & Gas segment as of June 30, 2022. As of December 31, 2022, the Company did not identify additional indications that could impact the assumptions considered in the aforementioned assessment. The methodology used in the estimation of the recoverable amount consisted on calculating each CGU value in use on the present value of future net cash flows expected to be generated by the CGU, discounted with a rate reflecting the weighted average costs of the invested capital. Cash flows were prepared based on estimates on the future behavior of certain variables that are sensitive in the determination of the value in use, including the following: (i) reference prices for products; (ii) demand projections per type of product; (iii) costs evolution; and; (iv) macroeconomic variables such as inflation and exchange rates, etc. 11.1.1.1 Generation segment As of June 30, 2021, the value of the assets in the Power Generation segment does not exceed its recoverable amount, therefore, the Company has not recorded any impairment losses. The projections used in the calculation of the recoverable amount of the CGUs of the Power Generation segment take into consideration 2 scenarios that weigh: i) the annual price update, ranging between 80% and 100% compared to the annual inflation; ii) the regularization of the financing term granted to CAMMESA in 2022/2023 and iii) a 10.3% WACC rate after taxes. 11.1.1.2 Oil & Gas segment As of June 30, 2022, the recoverability assessment of the Rincón del Mangrullo CGU in the Oil and Gas segment has resulted in the recognition of impairment losses for US$ 30 The key assumptions used to calculate the recoverable amount considered: i) the reprogramming of drilling and workover activities and ii) a 12.4% after-tax WACC rate. Finally, it is important to highlight that as of December 31, 2022 and 2021, the book value of the Oil and gas segment assets, including the goodwill assigned to the segment, does not exceed its recoverable value. 11.2 Intangible assets Schedule of changes in intangible assets Original values Type of good At the beginning Increases Increases for (1) Decreases Impairment (2) At the end Concession agreements 2 - - - - 2 Goodwill 35 - - - - 35 Intangible identified in acquisitions of companies 7 - 94 - - 101 Digital assets - 31 - (18) (6) 7 Total at 12.31.2022 44 31 94 (18) (6) 145 Total at 12.31.2021 62 4 (4) (18) 44 Amortization Type of good At the beginning For the year Impairment (2) At the end Concession agreements (2) - - (2) Intangible identified in acquisitions of companies (4) (1) - (5) Total at 12.31.2022 (6) (1) - (7) Total at 12.31.2021 (21) (1) 16 (6) Net book values Type of good At 12.31.2022 At 12.31.2021 Goodwill 35 35 Intangible identified in acquisitions of companies 96 3 Digital assets 7 Total at 12.31.2022 138 Total at 12.31.2021 38 (1) See Notes 5.1.3 and 5.1.5. (2) As of December 31, 2022, digital assets recoverability was affected by their closing market value, resulted in the recognition of impairment losses for US$ 6 million. Considering the assumptions detailed in Note 11.1, the assessment of recoverability for the Power Generation segment, resulted in the recognition of impairment losses for the Diamante hydroelectric power plant in an amount of US$ 2 million in 2021. 11.3 Deferred tax assets and liabilities The composition of the deferred tax assets and liabilities is as follows: Schedule of deferred tax assets and liabilities 12.31.2021 Profit (loss) Increases for incorporation (1) 12.31.2022 Tax loss carryforwards 13 6 - 19 Property, plant and equipment 80 71 - 151 Financial assets at fair value through profit and loss 3 (3) - - Trade and other receivables 5 (1) - 4 Provisions 57 2 - 59 Salaries and social security payable - 1 - 1 Defined benefit plans 9 (1) - 8 Other - 1 - 1 Deferred tax asset 167 76 - 243 Property, plant and equipment - - (79) (79) Intangible assets (13) - (22) (35) Investments in companies (11) 3 - (8) Inventories (10) (9) - (19) Financial assets at fair value through profit and loss (14) (1) - (15) Trade and other receivables (31) 8 - (23) Taxes payables (3) 1 - (2) Tax inflation adjustment (1) (124) (13) (138) Deferred tax liability (83) (122) (114) (319) Deferred tax (liability) asset 84 (46) (114) (76) (1) See Notes 5.1.3 and 5.1.5. 12.31.2020 Profit (loss) (1) 12.31.2021 Tax loss carryforwards 126 (113) 13 Property, plant and equipment - 80 80 Intangible assets 3 (3) - Financial assets at fair value through profit and loss - 3 3 Trade and other receivables 6 (1) 5 Provisions 28 29 57 Salaries and social security payable 3 (3) - Defined benefit plans 5 4 9 Trade and other payables 3 (3) - Tax inflation adjustment 4 (4) - Deferred tax asset 178 (11) 167 Property, plant and equipment (13) 13 - Intangible assets (11) (2) (13) Investments in companies (25) 14 (11) Inventories (6) (4) (10) Financial assets at fair value through profit and loss (4) (10) (14) Trade and other receivables (7) (24) (31) Taxes payables (3) - (3) Tax inflation adjustment (2) 1 (1) Deferred tax liability (71) (12) (83) Deferred tax asset (liability) 107 (23) 84 (1) Includes US$ 13 million corresponding to discontinued operations. Deferred tax assets and liabilities are offset in the following cases: a) when there is a legally enforceable right to offset tax assets and liabilities; and b) when deferred income tax charges are associated with the same fiscal authority. The following table shows the figures disclosed on the Consolidated Statement of Financial Position, which for its determination, were adequately compensated: 12.31.2022 12.31.2021 Deferred tax asset 36 84 Deferred tax liability (112) - Deferred tax (liability) asset (76) 84 11.4 Inventories Schedule of inventories 12.31.2022 12.31.2021 Current Materials and spare parts 104 87 Advances to suppliers 8 8 In process and finished products 61 60 Total (1) 173 155 (1) It includes impairment loss as a result of the performed recoverability assessment for US$ 2 million as of December 31, 2022 and 2021, acoording with the policy described in Note 4.13. 11.5 Provisions Schedule of provisions 12.31.2022 12.31.2021 Non-Current Contingencies 107 106 Asset retirement obligation and wind turbines decommisioning 25 19 Environmental remediation 15 15 Other provisions - 1 Total Non-Current 147 141 Current Asset retirement obligation and wind turbines decommisioning 2 2 Environmental remediation 2 3 Total Current 4 5 The evolution of the provisions is set out below: Schedule of changes in provisions 12.31.2022 Contingencies Asset retirement obligation and decommisioning of wind turbines Environmental remediation At the beginning of the year 106 21 18 Increases 5 6 - Increases for incorporation (1) - 1 - Decreases (1) - (1) Gain on monetary position, net (2) - - Reversal of unused amounts (1) (1) - At the end of the year 107 27 17 (1) See Note 5.1.3. 12.31.2021 Contingencies Asset retirement obligation and decommisioning of wind turbines Environmental remediation At the beginning of the year 103 21 3 Increases 16 3 15 Decreases - (1) - Reversal of unused amounts (1) (13) (2) - At the end of the year 106 21 18 (1) Includes recovery of US$ 12.5 million related to waive the timely granted dispatch of Las Armas Wind Farm (see Note 2.1.2.3). 12.31.2020 Contingencies Asset retirement obligation and decommisioning of wind turbines Environmental remediation At the beginning of the year 139 22 3 Increases 21 2 - Decreases (1) - - Gain on monetary position, net (15) - - Reversal of unused amounts (8) (3) - Reclassified to liabilities associated to assets classified as held for sale (33) - - At the end of the year 103 21 3 11.5.1 Provision for Environmental remediation The Company is subject to extensive environmental regulations in Argentina. The Company’s management believes that its current operations are in compliance with applicable environmental requirements, as currently interpreted and enforced, including regulatory remediation commitments assumed. The Company undertakes environmental impact studies for new projects and investments and, to date, environmental requirements and restrictions imposed on these new projects have not had any material adverse impact on Pampa’s business. In particular, the Province of La Pampa has submitted a claim to the Company regarding the abandonment of certain wells and the execution of certain tasks associated with the relinquishment of the Jagüel de los Machos and Medanito blocks, which took place in 2015 and 2016, respectively. The Company has challenged the different administrative acts passed by the provincial authorities (including a governor’s executive order) and is addressing claims for the Jagüel de los Machos block in the judicial jurisdiction. Even though the province answered the complaint in the month of March 2021, the Company has started formal negotiations to resolve the dispute, agreeing on the suspension of procedural time limits. During 2021, regarding these claims and based on the progress of the ongoing negotiations, the Company recorded provisions for the estimate of remediation work costs to be incurred in these blocks. The Company has performed a sensitivity analysis relating to the discount rate. The 1% increase or decrease in the discount rate would not have a significant impact on the Company’s results of operations. 11.5.2 Asset retirement obligations and wind turbines decommissioning Pursuant to the regulations in force in Argentina, where it develops its oil and gas exploration and production operations, the Company is under an obligation to incur costs associated with the plugging and abandonment of wells. Furthermore, pursuant to the associated usufruct agreements, the Company is under an obligation to decommission wind turbines in wind farms. The Company does not have legally restricted assets for the cancellation of these obligations. The Company has performed a sensitivity analysis relating to the discount rate. The 1% increase or decrease in the discount rate would not have a significant impact on the Company’s results of operations. 11.5.3 Provision for legal proceedings The Company (directly or indirectly through subsidiaries) is a party to several civil, commercial, contentious-administrative, tax, custom and labor proceedings and claims that arise in the ordinary course of its business. In determining a proper level of provision, the Company has considered its best estimate mainly with the assistance of legal and tax advisors. The determination of estimates may change in the future due to new developments or unknown facts at the time of evaluation of the provision. As a consequence, the adverse resolution of the evaluated proceedings and claims could exceed the established provision. As of December 31, 2022, the Company has recorded provisions for US$ 102 million in relation to the following processes: - There are a significant number of files pending before the National Tax Court regarding gasoline exports, where the tax entity challenges the tariff heading assigned by Petrobras in 2008-2014. The Treasury’s position involves a higher export duty rate. - Petrobras Operaciones S.A. (“POSA”) has filed an international arbitration claim against the Company before the International Chamber of Commerce (“ICC”) on account of alleged breaches to the Assignment Agreement entered into between Petrobras Argentina S.A. (currently Pampa) and POSA in 2016 for the transfer of a 33.6% interest in the “Río Neuquén” Concession. The breaches alleged by POSA in its arbitration claim consist of the failure to transfer certain assets associated with the assigned interest, and differences in the calculation of adjustments in the assignment price. The arbitration is conducted according to the ICC Rules of Arbitration, the applicable law is the one of the Republic of Argentina, and the seat of arbitration is Buenos Aires, Argentina. On April 30, 2021, POSA filed its claim memorial, and on September 15, 2021, the Company submitted its answer to the claim memorial and counterclaim. On December 15, 2021, POSA submitted its answer to the counterclaim. As of the date of issuance of these Consolidated Financial Statements, the proceeding pursues according the schedule decided by the parties. - The Company filed an international arbitration claim against Petrobras International Braspetro B.V. (“PIB BV”) on account of fraudulent representations and omissions associated with certain export transactions under the share purchase agreement executed on May 13, 2016, whereby the Company acquired 67.2% of Petrobras Argentina S.A.’s capital stock. The arbitration is held under the ICC Arbitration Rules; the applicable law is the one of the State of New York, and the seat of arbitration is New York. On April 29, 2021, the Company filed its claim memorial and PIB BV submitted its counter-memorial and counterclaim seeking the payment of a percentage over the difference between the amount estimated for certain contingencies detected in the purchase process and the amount actually paid for them. On July 7, 2021, the Company and PIB BV submitted their respective answers. On November 5, 2021, the Company and PIB BV submitted their replications, and on December 20, 2021, their rejoinders to the complaints. As of the date of issuance of these Consolidated Financial Statements, the proceeding pursues according the schedule decided by the parties. Additionally, the Company has recorded provisions for civil, commercial, administrative, labor, tax and customs complaints brought against the Company corresponding to atomized claims with individual unsubstantial amounts, as well as charges for judicial costs and expenses which, as of December 31, 2022, amount to US$ 5 million. 11.6 Income tax and minimum notional income tax liability Schedule of income tax and minimum notional income tax liability 12.31.2022 12.31.2021 Non-current Income tax, net of witholdings 161 158 Minimum notional income tax 18 30 Total non-current 179 188 Current Income tax, net of witholdings and advances 5 20 Total current 5 20 Income tax liability The cumulative CPI variation over the 36 months prior to December 31, 2022 and 2021 has exceeded the 100% condition established by Law No. 27,430; therefore, the effect of the tax inflation adjustment has been accrued in the calculation of the current and deferred income tax provision. Likewise, as of December 31, 2020, the cumulative variation in the CPI has exceeded the 15% condition set for the third transition year pursuant to Law No. 27,430 and, therefore, the effect of the tax inflation adjustment has been accrued in the calculation of the current and deferred income tax provision, except in the cases where, on account of being irregular fiscal years, the mentioned legal parameter has not been exceeded for each of the annual periods. The tax inflation adjustment mechanism set out in Title VI and different supplementary sections of the Income Tax Law is inconsistent in certain aspects generating a confiscatory lien, including, but not limited to, the failure to update tax losses and the cost of acquisitions or investments made before January 1, 2018, which bears resemblance with the parameters in re “Candy S.A.”, where the CSJN ordered the application of the inflation adjustment mechanism. As of December 31, 2022, the Company and its subsidiaries hold a provision for the additional income tax liabilities which should have been assessed for the reasons mentioned above. The provision for the period, including compensatory interest, is disclosed under “Non-current Income tax and minimum notional income tax provision”. Minimum Notional Income Tax liability The Company and its subsidiaries have filed a petition for declaratory relief under Sect. 322 of the Federal Code of Civil and Commercial Procedure to gain assurance as to the application of the minimum notional income tax for the fiscal years 2011-2018 based on CSJN’s decision in re “Hermitage” passed on June 15, 2010. In this established precedent, the CSJN declared the unconstitutionality of this tax on the grounds that it is unreasonable and it breaches the taxpaying capacity principle when the absence of taxable income in the period evidences that the income presumed by the legislator has not existed. However, on August 26, 2021, the CSJN dismissed the tax refund claim lodged by the Company for the 2008 and 2009 periods alleging that, despite the evidenced tax losses, the existence of accounting profits is a manifestation of the taxpaying capacity and, therefore, the precepts of the Hermitage precedent are not met. Considering the CSJN’s current position, the Company and its subsidiaries have recorded, for periods presenting tax losses and accounting profits, liabilities on the amount of the applicable interest on the Notional Income Tax, plus the determined tax provision for those cases in which Minimum Notional Income Tax is not considered to be computable as an Income Tax advance payment. This liability is disclosed under “Non-Current Income tax and minimum notional income tax provision”. 11.7 Tax liabilities Schedule of tax liabilities 12.31.2022 12.31.2021 Current Value added tax 5 4 Personal assets tax provision 4 2 Tax withholdings to be deposited 5 6 Royalties 12 9 Other 2 2 Total current 28 23 11.8 Defined benefits plans The main characteristics of benefit plans granted to Company employees are detailed below: (i) Pension and retirement benefits (ii) Compensatory plan: As of December 31, 2022, 2021 and 2020, the most relevant actuarial information corresponding to the described benefit plans is the following: Schedule of defined benefit plan information 12.31.2022 Present value of the obligation Present value of assets Net liability at the end of the year At the beginning of the year 33 (4) 29 Items classified in profit or loss Current services cost 1 - 1 Interest cost 15 (2) 13 Items classified in other comprehensive Actuarial losses 9 - 9 Benefit payments (3) - (3) (Gain) Loss on monetary position, net (17) 2 (15) At the end of the year 38 (4) 34 12.31.2021 Present value of the obligation Present value of assets Net liability at the end of the year At the beginning of the year 25 (4) 21 Items classified in profit or loss Current services cost 1 - 1 Interest cost 13 (3) 10 Items classified in other comprehensive Actuarial losses 1 2 3 Benefit payments (2) - (2) (Gain) Loss on monetary position, net (5) 1 (4) At the end of the year 33 (4) 29 12.31.2020 Present value of the obligation Present value of assets Net liability at the end of the year At the beginning of the year 36 (5) 31 Items classified in profit or loss Current services cost 3 - 3 Interest cost 16 (2) 14 Items classified in other comprehensive Actuarial (gains) losses (3) 1 (2) Benefit payments (2) - (2) Reclasification liabilities associated to assets classified as held for sale (10) - (10) (Gain) Loss on monetary position, net (15) 2 (13) At the end of the year 25 (4) 21 As of December 31, 2022, 2021 and 2020, the breakdown of net liabilities per type of plan is as follows: a) US$ 17 15 12 17 14 9 Estimated expected benefits payments for the next ten years are shown below. The amounts in the table represent the undiscounted cash flows and therefore do not reconcile to the obligations recorded at the end of the year. Schedule of estimated expected benefits payments 12.31.2022 Less than one year 6 One to two years 3 Two to three years 4 Three to four years 4 Four to five years 3 Six to ten years 14 Significant actuarial assumptions used were as follows: Schedule of significant actuarial assumptions 12.31.2022 12.31.2021 12.31.2020 Real discount rate 5 5 4 Real wage increase rate 1 1 1 Inflation rate 118 54 46 The following sensitivity analysis shows the effect of a variation in the discount rate and salaries increase on the obligation amount: Schedule of sensitivity analyses on actuarial assumptions variations 12.31.2022 Discount rate: 4% Obligation 41 Variation 3 9 Discount rate: 6% Obligation 35 Variation (3) (8 Real wage increase rate: 0% Obligation 37 Variation (1) (4 Real wage increase rate: 2% Obligation 39 Variation 1 4 The sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. Therefore, the presented analysis may not be representative of the actual change in the defined benefit obligation. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period. 11.9 Salaries and social security payable Schedule of salaries and social security payable 12.31.2022 12.31.2021 Current Salaries and social security contributions 5 4 Provision for vacations 8 7 Provision for gratifications and annual bonus for efficiency 19 17 Total current 32 28 |
FINANCIAL ASSETS AND LIABILITIE
FINANCIAL ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
Financial Assets And Liabilities | |
FINANCIAL ASSETS AND LIABILITIES | NOTE 12 FINANCIAL ASSETS AND LIABILITIES 12.1 Schedule of financial assets at amortized cost 12.31.2022 12.31.2021 Non-current Term deposit 101 100 Notes receivable 1 5 Total non-current 102 105 Current Notes receivable 8 5 Total current 8 5 12.2 Schedule of financial assets at fair value through profit and loss 12.31.2022 12.31.2021 Non-current Shares 27 29 Total non-current 27 29 Current Government securities 279 278 Corporate bonds 116 19 Shares 160 120 Mutual funds 31 41 Total current 586 458 12.3 Schedule of trade and other receivables Note 12.31.2022 12.31.2021 Non-Current Related parties 16 17 23 Tax credits 2 9 Prepaid expenses - 1 Other 1 1 Other receivables 20 34 Total non-current 20 34 12.31.2022 12.31.2021 Current Receivables from MAT sales 21 24 CAMMESA 165 89 Receivables from oiland gas sales 55 69 Receivables from petrochemicals sales 62 71 Related parties 16 5 7 Other 3 5 Impairment of financial assets (6) (9) Trade receivables, net 305 256 Current Related parties 16 7 8 Tax credits 14 5 Receivables for complementary activities - 2 Prepaid expenses 14 10 Financial credit - 10 Guarantee deposits 27 30 Insurance to be recovered - 1 Expenses to be recovered 15 - Receivables for acquisition of subsidiary 7 - Receivables for sale of subsidiary and associates 4 41 Receivables for financial instruments sale 1 6 Argentine Natural Gas Production Promotion Plan 32 14 Receivables for arbitration award 15.6 37 - Other 7 14 Other receivables, net 165 141 Total current 470 397 Due to the short-term nature of trade and other receivables, its book value is not considered to differ from its fair value. For non-current trade and other receivables, fair values do not significantly differ from book values. The movements in the impairment of trade receivables were as follows: Schedule of allowance for the impairment of trade receivables 12.31.2022 12.31.2021 12.31.2020 At the beginning of the year 9 16 68 Impairment (1) 1 1 63 Utilization (1) - (7) Reversal of unused amounts - (6) (3) Gain on monetary position, net (3) (2) (2) Gain on monetary position, net - - (28) Reclasified to assets classified as held for sale - - (75) At the end of the year 6 9 16 (1) It includes US$ 26 million corresponding to discontinued operations for fiscal year 2020. As of December 31, 2020, it includes US$ 13 million corresponding to the receivable impairment related to the exchange difference between the price of gas purchased by distributors and the price of gas recognised in distributors´s final tariffs between April 2018 and March 2019 to be assumed by the Federal Government in accordance to PEN Executive Order No. 1,053/18 (see Note 15). The movements in the impairment of other financial assets were as follows: Schedule of impairment of other financial assets assets 12.31.2022 12.31.2021 12.31.2020 At the beginning of the year - - 6 Impairment - - 2 Reversal of unused amounts - - (7) Reclasified to assets classified as held for sale - - (1) At the end of the year - - - 12.4 Schedule of cash and cash equivalents 12.31.2022 12.31.2021 Banks 11 26 Mutual funds 95 84 Total 106 110 12.5 Schedule of borrowings 12.31.2022 12.31.2021 Non-Current Financial borrowings 108 58 Corporate bonds 1,232 1,301 Total non-current 1,340 1,359 Current Bank overdrafts 59 11 Financial borrowings 51 29 Corporate bonds 163 39 Total current 273 79 Total 1,613 1,438 As of December 31, 2022 and 2021, the fair values of the Company’s Corporate Bonds amount approximately to US$ 1,435 1,233 The carrying amounts of short-term borrowings and bank overdrafts approximate their fair value due to their short-term maturity. The long-term borrowings were measured at amortized cost, which does not differ significantly from its fair value. As of the date of issuance of these Consolidated Financial Statements, the Company is in compliance with the covenants established in its indebtedness contracts. 12.5.1 Movements in borrowings Schedule of changes in borrowings 12.31.2022 12.31.2021 12.31.2020 At the beginning of the year 1,438 1,614 1,947 Proceeds from borrowings 308 188 353 Payment of borrowings (143) (336) (300) Accrued interest 172 137 176 Payment of interests (162) (140) (201) Repurchase and redemption of corporate bonds (28) (3) (155) Result from exchange of corporate bonds 14 - - Result from repurchase of corporate bonds (6) - (43) Increases for incorporation (1) 89 - - Cancellation through dividend compensation - - (12) Gain on monetary position, net - - (43) Foreign currency exchange difference, net (80) (22) (18) Borrowing costs capitalized in property, plant and equipment 11 - 10 Reclassified to liabilities associated to assets classified as held for sale - - (100) At the end of the year 1,613 1,438 1,614 (1) See Notes 5.1.3 and 5.1.5. 12.5.2 Details of borrowings: Schedule of borrowings composition Type of instrument Company Currency Residual value Interest Rate Expiration Book value as of 12.31.2022 Corporate bonds (1) T Series CB PAMPA US$ 93 Fixed 7.38% Jul-23 95 Class 8 CB PAMPA $ 18 Variable Badlar + 2% Jul-23 20 Class 11 CB PAMPA $ 122 Variable Badlar + 0% Jan-24 140 Class 9 CB PAMPA US$ 102 Fixed 9.50% Dec-26 184 Class 1 CB PAMPA US$ 501 Fixed 7.50% Jan-27 616 Class 13 CB PAMPA US$ 49 Fixed 0.00% Dec-27 48 Class 3 CB PAMPA US$ 285 Fixed 9.13% Apr-29 292 1,395 Financial loans (2) PAMPA US$ 15 Variable Libor + 4.21% Nov-24 16 GW US$ 83 Variable Libor + 5.75% Sep-26 85 101 Other financial loans (3) PAMPA US$ 22 Variable SOFR + 0.35% Jul-23 23 PAMPA US$ 8 Fixed Between 9.50% and 14.50% Between Jan-23 and May-23 8 PAMPA US$ 27 Variable SOFR + 0% Agu-24 27 58 Bank overdrafts (3) PAMPA $ 57 Fixed Between 54% and 54.50% Jan-23 59 59 1,613 (1) Net of the following face value repurchases: US$ 113.7 million of ON 2026, US$ 146.2 million of ON 2027 and US$ 7.5 million of ON 2029. (2) During the the fiscal year ended December 31, 2022, the Company took on new short-term financing with domestic financial entities, net of cancellations, for a total $ 8,618 million and import prefinancing for US$ 7.6 million. Additionally, the Company repaid at maturity two principal installments for the credit facility sponsored by FINNVERA in the amount of US$ 7.7 million and US$ 10.4 million corresponding to the credit facility subscribed between IDB Invest and Greenwind, a Company that is consolidated since acquisition of an additional 50% interest in August 2022. (3) During the fiscal year ended December 31, 2022, the Company received disbursements in the amount of US$ 1.3 million under the credit facilities taken out with BNP Paribas S.A. in 2020. After the fiscal year closing, the Company repaid short-term bank loans with local financial entities for $ 10,065 million and import prefinancing for US$ 0.7 million. Type of instrument Company Currency Residual value Interest Rate Expiration Book value as of 12.31.2021 Corporate bonds (1) T Series CB PAMPA US$ 389 Fixed 7.38% Jul-23 400 Class 1 CB PAMPA US$ 636 Fixed 7.50% Jan-27 648 Class 3 CB PAMPA US$ 293 Fixed 9.13% Apr-29 292 1,340 Financial loans (2) PAMPA US$ 23 Variable Libor + 4.21% May-24 23 23 Other financial loans (3) PAMPA US$ 22 Variable Libor + 0.35% Jul-22 22 PAMPA US$ 43 Variable Libor + 0% Aug-23 42 64 Bank overdrafts PAMPA $ 11 Fixed 33.00% Jan-22 11 11 1,438 (1) Net of the following face value repurchases: US$ 110,4 million of ON 2023, US$ 114,0 million of ON 2027 and US$ 7,5 million of ON 2029. On September 27, 2021, the Company repaid at maturity Class 6 CBs for $ 6,355 million. (2) During the fiscal year ended December 31, 2021, the Company canceled short-term financing with local financial entities, net of borrowings, for $ 8,158 million. Additionally, the Company repaid at maturity two principal installments for the credit facility sponsored by FINNVERA in the amount of US$ 7.7 million. (3) During the fiscal year ended December 31, 2021, the Company received disbursements in the amount of US$ 27 million under the credit facilities taken out with BNP in 2020. 12.5.3 New Global Program of CB On September 30, 2021, the Company’s General Ordinary and Extraordinary Shareholders’ Meeting resolved to approve the creation of a new global corporate bonds program for an amount of up to US$ 2,000 million or its equivalent in other currencies or units of value, in the form of simple corporate bonds non-convertible into shares and/or corporate bonds convertible into shares, to renew the program expired on December 29, 2021. The public offering was authorized by the CNV on December 9, 2021. 12.5.4 Issuance of CB Class 8 On January 18, 2022, the Company issued Class 8 CB in the amount of $ 3,107 million at a Badlar rate + 2%, maturing in 18 months. This is the first green bond issued by Pampa, which reflects the commitment to finance projects with a positive impact on the environment and to diversify the country’s energy generation matrix. The issue was recognised by Fix Ratings, an affiliate of Fitch Ratings, with the rating of Green Bond (BV1), the best possible grade, since it is aligned with the four main components of ICMA’s (International Capital Market Association) Green Bond Principles (GBP). It was issued in observance of the “Guidelines for the Issuance of Social, Green and Sustainable Bonds in Argentina” of the CNV Rules and the provisions of BYMA’s Social, Green and Sustainable Guide and the BYMA Rules, and also makes up BYMA’s Social, Green and Sustainable Bonds Panel. The Company will allocate the issue’s proceeds to finance the expansion of PEPE IV (see Note 17.1). 12.5.5 Issuance of Class 10, 11, 12, 13 and 15 CB On July 15, 2022, the Company issued Class 11 CB for $ 12,690 million, accruing interest at a variable BADLAR rate plus an annual 0% spread and maturing on January 15, 2024. Class 10 and Class 12 CB were declared unawarded. Additionally, on August 8, 2022 the Company reopened Class 11 CB for $ 8,963.9 million at an issuance price of 1.0305. The total face value of outstanding Class 11 CB amounted to $ 21,654.6 million. Finally, on December 13, 2022, the Company issued Clase 13 US$-link CB for US$ 49.9 million at a fixed interest rate of 0% and maturing on December 2027. After the closing of the fiscal year, on January 11, 2023, the Company issued Class 15 CB for $ 10,379 million accruing interest at a variable BADLAR rate plus an annual 2% spread and maturing on July 11, 2024. Additionally, on March 2, 2023, the Company reopened Class 13 and Class 15 CB for US$ 48.2 million and $ 7,885 million, respectively. 12.5.6 Series T CB Exchange Offer On June 16, 2022, the Company launched an exchange offer for holders of Series T CB maturing in 2023 originally issued by Petrobras Argentina S.A. (currently merged with the la Company) dated July 21, 2016 for a face value of US$ 500 million, under its Global Program authorized pursuant to CNV Resolution No. 17,162 dated August 15, 2013. Once the exchange offer expired on July 29, 2022, the information and exchange agent informed the Company that US$ 193.8 million and US$ 213.3 million, representing 38.8% and 42.7% of the Series T CB’ outstanding principal, had been validly tendered for exchange under Option A and Option B, respectively, totaling a US$ 407.1 million participation and representing approximately 81.4% of the outstanding Series T CB’ capital amount. Consequently, on August 8, 2022, after meeting the conditions established in the exchange offer documents, Pampa issued Class 9 CB for a face value of US$ 292.8 million, accruing interest at an annual fixed 9.5% rate and maturing on December 8, 2026, payable in three consecutive annual installments starting in 2024, and paid US$ 122.1 million in cash. For each US$ 1,000 of Series T CB’s capital amount validly tendered and accepted for exchange, eligible holders received, together with the payment of interest accrued on Series T CB up to the settlement date: (i) Option A: approximately US$ 377.2 in Class 9 CB and US$ 630.2 in cash; and (ii) Option B: US$ 1,030 in Class 9 CB. As a result of the debt swap, the Company disclosed losses for US$ 14 million under “Other financial results” to reflect the change in the payment estimates discounted at Series T CB’s original effective interest rate, since they were not deemed substantially different from the issuance conditions for Class 9 CB, in accordance with IFRS. As of the date of issuance of these Consolidated Financial Statements, outstanding Series T CB amount to US$ 92.9 million. 12.6 Schedule of trade and other payables Note 12.31.2022 12.31.2021 Non-Current Compensation agreements 10 3 Finance leases liability 10 9 Other 1 - Other payables 21 12 Total non-current 21 12 Current Suppliers 198 154 Customer advances 3 4 Related parties 16 14 15 Trade payables 215 173 Compensation agreements 12 2 Liability for acquisition of companies 46 - Finance leases liability 2 4 Other 6 3 Other payables 66 9 Total current 281 182 Due to the short-term nature of the trade payables and other payables, their carrying amount is considered to be the same as their fair value. For most other non-current debts, fair values are also not significantly different from their book values. 12.7 The following table presents financial instruments by category: Schedule of financial instruments As of December 31, 2022 Financial assets/liabilities at amortized cost Financial assets/liabilities at fair value through profit and loss Subtotal financial assets/liabilities Non financial assets/liabilities Total Assets Trade receivables and other receivables 437 22 459 31 490 Financial assets at amortized cost Term deposit 101 - 101 - 101 Notes receivable 9 - 9 - 9 Financial assets at fair value through profit and loss Government securities - 279 279 - 279 Corporate bonds - 116 116 - 116 Shares - 187 187 - 187 Mutual funds - 31 31 - 31 Cash and cash equivalents 11 95 106 - 106 Total 558 730 1,288 31 1,319 Liabilities Trade and other liabilities 298 - 298 4 302 Borrowings 1,613 - 1,613 - 1,613 Derivative financial instruments - 2 2 - 2 Total 1,911 2 1,913 4 1,917 As of December 31, 2021 Financial assets/liabilities at amortized cost Financial assets/liabilities at fair value through profit and loss Subtotal financial assets/liabilities Non financial assets/liabilities Total Assets Trade receivables and other receivables 376 30 406 25 431 Financial assets at amortized cost Term deposit 100 - 100 - 100 Notes receivable 10 - 10 - 10 Financial assets at fair value through profit and loss Government securities - 278 278 - 278 Corporate bonds - 19 19 - 19 Shares - 149 149 - 149 Mutual funds - 41 41 - 41 Cash and cash equivalents 26 84 110 - 110 Total 512 601 1,113 25 1,138 Liabilities Trade and other liabilities 190 - 190 4 194 Borrowings 1,438 - 1,438 - 1,438 Total 1,628 - 1,628 4 1,632 The categories of financial instruments have been determined according to IFRS 9. The income, expenses, gains and losses derived from each of the financial instrument categories are indicated below: Schedule of income, expenses, gains and losses from financial instruments As of December 31, 2022 Financial assets/liabilities at amortized cost Financial assets/liabilities at fair value through profit and loss Subtotal financial assets/liabilities Non Financial assets/ liabilities Total Interest income 5 - 5 - 5 Interest expenses (175) - (175) (41) (216) Foreign currency exchange difference, net 16 (85) (69) 149 80 Changes in the fair value of financial instruments - 110 110 - 110 Result from present value measurement (1) - (1) (13) (14) Other financial results (15) - (15) - (15) Total (170) 25 (145) 95 (50) As of December 31, 2021 Financial assets/liabilities at amortized cost Financial assets/liabilities at fair value through profit and loss Subtotal financial assets/liabilities Non Financial assets/ liabilities Total Interest income 10 - 10 - 10 Interest expenses (138) - (138) (40) (178) Foreign currency exchange difference, net (11) (19) (30) 33 3 Changes in the fair value of financial instruments - (15) (15) - (15) Result from present value measurement 2 - 2 (3) (1) Other financial results (4) - (4) (4) (8) Total (141) (34) (175) (14) (189) As of December 31, 2020 Financial assets/liabilities at amortized cost Financial assets/liabilities at fair value through profit and loss Subtotal financial assets/liabilities Non Financial assets/ liabilities Total Interest income 9 - 9 - 9 Interest expenses (164) - (164) (6) (170) Foreign currency exchange difference, net 38 (35) 3 11 14 Changes in the fair value of financial instruments - 30 30 - 30 Result from present value measurement 6 - 6 (4) 2 Other financial results 36 - 36 (5) 31 Total (75) (5) (80) (4) (84) 12.8 The Company classifies the fair value measurements of financial instruments using a fair value hierarchy, which reflects the relevance of the variables used to perform those measurements. The fair value hierarchy has the following levels: - Level 1: quoted prices (not adjusted) for identical assets or liabilities in active markets. - Level 2: data different from the quoted prices included in Level 1 observable for the asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from prices). - Level 3: Asset or liability data based on information that cannot be observed in the market (i.e., unobservable data). The following table shows the Company’s financial assets and liabilities measured at fair value as of December 31, 2022 and 2021: Schedule of fair value of financial instruments As of December 31, 2022 Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through Government securities 279 - - 279 Corporate bonds 116 - - 116 Mutual funds 31 - - 31 Shares 160 - 27 187 Cash and cash equivalents Mutual funds 95 - - 95 Other receivables 22 - - 22 Total assets 703 - 27 730 Liabilities Derivative financial instruments - 2 0 2 Total liabilities - 2 - 2 As of December 31, 2021 Level 1 Level 3 Total Assets Financial assets at fair value through Government securities 278 - 278 Corporate bonds 19 - 19 Mutual funds 41 - 41 Shares 120 29 149 Cash and cash equivalents Mutual funds 84 - 84 Other receivables 30 - 30 Total assets 572 29 601 The value of the financial instruments negotiated in active markets is based on the market quoted prices as of the date of these Consolidated Financial Statements. A market is considered active when the quoted prices are regularly available through a stock exchange, broker, sector-specific institution or regulatory body, and those prices reflect regular and current market transactions between parties that act in conditions of mutual independence. The market quotation price used for the financial assets held by the Company is the current offer price. These instruments are included in Level 1. The fair value of financial instruments that are not negotiated in active markets is determined using valuation techniques. These valuation techniques maximize the use of market observable information, when available, and rely as little as possible on specific estimates of the Company. If all significant variables to establish the fair value of a financial instrument can be observed, the instrument is included in Level 2. If one or more variables used to determine the fair value cannot be observed in the market, the financial instrument is included in Level 3. The techniques used for the measurement of assets at fair value with changes in profit (loss), classified as Level 2 and 3, are detailed below: - Derivative Financial Instruments: calculated from variations between market prices at the closing date of the year, and the amount at the time of the contract. - Shares: it was determined using the income-based approach through the “Indirect Cash Flow” method, that is, the net present value of expected future cash flows, mainly through the collection of dividends taking into consideration the direct equity interest of 2.84% and 3.19%, and the additional equity interest of 2.18% and 2.46% through HIDISA and HINISA, in TJSM and TMB, respectively, resulting from the Federal Government’s restructuring of assets in the energy sector. This restructuring resulted in TMB’s and TJSM’s share transfer from the Federal Government to IEASA, considering 16.4% and 13.7% discount rate as of December, 31 2022 and 2021, respectively. The key assumptions were prepared based on estimates on the future behavior of certain sensitive variables, including: (i) the dividend distribution policy; (ii) reference prices for energy sold in the spot market; (iii) projections of the availability and dispatch of power plants; (iv) the evolution of structural costs and expenses; (v) macroeconomic variables such as inflation and exchange rates, etc. The Company recognised losses for US$ 1.7 million and earnings for US$ 18 million as a result of changes in the fair value of financial instruments classified as level 3, under the item “Other financial results” of the Consolidated Statement of Comprehensive Income, as of December, 31 2022 and 2021, respectively. Current values may substantially differ from projections, mainly on account of: i) the timeliness and magnitude of the distribution of dividends, ii) the timeliness and magnitude of energy price updates, and/or iii) the evolution of costs. The Company estimates that any sensitivity analysis that considers changes in any of the estimates taken individually may lead to distorting conclusions, generating an adverse effect on the Company’s results. |
EQUITY COMPONENTS
EQUITY COMPONENTS | 12 Months Ended |
Dec. 31, 2022 | |
Equity Components | |
EQUITY COMPONENTS | NOTE 13 EQUITY COMPONENTS 13.1 Share capital As of December 31, 2022, the share capital amounts to 1,384 4 13.1.1 Share buyback programs Taking into consideration the market volatility and the persisting divergence between the Company’s share price and the economic reality its assets currently or potentially have, which is detrimental to the interests of its shareholders, and considering the Company’s history of strong cash position and fund availability, the Board of Directors has implemented several share buyback programs, considering in each case that treasury shares may not exceed the 10% capital stock capitalization. During 2021, the Company’s Board of Directors approved Programs 9 and 10 for a maximum amount of US$ 30 million each, under which shares could be acquired up to a maximum price of US$ 16 and US$ 15.5 per ADR, respectively. The Company directly and indirectly acquired 2.7 million own ADRs for a value of US$ 38.7 million, and the repurchased shares canceled in full. On December 1, 2021, the Company’s Board of Directors approved Program 11 for a maximum amount of US$ 30 million and an initial term of 120 calendar days; under this Program, shares may be acquired up to a maximum price of US$ 19 per ADR and $ 167 per common share. On March 10, 2022, the Board of Directors resolved to suspend Program 11, as the Company’s share and ADR prices exceeded the set repurchase limit values. On May 11, 2022, the Board of Directors resolved to approve Program 12 for a maximum amount of US$ 30 million, an initial term of 120 calendar days, and a maximum price of US$ 22 per ADR and $ 194 per common share. As of the issuance of these Consolidated Financial Statements, these programs have already expired. During 2022, the Company indirectly acquired 0.9 million own ADRs for a value of US$ 18.2 million to an average price of US$ 20,3 per ADR. 13.1.2 Stock Compensation Plan During fiscal year ended December 31, 2021, the Company delivered 0.5 million own shares as payments under the stock compensation plan for officers and other key staff, respectively. In addition, the Company acquired 6 million own shares, out of which 2 million were allocated to the compensation of senior managers. As of December, 31 2022 and 2021, 4 million remained in treasury to be delivered to employees under such plan (see Note 4.17). 13.1.3 Capital reductions During 2021, the capital stock reduction approved by the Company’s General Ordinary and Extraordinary Shareholders’ Meeting held on April 29, 2021 and September 30, 2021, which provided for the cancellation of 56.6 million shares and 12.5 million shares, respectively. These reductions are registered in the Public Registry. On April 27, 2022, General Ordinary and Extraordinary Shareholders’ Meeting resolved to reduce the Company’s capital stock by canceling 2.8 million shares which took place during October 2022. This reduction was registered with the Public Registry on September 14, 2022. 13.2 Earnings per share Basic earnings per share are calculated by dividing the result attributable to the Company’s equity interest holders by the weighted average of outstanding common shares during the year. Diluted earnings per share are calculated by adjusting the weighted average of outstanding common shares to reflect the conversion of all dilutive potential common shares. Potential common shares will be deemed dilutive only when their conversion into common shares may reduce the earnings per share or increase losses per share of the continuing business. Potential common shares will be deemed anti-dilutive when their conversion into common shares may result in an increase in the earnings per share or a decrease in the losses per share of the continuing operations. The calculation of diluted earnings per share does not entail a conversion, the exercise or another issuance of shares which may have an anti-dilutive effect on the losses per share, or where the option exercise price is higher than the average price of ordinary shares during the period, no dilutive effect is recorded, being the diluted earnings per share equal to the basic. As of December 31, 2022, 2021 and 2020, the Company does not hold any significant potential dilutive shares, therefore there are no differences with the basic earning per share. Schedule of earnings (loss) per share 12.31.2022 12.31.2021 12.31.2020 Earning for continuing operations attributable to equity holders of the Company 456 312 132 Weighted average amount of outstanding shares 1,381 1,405 1,572 Basic and diluted earnings per share from continued operations 0.33 0.22 0.08 Loss for discontinued operations attributable to equity holders of the Company - (39) (499) Weighted average amount of outstanding shares 1,381 1,405 1,572 Basic and diluted loss per share from discontinued operations - (0.03) (0.32) Earning (Loss) attributable to equity holders of the Company 456 273 (367) Weighted average amount of outstanding shares 1,381 1,405 1,572 Basic and diluted earning (loss) per share 0.33 0.19 (0.23) 13.3 Profit distributions Dividends distributed to individuals, undivided estates or beneficiaries residing abroad, derived from profits generated during fiscal years beginning on or January 1, 2018 are subject to a 7% withholding tax (see Note 2.6.1.2). The distribution of dividends is made based on the Company’s Stand-Alone Financial Statements which are presented in pesos, the legal currency in Argentina, pursuant to regulatory requirements. |
STATEMENT OF CASH FLOWS_ COMPLE
STATEMENT OF CASH FLOWS’ COMPLEMENTARY INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Statement Of Cash Flows Complementary Information | |
STATEMENT OF CASH FLOWS’ COMPLEMENTARY INFORMATION | NOTE 14 STATEMENT OF CASH FLOWS’ COMPLEMENTARY INFORMATION 14.1 Adjustments to reconcile net profit to cash flows generated by operating activities Schedule of adjustments to reconcile net profit (loss) to cash flows generated by operating activities Note 12.31.2022 12.31.2021 12.31.2020 Income tax 10.5 124 77 35 Accrued interest 185 141 132 Depreciations and amortizations 9 and 10.2 212 205 205 Share of profit of joint ventures and associates 5.2.2 (105) (117) (85) Results for property, plant and equipment sale 10.3 (2) (1) - Result for intangibles assets sale 10.3 (2) (2) - Impairment of property, plant and equipment, intangible assets and inventories 10.1, 10.2 and 10.4 38 4 139 Impairment of financial assets 8 2 9 Result from measurement at present value 10.4 14 1 (2) Changes in the fair value of financial instruments (94) 24 (19) Exchange differences, net (85) (3) (14) Result from exchange of corporate bonds 10.4 14 - - Result from repurchase of corporate bonds 10.4 (6) - (38) Readjustment of investment plan 10.3 9 - - Compensation for arbitration award 10.3 (37) - - Recovery of tax charges 10.3 - (2) - Provision for contingecies, net 10.3 4 3 2 Provision for environmental remediation 10.3 - 15 - Accrual of defined benefit plans 9 and 10.2 14 11 11 Dividends received 10.3 - - (1) Compensation agreements 10.1 and 10.2 19 2 1 Other (3) 5 5 Adjustments to reconcile net profit to cash flows from operating activities 307 365 380 14.2 Changes in operating assets and liabilities Schedule of changes in operating assets and liabilities 12.31.2022 12.31.2021 12.31.2020 (Increase) Decrease in trade receivables and other receivables (233) (41) 19 Increase in inventories (21) (40) (6) Increase in trade payables and other payables 70 43 3 Increase (Decrease) in salaries and social security payable 15 8 (1) Decrease in defined benefit plans (3) (2) (2) Increase (Decrease) in tax liabilities 36 (5) (20) Decrease in provisions (1) (3) (5) Income tax paid (2) (13) (5) Payments from derivative financial instruments, net (6) (12) (5) Changes in operating assets and liabilities (145) (65) (22) 14.3 Significant non-cash transactions Schedule of significant non-cash transactions 12.31.2022 12.31.2021 12.31.2020 Acquisition of property, plant and equipment through an increase in trade payables (75) (51) (8) Borrowing costs capitalized in property, plant and equipment (11) - (10) Acquisition of subsidiary by delivering financial assets at fair value through profit and loss (35) - - Receivables from sales of companies pending collection - 40 - Receivables for acquisition of subsidiary 7 - - Increase in investments in associates through a decrease in other receivables - (20) - Increase in right-of-use assets through an increase in other liabilities (1) (7) - Dividends pending collection - 2 20 Compensation of loans through dividends assignment - - 12 Decrease on well abandonment provision, net, through property, plant and equipment (1) (1) (3) |
CONTINGENT LIABILITIES AND ASSE
CONTINGENT LIABILITIES AND ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
Contingent Liabilities And Assets | |
CONTINGENT LIABILITIES AND ASSETS | NOTE 15 CONTINGENT LIABILITIES AND ASSETS We hereinafter detail the nature of significant proceedings as of December 31, 2022, not considered as probable by the Company based on the opinion of the Company’s internal and external counselors. 15.1 Labor Claim – Compensatory Plan The Company faces several legal proceedings associated with the Defined Benefit Plan “Compensatory Plan” (see Note 11.8). We hereinafter describe the nature of currently pending labor claims: - Claims by former employees not covered by the plan, seeking their inclusion. The Chamber of Appeals upheld the first-instance judgments that had dismissed the complaints filed in two claims by non-covered former employees seeking to be included in the plan. Both of these judgments are final and conclusive. - Claims by former employees seeking compensation under the plan on account of terminations due to changes in shareholding control. - Claims on considering that the index (CPI) used to update the plan benefits is ineffective to keep their “constant value”. In two of the causes, the Company obtained a favorable judgment, which has been appealed by the plaintiff. On the other hand, the Company received an adverse judgment in a claim, consequently, the Company has filed an appeal before the applicable Chamber. - Claims on an alleged underfunding of the plan upon the elimination of the Company’s contributions based on earnings. The Company obtained a favorable first-instance judgment. The plaintiff filed an appeal, which was sustained by the Chamber. Against said pronouncement, the Company filed a Federal Extraordinary Appeal before the CSJN, which was disallowed by the Appeals Chamber. Consequently, the Company filed a petition in error before the CSJN and an appeal on the grounds of unconstitutionality before the Supreme Court of Justice of the Autonomous City of Buenos Aires. 15.2 Tax claim - Tax on Liquid Fuels and Natural Gas: The AFIP filed a claim in the amount of $ 54 million against the Company for an alleged omission in the payment of Taxes on Liquid Fuels and Natural Gas during fiscal periods January 2006 through August 2011, plus compensatory interest and a penalty of $ 38 million for such omission. The tax entity supports its claim on the allegation that the tax benefit granted to sales to areas declared exempt by the tax law has been misappropriated. The proceeding is currently being heard before the Federal Tax Court, and the evidentiary period has been completed. 15.3 Environmental claims - The Association of Land Owners of Patagonia (ASSUPA) has brought a complaint for an indefinite amount against the Company and other companies seeking the restoration of the environment to the state prior to the exploration, exploitation, production, storage and transportation of hydrocarbon works conducted by the plaintiffs and the prevention of alleged future environmental impacts on certain areas in the Austral Basin. The National Government and the Provinces of Santa Cruz and Tierra del Fuego have been summoned as third parties. The proceeding is at the complaint answer stage. - ASSUPA has instituted a complaint before the CSJN against 10 companies, including the Company. The National Government and the Provinces of Buenos Aires, La Pampa, Mendoza, Neuquén and Río Negro have been summoned as third parties. The main claim seeks that the plaintiffs should be ordered to redress the alleged environmental damage caused by the hydrocarbon activity developed in the Neuquina Basin and to set up the environmental restoration fund provided for by section 22 of the General Environmental Law. Subsidiarily, and in case restoration is not possible, it seeks the redress of the allegedly sustained collective damages for an amount estimated at US$ 547 million based on a United Nations Development Program report. The proceeding is in the complaint answer stage. - Beatriz Mendoza and other 16 plaintiffs brought a complaint before the CSJN against the National Government, the Province of Buenos Aires, the Government of the Autonomous City of Buenos Aires and 44 companies, including the Company, conducting industrial activities along the Matanza-Riachuelo River Basin. The plaintiffs seek compensation for alleged damages sustained as a result of an alleged environmental impact, its cessation, the environmental recomposition and redress, for an estimated amount of US$ 500 million for the financing of the Matanza-Riachuelo River Basin Environmental Management Plan aiming at the restoration of the basin. The proceeding is in the third-party summoning stage. - Inertis S.A. has filed a complaint against the Company for alleged damage to the environment in a lot owned by this company as a result of the activities conducted by the Dock Sud Plant seeking the redress of alleged damages for a nominal amount estimated at $ 1 million and US$ 1 million, or the difference between the value of the allegedly affected lot and its valuation. The proceeding is in the evidentiary stage. - Fundación SurfRider Argentina has requested the performance of preliminary proceedings on account of alleged indications of environmental damage in the City of Mar del Plata. The plaintiff seeks the recomposition of the alleged environmental damage having collective impact, or the compensation for the alleged damages caused by all companies owning gas stations in the coastal area of the City of Mar del Plata for an alleged fuel leakage from gas stations’ underground storage tanks into the water, soil and marine system. The Foundation estimates damages in the amount of $ 200 million. The parties agreed on a stay of the procedural time limits until August 2022 to evaluate the possibility of reaching an agreement. The plaintiff reached an agreement with three co-defendants. The Chamber hearing the case referred it back to the first instance, and the Court ordered a series of information measures before serving notice of the agreement on the other co-defendants (including the Company). - Some neighbors of the Dock Sud area brought a complaint against 14 oil companies, including the Company, petrochemical companies and waste incineration plants located in the Dock Sud Petrochemical Complex for an alleged damage to the environment and alleged individual damage to their goods, health and morale. The CSJN determined it had jurisdiction over the environmental issue and maintained the civil and commercial jurisdiction regarding the compensation for the alleged damages. The First-Instance Civil and Commercial Court opened the evidentiary stage. - A neighbor of the Province of Salta owning a lot where a joint venture made up of the plaintiffs (the Company and other companies) conducted hydrocarbon activities seeks environmental protection and restoration for alleged damage caused by hydrocarbon prospecting, exploration and/or exploitation activities or, alternatively, a compensation in case such environmental restoration is not possible. The Province of Salta has been summoned as a third party. The proceeding is in the complaint answer stage and the Court of Justice of Salta declared that the First-Instance Administrative Litigation Court has jurisdiction over the claim. - Owners of a lot in the town of Garín, Province of Buenos Aires, seek the performance of preliminary proceedings for alleged indications of damage to the environment in their place of residence which would result from an alleged leakage from the adjacent gas station under the Company’s branding. Preliminary measures are being conducted in this proceeding. - Neighbors of the Province of Neuquén brought a proceeding against the Company for alleged environmental damage resulting from the hydrocarbon exploration, exploitation, transportation and well abandonment activities in which that plaintiff has been taking part. Should this not be feasible, they claim a compensation for alleged damages to support the Environmental Restoration Fund. Additionally, they request the redress of alleged moral damages to be allocated to the Environmental Restoration Fund. The presence of all involved parties has been properly verified, and the lawsuit has been referred to the administrative litigation jurisdiction. - Plaintiff Martinez Lidia and other three plaintiffs claim financial compensation for alleged damage to their health and property caused by the alleged environmental affectation sustained as a result of living next to Puerto General San Martin petrochemical plant (Rosario-Santa Fe). The evidentiary stage is closed and the Public Defender for the deceased plaintiff’s heirs was appointed, and he accepted this appointment. - A neighbor of the Province of Buenos Aires brought a complaint against the Company seeking the removal of three fuel storage tanks and pumps and the remediation and restoration of the soils where such tanks are located on account of an alleged environmental affectation. The proceeding is in the evidentiary stage. - Neighbors of the Province of Santa Fe have brought a complaint against the Company for alleged environmental damage. The Company obtained a favorable judgment, which has been appealed by the plaintiff. 15.4 Civil and Commercial Claims - The “Consumidores Financieros Asociación Civil Para Su Defensa” claim the nominal amount of US$ 3,650 million as compensation for damages, Pampa, Petrolera Pampa S.A. and certain Pampa directors in office during 2016 being co-plaintiffs together with Petroleo Brasileiro S.A. A complaint has been brought against Petrobras Brasil for the depreciation of the share quotation value as a result of the “lava jato operation” and the so-called “Petrolao”, and the plaintiffs claim Pampa, Petrolera Pampa S.A. and the directors’ joint and several liability alleging the acquisition of indirect control in Petrobras Argentina S.A. may have thwarted the enforcement of a possible judgment favorable to the plaintiff (for up to the amount of the price paid by Pampa for the acquisition of control over Petrobras Argentina S.A.). The plaintiff appealed the Arbitration Court’s decision declaring the dismissal of the main claim upon the failure to pay the arbitration fee. The Chamber of Appeals in Commercial Matters upheld the filed extraordinary appeal. On its part, Petróleo Brasileiro S.A. filed an appearance, requested that the lack of substance of the filed appeal should be declared, and subsidiarily answered it. The Company was served notice of the upholding of the motion made by the Chamber of Appeals in Commercial Matters and filed a presentation in this respect. Later, the CSJN declared the nullity of the Chamber of Appeals in Commercial Matters’ decision upholding the extraordinary appeal and referred the court file back so that a new judgment should be rendered. We hereinafter detail the nature of significant legal proceedings brought by the Company as of December 31, 2022 where the related inflows of economic benefits are estimated to be probable by the Company. 15.5 Administrative claims - CTLL (currently Pampa) filed an administrative litigation complaint against the Federal Government for contractual breach during the January 2016-March 2016 period. CTLL claims that CAMMESA’s decision regarding the renewal and recognition of costs associated with natural gas supply agreements should be reversed and that, subsidiarily, sustained damages should be redressed. Later on, CTLL filed a new contentious administrative litigation complaint against the Federal Government for contractual breach during the April 2016-October 2018 period. In the complaint for the January-March 2016 period, the closing of the evidentiary stage was suspended on account of the proceeding’s link with the complaint subsequently field for the April 2016- October 2018 period, proceeding which is currently in the evidentiary stage. - Upon the determination of the expiration of the Veta Escondida block concession granted by the Province of Neuquén, the Company filed a declaratory judgment action to achieve certainty under the original jurisdiction of the CSJN pursuant to section 322 of the Federal Code of Civil and Commercial Procedure. Both parties agreed to suspend the proceeding to pursue a private settlement, the rendering of judgment was requested and the CSJN has set a preliminary hearing, which was carried out. Currently, after the opinion rendered by the National Attorney General, the proceeding is pending judgment by the CSJN. - On March 31, 2021, the Company submitted a Preliminary Administrative Claim (RAP) against the National Ministry of Economy (MECON) to claim the owed amount, plus the applicable interest, assumed by the Federal Government during the term of validity of PEN Executive Order No. 1,053/18 on account of the exchange difference between the price of the gas purchased by gas distributors and that recognised in their final tariffs during the April 2018 - March 2019 period. On September 1, 2021 a request for an expedited procedure was filed. On September 1, 2021. a request for an expedited procedure was filed. On December 2, 2021, the Company filed a protective action (amparo) on the grounds of undue delay seeking that defendant should state its opinion in this respect. A judgment was rendered dismissing the amparo. The Company has filed an appeal against this decision, which was dismissed by the Chamber hearing the case. As MECON’s term to state its position on the RAP has expired, the Company has brought a complaint against the Federal Government. 15.6 Civil and Commercial Claims - EcuadorTLC (currently Pampa Bloque 18), in its capacity as assignee of the Ecuadorian company Petromanabí S.A., filed an international arbitration proceeding against the Republic of Ecuador seeking the payment of 12% of the Settlement Value, the latter pursuant to the terms of the Hydrocarbon Exploration and Crude Oil Exploitation Participation Agreement in Block 18 entered into on December 19, 1995 and/or the Hollín Common Field Unified Exploitation Operating Agreement executed on August 7, 2002 —in both cases, as amended—. The arbitration is conducted according to the Arbitration Rules of the United Nations Commission on International Trade Law, the applicable law is Ecuadorian law, and the seat of arbitration is the City of Santiago de Chile. In 2021, the first stages of the international arbitration proceeding have already begun. As of the issuance of these Consolidated Financial Statements, the arbitration proceeding is ongoing. - Ecuador TLC (currently Pampa Bloque 18), brought an arbitration claim against Petroecuador before the arbitration and mediation center of the Chamber of Commerce of Quito as a result of certain breaches to the transportation agreement entered into on December 31, 2008 whereby the Ecuadorian Government undertook the crude oil transportation commitment through the OCP, to be charged to the oil transportation capacity hired by Pampa Bloque 18. On August 3, 2022, the Arbitration Court rendered a final and conclusive award partially upholding the complaint. Even though the award was not annulled, Petroecuador filed an extraordinary protection proceeding before the Constitutional Court. It is worth highlighting that this proceeding does not suspend the execution of the arbitration award. As of December 31, 2022, Pampa Bloque 18 recorded a US$ 37.4 million receivable as compensation for the arbitration complaint in Ecuador. As of the issuance of these Consolidated Financial Statements, Petroecuador has partially fulfilled the award and made a US$ 20 million payment. - The Company has instituted an international arbitration proceeding against High Luck Group Limited - Argentina branch as a result of certain breaches to the Participation Assignment Agreement and the Joint Operation Agreement for the Chirete Block entered into on April 1, 2015. |
RELATED PARTIES_ TRANSACTIONS
RELATED PARTIES´ TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
Related Parties Transactions | |
RELATED PARTIES´ TRANSACTIONS | NOTE 16 RELATED PARTIES´ TRANSACTIONS 16.1 Balances with related parties Schedule of balances with related parties As of December 31, 2022 Trade receivables Other receivables Trade payables Current Non-current Current Current Associates and joint ventures TGS 5 17 6 7 Other related parties SACDE - - - 7 Other - - 1 - 5 17 7 14 As of December 31, 2021 Trade receivables Other receivables Trade payables Current Non-current Current Current Associates and joint ventures OCP - - 2 - Refinor 1 - - 2 TGS 6 23 5 3 Other related parties SACDE - - - 10 Other - - 1 - 7 23 8 15 16.2 Operations with related parties Schedule of operations related parties Operations for the year Sales of goods and services (1) Purchases of goods and services (2) Fees for services (3) Other operating expenses and income (4) 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 Associates and joint ventures CTB 2 2 2 - - - - - - - - - Greenwind - 1 1 - - - - - - - - - Refinor 11 9 10 (11) (6) (5) - - - - - - TGS 51 45 20 (53) (43) (24) - - - - - - Other related parties Fundación - - - - - - - - - (2) (2) (2) SACDE - - - (203) (48) (6) - - - - - - Salaverri, Dellatorre, Burgio & Wetzler - - - - - - (1) (1) (1) - - - 64 57 33 (267) (97) (35) (1) (1) (1) (2) (2) (2) (1) Corresponds mainly to advisory services provided in the field of technical assistance and sales of gas and refined products. (2) Correspond to natural gas transportation services, purchases of refined products and other services imputed to cost of sales for US$ 191 million, US$ 50 million and US$ 29 million and infrastructure works contracted to SACDE imputed in property, plant and equipment for US$ 76 million, US$ 47 million and US$ 6 million, of which US$ 38 million, US$ 17 million and US$ 2 million correspond to fees and general expenses calculated on the costs incurred by SACDE and/or Pampa to carry out these for the years ended December 31, 2022, 2021 and 2020, respectively. (3) Disclosed within administrative expenses. (4) Corresponds mainly to donations. Finance income (1) Dividends received Payment of dividends 2022 2021 2020 2022 2021 2020 2022 2021 2020 Associates and joint ventures Citelec - - - - - 13 - - - OCP - 1 1 10 20 21 - - - TGS 2 3 3 - - - - - - Other related parties EMESA - - - - - - - - (9) Other - - - - - 1 - - - 2 4 4 10 20 35 - - (9) (1) Corresponds mainly to financial leases and accrued interest on loans granted. 16.3 Key management personnel remuneration During the years ended December 31, 2022 2021 and 2020, the total remuneration to executive directors accrued amounts to US$ 26 7 19 7 6 1 7 6 1 It should be noted that, as stipulated in the compensation agreements (See Note 4.17.1), and considering that no compensation had been assigned in favor of the Company’s main officers over the last three fiscal years, on September 30, 2021 they exercised the right to set the Company’s ADR weighted average listed price over the 30 business exchange days before the closing of year 2020 as the new initial market value to calculate compensations as from fiscal year 2021. Following the exercise of this option, the officers have lost all their rights to accrued and uncollected compensations for the previous fiscal years, which generated the recognition of a profit of US$ 6.7 million as of December 31, 2021. |
INVESTMENT COMMITMENTS
INVESTMENT COMMITMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Investment Commitments | |
INVESTMENT COMMITMENTS | NOTE 17 INVESTMENT COMMITMENTS 17.1 New generation projects Under the National Government’s call for the expansion of the generation offer, the Company participated in the following generation projects: PEPE IV In early 2022, works started for the expansion of PEPE III, inaugurated in 2019 and located in the town of Coronel Rosales, Province of Buenos Aires, which production is targeted at the large users’ segment, with 14 wind turbines and an installed capacity of 53.2 MW. The project, with an estimated investment of US$ 128 On December 29, 2022 took place the commissioning of 4 wind turbines which have a capacity of 18 MW, and on February 25, 2023, took place the commissioning of 4 additional wind turbines with an incremental capacity of 18 MW. 17.2 Investment commitment for the exploration and exploitation of hydrocarbons Regarding the investment project committed by CENCH for the Sierra Chata block, on June 29, 2022 was published Provincial Executive Order No. 1,262/22 approving the new investment schedule. Under it, the consortium made up by the Company and Mobil Argentina S.A. undertakes to execute 14 horizontal wells targeting the Vaca Muerta formation by July 26, 2023. As of the issuance of these Consolidated Financial Statements, the Company has committed investments until 2024 for an estimated total amount of US$ 180 |
INCIDENT AT GENELBA THERMAL POW
INCIDENT AT GENELBA THERMAL POWER PLANT | 12 Months Ended |
Dec. 31, 2022 | |
Incident At Genelba Thermal Power Plant | |
INCIDENT AT GENELBA THERMAL POWER PLANT | NOTE 18 INCIDENT AT GENELBA THERMAL POWER PLANT On May 31, 2021 an incident occurred in the GEBATG03 (TG21) unit, which makes up Genelba thermal power plant’s Genelba Plus combined cycle, and damage was caused to the unit’s turbine. As a result of the incident, the combined-cycle generation capacity was reduced by approximately 50% (280 MW). Jointly with the turbine’s manufacturer (SIEMENS), the Company performed the necessary works to dismantle and repair the failure, which were completed in July 2021. Moreover, the Company is making all necessary filings before the insurance companies to collect the compensatory damages for the failure and minimize losses associated with the breach of availability commitments. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
LEASES | NOTE 19 LEASES 19.1 Lessee The Company leases a key part for thermal power plants operation for a 20-year term and has entered into certain oil services agreements (mainly gas compression services) which, considering their characteristics, contain the lease of the assets for the rendering of the services with terms ranging between 2 and 6 years. The terms of the lease agreements are negotiated on an individual basis and comprise a broad range of terms and conditions. The evolution of right-of-use assets and lease liabilities recognised as of December 31, 2022 and 2021 is disclosed below: 19.1.1 Right of use assets Schedule of right of use assets Original values Decrease Type of good At the beginning Increase At the end Machinery and equipment 20 1 (1) 20 Total at 12.31.2022 20 1 (1) 20 Total at 12.31.2021 13 7 - 20 Amortization Type of good At the beginning For the year At the end Machinery and equipment (8) (3) (11) Total at 12.31.2022 (8) (3) (11) Total at 12.31.2021 (3) (5) (8) Net book values Type of good At 12.31.2022 At 12.31.2021 Machinery and equipment 9 12 Total at 12.31.2022 9 Total at 12.31.2021 12 19.1.2 Lease liabilities Schedule of lease liabilities 12.31.2022 12.31.2021 At the beginning of the year 13 12 Increases 1 6 Result from measurement at present value (1) 2 - Reversal of unused amounts (1) - Payments (3) (5) At the end of the year 12 13 (1) Included in Other financial results. As of December 31, 2022 and 2021, this liability is disclosed under Other current payables in the amount of US$ 2 million and US$ 4 million and Other non-current payables for US$ 10 million and US$ 9 million, respectively. The following table includes an analysis of the Company lease liabilities, grouped according to their maturity dates. The amounts shown in the table are the contractual undiscounted cash flows: Schedule of lease liabilities payments by maturity 12.31.2022 Three months to one year 1 One to two years 1 Two to three years 3 Three to four years 2 Four to five years 2 More than five years 14 Total 23 19.1.3 Short-term or low value leases As of December 31, 2022 and 2021, the Company has recognised administrative costs and expenses in the amount of US$ 6 19.2 Lessor 19.2.1 Financial leases Corresponding to the financing granted to TGS for the sale of certain property, plant and equipment belonging to the Oil & Gas business segment. This agreement was entered into on August 11, 2016 and consists of the collection of 119 monthly consecutive installments of US$ 623 As of December 31, 2022 and 2021, this receivable is disclosed under Other current receivables in the amount of US$ 6 5 17 23 The following table includes an analysis of the Company receivable, grouped according to its maturity dates. The amounts shown in the table are the contractual undiscounted cash flows: Schedule of lease receivables by maturity 12.31.2022 Less than three months 1 Three months to one year 5 One to two years 5 Two to three years 7 Three to four years 5 Total 23 19.2.2 Operating leases The Company has executed lease agreements to install commercial and administrative offices in Pampa Energía S.A.’s building, located in Maipú 1, Autonomous City of Buenos Aires, for three to five years terms. Future minimum collections from operating leases as of December 31, 2022 are detailed below: Schedule of future minimum operating lease 12.31.2022 Three months to one year 1 One to two years 1 More than three years 1 Total 3 Total income from operating leases for the fiscal year ended December 31, 2022 amounts to US$ 1 million. |
TERMINATION OF HYDROELECTRIC CO
TERMINATION OF HYDROELECTRIC CONCESSIONS | 12 Months Ended |
Dec. 31, 2022 | |
Termination Of Hydroelectric Concessions | |
TERMINATION OF HYDROELECTRIC CONCESSIONS | NOTE 20 TERMINATION OF HYDROELECTRIC CONCESSIONS As the hydroelectric concessions timely granted by the Federal Government and, in some cases, by the Provinces approach expiration, on March 10, 2022, SE Resolution No. 130/22 was published, creating a Concessioned Hydroelectric Exploitations Team to evaluate the status of the hydropower concessions under national jurisdiction, including HIDISA, HINISA, and HPPL. This team will be presided over by the Secretary of Energy (or the person appointed by him) and coordinated by a person with proven experience in the field. It will also be made up of representatives of the SE, CAMMESA, the ENRE, and IEASA. Furthermore, the Dam Safety Regulatory Body and water management and environmental protection authorities are invited to appoint a representative in the team. The concessions' status report must be submitted within two years for the HIDISA and HINISA concessions, expiring in 2024, whereas the term for issuing the report for HPPL, which concession expires in 2029, will be later determined. Finally, IEASA is entrusted with the technical audit of the power generation equipment. |
DOCUMENTATION KEEPING
DOCUMENTATION KEEPING | 12 Months Ended |
Dec. 31, 2022 | |
Documentation Keeping | |
DOCUMENTATION KEEPING | NOTE 21 DOCUMENTATION KEEPING On August 14, 2014, the CNV issued General Resolution No. 629, which introduced modifications to the provisions applicable to the keeping and conservation of corporate and accounting books and commercial documentation. To such effect, the Company, have sent non-sensitive work papers and information corresponding to the periods not covered by the statute of limitations for their keeping in the Administración de Archivos S.A. (AdeA)’s data warehouse located at Ruta 36, km 34.5, Florencio Varela, Province of Buenos Aires and in the Iron Mountain Argentina S.A.’s data warehouses located at the following addresses: - Azara 1245 – C.A.B.A. - Don Pedro de Mendoza 2163 – C.A.B.A. - Amancio Alcorta 2482 - C.A.B.A. - San Miguel de Tucumán 601, Carlos Spegazzini, Municipality of Ezeiza, Province of Buenos Aires. A list of the documentation delivered for storage, as well as the documentation provided for in Article 5.a.3) Section I, Chapter V, Title II of the PROVISIONS (2013 regulatory provisions and amending rules), is available at the Company headquarters. |
OIL AND GAS RESERVES (Informati
OIL AND GAS RESERVES (Information not covered by the auditors’ report) | 12 Months Ended |
Dec. 31, 2022 | |
Oil And Gas Reserves | |
OIL AND GAS RESERVES (Information not covered by the auditors’ report) | NOTE 22 OIL AND GAS RESERVES (Information not covered by the auditors’ report) The table below presents the estimated proved reserves of oil (including crude oil, condensate and LNG) and natural gas, by geographic area as of December 31, 2022. Schedule of proved reserves Proved Reserves Proved Developed Proved Undeveloped Total Proved Oil and LNG (1) Natural Gas (2) Oil and LNG (1) Natural Gas (2) Oil and LNG (1) Natural Gas (2) Argentina 7,722 17,372 3,214 11,241 10,936 28,613 Total at 12.31.2022 7,722 17,372 3,214 11,241 10,936 28,613 (1) In thousands of barrels. (2) In millions of cubic meters. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events | |
SUBSEQUENT EVENTS | NOTE 23 SUBSEQUENT EVENTS PEPE VI In February 2023, the Company started constructing Pampa Energía VI Wind Farm in Bahía Blanca, Province of Buenos Aires. The project will enable the installation of a 300 MW power capacity, in 3 stages, with an estimated US$ 500 million investment. Stage 1 comprises the mounting and installation of 21 Vestas wind turbines, with their internal medium-voltage cable network, roads, a substation and a 500 KV line allowing for a 94.5 MW capacity addition, with an investment for US$ 186 million, expected to be operative in mid-2024. The energy produced by this wind park allows for reduced carbon emissions and will be sold through the MATER to supply large companies in the country in compliance with the Renewable Energy Law. |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies | |
New accounting standards, amendments and interpretations issued by the IASB effective as of December 31, 2022 and adopted by the Company | 4.1 New accounting standards, amendments and interpretations issued by the IASB effective as of December 31, 2022 and adopted by the Company The Company has applied the following standards and/or amendments for the first time as of January 1, 2022: - IFRS 3 “Business combination” (amended in May 2020). - Annual Improvements to IFRS Standards - 2018-2020 cycle (issued in May 2020). - IAS 16 “Property, Plant and Equipment” (amended in May 2020). - IAS 37 “Provisions, contingent liabilities and contingent assets” (amended in May 2020). The application of the detailed standards and amendments did not have any impact on the results of the operations or the financial position of the Company. |
New standards, amendments and interpretations issued by the IASB not yet effective and which have not been early adopted by the Company | 4.2 New standards, amendments and interpretations issued by the IASB not yet effective and which have not been early adopted by the Company - IFRS 17 - “Insurance Contracts”: issued in May 2017 and modified in June 2020 and December 2021. It supersedes IFRS 4, introduced in 2004 as an interim standard, which gave companies dispensation to carry on accounting for insurance contracts using national accounting standards, thus resulting in several application approaches. IFRS 17 sets the principles for the recognition, measurement, presentation and disclosure of information associated with insurance contracts and is applicable as from January 1, 2023, allowing for its early adoption for entities already applying IFRS 9 and IFRS 15. Its application will not have a significant impact on the Company’s operating results or financial position. - IAS 1 - “Presentation of financial statements”: amended in February 2021. It incorporates amendments to the information to be disclosed on accounting policies. Amendments are applicable to fiscal years starting on or after January 1, 2023, allowing for early adoption. Its application will not have a significant impact on the Company’s operating results or financial position. - IAS 8 - “Accounting Policies”: amended in February 2021. Clarifies the treatment of estimates required in the application of accounting policies. Amendments are applicable to fiscal years beginning on or after January 1, 2023, allowing for early adoption. Their application will not have an impact on the Company’s operating results or financial position. - IAS 12 - “Income Tax”: amended in May 2021. It incorporates modifications regarding the recognition of deferred tax related to assets and liabilities that arise from a single transaction, giving riso to equal taxable and deductible temporary differences. Amendments are applicable to fiscal years beginning on or after January 1, 2023, allowing for early adoption. Their application will not have an impact on the Company’s operating results or financial position. - IFRS 16 - “Leases”: amended in September 2022. It incorporates amendments on sale and leaseback transactions. Amendments are applicable to fiscal years starting on or after January 1, 2024, allowing for early adoption. Its application will not have a significant impact on the Company’s operating results or financial position. - IAS 1 - “Presentation of financial statements”: amended in January 2020, July 2020 and October 2022. It incorporates amendments to the classification of liabilities as current or non-current and provides clarification on the treatment to be given to liabilities with covenants. Amendments are applicable to fiscal years starting on or after January 1, 2024, allowing for early adoption. Their application will not have a significant impact on the Company’s operating results or financial position. |
Effects of changes in foreign exchange rates | 4.3 Effects of changes in foreign exchange rates 4.3.1 Functional and presentation currency The information included in these Consolidated Financial Statements is recorded in U.S. dollars, which is the Company’s functional currency, that is, the currency of the primary economic environment where the entity operates. 4.3.2 Foreign-currency transactions and balances Foreign currency transactions are translated into the functional currency at the exchange rates prevailing on each transaction date or valuation date, when items are remeasured. Foreign exchange gains and losses arising on the settlement of monetary items and on translating monetary items at the closing of the fiscal year using year-end exchange rate are recognised within the financial results in the statement of comprehensive income, with the exception of capitalized amounts. 4.3.3 Group entities’ translation into functional currency The results and financial position of subsidiaries, joint ventures and associates whose functional currency is the Argentine Peso, a currency of a hyperinflationary economy, are translated into the Company’s functional currency using the year-end exchange rate. The results generated by the application of IAS 29 adjustment mechanism for hyperinflationary economies, on the opening equity measured in functional currency are recognised under “Other comprehensive income”. 4.3.4 Presentation of Other comprehensive income within the Company’s equity The Company classifies and directly accumulates within equity, in the retained earnings line, the results generated by the application of the IAS 29 adjustment mechanism on the opening retained earnings, while the remaining results are presented in a separate component of equity and accumulated until the disposal of the foreign operation in “Other comprehensive income”, in accordance with IAS 21. |
Principles of consolidation and equity accounting | 4.4 Principles of consolidation and equity accounting 4.4.1 Subsidiaries Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. The Group ceases consolidation of entities from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the Group (see Note 4.4.5 below). Intercompany transactions, balances and unrealized gains on transactions between Group entities are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed when necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the Consolidated Statement of Comprehensive Income, Consolidated Statement of Changes in Equity and Consolidated Statement of Financial Position respectively. 4.4.2 Associates Associates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting (see Note 4.4.4 below), after initially being recognised at cost. 4.4.3 Joint arrangements Investments in joint arrangements are classified as either joint operations or joint ventures, according to IFRS 11. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The Company has both joint operations and joint ventures. 4.4.3.1 Joint operations The Company recognizes its direct right to the assets, liabilities, incomes and expenses of joint operations and its share of any jointly held or incurred assets, liabilities, incomes and expenses. These have been incorporated in the Consolidated Financial Statements under the appropriate headings. 4.4.3.2 Joint ventures Interests in joint ventures are accounted for using the equity method, after initially being recognised at cost (see Note 4.4.4 below). 4.4.4 Equity Method Under the equity method of accounting, the investments are initially recognised at cost and adjusted to recognize the Group’s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group’s share of movements in other comprehensive income of the investee in other comprehensive income. On acquisition of the investment, any difference between the cost of the investment and the entity’s share of the net fair value of the investee’s identifiable assets and liabilities is accounted for as follows: (i) goodwill relating to an associate or a joint venture is included in the carrying amount of the investment and is not amortised, and (ii) any excess of the net fair value over the cost is included as income in the determination of the entity’s share of the associate or joint venture’s profit or loss. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. When the Group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, together with any long-term interests that, in substance, form part of the net investment, the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the other entity. Unrealized gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the group’s interest in these entities. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group. The carrying amount of equity accounted investments is tested for impairment in accordance with the policy described below in Note 4.9. 4.4.5 Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisitions comprises: (i) the fair value of the transferred assets, (ii) the liabilities incurred to the former owners of the acquired business, (iii) the equity interests issued by the group, (iv) the fair value of any asset or liability resulting from a contingent consideration arrangement, and (v) the fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values in the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets. Acquisition-related costs are expensed as incurred. The value of the goodwill represents the excess of: i) the consideration transferred, ii) the amount of any non-controlling interest in the acquired entity, and iii) the acquisition-date fair value of any previous equity interest in the acquired entity, over the fair value of the net identifiable assets acquired is recorded as goodwill. If the fair value of the net identifiable assets of the business acquired exceeds those amounts, the gain on bargain purchase is recognised directly in profit or loss. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognised in profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss. The Group has up to 12 months to finalize the accounting for a business combination. Where the accounting for a business combination is not complete by the end of the year in which the business combination occurred, the Group reports provisional amounts. 4.4.6 Changes in ownership interests The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised in “Other reserves” within equity attributable to owners of the Company. When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognised in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities, this means that amounts previously recognised in other comprehensive income are reclassified to profit or loss. If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where appropriate. |
Segment reporting | 4.5 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the Executive committee. The Executive Committee, is the highest decision-making authority, is the person responsible for allocating resources and setting the performance of the entity’s operating segments and has been identified as the body executing the Company’s strategic decisions. In segmentation the Company considers transactions with third parties and intercompany operations, which are done on internal transfer pricing based on market prices for each product. |
Property, plant and equipment | 4.6 Property, plant and equipment Property, Plant and Equipment is measured following the cost model. It is recognised at acquisition cost less depreciation a less any accumulated impairment. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. The cost of work in progress whose construction will extend over time includes, if applicable, the computation of financial costs accrued on loans granted by third parties and other pre-production costs. Revenues and costs arising from the sale of elements obtained during the start-up process are charged to the profit and loss of the period. Works in progress are valued according to their degree of progress. Works in progress are recorded at cost less any loss due to impairment, if applicable. Assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each year. An asset’s carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing the sale price with the carrying amount, stated in terms of the measuring unit current at the disposal date. 4.6.1 Depreciation methods and useful lives The group depreciates productive wells, machinery and camps in the oil and gas production areas according to the units of production method, by applying the ratio of oil and gas produced to estimated proved developed oil and gas reserves. The acquisition cost of property with proved reserves is depreciated by applying the ratio of oil and gas produced to estimated proved oil and gas reserves. Acquisition costs related to properties with unproved reserves is valued at cost with recoverability periodically assessed on the basis of geological and engineering estimates of possible and probable reserves that are expected to be proved over the life of each concession. Machinery and generation equipment (including any significant identifiable component) are depreciated under the unit of production method. The group´s remaining items of property, plant and equipment (including any significant identifiable component) are depreciated by the straight-line method based on estimated useful lives, as detailed below: Schedule of estimated useful lives Buildings: 50 Vehicles: 3 5 Furniture, fittings and communication equipment: 5 Computer equipment and software: 3 Tools: 10 Equipment and machinery: 10 30 If appropriate, the depreciation method is reviewed and adjusted at the end of each year. 4.6.2 Asset retirement obligations and wind turbines decommissioning Estimated future costs of asset retirement obligations on well abandonment in oil and gas areas and wind turbines decommissioning in wind farms, discounted at a risk adjusted rate, are capitalized in the cost of the assets and depreciated using the units of production method. Additionally, a liability at the estimated value of the discounted amounts payable is recognised. Changes in the measurement of asset retirement obligations that result from changes in the estimated timing, amount of the outflow of resources required to settle the obligation, or the discount rate, are added to, or deducted from, the cost of the related asset. If a decrease in the liability exceeds the carrying amount of the asset, the excess is recognised immediately in profit or loss. |
Intangible assets | 4.7 Intangible assets 4.7.1 Goodwill Goodwill is the result of the acquisition of subsidiaries. Goodwill represents the excess of the acquisition cost over the fair value of the equity interest in the acquired entity held by the company on the net identifiable assets acquired on the date of acquisition. For impairment testing, goodwill acquired in a business combination is allocated from the acquisition date to each of the acquirer’s CGU or group of CGU that are expected to benefit from the synergies of the combination. Each unit or group of units that goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. 4.7.2 Concession arrangements Concession arrangements corresponding to hydroelectric generation plants Diamante and Nihuiles are not under the scope of the guidelines of IFRIC 12 “Service Concession Arrangements”. These concession agreements meet the criteria set forth by the IFRSs for capitalization less depreciation a less any accumulated impairment. They are amortized following the straight-line method based on useful life, which corresponds to the life of each concession agreement. 4.7.3 Identified intangible assets in acquired investments Corresponds to intangible assets identified in the moment of the acquisition of companies. Identified assets meet the criteria established in IFRS for capitalization less depreciation and less any accumulated impairment. They are amortized by the straight-line method according to the useful life of each asset, considering the estimated way in which the benefits produced by the asset will be consumed. 4.7.4 Digital Assets The Company accounts for digital assets (cryptocurrencies) as intangible assets with indefinite useful life under the cost model. They are recognised at acquisition cost less any accumulated impairment. |
Assets for oil and gas exploration | 4.8 Assets for oil and gas exploration The Company uses the successful efforts method of accounting for its oil and gas exploration and production activities. This method involves the capitalization of: (i) the cost of acquiring properties in oil and gas exploration and production areas; (ii) the cost of drilling and equipping exploratory wells that result in the discovery of commercially recoverable reserves; (iii) the cost of drilling and equipping development wells, and (iv) the estimated asset retirement obligations (see Note 4.6.2). According to the successful efforts method of accounting, exploration costs (including geological and geophysical costs), excluding exploratory well costs, are expensed during the period in which they are incurred. Drilling costs of exploratory wells are capitalized until it is determined that proved reserves exists and they justify the commercial development. If reserves are not found, such drilling costs are expensed. Occasionally, an exploratory well may determine the existence of oil and gas reserves but they cannot be classified as proved when drilling is complete. In those cases, such costs continue to be capitalized insofar as the well has allowed determining the existence of sufficient reserves to warrant its completion as a production well and the Company is making sufficient progress in evaluating the economic and operating feasibility of the project. |
Impairment of non-financial long-lived assets | 4.9 Impairment of non-financial long-lived assets Intangible assets that have an indefinite useful life and goodwill are not subject to amortization and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. The remaining non-financial long-lived assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows which are largely independent of the cash inflows from other assets or groups of assets (CGU). Non-financial long-lived assets, other than goodwill, that have been impaired are reviewed for possible reversal of the impairment at the end of each reporting period. |
Financial assets | 4.10 Financial assets 4.10.1 Classification The Group classifies its financial assets in the following categories: (i) those that are subsequently measured at fair value, and (ii) those that are subsequently measured at amortised cost. The classification depends on the entity’s business model for managing the financial assets and the contractual cash flow characteristics. Gains and losses from financial assets measured at fair value, will be recorded in the Statement of Comprehensive Income or in the Other Comprehensive Income. Investments in equity instruments are measured at fair value. For those investments that are not held for trading, the Company may make an irrevocable election at initial recognition to present subsequent changes in other comprehensive income. The Company's election was to recognize changes in fair value through profit and loss. The company reclassifies financial assets when and only when it changes its business model for managing those financial assets. 4.10.2 Recognition and derecognition The conventional purchases and sales of financial assets are accounted for at settlement date. Financial assets are derecognised when contractual rights to the cash flows from the financial assets have expired or been transferred, and the Company has substantially transferred all risks and rewards of ownership of the asset. 4.10.3 Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. A gain or loss on a debt investment that is subsequently measured at fair value and is not part of a hedging relationship is recognised in profit or loss and disclosed in “Changes in the fair value of financial instruments” within “Other financial Results. A gain or loss on a debt investment that is subsequently measured at amortized cost and is not part of a hedging relationship is recognised in profit or loss when the financial asset is derecognised or impaired and through the amortization process using the effective interest rate method. The Group subsequently measures equity investments at fair value. Dividends from such investments continue to be recognised in profit or loss as long as they represent a return on investment. 4.10.4 Impairment of financial assets The Company assesses the expected credit losses related to its financial instruments at amortized cost and financial instruments at fair value through other comprehensive income, if applicable. The Company applies the simplified approach allowed by IFRS 9 to measure expected credit losses for trade receivables and other receivables with similar risk characteristics. For this purpose, receivables are grouped by business segment and based on shared credit risk characteristics and expected credit losses are determined based on rates calculated for different ranges of default days from the due date. The expected loss rates are based on the sales collection profiles over a period of 24 months before the end of each year, considering historical credit losses experienced within this period that are adjusted, if applicable, to reflect forward-looking information that could affect the ability of customers to settle the receivables. 4.10.5 Offsetting of financial instruments Financial assets and liabilities are offset, and the net amount reported in the consolidated statements of financial position, when there is a legally enforceable right to offset the recognised amounts, and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. |
Trade and other receivables | 4.11 Trade and other receivables Trade receivables and other receivables are recognised at fair value and subsequently measured at amortized cost, using the effective interest method, less provision for impairment, if applicable. The Company recognizes provisions for impairment on trade and other receivables based on expected credit loss model described in Note 4.10.4. Trade receivables are written off when there is no reasonable expectation of recovery. The Company considers the following default indicators: i) voluntary reorganization proceedings, bankruptcy or initiation of judicial demands; ii) insolvency implying a high impossibility of collection and iii) past due balances greater than 90 days. Where applicable, provisions for impairment on tax credits have been recognised based on estimates on their uncollectibility within their statutory limitation period, taking into consideration the Company’s current business plans. |
Derivative financial instruments and hedging account | 4.12 Derivative financial instruments and hedging account Derivative financial instruments are measured at fair value, determined as the amount of cash to be collected or paid to settle the instrument as of the measurement date, net of any prepayment collected or paid. Fair value of derivative financial instruments traded in active markets is disclosed based on their quoted market prices and fair value of instruments that are not traded in active markets is determined using different valuation techniques. Subsequent accounting of changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The Company may designate derivative financial instruments in the following categories: (i) fair value hedge of recognised assets or liabilities or over firm commitment (fair value hedge); (ii) cash flow hedges of a particular risk associated with recognised assets and liabilities and highly probable future transactions (cash flow hedges), or (iii) net investment hedge in foreign operation (net investment hedges). At the beginning of the hedge relationship, the Group documents the economic relationship between the hedging instruments and the hedged items, even if it is expected that changes in the cash flows of the hedging instruments offset changes in the cash flows of the hedged items. The Group documents its objective and risk management strategy to carry out its hedging operations. Changes in the measurement of derivative financial instruments designated as cash flow hedge, which have been determined as effective, are recognised in equity. The gain or loss related to the ineffective portion is recognised immediately in profit or loss. Changes in the measurement of derivative instruments that do not qualify for hedge accounting are recognised in profit or loss. The Company has not formally designated financial instruments as hedging instruments. |
Inventories | 4.13 Inventories This line item includes crude oil stock, raw materials, work in progress and finished products relating to Petrochemicals and Oil and Gas business segments as well as materials and spare parts relating to the Generation business segment. Inventories are stated at the lower of cost or net realizable value. Cost is determined using the weighted average price method. The cost of inventories includes expenditure incurred in purchases and production and other necessary costs to bring them to their existing location and condition. In case of manufactured products and production in process, the cost includes a portion of indirect production costs, excluding any idle capacity (slack). The net realizable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and the estimated costs to make the sale. The assessment of the recoverable value of these assets is made at each reporting date, and the resulting loss is recognised in the statement of income when the inventories are overstated. The Company has classified materials and spare parts into current and non-current, depending on the timing in which they are expected to be used for replacement or improvement on existing assets. The portion of materials and spare parts for maintenance or improvements on existing assets, is exposed under the heading “Property, plant and equipment”. |
Non-current assets (or disposal group) held for sale and discontinued operations | 4.14 Non-current assets (or disposal group) held for sale and discontinued operations Non-current assets are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except deferred tax assets, assets arising from employee benefits, financial assets and investment property that are carried at fair value and contractual rights from insurance contracts, which are specifically exempt from this requirement. An impairment loss is recognized for any initial or subsequent write-down of the asset until fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative impairment loss previously recognized. The gain or loss not previously recognized by the date of the sale of the non-current asset is recognized at the date of derecognition. Non-current assets (including those that are part of a disposal group) are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognised. Non-current assets or group of assets classified as held for sale are presented separately from the other assets in the balance sheet. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the balance sheet. These assets and liabilities are not offset. If it is a discontinued operation, that is, an item which has been disposed of or classified as held for sale; and (i) it represents a significant business line or geographic area which may be considered separate from the rest; (ii) it is part of a single coordinated plan to dispose of a significant business line or operating geographic area which may be deemed separate from the rest; or (iii) it is a subsidiary entity acquired solely for the purpose of reselling it; a single amount is disclosed in the statement of comprehensive income, which shows results of discontinued operations, net of tax, including the result for the valuation at fair value less cost of sales or asset disposal costs, if applicable. |
Cash and cash equivalents | 4.15 Cash and cash equivalents For the purpose of presentation in the Consolidated Statement of Cash Flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. If any, bank overdrafts are shown within borrowings in current liabilities in the Consolidated Statement of Financial Position and there are not disclosed under Cash and cash equivalents in the Consolidated Statement of Cash Flows since they are not part of the Company’s cash management. |
Shareholder´s equity | 4.16 Shareholder´s equity Equity’s movements accounted for in accordance with the pertinent decisions of shareholders' meetings and legal or regulatory standards. All equity accounts have been restated in terms of the measuring unit current as of December 31, 2018, with the exception of Share capital and Treasury shares, which represent the subscribed and paid in, and the outstanding treasury capital, respectively. The adjustment resulting from its restatement as of December 31, 2018 is disclosed in the Comprehensive share capital adjustment and Comprehensive treasury shares adjustment lines, respectively. As from the change in functional currency, on January 1, 2019 the Company discontinued the preparation and presentation of financial statements under IAS 29, and has considered equity figures expressed in terms of the measuring unit current as of December 31, 2018 as the basis for subsequent financial statements’ amounts. 4.16.1 Share capital Share capital represents the capital issued, composed of the contributions that were committed and/or made by the shareholders and represented by shares that comprise outstanding shares at nominal value. 4.16.2 Share premium It includes: (i) The portion of the collected price exceeding the face value of the shares issued by the Company, net of absorbed accumulated losses. (ii) The difference between the fair value of the consideration paid/collected and the accounting value of the equity interest in the subsidiary acquired/sold/diluted which does not represent a loss of control or significant influence. (iii) The difference between the proportional equity value registered before the merger of the subsidiary and the value resulting from applying to the subsidiary’s merged equity interest, the new ownership share resulting from the exchange relationship. 4.16.3 Legal reserve In accordance with the Argentine Commercial Companies General Law, 5% of the profit arising from the statement of income for the year, prior years' adjustments, the translation differences which are directly accumulated in Retained earnings (see Note 4.3.4), the amounts transferred from other comprehensive income and prior years' accumulated losses, must be appropriated to a legal reserve until such reserve equals 20% of the Company’s share capital and the related adjustment of share capital. When for any reason, the amount of this reserve is reduced, dividends may not be distributed, until such amount is reached. 4.16.4 Voluntary reserve This reserve results from an allocation made by the Shareholders’ Meeting, whereby a specific amount is set aside to cover for the funding needs of projects and situations associated with Company policies. 4.16.5 Other reserves It includes the result of operations with non-controlling interest that do not result in a loss of control and reserves for stock compensation plans. 4.16.6 Retained earnings Comprise accumulated profits or losses without a specific appropriation; positive earnings can be distributable by the decision of Shareholders' meeting, as long as they are not subject to legal restrictions. Earnings comprise current earnings, prior years' earnings that were not distributed, translation differences which are directly accumulated in retained earnings pursuant to the policy described in Note 4.3.4, the amounts transferred from other comprehensive income and prior years' adjustments, according to IFRS. General Resolution No. 593/11 issued by the CNV provided that Shareholders in the Meetings at which they should decide upon the approval of financial statements in which the Retained earnings account has a positive balance, should adopt an express resolution as to the allocation of such balance, whether to dividend distribution, capitalization, setting up of reserves or a combination of these. The Company’s Shareholders have complied with these requirements. 4.16.7 Other comprehensive income It includes gains and losses from the remeasurement process of foreign operations and the translation differences which are not classified and directly accumulated in retained earnings pursuant to the policy described in Note 4.3.4 and actuarial gains and losses for defined benefit plans and the related tax effect. 4.16.8 Dividends distribution Dividend distribution to Company shareholders is recognised as a liability in the year in which the dividends are approved by the Shareholders' Meeting. The distribution of dividends is made based on the Company’s Stand-Alone Financial Statements, which are presented in pesos, the legal currency in Argentina, pursuant to regulatory requirements. |
Compensation plans | 4.17 Compensation plans The following guidelines under IFRS 2 have been taken into consideration for the registration of stock-based compensations: 4.17.1 Compensations payable in cash Compensation Agreements – Senior Management: fixed compensation and annual, variable and contingent long-term compensation established based on the Company’s annual market value appreciation, with a payment cap over the Company’s adjusted operating income. With the purpose of avoiding duplication, any analogous compensation paid to senior managers by any of the Company’s subsidiaries will be deducted from the compensation amount in proportion to the Company’s interests in such subsidiaries. The reasonable value of the received services is measured through a share appreciation estimate using the Black-Scholes-Merton financial valuation model. The fair value of the amount payable is accrued and acknowledged as an expense, with the corresponding increase in liabilities. Liabilities are revalued on each balance sheet date. Any change in the fair value of liabilities is disclosed under profit or loss. 4.17.2 Compensations payable in shares Stock compensation plan by which certain officers and other key staff receive a certain number of the Company’s shares. The Company’s Board of Directors approves the market acquisition of own shares as a means of implementing the Plan (see Note 13.1.2). The number of shares is calculated as from a percentage over the total annual remuneration, plus the bonus assigned to each covered employee, divided by the weighted average price, in pesos, of the Company’s share and ADR for the same period; with one-third vesting each year, which will be awarded together with the payroll for April of the year following the vesting date, with the requirement that the employment relationship continues at least until each vesting date. The fair value of the received services is measured at the fair value of the shares at the time of granting and is disclosed during the vesting period, together with the corresponding increase in equity. |
Trade payables and other payables | 4.18 Trade payables and other payables Trade payables and other payables are recognised initially at fair value and subsequently measured at amortized cost using the effective interest method. |
Borrowings | 4.19 Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings, using the effective interest method. Borrowings are removed from the statement of financial position when the obligation specified in the contract is discharged, canceled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. If a debt contract is amended or swapped, the Company records the cancellation of the original liability and discloses a new financial liability if the new conditions are substantially different from the original ones. Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. 4.19.1 Borrowing costs General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. Other borrowing costs are expensed in the period in which they are incurred. |
Employee benefits | 4.20 Employee benefits 4.20.1 Short-term obligations Payroll liabilities, including non-monetary benefits and accumulated sick leave expected to be settled in full within 12 months after the end of the reporting period in which the employees provide the associated service are recognised for the amount expected to be paid when the liabilities are settled. The liabilities are disclosed as Salaries and social security payable in the consolidated statement of financial position. 4.20.2 Defined benefit plans Labor costs liabilities are accrued in the periods in which the employees provide the services that trigger the consideration. Additionally, the Company operates several defined benefit plans. Defined benefit plans define an amount of pension benefit that an employee will receive on retirement, depending on one or more factors, such as age, years of service and compensation. In accordance with conditions established in each plan, the benefit may consist in a single payment, or in making complementary payments to those made by the pension system. The defined benefit liability recognised in the financial statement balance sheet, at the end of the reporting period, is the present value of the defined benefit obligation net of the fair value of the plan assets, when applicable. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using future actuarial assumptions about demographic and financial variables that affect the determination of the amount of such benefits. Actuarial gains and losses from experience adjustments and changes in actuarial assumptions, are recognised in other comprehensive income (loss) in the period in which they arise and past service costs are recognised immediately in the statement of income (loss). |
Provisions, contingent liabilities and contingent assets | 4.21 Provisions, contingent liabilities and contingent assets Provisions are recognised when the group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle that obligation, and the amount can be reliably estimated. Provisions are not recognised for future operating losses. Provisions are measured at the present value of the expenditures expected to be required to settle the present obligation, taking into account the best available information as of the date of the Consolidated Financial Statements based on assumptions and methods considered appropriate and taking into account the opinion of Company’s legal advisors. As additional information becomes available to the Company, estimates are revised and adjusted periodically. The discount rate used to determine the present value reflects current market assessments of the time value of money and the risks specific to the liability, as of the date of the financial statements. The increase in the provision due to the passage of time is recognised within other financial results. Contingent liabilities are possible obligations that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of uncertain future events not wholly within the control of the entity; or present obligations that arise from past events but it is not probable that an outflow of resources will be required to its settlement; or whose amount cannot be measured with sufficient reliability. Contingent liabilities are not recognised. The Company discloses in notes to the Consolidated Financial Statements a brief description of the nature of material contingent liabilities. Contingent liabilities, whose possibility of any outflow in settlement is remote, are not disclosed unless they involve guarantees, in which case the nature of the guarantee is disclosed. Contingent assets are possible assets that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of uncertain future events not wholly within the control of the entity. Contingent assets are not recognised. The Company discloses in notes to the Consolidated Financial Statements a brief description of the nature of material contingent assets, where the related inflows of economic benefits are estimated to be probable. |
Revenue from contracts with customers | 4.22 Revenue from contracts with customers 4.22.1 Generation segment 4.22.1.1 Revenues from sales to the spot market (SE Resolution N°826/22) The Company recognizes revenues from i) power availability on a monthly basis as the different power plants are available to generate; ii) power generated, operated energy and power generated in peak hours, when the delivery of energy is effective, based on the price applicable depending on the technology of each plant. Revenues are not adjusted for the effect of financing components as sales are made with an average credit term of 42 days, which is consistent with market practice. 4.22.1.2 Revenues from supply agreements with CAMMESA (SE Resolution No. 220/07, SEE Resolution No. 21/16, SEE Resolution No. 287/17 and Renovar Programs) The Company recognizes revenues from supply contracts with CAMMESA for i) power availability, when applicable, on a monthly basis, as the different power plants are available to generate and ii) energy generated when the delivery of energy is effective, based on the price established in each contract. Revenues are not adjusted for the effect of financing components as sales are made with an average credit term of 42 days, which is consistent with market practice. 4.22.1.3 Revenues from sales contracts with large users within the MAT The Company recognizes revenues from energy plus sales and renewable energy when the delivery of energy is effective based on the price established in each contract. Revenues are not adjusted for the effect of financing components as sales are made with an average credit term of 30 days, which is consistent with market practice. 4.22.2 Oil and gas segment The Company recognizes revenues from the sale of oil and gas, to third parties and intersegment, when control of the product is transferred, that is, at the output of each area, when the oil and gas is delivered to the carrier and to the extent there is no unfulfilled obligation that could affect the acceptance of the product by the client. In all cases the transport of the gas is in charge of the client. Revenues from these sales are recognised based on the price by product specified in each contract or agreement to the extent that it is highly probable that a significant reversal will not occur. Revenues are not adjusted for the effect of financing components as sales are made with an average credit term not exceeding 45 days, which is consistent with market practice. 4.22.3 Petrochemical segment The Company recognizes revenues from the sale of petrochemical products, whether in local or foreign markets, when the control of the product is transferred, that is, when the products are delivered to the client and there is no unfulfilled obligation that could affect the acceptance of the product by the client. The delivery, as established in each contract, is occurs: (i) when the products are dispatched and transported by and in charge of the client, or, (ii) when the products have been dispatched by the Company to a specific location, the obsolescence risks and loss have been transferred to the client, and the client has accepted the products according to the sale contract, the acceptance provisions have expired, or when the Company has objective evidence that all acceptance criteria have been met. Revenues from these sales are recognised based on the price specified in each contract, to the extent that it is highly probable that a significant reversal will not occur. Revenues are not adjusted for the effect of financing components as sales are made with an average credit term not exceeding 30 days, which is consistent with market practice. 4.22.4 Holding and others segment The Company recognizes revenues from contracts with customers in relation to advisory services to related companies as services are rendered based on the price established in each agreement. Revenues are not adjusted for the effect of financing components, as sales are made with an average credit term of 30 days, which is consistent with market practice. |
Other Income | 4.23 Other Income 4.23.1 Government grants Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions. The group did not benefit directly from any other forms of government assistance. The Company recognizes revenues from natural gas production promotion or stimulus programs upon the actual delivery of gas and in accordance with the price established in the applicable regulation, only inasmuch as it is highly probable that there will be no significant reversal and the consideration is likely to be received, that is, to the extent that the procedure defined by the Government is formally complied with. The recognition of revenues associated with Natural Gas Production Promotion or Stimulus Plans (see Note 2.2.4.1) falls within the scope of IAS 20 as it involves a compensation as a result of the maintenance or increase in the committed production volume. Revenues from natural gas production or stimulus programs are disclosed under other operating income in the consolidated statement of comprehensive income. Furthermore, the fiscal costs of the above-mentioned programs are disclosed under Other operating expenses in the consolidated statement of comprehensive income. 4.23.2 Interest Interest income from financial assets at fair value through profit or loss is included into the result of changes in the fair value of those assets. Interest income from financial assets at amortized cost and financial assets at fair value through other comprehensive income are recognised in the statement of income. Interest income is calculated by using the effective interest rate to the gross carrying amount of a financial asset (without considering impairment provision), except for impaired financial assets, that is calculated by applying the effective interest rate to the carrying amount net of impairment provision. Commercial interest corresponding to late payment surcharges in the cancellation of sales receivables is disclosed under Other operating income as it provides relevant information on the business’ operations and operating flows. 4.23.3 Dividends Dividends income are received from financial assets measured at fair value through profit or loss or through other comprehensive income. Dividends are recognised as revenue when the right to receive payment has been established. This applies even if they are paid out of pre-acquisition profits. |
Income tax | 4.24 Income tax The tax expenses for the year include current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity, in which case, the tax is also recognised in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is recognised, using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. However, deferred tax liabilities are not recognised if they come from the initial recognition of goodwill; or if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available and can be used against temporary differences. Deferred income tax is provided on temporary differences from investments in subsidiaries, joint ventures and associates, except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled by the group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred assets or liabilities are recognised on account of gains or losses from fiscal tax inflation which, pursuant to Law No. 27,541 and Law No 27,701, are deferred and accounted for in subsequent fiscal periods (see Note 2.6.1). Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset the recognised amounts and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Current and deferred tax assets and liabilities have not been discounted and are stated at their nominal value. Income tax rates prevailing at year-end in Argentina (see Note 2.6.1), Ecuador, Bolivia and Uruguay are 35 25 25 25 3 In Bolivia, payment of Bolivian-source income to beneficiaries outside Bolivia is levied with a 12.5 10 In Uruguay, effective from January 1, 2023, the Income Tax on Economic Activities (“IRAE”) covers certain Uruguayan-source passive income derived by entities making up multinational groups. Deferred tax assets and liabilities are measured using the tax rates expected to apply in the period when the asset is realized or the liability is settled. Finally, receivables have been disclosed on account of the application of the minimum presumed income tax prior to its abrogation as from January 1, 2019, which are computable as an advance payment of income tax in any of the following ten years. The Company’s management evaluates the recoverability of the recorded receivables at the closing of each fiscal year, and allowances are created as long as it is estimated that the computable amounts will not be recoverable within the statutory limitation period taking into consideration the Company’s current business plans. |
Leases | 4.25 Leases In leases where the Company is a lessee (Note 19.1), a right-of-use asset and a lease liability are recognised on the date on which the underlying asset is available for use by the Company. At the commencement date the lease liability is measured at the present value of the payments that are not paid at that date, including: - fixed payments, less any lease incentive receivable - variable lease payments depending on an index or rate - amounts that the Company expects to pay under residual value guarantee - exercise price of a purchase option (if the Company is reasonably certain to exercise that option), and - penalty payments for terminating the lease, if the lease term reflects the Company exercising that option. Lease payments are discounted using the Company’s incremental borrowing rate, which is the rate the Company would have to pay to borrow over a similar term, security and conditions, the funds necessary to acquire an asset of a similar value to the right-of-use asset in a similar economic environment, or by using the interest rate implicit in the lease, if that rate can be readily determined. The lease liability is disclosed in “Trade and other payables”. Each lease payment is apportioned between the principal and the financial cost. The financial cost is charged to income over the term of the lease to produce a constant periodic interest rate on the remaining liability balance for each period. Right-of-use assets are measured at cost, which comprises: - the amount of the initial measurement of the lease liability - any lease payment made at or before the commencement date, less any lease incentive received - any initial direct cost, and - an estimate of costs to be incurred for decommissioning or restoring the underlying asset pursuant to the terms and conditions of the lease Right-of-use assets are depreciated using the straight-line method over the asset’s useful life or, if shorter, during the lease term. The Company recognizes lease payments associated with short-term leases (up to 12 months) and leases for which the underlying asset is of low value (IT equipment and office supplies) as an expense using the straight-line method over the lease term. Leases in which the Company, as a lessor, has transferred all risks and rewards incidental to ownership of the underlying asset are classified as financial leases (Note 19.2.1). Financial leases are recognised at the commencement date at the fair value of the leased property or, if lower, the present value of the minimum lease payments to be received. The corresponding lease rights, net of financial charges, are included in “Trade and other receivables”. Each lease payment received is allocated between income receivable and financial income. Financial income is recognised as a profit over the term of the lease to produce a constant periodic interest rate on the remaining liability balance for each period. Property under financial leases is derecognised if there is reasonable certainty that the Company will transfer its ownership at the end of the lease term. Leases in which the Company does not transfer a significant part of the risks and rewards incidental to ownership of the underlying asset are classified as operating leases. Revenues from associated leases are recognized in income using the straight-line method over the term of the lease (Note 19.2.2). The corresponding leased assets are included in the Consolidated Statement of Financial Position depending on their nature. |
REGULATORY FRAMEWORK (Tables)
REGULATORY FRAMEWORK (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Framework | |
Schedule of generating units in operation | Schedule of generating units in operation In operation as of 12.31.2022: Generator Generating unit Tecnology Power Applicable regime (1) CTG GUEMTG01 TG 100 MW Energy Plus Res. No. 1,281/06 CTG GUEMTV11 TV ≤100 MW Resolution No. 826/22 CTG GUEMTV12 TV ≤100 MW Resolution No. 826/22 CTG GUEMTV13 TV >100 MW Resolution No. 826/22 Piquirenda PIQIDI 01-10 MCI 30 MW Resolution No. 826/22 CPB BBLATV29 TV >100 MW Resolution No. 826/22 CPB BBLATV30 TV >100 MW Resolution No. 826/22 CT Ing. White BBLMD01-06 MCI 100 MW Resolution No. 21/16 CTLL LDLATG01/TG02/TG03/TV01 CC >150 MW Resolution No. 826/22 CTLL LDLATG04 TG 105 MW Res. No 220/07 (75%) CTLL LDLATG05 TG 105 MW Resolution No. 21/16 CTLL LDLMDI01 MCI 15 MW Resolution No. 826/22 CTGEBA GEBATG01/TG02/TV01 CC >150 MW Resolution No. 826/22 CTGEBA GEBATG03 TG 169 MW Energy Plus Res. No. 1,281/06 CTGEBA GEBATG03/TG04/TV02 CC 400 MW Resolution No. 287/17 Ecoenergía CERITV01 TV 14 MW Energy Plus Res. N° 1,281/06 CT Parque Pilar PILBD01-06 MCI 100 MW Resolution No. 21/16 CTB EBARTG01 - TG02 TG >50 MW Resolution No. 826/22 (2) HIDISA AGUA DEL TORO HI HI – Media 120<P≤300 Resolution No. 826/22 HIDISA EL TIGRE HR Renewable ≤ 50 Resolution No. 826/22 HIDISA LOS REYUNOS HB HB – Media 120<P≤300 Resolution No. 826/22 HINISA NIHUIL I - II - III HI HI – Small 50<P≤120 Resolution No. 826/22 HPPL PPLEHI HI HI – Media 120<P≤300 Resolution No. 826/22 P.E. M. Cebreiro CORTEO Wind 100 MW Renovar PEPE II PAMEEO Wind 53 MW MATER Res. No. 281/17 PEPE III BAHIEO Wind 53 MW MATER Res. No. 281/17 PEPE IV BAHIEO Wind 18 MW MATER Res. No. 281/17 PE Arauco AR21EO Wind 99.75 MW Renovar (1) (2) |
Schedule of generating units in construction | Schedule of generating units in construction In construction: Generator Tecnology Capacity Applicable regime CTB CC 280 MW Resolution No. 220/07 PEPE IV Wind 63 MW MATER Res. No. 281/17 PEPE VI Wind 94.5 MW MATER Res. No. 281/17 |
Schedule of minimum remuneration to thermal generators | Schedule of minimum remuneration to thermal generators Technology / Scale SE No. 31/20 ($ / MW-month) SE No. 440/21 ($ / MW-month) SE No. 238/22 ($ / MW-month) SE No. 826/22 ($ / MW-month) Large CC Capacity > 150 MW 100,650 129,839 185,670 245,084 Large TV Capacity > 100 MW 143,550 185,180 264,807 349,546 Small TV Capacity ≤ 100 MW 171,600 221,364 316,551 417,847 Large GT Capacity > 50 MW 117,150 151,124 216,107 285,262 |
Schedule of remuneration for thermal generators with guaranteed power capacity | Schedule of remuneration for thermal generators with guaranteed power capacity Period SE No. 31/20 ($ / MW-month) SE No. 440/21 ($ / MW-month) SE No 238/22 ($ / MW-month) SE No 826/22 ($ / MW-month) Summer – Winter 360,000 464,400 664,092 876,601 Fall - Spring 270,000 348,300 498,069 657,451 |
Schedule of additional remuneration to thermal generators | Schedule of additional remuneration to thermal generators Period SE No. 31/20 SE No. 440/21 SE No. 238/22 First 25 hours ($ / MW-hmrt) Second 25 hours ($ / MW-hmrt) First 25 hours ($ / MW-hmrt) Second 25 hours ($ / MW-hmrt) First 25 hours ($ / MW-hmrt) Second 25 hours ($ / MW-hmrt) Summer – Winter 45,000 22,500 58,050 29,025 83,012 41,506 Fall - Spring 7,500 - 9,675 - 13,835 - |
Schedule of hydroelectric generators by technology and scales values | Schedule of hydroelectric generators by technology and scales values Technology / Scale SE No. 31/20 ($ / MW-month) SE No. 440/21 ($ / MW-month) SE No. 238/22 ($ / MW-mes) SE No. 826/22 ($ / MW-mes) Medium HI Capacity > 120 ≤ 300 MW 132,000 170,280 243,500 321,421 Small HI Capacity > 50 ≤ 120 MW 181,500 234,135 334,813 441,953 Medium Pumped HI Capacity > 120 ≤ 300 MW 132,000 170,280 243,500 321,421 Renewable HI Capacity ≤ 50 MW 297,000 383,130 547,876 723,196 |
Schedule of hydroelectric generators by technology and scales values | Schedule of hydroelectric generators by technology and scales values Period SE No. 31/20 SE No. 440/21 SE No. 238/22 First 25 hours ($ / MW-hmrt) Second 25 hours ($ / MW-hmrt) First 25 hours ($ / MW-hmrt) Second 25 hours ($ / MW-hmrt) First 25 hours ($ / MW-hmrt) Second 25 hours ($ / MW-hmrt) Summer – Winter 39,000 19,500 50,310 25,155 71,943 35,972 Fall - Spring 6,500 - 8,385 - 11,991 - Generation units ≤ 50 MW Period SE No. 31/20 SE No. 440/21 SE No. 238/22 First 25 hours ($ / MW-hmrt) Second 25 hours ($ / MW-hmrt) First 25 hours ($ / MW-hmrt) Second 25 hours ($ / MW-hmrt) First 25 hours ($ / MW-hmrt) Second 25 hours ($ / MW-hmrt) Summer – Winter 42,000 21,000 54,180 27,090 77,478 38,739 Fall – Spring 7,000 - 9,030 - 12,913 - |
Generated and operated energy hydroelectic units remuneration | Generated and operated energy termal units remuneration Remuneration SE No. 31/20 ($ / MWh) SE No. 440/21 ($ / MWh) SE No. 238/22 ($ / MWh) SE No. 826/22 ($ / MWh) Generated energy Between 240 and 420 Between 310 and 542 Between 403 and 705 Between 585 and 1,023 Operated energy 84 108 154 204 It is worth highlighting that if the thermal generation unit operates outside its optimal dispatch, the remuneration for generated energy will be recognised at 60% of the installed net capacity, irrespective of the energy delivered by the unit. In the case of hydroelectric plants, the following prices were established for generated and operated energy, irrespective of scale: Generated and operated energy hydroelectic units remuneration Remuneration SE No. 31/20 ($ / MWh) SE No. 440/21 ($ / MWh) SE No. 238/22 ($ / MWh) SE No. 826/22 ($ / MWh) Generated energy 210 271 388 512 Operated energy 84 108 154 204 |
Generated and operated energy hydroelectic units remuneration | Generated and operated energy hydroelectic units remuneration Remuneration SE No. 31/20 ($ / MWh) SE No. 440/21 ($ / MWh) SE No. 238/22 ($ / MWh) SE No. 826/22 ($ / MWh) Generated energy 210 271 388 512 Operated energy 84 108 154 204 |
Unconventional sources remuneration | Unconventional sources remuneration Remuneration SE No. 31/20 ($ / MWh) SE No. 440/21 ($ / MWh) SE No. 238/22 ($ / MWh) SE No. 826/22 ($ / MWh) Generated energy 1,680 2,167 3,099 3,719 |
ACCOUNTING POLICIES (Tables)
ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies | |
Schedule of estimated useful lives | Schedule of estimated useful lives |
GROUP STRUCTURE (Tables)
GROUP STRUCTURE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Group Structure | |
Schedule of consolidated statement of comprehensive income related to discontinued operations | Schedule of consolidated statement of comprehensive income related to discontinued operations Distribution of Energy 12.31.2021 12.31.2020 Revenue 493 1,085 Cost of sales (398) (926) Gross profit 95 159 Selling expenses (36) (79) Administrative expenses (26) (64) Other operating income 21 29 Other operating expenses (18) (25) Reversal of property, plant and equipment impairment 16 (589) Impairment of financial assets (11) (50) Operating income (loss) 41 (619) Gain on monetary position, net 120 115 Financial income - 1 Financial costs (106) (110) Other financial results 8 (20) Financial results, net 22 (14) Profit (Loss) before income tax 63 (633) Income tax (138) 41 Loss of the year from discontinued operations (75) (592) Other comprehensive income (loss) Items that will not be reclassified to profit or loss Results related to defined benefit plans - 1 Exchange differences on translation 34 (15) Items that may be reclassified to profit or loss Exchange differences on translation (1) 30 (19) Other comprehensive income (loss) of the year from discontinued operations 64 (33) Total comprehensive loss of the year from discontinued operations (11) (625) Total (loss) profit of the year from discontinued operations attributable to: Owners of the company (39) (499) Non - controlling interest (36) (93) (75) (592) Total comprehensive loss of the year from discontinued operations attributable to: Owners of the company (9) (517) Non - controlling interest (2) (108) Total comprehensive (loss) income of the year from discontinued operations attributable to: (11) (625) (1) As of December 31, 2021, corresponds to the reclassification adjustment for exchange differences losses included in profit or loss on Edenor disposal. No exchange differences losses on translation were reconized during 2021. |
Schedule of consolidated statement of cash flows related to discontinued operations | Schedule of consolidated statement of cash flows related to discontinued operations Distribution of Energy 12.31.2021 12.31.2020 Net cash generated by operating activities 116 211 Net cash used in investing activities (166) (86) Net cash used in financing activities (7) (73) (Decrease) Increase in cash and cash equivalents from discontinued operations (57) 52 Cash and cash equivalents at the beginning of the year 52 9 Effect of devaluation and inflation on cash and cash equivalents 5 (9) (Decrease) Increase in cash and cash equivalents (57) 52 Cash and cash equivalents at the end of the year - 52 |
Schedule of fair value of the consideration transferred | Schedule of fair value of the consideration transferred In million US$ Consideration transferred (20.5) Fair value of the previous interest in Greenwind (20.4) Total (40.9) Property, plant and equipment (1) 127.7 Intangible assets - Customer contract (2) 31.6 Financial assets at fair value 24.4 Trade receivables (3) 6.3 Other assets 0.1 Cash and cash equivalents 3.1 Borrowings (89.3) Deferred tax liabilities (54.3) Income tax liabilities (4.4) Trade and other payables (2.0) Provisions (1.4) Tax liabilities (0.9) Total acquisition price allocation (4) 40.9 (1) Mario Cebreiro Wind Farm’s fair value was assessed using the “cost-based approach,” which consists of the farm’s replacement cost new, adjusted by its loss of value resulting from physical deterioration and functional and economic obsolescence. (2) The fair value of this intangible asset regarding the identified business transactions has been determined through the application of the “income-based approach” and the “multi-period excess earnings” method. Key assumptions used considered: i) projected generation level; and ii) discount rate. The useful life was assessed based on the remaining years of the contract. (3) For acquired trade receivables, contractual value does not differ from fair value. (4) No differences in the acquired assets’ accounting valuation were identified, except for the values detailed under Property, plant and equipment and Intangible assets. |
Schedule of fair values of assets acquired and liabilities assumed | Schedule of fair values of assets acquired and liabilities assumed In million US$ Consideration transferred (128.1) Estimated price adjustment 6.7 Total (121.4) Property, plant and equipment (1) 167.7 Intangible assets - Customer contract (2) 62.3 Trade receivables (3) 4.9 Other receivables 1.2 Deferred tax liability (60.2) Income tax liability (5.0) Trade and other payables (3.3) Other payables (46.0) Tax liabilities (0.2) Total acquisition price allocation (4) 121.4 (1) Arauco Wind Farm’s fair value was assessed using the “cost-based approach,” which consists of the farm’s replacement cost new, adjusted by its loss of value resulting from physical deterioration and functional and economic obsolescence. (2) The fair value of this intangible asset regarding the identified business transactions has been determined through the application of the “income-based approach” and the “multi-period excess earnings” method. Key assumptions used considered: i) projected generation level; and ii) discount rate. The useful life was assessed based on the remaining years of the contract. (3) For acquired trade receivables, contractual value does not differ from fair value. (4) No differences in the acquired assets’ accounting valuation were identified, except for the values detailed under Property, plant and equipment and Intangible assets. |
Schedule of subsidiaries information | Schedule of subsidiaries information 12.31.2022 12.31.2021 Company Country Main activity Direct and indirect participation % Direct and indirect participation % Autotrol Renovable S.A. (1) Argentina Generation 100.00% - GASA Argentina Generation 100.00% 100.00% Enecor S.A. Argentina Electricity transportation 70.00% 70.00% Fideicomiso CIESA Argentina Investment 100.00% 100.00% Greenwind (3) Argentina Generation 100.00% 50.00% HIDISA Argentina Generation 61.00% 61.00% HINISA Argentina Generation 52.04% 52.04% CISA Argentina Trader & investment 100.00% 100.00% PEB Bolivia Investment 100.00% 100.00% PB18 Ecuador Oil 100.00% 100.00% Energía Operaciones ENOPSA S.A. Ecuador Oil 100.00% 100.00% Pampa Ecuador Inc Ecuador Investment 100.00% 100.00% PE Energía Ecuador LTD Gran Cayman Investment 100.00% 100.00% EISA Uruguay Investment 100.00% 100.00% PISA Uruguay Investment 100.00% 100.00% TGU Uruguay Gas transportation 51.00% 51.00% Corod (3) Venezuela Oil - 100.00% Petrolera San Carlos S.A. Venezuela Oil 100.00% 100.00% Vientos de Arauco Renovables S.A.U. (4) Argentina Generation 100.00% - Vientos Solutions Argentina S.A.U. Argentina Advisory services 100.00% - VS S.L. (2) España Investment 100.00% - (1) See Note 5.1.4. (2) See Note 5.1.3. (3) Interest assigned under the assignment of the indirect interest in the capital stock of mixed companies in Venezuela. See Note 5.3.2. (4) See Note 5.1.5. |
Disclosure Of Investments In Associates And Joint Ventures | Disclosure Of Investments In Associates And Joint Ventures Information about the issuer Main activity Date Share capital Profit (loss) of the year Equity Associates OCP Investment 12.31.2022 100 (4) 96 TGS (1) Gas transportation 12.31.2022 4 182 1,508 Joint ventures CIESA (1) Investment 12.31.2022 4 93 770 Citelec (2) Investment 12.31.2022 3 5 235 CTB Generation 12.31.2022 48 53 536 (1) The Company holds a direct and indirect interest of 3.764% in TGS and 50% in CIESA, a company that holds a 51% interest in the share capital of TGS. Therefore, additionally the Company has an indirect participation of 25.50% in TGS. As of December 31, 2022, the quotation of TGS's ordinary shares and ADR published on the Buenos Aires Stock Exchange and the NYSE was $ 811.05 and US$ 11.80, respectively, granting to Pampa (direct and indirect) ownership an approximate stake market value of $ 188,568 million. (2) The Company holds a 50% interest in Citelec, a company that holds a 52.65% interest in Transener’s capital stock; therefore, the Company has a 26.33% indirect interest in Transener. As of December 31, 2022, Transener’s common share price listed at the Buenos Aires Stock Exchange was $ 184,50, conferring Pampa’s indirect interest an approximate $ 21,598 million market value. |
Schedule of interest in associates and joint ventures | Schedule of interest in associates and joint ventures 12.31.2022 12.31.2021 Disclosed in non-current assets Associates Refinor (1) - 22 OCP 15 24 TGS 67 52 Total associates 82 98 Joint ventures CIESA 435 347 Citelec 117 102 CTB 268 227 Total joint ventures 820 676 Total associates and joint ventures 902 774 Disclosed in non-current liabilities Joint ventures Greenwind - (4) Total joint ventures - (4) (1) See Note 5.1.2. |
Schedule of result from interests in associates and joint ventures | Schedule of result from interests in associates and joint ventures 12.31.2022 12.31.2021 12.31.2020 Associates Refinor (12) (2) (2) OCP (1) 18 (5) TGS 7 7 1 Total associates (6) 23 (6) Joint ventures CIESA 43 50 11 CTB 41 49 64 Citelec 3 (3) 13 Greenwind (1) 24 (2) 3 Total joint ventures 111 94 91 Total associates and joint ventures 105 117 85 (1) See Note 5.1.3. |
Schedule of evolution of interests in associates and joint ventures | Schedule of evolution of interests in associates and joint ventures 12.31.2022 12.31.2021 12.31.2020 At the beginning of the year 770 547 507 Compensation - - (5) Dividends (8) - (34) Increases 1 17 3 Decrease due to acquisition of control (1) (20) - - Decrease due to sale of equity interests (2) (6) - - Share of profit 116 117 85 Impairment (2) (11) - - Exchange differences on translation 60 89 (9) At the end of the year 902 770 547 (1) See Note 5.1.3. (2) See Note 5.1.2. |
Investment in associates adquisition | Investment in associates adquisition In million US$ Acquisition cost (5.0) Total consideration (5.0) Share value of the interest in the fair value of OCP’s identifiable assets and liabilities (1) 12.7 OCP dividends to be received 9.5 Assets fair value 22.2 Profit (2) 17.2 (1) Calculated based on the present value of expected dividend flows. (2) Disclosed under “Share of profit from associates and joint ventures”. |
Schedule of oil and gas areas participations | Schedule of oil and gas areas participations Participation Duration Up To Name Location Direct Indirect Operator Argentine production Río Neuquén Río Negro and Neuquén 31.42 33.07 - YPF 2027/2051 Sierra Chata Neuquén 45.55 - PAMPA 2053 El Mangrullo Neuquén 100.00 - PAMPA 2053 La Tapera - Puesto Quiroga Chubut 35.67 - Tecpetrol 2027 El Tordillo Chubut 35.67 - Tecpetrol 2027 Aguaragüe (1) Salta 15.00 - Tecpetrol 2023/2027 Gobernador Ayala Mendoza 22.51 - Pluspetrol 2036 Anticlinal Campamento (2) Neuquén 15.00 - Oilstone 2026 Estación Fernández Oro (3) Río Negro 15.00 - YPF 2026 Río Limay este (Ex Senillosa) (4) Neuquén 85.00 - PAMPA 2040 Veta Escondida y Rincón de Aranda Neuquén 55.00 - PAMPA 2027 Rincón del Mangrullo Neuquén 50.00 - YPF 2052 Los Blancos (ex Chirete) Salta 50.00 - High Luck Group Limited 2045 Argentine exploration Parva Negra Este (5) Neuquén 42.50 - PAMPA 2019 Río Atuel (6) Mendoza 33.33 - Petrolera El Trebol 2023 Borde del Limay (7) Neuquén 85.00 - PAMPA 2015 Los Vértices (7) Neuquén 85.00 - PAMPA 2015 Las Tacanas Norte (8) Neuquén 90.00 - PAMPA 2023 (1) On February 3, 2023, an agreement for a 10-year extension of the concession was signed with the enforcement authority. The Provincial Executive Order ratifying this agreement is pending publication. (2) Direct participation in 9 wells. On January 19, 2023, the Company accepted Oilstone Energía S.A.’s offer to terminate its rights and obligations under the investment agreement, the Joint Venture and the operating agreement of the block, effective from January 1, 2023. (3) Direct participation in 13 wells. (4) On January 2, 2023, the environmental remediation plan was approved by the Province of Neuquén’s Subsecretariat of Environment, a necessary preliminary step to relinquish the block. (5) A contractual continuity plan was submitted (see details below). (6) Pursuant to Resolution No. 1,787/22 of the Province of Mendoza’s Ministry of Economy and Energy, the granting of a lot under evaluation, requested by Phoenix Global Resources —Petrolera El Trébol’s controlling company— and the Company on April 6, 2022, was approved until August 31, 2023. (7) Under process of relinquishment to the province. (8) On January 4, 2023, the exploration period terminated, and the Company’s rights and obligations over the area expired. |
Schedule of exploratory well costs | Schedule of exploratory well costs 12.31.2022 12.31.2021 12.31.2020 At the beginning of the year 42 50 33 Increases 2 8 24 Transferred to development (6) (16) (7) At the end of the year 38 42 50 Number of wells at the end of the year 7 10 12 |
RISKS (Tables)
RISKS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Risks | |
Schedule of exposure to the price risk | Schedule of exposure to the price risk Increase of the result for the year Financial assets 12.31.2022 12.31.2021 Shares 19 15 Government securities 28 28 Corporate Bonds 12 2 Mutual funds 3 4 Variation of the result of the year 62 49 |
Schedule of borrowings classified by interest rate and currency | Schedule of borrowings classified by interest rate and currency 12.31.2022 12.31.2021 Fixed interest rate: Argentine pesos 57 11 U.S. dollar 1,173 1,318 Subtotal loans obtained at a fixed interest rate 1,230 1,329 Floating interest rate: Argentine pesos 140 - U.S. dollar 149 87 Subtotal loans obtained at a floating interest rate 289 87 Non interest accrued Argentine pesos 22 - U.S. dollar 72 22 Subtotal loans no interest accrued 94 22 Total borrowings 1,613 1,438 |
Schedule of expected credit loss on trade receivables and financial assets rates | Schedule of expected credit loss on trade receivables and financial assets rates 12.31.2022 Undue 30 days 60 days 90 days 120 days 150 days 180 days + 180 days Generation 0.08 0.26 2.54 7.11 14.37 21.39 27.22 33.01 Oil and Gas 0.18 0.48 13.24 31.50 32.01 32.09 32.31 32.38 Petrochemicals 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Holding 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 12.31.2021 Undue 30 days 60 days 90 days 120 days 150 days 180 days + 180 days Generation 0.06 0.29 2.08 2.83 4.67 6.12 6.24 6.25 Oil and Gas 0.04 0.17 0.77 2.72 6.88 19.88 21.97 15.89 Petrochemicals 0.00 0.00 0.01 0.05 0.12 0.52 0.52 0.54 Holding 0.00 0.00 0.01 0.05 0.12 0.52 0.52 0.54 12.31.2020 Undue 30 days 60 days 90 days 120 days 150 days 180 days + 180 days Generation 0.35 1.11 5.74 9.78 11.23 19.77 20.87 22.71 Oil and Gas 0.49 0.72 5.96 16.21 16.23 17.74 17.76 17.79 Petrochemicals 0.02 0.06 0.72 2.26 9.95 23.84 19.14 36.92 Holding 12.58 0.94 0.00 0.00 0.00 0.00 0.00 0.00 |
Schedule of liquidity index | Schedule of liquidity index 12.31.2022 12.31.2021 Current assets 1,343 1,125 Current liabilities 631 342 Liquidity ratio 2.13 3.29 |
Schedule of financial liabilities contractual undiscounted cash flows maturity | Schedule of financial liabilities contractual undiscounted cash flows maturity As of December 31, 2022 Trade and other receivables Trade and other payables (1) Borrowings Less than three months 412 231 118 Three months to one year 19 50 304 One to two years 6 12 357 Two to five years 12 3 992 More than five years - 6 332 No set maturity term 41 - - Total 490 302 2,103 As of December 31, 2021 Trade and other receivables Trade and other payables (1) Borrowings Less than three months 304 178 56 Three months to one year 61 4 102 One to two years 6 5 557 Two to five years 18 3 256 More than five years - 4 1,025 No set maturity term 42 - - Total 431 194 1,996 (1) Includes Lease Liabilities (see Note 19). |
Schedule of financial leverage ratios | Schedule of financial leverage ratios 12.31.2022 12.31.2021 Total borrowings 1,613 1,438 Less: cash and cash equivalents, and financial assets at fair value through profit and loss (692) (568) Net debt 921 870 Total capital 3,198 2,655 Leverage ratio 28.80 32.77 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Information | |
Disclosure of operating segment information | Disclosure of operating segment information in million of US$ Consolidated profit and loss information for the year ended December 31, 2022 Generation Oil and gas Petrochemicals Holding and others Eliminations Consolidated Revenue - local market 663 370 425 20 - 1,478 Revenue - foreign market - 159 192 - - 351 Intersegment revenue - 117 - - (117) - Cost of sales (370) (359) (536) - 117 (1,148) Gross profit 293 287 81 20 - 681 Selling expenses (3) (36) (17) - - (56) Administrative expenses (39) (60) (5) (34) - (138) Other operating income 25 61 1 44 - 131 Other operating expenses (5) (26) (6) (9) - (46) Impairment of property, plant and equipment, intangible assets and inventories - (30) (2) (6) - (38) Impairment of financial assets - (2) - (6) - (8) Share of profit from associates and joint ventures 65 - - 40 - 105 Operating income 336 194 52 49 - 631 Financial income 1 2 - 9 (7) 5 Financial costs (82) (107) (3) (36) 7 (221) Other financial results 72 (28) 6 116 - 166 Financial results, net (9) (133) 3 89 - (50) Profit before income tax 327 61 55 138 - 581 Income tax (73) (16) (15) (20) - (124) Profit of the year 254 45 40 118 - 457 Depreciation and amortization 82 125 5 - - 212 in million of US$ Consolidated profit and loss information for the year ended December 31, 2022 Generation Oil and gas Petrochemicals Holding and others Eliminations Consolidated Total profit of the year attributable to: Owners of the company 253 45 40 118 - 456 Non-controlling interest 1 - - - - 1 Consolidated financial position information as of December 31, 2022 Assets 2,464 1,234 177 1,029 (162) 4,742 Liabilities 979 1,248 147 245 (161) 2,458 Net book values of property, plant and equipment 1,299 807 24 34 - 2,164 Additional consolidated information as of December 31, 2022 Increases in property, plant and equipment, intangible assets and right-of-use assets 115 324 7 36 - 482 in million of US$ Consolidated profit and loss information for the year ended December 31, 2021 Generation Distribution Oil and gas Petrochemicals Holding and others Eliminations Consolidated Revenue - local market 656 - 282 310 22 - 1,270 Revenue - foreign market - - 58 180 - - 238 Intersegment revenue - - 113 - - (113) - Cost of sales (355) - (289) (424) - 113 (955) Gross profit 301 - 164 66 22 - 553 Selling expenses (2) - (18) (13) - - (33) Administrative expenses (31) - (46) (4) (18) - (99) Other operating income 42 - 58 1 4 - 105 Other operating expenses (5) - (28) (3) (22) - (58) Impairment of intangible assets and inventories (2) - - (2) - - (4) Impairment of financial assets - - - - (2) - (2) Share of profit from associates and joint ventures 47 - - - 70 - 117 Operating income 350 - 130 45 54 - 579 Financial income 4 - 3 - 4 (1) 10 Financial costs (46) - (103) (3) (34) 1 (185) Other financial results (14) - (16) (2) 18 - (14) Financial results, net (56) - (116) (5) (12) - (189) Profit before income tax 294 - 14 40 42 - 390 Income tax (75) - 8 (12) 2 - (77) Profit of the year from continuing operations 219 - 22 28 44 - 313 Loss of the year from discontinued operations - (75) - - - - (75) Profit (Loss) of the year 219 (75) 22 28 44 - 238 Depreciation and amortization 88 - 114 3 - - 205 in million of US$ Consolidated profit and loss information for the year ended December 31, 2021 Generation Distribution Oil and gas Petrochemicals Holding and others Eliminations Consolidated Total profit (loss) of the year attributable to: Owners of the company 218 (39) 22 28 44 - 273 Non-controlling interest 1 (36) - - - - (35) Consolidated financial position information as of December 31, 2021 Assets 1,670 - 1,157 176 1,067 (209) 3,861 Liabilities 525 - 1,324 166 264 (209) 2,070 Net book values of property, plant and equipment 969 - 636 22 32 - 1,659 Additional consolidated information as of December 31, 2021 Increases in property, plant and equipment, intangible assets and right-of-use assets 39 - 213 6 6 - 264 in million of US$ Consolidated profit and loss information for the year ended December 31, 2020 Generation Distribution Oil and gas Petrochemicals Holding and others Eliminations Consolidated Revenue - local market 559 - 199 178 20 - 956 Revenue - foreign market - - 28 89 - - 117 Intersegment revenue - - 67 - - (67) - Cost of sales (254) - (243) (233) - 67 (663) Gross profit 305 - 51 34 20 - 410 Selling expenses (2) - (15) (9) - - (26) Administrative expenses (30) - (42) (3) (18) - (93) Other operating income 35 - 9 - 7 - 51 Other operating expenses (6) - (17) (6) (7) - (36) Impairment of property, plant and equipment, intangible assets and inventories (128) - - (11) - - (139) Impairment of financial assets - - (13) 1 3 - (9) Share of profit from associates and joint ventures 67 - - - 18 - 85 Operating income (loss) 241 - (27) 6 23 - 243 Financial income 3 - 7 - 1 (2) 9 Financial costs (73) - (100) (3) (3) 2 (177) Other financial results 1 - 44 5 34 - 84 Financial results, net (69) - (49) 2 32 - (84) Profit (loss) before income tax 172 - (76) 8 55 - 159 Income tax (33) - 23 (2) (23) - (35) Profit (loss) of the year from continuing operations 139 - (53) 6 32 - 124 Loss of the year from discontinued operations - (592) - - - - (592) Profit (loss) of the year 139 (592) (53) 6 32 - (468) Depreciation and amortization 95 81 108 2 - - 286 in million of US$ Consolidated profit and loss information for the year ended December 31, 2020 Generation Distribution Oil and gas Petrochemicals Holding and others Eliminations Consolidated Total profit (loss) of the year attributable to: Owners of the company 147 (499) (53) 6 32 - (367) Non-controlling interest (8) (93) - - - - (101) Consolidated financial position information as of December 31, 2020 Assets 1,595 1,356 1,085 107 832 (85) 4,890 Liabilities 707 1,021 1,174 126 178 (85) 3,121 Net book values of property, plant and equipment 1,015 - 543 19 33 - 1,610 Additional consolidated information as of December 31, 2020 Increases in property, plant and equipment and right-of-use assets 61 135 41 3 2 - 242 |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue [abstract] | |
Schedule of revenue | Schedule of revenue 12.31.2022 12.31.2021 12.31.2020 Energy sales in Spot Market 210 167 179 Energy sales by supply contracts 346 380 323 Fuel supply 103 104 54 Other sales 4 5 3 Generation sales subtotal 663 656 559 Gas sales 383 231 152 Oil sales 136 99 65 Other sales 10 10 10 Oil and gas sales subtotal 529 340 227 Products from catalytic reforming sales 270 185 98 Styrene sales 96 84 42 Synthetic rubber sales 106 99 49 Polystyrene sales 141 119 71 Other sales 4 3 7 Petrochemicals sales subtotal 617 490 267 Technical assistance and administration services sales 20 22 20 Other - - - Holding and others subtotal 20 22 20 Total revenue 1,829 1,508 1,073 |
COST OF SALES (Tables)
COST OF SALES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cost Of Sales | |
Schedule of cost of sales | Schedule of cost of sales 12.31.2022 12.31.2021 12.31.2020 Inventories at the beginning of the year 155 116 153 Plus: Charges of the year Purchases of inventories, energy and gas 502 433 153 Salaries and social security charges 79 59 51 Employees benefits 15 13 11 Accrual of defined benefit plans 5 4 4 Works contracts, fees and compensation for services 87 68 55 Property, plant and equipment depreciation 202 194 194 Intangible assets amortization 1 1 5 Right-of-use assets amortization 3 5 1 Energy transportation 8 6 5 Transportation and freights 35 22 20 Consumption of materials 30 26 17 Penalties 1 2 - Maintenance 61 52 26 Canons and royalties 89 65 42 Environmental control 5 4 4 Rental and insurance 31 27 23 Surveillance and security 4 3 2 Taxes, rates and contributions 5 4 3 Other 3 6 2 Total charges of the year 1,166 994 618 Exchange differences on translation - - 8 Less: Inventories at the end of the year (173) (155) (116) Total cost of sales 1,148 955 663 |
OTHER ITEMS OF THE STATEMENT _2
OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Items Of Statement Of Comprehensive Income | |
Selling expenses | Selling expenses 12.31.2022 12.31.2021 12.31.2020 Salaries and social security charges 5 3 3 Employees benefits 1 - - Compensation agreements - - 1 Fees and compensation for services 4 3 3 Taxes, rates and contributions 14 11 8 Transportation and freights 31 14 9 Other 1 2 2 Total selling expenses 56 33 26 |
Administrative expenses | Administrative expenses 12.31.2022 12.31.2021 12.31.2020 Salaries and social security charges 50 34 34 Employees benefits 8 5 4 Accrual of defined benefit plans 9 7 7 Fees and compensation for services 30 32 26 Compensation agreements 19 2 - Directors' and Sindycs' fees 7 6 7 Property, plant and equipment depreciation 6 5 5 Maintenance 2 2 1 Transport and per diem 2 1 1 Rental and insurance 1 1 1 Surveillance and security 1 - 1 Taxes, rates and contributions 2 2 2 Communications 1 1 1 Other - 1 3 Total administrative expenses 138 99 93 |
Other operating income and expenses | Other operating income and expenses Note 12.31.2022 12.31.2021 12.31.2020 Other operating income Insurance recovery - 3 3 Services provided to third parties 1 2 4 Result from property, plant and equipment sale 2 1 1 Result from intangible assets sale 2 2 - Dividends received - - 1 Contingencies recovery - 13 2 Tax charges recovery - 2 - Contractual penalty - - 7 Commercial interests 27 27 30 Argentine Natural Gas Production Promotion Plan 56 51 - Compensation for arbitration award 15.6 37 - - Other 6 4 3 Total other operating income 131 105 51 Other operating expenses Provision for contingencies (4) (16) (7) Provision for environmental remediation - (15) - Derecognition of property, plant and equipment - - (1) Tax on bank transactions (14) (13) (11) Donations and contributions (2) (2) (3) Institutional promotion (3) (3) (2) Readjustment of investment plan (1) (9) - - Royalties of Argentine Natural Gas Production Promotion Plan (8) (5) - Other (6) (4) (12) Total other operating expenses (46) (58) (36) (1) Corresponding to the investment plan’s readjustment bond at the Sierra Chata block (see Note 17.2). |
Financial results | Financial results 12.31.2022 12.31.2021 12.31.2020 Financial income Financial interest 1 - 1 Other interest 4 10 8 Total financial income 5 10 9 Financial costs Financial interests (1) (172) (137) (164) Commercial interests (1) - - Fiscal interests (38) (38) (3) Other interests (5) (3) (3) Bank and other financial expenses (5) (7) (7) Total financial costs (221) (185) (177) Other financial results Foreign currency exchange difference, net 80 3 14 Changes in the fair value of financial instruments 110 (15) 30 Result from present value measurement (14) (1) 2 Result from exchange of corporate bonds (14) - - Result from repurchase of corporate bonds 6 - 38 Other financial results (2) (1) - Total other financial results 166 (14) 84 Total financial results, net (50) (189) (84) (1) Net of US$ 11 million and US$ 10 million capitalized in property, plant and equipment for the years ended December 31, 2022 and 2020, respectively. There are no capitalized financial costs in the fiscal year ended December 31, 2021. |
Income tax benefit expense | Income tax benefit expense 12.31.2022 12.31.2021 12.31.2020 Current tax 99 67 13 Deferred tax 46 10 22 Difference between previous fiscal year income tax provision and the income tax statement (21) - - Total income tax - Loss 124 77 35 Below is a reconciliation between income tax expense and the amount resulting from application of the tax rate on the income before taxes: 12.31.2022 12.31.2021 12.31.2020 Profit before income tax 581 390 159 Current income tax rate 35 35 30 Income tax at the statutary tax rate 203 138 48 Share of profit from companies (37) (40) (26) Non-taxable results (3) (1) (5) Effects of exchange differences and other results associated with the valuation of the currency, net 275 79 88 Effects of valuation of property, plant and equipment, intangible assets and financial assets (575) (269) (156) Effect of change in tax rate - (6) 19 Effect for tax inflation adjustment 253 169 74 Unrecognized deferred assets - 4 - Difference between previous fiscal year income tax provision and the income tax statement 2 1 (7) Non-deductible cost 4 3 - Impairment on deferred tax assets 2 - - Other - (1) - Total income tax - Loss 124 77 35 |
NON-FINANCIAL ASSETS AND LIAB_2
NON-FINANCIAL ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Non-financial Assets And Liabilities | |
Schedule of changes in property plant and equipment | Schedule of changes in property plant and equipment Original values Type of good At the beginning Increases (1) Increases for (2) Transfers Decreases Impairment At the end Lands 14 - - - - - 14 Buildings 140 - 3 - - - 143 Equipment and machinery 1,458 5 291 163 (1) - 1,916 Wells 867 9 - 145 (1) (28) 992 Mining property 253 - - - - (72) 181 Vehicles 8 2 - - - - 10 Furniture and fixtures and software equipment 55 2 - 2 - - 59 Communication equipments 3 - - - - - 3 Materials, spare parts and tools 30 43 - (37) - - 36 Petrochemical industrial complex 23 - - 6 - - 29 Work in progress 135 352 - (233) - - 254 Advances to suppliers 52 37 - (46) - - 43 Other goods 2 - 1 - - - 3 Total at 12.31.2022 3,040 450 295 - (2) (100) 3,683 Total at 12.31.2021 2,792 253 - - (5) - 3,040 (1) Includes US$ 11 million corresponding to capitalized financial costs in the fiscal year ended December 31, 2022. There are no capitalized financial costs in the fiscal year ended December 31, 2021. (2) See Notes 5.1.3 and 5.1.5. Depreciation Net book values Type of good At the beginning Decreases For the year Impairment At the end At 12.31.2022 At 12.31.2021 Lands - - - - - 14 14 Buildings (68) - (8) - (76) 67 72 Equipment and machinery (536) - (103) - (639) 1,277 922 Wells (532) - (77) 20 (589) 403 335 Mining property (174) - (10) 50 (134) 47 79 Vehicles (7) - (1) - (8) 2 1 Furniture and fixtures and software equipment (48) - (4) - (52) 7 7 Communication equipments (1) - - - (1) 2 2 Materials, spare parts and tools (3) - - - (3) 33 27 Petrochemical industrial complex (12) - (5) - (17) 12 11 Work in progress - - - - - 254 135 Advances to suppliers - - - - - 43 52 Other goods - - - - - 3 2 Total at 12.31.2022 (1,381) - (208) 70 (1,519) 2,164 Total at 12.31.2021 (1,182) - (199) - (1,381) 1,659 |
Schedule of changes in intangible assets | Schedule of changes in intangible assets Original values Type of good At the beginning Increases Increases for (1) Decreases Impairment (2) At the end Concession agreements 2 - - - - 2 Goodwill 35 - - - - 35 Intangible identified in acquisitions of companies 7 - 94 - - 101 Digital assets - 31 - (18) (6) 7 Total at 12.31.2022 44 31 94 (18) (6) 145 Total at 12.31.2021 62 4 (4) (18) 44 Amortization Type of good At the beginning For the year Impairment (2) At the end Concession agreements (2) - - (2) Intangible identified in acquisitions of companies (4) (1) - (5) Total at 12.31.2022 (6) (1) - (7) Total at 12.31.2021 (21) (1) 16 (6) Net book values Type of good At 12.31.2022 At 12.31.2021 Goodwill 35 35 Intangible identified in acquisitions of companies 96 3 Digital assets 7 Total at 12.31.2022 138 Total at 12.31.2021 38 (1) See Notes 5.1.3 and 5.1.5. (2) As of December 31, 2022, digital assets recoverability was affected by their closing market value, resulted in the recognition of impairment losses for US$ 6 million. Considering the assumptions detailed in Note 11.1, the assessment of recoverability for the Power Generation segment, resulted in the recognition of impairment losses for the Diamante hydroelectric power plant in an amount of US$ 2 million in 2021. |
Schedule of inventories | Schedule of deferred tax assets and liabilities 12.31.2021 Profit (loss) Increases for incorporation (1) 12.31.2022 Tax loss carryforwards 13 6 - 19 Property, plant and equipment 80 71 - 151 Financial assets at fair value through profit and loss 3 (3) - - Trade and other receivables 5 (1) - 4 Provisions 57 2 - 59 Salaries and social security payable - 1 - 1 Defined benefit plans 9 (1) - 8 Other - 1 - 1 Deferred tax asset 167 76 - 243 Property, plant and equipment - - (79) (79) Intangible assets (13) - (22) (35) Investments in companies (11) 3 - (8) Inventories (10) (9) - (19) Financial assets at fair value through profit and loss (14) (1) - (15) Trade and other receivables (31) 8 - (23) Taxes payables (3) 1 - (2) Tax inflation adjustment (1) (124) (13) (138) Deferred tax liability (83) (122) (114) (319) Deferred tax (liability) asset 84 (46) (114) (76) (1) See Notes 5.1.3 and 5.1.5. 12.31.2020 Profit (loss) (1) 12.31.2021 Tax loss carryforwards 126 (113) 13 Property, plant and equipment - 80 80 Intangible assets 3 (3) - Financial assets at fair value through profit and loss - 3 3 Trade and other receivables 6 (1) 5 Provisions 28 29 57 Salaries and social security payable 3 (3) - Defined benefit plans 5 4 9 Trade and other payables 3 (3) - Tax inflation adjustment 4 (4) - Deferred tax asset 178 (11) 167 Property, plant and equipment (13) 13 - Intangible assets (11) (2) (13) Investments in companies (25) 14 (11) Inventories (6) (4) (10) Financial assets at fair value through profit and loss (4) (10) (14) Trade and other receivables (7) (24) (31) Taxes payables (3) - (3) Tax inflation adjustment (2) 1 (1) Deferred tax liability (71) (12) (83) Deferred tax asset (liability) 107 (23) 84 (1) Includes US$ 13 million corresponding to discontinued operations. Deferred tax assets and liabilities are offset in the following cases: a) when there is a legally enforceable right to offset tax assets and liabilities; and b) when deferred income tax charges are associated with the same fiscal authority. The following table shows the figures disclosed on the Consolidated Statement of Financial Position, which for its determination, were adequately compensated: 12.31.2022 12.31.2021 Deferred tax asset 36 84 Deferred tax liability (112) - Deferred tax (liability) asset (76) 84 11.4 Inventories Schedule of inventories 12.31.2022 12.31.2021 Current Materials and spare parts 104 87 Advances to suppliers 8 8 In process and finished products 61 60 Total (1) 173 155 (1) It includes impairment loss as a result of the performed recoverability assessment for US$ 2 million as of December 31, 2022 and 2021, acoording with the policy described in Note 4.13. |
Schedule of inventories | Schedule of inventories 12.31.2022 12.31.2021 Current Materials and spare parts 104 87 Advances to suppliers 8 8 In process and finished products 61 60 Total (1) 173 155 (1) It includes impairment loss as a result of the performed recoverability assessment for US$ 2 million as of December 31, 2022 and 2021, acoording with the policy described in Note 4.13. |
Schedule of provisions | Schedule of provisions 12.31.2022 12.31.2021 Non-Current Contingencies 107 106 Asset retirement obligation and wind turbines decommisioning 25 19 Environmental remediation 15 15 Other provisions - 1 Total Non-Current 147 141 Current Asset retirement obligation and wind turbines decommisioning 2 2 Environmental remediation 2 3 Total Current 4 5 |
Schedule of changes in provisions | Schedule of changes in provisions 12.31.2022 Contingencies Asset retirement obligation and decommisioning of wind turbines Environmental remediation At the beginning of the year 106 21 18 Increases 5 6 - Increases for incorporation (1) - 1 - Decreases (1) - (1) Gain on monetary position, net (2) - - Reversal of unused amounts (1) (1) - At the end of the year 107 27 17 (1) See Note 5.1.3. 12.31.2021 Contingencies Asset retirement obligation and decommisioning of wind turbines Environmental remediation At the beginning of the year 103 21 3 Increases 16 3 15 Decreases - (1) - Reversal of unused amounts (1) (13) (2) - At the end of the year 106 21 18 (1) Includes recovery of US$ 12.5 million related to waive the timely granted dispatch of Las Armas Wind Farm (see Note 2.1.2.3). 12.31.2020 Contingencies Asset retirement obligation and decommisioning of wind turbines Environmental remediation At the beginning of the year 139 22 3 Increases 21 2 - Decreases (1) - - Gain on monetary position, net (15) - - Reversal of unused amounts (8) (3) - Reclassified to liabilities associated to assets classified as held for sale (33) - - At the end of the year 103 21 3 |
Schedule of income tax and minimum notional income tax liability | Schedule of income tax and minimum notional income tax liability 12.31.2022 12.31.2021 Non-current Income tax, net of witholdings 161 158 Minimum notional income tax 18 30 Total non-current 179 188 Current Income tax, net of witholdings and advances 5 20 Total current 5 20 |
Schedule of tax liabilities | Schedule of tax liabilities 12.31.2022 12.31.2021 Current Value added tax 5 4 Personal assets tax provision 4 2 Tax withholdings to be deposited 5 6 Royalties 12 9 Other 2 2 Total current 28 23 |
Schedule of defined benefit plan information | Schedule of defined benefit plan information 12.31.2022 Present value of the obligation Present value of assets Net liability at the end of the year At the beginning of the year 33 (4) 29 Items classified in profit or loss Current services cost 1 - 1 Interest cost 15 (2) 13 Items classified in other comprehensive Actuarial losses 9 - 9 Benefit payments (3) - (3) (Gain) Loss on monetary position, net (17) 2 (15) At the end of the year 38 (4) 34 12.31.2021 Present value of the obligation Present value of assets Net liability at the end of the year At the beginning of the year 25 (4) 21 Items classified in profit or loss Current services cost 1 - 1 Interest cost 13 (3) 10 Items classified in other comprehensive Actuarial losses 1 2 3 Benefit payments (2) - (2) (Gain) Loss on monetary position, net (5) 1 (4) At the end of the year 33 (4) 29 12.31.2020 Present value of the obligation Present value of assets Net liability at the end of the year At the beginning of the year 36 (5) 31 Items classified in profit or loss Current services cost 3 - 3 Interest cost 16 (2) 14 Items classified in other comprehensive Actuarial (gains) losses (3) 1 (2) Benefit payments (2) - (2) Reclasification liabilities associated to assets classified as held for sale (10) - (10) (Gain) Loss on monetary position, net (15) 2 (13) At the end of the year 25 (4) 21 |
Schedule of estimated expected benefits payments | Schedule of estimated expected benefits payments 12.31.2022 Less than one year 6 One to two years 3 Two to three years 4 Three to four years 4 Four to five years 3 Six to ten years 14 |
Schedule of significant actuarial assumptions | Schedule of significant actuarial assumptions 12.31.2022 12.31.2021 12.31.2020 Real discount rate 5 5 4 Real wage increase rate 1 1 1 Inflation rate 118 54 46 |
Schedule of sensitivity analyses on actuarial assumptions variations | Schedule of sensitivity analyses on actuarial assumptions variations 12.31.2022 Discount rate: 4% Obligation 41 Variation 3 9 Discount rate: 6% Obligation 35 Variation (3) (8 Real wage increase rate: 0% Obligation 37 Variation (1) (4 Real wage increase rate: 2% Obligation 39 Variation 1 4 |
Schedule of salaries and social security payable | Schedule of salaries and social security payable 12.31.2022 12.31.2021 Current Salaries and social security contributions 5 4 Provision for vacations 8 7 Provision for gratifications and annual bonus for efficiency 19 17 Total current 32 28 |
FINANCIAL ASSETS AND LIABILIT_2
FINANCIAL ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Assets And Liabilities | |
Schedule of financial assets at amortized cost | Schedule of financial assets at amortized cost 12.31.2022 12.31.2021 Non-current Term deposit 101 100 Notes receivable 1 5 Total non-current 102 105 Current Notes receivable 8 5 Total current 8 5 |
Schedule of financial assets at fair value through profit and loss | Schedule of financial assets at fair value through profit and loss 12.31.2022 12.31.2021 Non-current Shares 27 29 Total non-current 27 29 Current Government securities 279 278 Corporate bonds 116 19 Shares 160 120 Mutual funds 31 41 Total current 586 458 |
Schedule of trade and other receivables | Schedule of trade and other receivables Note 12.31.2022 12.31.2021 Non-Current Related parties 16 17 23 Tax credits 2 9 Prepaid expenses - 1 Other 1 1 Other receivables 20 34 Total non-current 20 34 12.31.2022 12.31.2021 Current Receivables from MAT sales 21 24 CAMMESA 165 89 Receivables from oiland gas sales 55 69 Receivables from petrochemicals sales 62 71 Related parties 16 5 7 Other 3 5 Impairment of financial assets (6) (9) Trade receivables, net 305 256 Current Related parties 16 7 8 Tax credits 14 5 Receivables for complementary activities - 2 Prepaid expenses 14 10 Financial credit - 10 Guarantee deposits 27 30 Insurance to be recovered - 1 Expenses to be recovered 15 - Receivables for acquisition of subsidiary 7 - Receivables for sale of subsidiary and associates 4 41 Receivables for financial instruments sale 1 6 Argentine Natural Gas Production Promotion Plan 32 14 Receivables for arbitration award 15.6 37 - Other 7 14 Other receivables, net 165 141 Total current 470 397 |
Schedule of allowance for the impairment of trade receivables | Schedule of allowance for the impairment of trade receivables 12.31.2022 12.31.2021 12.31.2020 At the beginning of the year 9 16 68 Impairment (1) 1 1 63 Utilization (1) - (7) Reversal of unused amounts - (6) (3) Gain on monetary position, net (3) (2) (2) Gain on monetary position, net - - (28) Reclasified to assets classified as held for sale - - (75) At the end of the year 6 9 16 (1) It includes US$ 26 million corresponding to discontinued operations for fiscal year 2020. As of December 31, 2020, it includes US$ 13 million corresponding to the receivable impairment related to the exchange difference between the price of gas purchased by distributors and the price of gas recognised in distributors´s final tariffs between April 2018 and March 2019 to be assumed by the Federal Government in accordance to PEN Executive Order No. 1,053/18 (see Note 15). |
Schedule of impairment of other financial assets assets | Schedule of impairment of other financial assets assets 12.31.2022 12.31.2021 12.31.2020 At the beginning of the year - - 6 Impairment - - 2 Reversal of unused amounts - - (7) Reclasified to assets classified as held for sale - - (1) At the end of the year - - - |
Schedule of cash and cash equivalents | Schedule of cash and cash equivalents 12.31.2022 12.31.2021 Banks 11 26 Mutual funds 95 84 Total 106 110 |
Schedule of borrowings | Schedule of borrowings 12.31.2022 12.31.2021 Non-Current Financial borrowings 108 58 Corporate bonds 1,232 1,301 Total non-current 1,340 1,359 Current Bank overdrafts 59 11 Financial borrowings 51 29 Corporate bonds 163 39 Total current 273 79 Total 1,613 1,438 |
Schedule of changes in borrowings | Schedule of changes in borrowings 12.31.2022 12.31.2021 12.31.2020 At the beginning of the year 1,438 1,614 1,947 Proceeds from borrowings 308 188 353 Payment of borrowings (143) (336) (300) Accrued interest 172 137 176 Payment of interests (162) (140) (201) Repurchase and redemption of corporate bonds (28) (3) (155) Result from exchange of corporate bonds 14 - - Result from repurchase of corporate bonds (6) - (43) Increases for incorporation (1) 89 - - Cancellation through dividend compensation - - (12) Gain on monetary position, net - - (43) Foreign currency exchange difference, net (80) (22) (18) Borrowing costs capitalized in property, plant and equipment 11 - 10 Reclassified to liabilities associated to assets classified as held for sale - - (100) At the end of the year 1,613 1,438 1,614 (1) See Notes 5.1.3 and 5.1.5. |
Schedule of borrowings composition | Schedule of borrowings composition Type of instrument Company Currency Residual value Interest Rate Expiration Book value as of 12.31.2022 Corporate bonds (1) T Series CB PAMPA US$ 93 Fixed 7.38% Jul-23 95 Class 8 CB PAMPA $ 18 Variable Badlar + 2% Jul-23 20 Class 11 CB PAMPA $ 122 Variable Badlar + 0% Jan-24 140 Class 9 CB PAMPA US$ 102 Fixed 9.50% Dec-26 184 Class 1 CB PAMPA US$ 501 Fixed 7.50% Jan-27 616 Class 13 CB PAMPA US$ 49 Fixed 0.00% Dec-27 48 Class 3 CB PAMPA US$ 285 Fixed 9.13% Apr-29 292 1,395 Financial loans (2) PAMPA US$ 15 Variable Libor + 4.21% Nov-24 16 GW US$ 83 Variable Libor + 5.75% Sep-26 85 101 Other financial loans (3) PAMPA US$ 22 Variable SOFR + 0.35% Jul-23 23 PAMPA US$ 8 Fixed Between 9.50% and 14.50% Between Jan-23 and May-23 8 PAMPA US$ 27 Variable SOFR + 0% Agu-24 27 58 Bank overdrafts (3) PAMPA $ 57 Fixed Between 54% and 54.50% Jan-23 59 59 1,613 (1) Net of the following face value repurchases: US$ 113.7 million of ON 2026, US$ 146.2 million of ON 2027 and US$ 7.5 million of ON 2029. (2) During the the fiscal year ended December 31, 2022, the Company took on new short-term financing with domestic financial entities, net of cancellations, for a total $ 8,618 million and import prefinancing for US$ 7.6 million. Additionally, the Company repaid at maturity two principal installments for the credit facility sponsored by FINNVERA in the amount of US$ 7.7 million and US$ 10.4 million corresponding to the credit facility subscribed between IDB Invest and Greenwind, a Company that is consolidated since acquisition of an additional 50% interest in August 2022. (3) During the fiscal year ended December 31, 2022, the Company received disbursements in the amount of US$ 1.3 million under the credit facilities taken out with BNP Paribas S.A. in 2020. After the fiscal year closing, the Company repaid short-term bank loans with local financial entities for $ 10,065 million and import prefinancing for US$ 0.7 million. Type of instrument Company Currency Residual value Interest Rate Expiration Book value as of 12.31.2021 Corporate bonds (1) T Series CB PAMPA US$ 389 Fixed 7.38% Jul-23 400 Class 1 CB PAMPA US$ 636 Fixed 7.50% Jan-27 648 Class 3 CB PAMPA US$ 293 Fixed 9.13% Apr-29 292 1,340 Financial loans (2) PAMPA US$ 23 Variable Libor + 4.21% May-24 23 23 Other financial loans (3) PAMPA US$ 22 Variable Libor + 0.35% Jul-22 22 PAMPA US$ 43 Variable Libor + 0% Aug-23 42 64 Bank overdrafts PAMPA $ 11 Fixed 33.00% Jan-22 11 11 1,438 (1) Net of the following face value repurchases: US$ 110,4 million of ON 2023, US$ 114,0 million of ON 2027 and US$ 7,5 million of ON 2029. On September 27, 2021, the Company repaid at maturity Class 6 CBs for $ 6,355 million. (2) During the fiscal year ended December 31, 2021, the Company canceled short-term financing with local financial entities, net of borrowings, for $ 8,158 million. Additionally, the Company repaid at maturity two principal installments for the credit facility sponsored by FINNVERA in the amount of US$ 7.7 million. (3) During the fiscal year ended December 31, 2021, the Company received disbursements in the amount of US$ 27 million under the credit facilities taken out with BNP in 2020. |
Schedule of trade and other payables | Schedule of trade and other payables Note 12.31.2022 12.31.2021 Non-Current Compensation agreements 10 3 Finance leases liability 10 9 Other 1 - Other payables 21 12 Total non-current 21 12 Current Suppliers 198 154 Customer advances 3 4 Related parties 16 14 15 Trade payables 215 173 Compensation agreements 12 2 Liability for acquisition of companies 46 - Finance leases liability 2 4 Other 6 3 Other payables 66 9 Total current 281 182 |
Schedule of financial instruments | Schedule of financial instruments As of December 31, 2022 Financial assets/liabilities at amortized cost Financial assets/liabilities at fair value through profit and loss Subtotal financial assets/liabilities Non financial assets/liabilities Total Assets Trade receivables and other receivables 437 22 459 31 490 Financial assets at amortized cost Term deposit 101 - 101 - 101 Notes receivable 9 - 9 - 9 Financial assets at fair value through profit and loss Government securities - 279 279 - 279 Corporate bonds - 116 116 - 116 Shares - 187 187 - 187 Mutual funds - 31 31 - 31 Cash and cash equivalents 11 95 106 - 106 Total 558 730 1,288 31 1,319 Liabilities Trade and other liabilities 298 - 298 4 302 Borrowings 1,613 - 1,613 - 1,613 Derivative financial instruments - 2 2 - 2 Total 1,911 2 1,913 4 1,917 As of December 31, 2021 Financial assets/liabilities at amortized cost Financial assets/liabilities at fair value through profit and loss Subtotal financial assets/liabilities Non financial assets/liabilities Total Assets Trade receivables and other receivables 376 30 406 25 431 Financial assets at amortized cost Term deposit 100 - 100 - 100 Notes receivable 10 - 10 - 10 Financial assets at fair value through profit and loss Government securities - 278 278 - 278 Corporate bonds - 19 19 - 19 Shares - 149 149 - 149 Mutual funds - 41 41 - 41 Cash and cash equivalents 26 84 110 - 110 Total 512 601 1,113 25 1,138 Liabilities Trade and other liabilities 190 - 190 4 194 Borrowings 1,438 - 1,438 - 1,438 Total 1,628 - 1,628 4 1,632 |
Schedule of income, expenses, gains and losses from financial instruments | Schedule of income, expenses, gains and losses from financial instruments As of December 31, 2022 Financial assets/liabilities at amortized cost Financial assets/liabilities at fair value through profit and loss Subtotal financial assets/liabilities Non Financial assets/ liabilities Total Interest income 5 - 5 - 5 Interest expenses (175) - (175) (41) (216) Foreign currency exchange difference, net 16 (85) (69) 149 80 Changes in the fair value of financial instruments - 110 110 - 110 Result from present value measurement (1) - (1) (13) (14) Other financial results (15) - (15) - (15) Total (170) 25 (145) 95 (50) As of December 31, 2021 Financial assets/liabilities at amortized cost Financial assets/liabilities at fair value through profit and loss Subtotal financial assets/liabilities Non Financial assets/ liabilities Total Interest income 10 - 10 - 10 Interest expenses (138) - (138) (40) (178) Foreign currency exchange difference, net (11) (19) (30) 33 3 Changes in the fair value of financial instruments - (15) (15) - (15) Result from present value measurement 2 - 2 (3) (1) Other financial results (4) - (4) (4) (8) Total (141) (34) (175) (14) (189) As of December 31, 2020 Financial assets/liabilities at amortized cost Financial assets/liabilities at fair value through profit and loss Subtotal financial assets/liabilities Non Financial assets/ liabilities Total Interest income 9 - 9 - 9 Interest expenses (164) - (164) (6) (170) Foreign currency exchange difference, net 38 (35) 3 11 14 Changes in the fair value of financial instruments - 30 30 - 30 Result from present value measurement 6 - 6 (4) 2 Other financial results 36 - 36 (5) 31 Total (75) (5) (80) (4) (84) |
Schedule of fair value of financial instruments | Schedule of fair value of financial instruments As of December 31, 2022 Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through Government securities 279 - - 279 Corporate bonds 116 - - 116 Mutual funds 31 - - 31 Shares 160 - 27 187 Cash and cash equivalents Mutual funds 95 - - 95 Other receivables 22 - - 22 Total assets 703 - 27 730 Liabilities Derivative financial instruments - 2 0 2 Total liabilities - 2 - 2 As of December 31, 2021 Level 1 Level 3 Total Assets Financial assets at fair value through Government securities 278 - 278 Corporate bonds 19 - 19 Mutual funds 41 - 41 Shares 120 29 149 Cash and cash equivalents Mutual funds 84 - 84 Other receivables 30 - 30 Total assets 572 29 601 |
EQUITY COMPONENTS (Tables)
EQUITY COMPONENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity Components | |
Schedule of earnings (loss) per share | Schedule of earnings (loss) per share 12.31.2022 12.31.2021 12.31.2020 Earning for continuing operations attributable to equity holders of the Company 456 312 132 Weighted average amount of outstanding shares 1,381 1,405 1,572 Basic and diluted earnings per share from continued operations 0.33 0.22 0.08 Loss for discontinued operations attributable to equity holders of the Company - (39) (499) Weighted average amount of outstanding shares 1,381 1,405 1,572 Basic and diluted loss per share from discontinued operations - (0.03) (0.32) Earning (Loss) attributable to equity holders of the Company 456 273 (367) Weighted average amount of outstanding shares 1,381 1,405 1,572 Basic and diluted earning (loss) per share 0.33 0.19 (0.23) |
STATEMENT OF CASH FLOWS_ COMP_2
STATEMENT OF CASH FLOWS’ COMPLEMENTARY INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Of Cash Flows Complementary Information | |
Schedule of adjustments to reconcile net profit (loss) to cash flows generated by operating activities | Schedule of adjustments to reconcile net profit (loss) to cash flows generated by operating activities Note 12.31.2022 12.31.2021 12.31.2020 Income tax 10.5 124 77 35 Accrued interest 185 141 132 Depreciations and amortizations 9 and 10.2 212 205 205 Share of profit of joint ventures and associates 5.2.2 (105) (117) (85) Results for property, plant and equipment sale 10.3 (2) (1) - Result for intangibles assets sale 10.3 (2) (2) - Impairment of property, plant and equipment, intangible assets and inventories 10.1, 10.2 and 10.4 38 4 139 Impairment of financial assets 8 2 9 Result from measurement at present value 10.4 14 1 (2) Changes in the fair value of financial instruments (94) 24 (19) Exchange differences, net (85) (3) (14) Result from exchange of corporate bonds 10.4 14 - - Result from repurchase of corporate bonds 10.4 (6) - (38) Readjustment of investment plan 10.3 9 - - Compensation for arbitration award 10.3 (37) - - Recovery of tax charges 10.3 - (2) - Provision for contingecies, net 10.3 4 3 2 Provision for environmental remediation 10.3 - 15 - Accrual of defined benefit plans 9 and 10.2 14 11 11 Dividends received 10.3 - - (1) Compensation agreements 10.1 and 10.2 19 2 1 Other (3) 5 5 Adjustments to reconcile net profit to cash flows from operating activities 307 365 380 |
Schedule of changes in operating assets and liabilities | Schedule of changes in operating assets and liabilities 12.31.2022 12.31.2021 12.31.2020 (Increase) Decrease in trade receivables and other receivables (233) (41) 19 Increase in inventories (21) (40) (6) Increase in trade payables and other payables 70 43 3 Increase (Decrease) in salaries and social security payable 15 8 (1) Decrease in defined benefit plans (3) (2) (2) Increase (Decrease) in tax liabilities 36 (5) (20) Decrease in provisions (1) (3) (5) Income tax paid (2) (13) (5) Payments from derivative financial instruments, net (6) (12) (5) Changes in operating assets and liabilities (145) (65) (22) |
Schedule of significant non-cash transactions | Schedule of significant non-cash transactions 12.31.2022 12.31.2021 12.31.2020 Acquisition of property, plant and equipment through an increase in trade payables (75) (51) (8) Borrowing costs capitalized in property, plant and equipment (11) - (10) Acquisition of subsidiary by delivering financial assets at fair value through profit and loss (35) - - Receivables from sales of companies pending collection - 40 - Receivables for acquisition of subsidiary 7 - - Increase in investments in associates through a decrease in other receivables - (20) - Increase in right-of-use assets through an increase in other liabilities (1) (7) - Dividends pending collection - 2 20 Compensation of loans through dividends assignment - - 12 Decrease on well abandonment provision, net, through property, plant and equipment (1) (1) (3) |
RELATED PARTIES_ TRANSACTIONS (
RELATED PARTIES´ TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Parties Transactions | |
Schedule of balances with related parties | Schedule of balances with related parties As of December 31, 2022 Trade receivables Other receivables Trade payables Current Non-current Current Current Associates and joint ventures TGS 5 17 6 7 Other related parties SACDE - - - 7 Other - - 1 - 5 17 7 14 As of December 31, 2021 Trade receivables Other receivables Trade payables Current Non-current Current Current Associates and joint ventures OCP - - 2 - Refinor 1 - - 2 TGS 6 23 5 3 Other related parties SACDE - - - 10 Other - - 1 - 7 23 8 15 |
Schedule of operations related parties | Schedule of operations related parties Operations for the year Sales of goods and services (1) Purchases of goods and services (2) Fees for services (3) Other operating expenses and income (4) 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 Associates and joint ventures CTB 2 2 2 - - - - - - - - - Greenwind - 1 1 - - - - - - - - - Refinor 11 9 10 (11) (6) (5) - - - - - - TGS 51 45 20 (53) (43) (24) - - - - - - Other related parties Fundación - - - - - - - - - (2) (2) (2) SACDE - - - (203) (48) (6) - - - - - - Salaverri, Dellatorre, Burgio & Wetzler - - - - - - (1) (1) (1) - - - 64 57 33 (267) (97) (35) (1) (1) (1) (2) (2) (2) (1) Corresponds mainly to advisory services provided in the field of technical assistance and sales of gas and refined products. (2) Correspond to natural gas transportation services, purchases of refined products and other services imputed to cost of sales for US$ 191 million, US$ 50 million and US$ 29 million and infrastructure works contracted to SACDE imputed in property, plant and equipment for US$ 76 million, US$ 47 million and US$ 6 million, of which US$ 38 million, US$ 17 million and US$ 2 million correspond to fees and general expenses calculated on the costs incurred by SACDE and/or Pampa to carry out these for the years ended December 31, 2022, 2021 and 2020, respectively. (3) Disclosed within administrative expenses. (4) Corresponds mainly to donations. Finance income (1) Dividends received Payment of dividends 2022 2021 2020 2022 2021 2020 2022 2021 2020 Associates and joint ventures Citelec - - - - - 13 - - - OCP - 1 1 10 20 21 - - - TGS 2 3 3 - - - - - - Other related parties EMESA - - - - - - - - (9) Other - - - - - 1 - - - 2 4 4 10 20 35 - - (9) (1) Corresponds mainly to financial leases and accrued interest on loans granted. |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Schedule of right of use assets | Schedule of right of use assets Original values Decrease Type of good At the beginning Increase At the end Machinery and equipment 20 1 (1) 20 Total at 12.31.2022 20 1 (1) 20 Total at 12.31.2021 13 7 - 20 Amortization Type of good At the beginning For the year At the end Machinery and equipment (8) (3) (11) Total at 12.31.2022 (8) (3) (11) Total at 12.31.2021 (3) (5) (8) Net book values Type of good At 12.31.2022 At 12.31.2021 Machinery and equipment 9 12 Total at 12.31.2022 9 Total at 12.31.2021 12 |
Schedule of lease liabilities | Schedule of lease liabilities 12.31.2022 12.31.2021 At the beginning of the year 13 12 Increases 1 6 Result from measurement at present value (1) 2 - Reversal of unused amounts (1) - Payments (3) (5) At the end of the year 12 13 (1) Included in Other financial results. |
Schedule of lease liabilities payments by maturity | Schedule of lease liabilities payments by maturity 12.31.2022 Three months to one year 1 One to two years 1 Two to three years 3 Three to four years 2 Four to five years 2 More than five years 14 Total 23 |
Schedule of lease receivables by maturity | Schedule of lease receivables by maturity 12.31.2022 Less than three months 1 Three months to one year 5 One to two years 5 Two to three years 7 Three to four years 5 Total 23 |
Schedule of future minimum operating lease | Schedule of future minimum operating lease 12.31.2022 Three months to one year 1 One to two years 1 More than three years 1 Total 3 |
OIL AND GAS RESERVES (Informa_2
OIL AND GAS RESERVES (Information not covered by the auditors’ report) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Oil And Gas Reserves | |
Schedule of proved reserves | Schedule of proved reserves Proved Reserves Proved Developed Proved Undeveloped Total Proved Oil and LNG (1) Natural Gas (2) Oil and LNG (1) Natural Gas (2) Oil and LNG (1) Natural Gas (2) Argentina 7,722 17,372 3,214 11,241 10,936 28,613 Total at 12.31.2022 7,722 17,372 3,214 11,241 10,936 28,613 (1) In thousands of barrels. (2) In millions of cubic meters. |
GENERAL INFORMATION (Details Na
GENERAL INFORMATION (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
General Information | ||
Transportation expense | $ 24 | |
Construction cost | 1,500 | |
Transportation capacity | 11 | |
Construction capacity | $ 20 | |
Percentage of energy | 70% | |
Percentage of gross domestic product | 6.40% | 10.80% |
Percentage of cumulative inflation | 94.80% | 50.90% |
Percentage of depreciation | 72.50% | 22.10% |
REGULATORY FRAMEWORK (Details)
REGULATORY FRAMEWORK (Details) | 12 Months Ended |
Dec. 31, 2022 | |
C T G 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | GUEMTG01 |
Tecnology | TG |
Power | 100 MW |
Applicable regime | Energy Plus Res. No. 1,281/06 |
C T G 2 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | GUEMTV11 |
Tecnology | TV |
Power | ≤100 MW |
Applicable regime | Resolution No. 826/22 |
C T G 3 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | GUEMTV12 |
Tecnology | TV |
Power | ≤100 MW |
Applicable regime | Resolution No. 826/22 |
C T G 4 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | GUEMTV13 |
Tecnology | TV |
Power | >100 MW |
Applicable regime | Resolution No. 826/22 |
Piquirenda 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | PIQIDI 01-10 |
Tecnology | MCI |
Power | 30 MW |
Applicable regime | Resolution No. 826/22 |
C P B 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | BBLATV29 |
Tecnology | TV |
Power | >100 MW |
Applicable regime | Resolution No. 826/22 |
C P B 2 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | BBLATV30 |
Tecnology | TV |
Power | >100 MW |
Applicable regime | Resolution No. 826/22 |
C T Ing White 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | BBLMD01-06 |
Tecnology | MCI |
Power | 100 MW |
Applicable regime | Resolution No. 21/16 |
C T L L 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | LDLATG01/TG02/TG03/TV01 |
Tecnology | CC |
Power | >150 MW |
Applicable regime | Resolution No. 826/22 |
C T L L 2 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | LDLATG04 |
Tecnology | TG |
Power | 105 MW |
Applicable regime | Res. No 220/07 (75%) |
C T L L 3 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | LDLATG05 |
Tecnology | TG |
Power | 105 MW |
Applicable regime | Resolution No. 21/16 |
C T L L 4 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | LDLMDI01 |
Tecnology | MCI |
Power | 15 MW |
Applicable regime | Resolution No. 826/22 |
C T G E B A 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | GEBATG01/TG02/TV01 |
Tecnology | CC |
Power | >150 MW |
Applicable regime | Resolution No. 826/22 |
C T G E B A 2 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | GEBATG03 |
Tecnology | TG |
Power | 169 MW |
Applicable regime | Energy Plus Res. No. 1,281/06 |
C T G E B A 3 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | GEBATG03/TG04/TV02 |
Tecnology | CC |
Power | 400 MW |
Applicable regime | Resolution No. 287/17 |
Ecoenergia 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | CERITV01 |
Tecnology | TV |
Power | 14 MW |
Applicable regime | Energy Plus Res. N° 1,281/06 |
C T Parque Pilar 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | PILBD01-06 |
Tecnology | MCI |
Power | 100 MW |
Applicable regime | Resolution No. 21/16 |
C T B 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | EBARTG01 - TG02 |
Tecnology | TG |
Power | >50 MW |
Applicable regime | Resolution No. 826/22 |
H I D I S A 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | AGUA DEL TORO |
Tecnology | HI |
Power | HI – Media 120<P≤300 |
Applicable regime | Resolution No. 826/22 |
H I D I S A 2 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | EL TIGRE |
Tecnology | HR |
Power | Renewable ≤ 50 |
Applicable regime | Resolution No. 826/22 |
H I D I S A 3 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | LOS REYUNOS |
Tecnology | HB |
Power | HB – Media 120<P≤300 |
Applicable regime | Resolution No. 826/22 |
H I D I S A 4 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | NIHUIL I - II - III |
Tecnology | HI |
Power | HI – Small 50<P≤120 |
Applicable regime | Resolution No. 826/22 |
H P P L 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | PPLEHI |
Tecnology | HI |
Power | HI – Media 120<P≤300 |
Applicable regime | Resolution No. 826/22 |
P E M Cebreiro 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | CORTEO |
Tecnology | Wind |
Power | 100 MW |
Applicable regime | Renovar |
P E P E I I [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | PAMEEO |
Tecnology | Wind |
Power | 53 MW |
Applicable regime | MATER Res. No. 281/17 |
P E P E I I I [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | BAHIEO |
Tecnology | Wind |
Power | 53 MW |
Applicable regime | MATER Res. No. 281/17 |
P E P E I V [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | BAHIEO |
Tecnology | Wind |
Power | 18 MW |
Applicable regime | MATER Res. No. 281/17 |
P E Arauco [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | AR21EO |
Tecnology | Wind |
Power | 99.75 MW |
Applicable regime | Renovar |
REGULATORY FRAMEWORK (Details 1
REGULATORY FRAMEWORK (Details 1) | 12 Months Ended |
Dec. 31, 2022 | |
C T B [Member] | |
IfrsStatementLineItems [Line Items] | |
Generator | CTB |
Technology | CC |
Capacity | 280 MW |
Applicable regime | Resolution No. 220/07 |
P E P E I V [Member] | |
IfrsStatementLineItems [Line Items] | |
Generator | PEPE IV |
Technology | Wind |
Capacity | 63 MW |
Applicable regime | MATER Res. No. 281/17 |
P E P E V I [Member] | |
IfrsStatementLineItems [Line Items] | |
Generator | PEPE VI |
Technology | Wind |
Capacity | 94.5 MW |
Applicable regime | MATER Res. No. 281/17 |
REGULATORY FRAMEWORK (Details 2
REGULATORY FRAMEWORK (Details 2) | 12 Months Ended |
Dec. 31, 2022 | |
Minimum Remuneration To Thermal Generators [Member] | |
IfrsStatementLineItems [Line Items] | |
Technology / Scale | Large CC Capacity > 150 MW |
SE No. 31/20 (AR$ / MW-month) | 100,650 |
SE No. 440/21 (AR$ / MW-month) | 129,839 |
SE No. 238/22 (AR$ / MW-month) | 185,670 |
SE No. 826/22 (AR$ / MW-month) | 245,084 |
Minimum Remuneration To Thermal Generators 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Technology / Scale | Large TV Capacity > 100 MW |
SE No. 31/20 (AR$ / MW-month) | 143,550 |
SE No. 440/21 (AR$ / MW-month) | 185,180 |
SE No. 238/22 (AR$ / MW-month) | 264,807 |
SE No. 826/22 (AR$ / MW-month) | 349,546 |
Minimum Remuneration To Thermal Generators 2 [Member] | |
IfrsStatementLineItems [Line Items] | |
Technology / Scale | Small TV Capacity ≤ 100 MW |
SE No. 31/20 (AR$ / MW-month) | 171,600 |
SE No. 440/21 (AR$ / MW-month) | 221,364 |
SE No. 238/22 (AR$ / MW-month) | 316,551 |
SE No. 826/22 (AR$ / MW-month) | 417,847 |
Minimum Remuneration To Thermal Generators 3 [Member] | |
IfrsStatementLineItems [Line Items] | |
Technology / Scale | Large GT Capacity > 50 MW |
SE No. 31/20 (AR$ / MW-month) | 117,150 |
SE No. 440/21 (AR$ / MW-month) | 151,124 |
SE No. 238/22 (AR$ / MW-month) | 216,107 |
SE No. 826/22 (AR$ / MW-month) | 285,262 |
REGULATORY FRAMEWORK (Details 3
REGULATORY FRAMEWORK (Details 3) | 12 Months Ended |
Dec. 31, 2022 | |
Additional Remuneration To Thermal Generators [Member] | |
IfrsStatementLineItems [Line Items] | |
Period | Summer – Winter |
Remuneration For Guaranteed Power Capacity To Thermal Generators [Member] | |
IfrsStatementLineItems [Line Items] | |
Period | Summer – Winter |
Remuneration SE No. 31/20 ($ / MW-month) | 360,000 |
Remuneration SE No. 440/21 ($ / MW-month) | 464,400 |
Remuneration SE No. 238/22 ($ / MW-month) | 664,092 |
Remuneration SE No. 826/22 ($ / MW-month) | 876,601 |
Remuneration For Guaranteed Power Capacity To Thermal Generators 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Period | Fall - Spring |
Remuneration SE No. 31/20 ($ / MW-month) | 270,000 |
Remuneration SE No. 440/21 ($ / MW-month) | 348,300 |
Remuneration SE No. 238/22 ($ / MW-month) | 498,069 |
Remuneration SE No. 826/22 ($ / MW-month) | 657,451 |
REGULATORY FRAMEWORK (Details 4
REGULATORY FRAMEWORK (Details 4) | 12 Months Ended |
Dec. 31, 2022 | |
Remuneration For Guaranteed Power Capacity To Thermal Generators [Member] | |
IfrsStatementLineItems [Line Items] | |
[custom:WithAvailabilityCommitmentsPeriod] | Summer – Winter |
Additional Remuneration To Thermal Generators [Member] | |
IfrsStatementLineItems [Line Items] | |
[custom:WithAvailabilityCommitmentsPeriod] | Summer – Winter |
Additional Remuneration To Thermal Generators [Member] | Minimum Remuneration To Thermal Generators [Member] | |
IfrsStatementLineItems [Line Items] | |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 31/20 | 45,000 |
Remuneration for second 25 hours ($ / MW-hmrt) SE No. 31/20 | 22,500 |
Additional Remuneration To Thermal Generators [Member] | Minimum Remuneration To Thermal Generators 2 [Member] | |
IfrsStatementLineItems [Line Items] | |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 440/21 | 58,050 |
Remuneration for second 25 hours ($ / MW-hmrt) SE No. 440/21 | 29,025 |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 238/22 | 83,012 |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 238/22 | 41,506 |
Additional Remuneration To Thermal Generators [Member] | Additional Remuneration To Thermal Generators 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 440/21 | 9,675 |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 238/22 | 13,835 |
Remuneration For Guaranteed Power Capacity To Thermal Generators 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
[custom:WithAvailabilityCommitmentsPeriod] | Fall - Spring |
Additional Remuneration To Thermal Generators 1 [Member] | Minimum Remuneration To Thermal Generators [Member] | |
IfrsStatementLineItems [Line Items] | |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 31/20 | 7,500 |
REGULATORY FRAMEWORK (Details 5
REGULATORY FRAMEWORK (Details 5) | 12 Months Ended |
Dec. 31, 2022 | |
Base And Additional Remuneration To Hydroelectric Generators [Member] | |
IfrsStatementLineItems [Line Items] | |
Technology and scale | Medium HI Capacity > 120 ≤ 300 MW |
Remuneration SE No. 31/20 ($ / MW-month) | 132,000 |
Remuneration SE No. 440/21 ($ / MW-month) | 170,280 |
Remuneration SE No. 238/22 ($ / MW-mes) | 243,500 |
Remuneration SE No. 826/22 ($ / MW-mes) | 321,421 |
Base And Additional Remuneration To Hydroelectric Generators One [Member] | |
IfrsStatementLineItems [Line Items] | |
Technology and scale | Small HI Capacity > 50 ≤ 120 MW |
Remuneration SE No. 31/20 ($ / MW-month) | 181,500 |
Remuneration SE No. 440/21 ($ / MW-month) | 234,135 |
Remuneration SE No. 238/22 ($ / MW-mes) | 334,813 |
Remuneration SE No. 826/22 ($ / MW-mes) | 441,953 |
Base And Additional Remuneration To Hydroelectric Generators Two [Member] | |
IfrsStatementLineItems [Line Items] | |
Technology and scale | Medium Pumped HI Capacity > 120 ≤ 300 MW |
Remuneration SE No. 31/20 ($ / MW-month) | 132,000 |
Remuneration SE No. 440/21 ($ / MW-month) | 170,280 |
Remuneration SE No. 238/22 ($ / MW-mes) | 243,500 |
Remuneration SE No. 826/22 ($ / MW-mes) | 321,421 |
Base And Additional Remuneration To Hydroelectric Generators Three [Member] | |
IfrsStatementLineItems [Line Items] | |
Technology and scale | Renewable HI Capacity ≤ 50 MW |
Remuneration SE No. 31/20 ($ / MW-month) | 297,000 |
Remuneration SE No. 440/21 ($ / MW-month) | 383,130 |
Remuneration SE No. 238/22 ($ / MW-mes) | 547,876 |
Remuneration SE No. 826/22 ($ / MW-mes) | 723,196 |
REGULATORY FRAMEWORK (Details 6
REGULATORY FRAMEWORK (Details 6) | 12 Months Ended |
Dec. 31, 2022 | |
Remuneration For Guaranteed Power Capacity To Thermal Generators [Member] | |
IfrsStatementLineItems [Line Items] | |
Period | Summer – Winter |
Additional Remuneration To Hydroelectric Generators [Member] | Minimum Remuneration To Thermal Generators [Member] | |
IfrsStatementLineItems [Line Items] | |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 31/20 | 39,000 |
Additional Remuneration To Hydroelectric Generators [Member] | Minimum Remuneration To Thermal Generators 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Remuneration for second 25 hours ($ / MW-hmrt) SE No. 238/22 | 25,155 |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 238/22 | 50,310 |
Additional Remuneration To Hydroelectric Generators [Member] | Minimum Remuneration To Thermal Generators 2 [Member] | |
IfrsStatementLineItems [Line Items] | |
Remuneration for second 25 hours ($ / MW-hmrt) SE No. 238/22 | 35,972 |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 238/22 | 71,943 |
Additional Remuneration To Thermal Generators [Member] | |
IfrsStatementLineItems [Line Items] | |
Period | Summer – Winter |
Additional Remuneration To Thermal Generators [Member] | Minimum Remuneration To Thermal Generators [Member] | |
IfrsStatementLineItems [Line Items] | |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 31/20 | 6,500 |
Remuneration for second 25 hours ($ / MW-hmrt) SE No. 238/22 | 19,500 |
Additional Remuneration To Thermal Generators [Member] | Minimum Remuneration To Thermal Generators 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 238/22 | 8,385 |
Additional Remuneration To Thermal Generators [Member] | Minimum Remuneration To Thermal Generators 2 [Member] | |
IfrsStatementLineItems [Line Items] | |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 238/22 | 11,991 |
Remuneration For Guaranteed Power Capacity To Thermal Generators 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Period | Fall - Spring |
Remuneration For Guaranteed Power Capacity To Thermal Generators Units [Member] | |
IfrsStatementLineItems [Line Items] | |
Period | Summer – Winter |
Remuneration For Guaranteed Power Capacity To Thermal Generators Units [Member] | Minimum Remuneration To Thermal Generators Units [Member] | |
IfrsStatementLineItems [Line Items] | |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 31/20 | 42,000 |
Remuneration for second 25 hours ($ / MW-hmrt) SE No. 238/22 | 21,000 |
Remuneration For Guaranteed Power Capacity To Thermal Generators Units [Member] | Minimum Remuneration To Thermal Generators Units 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 238/22 | 9,030 |
Additional Remuneration To Hydroelectric Generators Units [Member] | Minimum Remuneration To Thermal Generators Units 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Remuneration for second 25 hours ($ / MW-hmrt) SE No. 238/22 | 27,090 |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 238/22 | 54,180 |
Additional Remuneration To Hydroelectric Generators Units [Member] | Minimum Remuneration To Thermal Generators Units 2 [Member] | |
IfrsStatementLineItems [Line Items] | |
Remuneration for second 25 hours ($ / MW-hmrt) SE No. 238/22 | 38,739 |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 238/22 | 77,478 |
Remuneration For Guaranteed Power Capacity To Thermal Generators Units 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Period | Fall – Spring |
Remuneration For Guaranteed Power Capacity To Thermal Generators Units 1 [Member] | Minimum Remuneration To Thermal Generators Units [Member] | |
IfrsStatementLineItems [Line Items] | |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 31/20 | 7,000 |
Remuneration For Guaranteed Power Capacity To Thermal Generators Units 3 [Member] | Minimum Remuneration To Thermal Generators Units 2 [Member] | |
IfrsStatementLineItems [Line Items] | |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 238/22 | 12,913 |
REGULATORY FRAMEWORK (Details 7
REGULATORY FRAMEWORK (Details 7) | 12 Months Ended |
Dec. 31, 2022 | |
Minimum Remuneration To Thermal Power Generator 3 [Member] | |
IfrsStatementLineItems [Line Items] | |
Remuniration | Generated energy |
SE No. 31/20 ($ / MW-month) | Between 240 and 420 |
SE No. 440/21 ($ / MW-month) | Between 310 and 542 |
SE No. 238/22 (AR$ / MW-month) | Between 403 and 705 |
SE No. 826/22 (AR$ / MW-month) | Between 585 and 1,023 |
Minimum Remuneration To Thermal Power Generator 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Remuniration | Operated energy |
SE No. 31/20 ($ / MW-month) | 84 |
SE No. 440/21 ($ / MW-month) | 108 |
SE No. 238/22 (AR$ / MW-month) | 154 |
SE No. 826/22 (AR$ / MW-month) | 204 |
REGULATORY FRAMEWORK (Details 8
REGULATORY FRAMEWORK (Details 8) | 12 Months Ended |
Dec. 31, 2022 | |
Minimum Remuneration To Thermal Power Generator [Member] | |
IfrsStatementLineItems [Line Items] | |
[custom:Remuneration1] | Generated energy |
SE No. 31/20 ($ / MW-month) | 210 |
SE No. 440/21 ($ / MW-month) | 271 |
SE No. 238/22 (AR$ / MW-month) | 388 |
SE No. 826/22 (AR$ / MW-month) | 512 |
Minimum Remuneration To Thermal Power Generator 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
[custom:Remuneration1] | Operated energy |
SE No. 31/20 ($ / MW-month) | 84 |
SE No. 440/21 ($ / MW-month) | 108 |
SE No. 238/22 (AR$ / MW-month) | 154 |
SE No. 826/22 (AR$ / MW-month) | 204 |
REGULATORY FRAMEWORK (Details 9
REGULATORY FRAMEWORK (Details 9) | 12 Months Ended |
Dec. 31, 2022 | |
Minimum Remuneration To Thermal Power Generator [Member] | |
IfrsStatementLineItems [Line Items] | |
Remuneration 1 | Generated energy |
SE No. 31/20 ($ / MW-month) | 210 |
SE No. 440/21 ($ / MW-month) | 271 |
SE No. 238/22 (AR$ / MW-month) | 388 |
SE No. 826/22 (AR$ / MW-month) | 512 |
Minimum Remuneration From Unconvention Sources [Member] | |
IfrsStatementLineItems [Line Items] | |
SE No. 31/20 ($ / MW-month) | 1,680 |
SE No. 440/21 ($ / MW-month) | 2,167 |
SE No. 238/22 (AR$ / MW-month) | 3,099 |
SE No. 826/22 (AR$ / MW-month) | 3,719 |
REGULATORY FRAMEWORK (Details N
REGULATORY FRAMEWORK (Details Narrative) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Aug. 31, 2023 | Feb. 28, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Feb. 25, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Regulatory Framework | |||||||
Power capacity term | 15 years | ||||||
Percentage of commitment capacity | 85% | ||||||
Net power capacity term | 5 years | ||||||
Percentage of remuneration power capacity | 35% | 15% | |||||
Percentage of spot remuneration values modified | 20% | ||||||
Percentage of economic transaction | 28% | 25% | 10% | ||||
Percentage of remuneration | 25% | ||||||
Percentage of increase remuneration | 23% | ||||||
Asessed tax | $ 100 | ||||||
Taxable income | $ 300 | $ 300 | |||||
Prepayment paid | $ 1,863 | 1,863 | |||||
Purchase investment property | $ 30,000 |
ACCOUNTING POLICIES (Details)
ACCOUNTING POLICIES (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Buildings [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment estimated useful lives | 50 years |
Other property, plant and equipment [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment estimated useful lives | 5 years |
Other property, plant and equipment [member] | Vehicles [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment estimated useful lives | 3 years |
Vehicles [member] | Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment estimated useful lives | 5 years |
Computer equipment [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment estimated useful lives | 3 years |
Tools [Member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment estimated useful lives | 10 years |
Machinery [member] | Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment estimated useful lives | 30 years |
Machinery [member] | Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment estimated useful lives | 10 years |
ACCOUNTING POLICIES (Details Na
ACCOUNTING POLICIES (Details Narrative) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Applicable tax rate | 35% | 35% | 30% |
Argentina [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Applicable tax rate | 35% | ||
Ecuador [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Applicable tax rate | 25% | ||
Bolivia [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Applicable tax rate | 25% | ||
Uruguay [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Applicable tax rate | 25% | ||
E C [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Surcharge rate | 3% | ||
B O [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Withholding income tax rate | 12.50% | ||
Percentage of withholdings on dividends | 10% |
GROUP STRUCTURE (Details)
GROUP STRUCTURE (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Group Structure | ||||
Revenue | $ 493 | $ 1,085 | ||
Cost of sales | (398) | (926) | ||
Gross profit | 95 | 159 | ||
Selling expenses | (36) | (79) | ||
Administrative expenses | (26) | (64) | ||
Other operating income | 21 | 29 | ||
Other operating expenses | (18) | (25) | ||
Reversal of property, plant and equipment impairment | 16 | (589) | ||
Impairment of financial assets | (11) | (50) | ||
Operating income (loss) | 41 | (619) | ||
Gain on monetary position, net | 120 | 115 | ||
Financial income | 1 | |||
Financial costs | (106) | (110) | ||
Other financial results | 8 | (20) | ||
Financial results, net | 22 | (14) | ||
Profit (Loss) before income tax | 63 | (633) | ||
Income tax | (138) | 41 | ||
Loss of the year from discontinued operations | (75) | (592) | ||
Other comprehensive income (loss) | ||||
Results related to defined benefit plans | 1 | |||
Exchange differences on translation | 34 | (15) | ||
Exchange differences on translation | [1] | 30 | (19) | |
Other comprehensive income (loss) of the year from discontinued operations | 64 | (33) | ||
Total comprehensive loss of the year from discontinued operations | (11) | (625) | ||
Total (loss) profit of the year from discontinued operations attributable to: | ||||
Owners of the company | (39) | (499) | ||
Non - controlling interest | (36) | (93) | ||
Total comprehensive loss of the year from discontinued operations attributable to: | ||||
Owners of the company | (9) | (517) | ||
Non - controlling interest | (2) | (108) | ||
Total comprehensive (loss) income of the year from discontinued operations attributable to: | $ (11) | $ (625) | ||
[1]As of December 31, 2021, corresponds to the reclassification adjustment for exchange differences losses included in profit or loss on Edenor disposal. No exchange differences losses on translation were reconized during 2021. |
GROUP STRUCTURE (Details 1)
GROUP STRUCTURE (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Group Structure | |||
Net cash generated by operating activities | $ 116 | $ 211 | |
Net cash used in investing activities | (166) | (86) | |
Net cash used in financing activities | (7) | (73) | |
(Decrease) Increase in cash and cash equivalents | (57) | 52 | |
Cash and cash equivalents at the beginning of the year | 52 | 9 | |
Effect of devaluation and inflation on cash and cash equivalents | 5 | (9) | |
Cash and cash equivalents at the end of the year | $ 52 |
GROUP STRUCTURE (Details 2)
GROUP STRUCTURE (Details 2) - USD ($) $ in Millions | Dec. 31, 2022 | Aug. 12, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||||
Property, plant and equipment | $ 2,164 | $ 1,659 | ||
Trade receivables | 490 | 431 | ||
Borrowings | (1,613) | (1,438) | ||
Trade and other payables | $ (281) | $ (182) | ||
Greenwind [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Consideration transferred | $ (20.5) | |||
Fair value of the previous interest in Greenwind | (20.4) | |||
Total | (40.9) | |||
Property, plant and equipment | [1] | 127.7 | ||
Intangible assets - Customer contract | [2] | 31.6 | ||
Financial assets at fair value | 24.4 | |||
Trade receivables | [3] | 6.3 | ||
Other assets | 0.1 | |||
Cash and cash equivalents | 3.1 | |||
Borrowings | (89.3) | |||
Deferred tax liabilities | (54.3) | |||
Income tax liabilities | (4.4) | |||
Trade and other payables | (2) | |||
Provisions | (1.4) | |||
Tax liabilities | (0.9) | |||
Total acquisition price allocation | [4] | $ 40.9 | ||
[1]Mario Cebreiro Wind Farm’s fair value was assessed using the “cost-based approach,” which consists of the farm’s replacement cost new, adjusted by its loss of value resulting from physical deterioration and functional and economic obsolescence.[2]The fair value of this intangible asset regarding the identified business transactions has been determined through the application of the “income-based approach” and the “multi-period excess earnings” method. Key assumptions used considered: i) projected generation level; and ii) discount rate. The useful life was assessed based on the remaining years of the contract.[3]For acquired trade receivables, contractual value does not differ from fair value.[4]No differences in the acquired assets’ accounting valuation were identified, except for the values detailed under Property, plant and equipment and Intangible assets. |
GROUP STRUCTURE (Details 3)
GROUP STRUCTURE (Details 3) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Property, plant and equipment | $ 2,164 | $ 1,659 | |
Trade receivables | 490 | 431 | |
Trade and other payables | (281) | $ (182) | |
V A R [Member] | |||
IfrsStatementLineItems [Line Items] | |||
[custom:ConsiderationTransferred-0] | (128.1) | ||
Estimated price adjustment | 6.7 | ||
Total | (121.4) | ||
Property, plant and equipment | [1] | 167.7 | |
Intangible assets - Customer contract | [2] | 62.3 | |
Trade receivables | [3] | 4.9 | |
Other receivables | 1.2 | ||
Deferred tax liability | (60.2) | ||
Income tax liability | (5) | ||
Trade and other payables | (3.3) | ||
Other payables | (46) | ||
Tax liabilities | (0.2) | ||
Total acquisition price allocation | [4] | $ 121.4 | |
[1]Arauco Wind Farm’s fair value was assessed using the “cost-based approach,” which consists of the farm’s replacement cost new, adjusted by its loss of value resulting from physical deterioration and functional and economic obsolescence.[2]The fair value of this intangible asset regarding the identified business transactions has been determined through the application of the “income-based approach” and the “multi-period excess earnings” method. Key assumptions used considered: i) projected generation level; and ii) discount rate. The useful life was assessed based on the remaining years of the contract.[3]For acquired trade receivables, contractual value does not differ from fair value.[4]No differences in the acquired assets’ accounting valuation were identified, except for the values detailed under Property, plant and equipment and Intangible assets. |
GROUP STRUCTURE (Details 4)
GROUP STRUCTURE (Details 4) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Autotrol Renovable S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Subsidiary name | [1] | Autotrol Renovable S.A. (1) | |
Country | [1] | Argentina | |
Main activity | [1] | Generation | |
Direct and indirect participation | [1] | 100% | |
G A S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Subsidiary name | GASA | ||
Country | Argentina | ||
Main activity | Generation | ||
Direct and indirect participation | 100% | 100% | |
Enecor S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Subsidiary name | Enecor S.A. | ||
Country | Argentina | ||
Main activity | Electricity transportation | ||
Direct and indirect participation | 70% | 70% | |
Fideicomiso C I E S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Subsidiary name | Fideicomiso CIESA | ||
Country | Argentina | ||
Main activity | Investment | ||
Direct and indirect participation | 100% | 100% | |
Greenwind [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Subsidiary name | [2] | Greenwind (3) | |
Country | [2] | Argentina | |
Main activity | [2] | Generation | |
Direct and indirect participation | [2] | 100% | 50% |
Hidroelectrica Diamante S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Subsidiary name | HIDISA | ||
Country | Argentina | ||
Main activity | Generation | ||
Direct and indirect participation | 61% | 61% | |
Hidroelectrica Los Nihuiles S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Subsidiary name | HINISA | ||
Country | Argentina | ||
Main activity | Generation | ||
Direct and indirect participation | 52.04% | 52.04% | |
C I S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Subsidiary name | CISA | ||
Country | Argentina | ||
Main activity | Trader & investment | ||
Direct and indirect participation | 100% | 100% | |
Pampa Energia Bolivia S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Subsidiary name | PEB | ||
Country | Bolivia | ||
Main activity | Investment | ||
Direct and indirect participation | 100% | 100% | |
P B 18 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Subsidiary name | PB18 | ||
Country | Ecuador | ||
Main activity | Oil | ||
Direct and indirect participation | 100% | 100% | |
Energia Operaciones E N O P S A S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Subsidiary name | Energía Operaciones ENOPSA S.A. | ||
Country | Ecuador | ||
Main activity | Oil | ||
Direct and indirect participation | 100% | 100% | |
Pampa Ecuador [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Subsidiary name | Pampa Ecuador Inc | ||
Country | Ecuador | ||
Main activity | Investment | ||
Direct and indirect participation | 100% | 100% | |
Petrobras Energia Ecuador [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Subsidiary name | PE Energía Ecuador LTD | ||
Country | Gran Cayman | ||
Main activity | Investment | ||
Direct and indirect participation | 100% | 100% | |
E I S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Subsidiary name | EISA | ||
Country | Uruguay | ||
Main activity | Investment | ||
Direct and indirect participation | 100% | 100% | |
Pampa Inversiones S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Subsidiary name | PISA | ||
Country | Uruguay | ||
Main activity | Investment | ||
Direct and indirect participation | 100% | 100% | |
Transportey Serviciosde Gasen Uruguay S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Subsidiary name | TGU | ||
Country | Uruguay | ||
Main activity | Gas transportation | ||
Direct and indirect participation | 51% | 51% | |
Corod Produccion S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Subsidiary name | [2] | Corod (3) | |
Country | [2] | Venezuela | |
Main activity | [2] | Oil | |
Direct and indirect participation | [2] | 100% | |
Petrolera San Carlos S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Subsidiary name | Petrolera San Carlos S.A. | ||
Country | Venezuela | ||
Main activity | Oil | ||
Direct and indirect participation | 100% | 100% | |
Vientos De Arauco Renovables S A U [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Subsidiary name | [3] | Vientos de Arauco Renovables S.A.U. (4) | |
Country | [3] | Argentina | |
Main activity | [3] | Generation | |
Direct and indirect participation | [3] | 100% | |
Vientos Solutions Argentina S A U [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Subsidiary name | Vientos Solutions Argentina S.A.U. | ||
Country | Argentina | ||
Main activity | Advisory services | ||
Direct and indirect participation | 100% | ||
V S S L [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Subsidiary name | [4] | VS S.L. (2) | |
Country | [4] | España | |
Main activity | [4] | Investment | |
Direct and indirect participation | [4] | 100% | |
[1]See Note 5.1.4.[2] Interest assigned under the assignment of the indirect interest in the capital stock of mixed companies in Venezuela. See Note 5.3.2. See Note 5.1.5. See Note 5.1.3. |
GROUP STRUCTURE (Details 5)
GROUP STRUCTURE (Details 5) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
IfrsStatementLineItems [Line Items] | ||||
Share capital | $ 36 | $ 36 | ||
(Loss) Profit of the year | $ 457 | $ 238 | $ (468) | |
Compania De Inversiones De Energia S A [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Joint ventures | [1] | CIESA | ||
Main activity | [1] | Investment | ||
Date | [1] | Dec. 31, 2022 | ||
Share capital | [1] | $ 4 | ||
(Loss) Profit of the year | [1] | 93 | ||
Equity | [1] | $ 770 | ||
Compania Inversora En Transmision Electrica Citelec S A [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Joint ventures | [2] | Citelec | ||
Main activity | [2] | Investment | ||
Date | [2] | Dec. 31, 2022 | ||
Share capital | [2] | $ 3 | ||
(Loss) Profit of the year | [2] | 5 | ||
Equity | [2] | $ 235 | ||
C T B [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Joint ventures | CTB | |||
Main activity | Generation | |||
Date | Dec. 31, 2022 | |||
Share capital | $ 48 | |||
(Loss) Profit of the year | 53 | |||
Equity | $ 536 | |||
Oleoducto De Crudos Pesados [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Joint ventures | OCP | |||
Main activity | Investment | |||
Date | Dec. 31, 2022 | |||
Share capital | $ 100 | |||
(Loss) Profit of the year | (4) | |||
Equity | $ 96 | |||
Transportadora De Gas Del Sur S A [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Joint ventures | [1] | TGS | ||
Main activity | [1] | Gas transportation | ||
Date | [1] | Dec. 31, 2022 | ||
Share capital | [1] | $ 4 | ||
(Loss) Profit of the year | [1] | 182 | ||
Equity | [1] | $ 1,508 | ||
[1]The Company holds a direct and indirect interest of 3.764% in TGS and 50% in CIESA, a company that holds a 51% interest in the share capital of TGS. Therefore, additionally the Company has an indirect participation of 25.50% in TGS.[2]The Company holds a 50% interest in Citelec, a company that holds a 52.65% interest in Transener’s capital stock; therefore, the Company has a 26.33% indirect interest in Transener. As of December 31, 2022, Transener’s common share price listed at the Buenos Aires Stock Exchange was $ 184,50, conferring Pampa’s indirect interest an approximate $ 21,598 million market value. |
GROUP STRUCTURE (Details 6)
GROUP STRUCTURE (Details 6) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Interests in associates | $ 82 | $ 98 | |
Interests in joint ventures | 820 | 676 | |
Interests in associates and joint ventures | 902 | 774 | |
Investments in joint ventures and associates | (4) | ||
Compania De Inversione De Energia S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Interests in joint ventures | 435 | 347 | |
Compania Inversora En Transmision Electrica Citelec S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Interests in joint ventures | 117 | 102 | |
C T Barragan S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Interests in joint ventures | 268 | 227 | |
Greenwind S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Investments in joint ventures and associates | (4) | ||
Refineria Del Norte S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Interests in associates | [1] | 22 | |
Oleoducto De Crudos Pesados Ltd [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Interests in associates | 15 | 24 | |
Transportadora De Gas Del Sur S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Interests in associates | $ 67 | $ 52 | |
[1]See Note 5.1.2. |
GROUP STRUCTURE (Details 7)
GROUP STRUCTURE (Details 7) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
IfrsStatementLineItems [Line Items] | ||||
Share of profit (loss) of associates | $ (6) | $ 23 | $ (6) | |
Share of profit (loss) of joint ventures | 111 | 94 | 91 | |
Total investments in associates and joint ventures | 105 | 117 | 85 | |
C I E S A [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Share of profit (loss) of joint ventures | 43 | 50 | 11 | |
C T B [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Share of profit (loss) of joint ventures | 41 | 49 | 64 | |
Citelec [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Share of profit (loss) of joint ventures | 3 | (3) | 13 | |
Greenwind [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Share of profit (loss) of joint ventures | [1] | 24 | (2) | 3 |
Refinor [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Share of profit (loss) of associates | (12) | (2) | (2) | |
O C P [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Share of profit (loss) of associates | (1) | 18 | (5) | |
T G S 1 [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Share of profit (loss) of associates | $ 7 | $ 7 | $ 1 | |
[1]See Note 5.1.3. |
GROUP STRUCTURE (Details 8)
GROUP STRUCTURE (Details 8) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Group Structure | ||||
At the beginning of the year | $ 770 | $ 547 | $ 507 | |
Compensation | (5) | |||
Dividends | (8) | (34) | ||
Increases | 1 | 17 | 3 | |
Decrease due to acquisition of control | [1] | (20) | ||
Decrease due to sale of equity interests | [2] | (6) | ||
[custom:ShareOfProfitLossOfAssociatesAndJointVentureAccountedForUsingEquityMethod] | 116 | 117 | 85 | |
Impairment | [2] | (11) | ||
Exchange differences | 60 | 89 | (9) | |
At the end of the year | $ 902 | $ 770 | $ 547 | |
[1]See Note 5.1.3.[2]See Note 5.1.2. |
GROUP STRUCTURE (Details 9)
GROUP STRUCTURE (Details 9) - Pampa Energia Bolivia S A [Member] $ in Millions | Aug. 12, 2021 USD ($) | |
IfrsStatementLineItems [Line Items] | ||
Acquisition cost | $ (5) | |
Total consideration transferred | (5) | |
Share value of the interest in the fair value of associates&#8217;s identifiable assets and liabilities | 12.7 | [1] |
Dividends to be received | 9.5 | |
Fair value of net assets | 22.2 | |
Profit | $ 17.2 | [2] |
[1]Calculated based on the present value of expected dividend flows.[2]Disclosed under “Share of profit from associates and joint ventures”. |
GROUP STRUCTURE (Details 10)
GROUP STRUCTURE (Details 10) | 12 Months Ended | |
Dec. 31, 2022 | ||
Argentinian Production 1 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Joint operation name | Río Neuquén | |
Operator name | YPF | |
Duration up to | 2027/2051 | |
Argentinian Production 1 [Member] | Minimum [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Direct participation | 3,142% | |
Argentinian Production 1 [Member] | Maximum [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Direct participation | 3,307% | |
Argentinian Production 2 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Joint operation name | Sierra Chata | |
Direct participation | 4,555% | |
Operator name | PAMPA | |
Location | Neuquén | |
Duration up to | 2053 | |
Argentinian Production 3 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Joint operation name | El Mangrullo | |
Direct participation | 10,000% | |
Operator name | PAMPA | |
Location | Neuquén | |
Duration up to | 2053 | |
Argentinian Production 4 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Joint operation name | La Tapera - Puesto Quiroga | |
Direct participation | 3,567% | |
Operator name | Tecpetrol | |
Location | Chubut | |
Duration up to | 2027 | |
Argentinian Production 5 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Joint operation name | El Tordillo | |
Direct participation | 3,567% | |
Operator name | Tecpetrol | |
Location | Chubut | |
Duration up to | 2027 | |
Argentinian Production 6 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Joint operation name | Aguaragüe | [1] |
Direct participation | 1,500% | [1] |
Operator name | Tecpetrol | [1] |
Duration up to | 2023/2027 | [1] |
Location | Salta | [1] |
Argentinian Production 7 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Joint operation name | Gobernador Ayala | |
Direct participation | 2,251% | |
Operator name | Pluspetrol | |
Location | Mendoza | |
Duration up to | 2036 | |
Argentinian Production 8 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Joint operation name | Anticlinal Campamento | [2] |
Direct participation | 1,500% | [2] |
Operator name | Oilstone | [2] |
Location | Neuquén | [2] |
Duration up to | 2026 | [2] |
Argentinian Production 9 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Joint operation name | Estación Fernández Oro | [3] |
Direct participation | 1,500% | [3] |
Operator name | YPF | [3] |
Location | Río Negro | [3] |
Duration up to | 2026 | [3] |
Argentinian Production 10 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Joint operation name | Río Limay este (Ex Senillosa) | [4] |
Direct participation | 8,500% | [4] |
Operator name | PAMPA | [4] |
Location | Neuquén | [4] |
Duration up to | 2040 | [4] |
Argentinian Production 11 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Joint operation name | Veta Escondida y Rincón de Aranda | |
Direct participation | 5,500% | |
Operator name | PAMPA | |
Location | Neuquén | |
Duration up to | 2027 | |
Argentinian Production 12 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Joint operation name | Rincón del Mangrullo | |
Direct participation | 5,000% | |
Operator name | YPF | |
Location | Neuquén | |
Duration up to | 2052 | |
Argentinian Production 13 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Joint operation name | Los Blancos (ex Chirete) | |
Direct participation | 5,000% | |
Operator name | High Luck Group Limited | |
Location | Salta | |
Duration up to | 2045 | |
Argentinian Exploration 1 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Joint operation name | Parva Negra Este | [5] |
Direct participation | 4,250% | [5] |
Operator name | PAMPA | [5] |
Location | Neuquén | [5] |
Duration up to | 2019 | [5] |
Argentinian Exploration 2 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Joint operation name | Río Atuel | [6] |
Direct participation | 3,333% | [6] |
Operator name | Petrolera El Trebol | [6] |
Location | Mendoza | [6] |
Duration up to | 2023 | [6] |
Argentinian Exploration 3 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Joint operation name | Borde del Limay | [7] |
Direct participation | 8,500% | [7] |
Operator name | PAMPA | [7] |
Location | Neuquén | [7] |
Duration up to | 2015 | [7] |
Argentinian Exploration 4 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Joint operation name | Los Vértices | [7] |
Direct participation | 8,500% | [7] |
Operator name | PAMPA | [7] |
Location | Neuquén | [7] |
Duration up to | 2015 | [7] |
Argentinian Exploration 5 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Joint operation name | Las Tacanas Norte | [8] |
Direct participation | 9,000% | [8] |
Operator name | PAMPA | [8] |
Location | Neuquén | [8] |
Duration up to | 2023 | [8] |
[1]On February 3, 2023, an agreement for a 10-year extension of the concession was signed with the enforcement authority. The Provincial Executive Order ratifying this agreement is pending publication.[2]Direct participation in 9 wells. On January 19, 2023, the Company accepted Oilstone Energía S.A.’s offer to terminate its rights and obligations under the investment agreement, the Joint Venture and the operating agreement of the block, effective from January 1, 2023.[3]Direct participation in 13 wells.[4]On January 2, 2023, the environmental remediation plan was approved by the Province of Neuquén’s Subsecretariat of Environment, a necessary preliminary step to relinquish the block.[5]A contractual continuity plan was submitted (see details below).[6]Pursuant to Resolution No. 1,787/22 of the Province of Mendoza’s Ministry of Economy and Energy, the granting of a lot under evaluation, requested by Phoenix Global Resources —Petrolera El Trébol’s controlling company— and the Company on April 6, 2022, was approved until August 31, 2023.[7]Under process of relinquishment to the province.[8]On January 4, 2023, the exploration period terminated, and the Company’s rights and obligations over the area expired. |
GROUP STRUCTURE (Details 11)
GROUP STRUCTURE (Details 11) Number in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Number | Dec. 31, 2021 USD ($) Number | Dec. 31, 2020 USD ($) Number | |
Group Structure | |||
At the beginning of the year | $ 42 | $ 50 | $ 33 |
Increases | 2 | 8 | 24 |
Transferred to development | (6) | (16) | (7) |
At the end of the year | $ 38 | $ 42 | $ 50 |
Number of wells at the end of the year | Number | 7 | 10 | 12 |
GROUP STRUCTURE (Details Narrat
GROUP STRUCTURE (Details Narrative) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||
Dec. 12, 2022 | Oct. 14, 2022 | Aug. 12, 2022 | Aug. 12, 2021 | Sep. 30, 2022 | Sep. 15, 2022 | Aug. 22, 2022 | May 16, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 14, 2022 | |
IfrsStatementLineItems [Line Items] | |||||||||||
impairment losses | $ 11 | $ 589 | |||||||||
Percentage of sale | 28.50% | ||||||||||
Capital stock price | $ 5.7 | ||||||||||
Collect cash | $ 1.7 | ||||||||||
Collected cash | $ 4 | ||||||||||
Interest rate | 8% | ||||||||||
Acquisition amount | $ 20.5 | ||||||||||
Equity interest rate | 50% | ||||||||||
Percentage of fair value | 50% | ||||||||||
Acquisition revenues | $ 11.3 | ||||||||||
Net earnings | 3.5 | ||||||||||
Revenues from sale | 1,844 | ||||||||||
Additional equity interest | 20.5 | ||||||||||
Cash and cash equivalents | 3.1 | ||||||||||
Net cash flow | 17.4 | ||||||||||
Capacity price | $ 171 | ||||||||||
Interest liability | $ 46 | ||||||||||
Revenues from sales | 1,858 | $ 448 | |||||||||
Partial payment public securities | 34.9 | ||||||||||
Accrued amount | $ 4,235 | $ 25 | |||||||||
Fixed interest rate | 0% | 0% | |||||||||
Maturity date | May 16, 2025 | May 16, 2025 | |||||||||
Accruing interest | $ 1,754 | ||||||||||
Variable fixed interest rate | 2.98% | ||||||||||
Maturity dates | Nov. 16, 2023 | ||||||||||
Accruing interest rate | 1% | ||||||||||
Additional accruing interest | $ 58.6 | ||||||||||
Fair value of accrued | 10.7 | ||||||||||
Outstanding face value | $ 32.2 | ||||||||||
Impairment reversal | $ 1.6 | ||||||||||
Percentage of discount rate | 15.09% | ||||||||||
Exploration interest rate | 4,250% | ||||||||||
Greenwinds [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Revenues from sale | $ 459 |
RISKS (Details)
RISKS (Details) - Number | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Variation of the result for the year | 62 | 49 |
Shares [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Variation of the result for the year | 19 | 15 |
Government Securities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Variation of the result for the year | 28 | 28 |
Corporate Bonds [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Variation of the result for the year | 12 | 2 |
Investment funds [member] | ||
IfrsStatementLineItems [Line Items] | ||
Variation of the result for the year | 3 | 4 |
RISKS (Details 1)
RISKS (Details 1) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Total borrowings | $ 1,613 | $ 1,438 |
Fixed interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total borrowings | 1,230 | 1,329 |
Fixed interest rate [member] | Argentinian Pesos [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total borrowings | 57 | 11 |
Fixed interest rate [member] | U S Dollar [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total borrowings | 1,173 | 1,318 |
Floating interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total borrowings | 289 | 87 |
Floating interest rate [member] | Argentinian Pesos [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total borrowings | 140 | |
Floating interest rate [member] | U S Dollar [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total borrowings | 149 | 87 |
Non Interest Accrues [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total borrowings | 94 | 22 |
Non Interest Accrues [Member] | Argentinian Pesos [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total borrowings | 22 | |
Non Interest Accrues [Member] | U S Dollar [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total borrowings | $ 72 | $ 22 |
RISKS (Details 2)
RISKS (Details 2) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Undue [Member] | Generation [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 0.08% | 0.06% | 0.35% |
Undue [Member] | Oil Gas [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 0.18% | 0.04% | 0.49% |
Undue [Member] | Petrochemicals [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 0% | 0% | 0.02% |
Undue [Member] | Holding [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 0% | 0% | 12.58% |
Thirty Days [Member] | Generation [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 0.26% | 0.29% | 1.11% |
Thirty Days [Member] | Oil Gas [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 0.48% | 0.17% | 0.72% |
Thirty Days [Member] | Petrochemicals [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 0% | 0% | 0.06% |
Thirty Days [Member] | Holding [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 0% | 0% | 0.94% |
Sixty Days [Member] | Generation [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 2.54% | 2.08% | 5.74% |
Sixty Days [Member] | Oil Gas [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 13.24% | 0.77% | 5.96% |
Sixty Days [Member] | Petrochemicals [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 0% | 0.01% | 0.72% |
Sixty Days [Member] | Holding [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 0% | 0.01% | 0% |
Ninety Days [Member] | Generation [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 7.11% | 2.83% | 9.78% |
Ninety Days [Member] | Oil Gas [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 31.50% | 2.72% | 16.21% |
Ninety Days [Member] | Petrochemicals [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 0% | 0.05% | 2.26% |
Ninety Days [Member] | Holding [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 0% | 0.05% | 0% |
One Hundred Twenty Days [Member] | Generation [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 14.37% | 4.67% | 11.23% |
One Hundred Twenty Days [Member] | Oil Gas [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 32.01% | 6.88% | 16.23% |
One Hundred Twenty Days [Member] | Petrochemicals [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 0% | 0.12% | 9.95% |
One Hundred Twenty Days [Member] | Holding [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 0% | 0.12% | 0% |
One Hundred Fifty Days [Member] | Generation [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 21.39% | 6.12% | 19.77% |
One Hundred Fifty Days [Member] | Oil Gas [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 32.09% | 19.88% | 17.74% |
One Hundred Fifty Days [Member] | Petrochemicals [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 0% | 0.52% | 23.84% |
One Hundred Fifty Days [Member] | Holding [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 0% | 0.52% | 0% |
One Hundred Eighty Days [Member] | Generation [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 27.22% | 6.24% | 20.87% |
One Hundred Eighty Days [Member] | Oil Gas [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 32.31% | 21.97% | 17.76% |
One Hundred Eighty Days [Member] | Petrochemicals [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 0% | 0.52% | 19.14% |
One Hundred Eighty Days [Member] | Holding [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 0% | 0.52% | 0% |
One Hundred Eighty Days And More [Member] | Generation [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 33.01% | 6.25% | 22.71% |
One Hundred Eighty Days And More [Member] | Oil Gas [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 32.38% | 15.89% | 17.79% |
One Hundred Eighty Days And More [Member] | Petrochemicals [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 0% | 0.54% | 36.92% |
One Hundred Eighty Days And More [Member] | Holding [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit loss on trade receivables and financial assets | 0% | 0.54% | 0% |
RISKS (Details 3)
RISKS (Details 3) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Risks | ||
Current assets | $ 1,343 | $ 1,125 |
Current liabilities | $ 631 | $ 342 |
Liquidity index | 2.13% | 3.29% |
RISKS (Details 4)
RISKS (Details 4) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Trade receivables | $ 490 | $ 431 | |
Trade and other payables | [1] | 302 | 194 |
Borrowings | 2,103 | 1,996 | |
Not later than three months [member] | |||
IfrsStatementLineItems [Line Items] | |||
Trade receivables | 412 | 304 | |
Trade and other payables | [1] | 231 | 178 |
Borrowings | 118 | 56 | |
Later than three months and not later than one year [member] | |||
IfrsStatementLineItems [Line Items] | |||
Trade receivables | 19 | 61 | |
Trade and other payables | [1] | 50 | 4 |
Borrowings | 304 | 102 | |
Later than one year and not later than two years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Trade receivables | 6 | 6 | |
Trade and other payables | [1] | 12 | 5 |
Borrowings | 357 | 557 | |
Later than two years and not later than five years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Trade receivables | 12 | 18 | |
Trade and other payables | [1] | 3 | 3 |
Borrowings | 992 | 256 | |
Later than five years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Trade receivables | 0 | 0 | |
Trade and other payables | [1] | 6 | 4 |
Borrowings | 332 | 1,025 | |
No Set Maturity Term [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Trade receivables | 41 | 42 | |
Trade and other payables | 0 | 0 | |
Borrowings | |||
[1]Corresponding to the investment plan’s readjustment bond at the Sierra Chata block (see Note 17.2). |
RISKS (Details 5)
RISKS (Details 5) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Risks | ||
Total borrowings | $ 1,613 | $ 1,438 |
Less: cash and cash equivalents, and financial assets at fair value through profit and loss | (692) | (568) |
Net debt | 921 | 870 |
Total capital attributable to owners | $ 3,198 | $ 2,655 |
Leverage ratio | 2,880% | 3,277% |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Gross profit | $ 681 | $ 553 | $ 410 |
Other operating income | 131 | 105 | 51 |
Other operating expenses | (46) | (58) | (36) |
Share of profit from associates and joint ventures | 105 | 117 | 85 |
Operating income (loss) | 631 | 579 | 243 |
Financial income | 5 | 10 | 9 |
Other financial results | 166 | (14) | 84 |
Financial results, net | (50) | (189) | (84) |
Profit (loss) before income tax | 581 | 390 | 159 |
Profit (loss) of the year | 457 | 238 | (468) |
Total profit (loss) of the year attributable to: | |||
Owners of the company | 456 | 273 | (367) |
Non-controlling interest | 1 | (35) | (101) |
Profit (loss) of the year from continuing operations | 457 | 313 | 124 |
Loss of the year from discontinued operations | (75) | (592) | |
Generation [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue - local market | 663 | 656 | 559 |
Revenue - foreign market | |||
Intersegment revenue | |||
Cost of sales | (370) | (355) | (254) |
Gross profit | 293 | 301 | 305 |
Selling expenses | (3) | (2) | (2) |
Administrative expenses | (39) | (31) | (30) |
Other operating income | 25 | 42 | 35 |
Other operating expenses | (5) | (5) | (6) |
Impairment of property, plant and equipment, intangible assets and inventories | |||
Impairment of financial assets | |||
Share of profit from associates and joint ventures | 65 | 47 | 67 |
Operating income (loss) | 336 | 350 | 241 |
Financial income | 1 | 4 | 3 |
Financial costs | (82) | (46) | (73) |
Other financial results | 72 | (14) | 1 |
Financial results, net | (9) | (56) | (69) |
Profit (loss) before income tax | 327 | 294 | 172 |
Income tax | (73) | (75) | (33) |
Profit (loss) of the year | 254 | 219 | 139 |
Depreciation and amortization | 82 | 88 | 95 |
Total profit (loss) of the year attributable to: | |||
Owners of the company | 253 | 218 | 147 |
Non-controlling interest | 1 | 1 | (8) |
Assets | 2,464 | 1,670 | 1,595 |
Liabilities | 979 | 525 | 707 |
Net book values of property, plant and equipment | 1,299 | 969 | 1,015 |
Increases in property, plant and equipment and right-of-use assets | 115 | 39 | 61 |
Impairment of property, plant and equipment, intangible assets and inventories | (2) | (128) | |
Profit (loss) of the year from continuing operations | 219 | 139 | |
Loss of the year from discontinued operations | |||
Oil And Gas Segment [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue - local market | 370 | 282 | 199 |
Revenue - foreign market | 159 | 58 | 28 |
Intersegment revenue | 117 | 113 | 67 |
Cost of sales | (359) | (289) | (243) |
Gross profit | 287 | 164 | 51 |
Selling expenses | (36) | (18) | (15) |
Administrative expenses | (60) | (46) | (42) |
Other operating income | 61 | 58 | 9 |
Other operating expenses | (26) | (28) | (17) |
Impairment of property, plant and equipment, intangible assets and inventories | (30) | ||
Impairment of financial assets | (2) | (13) | |
Share of profit from associates and joint ventures | |||
Operating income (loss) | 194 | 130 | (27) |
Financial income | 2 | 3 | 7 |
Financial costs | (107) | (103) | (100) |
Other financial results | (28) | (16) | 44 |
Financial results, net | (133) | (116) | (49) |
Profit (loss) before income tax | 61 | 14 | (76) |
Income tax | (16) | 8 | 23 |
Profit (loss) of the year | 45 | 22 | (53) |
Depreciation and amortization | 125 | 114 | 108 |
Total profit (loss) of the year attributable to: | |||
Owners of the company | 45 | 22 | (53) |
Non-controlling interest | |||
Assets | 1,234 | 1,157 | 1,085 |
Liabilities | 1,248 | 1,324 | 1,174 |
Net book values of property, plant and equipment | 807 | 636 | 543 |
Increases in property, plant and equipment and right-of-use assets | 324 | 213 | 41 |
Impairment of property, plant and equipment, intangible assets and inventories | |||
Profit (loss) of the year from continuing operations | 22 | (53) | |
Loss of the year from discontinued operations | |||
Petrochemicals [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue - local market | 425 | 310 | 178 |
Revenue - foreign market | 192 | 180 | 89 |
Intersegment revenue | |||
Cost of sales | (536) | (424) | (233) |
Gross profit | 81 | 66 | 34 |
Selling expenses | (17) | (13) | (9) |
Administrative expenses | (5) | (4) | (3) |
Other operating income | 1 | 1 | |
Other operating expenses | (6) | (3) | (6) |
Impairment of property, plant and equipment, intangible assets and inventories | (2) | ||
Impairment of financial assets | 1 | ||
Share of profit from associates and joint ventures | |||
Operating income (loss) | 52 | 45 | 6 |
Financial income | |||
Financial costs | (3) | (3) | (3) |
Other financial results | 6 | (2) | 5 |
Financial results, net | 3 | (5) | 2 |
Profit (loss) before income tax | 55 | 40 | 8 |
Income tax | (15) | (12) | (2) |
Profit (loss) of the year | 40 | 28 | 6 |
Depreciation and amortization | 5 | 3 | 2 |
Total profit (loss) of the year attributable to: | |||
Owners of the company | 40 | 28 | 6 |
Non-controlling interest | |||
Assets | 177 | 176 | 107 |
Liabilities | 147 | 166 | 126 |
Net book values of property, plant and equipment | 24 | 22 | 19 |
Increases in property, plant and equipment and right-of-use assets | 7 | 6 | 3 |
Impairment of property, plant and equipment, intangible assets and inventories | (2) | (11) | |
Profit (loss) of the year from continuing operations | 28 | 6 | |
Loss of the year from discontinued operations | |||
Holding And Others [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue - local market | 20 | 22 | 20 |
Revenue - foreign market | |||
Intersegment revenue | |||
Cost of sales | |||
Gross profit | 20 | 22 | 20 |
Selling expenses | |||
Administrative expenses | (34) | (18) | (18) |
Other operating income | 44 | 4 | 7 |
Other operating expenses | (9) | (22) | (7) |
Impairment of property, plant and equipment, intangible assets and inventories | (6) | ||
Impairment of financial assets | (6) | (2) | 3 |
Share of profit from associates and joint ventures | 40 | 70 | 18 |
Operating income (loss) | 49 | 54 | 23 |
Financial income | 9 | 4 | 1 |
Financial costs | (36) | (34) | (3) |
Other financial results | 116 | 18 | 34 |
Financial results, net | 89 | (12) | 32 |
Profit (loss) before income tax | 138 | 42 | 55 |
Income tax | (20) | 2 | (23) |
Profit (loss) of the year | 118 | 44 | 32 |
Depreciation and amortization | |||
Total profit (loss) of the year attributable to: | |||
Owners of the company | 118 | 44 | 32 |
Non-controlling interest | |||
Assets | 1,029 | 1,067 | 832 |
Liabilities | 245 | 264 | 178 |
Net book values of property, plant and equipment | 34 | 32 | 33 |
Increases in property, plant and equipment and right-of-use assets | 36 | 6 | 2 |
Impairment of property, plant and equipment, intangible assets and inventories | |||
Profit (loss) of the year from continuing operations | 44 | 32 | |
Loss of the year from discontinued operations | |||
Eliminations [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue - local market | |||
Revenue - foreign market | |||
Intersegment revenue | (117) | (113) | (67) |
Cost of sales | 117 | 113 | 67 |
Gross profit | |||
Selling expenses | |||
Administrative expenses | |||
Other operating income | |||
Other operating expenses | |||
Impairment of property, plant and equipment, intangible assets and inventories | |||
Impairment of financial assets | |||
Share of profit from associates and joint ventures | |||
Operating income (loss) | |||
Financial income | (7) | (1) | (2) |
Financial costs | 7 | 1 | 2 |
Other financial results | |||
Financial results, net | |||
Profit (loss) before income tax | |||
Income tax | |||
Profit (loss) of the year | |||
Depreciation and amortization | |||
Total profit (loss) of the year attributable to: | |||
Owners of the company | |||
Non-controlling interest | |||
Assets | (162) | (209) | (85) |
Liabilities | (161) | (209) | (85) |
Net book values of property, plant and equipment | |||
Increases in property, plant and equipment and right-of-use assets | |||
Impairment of property, plant and equipment, intangible assets and inventories | |||
Profit (loss) of the year from continuing operations | |||
Loss of the year from discontinued operations | |||
Consolidateds [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue - local market | 1,478 | 1,270 | 956 |
Revenue - foreign market | 351 | 238 | 117 |
Intersegment revenue | |||
Cost of sales | (1,148) | (955) | (663) |
Gross profit | 681 | 553 | 410 |
Selling expenses | (56) | (33) | (26) |
Administrative expenses | (138) | (99) | (93) |
Other operating income | 131 | 105 | 51 |
Other operating expenses | (46) | (58) | (36) |
Impairment of property, plant and equipment, intangible assets and inventories | (38) | ||
Impairment of financial assets | (8) | (2) | (9) |
Share of profit from associates and joint ventures | 105 | 117 | 85 |
Operating income (loss) | 631 | 579 | 243 |
Financial income | 5 | 10 | 9 |
Financial costs | (221) | (185) | (177) |
Other financial results | 166 | (14) | 84 |
Financial results, net | (50) | (189) | (84) |
Profit (loss) before income tax | 581 | 390 | 159 |
Income tax | (124) | (77) | (35) |
Profit (loss) of the year | 457 | 238 | (468) |
Depreciation and amortization | 212 | 205 | 286 |
Total profit (loss) of the year attributable to: | |||
Owners of the company | 456 | 273 | (367) |
Non-controlling interest | 1 | (35) | (101) |
Assets | 4,742 | 3,861 | 4,890 |
Liabilities | 2,458 | 2,070 | 3,121 |
Net book values of property, plant and equipment | 2,164 | 1,659 | 1,610 |
Increases in property, plant and equipment and right-of-use assets | $ 482 | 264 | 242 |
Impairment of property, plant and equipment, intangible assets and inventories | (4) | (139) | |
Profit (loss) of the year from continuing operations | 313 | 124 | |
Loss of the year from discontinued operations | (75) | (592) | |
Distribution Of Energy [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue - local market | |||
Revenue - foreign market | |||
Intersegment revenue | |||
Cost of sales | |||
Gross profit | |||
Selling expenses | |||
Administrative expenses | |||
Other operating income | |||
Other operating expenses | |||
Impairment of financial assets | |||
Share of profit from associates and joint ventures | |||
Operating income (loss) | |||
Financial income | |||
Financial costs | |||
Other financial results | |||
Financial results, net | |||
Profit (loss) before income tax | |||
Income tax | |||
Profit (loss) of the year | (75) | (592) | |
Depreciation and amortization | 81 | ||
Total profit (loss) of the year attributable to: | |||
Owners of the company | (39) | (499) | |
Non-controlling interest | (36) | (93) | |
Assets | 1,356 | ||
Liabilities | 1,021 | ||
Net book values of property, plant and equipment | |||
Increases in property, plant and equipment and right-of-use assets | 135 | ||
Impairment of property, plant and equipment, intangible assets and inventories | |||
Profit (loss) of the year from continuing operations | |||
Loss of the year from discontinued operations | $ (75) | $ (592) |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Revenue | $ 1,829 | $ 1,508 | $ 1,073 |
Generation [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 663 | 656 | 559 |
Generation [Member] | Sales Of Energy To The S P O T Market [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 210 | 167 | 179 |
Generation [Member] | Sales Of Energy By Contract [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 346 | 380 | 323 |
Generation [Member] | Fuel Supply [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 103 | 104 | 54 |
Generation [Member] | Other Sales [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 4 | 5 | 3 |
Oil And Gas Segment [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 529 | 340 | 227 |
Oil And Gas Segment [Member] | Other Sales [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 10 | 10 | 10 |
Oil And Gas Segment [Member] | Gas Sales [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 383 | 231 | 152 |
Oil And Gas Segment [Member] | Oil Sales [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 136 | 99 | 65 |
Petrochemicals [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 617 | 490 | 267 |
Petrochemicals [Member] | Other Sales [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 4 | 3 | 7 |
Petrochemicals [Member] | Products From Catalytic Reforming Sales [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 270 | 185 | 98 |
Petrochemicals [Member] | Styrene Sales [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 96 | 84 | 42 |
Petrochemicals [Member] | Synthetic Rubber Sales [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 106 | 99 | 49 |
Petrochemicals [Member] | Polystyrene Sales [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 141 | 119 | 71 |
Holding And Others [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 20 | 22 | 20 |
Holding And Others [Member] | Technical Assistance And Administration Services Sales [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 20 | 22 | 20 |
Holding And Others [Member] | Other [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue |
COST OF SALES (Details)
COST OF SALES (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Cost Of Sales | ||||
Inventories at the beginning of the year | $ 155 | [1] | $ 116 | $ 153 |
Plus: Charges of the year | ||||
Purchases of inventories, energy and gas | 502 | 433 | 153 | |
Salaries and social security charges | 79 | 59 | 51 | |
Employees benefits | 15 | 13 | 11 | |
Accrual of defined benefit plans | 5 | 4 | 4 | |
Works contracts, fees and compensation for services | 87 | 68 | 55 | |
Property, plant and equipment depreciation | 202 | 194 | 194 | |
Intangible assets amortization | 1 | 1 | 5 | |
Right-of-use assets amortization | 3 | 5 | 1 | |
Energy transportation | 8 | 6 | 5 | |
Transportation and freights | 35 | 22 | 20 | |
Consumption of materials | 30 | 26 | 17 | |
Penalties | 1 | 2 | ||
Maintenance | 61 | 52 | 26 | |
Canons and royalties | 89 | 65 | 42 | |
Environmental control | 5 | 4 | 4 | |
Rental and insurance | 31 | 27 | 23 | |
Surveillance and security | 4 | 3 | 2 | |
Taxes, rates and contributions | 5 | 4 | 3 | |
Other | 3 | 6 | 2 | |
Total charges of the year | 1,166 | 994 | 618 | |
Exchange differences on translation | 8 | |||
Less: Inventories at the end of the year | (173) | (155) | (116) | |
Total cost of sales | $ 1,148 | $ 955 | $ 663 | |
[1]It includes impairment loss as a result of the performed recoverability assessment for US$ 2 million as of December 31, 2022 and 2021, acoording with the policy described in Note 4.13. |
OTHER ITEMS OF THE STATEMENT _3
OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Total selling expenses | $ 56 | $ 33 | $ 26 |
Salaries And Social Security Charges [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total selling expenses | 5 | 3 | 3 |
Benefits To Employees [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total selling expenses | 1 | ||
Compensation Agreements [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total selling expenses | 1 | ||
Fees And Compensation For Services [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total selling expenses | 4 | 3 | 3 |
Taxes Rates And Contributions [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total selling expenses | 14 | 11 | 8 |
Transport [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total selling expenses | 31 | 14 | 9 |
Other [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total selling expenses | $ 1 | $ 2 | $ 2 |
OTHER ITEMS OF THE STATEMENT _4
OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Total administrative expenses | $ 138 | $ 99 | $ 93 |
Salaries And Social Security Charges [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total administrative expenses | 50 | 34 | 34 |
Benefits To The Personnel [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total administrative expenses | 8 | 5 | 4 |
Accrual Of Defined Benefit Plans [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total administrative expenses | 9 | 7 | 7 |
Fees And Compensation For Services [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total administrative expenses | 30 | 32 | 26 |
Compensation Agreements [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total administrative expenses | 19 | 2 | |
Directors And Syndicates Fees [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total administrative expenses | 7 | 6 | 7 |
Property Plant And Equipment Depreciations [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total administrative expenses | 6 | 5 | 5 |
Maintenance One [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total administrative expenses | 2 | 2 | 1 |
Transport And Per Diem [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total administrative expenses | 2 | 1 | 1 |
Rental And Insurance [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total administrative expenses | 1 | 1 | 1 |
Surveillance And Security [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total administrative expenses | 1 | 1 | |
Taxes Rates And Contributions [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total administrative expenses | 2 | 2 | 2 |
Communications [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total administrative expenses | 1 | 1 | 1 |
Other [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total administrative expenses | $ 1 | $ 3 |
OTHER ITEMS OF THE STATEMENT _5
OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME (Details 2) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
IfrsStatementLineItems [Line Items] | ||||
Total other operating income | $ 131 | $ 105 | $ 51 | |
Total other operating expenses | (46) | (58) | (36) | |
Contractual Penalty [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total other operating income | 7 | |||
Commercial Interests [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total other operating income | 27 | 27 | 30 | |
Compensation For Arbitration Award [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total other operating income | ||||
Provision For Contingencies [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total other operating expenses | (4) | (16) | (7) | |
Provision For Environmental Remediation [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total other operating expenses | (15) | |||
Decrease In Property Plant And Equipment [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total other operating expenses | (1) | |||
Tax On Bank Transactions [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total other operating expenses | (14) | (13) | (11) | |
Donations And Contributions [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total other operating expenses | (2) | (2) | (3) | |
Institutional Relationships [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total other operating expenses | (3) | (3) | (2) | |
Readjustment Of Investment Plan [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total other operating expenses | [1] | (9) | ||
Royalties Of Argentine Natural Gas Production Promotion Plan [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total other operating expenses | (8) | (5) | ||
Other [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total other operating expenses | (6) | (4) | (12) | |
Insurance Recovery [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total other operating income | 3 | 3 | ||
Services To Third Parties [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total other operating income | 1 | 2 | 4 | |
Profit For Property Plant And Equipment Sale [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total other operating income | 2 | 1 | 1 | |
Result From The Sale Of Intangible Assets [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total other operating income | 2 | 2 | ||
Dividends Received [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total other operating income | 1 | |||
Contingencies Recovery [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total other operating income | 13 | 2 | ||
Tax Charges Recovery [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total other operating income | 2 | |||
Surplus Gas Injection Compensation [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total other operating income | 56 | 51 | ||
Compensation For Arbitration Award [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total other operating income | 37 | |||
Other [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total other operating income | $ 6 | $ 4 | $ 3 | |
[1]Corresponding to the investment plan’s readjustment bond at the Sierra Chata block (see Note 17.2). |
OTHER ITEMS OF THE STATEMENT _6
OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME (Details 3) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
IfrsStatementLineItems [Line Items] | ||||
Total finance income | $ 5 | $ 10 | $ 9 | |
Total finance cost | (221) | (185) | (177) | |
Foreign currency exchange difference, net | 80 | 3 | 14 | |
Result from exchange of corporate bonds | 14 | |||
Total other financial results | 166 | (14) | 84 | |
Financial results, net | (50) | (189) | (84) | |
Current tax | 99 | 67 | 13 | |
Deferred tax | 46 | 10 | 22 | |
Difference between previous fiscal year income tax provision and the income tax statement | (21) | |||
Total income tax - Loss | 124 | 77 | 35 | |
Profit before income tax | $ 581 | $ 390 | $ 159 | |
Current tax rate | 35% | 35% | 30% | |
Income tax at the statutary tax rate | $ 203 | $ 138 | $ 48 | |
Share of profit from companies | (37) | (40) | (26) | |
Non-taxable results | (3) | (1) | (5) | |
Effects of exchange differences and other results associated with the valuation of the currency, net | 275 | 79 | 88 | |
Effects of valuation of property, plant and equipment, intangible assets and financial assets | (575) | (269) | (156) | |
Effect of change in tax rate | (6) | 19 | ||
Effect for tax inflation adjustment | 253 | 169 | 74 | |
Unrecognized deferred assets | 4 | |||
Difference between previous fiscal year income tax provision and the income tax statement | 2 | 1 | (7) | |
Non-deductible cost | 4 | 3 | ||
Impairment on deferred tax assets | 2 | |||
Other | (1) | |||
Financial Income [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Financial interest | 1 | 1 | ||
Other interest | 4 | 10 | 8 | |
Finance Costs [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Financial interests | [1] | (172) | (137) | (164) |
Commercial interest | (1) | |||
Fiscal interest | (38) | (38) | (3) | |
Other interests | (5) | (3) | (3) | |
Bank and other financial expenses | (5) | (7) | (7) | |
Other Finance Income Cost [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Foreign currency exchange difference, net | 80 | 3 | 14 | |
Changes in the fair value of financial instruments | 110 | (15) | 30 | |
(Losses) Gains from present value measurement | (14) | (1) | 2 | |
Result from exchange of corporate bonds | (14) | |||
Results for the repurchase of corporate bonds | 6 | 38 | ||
Other financial results | $ (2) | $ (1) | ||
[1]Net of US$ 11 million and US$ 10 million capitalized in property, plant and equipment for the years ended December 31, 2022 and 2020, respectively. There are no capitalized financial costs in the fiscal year ended December 31, 2021. |
NON-FINANCIAL ASSETS AND LIAB_3
NON-FINANCIAL ASSETS AND LIABILITIES (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
IfrsStatementLineItems [Line Items] | |||
Property, plant and equipment, ending | $ 3,040 | $ 2,792 | |
Increases | [1] | 450 | 253 |
Increases for incorporation | [2] | 295 | |
Transfers | |||
Decreases | (2) | (5) | |
Impairment | (100) | ||
Property, plant and equipment, ending | 3,683 | ||
Property, plant and equipment depreciation, beginning | (1,381) | (1,182) | |
Decreases | |||
Depreciation for the year | (208) | (199) | |
Impairment | 70 | ||
Property, plant and equipment depreciation, ending | (1,519) | (1,381) | |
Net book value | 2,164 | 1,659 | |
Land [member] | |||
IfrsStatementLineItems [Line Items] | |||
Property, plant and equipment, ending | 14 | ||
Increases | [1] | ||
Increases for incorporation | [2] | ||
Transfers | |||
Decreases | |||
Impairment | |||
Property, plant and equipment, ending | 14 | ||
Property, plant and equipment depreciation, beginning | |||
Decreases | |||
Depreciation for the year | |||
Impairment | |||
Property, plant and equipment depreciation, ending | |||
Net book value | 14 | 14 | |
Buildings [member] | |||
IfrsStatementLineItems [Line Items] | |||
Property, plant and equipment, ending | 140 | ||
Increases | [1] | ||
Increases for incorporation | [2] | 3 | |
Transfers | |||
Decreases | |||
Impairment | |||
Property, plant and equipment, ending | 143 | ||
Property, plant and equipment depreciation, beginning | (68) | ||
Decreases | |||
Depreciation for the year | (8) | ||
Impairment | |||
Property, plant and equipment depreciation, ending | (76) | (68) | |
Net book value | 67 | 72 | |
Machinery [member] | |||
IfrsStatementLineItems [Line Items] | |||
Property, plant and equipment, ending | 1,458 | ||
Increases | [1] | 5 | |
Increases for incorporation | [2] | 291 | |
Transfers | 163 | ||
Decreases | (1) | ||
Impairment | |||
Property, plant and equipment, ending | 1,916 | ||
Property, plant and equipment depreciation, beginning | (536) | ||
Decreases | |||
Depreciation for the year | (103) | ||
Impairment | |||
Property, plant and equipment depreciation, ending | (639) | (536) | |
Net book value | 1,277 | 922 | |
Wells [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Property, plant and equipment, ending | 867 | ||
Increases | [1] | 9 | |
Increases for incorporation | [2] | ||
Transfers | 145 | ||
Decreases | (1) | ||
Impairment | (28) | ||
Property, plant and equipment, ending | 992 | ||
Property, plant and equipment depreciation, beginning | (532) | ||
Decreases | |||
Depreciation for the year | (77) | ||
Impairment | 20 | ||
Property, plant and equipment depreciation, ending | (589) | (532) | |
Net book value | 403 | 335 | |
Mining property [member] | |||
IfrsStatementLineItems [Line Items] | |||
Property, plant and equipment, ending | 253 | ||
Increases | [1] | ||
Increases for incorporation | [2] | ||
Transfers | |||
Decreases | |||
Impairment | (72) | ||
Property, plant and equipment, ending | 181 | ||
Property, plant and equipment depreciation, beginning | (174) | ||
Decreases | |||
Depreciation for the year | (10) | ||
Impairment | 50 | ||
Property, plant and equipment depreciation, ending | (134) | (174) | |
Net book value | 47 | 79 | |
Vehicles [member] | |||
IfrsStatementLineItems [Line Items] | |||
Property, plant and equipment, ending | 8 | ||
Increases | [1] | 2 | |
Increases for incorporation | [2] | ||
Transfers | |||
Decreases | |||
Impairment | |||
Property, plant and equipment, ending | 10 | ||
Property, plant and equipment depreciation, beginning | (7) | ||
Decreases | |||
Depreciation for the year | (1) | ||
Impairment | |||
Property, plant and equipment depreciation, ending | (8) | (7) | |
Net book value | 2 | 1 | |
Fixtures and fittings [member] | |||
IfrsStatementLineItems [Line Items] | |||
Property, plant and equipment, ending | 55 | ||
Increases | [1] | 2 | |
Increases for incorporation | [2] | ||
Transfers | 2 | ||
Decreases | |||
Impairment | |||
Property, plant and equipment, ending | 59 | ||
Property, plant and equipment depreciation, beginning | (48) | ||
Decreases | |||
Depreciation for the year | (4) | ||
Impairment | |||
Property, plant and equipment depreciation, ending | (52) | (48) | |
Net book value | 7 | 7 | |
Communication and network equipment [member] | |||
IfrsStatementLineItems [Line Items] | |||
Property, plant and equipment, ending | 3 | ||
Increases | [1] | ||
Increases for incorporation | [2] | ||
Transfers | |||
Decreases | |||
Impairment | |||
Property, plant and equipment, ending | 3 | ||
Property, plant and equipment depreciation, beginning | (1) | ||
Decreases | |||
Depreciation for the year | |||
Impairment | |||
Property, plant and equipment depreciation, ending | (1) | (1) | |
Net book value | 2 | 2 | |
Materials And Spare Parts [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Property, plant and equipment, ending | 30 | ||
Increases | [1] | 43 | |
Increases for incorporation | [2] | ||
Transfers | (37) | ||
Decreases | |||
Impairment | |||
Property, plant and equipment, ending | 36 | ||
Property, plant and equipment depreciation, beginning | (3) | ||
Decreases | |||
Depreciation for the year | |||
Impairment | |||
Property, plant and equipment depreciation, ending | (3) | (3) | |
Net book value | 33 | 27 | |
Petrochemical Industrial Complex [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Property, plant and equipment, ending | 23 | ||
Increases | [1] | ||
Increases for incorporation | [2] | ||
Transfers | 6 | ||
Decreases | |||
Impairment | |||
Property, plant and equipment, ending | 29 | ||
Property, plant and equipment depreciation, beginning | (12) | ||
Decreases | |||
Depreciation for the year | (5) | ||
Impairment | |||
Property, plant and equipment depreciation, ending | (17) | (12) | |
Net book value | 12 | 11 | |
Work In Progress [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Property, plant and equipment, ending | 135 | ||
Increases | [1] | 352 | |
Increases for incorporation | [2] | ||
Transfers | (233) | ||
Decreases | |||
Impairment | |||
Property, plant and equipment, ending | 254 | ||
Property, plant and equipment depreciation, beginning | |||
Decreases | |||
Depreciation for the year | |||
Impairment | |||
Property, plant and equipment depreciation, ending | |||
Net book value | 254 | 135 | |
Advances To Suppliers [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Property, plant and equipment, ending | 52 | ||
Increases | [1] | 37 | |
Increases for incorporation | [2] | ||
Transfers | (46) | ||
Decreases | |||
Impairment | |||
Property, plant and equipment, ending | 43 | ||
Property, plant and equipment depreciation, beginning | |||
Decreases | |||
Depreciation for the year | |||
Impairment | |||
Property, plant and equipment depreciation, ending | |||
Net book value | 43 | 52 | |
Other property, plant and equipment [member] | |||
IfrsStatementLineItems [Line Items] | |||
Property, plant and equipment, ending | 2 | ||
Increases | [1] | ||
Increases for incorporation | [2] | 1 | |
Transfers | |||
Decreases | |||
Impairment | |||
Property, plant and equipment, ending | 3 | ||
Property, plant and equipment depreciation, beginning | |||
Decreases | |||
Depreciation for the year | |||
Impairment | |||
Property, plant and equipment depreciation, ending | |||
Net book value | $ 3 | $ 2 | |
[1]Includes US$ 11 million corresponding to capitalized financial costs in the fiscal year ended December 31, 2022. There are no capitalized financial costs in the fiscal year ended December 31, 2021.[2]See Notes 5.1.3 and 5.1.5. |
NON-FINANCIAL ASSETS AND LIAB_4
NON-FINANCIAL ASSETS AND LIABILITIES (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
IfrsStatementLineItems [Line Items] | |||
Intangible assets, beginning | $ 44 | $ 62 | |
Increase | 31 | 4 | |
Increases for incorporation | [1] | 94 | |
Decrease | (18) | (4) | |
Impairment | [2] | (6) | (18) |
Intangible assets, ending | 145 | 44 | |
Intangible assets amortization, beginning | (6) | (21) | |
Depreciation for the year | (1) | (1) | |
Impairment | [2] | 16 | |
Intangible assets amortization, ending | (7) | (6) | |
Intangible assets | 138 | 38 | |
Concession Agreements [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets, beginning | 2 | ||
Increase | |||
Increases for incorporation | [1] | ||
Decrease | |||
Impairment | [2] | ||
Intangible assets, ending | 2 | 2 | |
Intangible assets amortization, beginning | (2) | ||
Depreciation for the year | |||
Impairment | [2] | ||
Intangible assets amortization, ending | (2) | ||
Goodwill [member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets, beginning | 35 | ||
Increase | |||
Increases for incorporation | [1] | ||
Decrease | |||
Impairment | [2] | ||
Intangible assets, ending | 35 | 35 | |
Intangible assets | 35 | 35 | |
Intangibles Identified In Acquisitions Of Companies [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets, beginning | 7 | ||
Increase | |||
Increases for incorporation | [1] | 94 | |
Decrease | |||
Impairment | [2] | ||
Intangible assets, ending | 101 | 7 | |
Intangible assets amortization, beginning | (4) | ||
Depreciation for the year | (1) | ||
Impairment | [2] | ||
Intangible assets amortization, ending | (5) | ||
Intangible assets | 96 | 3 | |
Digital Assets [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets, beginning | |||
Increase | 31 | ||
Increases for incorporation | [1] | ||
Decrease | (18) | ||
Impairment | [2] | (6) | |
Intangible assets, ending | 7 | ||
Intangible assets | $ 7 | ||
[1]See Notes 5.1.3 and 5.1.5.[2]As of December 31, 2022, digital assets recoverability was affected by their closing market value, resulted in the recognition of impairment losses for US$ 6 million. Considering the assumptions detailed in Note 11.1, the assessment of recoverability for the Power Generation segment, resulted in the recognition of impairment losses for the Diamante hydroelectric power plant in an amount of US$ 2 million in 2021. |
NON-FINANCIAL ASSETS AND LIAB_5
NON-FINANCIAL ASSETS AND LIABILITIES (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | ||||
IfrsStatementLineItems [Line Items] | |||||
Increases for incorporation | [1] | $ 295 | |||
Deferred tax asset | 36 | 84 | |||
Deferred tax liability | (112) | ||||
Deferred tax (liability) asset | (76) | 84 | |||
Property, plant and equipment [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Profit (loss) | |||||
Increases for incorporation | (79) | [2] | 13 | [3] | |
Deferred tax liability, beginning | (13) | ||||
Deferred tax liability, ending | (79) | ||||
Intangible assets and goodwill [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Profit (loss) | |||||
Increases for incorporation | (22) | [2] | (2) | [3] | |
Deferred tax liability, beginning | (13) | (11) | |||
Deferred tax liability, ending | (35) | (13) | |||
Investments In Joint Ventures And Associates [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Profit (loss) | 3 | ||||
Increases for incorporation | [2] | 14 | [3] | ||
Deferred tax liability, beginning | (11) | (25) | |||
Deferred tax liability, ending | (8) | (11) | |||
Inventory [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Profit (loss) | (9) | ||||
Increases for incorporation | [2] | (4) | [3] | ||
Deferred tax liability, beginning | (10) | (6) | |||
Deferred tax liability, ending | (19) | (10) | |||
Financial Assets At Fair Value Through Profit And Loss Deferred Tax Liabilities [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Profit (loss) | (1) | ||||
Increases for incorporation | [2] | (10) | [3] | ||
Deferred tax liability, beginning | (14) | (4) | |||
Deferred tax liability, ending | (15) | (14) | |||
Trade And Other Receivables [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Profit (loss) | 8 | ||||
Increases for incorporation | [2] | (24) | [3] | ||
Deferred tax liability, beginning | (31) | (7) | |||
Deferred tax liability, ending | (23) | (31) | |||
Taxes Payable [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Profit (loss) | 1 | ||||
Increases for incorporation | [2] | [3] | |||
Deferred tax liability, beginning | (3) | (3) | |||
Deferred tax liability, ending | (2) | (3) | |||
Adjustment For Tax Inflation [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Profit (loss) | (124) | ||||
Increases for incorporation | (13) | [2] | 1 | [3] | |
Deferred tax liability, beginning | (1) | (2) | |||
Deferred tax liability, ending | (138) | (1) | |||
Deferred Tax Liabilities [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Profit (loss) | (122) | ||||
Increases for incorporation | (114) | [2] | (12) | [3] | |
Deferred tax liability, beginning | (83) | (71) | |||
Deferred tax liability, ending | (319) | (83) | |||
Deferred Tax Asset Liabilities Net [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Profit (loss) | (46) | ||||
Increases for incorporation | (114) | [2] | (23) | [3] | |
Deferred tax asset (liabilities), net | 84 | 107 | |||
Deferred tax asset (liabilities), net | (76) | 84 | |||
Tax Loss Carryforwards [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Deferred tax asset, beginning | 13 | 126 | |||
Profit (loss) | 6 | (113) | [3] | ||
Increases for incorporation | [2] | ||||
Deferred tax asset, ending | 19 | 13 | |||
Property, plant and equipment [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Deferred tax asset, beginning | 80 | ||||
Profit (loss) | 71 | 80 | [3] | ||
Increases for incorporation | [2] | ||||
Deferred tax asset, ending | 151 | 80 | |||
Financial Assets At Fair Value Through Profit And Loss Deferred Tax Liabilities [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Deferred tax asset, beginning | 3 | ||||
Profit (loss) | (3) | 3 | [3] | ||
Increases for incorporation | [2] | ||||
Deferred tax asset, ending | 3 | ||||
Trade And Other Receivables [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Deferred tax asset, beginning | 5 | 6 | |||
Profit (loss) | (1) | (1) | [3] | ||
Increases for incorporation | [2] | ||||
Deferred tax asset, ending | 4 | 5 | |||
Provisions [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Deferred tax asset, beginning | 57 | 28 | |||
Profit (loss) | 2 | 29 | [3] | ||
Increases for incorporation | [2] | ||||
Deferred tax asset, ending | 59 | 57 | |||
Salaries And Social Security Payable [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Deferred tax asset, beginning | 3 | ||||
Profit (loss) | 1 | (3) | [3] | ||
Increases for incorporation | [2] | ||||
Deferred tax asset, ending | 1 | ||||
Defined benefit plans [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Deferred tax asset, beginning | 9 | 5 | |||
Profit (loss) | (1) | 4 | [3] | ||
Increases for incorporation | [2] | ||||
Deferred tax asset, ending | 8 | 9 | |||
Other [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Deferred tax asset, beginning | |||||
Profit (loss) | 1 | ||||
Increases for incorporation | [2] | ||||
Deferred tax asset, ending | 1 | ||||
Deferred Tax Asset [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Deferred tax asset, beginning | 167 | 178 | |||
Profit (loss) | 76 | (11) | [3] | ||
Increases for incorporation | [2] | ||||
Deferred tax asset, ending | 243 | 167 | |||
Deferred tax asset, ending | 167 | ||||
Intangible assets and goodwill [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Deferred tax asset, beginning | 3 | ||||
Profit (loss) | [3] | (3) | |||
Deferred tax asset, ending | |||||
Trade And Other Payables [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Deferred tax asset, beginning | 3 | ||||
Profit (loss) | [3] | (3) | |||
Deferred tax asset, ending | |||||
Adjustment For Tax Inflation [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Deferred tax asset, beginning | 4 | ||||
Profit (loss) | [3] | (4) | |||
Deferred tax asset, ending | |||||
[1]See Notes 5.1.3 and 5.1.5.[2]See Notes 5.1.3 and 5.1.5.[3]Includes US$ 13 million corresponding to discontinued operations. |
NON-FINANCIAL ASSETS AND LIAB_6
NON-FINANCIAL ASSETS AND LIABILITIES (Details 3) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
IfrsStatementLineItems [Line Items] | ||||||
Inventories | $ 173 | [1] | $ 155 | [1] | $ 116 | $ 153 |
Materials And Spare Parts [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Inventories | 104 | 87 | ||||
Advances To Suppliers [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Inventories | 8 | 8 | ||||
In Process And Finished Products [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Inventories | $ 61 | $ 60 | ||||
[1]It includes impairment loss as a result of the performed recoverability assessment for US$ 2 million as of December 31, 2022 and 2021, acoording with the policy described in Note 4.13. |
NON-FINANCIAL ASSETS AND LIAB_7
NON-FINANCIAL ASSETS AND LIABILITIES (Details 4) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Provisions, non current | $ 147 | $ 141 |
Provisions, current | 4 | 5 |
Provisions For Contingencies [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Provisions, non current | 107 | 106 |
Asset Retirement Obligation [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Provisions, non current | 25 | 19 |
Provisions, current | 2 | 2 |
Environmental Remediations [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Provisions, non current | 15 | 15 |
Provisions, current | 2 | 3 |
Other provisions [member] | ||
IfrsStatementLineItems [Line Items] | ||
Provisions, non current | $ 1 |
NON-FINANCIAL ASSETS AND LIAB_8
NON-FINANCIAL ASSETS AND LIABILITIES (Details 5) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
IfrsStatementLineItems [Line Items] | |||||
Increases for incorporation | [1] | $ 295 | |||
Provisions For Contingencies [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Provisions, beginning | 106 | 103 | $ 139 | ||
Increases | 5 | 16 | 21 | ||
Increases for incorporation | [2] | ||||
Decreases | (1) | (1) | |||
Gain on monetary position net | (2) | (15) | |||
Reversal of unused amounts | (1) | (13) | [3] | (8) | |
Provisions, ending | 107 | 106 | 103 | ||
Reclasification liabilities associated to assets classified as held for sale | (33) | ||||
Asset Retirement Obligation [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Provisions, beginning | 21 | 21 | 22 | ||
Increases | 6 | 3 | 2 | ||
Increases for incorporation | [2] | 1 | |||
Decreases | (1) | ||||
Gain on monetary position net | |||||
Reversal of unused amounts | (1) | (2) | [3] | (3) | |
Provisions, ending | 27 | 21 | 21 | ||
Reclasification liabilities associated to assets classified as held for sale | |||||
Environmental Remediations [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Provisions, beginning | 18 | 3 | 3 | ||
Increases | 15 | ||||
Increases for incorporation | [2] | ||||
Decreases | (1) | ||||
Gain on monetary position net | |||||
Reversal of unused amounts | [3] | ||||
Provisions, ending | $ 17 | $ 18 | 3 | ||
Reclasification liabilities associated to assets classified as held for sale | |||||
[1]See Notes 5.1.3 and 5.1.5.[2]See Note 5.1.3.[3]Includes recovery of US$ 12.5 million related to waive the timely granted dispatch of Las Armas Wind Farm (see Note 2.1.2.3). |
NON-FINANCIAL ASSETS AND LIAB_9
NON-FINANCIAL ASSETS AND LIABILITIES (Details 6) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Non current income tax and minimum notional income tax provision | $ 179 | $ 188 |
Current income tax and minimum notional income tax provision | 5 | 20 |
Income Tax Net Of Witholdings And Advances [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current income tax and minimum notional income tax provision | 161 | 158 |
Current income tax and minimum notional income tax provision | 5 | 20 |
Minimum National Income Tax [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current income tax and minimum notional income tax provision | $ 18 | $ 30 |
NON-FINANCIAL ASSETS AND LIA_10
NON-FINANCIAL ASSETS AND LIABILITIES (Details 7) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Taxes payables, current | $ 28 | $ 23 |
Value Added Tax [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Taxes payables, current | 5 | 4 |
Personal Assets Tax Provision [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Taxes payables, current | 4 | 2 |
Tax Withholdings To Be Deposited [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Taxes payables, current | 5 | 6 |
Royalties [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Taxes payables, current | 12 | 9 |
Others One [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Taxes payables, current | $ 2 | $ 2 |
NON-FINANCIAL ASSETS AND LIA_11
NON-FINANCIAL ASSETS AND LIABILITIES (Details 8) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Present Value Of The Obligation [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Liabilities, beginning | $ 33 | $ 25 | $ 36 |
Current services cost | 1 | 1 | 3 |
Cost for interest | 15 | 13 | 16 |
Actuarial (gains) losses | 9 | 1 | (3) |
Benefit payments | (3) | (2) | (2) |
Gain on monetary position, net | (17) | (5) | (15) |
Liabilities, ending | 38 | 33 | 25 |
Reclassification to liabilities associated to assets classified as held for sale | (10) | ||
Fair Value Of Plan Assets [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Liabilities, beginning | (4) | (4) | (5) |
Current services cost | |||
Cost for interest | (2) | (3) | (2) |
Actuarial (gains) losses | 2 | 1 | |
Benefit payments | |||
Gain on monetary position, net | 2 | 1 | 2 |
Liabilities, ending | (4) | (4) | (4) |
Reclassification to liabilities associated to assets classified as held for sale | |||
Net Liability At The End Of The Year [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Liabilities, beginning | 29 | 21 | 31 |
Current services cost | 1 | 1 | 3 |
Cost for interest | 13 | 10 | 14 |
Actuarial (gains) losses | 9 | 3 | (2) |
Benefit payments | (3) | (2) | (2) |
Gain on monetary position, net | (15) | (4) | (13) |
Liabilities, ending | $ 34 | $ 29 | 21 |
Reclassification to liabilities associated to assets classified as held for sale | $ (10) |
NON-FINANCIAL ASSETS AND LIA_12
NON-FINANCIAL ASSETS AND LIABILITIES (Details 9) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Not later than one year [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated expected benefits payment | $ 6 |
Later than one year and not later than two years [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated expected benefits payment | 3 |
Later than two years and not later than three years [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated expected benefits payment | 4 |
Later than three years and not later than four years [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated expected benefits payment | 4 |
Later than four years and not later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated expected benefits payment | 3 |
Later Than Six Years And Not Later Than Ten Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Estimated expected benefits payment | $ 14 |
NON-FINANCIAL ASSETS AND LIA_13
NON-FINANCIAL ASSETS AND LIABILITIES (Details 10) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Non-financial Assets And Liabilities | |||
Discount rate | 5% | 5% | 4% |
Salaries increase | 1% | 1% | 1% |
Average inflation | 118% | 54% | 46% |
NON-FINANCIAL ASSETS AND LIA_14
NON-FINANCIAL ASSETS AND LIABILITIES (Details 11) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Discount Rate Four Percent [Member] | |
IfrsStatementLineItems [Line Items] | |
Defined benefit obligation at present value | $ 41 |
Increase decrease through change in discount rate defined benefit obligation at present value | $ 3 |
Percentage of variation | 9% |
Discount Rate Six Percent [Member] | |
IfrsStatementLineItems [Line Items] | |
Defined benefit obligation at present value | $ 35 |
Increase decrease through change in discount rate defined benefit obligation at present value | $ (3) |
Percentage of variation | (8.00%) |
Salaries Increase Zero Percent [Member] | |
IfrsStatementLineItems [Line Items] | |
Defined benefit obligation at present value | $ 37 |
Increase decrease through change in discount rate defined benefit obligation at present value | $ (1) |
Percentage of variation | (4.00%) |
Salaries Increase Two Percent [Member] | |
IfrsStatementLineItems [Line Items] | |
Defined benefit obligation at present value | $ 39 |
Increase decrease through change in discount rate defined benefit obligation at present value | $ 1 |
Percentage of variation | 4% |
NON-FINANCIAL ASSETS AND LIA_15
NON-FINANCIAL ASSETS AND LIABILITIES (Details 12) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Current salaries and social security payable | $ 32 | $ 28 |
Salaries And Social Security Contributions [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current salaries and social security payable | 5 | 4 |
Provision For Vacations [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current salaries and social security payable | 8 | 7 |
Provision For Gratifications And Annual Bonus For Efficiency [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current salaries and social security payable | $ 19 | $ 17 |
NON-FINANCIAL ASSETS AND LIA_16
NON-FINANCIAL ASSETS AND LIABILITIES (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Power generation segment scenarios | The projections used in the calculation of the recoverable amount of the CGUs of the Power Generation segment take into consideration 2 scenarios that weigh: i) the annual price update, ranging between 80% and 100% compared to the annual inflation; ii) the regularization of the financing term granted to CAMMESA in 2022/2023 and iii) a 10.3% WACC rate after taxes. | ||
Pension And Retirement Benefits Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Liabilities | $ 17 | $ 15 | $ 12 |
Compensatory Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net Liabilities | 17 | $ 14 | $ 9 |
Generation Segment [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Recoginition of impairment losses | $ 30 |
FINANCIAL ASSETS AND LIABILIT_3
FINANCIAL ASSETS AND LIABILITIES (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Non current financial assets at amortized cost | $ 102 | $ 105 |
Current financial assets at amortized cost | 8 | 5 |
Term Deposits [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current financial assets at amortized cost | 101 | 100 |
Other Non Current [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current financial assets at amortized cost | 1 | 5 |
Other Current [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current financial assets at amortized cost | $ 8 | $ 5 |
FINANCIAL ASSETS AND LIABILIT_4
FINANCIAL ASSETS AND LIABILITIES (Details 1) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Non current financial assets at fair value through profit and loss | $ 27 | $ 29 |
Current financial assets at fair value through profit and loss | 586 | 458 |
Shares [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current financial assets at fair value through profit and loss | 27 | 29 |
Current financial assets at fair value through profit and loss | 160 | 120 |
Government Securities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current financial assets at fair value through profit and loss | 279 | 278 |
Corporate Bonds [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current financial assets at fair value through profit and loss | 116 | 19 |
Investment funds [member] | ||
IfrsStatementLineItems [Line Items] | ||
Current financial assets at fair value through profit and loss | $ 31 | $ 41 |
FINANCIAL ASSETS AND LIABILIT_5
FINANCIAL ASSETS AND LIABILITIES (Details 2) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Non current other receivables | $ 17 | $ 23 |
Non-current trade receivables | 20 | 34 |
Current trade receivables | 305 | 256 |
Current other receivables | 165 | 141 |
Current trade and other receivables | 470 | 397 |
Related parties [member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current other receivables | 17 | 23 |
Current trade receivables | 5 | 7 |
Current other receivables | 7 | 8 |
Tax Credits [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current other receivables | 2 | 9 |
Prepaid Expenses [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current other receivables | 1 | |
Current other receivables | 14 | 10 |
Other One [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current other receivables | 1 | 1 |
Current trade receivables | 3 | 5 |
Current other receivables | 7 | 14 |
Other Receivables Net [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current other receivables | 20 | 34 |
Receivables From M A T [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current trade receivables | 21 | 24 |
C A M M E S A [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current trade receivables | 165 | 89 |
Receivables From Oil And Gas Sales [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current trade receivables | 55 | 69 |
Receivables From Petrochemistry [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current trade receivables | 62 | 71 |
Impairment Of Trade Receivables [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current trade receivables | (6) | (9) |
Tax Credit [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current other receivables | 14 | 5 |
Receivables For Complementary Activities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current other receivables | 2 | |
Financial Credit [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current other receivables | 10 | |
Guarantee Deposits [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current other receivables | 27 | 30 |
Insurance To Recover [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current other receivables | 1 | |
Expenses To Be Recovered [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current other receivables | 15 | |
Acquisition Of Subsidiary [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current other receivables | 7 | |
Credits For The Sale Of Subsidiary [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current other receivables | 4 | 41 |
Credit For Sale Of Financial Instruments [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current other receivables | 1 | 6 |
Argentine Natural Gas Production Promotion Plan [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current other receivables | 32 | 14 |
Arbitration Award [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current other receivables | $ 37 |
FINANCIAL ASSETS AND LIABILIT_6
FINANCIAL ASSETS AND LIABILITIES (Details 3) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Financial Assets And Liabilities | ||||
At the beginning of the year | $ 9 | $ 16 | $ 68 | |
Impairment (1) | [1] | 1 | 1 | 63 |
Utilizations | (1) | (7) | ||
Reversal of unused amounts | (6) | (3) | ||
Increase (decrease) through net exchange differences, allowance account for credit losses of financial assets | (3) | (2) | (2) | |
Gain on monetary position, net | (28) | |||
Reclasification to assets clasified as held for sales | (75) | |||
At the end of the year | $ 6 | $ 9 | $ 16 | |
[1]It includes US$ 26 million corresponding to discontinued operations for fiscal year 2020. As of December 31, 2020, it includes US$ 13 million corresponding to the receivable impairment related to the exchange difference between the price of gas purchased by distributors and the price of gas recognised in distributors´s final tariffs between April 2018 and March 2019 to be assumed by the Federal Government in accordance to PEN Executive Order No. 1,053/18 (see Note 15). |
FINANCIAL ASSETS AND LIABILIT_7
FINANCIAL ASSETS AND LIABILITIES (Details 4) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financial Assets And Liabilities | |||
At the beginning | $ 6 | ||
Impairment (1) | 2 | ||
Reversal of unused amounts | (7) | ||
Reclasification to assets clasified as held for sales | (1) | ||
At the end of the year |
FINANCIAL ASSETS AND LIABILIT_8
FINANCIAL ASSETS AND LIABILITIES (Details 5) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
IfrsStatementLineItems [Line Items] | ||||
Cash and cash equivalents | $ 106 | $ 110 | $ 141 | $ 225 |
Banks [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Cash and cash equivalents | 11 | 26 | ||
Mutual Funds [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Cash and cash equivalents | $ 95 | $ 84 |
FINANCIAL ASSETS AND LIABILIT_9
FINANCIAL ASSETS AND LIABILITIES (Details 6) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Non current borrowings | $ 1,340 | $ 1,359 |
Current borrowings | 273 | 79 |
Borrowing | 1,613 | 1,438 |
Financial Borrowings [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current borrowings | 108 | 58 |
Current borrowings | 51 | 29 |
Corporate Bonds [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current borrowings | 1,232 | 1,301 |
Current borrowings | 163 | 39 |
Bank Overdraft [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current borrowings | $ 59 | $ 11 |
FINANCIAL ASSETS AND LIABILI_10
FINANCIAL ASSETS AND LIABILITIES (Details 7) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financial Assets And Liabilities | |||
At the beginning of the year | $ 1,438 | $ 1,614 | $ 1,947 |
Proceeds from borrowings | 308 | 188 | 353 |
Payment of borrowings | (143) | (336) | (300) |
Accrued interest | 172 | 137 | 176 |
Payment of interests | (162) | (140) | (201) |
Repurchase and redemption of corporate bonds | (28) | (3) | (155) |
Result from exchange of corporate bonds | 14 | ||
Result from repurchase of corporate bonds | (6) | (43) | |
Increases for incorporation (1) | 89 | ||
Cancellation through dividend compensation | (12) | ||
Gain on monetary position, net | (43) | ||
Foreign currency exchange difference, net | (80) | (22) | (18) |
Borrowing costs capitalized in property, plant and equipment | 11 | 10 | |
Reclassified to liabilities associated to assets classified as held for sale | (100) | ||
At the end of the year | $ 1,613 | $ 1,438 | $ 1,614 |
FINANCIAL ASSETS AND LIABILI_11
FINANCIAL ASSETS AND LIABILITIES (Details 8) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
IfrsStatementLineItems [Line Items] | ||||||
Book Value | $ 1,395 | [1] | $ 1,340 | |||
Book Value | 101 | [2] | 23 | |||
Book Value | 58 | [3] | 64 | |||
Book Value | 59 | 11 | ||||
Book Value | $ 1,613 | $ 1,438 | $ 1,614 | |||
T Series C B [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Company name | PAMPA | [1] | PAMPA | [4] | ||
Currency | US$ | [1] | US$ | [4] | ||
Residual value | $ 93 | [1] | $ 389 | [4] | ||
Interest | Fixed | [1] | Fixed | [4] | ||
Rate | 7.38% | [1] | 7.38% | [4] | ||
Expiration | Jul-23 | [1] | Jul-23 | [4] | ||
Book Value | $ 95 | [1] | $ 400 | [4] | ||
Class 8 C B [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Company name | [1] | PAMPA | ||||
Currency | [1] | $ | ||||
Residual value | [1] | $ 18 | ||||
Interest | [1] | Variable | ||||
Rate | [1] | Badlar + 2% | ||||
Expiration | [1] | Jul-23 | ||||
Book Value | [1] | $ 20 | ||||
Class 11 C B [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Company name | [1] | PAMPA | ||||
Currency | [1] | $ | ||||
Residual value | [1] | $ 122 | ||||
Interest | [1] | Variable | ||||
Rate | [1] | Badlar + 0% | ||||
Expiration | [1] | Jan-24 | ||||
Book Value | [1] | $ 140 | ||||
Class 9 C B [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Company name | [1] | PAMPA | ||||
Currency | [1] | US$ | ||||
Residual value | [1] | $ 102 | ||||
Interest | [1] | Fixed | ||||
Rate | [1] | 9.50% | ||||
Expiration | [1] | Dec-26 | ||||
Book Value | [1] | $ 184 | ||||
Class 1 C B [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Company name | PAMPA | [1] | PAMPA | [4] | ||
Currency | US$ | [1] | US$ | [4] | ||
Residual value | $ 501 | [1] | $ 636 | [4] | ||
Interest | Fixed | [1] | Fixed | [4] | ||
Rate | 7.50% | [1] | 7.50% | [4] | ||
Expiration | Jan-27 | [1] | Jan-27 | [4] | ||
Book Value | $ 616 | [1] | $ 648 | [4] | ||
Class 13 C B [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Company name | [1] | PAMPA | ||||
Currency | [1] | US$ | ||||
Residual value | [1] | $ 49 | ||||
Interest | [1] | Fixed | ||||
Rate | [1] | 0.00% | ||||
Expiration | [1] | Dec-27 | ||||
Book Value | [1] | $ 48 | ||||
Serie 3 C B [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Company name | PAMPA | [1] | PAMPA | [4] | ||
Currency | US$ | [1] | US$ | [4] | ||
Residual value | $ 285 | [1] | $ 293 | [4] | ||
Interest | Fixed | [1] | Fixed | [4] | ||
Rate | 9.13% | [1] | 9.13% | [4] | ||
Expiration | Apr-29 | [1] | Apr-29 | [4] | ||
Book Value | $ 292 | [1] | $ 292 | [4] | ||
Financial Loans One [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Company name | PAMPA | [2] | PAMPA | [5] | ||
Currency | US$ | [2] | US$ | [5] | ||
Residual value | $ 15 | [2] | $ 23 | [5] | ||
Interest | Variable | [2] | Variable | [5] | ||
Rate | Libor + 4.21% | [2] | Libor + 4.21% | [5] | ||
Expiration | Nov-24 | [2] | May-24 | [5] | ||
Book Value | $ 16 | [2] | $ 23 | [5] | ||
Financial Loans Two [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Company name | [2] | GW | ||||
Currency | [2] | US$ | ||||
Residual value | [2] | $ 83 | ||||
Interest | [2] | Variable | ||||
Rate | [2] | Libor + 5.75% | ||||
Expiration | [2] | Sep-26 | ||||
Book Value | [2] | $ 85 | ||||
Otherfinancialoperations [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Company name | PAMPA | [3] | PAMPA | [6] | ||
Currency | US$ | [3] | US$ | [6] | ||
Residual value | $ 22 | [3] | $ 22 | [6] | ||
Interest | Variable | [3] | Variable | [6] | ||
Rate | SOFR + 0.35% | [3] | Libor + 0.35% | [6] | ||
Expiration | Jul-23 | [3] | Jul-22 | [6] | ||
Book Value | $ 23 | [3] | $ 22 | [6] | ||
Otherfinancialoperations One [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Company name | PAMPA | [3] | PAMPA | [6] | ||
Currency | US$ | [3] | US$ | [6] | ||
Residual value | $ 8 | [3] | $ 43 | [6] | ||
Interest | Fixed | [3] | Variable | [6] | ||
Rate | Between 9.50% and 14.50% | [3] | Libor + 0% | [6] | ||
Expiration | Between Jan-23 and May-23 | [3] | Aug-23 | [6] | ||
Book Value | $ 8 | [3] | $ 42 | [6] | ||
Otherfinancialoperations Two [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Company name | [3] | PAMPA | ||||
Currency | [3] | US$ | ||||
Residual value | [3] | $ 27 | ||||
Interest | [3] | Variable | ||||
Rate | [3] | SOFR + 0% | ||||
Expiration | [3] | Agu-24 | ||||
Book Value | [3] | $ 27 | ||||
Bank Overdraft [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Company name | PAMPA | [3] | PAMPA | |||
Currency | $ | [3] | $ | |||
Residual value | $ 57 | [3] | $ 11 | |||
Interest | Fixed | [3] | Fixed | |||
Rate | Between 54% and 54.50% | [3] | 33.00% | |||
Expiration | Jan-23 | [3] | Jan-22 | |||
Book Value | $ 59 | [3] | $ 11 | |||
[1]Net of the following face value repurchases: US$ 113.7 million of ON 2026, US$ 146.2 million of ON 2027 and US$ 7.5 million of ON 2029.[2]During the the fiscal year ended December 31, 2022, the Company took on new short-term financing with domestic financial entities, net of cancellations, for a total $ 8,618 million and import prefinancing for US$ 7.6 million. Additionally, the Company repaid at maturity two principal installments for the credit facility sponsored by FINNVERA in the amount of US$ 7.7 million and US$ 10.4 million corresponding to the credit facility subscribed between IDB Invest and Greenwind, a Company that is consolidated since acquisition of an additional 50% interest in August 2022.[3]During the fiscal year ended December 31, 2022, the Company received disbursements in the amount of US$ 1.3 million under the credit facilities taken out with BNP Paribas S.A. in 2020. After the fiscal year closing, the Company repaid short-term bank loans with local financial entities for $ 10,065 million and import prefinancing for US$ 0.7 million.[4]Net of the following face value repurchases: US$ 110,4 million of ON 2023, US$ 114,0 million of ON 2027 and US$ 7,5 million of ON 2029.[5]During the fiscal year ended December 31, 2021, the Company canceled short-term financing with local financial entities, net of borrowings, for $ 8,158 million. Additionally, the Company repaid at maturity two principal installments for the credit facility sponsored by FINNVERA in the amount of US$ 7.7 million.[6]During the fiscal year ended December 31, 2021, the Company received disbursements in the amount of US$ 27 million under the credit facilities taken out with BNP in 2020. |
FINANCIAL ASSETS AND LIABILI_12
FINANCIAL ASSETS AND LIABILITIES (Details 9) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Non current other payables | $ 21,000,000 | $ 12,000,000 |
Current trade payables | 14,000,000 | 15,000,000 |
Trade payables | 215,000,000 | 173,000,000 |
Total trade and other payables | 281,000,000 | 182,000,000 |
Compensation Agreements [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current other payables | 10,000,000 | 3,000,000 |
Current other payables | 12,000,000 | 2,000,000 |
Lease Liability [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current other payables | 10,000,000 | 9,000,000 |
Current other payables | 2,000,000 | 4,000,000 |
Others [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current other payables | 1,000,000 | |
Current other payables | 6,000,000 | 3,000,000 |
Other Payables [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current other payables | 21,000,000 | 12,000,000 |
Current other payables | 66,000,000 | 9,000,000 |
Suppliers [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current trade payables | 198,000,000 | 154,000,000 |
Customer Advances [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current trade payables | 3,000,000 | 4,000,000 |
Related parties [member] | ||
IfrsStatementLineItems [Line Items] | ||
Current trade payables | 14,000,000 | 15,000,000 |
Liability For Acquisition Of Companies [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current other payables | $ 46,000,000 |
FINANCIAL ASSETS AND LIABILI_13
FINANCIAL ASSETS AND LIABILITIES (Details 10) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Financial assets at amortized cost | $ 558,000,000 | $ 512,000,000 |
Financial assets at fair value through profit and loss | 730,000,000 | 601,000,000 |
Subtotal financial assets | 1,288,000,000 | 1,113,000,000 |
Non financial assets | 31,000,000 | 25,000,000 |
Total assets | 1,319,000,000 | 1,138,000,000 |
Financial liabilities at amortized cost | 1,911,000,000 | 1,628,000,000 |
Financial liabilities at fair value through profit and loss | 2,000,000 | |
Subtotal financial liabilities | 1,913,000,000 | 1,628,000,000 |
Non financial liabilities | 4,000,000 | 4,000,000 |
Total liabilities | 1,917,000,000 | 1,632,000,000 |
Trade And Other Liabilities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial liabilities at amortized cost | 298,000,000 | 190,000,000 |
Financial liabilities at fair value through profit and loss | ||
Subtotal financial liabilities | 298,000,000 | 190,000,000 |
Non financial liabilities | 4,000,000 | 4,000,000 |
Total liabilities | 302,000,000 | 194,000,000 |
Borrowing [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial liabilities at amortized cost | 1,613,000,000 | 1,438,000,000 |
Financial liabilities at fair value through profit and loss | ||
Subtotal financial liabilities | 1,613,000,000 | 1,438,000,000 |
Non financial liabilities | ||
Total liabilities | 1,613,000,000 | 1,438,000,000 |
Derivative Financial Instruments [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial liabilities at amortized cost | ||
Financial liabilities at fair value through profit and loss | 2,000,000 | |
Subtotal financial liabilities | 2,000,000 | |
Non financial liabilities | ||
Total liabilities | 2,000,000 | |
Trade Receivables And Other Receivables [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial assets at amortized cost | 437,000,000 | 376,000,000 |
Financial assets at fair value through profit and loss | 22,000,000 | 30,000,000 |
Subtotal financial assets | 459,000,000 | 406,000,000 |
Non financial assets | 31,000,000 | 25,000,000 |
Total assets | 490,000,000 | 431,000,000 |
Financial Assets At Amortized Cost [Member] | Term Deposit [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial assets at amortized cost | 101,000,000 | 100,000,000 |
Financial assets at fair value through profit and loss | ||
Subtotal financial assets | 101,000,000 | 100,000,000 |
Non financial assets | ||
Total assets | 101,000,000 | 100,000,000 |
Financial Assets At Amortized Cost [Member] | Notes Receivables [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial assets at amortized cost | 9,000,000 | 10,000,000 |
Financial assets at fair value through profit and loss | ||
Subtotal financial assets | 9,000,000 | 10,000,000 |
Non financial assets | ||
Total assets | 9,000,000 | 10,000,000 |
Financial Assets At Amortized Cost [Member] | Corporate Securities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial assets at amortized cost | ||
Financial assets at fair value through profit and loss | 19,000,000 | |
Subtotal financial assets | 19,000,000 | |
Non financial assets | ||
Total assets | 19,000,000 | |
Financial Assets At Fair Value Through Profit And Loss [Member] | Government Securities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial assets at amortized cost | ||
Financial assets at fair value through profit and loss | 279,000,000 | 278,000,000 |
Subtotal financial assets | 279,000,000 | 278,000,000 |
Non financial assets | ||
Total assets | 279,000,000 | 278,000,000 |
Financial Assets At Fair Value Through Profit And Loss [Member] | Corporate Bonds [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial assets at amortized cost | ||
Financial assets at fair value through profit and loss | 116,000,000 | |
Subtotal financial assets | 116,000,000 | |
Non financial assets | ||
Total assets | 116,000,000 | |
Financial Assets At Fair Value Through Profit And Loss [Member] | Shares [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial assets at amortized cost | ||
Financial assets at fair value through profit and loss | 187,000,000 | 149,000,000 |
Subtotal financial assets | 187,000,000 | 149,000,000 |
Non financial assets | ||
Total assets | 187,000,000 | 149,000,000 |
Financial Assets At Fair Value Through Profit And Loss [Member] | Investment funds [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial assets at amortized cost | ||
Financial assets at fair value through profit and loss | 31,000,000 | 41,000,000 |
Subtotal financial assets | 31,000,000 | 41,000,000 |
Non financial assets | ||
Total assets | 31,000,000 | 41,000,000 |
Cash And Cash Equivalent [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial assets at amortized cost | 11,000,000 | 26,000,000 |
Financial assets at fair value through profit and loss | 95,000,000 | 84,000,000 |
Subtotal financial assets | 106,000,000 | 110,000,000 |
Non financial assets | ||
Total assets | $ 106,000,000 | $ 110,000,000 |
FINANCIAL ASSETS AND LIABILI_14
FINANCIAL ASSETS AND LIABILITIES (Details 11) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Interest income | $ 5 | $ 10 | $ 9 |
Interest expense | (216) | (178) | (170) |
Foreign currency exchange difference, net | 80 | 3 | 14 |
Changes in the fair value of financial instruments | 110 | (15) | 30 |
Result from present value measurement | (14) | (1) | 2 |
Other financial results | (15) | (8) | 31 |
Total | (50) | (189) | (84) |
Financial Assets Liabilities At Amortized Cost [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Interest income | 5 | 10 | 9 |
Interest expense | (175) | (138) | (164) |
Foreign currency exchange difference, net | 16 | (11) | 38 |
Changes in the fair value of financial instruments | |||
Result from present value measurement | (1) | 2 | 6 |
Other financial results | (15) | (4) | 36 |
Total | (170) | (141) | (75) |
Financial Assets Liabilities At Fair Value Through Profit And Loss [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Interest income | |||
Interest expense | |||
Foreign currency exchange difference, net | (85) | (19) | (35) |
Changes in the fair value of financial instruments | 110 | (15) | 30 |
Result from present value measurement | |||
Other financial results | |||
Total | 25 | (34) | (5) |
Subtotal Financial Assets Liabilities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Interest income | 5 | 10 | 9 |
Interest expense | (175) | (138) | (164) |
Foreign currency exchange difference, net | (69) | (30) | 3 |
Changes in the fair value of financial instruments | 110 | (15) | 30 |
Result from present value measurement | (1) | 2 | 6 |
Other financial results | (15) | (4) | 36 |
Total | (145) | (175) | (80) |
Nonfinancial Assets Liabilities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Interest income | |||
Interest expense | (41) | (40) | (6) |
Foreign currency exchange difference, net | 149 | 33 | 11 |
Changes in the fair value of financial instruments | |||
Result from present value measurement | (13) | (3) | (4) |
Other financial results | (4) | (5) | |
Total | $ 95 | $ (14) | $ (4) |
FINANCIAL ASSETS AND LIABILI_15
FINANCIAL ASSETS AND LIABILITIES (Details 12) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Total assets | $ 730 | $ 601 |
Total liabilities | 2 | |
Level 1 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | 703 | 572 |
Total liabilities | ||
Level 2 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | ||
Total liabilities | 2 | |
Level 3 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | 27 | 29 |
Total liabilities | ||
Other Receivables [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | 22 | 30 |
Other Receivables [Member] | Level 1 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | 22 | 30 |
Other Receivables [Member] | Level 2 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | ||
Other Receivables [Member] | Level 3 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | ||
Derivative Financial Instruments [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total liabilities | 2 | |
Derivative Financial Instruments [Member] | Level 1 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total liabilities | ||
Derivative Financial Instruments [Member] | Level 2 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total liabilities | 2 | |
Derivative Financial Instruments [Member] | Level 3 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total liabilities | 0 | |
Government Securities [Member] | Financial Asset At Fair Value Through Profit And Loss [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | 279 | 278 |
Government Securities [Member] | Financial Asset At Fair Value Through Profit And Loss [Member] | Level 1 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | 279 | 278 |
Government Securities [Member] | Financial Asset At Fair Value Through Profit And Loss [Member] | Level 2 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | ||
Government Securities [Member] | Financial Asset At Fair Value Through Profit And Loss [Member] | Level 3 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | ||
Corporate Bonds [Member] | Financial Asset At Fair Value Through Profit And Loss [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | 116 | 19 |
Corporate Bonds [Member] | Financial Asset At Fair Value Through Profit And Loss [Member] | Level 1 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | 116 | 19 |
Corporate Bonds [Member] | Financial Asset At Fair Value Through Profit And Loss [Member] | Level 2 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | ||
Corporate Bonds [Member] | Financial Asset At Fair Value Through Profit And Loss [Member] | Level 3 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | ||
Investment funds [member] | Financial Asset At Fair Value Through Profit And Loss [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | 31 | 41 |
Investment funds [member] | Financial Asset At Fair Value Through Profit And Loss [Member] | Level 1 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | 31 | 41 |
Investment funds [member] | Financial Asset At Fair Value Through Profit And Loss [Member] | Level 2 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | ||
Investment funds [member] | Financial Asset At Fair Value Through Profit And Loss [Member] | Level 3 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | ||
Investment funds [member] | Cash And Cash Equivalent [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | 95 | 84 |
Investment funds [member] | Cash And Cash Equivalent [Member] | Level 1 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | 95 | 84 |
Investment funds [member] | Cash And Cash Equivalent [Member] | Level 2 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | ||
Investment funds [member] | Cash And Cash Equivalent [Member] | Level 3 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | ||
Shares [Member] | Financial Asset At Fair Value Through Profit And Loss [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | 187 | 149 |
Shares [Member] | Financial Asset At Fair Value Through Profit And Loss [Member] | Level 1 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | 160 | 120 |
Shares [Member] | Financial Asset At Fair Value Through Profit And Loss [Member] | Level 2 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | ||
Shares [Member] | Financial Asset At Fair Value Through Profit And Loss [Member] | Level 3 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | $ 27 | $ 29 |
FINANCIAL ASSETS AND LIABILI_16
FINANCIAL ASSETS AND LIABILITIES (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Assets And Liabilities | ||
Face value of bond | $ 1,435 | $ 1,233 |
Techniques used for level2 and level3 fair value measurements | Shares: it was determined using the income-based approach through the “Indirect Cash Flow” method, that is, the net present value of expected future cash flows, mainly through the collection of dividends taking into consideration the direct equity interest of 2.84% and 3.19%, and the additional equity interest of 2.18% and 2.46% through HIDISA and HINISA, in TJSM and TMB, respectively, resulting from the Federal Government’s restructuring of assets in the energy sector. This restructuring resulted in TMB’s and TJSM’s share transfer from the Federal Government to IEASA, considering 16.4% and 13.7% discount rate as of December, 31 2022 and 2021, respectively. The key assumptions were prepared based on estimates on the future behavior of certain sensitive variables, including: (i) the dividend distribution policy; (ii) reference prices for energy sold in the spot market; (iii) projections of the availability and dispatch of power plants; (iv) the evolution of structural costs and expenses; (v) macroeconomic variables such as inflation and exchange rates, etc. The Company recognised losses for US$ 1.7 million and earnings for US$ 18 million as a result of changes in the fair value of financial instruments classified as level 3, under the item “Other financial results” of the Consolidated Statement of Comprehensive Income, as of December, 31 2022 and 2021, respectively. Current values may substantially differ from projections, mainly on account of: i) the timeliness and magnitude of the distribution of dividends, ii) the timeliness and magnitude of energy price updates, and/or iii) the evolution of costs. The Company estimates that any sensitivity analysis that considers changes in any of the estimates taken individually may lead to distorting conclusions, generating an adverse effect on the Company’s results. |
EQUITY COMPONENTS (Details)
EQUITY COMPONENTS (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity Components | |||
Earning for continuing operations attributable to equity holders of the Company | $ 456 | $ 312 | $ 132 |
Weighted average amount of outstanding shares | 1,381 | 1,405 | 1,572 |
Basic and diluted earnings per share from continued operations | $ 0.33 | $ 0.22 | $ 0.08 |
Loss for discontinued operations attributable to equity holders of the Company | $ (39) | $ (499) | |
Basic and diluted loss per share from discontinued operations | $ (0.03) | $ (0.32) | |
Earning (Loss) attributable to equity holders of the Company | $ 456 | $ 273 | $ (367) |
Basic and diluted earning (loss) per share | $ 0.33 | $ 0.19 | $ (0.23) |
EQUITY COMPONENTS (Details Narr
EQUITY COMPONENTS (Details Narrative) | Dec. 31, 2022 shares |
Equity Components | |
Share capital | 1,384 |
Treasury shares | 4 |
STATEMENT OF CASH FLOWS COMPLEM
STATEMENT OF CASH FLOWS COMPLEMENTARY INFORMATION (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Of Cash Flows Complementary Information Abstract | |||
Income tax | $ 124 | $ 77 | $ 35 |
Accrued interest | 185 | 141 | 132 |
Depreciations and amortizations | 212 | 205 | 205 |
Share of profit of joint ventures and associates | (105) | (117) | (85) |
Results for property, plant and equipment sale | (2) | (1) | |
Result for intangibles assets sale | (2) | (2) | |
Impairment of property, plant and equipment, intangible assets and inventories | 38 | 4 | 139 |
Impairment of financial assets | 8 | 2 | 9 |
Result from measurement at present value | 14 | 1 | (2) |
Changes in the fair value of financial instruments | (94) | 24 | (19) |
Exchange differences, net | (85) | (3) | (14) |
Result from exchange of corporate bonds | 14 | ||
Result from repurchase of corporate bonds | (6) | (38) | |
Readjustment of investment plan | 9 | ||
Compensation for arbitration award | (37) | ||
Recovery of tax charges | (2) | ||
Provision for contingecies, net | 4 | 3 | 2 |
Provision for environmental remediation | 15 | ||
Accrual of defined benefit plans | 14 | 11 | 11 |
Dividends received | (1) | ||
Compensation agreements | 19 | 2 | 1 |
Other | (3) | 5 | 5 |
Adjustments to reconcile net profit to cash flows from operating activities | $ 307 | $ 365 | $ 380 |
STATEMENT OF CASH FLOWS COMPL_2
STATEMENT OF CASH FLOWS COMPLEMENTARY INFORMATION (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Of Cash Flows Complementary Information Abstract | |||
(Increase) Decrease in trade receivables and other receivables | $ (233) | $ (41) | $ 19 |
Increase in inventories | (21) | (40) | (6) |
Increase in trade payables and other payables | 70 | 43 | 3 |
Increase (Decrease) in salaries and social security payable | 15 | 8 | (1) |
Decrease in defined benefit plans | (3) | (2) | (2) |
Increase (Decrease) in tax liabilities | 36 | (5) | (20) |
Decrease in provisions | (1) | (3) | (5) |
Income tax paid | (2) | (13) | (5) |
Payments from derivative financial instruments, net | (6) | (12) | (5) |
Changes in operating assets and liabilities | $ (145) | $ (65) | $ (22) |
STATEMENT OF CASH FLOWS COMPL_3
STATEMENT OF CASH FLOWS COMPLEMENTARY INFORMATION (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Of Cash Flows Complementary Information Abstract | |||
Acquisition of property, plant and equipment through an increase in trade payables | $ (75) | $ (51) | $ (8) |
Borrowing costs capitalized in property, plant and equipment | (11) | (10) | |
Acquisition of subsidiary by delivering financial assets at fair value through profit and loss | (35) | ||
Receivables from sales of companies pending collection | 40 | ||
Receivables for acquisition of subsidiary | 7 | ||
Increase in investments in associates through a decrease in other receivables | (20) | ||
Increase in right-of-use assets through an increase in other liabilities | (1) | (7) | |
Dividends pending collection | 2 | 20 | |
Compensation of loans through dividends assignment | 12 | ||
Decrease on well abandonment provision, net, through property, plant and equipment | $ (1) | $ (1) | $ (3) |
RELATED PARTIES' TRANSACTIONS (
RELATED PARTIES' TRANSACTIONS (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Trade receivables, current | $ 5,000,000 | $ 7,000,000 |
Other receivables, non current | 17,000,000 | 23,000,000 |
Other receivables, current | 7,000,000 | 8,000,000 |
Trade payables, current | 14,000,000 | 15,000,000 |
Other One [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables, current | ||
Other receivables, non current | ||
Other receivables, current | 1,000,000 | |
Trade payables, current | ||
T G S [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables, current | 5,000,000 | 6,000,000 |
Other receivables, non current | 17,000,000 | 23,000,000 |
Other receivables, current | 6,000,000 | 5,000,000 |
Trade payables, current | 7,000,000 | 3,000,000 |
S A C D E [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables, current | ||
Other receivables, non current | ||
Other receivables, current | ||
Trade payables, current | $ 7,000,000 | 10,000,000 |
O C P One [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables, current | ||
Other receivables, non current | ||
Other receivables, current | 2,000,000 | |
Trade payables, current | ||
Refinor One [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables, current | 1,000,000 | |
Other receivables, non current | ||
Other receivables, current | ||
Trade payables, current | $ 2,000,000 |
RELATED PARTIES' TRANSACTIONS_2
RELATED PARTIES' TRANSACTIONS (Details 1) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
IfrsStatementLineItems [Line Items] | ||||
Sales of goods and services | [1] | $ 64 | $ 57 | $ 33 |
Purchases of goods and services | [2] | (267) | (97) | (35) |
Professional fees expense | [3] | (1) | (1) | (1) |
Other operating expenses and income | [4] | (2) | (2) | (2) |
Finance income | [5] | 2 | 4 | 4 |
Dividends received | 10 | 20 | 35 | |
Payment of dividends | (9) | |||
O C P One [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Finance income | [5] | 1 | 1 | |
Dividends received | 10 | 20 | 21 | |
Payment of dividends | ||||
E M E S A [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Finance income | [5] | |||
Dividends received | ||||
Payment of dividends | (9) | |||
C T B [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Sales of goods and services | [1] | 2 | 2 | 2 |
Purchases of goods and services | [2] | |||
Professional fees expense | [3] | |||
Other operating expenses and income | [4] | |||
Greenwind [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Sales of goods and services | [1] | 1 | 1 | |
Purchases of goods and services | [2] | |||
Professional fees expense | [3] | |||
Other operating expenses and income | [4] | |||
Refinor One [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Sales of goods and services | [1] | 11 | 9 | 10 |
Purchases of goods and services | [2] | (11) | (6) | (5) |
Professional fees expense | [3] | |||
Other operating expenses and income | [4] | |||
T G S [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Sales of goods and services | [1] | 51 | 45 | 20 |
Purchases of goods and services | [2] | (53) | (43) | (24) |
Professional fees expense | [3] | |||
Other operating expenses and income | [4] | |||
Finance income | [5] | 2 | 3 | 3 |
Dividends received | ||||
Payment of dividends | ||||
Foundation [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Sales of goods and services | [1] | |||
Purchases of goods and services | [2] | |||
Professional fees expense | [3] | |||
Other operating expenses and income | [4] | (2) | (2) | (2) |
S A C D E [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Sales of goods and services | [1] | |||
Purchases of goods and services | [2] | (203) | (48) | (6) |
Professional fees expense | [3] | |||
Other operating expenses and income | [4] | |||
Salaverri Dellatorre Burgio And Wetzler [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Sales of goods and services | [1] | |||
Purchases of goods and services | [2] | |||
Professional fees expense | [3] | (1) | (1) | (1) |
Other operating expenses and income | [4] | |||
Citelec [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Finance income | [5] | |||
Dividends received | 13 | |||
Payment of dividends | ||||
Others [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Finance income | [5] | |||
Dividends received | 1 | |||
Payment of dividends | ||||
[1]Corresponds mainly to advisory services provided in the field of technical assistance and sales of gas and refined products.[2]Correspond to natural gas transportation services, purchases of refined products and other services imputed to cost of sales for US$ 191 million, US$ 50 million and US$ 29 million and infrastructure works contracted to SACDE imputed in property, plant and equipment for US$ 76 million, US$ 47 million and US$ 6 million, of which US$ 38 million, US$ 17 million and US$ 2 million correspond to fees and general expenses calculated on the costs incurred by SACDE and/or Pampa to carry out these for the years ended December 31, 2022, 2021 and 2020, respectively.[3]Disclosed within administrative expenses.[4]Corresponds mainly to donations.[5]Corresponds mainly to financial leases and accrued interest on loans granted. |
RELATED PARTIES_ TRANSACTIONS_2
RELATED PARTIES´ TRANSACTIONS (Details Narrative) - Key Management Remuneration [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Key management personnel compensation | $ 26 | $ 7 | $ 7 |
Directors' and Sindycs' fees | 7 | 6 | 6 |
Key management personnel compensation, share-based payment | $ 19 | $ 1 | $ 1 |
INVESTMENT COMMITMENTS (Details
INVESTMENT COMMITMENTS (Details Narrative) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Investment Commitments | |
Generation Estimated investment | $ 128 |
Oil and Gas investment commitment | $ 180 |
LEASES (Details)
LEASES (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Right of use assets, beginning | $ 20 | $ 13 |
Increase | 1 | 7 |
Decrease | (1) | |
Right of use assets, ending | 20 | |
Right of use assets amortization, beginning | (8) | (3) |
For the year | (3) | (5) |
Right of use assets amortization, ending | (11) | (8) |
Net book values | 9 | 12 |
Machinery [member] | ||
IfrsStatementLineItems [Line Items] | ||
Right of use assets, beginning | 20 | |
Increase | 1 | |
Decrease | (1) | |
Right of use assets, ending | 20 | 20 |
Right of use assets amortization, beginning | (8) | |
For the year | (3) | |
Right of use assets amortization, ending | (11) | (8) |
Net book values | $ 9 | $ 12 |
LEASES (Details 1)
LEASES (Details 1) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases | ||
At the beginning of the year | $ 13 | $ 12 |
Increases | 1 | 6 |
Result from measurement at present value | 2 | |
Reversal of unused amounts | (1) | |
Payments | (3) | (5) |
At the end of the year | $ 12 | $ 13 |
LEASES (Details 2)
LEASES (Details 2) $ in Millions | Dec. 31, 2022 USD ($) |
IfrsStatementLineItems [Line Items] | |
Lease liabilities contractual undiscounted cash flows | $ 23 |
Later than three months and not later than one year [member] | |
IfrsStatementLineItems [Line Items] | |
Lease liabilities contractual undiscounted cash flows | 1 |
Later than one year and not later than two years [member] | |
IfrsStatementLineItems [Line Items] | |
Lease liabilities contractual undiscounted cash flows | 1 |
Later than two years and not later than three years [member] | |
IfrsStatementLineItems [Line Items] | |
Lease liabilities contractual undiscounted cash flows | 3 |
Later than three years and not later than four years [member] | |
IfrsStatementLineItems [Line Items] | |
Lease liabilities contractual undiscounted cash flows | 2 |
Later than four years and not later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
Lease liabilities contractual undiscounted cash flows | 2 |
Later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
Lease liabilities contractual undiscounted cash flows | $ 14 |
LEASES (Details 3)
LEASES (Details 3) $ in Millions | Dec. 31, 2022 USD ($) |
IfrsStatementLineItems [Line Items] | |
Lease receivables contractual undiscounted cash flows | $ 23 |
Less Than Three Months [Member] | |
IfrsStatementLineItems [Line Items] | |
Lease receivables contractual undiscounted cash flows | 1 |
Later than three months and not later than one year [member] | |
IfrsStatementLineItems [Line Items] | |
Lease receivables contractual undiscounted cash flows | 5 |
Later than one year and not later than two years [member] | |
IfrsStatementLineItems [Line Items] | |
Lease receivables contractual undiscounted cash flows | 5 |
Later than two years and not later than three years [member] | |
IfrsStatementLineItems [Line Items] | |
Lease receivables contractual undiscounted cash flows | 7 |
Later than three years and not later than four years [member] | |
IfrsStatementLineItems [Line Items] | |
Lease receivables contractual undiscounted cash flows | $ 5 |
LEASES (Details 4)
LEASES (Details 4) $ in Millions | Dec. 31, 2022 USD ($) |
IfrsStatementLineItems [Line Items] | |
Future minimum operating leases | $ 3 |
Later than three months and not later than one year [member] | |
IfrsStatementLineItems [Line Items] | |
Future minimum operating leases | 1 |
Later than one year and not later than two years [member] | |
IfrsStatementLineItems [Line Items] | |
Future minimum operating leases | 1 |
Later than three months [member] | |
IfrsStatementLineItems [Line Items] | |
Future minimum operating leases | $ 1 |
LEASES (Details Narrative)
LEASES (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases | ||
Rightofuseassets net book value | $ 6,000 | $ 6,000 |
Monthly consecutive installments | 623 | |
Current lease receivable | 6,000 | 5,000 |
Non-current lease receivable | $ 17,000 | $ 23,000 |
OIL AND GAS RESERVES (Details)
OIL AND GAS RESERVES (Details) | Dec. 31, 2022 Number | |
Oil And L N G [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Proved developed reserves | 7,722 | [1] |
Proved undeveloped reserves | 3,214 | [1] |
Proved reserves | 10,936 | [1] |
Natural Gas [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Proved developed reserves | 17,372 | [2] |
Proved reserves | 28,613 | [2] |
Natural Gas 1 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Proved undeveloped reserves | 11,241 | [2] |
Argentina [Member] | Oil And L N G [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Proved developed reserves | 7,722 | [1] |
Proved undeveloped reserves | 3,214 | [1] |
Proved reserves | 10,936 | [1] |
Argentina [Member] | Natural Gas [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Proved developed reserves | 17,372 | [2] |
Proved reserves | 28,613 | [2] |
Argentina [Member] | Natural Gas 1 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Proved undeveloped reserves | 11,241 | [2] |
[1]In thousands of barrels.[2]In millions of cubic meters. |