Cover
Cover | 12 Months Ended |
Dec. 31, 2023 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, 2023 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2023 |
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 | 1,359,641,441 |
ICFR Auditor Attestation Flag | true |
Document Financial Statement Error Correction [Flag] | false |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss [abstract] | |||
Revenue | $ 1,732 | $ 1,829 | $ 1,508 |
Cost of sales | (1,107) | (1,139) | (951) |
Gross profit | 625 | 690 | 557 |
Selling expenses | (66) | (65) | (37) |
Administrative expenses | (185) | (142) | (102) |
Exploration expenses | (7) | ||
Other operating income | 177 | 131 | 105 |
Other operating expenses | (88) | (46) | (58) |
Impairment of property, plant and equipment, intangible assets and inventories | (39) | (38) | (4) |
(Impairment) Recovery of impairment of financial assets | (4) | 1 | |
Share of profit from associates and joint ventures | (2) | 105 | 100 |
Profit from sale/acquisition of companies´ interest | 9 | 17 | |
Operating income | 424 | 631 | 579 |
Financial income | 5 | 5 | 10 |
Financial costs | (364) | (221) | (185) |
Other financial results | 558 | 166 | (14) |
Financial results, net | 199 | (50) | (189) |
Profit before income tax | 623 | 581 | 390 |
Income tax | (318) | (124) | (77) |
Profit of the year from continuing operations | 305 | 457 | 313 |
Loss of the year from discontinued operations | (75) | ||
Total income (loss) of the year | 305 | 457 | 238 |
Items that will not be reclassified to profit or loss | |||
Results related to defined benefit plans | (5) | (9) | (3) |
Income tax | 2 | 3 | 1 |
Exchange differences on translation | (78) | 21 | 22 |
Items that may be reclassified to profit or loss | |||
Exchange differences on translation | (97) | 39 | 70 |
Other comprehensive (loss) income of the year from continuing operations | (178) | 54 | 90 |
Other comprehensive income of the year from discontinued operations | 64 | ||
Other comprehensive (loss) income of the year | (178) | 54 | 154 |
Total comprehensive income of the year | 127 | 511 | 392 |
Total income (loss) of the year attributable to: | |||
Owners of the company | 302 | 456 | 273 |
Non-controlling interest | 3 | 1 | (35) |
Total income (loss) of the year attributable to owners of the Company: | |||
Continuing operations | 302 | 456 | 312 |
Discontinued operations | (39) | ||
Total income of the year attributable to owners of the company | 302 | 456 | 273 |
Total comprehensive income (loss) of the year attributable to: | |||
Owners of the Company | 124 | 510 | 393 |
Non-controlling interest | 3 | 1 | (1) |
Total comprehensive income (loss) of the year attributable to owners of the Company: | |||
Continuing operations | 124 | 510 | 402 |
Discontinued operations | (9) | ||
Total comprehensive income (loss) of the year attributable to owners of the company | $ 124 | $ 510 | $ 393 |
CONSOLIDATED STATEMENT OF COM_2
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss [abstract] | |||
Basic earnings per share from continuing operations | $ 0.22 | $ 0.33 | $ 0.22 |
Diluted earnings per share from continuing operations | 0.22 | 0.33 | 0.22 |
Diluted loss per share from discontinued operations | (0.03) | ||
Basic loss per share from discontinued operations | (0.03) | ||
Total basic earning per share | 0.22 | 0.33 | 0.19 |
Total diluted earning per share | $ 0.22 | $ 0.33 | $ 0.19 |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
NON-CURRENT ASSETS | ||
Property, plant and equipment | $ 2,544 | $ 2,164 |
Intangible assets | 96 | 138 |
Right-of-use assets | 21 | 9 |
Deferred tax asset | 36 | |
Investments in associates and joint ventures | 672 | 902 |
Financial assets at amortized cost | 102 | |
Financial assets at fair value through profit and loss | 35 | 27 |
Other assets | 1 | |
Trade and other receivables | 18 | 20 |
Total non-current assets | 3,386 | 3,399 |
CURRENT ASSETS | ||
Inventories | 205 | 173 |
Financial assets at amortized cost | 105 | 8 |
Financial assets at fair value through profit and loss | 559 | 586 |
Trade and other receivables | 296 | 470 |
Cash and cash equivalents | 171 | 106 |
Total current assets | 1,336 | 1,343 |
Total assets | 4,722 | 4,742 |
SHAREHOLDERS´ EQUITY | ||
Share capital | 36 | 36 |
Share capital adjustment | 191 | 191 |
Share premium | 516 | 516 |
Treasury shares adjustment | 1 | 1 |
Treasury shares cost | (7) | (23) |
Legal reserve | 45 | 45 |
Voluntary reserve | 1,433 | 968 |
Other reserves | (15) | (15) |
Other comprehensive (loss) income | (19) | 81 |
Retained earnings | 223 | 477 |
Equity attributable to owners of the company | 2,404 | 2,277 |
Non-controlling interest | 9 | 7 |
Total equity | 2,413 | 2,284 |
NON-CURRENT LIABILITIES | ||
Provisions | 150 | 147 |
Income tax and minimum notional income tax provision | 55 | 179 |
Deferred tax liability | 297 | 112 |
Defined benefit plans | 16 | 28 |
Borrowings | 1,224 | 1,340 |
Trade and other payables | 46 | 21 |
Total non-current liabilities | 1,788 | 1,827 |
CURRENT LIABILITIES | ||
Provisions | 6 | 4 |
Income tax liability | 17 | 5 |
Tax liabilities | 14 | 28 |
Defined benefit plans | 3 | 6 |
Salaries and social security payable | 19 | 32 |
Derivative financial instruments | 2 | |
Borrowings | 224 | 273 |
Trade and other payables | 238 | 281 |
Total current liabilities | 521 | 631 |
Total liabilities | 2,309 | 2,458 |
Total liabilities and equity | $ 4,722 | $ 4,742 |
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, 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 for the year | 273 | 273 | (35) | 238 | ||||||||||
Other comprehensive loss for 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 for the year | 456 | 456 | 1 | 457 | ||||||||||
Other comprehensive loss for 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 | |
IfrsStatementLineItems [Line Items] | ||||||||||||||
Legal and voluntary reserve constitution | 478 | (478) | ||||||||||||
Capital reduction | 16 | (13) | 3 | 3 | ||||||||||
Dividends ditribution | (1) | (1) | ||||||||||||
Profit for the year | 302 | 302 | 3 | 305 | ||||||||||
Other comprehensive loss for the year | (100) | (78) | (178) | (178) | ||||||||||
Ending balance, value at Dec. 31, 2023 | $ 36 | $ 191 | $ 516 | $ 1 | $ (7) | $ 45 | $ 1,433 | $ (15) | $ (19) | $ 223 | $ 2,404 | $ 9 | $ 2,413 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Profit of the year from continuing operations | $ 305 | $ 457 | $ 313 |
Adjustments to reconcile net profit to cash flows from operating activities | 406 | 302 | 362 |
Changes in operating assets and liabilities | (136) | (140) | (62) |
Net cash generated by operating activities from discontinued operations | 116 | ||
Net cash generated by operating activities | 575 | 619 | 729 |
Cash flows from investing activities | |||
Payment for property, plant and equipment acquisitions | (758) | (416) | (206) |
Payment for intangible assets acquisitions | (31) | (4) | |
Collections for sales (Payment for) public securities and shares acquisitions, net | 130 | (102) | (234) |
Recovery (Subscription) of mutual funds, net | 96 | (1) | 52 |
Payment for the acquisition of companies | (1) | (111) | (17) |
Collection for equity interests in companies sales | 72 | 44 | 51 |
Collections for property, plant and equipment sales | 1 | 1 | |
Collections for intangible assets sales | 20 | 21 | 5 |
Dividends received | 10 | 18 | |
(Payment) Collection of loans | (6) | 11 | 26 |
Net cash used in investing activities from discontinued operations | (166) | ||
Net cash used in investing activities | (446) | (575) | (474) |
Cash flows from financing activities | |||
Proceeds from borrowings | 424 | 308 | 188 |
Payment of borrowings | (191) | (143) | (336) |
Payment of borrowings interests | (280) | (162) | (140) |
Payment for treasury shares acquisition | (18) | (39) | |
Repurchase of corporate bonds | (6) | (28) | (3) |
Payments of leases | (3) | (3) | (5) |
Payments of dividends | (1) | ||
Net cash used in financing activities from discontinued operations | (7) | ||
Net cash used in financing activities | (57) | (46) | (342) |
Increase (Decrease) in cash and cash equivalents | 72 | (2) | (87) |
Cash and cash equivalents at the beginning of the year | 106 | 110 | 141 |
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 | (7) | (2) | 4 |
Increase (Decrease) in cash and cash equivalents | 72 | (2) | (87) |
Cash and cash equivalents at the end of the year | $ 171 | $ 106 | $ 110 |
GENERAL INFORMATION
GENERAL INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
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 participates in the electric energy, oil and gas value chains. In the generation segment, the Company, directly and through its subsidiaries and joint ventures, has a 5,332 MW installed capacity as of December 31, 2023, 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 140 MW. In the oil and gas segment, the Company develops an important activity in gas and oil exploration and production, with operations in 12 production areas and 5 exploratory areas reaching a production level of 10.3 million m3/day of natural gas and 4.8 thousand boe/day of oil in Argentina, as of December 31, 2023. 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 91% 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 22,391 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 9,248 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 34.08% indirect interest in OCP (see Note 5.3.4), 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. The Company operates in an economic context which main variables are experiencing volatility as a result of political and economic events both in the domestic and international spheres. At the local level, the Argentine economy was affected during the first half of 2023, and for the third consecutive year, by the La Niña Finally, on December 10, 2023, a new government took office in Argentina that proposes to move forward with the deregulation of the economy and a series of structural reforms aimed at freeing up restrictions to invest and operate in the country. Among its first measures, on December 21, 2023, PEN Executive Order No. 70/23, “Bases for reconstructing the Argentine economy”, was issued, whereby it declared a public emergency in economic, financial, fiscal, administrative, social security, tariff, health and social matters until December 31, 2025, and set the basis for economic deregulation and State reform, and provided for extensive modifications to different legal systems. The PEN Executive Order seeks to amend 300 laws, including reforms to the labor market, the customs code and the status of public companies, among others. Although the PEN Executive Order must be discussed and ratified by at least one of the Chambers of the National Congress, its provisions are partially effective as from December 29, 2023, considering a series of judicial actions that have granted the suspension of certain modifications. Regarding the energy industry, in August 2023, transportation operations of the new Tratayén - Salliqueló section of the Presidente Néstor Kirchner gas pipeline began, with the expectation of generating fiscal and productive benefits, better employment, production and energy supply indicators in the country, and other benefits such as an increase in royalties for the producing provinces and foreign currency savings resulting from a decrease in imports. The above is complemented by the Reversion of the Northern Gas Pipeline, which is expected to transport gas from Vaca Muerta to seven provinces in northern Argentina that are currently supplied with imports from Bolivia. Additionally, in a second instance, these works would allow moving forward with exports to the north of Chile and Brazil. Besides, on December 18, 2023, PEN Executive Order No. 55/23 was issued declaring the emergency in the national energy sector comprising electricity generation, transmission and distribution and natural gas transportation and distribution, effective until December 31, 2024. In general terms, the severe drought has deteriorated economic conditions and deepened pre-existing macroeconomic imbalances. The Argentine economy recorded a 1.6 211.4 356.3 6.4 94.8 72.5 The context of volatility and uncertainty continues as of the date of issuance of these Consolidated Financial Statements. The reforms proposed by the new government have begun their legislative discussion process. It is not possible to currently foresee their evolution or any new measures that may be announced. 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, 2023 | |
Regulatory Framework | |
REGULATORY FRAMEWORK | 150 MW 129,839 245,084 617,377
Large TV Capacity > 100 MW 185,180 349,546 880,520
Small TV Capacity
≤ 100 MW 221,364 417,847 1,052,573
Large GT Capacity > 50 MW 151,124 285,262 718,586 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. 440/21 ($ / MW-month)
SE No. 826/22 ($ / MW-month)
SE No. 869/23 ($ / MW-month)
Summer – Winter 464,400 876,601 2,208,195
Fall - Spring 348,300 657,451 1,656,146 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 was collected; if the utilization is between 30% and 70%, the power
capacity payment ranged from 70% to 100%; and if the utilization factor was lower than 30%, 70% and 60% of the power capacity payment
was collected until January 2020 and August 2021. Subsequently, the application of this factor was suspended in 2021 and finally abrogated
from February 2022. 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. 440/21 ($ / MW-month)
SE No. 826/22 ($ / MW-month)
SE No. 869/23 ($ / MW-mes)
Medium HI Capacity > 120 ≤ 300 MW 170,280 321,421 809,672
Small HI Capacity > 50 ≤ 120 MW 234,135 441,953 1,113,298
Medium Pumped HI Capacity > 120 ≤ 300 MW 170,280 321,421 809,672
Renewable HI Capacity ≤ 50 MW 383,130 723,196 1,821,760 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. 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:
Schedule of generated
and operated energy thermal units remuneration
Remuneration
SE No. 440/21 ($ / MWh)
SE No. 826/22 ($ / MWh)
SE No. 869/23 ($ / MWh)
Generated energy Between 310 and 542 Between 585 and 1,023 Between 1,473 and 2,578
Operated energy 108 204 513 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:
Schedule
of generated and operated energy hydroelectric units remuneration
Remuneration
SE No. 440/21 ($ / MWh)
SE No. 826/22 ($ / MWh)
SE No. 869/23 ($ / MWh)
Generated energy 271 512 1.288
Operated energy 108 204 513 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, 77 $/MVAr,
145 $/MVAr and 367 $/MVAr are recognised under SE Resolution No. 440/21, No. 238/22, No. 826/22 and 869/23, respectively, for the megavolt-amperes
exchanged with the grid when required, in addition to the prices for operated energy. As regards energy generated from
unconventional sources, a single remuneration value was set irrespective of the source used:
Schedule of unconventional sources remuneration
Remuneration
SE No. 440/21 ($ / MWh)
SE No. 826/22 ($ / MWh)
SE No. 869/23 ($ / MWh)
Generated energy 2,167 3,719 10,304 Energy generated before commissioning
will be remunerated by the Agency in Charge of Dispatch at 50% of the above-mentioned remuneration. 2.1.4.3 Additional remuneration For the February 2020-October 2022 period,
an additional remuneration was set for the hours of maximum thermal demand (hmrt), corresponding to the 50 hours with the largest thermal
generation dispatch in each month, divided into two blocks of 25 hours each, the following prices being applicable to the average capacity: Thermal units:
Schedule of additional remuneration to thermal generators
Period 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)
Summer – Winter 58,050 29,025 83,012 41,506
Fall - Spring 9,675 - 13,835 - Hidroelectric units > 50 MW and ≤
300 MW:
Period 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)
Summer – Winter 50,310 25,155 71,943 35,972
Fall - Spring 8,385 - 11,991 - Hidroelectric units ≤ 50 MW:
Period 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)
Summer – Winter 54,180 27,090 77,478 38,739
Fall – Spring 9,030 - 12,913 - As from November 2022, a differentiated
remuneration scheme was established for energy generated during peak hours, applicable to thermal and hydroelectric generators, with a
value equivalent to twice the value of the current price of energy generated during peak hours (6:00 p.m. to 11:00 p.m.) every day of
the months of December, January, February, June, July and August, and one time such value for the same hours of the months of March, April,
May, September, October and November. 2.1.4.4 Remuneration for combined cycles SE Resolution No. 59/23 dated February
7, 2023 established a system combined cycles’ owners could opt-in by executing an availability and efficiency optimization agreement
with CAMMESA. The agreement contemplates an availability commitment of 85 5 35 15 The Company executed agreements with CAMMESA
for its CTLL and GTGEBA power plants’ combined cycles. Additionally, CTB executed an agreement with CAMMESA for its open cycle’s
GT units. In all cases, agreements are effective from March 1, 2023 to February 29, 2028. 2.1.4.5 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), 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 ENARSA 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 ENARSA. If a generator with a fuel stocking obligation optionally acquires from ENARSA 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 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. 2.1.6 New demand charges Under Resolution No. 976/23, the SE established
that, as from February 2024, CAMMESA should bill distribution agents and/or service providers of the WEM and Tierra del Fuego’s
WEM system new charges that are directly transferred to GUDI customers’ bills. The additional charges comprise: (i)
a stabilized charge for the price of energy and (ii) a complementary power adjustment, seeking to bring GUDI costs in line with GUME
and GUMA costs. 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-" id="sjs-B4">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 (SE Resolutions No. 1,281/06 and No. 281/17); ii) supply agreements with CAMMESA (SE 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. 440/21 as from February 2021, SE Resolution No. 238/22 as from February 2022, SE Resolution No. 826/22 as from September 2022, SE Resolution No. 750/23 as from September 2023 and SE Resolution No. 869/23 as from September 2023). 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 12.31.2023: 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. 869/23 CTG GUEMTV12 TV ≤100 MW Resolution No. 869/23 CTG GUEMTV13 TV >100 MW Resolution No. 869/23 Piquirenda PIQIDI 01-10 MCI 30 MW Resolution No. 869/23 CPB BBLATV29 TV >100 MW Resolution No. 869/23 CPB BBLATV30 TV >100 MW Resolution No. 869/23 CTIW BBLMD01-06 MCI 100 MW Resolution No. 21/16 CTLL LDLATG01/TG02/TG03/TV01 CC >150 MW Resolution No. 59/23 CTLL LDLATG04 TG 105 MW Resolution No 220/07 (75%) CTLL LDLATG05 TG 105 MW Resolution No. 21/16 CTLL LDLMDI01 MCI 15 MW Resolution No. 869/23 CTGEBA GEBATG01/TG02/TV01 CC >150 MW Resolution No. 59/23 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 CTPP PILBD01-06 MCI 100 MW Resolution No. 21/16 CTEB EBARTG01 - TG02 TG >50 MW Resolution N° 59/23 CTEB EBARTV01 TV 279 MW Resolution No. 220/07 HIDISA AGUA DEL TORO HI HI – Media 120<P≤300 Resolution No. 869/23 HIDISA EL TIGRE HR Renewable ≤ 50 Resolution No. 869/23 HIDISA LOS REYUNOS HB HB – Media 120<P≤300 Resolution No. 869/23 HINISA NIHUIL I - II - III HI HI – Small 50<P≤120 Resolution No. 869/23 HPPL PPLEHI HI HI – Media 120<P≤300 Resolution No. 869/23 PEPE II PAMEEO Wind 53 MW MATER Res. No. 281/17 PEPE III BAHIEO Wind 53 MW MATER Res. No. 281/17 PEPE IV Ampliación BAHIEO Wind 81 MW MATER Res. No. 281/17 PE Arauco AR21EO Wind 99,75 MW Renovar (1) Schedule of generating units in construction In construction: Generator Tecnology Capacity Applicable regime PEPE VI Wind 140 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 GU 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 CTG, EcoEnergía and CTGEBA— 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, or are adjusted by CAMMESA’s price variation instead. 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 (or self-generation from renewable sources) through the individual purchase within the MATER. 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 to meet the GU’s demand that purchase energy to distribution utility companies. Under this resolution, the Company, through its PEPE II, III and IV wind farms, sells energy for up to 187 MW. Additionally, the Company has started selling third-party generators’ renewable energy for a volume of 1.14 MW. 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 of monthly installments ranging between 500 and 1,500 US$/MW. Additionally, it allows projects with an assigned dispatch priority but not yet commissioned to continue their execution keeping the dispatch priority, or to waive such priority, thus releasing the transmission capacity. The Company, as owner of the Wind Farm project, located in Las Armas, Province of Buenos Aires, notified its decision to waive the timely granted dispatch priority, and recovered the security it had provided. As a result, CAMMESA notified that the already initiated execution of the security was determined to be moot as it had no further claim against the Company; therefore, as of September 30, 2021, the amount of US$ 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. SE Resolution No. 360/23 introduced several changes to the effective priority dispatch system. These modifications include the granting of a dispatch priority to renewable generation projects to be sold in the MATER that finance the corresponding transmission expansions and/or renewable energy generation projects with an associated demand larger than 10 MW. Besides, it established a new referential dispatch priority system in corridors without full availability at every hour of the year. In this way, the dispatch priority will have an injection probability of 92% of the typical annual energy. Moreover, it establishes that partially commissioned projects regarding the committed capacity will pay the dispatch priority charge exclusively for the difference between the assigned power capacity and that commissioned, provided the accumulated commissioned capacity is at least 50% of that assigned. Finally, projects with commissioned power capacity lower than assigned power capacity will lose dispatch priority for uncommissioned power capacity. Within the framework of this resolution, for the third quarter of 2023, the Company was awarded a 139,50 MW referential dispatch priority for the PEPE VI (Stages 1 and 2). 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 agreements 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 units remunerated under agreements for 79 MW and 280 MW, through CTLL thermal power plant and CTEB´s closed cycle, owned by CTB, respectively. 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 CTLL, CTIW and CTPP 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 CTGEBA 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 (“FODER”) destined, among other objectives, to the granting of loans and capital contributions for the financing of such projects. Under the Renovar programs, the Company, has a supply contract in place with CAMMESA for a total of 99.75 MW for the PE Arauco. 2.1.3.5 Penalty system under MATER and Renovar contracts On March 20, 2023, SE Resolution No. 165/23 was passed, which modified the penalty system applicable to MATER and Renovar projects, including projects awarded under the Renovar MiniRen Program, Round 3. Penalties for breaches in the committed supply of energy were incorporated into the system, to be discounted in 12 monthly and consecutive installments as from commercial commissioning, keeping the generator’s option to cancel the penalties in 48 monthly and consecutive installments with the application of a 1.7% EAR in U.S. dollars. To avoid affecting the projects’ minimum maintenance, a 20% discount cap for the monthly transaction was established for those generators opting into the 48-installment scheme. The balance following the application of this cap will be discounted in the first transaction in which the penalty is below the stated cap; if the number of installments is exceeded, the scheme will be maintained until the penalties’ full cancellation and, in case the contract term is exceeded, the payment scheme may be restructured, or the discount cap may be increased to 40% of the transaction. Besides, SE Resolution No. 883/23 approved a penalty offsetting mechanism for supply agreements under the Renovar programs allowing to offset penalties with investments in new renewable power generation capacity. This possibility is contemplated for delay, deficiency and national component penalties. 2.1.3.6 TerCONF Call On July 27, 2023, SE Resolution No. 621/23 launched the "TerCONF" call for the execution of reliable thermal generation supply agreements with CAMMESA allowing to incorporate new thermal supply and ensure the WEM's reliability and sustainability through: (i) supply to the SADI, and (ii) the substitution and modernization of Tierra del Fuego's power generation grid. Regarding thermal generation for SADI's reliability and supply: (i) The call will consider any generation or co-generation technology, including associated transmission and/or fuels infrastructure works, to add reliable power capacity by installing new equipment or equipment with less than 15,000 hours of verified use; (ii) Agreements will not provide for fuel management responsibility, and a variable operation and maintenance remuneration is established based on the energy per fuel type; (iii) The agreement's price will contemplate the payment of the hired power capacity in US$/MW-month and the payment of the supplied energy; (iv) Projects should identify the point of delivery and the technical connection agreement with the transmission company; and (v) A supply maintenance guarantee and a payment scheme from the project's award to the contract execution date are established as a type of performance bond. On September 26, 2023, 66 projects were submitted for a total of 7,112 MW power capacity. Pampa submitted a tender for the execution of CTGEBA II, with a 300 MW power capacity. It also tendered, through CTB, an 11 MW CC expansion. On November 24, 2023, pursuant to SE Resolution No. 961/23, both tenders were awarded, and the initial payments were executed according to the provisions of the call for tenders’ payment scheme. However, on December 28, 2023, the SE, through Note NO-2023-153876959-APN-SE#MEC, instructed CAMMESA to provisionally suspend the issuance of the commercial documentation corresponding to the payment of the tender guarantee and the monthly payment scheme. According to such note, SE is evaluating the exercise of the extension powers set forth in the bidding documents. 2.1.4 Remuneration at the Spot market On May 19, 2021, SE Resolution No. 440/21 provided for a 29% increase in the values in pesos of the remuneration items based on technology and scale and the additional remuneration for the power capacity generated in the hours of maximum thermal demand of the month established in 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. Subsequently, through SE Resolution No. 750/23 and SE Resolution No. 869/23, the remuneration values for spot generation were updated, providing for a 23 28 The applicable remunerations based on technology and resolution are detailed below. The amounts reported correspond to the resolutions applicable as of December 31, 2021, 2022 and 2023. 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. 440/21 ($ / MW-month) SE No. 826/22 ($ / MW-month) SE No. 869/23 ($ / MW-month) Large CC Capacity > 150 MW 129,839 245,084 617,377 Large TV Capacity > 100 MW 185,180 349,546 880,520 Small TV Capacity ≤ 100 MW 221,364 417,847 1,052,573 Large GT Capacity > 50 MW 151,124 285,262 718,586 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. 440/21 ($ / MW-month) SE No. 826/22 ($ / MW-month) SE No. 869/23 ($ / MW-month) Summer – Winter 464,400 876,601 2,208,195 Fall - Spring 348,300 657,451 1,656,146 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 was collected; if the utilization is between 30% and 70%, the power capacity payment ranged from 70% to 100%; and if the utilization factor was lower than 30%, 70% and 60% of the power capacity payment was collected until January 2020 and August 2021. Subsequently, the application of this factor was suspended in 2021 and finally abrogated from February 2022. 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. 440/21 ($ / MW-month) SE No. 826/22 ($ / MW-month) SE No. 869/23 ($ / MW-mes) Medium HI Capacity > 120 ≤ 300 MW 170,280 321,421 809,672 Small HI Capacity > 50 ≤ 120 MW 234,135 441,953 1,113,298 Medium Pumped HI Capacity > 120 ≤ 300 MW 170,280 321,421 809,672 Renewable HI Capacity ≤ 50 MW 383,130 723,196 1,821,760 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. 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: Schedule of generated and operated energy thermal units remuneration Remuneration SE No. 440/21 ($ / MWh) SE No. 826/22 ($ / MWh) SE No. 869/23 ($ / MWh) Generated energy Between 310 and 542 Between 585 and 1,023 Between 1,473 and 2,578 Operated energy 108 204 513 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: Schedule of generated and operated energy hydroelectric units remuneration Remuneration SE No. 440/21 ($ / MWh) SE No. 826/22 ($ / MWh) SE No. 869/23 ($ / MWh) Generated energy 271 512 1.288 Operated energy 108 204 513 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, 77 $/MVAr, 145 $/MVAr and 367 $/MVAr are recognised under SE Resolution No. 440/21, No. 238/22, No. 826/22 and 869/23, respectively, for the megavolt-amperes exchanged with the grid when required, in addition to the prices for operated energy. As regards energy generated from unconventional sources, a single remuneration value was set irrespective of the source used: Schedule of unconventional sources remuneration Remuneration SE No. 440/21 ($ / MWh) SE No. 826/22 ($ / MWh) SE No. 869/23 ($ / MWh) Generated energy 2,167 3,719 10,304 Energy generated before commissioning will be remunerated by the Agency in Charge of Dispatch at 50% of the above-mentioned remuneration. 2.1.4.3 Additional remuneration For the February 2020-October 2022 period, an additional remuneration was set for the hours of maximum thermal demand (hmrt), corresponding to the 50 hours with the largest thermal generation dispatch in each month, divided into two blocks of 25 hours each, the following prices being applicable to the average capacity: Thermal units: Schedule of additional remuneration to thermal generators Period 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) Summer – Winter 58,050 29,025 83,012 41,506 Fall - Spring 9,675 - 13,835 - Hidroelectric units > 50 MW and ≤ 300 MW: Period 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) Summer – Winter 50,310 25,155 71,943 35,972 Fall - Spring 8,385 - 11,991 - Hidroelectric units ≤ 50 MW: Period 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) Summer – Winter 54,180 27,090 77,478 38,739 Fall – Spring 9,030 - 12,913 - As from November 2022, a differentiated remuneration scheme was established for energy generated during peak hours, applicable to thermal and hydroelectric generators, with a value equivalent to twice the value of the current price of energy generated during peak hours (6:00 p.m. to 11:00 p.m.) every day of the months of December, January, February, June, July and August, and one time such value for the same hours of the months of March, April, May, September, October and November. 2.1.4.4 Remuneration for combined cycles SE Resolution No. 59/23 dated February 7, 2023 established a system combined cycles’ owners could opt-in by executing an availability and efficiency optimization agreement with CAMMESA. The agreement contemplates an availability commitment of 85 5 35 15 The Company executed agreements with CAMMESA for its CTLL and GTGEBA power plants’ combined cycles. Additionally, CTB executed an agreement with CAMMESA for its open cycle’s GT units. In all cases, agreements are effective from March 1, 2023 to February 29, 2028. 2.1.4.5 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), 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 ENARSA 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 ENARSA. If a generator with a fuel stocking obligation optionally acquires from ENARSA 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 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. 2.1.6 New demand charges Under Resolution No. 976/23, the SE established that, as from February 2024, CAMMESA should bill distribution agents and/or service providers of the WEM and Tierra del Fuego’s WEM system new charges that are directly transferred to GUDI customers’ bills. The additional charges comprise: (i) a stabilized charge for the price of energy and (ii) a complementary power adjustment, seeking to bring GUDI costs in line with GUME and GUMA costs. 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- |
BASIS OF PREPARATION
BASIS OF PREPARATION | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
BASIS OF PREPARATION | NOTE 3 BASIS OF PREPARATION These Consolidated Financial Statements have been prepared in accordance with IFRS´ Accounting Standards issued by IASB, are expressed in million dollars and were approved for their issuance by the Board of Directors on March 6, 2024. 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, 2023 | |
Notes and other explanatory information [abstract] | |
ACCOUNTING POLICIES | NOTE 4 ACCOUNTING POLICIES The main accounting policies used in the preparation of these Consolidated Financial Statements are explained below. Pursuant to CNV General Resolution No. 972/23, the early application of IFRS´ Accounting Standards and/or their amendments is not allowed, unless specifically allowed at the time of adoption. As of December 31, 2023, the Company has not opted for the early application of IFRS´ Accounting Standards and/or its amendments. 4.1 New accounting standards, amendments and interpretations issued by the IASB effective as of December 31, 2023 and adopted by the Company The Company has applied the following standards and/or amendments for the first time as of January 1, 2023: - IFRS 17 - “Insurance Contracts” (issued in May 2017 and later amended in June 2020 and December 2021) - IAS 1 - “Presentation of financial statements” (amended in February 2021) - IAS 8 – “Accounting Policies” (amended in February 2021) - IAS 12 - “Income Taxes” (amended in May 2021 and May 2023) 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 - - - - 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 and Consolidated Statement of Changes in Equity 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, depending on the contractual rights and obligations of each investor. The Company participates 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 and in other comprehensive income of the investee. 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 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. 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. Works in progress are valued according to their degree of progress. 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. 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 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 IFRS´ Accounting Standards 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´ Accounting Standards 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 Based on the entity’s business model for managing the financial assets and the contractual cash flow characteristics, the Group classifies its financial assets in the following categories: (i) those that are subsequently measured at fair value through profit or loss, and (ii) those that are subsequently measured at amortised cost. 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 through profit or loss. 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 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 it is considered highly probable that their amount will be recovered through a sale transaction. 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. 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. 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, this means, 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. 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 LGS, 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´ Acoounting Standards. 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 incom |
GROUP STRUCTURE
GROUP STRUCTURE | 12 Months Ended |
Dec. 31, 2023 | |
Group Structure | |
GROUP STRUCTURE | NOTE 5 GROUP STRUCTURE 5.1 Corporate reorganization On November 6 and 11, 2023, the Boards of Directors of CISA, the Company and GASA, respectively, resolved to instruct their respective managements to analyze a reorganization process under the terms of Section 82 and subsequent sections of the LGS and tax neutrality under Sections 80 and subsequent articles of the Income Tax Law (as amended in 2019), and, if appropriate, draw up the preparatory documentation for the spin-off of CISA’s equity and the subsequent merger through absorption of a part of its spun-off equity with Pampa and the other part of its spun-off equity with GASA. The above-mentioned process, which reorganization effective date is scheduled for January 1, 2024, will derive benefits for the involved companies and for the entire economic group, since it will allow for improved resource efficiency in financial information management and reduced costs for legal and tax advisory fees. 5.2 Acquisition and sale of equity interests 5.2.1 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 2.41 95 5 50 40 10 The results corresponding to the Distribution of energy segment prior to the closing of the transaction were disclosed under “Discontinued operations” of the Consolidated Statement of Comprehensive Income in the fiscal year ended December 31, 2021. The statement of comprehensive income associated with the discontinued operations is disclosed below: Schedule of statement of comprehensive income related to discontinued operations Distribution of energy 12.31.2021 Revenue 493 Cost of sales (398) Gross profit 95 Selling expenses (36) Administrative expenses (26) Other operating income 21 Other operating expenses (18) Reversal of property, plant and equipment impairment 16 Impairment of financial assets (11) Operating income 41 Gain on monetary position, net 120 Financial costs (106) Other financial results 8 Financial results, net 22 Profit before income tax 63 Income tax (138) Loss of the year from discontinued operations (75) Other comprehensive income Items that will not be reclassified to profit or loss Exchange differences on translation 34 Items that may be reclassified to profit or loss Exchange differences on translation (1) 30 Other comprehensive income of the year from discontinued operations 64 Total comprehensive loss of the year from discontinued operations (11) Total loss of the year from discontinued operations attributable to: Owners of the company (39) Non - controlling interest (36) (75) Total comprehensive loss of the year from discontinued operations attributable to: Owners of the company (9) Non - controlling interest (2) Total comprehensive (loss) income of the year from discontinued operations attributable (11) (1) 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 is presented below: Schedule of consolidated statement of cash flows related to discontinued operations Distribution of energy 12.31.2021 Net cash generated by operating activities 116 Net cash used in investing activities (166) Net cash used in financing activities (7) Decrease in cash and cash equivalents from discontinued operations (57) Cash and cash equivalents at the beginning of the year 52 Effect of devaluation and inflation on cash and cash equivalents 5 Decrease in cash and cash equivalents (57) Cash and cash equivalents at the end of the year - 5.2.2 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, once conditions precedent had been met, the Company transferred the above-mentioned shares. Later, the parties entered into an amendment to the agreement stipulating the payment of the price balance as follows: (i) US$ 1.4 2.6 0.65 As of the date of issuance of these Consolidated Financial Statements, the Company has collected US$ 3.1 2.6 8 5.2.3 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 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 millions of 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, and 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 5.2.4 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. 5.2.5 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 On December 16, 2022, as the conditions precedent had been met, PEA transferred VAR’s shares, and the Company paid US$ 128.1 1.8 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 millions of 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 and 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 million and US$ 448 million, respectively. The pro forma information was calculated based on the Company and VAR’s results. The Company paid US$ 93.2 34.9 5.2.6 Acquisition of additional interest in Rincón de Aranda and divestment in Greenwind On June 23, 2023, the Company reached an agreement with Total Austral S.A. (Argentine branch) to acquire the additional 45% interest in the Rincón de Aranda block, achieving a 100% interest in the block. As part of the agreement, on the transaction's closing date Pampa transfered 100% of its equity interest in Greenwind, which only asset is the Mario Cebreiro Wind Farm. Rincón de Aranda is a 240 km2 exploration block located in the oil window of the Vaca Muerta formation, in the Province of Neuquén. It currently has a shut-in production well and an uncompleted well, both drilled in 2019; although the block is not currently in production, its proximity to important productive blocks in the Vaca Muerta formation makes it highly promising from a technical standpoint. On August 16, 2023, after meeting the conditions precedent, including, among others, the assignment approval and the granting of a CENCH over the area to the Company, the transaction was closed. On its part, Mario Cebreiro Wind Farm, inaugurated in 2018 with a 100 MW capacity and located in Bahía Blanca, Province of Buenos Aires, was the Company's first wind power project, awarded under the Renovar 1 program; it is worth highlighting that, despite the wind farm’s assignment, the Company remains committed to renewable energy, which is essential to keep its position as a leading provider of efficient energy, and has started the construction of PEPE VI (see Note 17). Lastly, with the acquisition of the additional interest in Rincón de Aranda, the Company diversifies its presence in the energy sector with a shale oil block having great production potential and reinforces its commitment to the development of unconventional reserves in Vaca Muerta. On the closing date, the Company recorded profits of US$ 6.6 55 0.2 The fair value of Rincon de Aranda area was based on present value of future net cash flows prepared based on estimates on the future behavior of certain key assumptions, including the following: (i) reference prices for products; (ii) demand projections per type of product; (iii) costs evolution; (iv) macroeconomic variables such as inflation and exchange rates; and (v) the discount rate. The following table details the value of the transferred consideration and the fair value of assets acquired and liabilities assumed as of August 16, 2023: Schedule of transferred consideration of fair value assets and liabilities In millions of US$ Assignment of Greenwind's interest net of assumed liabilities (1) (54.0) Fair value of Rincón de Aranda's previous interest (31.6) Total (85.6) Property, plant and equipment (2) 57.0 Inventories (3) 0.9 Tax credits (4) 1.0 Cash and cash equivalents (5) 29.2 Deferred tax liability (2.3) Fair value 85.8 Profit 0.2 (1) The following table details the book value of Greenwind´s interest: In millions of US$ Property, plant and equipment 121.1 Intangible assets 29.5 Financial assets at fair value through profit and loss 10.9 Trade and other receivables 10.1 Cash and cash equivalents 16.7 Borrowings (79.7) Deferred tax liability (48.3) Income tax liability (3.6) Trade and other payables (1.1) Provisions (0.8) Tax charges (0.8) Assignment of Greenwind's interest net of assumed liabilities 54.0 Provisions assumed by Pampa (4.2) Book value of Greenwind´s interest 49.8 The contingency provisions assumed by Pampa correspond to the additional income tax that should have been determined in Greenwind for the fiscal year 2022 without considering the tax loss update regarding the contractual indemnity granted to Total Austral S.A. (Argentine Branch). (2) The well’s fair value was assessed using the “cost-based approach”, which consists of its replacement cost new adjusted by its loss of value resulting from physical deterioration, and functional and economic obsolescence. The fair value of the mining property was assessed using the “income-based approach”, considering the development plan contemplated in the concession contract's term. (3) The fair value of spare parts was assessed using the “cost-based approach”, which consists of the item’s replacement cost new adjusted by its loss of value resulting from physical deterioration, and functional and economic obsolescence. (4) The contractual value of tax credits does not differ from its fair value. (5) Corresponding to the price adjustment paid by Total Austral S.A. (Argentine branch). As a result of the asset swap, the Company received in cash and cash equivalents the amount of US$ 29.2 16.7 12.5 5.3 5.3.1 Subsidiaries information Unless otherwise indicated, the country of the registered office is also the principal place where the subsidiary develops its activities. Schedule of subsidiaries information 12.31.2023 12.31.2022 Company Country Main activity Direct and indirect participation % Direct and indirect participation % Autotrol Renovables S.A. Argentina Generation 100.00 100.00 CISA Argentina Trader & investment 100.00 100.00 Ecuador Pipeline Holdings Limited Gran Cayman Investment 100.00 - EISA Uruguay Investment 100.00 100.00 Enecor S.A. Argentina Electricity transportation 70.00 70.00 Energía Operaciones ENOPSA S.A. (1) Ecuador Oil - 100.00 Fideicomiso CIESA Argentina Investment 100.00 100.00 GASA Argentina Generation & Investment 100.00 100.00 Greenwind (2) Argentina Generation - 100.00 HIDISA Argentina Generation 61.00 61.00 HINISA Argentina Generation 52.04 52.04 Pampa Ecuador Inc Nevis Investment 100.00 100.00 PEB Bolivia Investment 100.00 100.00 PE Energía Ecuador LTD Gran Cayman Investment 100.00 100.00 PECSA Chile Trader 100.00 - PESOSA Argentina Trader 100.00 - Petrolera San Carlos S.A. Venezuela Oil 100.00 100.00 PB18 Ecuador Oil 100.00 100.00 PISA Uruguay Investment 100.00 100.00 TGU Uruguay Gas transportation 51.00 51.00 VAR Argentina Generation 100.00 100.00 Vientos Solutions Argentina S.A.U. Argentina Advisory services 100.00 100.00 Vientos Solutions S.L.U. España Investment - 100.00 (1) Company merged into PB18. (2) See Note 5.2.6. 5.3.2 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; unless otherwise indicated, the share capital consists of common shares, each granting the right to one vote: Schedule of investments associates and Joint ventures Information about the issuer Main activity Date Share capital Profit (loss) of the year Equity Direct and indirect participation % Associates OCP Investment 12.31.2023 100 17 114 34.08 TGS (1) Gas transportation 12.31.2023 1 29 1,058 1.029 Joint ventures CIESA (1) Investment 12.31.2023 1 15 540 50.00 Citelec (2) Investment 12.31.2023 1 4 164 50.00 CTB Generation 12.31.2023 11 (15) 500 50.00 (1) The Company holds a direct and indirect interest of 1.029% 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 26.50% in TGS. As of December 31, 2023, the quotation of TGS's ordinary shares and ADR published on the BCBA and the NYSE was $2,956.15 and US$ 15.09, respectively, granting to Pampa (direct and indirect) ownership an approximate stake market value of $ 623,064 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, 2023, Transener’s common share price listed at the BCBA was $ 1,210.00, conferring Pampa’s indirect interest an approximate $ 141,643 million market value. The details of the balances of investments in associates and joint ventures are as follows: Schedule of balances of investment in associates and joint ventures 12.31.2023 12.31.2022 Disclosed in non-current assets Associates OCP 23 15 TGS 14 67 Total associates 37 82 Joint ventures CIESA 303 435 Citelec 82 117 CTB 250 268 Total joint ventures 635 820 Total associates and joint ventures 672 902 The following tables show the breakdown of the share of profit from associates and joint ventures: Schedule of breakdown associates and joint ventures 12.31.2023 12.31.2022 12.31.2021 Associates Refinor (1) - (12) (2) OCP 5 (1) 1 TGS 3 7 7 Total associates 8 (6) 6 Joint ventures CIESA 6 43 50 CTB (18) 41 49 Citelec 2 3 (3) Greenwind (2) - 24 (2) Total joint ventures (10) 111 94 Total associates and joint ventures (2) 105 100 (1) See Note 5.2.2. (2) See Note 5.2.3. The evolution of investments in associates and joint ventures is as follows: Schedule of evolution of investments in associates and joint ventures 12.31.2023 12.31.2022 12.31.2021 At the beginning of the year 902 770 547 Dividends - (8) - Increases 1 1 17 Decrease due to sale of equity interests (58) (6) - Decrease due to acquisition of control - (20) - Increase due to acquisition of equity interests 3 - 17 Share of profit (2) 116 98 (Impairment) Recovery of impairment losses - (11) 2 Exchange differences on translation (174) 60 89 At the end of the year 672 902 770 5.3.3 Investment in CTB On June 26, 2019, the acquisition by CTB, a company co-controlled by YPF and Pampa, of the goodwill of CTEB, located in the petrochemical complex of Ensenada-Province of Buenos Aires and consisting of two open-cycle gas turbines and an installed capacity of 567 MW, was completed. CTB undertook to achieve the cycle-closing commissioning, increasing its installed capacity to 847 MW. On January 27, 2023, CTB commissioned the CC, and on February 22, 2023, commercial operations started under the supply contract with CAMMESA. On April 26, 2023, CTB was commissioned to operate with gas oil. CTB entered into energy supply contracts with CAMMESA under SE Resolution No. 220/07; the open cycle contract terminated on April 27, 2022, and the closed cycle contract is effective for a term of 10 years as from the CC’s start of commercial operations. Energy not committed under contracts with CAMMESA is remunerated at the spot market. Finally, CTB entered into an availability and efficiency optimization agreement with CAMMESA for its open-cycle GT units, effective from March 1, 2023 to February 29, 2028, within the framework of SE Resolution No. 59/23 (see Note 2.1.4.4). In 2019, Pampa and YPF agreed on a management and operation scheme for CTEB whereby the company would be managed by Pampa and YPF Energía Eléctrica S.A. on a rotational basis for 4-year periods. Pampa managed the company during the first period and YPF Energía Eléctrica S.A., on its part, oversaw and managed the works associated with the plant’s closing to CC. On December 29, 2023, Pampa and YPF entered into an addendum to the management agreement stipulating a shared management scheme between Pampa and YPF Energía Eléctrica S.A., effective as from January 2024, suspending the previous rotational scheme. The addendum contemplates the possibility of resuming the original rotational scheme at the request of the parties. 5.3.3.1 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. 5.3.3.2 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 It is worth highlighting that the resolutive condition of the guarantees granted by CTB’s co-controlling shareholders (Pampa and YPF) to holders of outstanding Classes 1, 2, 4, 6, 7 and 8 CB issued by CTB to secure the timely and proper payment of any owed amount, including principal and interest services, was fulfilled with the CC’s commissioning on February 22, 2023. Consequently, these guarantees were terminated and rendered ineffective and unenforceable. On April 3, 2023, CTB issued Class 9 CB for a total amount of US$ 50 million at an annual 0% fixed Badlar rate maturing on April 3, 2026. These CB were subscribed and paid in cash and in kind through the delivery of the Class 1 CB; therefore, Class 1 CB for a face value of US$ 2.2 million were partially canceled. The remaining outstanding face value of Class I CB, amounting to US$ 30 million, was redeemed in full in May 2023. As of the date of issuance of these Consolidated Financial Statements, CTB is in compliance with all the covenants established in its debt agreements. Additionally, CTB took out import financing for US$ 0.8 million. Post-closing, the Company took out short-term bank loans in pesos for $ 31,786 million at an average annual 106% interest rate and, in January 2024, it early redeemed all Class 2 CB. 5.3.3.3 Impairment of non-financial assets As of December 31, 2023, CTB did not identify indications that could impact the assumptions considered in the recoverability assessment performed as of December 31, 2022. It should be noted that CTB has not recorded any impairment losses as a result of aforementioned assessment. 5.3.4 Investment in OCP The Company, through PEB, has an equity stake in OCP, which in turn holds the whole capital stock and voting rights of OCP SA, the licensee company of an oil pipeline in Ecuador with a transportation capacity of 450,000 barrels/day. On August 12, 2021, the Company, through its subsidiary PEB, entered into 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.), a company which in turn holds shares representing 14.15% of OCP's capital stock, for US$ 5 million. On its part, on November 30, 2023, the Company, through its subsidiary PEB, entered into an agreement with Burlington Resources Oriente Limited and Perenco S.A for the purchase of Ecuador Pipeline Holdings Limited, a company which in turn holds shares representing 4% of OCP’s capital stock, in consideration of a price equivalent to US$ 1 (one dollar). The closing of these transactions, taking into consideration the timing of the agreements and the concession’s extension term, involved the recognition of profits for US$ 17.2 million and US$ 3.7 million under IAS 28. The following table details the consideration and the fair values of the assets acquired and the profits recorded on the detailed acquisition dates: Schedule of investment in associate acquisition 8.12.21 11.30.23 In millions of 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 2.4 OCP dividends to be received 9.5 - Cash and cash equivalents - 1.3 Assets fair value 22.2 3.7 Profit (2) 17.2 3.7 (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 Additionally, on May 4, 2023, the Company, through its subsidiary PEB, entered into a purchase agreement with Repsol OCP de Ecuador S.A. to acquire 2,979,606,613 additional shares, representing 29.66% of OCP, for a price of US$ 15 million, adjusted by subtracting the dividends collected by Repsol OCP de Ecuador S.A. between January 1, 2023 and the transaction closing date. As of December 31, 2023, the closing of the transaction was subject to the customary conditions precedent for this kind of transactions, including the applicable governmental approvals. Post-closing, on January 16, 2024, the transaction was closed. It is worth highlighting that with this transaction the Company, through PEB, reaches a 63.74% equity interest in OCP's capital stock and obtains joint control, in accordance to the commitment to amend the shareholders' agreement dated on January 9, 2024 with PetroOriental OCP Holdings Ltd. 5.3.4.1 Concession termination Given the Government's interest in ensuring continuity in the provision of the public hydrocarbon transportation utility through the heavy crude oil pipeline, on January 19, 2024 the Ministry of Energy and Mines of Ecuador and OCP SA agreed to extend its term until July 31, 2024 to: (i) allow the Government the time necessary to verify compliance with the authorization contract, including the pipeline's original diameter in all its sections, the enabling licenses issued by the Energy and Non-Renewable Natural Resources Regulation and Control Agency, and (ii) allow OCP SA to substantiate compliance with the authorization contract. The parties will also review the objectives set for the transition process, agree on the content of the termination agreement, and take the necessary measures for the transfer of the company. 5.3.4.2 Dividend distribution and share buyback Post-closing, on January 5, on January 18, 2024, OCP declared dividends for US$13.3 million. Additionally, on January 22, 2024, OCP repurchased a total of 5,740,902,124 own ordinary shares for a US$ 0.01 price each. As a consequence of the aforementioned, on January 22, 2024, the Company, through PEB, received US$ 8.5 million for dividend distribution and US$ 36.6 million for stock buyback, in relation to its 63.74% interest in OCP. 5.3.4.3 Contingent liabilities in OCP SA During 2023, upon the occurrence of a force majeure event related to the erosive process in the Quijos River bed, in the San Rafael sector, on the border of the provinces of Sucumbíos and Napo, Ecuador, several organizations and individuals filed a constitutional protection action against OCP SA, as well as against the Ministry of Energy, the Ministry of Environment and Water, Petroecuador and the Ministry of Health, alleging violation of several constitutional rights. The safeguard action was dismissed in the second instance by Orellana’s Provincial Court of Justice; however, the plaintiffs filed a constitutional protection action, which was upheld by the Constitutional Court. In 2023, due to the Force Majeure event resulting from the pipeline rupture in 2020 mentioned in the previous paragraph, the decentralized autonomous government of Orellana filed a constitutional protection action against OCP SA and Petroecuador alleging violation of several constitutional rights. The protection action has not been resolved as of the date of issuance of these Financial Statements. Moreover, in 2023, due to the Force Majeure event resulting from the pipeline rupture in 2020, residents of the Puerto Madero area filed a constitutional protection action against OCP SA, the Presidency of the Republic of Ecuador and EP Petroecuador alleging violation of several constitutional rights. The protection action has not been resolved as of the date of issuance of these Financial Statements. OCP SA’s management, jointly with its legal advisors, has determined that the probability of an adverse ruling is remote. 5.3.5 Investment in CITELEC 5.3.5.1 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, 2023 and 2022, the book value of Transener’s long-lived non-financial assets does not exceed their recoverable amount. 5.3.5.2 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. 5.3.6 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 |
RISKS
RISKS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
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 an 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 2023, the U.S. dollar recorded an approximate 356.3 % increase against the Argentine peso, from $ 177.16 in December 2022 to $ 808.45 in December 2023, and taking into consideration that during the year the Company mostly had a net passive position in Argentine pesos, as of December 31, 2023 the Company recorded net foreign exchange gain in the amount of US$ 123 million. Taking into account the net active financial position in Argentine pesos as of December 31, 2023, 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$ 6 million in the 2023 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 12.31.2023 12.31.2022 Shares 12 19 Government securities 39 28 Corporate Bonds 8 12 Mutual funds - 3 Variation of the result of the year 59 62 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, 2023, 5% of the indebtedness was subject to variable interest rates. Furthermore, 58% of the Company’s debt accruing variable interest rates is denominated in U.S. dollars, mainly at SOFR rate plus an applicable spread. It should be pointed out that there has been no material impact on behalf of the replacement of the LIBOR reference interest rate effective by the SOFR rate, as from July 2023, on the Company's indebtedness subject to the mentioned 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 the 95% 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 12.31.2023 12.31.2022 Fixed interest rate: Argentine pesos 33 57 U.S. dollar 1,210 1,173 Yuan R.China 5 - Subtotal loans obtained at a fixed interest rate 1,248 1,230 Floating interest rate: Argentine pesos 30 140 U.S. dollar 41 149 Subtotal loans obtained at a floating interest rate 71 289 Non interest accrued: Argentine pesos 11 22 U.S. dollar 118 72 Subtotal loans no interest accrued 129 94 Total borrowings 1,448 1,613 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 2023 fiscal year's income, before income tax, of US$ 4 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, 2023, the Company’s trade receivables totaled US$ 209 million and is classified as current. With the exception of CAMMESA, which represents approximately 48% 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 financial assets and trade receivables amounted to US$ 1 million as of December 31, 2023, 2022 and 2021 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 12.31.2023 Undue 30 days 60 days 90 days 120 days 150 days 180 days + 180 days Generation 0.32 1.26 8.33 16.63 20.72 23.46 27.00 28.96 Oil and Gas 0.06 0.30 2.19 3.83 5.06 10.14 10.14 10.21 Petrochemicals 0.00 0.00 0.00 0.00 0.00 0.00 0.00 28.96 Holding 0.18 1.04 8.44 9.09 9.09 9.09 9.09 9.09 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 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, 2023, 2022 and 2021, 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$ 0.05 million (decrease)/increase in 2023 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, 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. that may potentially affect the cost of access to finance for emerging markets in general, and particularly for Argentina, and which in turn 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, 2023 and 2022 is detailed below: Schedule of liquidity index 12.31.2023 12.31.2022 Current assets 1,336 1,343 Current liabilities 521 631 Liquidity ratio 2.56 2.13 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 instruments 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, 2023 Trade and other receivables Trade and other payables (1) Borrowings Less than three months 261 223 63 Three months to one year 13 15 236 One to two years 10 31 277 Two to five years 6 6 907 More than five years - 9 306 Non set maturity term 24 - - Total 314 284 1,789 As of December 31, 2022 Trade and other receivables Trade and other payables (1) Borrowings Less than three months 412 231 289 Three months to one year 19 50 361 One to two years 6 12 1,022 Two to five years 12 3 313 More than five years - 6 2,102 Non set maturity term 41 - - Total 490 302 4,087 (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, 2023 and 2022 were as follows: Schedule of financial leverage ratios 12.31.2023 12.31.2022 Total borrowings 1,448 1,613 Less: cash and cash equivalents, and financial assets at fair value through profit and loss (730) (692) Net debt 718 921 Total capital 3,122 3,198 Leverage ratio 23.00 28.80 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
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 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. Schedule of operating segment information in million of US$ Consolidated profit and loss information for the year ended December 31, 2023 Generation Oil and gas Petrochemicals Holding and others Eliminations Consolidated Revenue - local market 648 402 359 14 - 1,423 Revenue - foreign market - 161 148 - - 309 Intersegment revenue - 103 - - (103) - Cost of sales (354) (412) (444) - 103 (1,107) Gross profit 294 254 63 14 - 625 Selling expenses (2) (49) (15) - - (66) Administrative expenses (50) (74) (6) (55) - (185) Exploration expenses - (7) - - - (7) Other operating income 75 86 13 3 - 177 Other operating expenses (27) (32) (7) (22) - (88) (Impairment) Recovery of impairment of property, plant and equipment, intangible assets and inventories - (38) (3) 2 - (39) Share of profit from associates and joint ventures (18) - - 16 - (2) Profit from sale of companies´ interest - - - 9 - 9 Operating income 272 140 45 (33) - 424 Financial income 2 2 - 7 (6) 5 Financial costs (119) (203) (3) (45) 6 (364) Other financial results 280 (15) 15 278 - 558 Financial results, net 163 (216) 12 240 - 199 Profit before income tax 435 (76) 57 207 - 623 Income tax (225) 29 (27) (95) - (318) Profit (Loss) of the year 210 (47) 30 112 - 305 Depreciation and amortization 96 166 5 - - 267 in million of US$ Consolidated profit and loss information for the year ended December 31, 2023 Generation Oil and gas Petrochemicals Holding and others Eliminations Consolidated Total profit (loss) of the year attributable to: Owners of the company 207 (47) 30 112 - 302 Non-controlling interest 3 - - - - 3 Consolidated financial position information as of Dcember 31, 2023 Assets 2,684 1,396 157 631 (146) 4,722 Liabilities 729 1,213 137 376 (146) 2,309 Net book values of property, plant and equipment 1,345 1,138 27 34 - 2,544 Additional consolidated information as of December 31, 2023 Increases in property, plant and equipment and right-of-use assets 259 556 7 5 - 827 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) (350) (536) - 117 (1,139) Gross profit 293 296 81 20 - 690 Selling expenses (3) (45) (17) - - (65) Administrative expenses (39) (60) (5) (38) - (142) 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) - (2) - (4) 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, intangibles assets and right-of-use assets (1) 115 324 7 36 - 482 (1) It does not include US$ 389 million for the incorporation of assets related to the acquisition of the equity interests detailed in Notes 5.2.3 and 5.2.5. 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) - (285) (424) - 113 (951) Gross profit 301 - 168 66 22 - 557 Selling expenses (2) - (22) (13) - - (37) Administrative expenses (31) - (46) (4) (21) - (102) 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) Recovery of impairment of financial assets - - - - 1 - 1 Share of profit from associates and joint ventures 47 - - - 53 - 100 Profit from acquisition of companies´ interest - - - - 17 - 17 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 |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
REVENUE | NOTE 8 REVENUE Schedule of revenue 12.31.2023 12.31.2022 12.31.2021 Energy sales in Spot Market 196 210 167 Energy sales by supply contracts 363 346 380 Fuel supply 87 103 104 Other sales 2 4 5 Generation sales subtotal 648 663 656 Gas sales 432 383 231 Oil sales 121 136 99 Other sales 10 10 10 Oil and gas sales subtotal 563 529 340 Products from catalytic reforming sales 217 270 185 Styrene sales 79 96 84 Synthetic rubber sales 78 106 99 Polystyrene sales 131 141 119 Other sales 2 4 3 Petrochemicals sales subtotal 507 617 490 Technical assistance and administration services sales 14 20 22 Other - - - Holding and others subtotal 14 20 22 Total revenue (1) 1,732 1,829 1,508 (1) Revenues from CAMMESA represent 33%, 31% and 38% of total revenues for the fiscal years ended December 31, 2023, 2022 and 2021, respectively, and correspond mainly to the Generation and Oil & Gas segments. |
COST OF SALES
COST OF SALES | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
COST OF SALES | NOTE 9 COST OF SALES Schedule of cost of sales 12.31.2023 12.31.2022 12.31.2021 Inventories at the beginning of the year 173 155 116 Plus: Charges of the year Purchases of inventories, energy and gas 411 502 433 Salaries and social security charges 85 79 59 Employees benefits 17 15 13 Defined benefit plans 8 5 4 Works contracts, fees and compensation for services 111 97 73 Property, plant and equipment depreciation 254 202 194 Intangible assets amortization 5 1 1 Right-of-use assets amortization 1 3 5 Energy transportation 9 8 6 Transportation and freights 20 16 13 Consumption of materials 27 30 26 Penalties 2 1 2 Maintenance 47 61 52 Canons and royalties 92 89 65 Environmental control 4 5 4 Rental and insurance 31 31 27 Surveillance and security 5 4 3 Taxes, rates and contributions 7 5 4 Other 3 3 6 Total charges of the year 1,139 1,157 990 Less: Inventories at the end of the year (205) (173) (155) Total cost of sales 1,107 1,139 951 |
OTHER ITEMS OF THE STATEMENT OF
OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME | 12 Months Ended |
Dec. 31, 2023 | |
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 Schedule of selling expenses 12.31.2023 12.31.2022 12.31.2021 Salaries and social security charges 5 5 3 Employees benefits 1 1 - Fees and compensation for services 3 4 3 Taxes, rates and contributions 13 14 11 Transportation and freights 43 40 18 Other 1 1 2 Total selling expenses 66 65 37 10.2 Schedule of administrative expenses 12.31.2023 12.31.2022 12.31.2021 Salaries and social security charges 58 50 34 Employees benefits 10 8 5 Defined benefit plans 18 9 7 Fees and compensation for services 29 30 32 Compensation agreements 37 19 2 Directors' and Sindycs' fees 7 7 6 Property, plant and equipment depreciation 7 6 5 Maintenance 2 2 2 Transport and per diem 2 2 1 Rental and insurance 1 1 1 Surveillance and security 1 1 - Taxes, rates and contributions 8 6 5 Communications 1 1 1 Other 4 - 1 Total administrative expenses 185 142 102 10.3 Schedule of exploration expenses 12.31.2023 12.31.2022 12.31.2021 Derecognition of unproductive wells (7) - - Total exploration expenses (7) - - 10.4 Other operating income and expenses Schedule of other operating income and expenses Note 12.31.2023 12.31.2022 12.31.2021 Other operating income Insurance recovery 1 - 3 Services provided to third parties 1 1 2 Results from property, plant and equipment sale and derecognition 1 2 1 Result from intangible assets sale - 2 2 Expenses recovery 8 - - Contingencies recovery - - 13 Tax charges recovery - - 2 Contractual indemnity 7 - - Commercial interests 70 27 27 GasAr Plan 55 56 51 Compensation for arbitration award (1) - 37 - Fair value of consortiums' previous interest 5.2.6 7 - - Export Increase Program 24 - - Other 3 6 4 Total other operating income 177 131 105 Other operating expenses Provision for contingencies (8) (4) (16) Provision for environmental remediation (4) - (15) Results for property, plant and equipment sale and derecognition (2) - - Tax on bank transactions (18) (14) (13) PAIS import tax (5) - - Donations and contributions (3) (2) (2) Institutional promotion (4) (3) (3) Costs of concessions agreements completion (5) - - Contractual penalty (7) - - Readjustment of investment plan (2) - (9) - Royalties GasAr Plan (8) (8) (5) Ecuador's transactional agreement (5) - - Impairment of other receivables (5) - - Other contractual expenses (6) - - Other (8) (6) (4) Total other operating expenses (88) (46) (58) (1) Corresponding to the final award rendered on August 3, 2022 by the Arbitration Court partially upholding EcuadorTLC’s (currently PB18) claim against Petroecuador for certain breaches of the transportation agreement executed on December 31, 2008. (2) Corresponding to the investment plan’s readjustment bond at the Sierra Chata block approved by Provincial Executive Order No. 1,262/22 dated June 29, 2022. 10.5 Financial results Schedule of financial assets 12.31.2023 12.31.2022 12.31.2021 Financial income Financial interests 2 1 - Other interests 3 4 10 Total financial income 5 5 10 Financial costs Financial interests (1) (304) (172) (137) Commercial interests (1) (1) - Fiscal interests (47) (38) (38) Other interests (4) (5) (3) Bank and other financial expenses (8) (5) (7) Total financial costs (364) (221) (185) Other financial results Foreign currency exchange difference, net 123 80 3 Changes in the fair value of financial instruments 444 110 (15) Result from present value measurement (10) (14) (1) Result from exchange of CB - (14) - Result from repurchase of CB 1 6 - Other financial results - (2) (1) Total other financial results 558 166 (14) Total financial results, net 199 (50) (189) (1) Net of US$ 21 million and US$ 11 million borrowing costs capitalized in property, plant and equipment for the years ended December 31, 2023 and 2022, respectively. There are no capitalized borrowing costs in the fiscal year ended December 31, 2021. 10.6 The breakdown of income tax charge is: Schedule of income tax benefit expense 12.31.2023 12.31.2022 12.31.2021 Current tax 19 99 67 Deferred tax 272 46 10 Difference between previous fiscal year income tax provision and the income tax statement 27 (21) - Total income tax - Loss 318 124 77 Below is a reconciliation between income tax expense and the amount resulting from application of the tax rate on the income before taxes: 12.31.2023 12.31.2022 12.31.2021 Profit before income tax 623 581 390 Current income tax rate 35 35 35 Income tax at the statutary tax rate 218 203 138 Share of profit from companies 1 (37) (40) Non-taxable results (17) (3) (1) Effects of exchange differences and other results associated with the valuation of the currency, net 752 275 79 Effects of valuation of property, plant and equipment, intangible assets and financial assets (1,146) (575) (269) Effect of change in tax rate - - (6) Effect for tax inflation adjustment 501 253 169 Unrecognized deferred assets - - 4 Difference between previous fiscal year income tax and deferred tax provision and the income tax statement 3 2 1 Non-deductible cost 9 4 3 Impairment on deferred tax assets (3) 2 - Other - - (1) Total income tax - Loss 318 124 77 |
NON-FINANCIAL ASSETS AND LIABIL
NON-FINANCIAL ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
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) Transfers Decreases Impairment At the end Lands 14 - - - - 14 Buildings 143 - 3 (2) - 144 Equipment and machinery 1,916 1 175 (132) - 1,960 Wells 992 15 358 (21) (149) 1,195 Mining property 181 21 15 - (19) 198 Vehicles 10 2 1 (2) - 11 Furniture and fixtures and software equipment 59 1 2 - - 62 Communication equipments 3 - - (2) - 1 Materials, spare parts and tools 36 93 (85) - - 44 Petrochemical industrial complex 29 - 3 - - 32 Civil works 3 - 22 (1) - 24 Work in progress 254 547 (381) - - 420 Advances to suppliers 43 134 (113) - - 64 Total at 12.31.2023 3,683 814 - (160) (168) 4,169 Total at 12.31.2022 3,040 745 - (2) (100) 3,683 (1) Includes US$ 21 million and U$S 11 million corresponding to capitalized financial costs in the fiscal year ended December 31, 2023 and 2022. Additionally, as of December 31, 2022, it includes U$S Depreciation Net book values Type of good At the beginning Decreases For the year (1) Impairment At the end At 12.31.2023 At 12.31.2022 Lands - - - - - 14 14 Buildings (76) - (7) - (83) 61 67 Equipment and machinery (639) 14 (123) - (748) 1,212 1,277 Wells (589) 10 (112) 113 (578) 617 403 Mining property (134) - (7) 17 (124) 74 47 Vehicles (8) 1 (1) - (8) 3 2 Furniture and fixtures and software equipment (52) - (5) - (57) 5 7 Communication equipments (1) - - - (1) - 2 Materials, spare parts and tools (3) - - - (3) 41 33 Petrochemical industrial complex (17) - (5) - (22) 10 12 Civil works - - (1) - (1) 23 3 Work in progress - - - - - 420 254 Advances to suppliers - - - - - 64 43 Total at 12.31.2023 (1,519) 25 (261) 130 (1,625) 2,544 Total at 12.31.2022 (1,381) - (208) 70 (1,519) 2,164 (1) As of December 31, 2023, the composition of the segments is as follows: Generation: US$ 90 million; Oil and gas: US$ 166 million; and Petrochemicals: US$ 5 million. 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 Generation segment, as of December 31, 2023, 2022 and 2021, the Company did not identify indications that could impact the assumptions considered in the recoverability assessment performed as of June 30, 2021. It is worth highlighting that the Company has not recorded any property, plant and equipment impairment losses as a result of that recoverability assessment; however, intangible asset impairment losses were recognized for the HIDISA plant in the amount of US$ 2 As of December 31, 2023 and June 30, 2022, due to Company’s strategic reasons and aiming to focus its investments in the development and exploitation of its unconventional gas and oil reserves in the Vaca Muerta formation, the Company, in line with the affected block’s Joint Venture members’ strategy, decided to reschedule or suspend certain future drilling and workover activities for the next few years, which involved the 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 and el Tordillo / la Tapera making up the Oil & Gas segment as of December 31, 2023 and June 30, 2022. 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 key assumptions for 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. Oil & Gas segment As of December 31, 2023 and June 30, 2022, the recoverability assessment of the affected CGU of the Oil and Gas segment, resulted in the recognition of impairment losses for U$S 37.7 30 The key assumptions used to calculate the recoverable amount considered: i) the reschedule or suspension of drilling and workover activities; and ii) a 12.2% and 12.4% after-tax WACC rate, respectively. Finally, it is important to highlight that as of December 31, 2023 and 2022, the book value of the Oil and gas segment assets, including the goodwill assigned to the segment, does not exceed its recoverable value. 11.2 Intangible assets Schedule of intangible assets Original values Type of good At the beginning Increases (1) Decreases Impairment (2) At the end Concession agreements 2 - - - 2 Goodwill 35 - - - 35 Intangible identified in acquisitions of companies 101 - (30) - 71 Digital assets 7 - (9) 2 - Total at 12.31.2023 145 - (39) 2 108 Total at 12.31.2022 44 125 (18) (6) 145 Amortization Type of good At the beginning For the year Impairment (2) At the end Concession agreements (2) - - (2) Intangible identified in acquisitions of companies (5) (5) - (10) Total at 12.31.2023 (7) (5) - (12) Total at 12.31.2022 (6) (1) - (7) Net book values Type of good At 12.31.2023 At 12.31.2022 Goodwill 35 35 Intangible identified in acquisitions of companies 61 96 Digital assets - 7 Total at 12.31.2023 96 Total at 12.31.2022 138 (1) As of December 31, 2022, it includes US$ 94 million for the incorporation of assets from the acquisition of equity interests detailed in Notes 5.2.3 and 5.2.5. (2) The sale of the digital assets at market price resulted in the recording of an impairment recovery for US$ 2 million as of December 31, 2023. As of December 31, 2022, the recoverability of the digital assets was affected by their market value at closing, resulting in the recording of impairment losses for US$ 6 million. 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 12.31.2022 Profit (loss) Sale of subsidiary 12.31.2023 Tax loss carryforwards 19 125 - 144 Property, plant and equipment 151 (151) - - Trade and other receivables 4 (3) - 1 Provisions 59 (6) - 53 Salaries and social security payable 1 - - 1 Defined benefit plans 8 (6) 2 4 Other 1 (1) - - Deferred tax asset 243 (42) 2 203 Property, plant and equipment (79) (188) 45 (222) Intangible assets (35) 1 - (34) Investments in companies (8) 1 - (7) Inventories (19) (26) - (45) Financial assets at fair value through profit and loss (15) (3) - (18) Trade and other receivables (23) 12 1 (10) Taxes payables (2) 2 - - Tax inflation adjustment (138) (28) 3 (163) Other - (1) - (1) Deferred tax liability (319) (230) 49 (500) Deferred tax (liability) asset (76) (272) 51 (297) 12.31.2021 Profit (loss) Increases for incorporation 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 asset (liability) 84 (46) (114) (76) 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: Schedule of deferred tax assets and liabilities 12.31.2023 12.31.2022 Deferred tax asset - 36 Deferred tax liability (297) (112) Deferred tax liability (297) (76) 11.4 Inventories Schedule of inventories 12.31.2023 12.31.2022 Current Materials and spare parts 129 104 Advances to suppliers 4 8 In process and finished products 72 61 Total (1) 205 173 (1) It includes impairment loss as a result of the performed recoverability assessment for US$ 3 million and US$ 2 million as of December 31, 2023 and 2022, acoording with the policy described in Note 4.13. 11.5 Provisions Schedule of provisions 12.31.2023 12.31.2022 Non-Current Contingencies 109 107 Asset retirement obligation and wind turbines decommisioning 26 25 Environmental remediation 15 15 Total Non-Current 150 147 Current Asset retirement obligation and wind turbines decommisioning 3 2 Environmental remediation 2 2 Other provisions 1 - Total Current 6 4 The evolution of the provisions is set out below: Schedule of evolution in provisions 12.31.2023 Contingencies Asset retirement obligation and decommisioning of wind turbines Environmental remediation At the beginning of the year 107 27 17 Increases 15 6 3 Decreases (4) - (1) Foreign currency exchange difference (9) - - Reversal of unused amounts - (4) (2) At the end of the year 109 29 17 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 - Decreases (1) - (1) Foreign currency exchange difference (2) - - Reversal of unused amounts (1) (1) - At the end of the year 107 27 17 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 contingencies of US$ 12.5 million related to the waive of the timely granted dispatch of Las Armas Wind Farm (see Note 2.1.2.3). 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, 2023, the Company has recorded provisions for US$ 100.4 - 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 Argentina S.A. 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 arbitration award is pending issuance by the Arbitration Court . - 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. On November 9, 2023, the ICC notified the parties of the Final Award rendered by the Court on November 2, 2023, resolving to (i) dismiss the Company's claims; (ii) dismiss most of PIB BV's counterclaims, ordering the Company to pay the amount of US$ 3.2 million plus interest from March 31, 2021; and (iii) dismiss all other claims of the parties. As of the date of issuance of these Consolidated Financial Statements, the Company has paid PIB BV the amounts established in the Final Award. 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, 2023, amount to US$ 8.5 11.6 Income tax and minimum notional income tax liability Schedule of income tax and minimum notional income tax liability 12.31.2023 12.31.2022 Non-current Income tax, net of witholdings and advances 50 161 Minimum notional income tax 5 18 Total non-current 55 179 Current Income tax, net of witholdings and advances 17 5 Total current 17 5 11.6.1 Income tax liability The Company accrued the effect of the tax inflation adjustment in the calculation of the current and deferred income tax provision for each of the fiscal years in which the cumulative CPI variation provided by Law No. 27,430 was exceeded, except in those cases when, on being interim fiscal periods, 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, 2023, the Company and its subsidiaries hold a provision for the additional income tax liabilities that should have been assessed due to the stated reasons. The amount provisioned for the periods not prescribed and/or those without a final and conclusive judgment in favor of the Company, including compensatory interest, amounts to U$S 50 11.6.2 Minimum Notional Income Tax liability The Company and its subsidiaries have filed a petition for declaratory relief under Sect. 322 of the Federal Code of Civil and Commercial Procedure to gain assurance as to the application of the minimum notional income tax for the fiscal years 2011-2018 based on CSJN’s decision in re “Hermitage” passed on June 15, 2010. In this established precedent, the CSJN declared the unconstitutionality of this tax on the grounds that it is unreasonable and it breaches the taxpaying capacity principle when the absence of taxable income in the period evidences that the income presumed by the legislator has not existed. However, on August 26, 2021, the CSJN dismissed the tax refund claim lodged by the Company for the 2008 and 2009 periods alleging that, despite the evidenced tax losses, the existence of accounting profits is a manifestation of the taxpaying capacity and, therefore, the precepts of the Hermitage precedent are not met. Considering the CSJN’s current position, and the prescribed periods, the Company and its subsidiaries have recorded, for periods presenting tax losses and accounting profits, liabilities on the amount of the applicable interest on the Notional Income Tax, plus the determined tax provision for those cases in which Minimum Notional Income Tax is not considered to be computable as an Income Tax advance payment. This liability is disclosed under “Non-Current Income tax and minimum notional income tax provision”. The mentioned liability amounts to U$S 5 11.7 Tax liabilities Schedule of tax liabilities 12.31.2023 12.31.2022 Current Value added tax - 5 Personal assets tax provision 3 4 Tax withholdings to be deposited 3 5 Royalties 6 12 Other 2 2 Total current 14 28 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, 2023, 2022 and 2021, the most relevant actuarial information corresponding to the described benefit plans is the following: Schedule of defined benefit plans information 12.31.2023 Present value of the obligation Present value of assets Net liability at the end of the year At the beginning of the year 38 (4) 34 Items classified in profit or loss Current services cost 1 - 1 Interest cost 29 (4) 25 Items classified in other comprehensive Actuarial loss (gain) 7 (2) 5 Benefit payments (3) - (3) (Gain) Loss on exchange difference (49) 6 (43) At the end of the year 23 (4) 19 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 loss 9 - 9 Benefit payments (3) - (3) (Gain) Loss on exchange difference (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 loss 1 2 3 Benefit payments (2) - (2) (Gain) Loss on exchange difference (5) 1 (4) At the end of the year 33 (4) 29 As of December 31, 2023, 2022 and 2021, the breakdown of net liabilities per type of plan is as follows: a) US$ 10 17 15 10 17 14 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 12.31.2023 Less than one year 3 One to two years 2 Two to three years 2 Three to four years 2 Four to five years 2 Six to ten years 9 Significant actuarial assumptions used were as follows: Schedule of significant actuarial assumptions 12.31.2023 12.31.2022 12.31.2021 Real discount rate 5 5 5 Real wage increase rate 1 1 1 Inflation rate 156 118 54 The following sensitivity analysis shows the effect of a variation in the discount rate and salaries increase on the obligation amount: Schedule of sensitivity analysis effect of a variation 12.31.2023 Discount rate: 4% Obligation 25 Variation 2 10 Discount rate: 6% Obligation 21 Variation (2) ( 9 Real wage increase rate: 0% Obligation 22 Variation (1) ( 3 Real wage increase rate: 2% Obligation 24 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 12.31.2023 12.31.2022 Current Salaries and social security contributions 3 5 Provision for vacations 5 8 Provision for gratifications and annual bonus for efficiency 11 19 Total current 19 32 |
FINANCIAL ASSETS AND LIABILITIE
FINANCIAL ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Financial Assets And Liabilities | |
FINANCIAL ASSETS AND LIABILITIES | NOTE 12 FINANCIAL ASSETS AND LIABILITIES 12.1 Schedule of financial assets at amortized cost 12.31.2023 12.31.2022 Non-current Term deposit - 101 Notes receivable - 1 Total non-current - 102 Current Term deposit 101 - Notes receivable 4 8 Total current 105 8 Due to the short-term nature of investments at amortized cost, it is considered that their book value does not differ from their fair value. For non-current investments at amortized cost, fair values also do not differ significantly from book values. 12.2 Schedule of financial assets at fair value through profit and loss 12.31.2023 12.31.2022 Non-current Shares 35 27 Total non-current 35 27 Current Government securities 389 279 Corporate bonds 79 116 Shares 88 160 Mutual funds 3 31 Total current 559 586 12.3 Schedule of trade and other receivables Note 12.31.2023 12.31.2022 Non-Current Related parties 16 11 17 Tax credits 1 2 Receivables for sale of associates 1 - Contractual indemnity receivable 4 - Other 1 1 Other receivables 18 20 Total non-current 18 20 Note 12.31.2023 12.31.2022 Current Receivables 105 141 CAMMESA 100 165 Related parties 16 5 5 Impairment of financial assets (1) (6) Trade receivables, net 209 305 Current Related parties 16 7 7 Tax credits 10 14 Receivables for complementary activities 1 - Prepaid expenses 5 14 Guarantee deposits 19 27 Expenses to be recovered 6 15 Insurance to be recovered 4 - Receivables for acquisition of subsidiary - 7 Receivables for sale of associates 1 4 Receivables for financial instruments sale - 1 GasAr Plan 11 32 Receivables for arbitration award - 37 Contractual indemnity credit 2 - Advances to employees 10 - Other 11 7 Other receivables, net 87 165 Total current 296 470 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 financial assets were as follows: Schedule of allowance for the impairment of trade receivables 12.31.2023 12.31.2022 12.31.2021 At the beginning of the year 6 9 16 Impairment 1 1 1 Utilization - (1) - Reversal of unused amounts (1) - (6) Foreign currency exchange difference (5) (3) (2) At the end of the year 1 6 9 12.4 Schedule of cash and cash equivalents 12.31.2023 12.31.2022 Banks 31 11 Mutual funds 140 95 Total 171 106 12.5 Schedule of borrowings 12.31.2023 12.31.2022 Non-Current Financial borrowings - 108 Corporate bonds 1,224 1,232 Total non-current 1,224 1,340 Current Bank overdrafts 31 59 Financial borrowings 67 51 Corporate bonds 126 163 Total current 224 273 Total 1,448 1,613 As of December 31, 2023 and 2022, the fair values of the Company’s CB amount approximately to US$ 1,350 1,435 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 12.31.2023 12.31.2022 12.31.2021 At the beginning of the year 1,613 1,438 1,614 Proceeds from borrowings 424 308 188 Payment of borrowings (191) (143) (336) Accrued interest 304 172 137 Payment of interests (280) (162) (140) Repurchase of CB (6) (28) (3) Result from exchange of CB - 14 - Result from repurchase of CB (1) (6) - Increases for incorporation - 89 - Foreign currency exchange difference (356) (80) (22) Decrease for subsidiaries sales (80) - - Borrowing costs capitalized in property, plant and equipment 21 11 - At the end of the year 1,448 1,613 1,438 12.5.2 Details of borrowings: Schedule of borrowings composition Type of instrument Company Currency Residual value Interest Rate Expiration Book value as of 12.31.2023 Corporate bonds (1) Class 17 CB PAMPA $ 5,980 Fixed Badlar + 2 May-24 9 Class 15 CB PAMPA $ 18,264 Variable Badlar + 0 Jul-24 29 Class 18 CB PAMPA US$ 72 Fixed 5.00% Sep-25 73 Class 16 CB PAMPA US$ 56 Fixed 4.99% Nov-25 56 Class 9 CB PAMPA US$ 179 Fixed 9.50% Dec-26 184 Class 1 CB PAMPA US$ 597 Fixed 7.50% Jan-27 611 Class 13 CB PAMPA US$ 98 Fixed 0.00% Dec-27 96 Class 3 CB PAMPA US$ 293 Fixed 9.13% Apr-29 292 1,350 Financial loans (2)(3) PAMPA US$ 8 Variable SOFR 6M + 4,21 Nov-24 8 PAMPA $ 3,000 Variable Between 80% and 110 Between Apr-24 and Jun-24 5 13 Other financial loans (4) PAMPA US$ 22 Variable SOFR + 0,35 Jul-24 23 PAMPA US$ 12 Variable SOFR + 0 Agu-24 12 PAMPA US$ 14 Fixed Between 13% and 16 Between Jan-24 and Jun-24 14 PAMPA CNY 37 Fixed Between 12% and 12.50 Between Mar-24 and Nov-24 5 54 Bank overdrafts (2) PAMPA $ 23,140 Fixed Between79.00% and 81,00% Between Jan-24 and Apr-24 31 31 1,448 (1) Net of repurchases for a face value of US$ 113.7 million for 2026 CB, US$ 153.0 million of 2027 CB, and US$ 7.5 million for 2029 CB. (2) During the fiscal year ended December 31, 2023, the Company took out short-term bank loans with local financial institutions, net of cancellations, for $ 16,535 million and import financing for CNY 37 million. Additionally, it took out import financing, net, for US$ 6.2 million. Post-closing, the Company took out net import financing for US$1 million and cancelled net bank debt for $100 million. (3) Regarding the FINNVERA credit facility and due to the discontinuation of the Libor benchmark interest rate as from July 2023, on September 5, 2023, Pampa and CACIB (Credit Agricole Corporate & Investment Bank) entered into an amendment to the credit facility replacing the Libor rate with the Term SOFR rate for debt services after November 2023. In this same line, the interest rate hedge agreement associated with the credit facility was also amended. (4) During the fiscal year ended December 31, 2023, the Company received disbursements in the amount of US$ 2.0 million under the credit facilities taken out with BNP Paribas S.A. in 2020. 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 $ 3,107 Variable Badlar + 2 Jul-23 20 Class 11 CB PAMPA $ 21,655 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 $ 10,065 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. 12.5.3 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, 11, 13, 15, 16, 17, 18 and 19 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 was the first green bond issued by Pampa and CB issue´s proceeds were allocated to finance the expansion of PEPE VI (see Note 18.1). 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. 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. 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. 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. Subsequently, on March 6, 2023, the Company reopened Class 13 and Class 15 CB for US$ 48.2 million and $ 7,885 million, respectively. On May 4, 2023, the Company issued Class 16 CB for US$ 55.7 million, with a fixed 4.99% interest rate and maturing on November 4, 2025, as well as Class 17 CB for $ 5,980 million accruing interest at a variable Badlar rate plus an annual 2% spread and maturing on May 4, 2024. Class 17 CB are the second green bond issued by Pampa, and proceeds will be destined for financing PEPE VI (see Note 17.1). The issuance of green bonds reflects the commitment to financing projects with a positive impact on the environment and to diversifying the country's energy generation matrix. The issuance of Class 8 and Class 17 CB was recognized 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 (International Capital Market Association) Green Bond Principles (GBP), and was made in observance of the “Guidelines for the Issuance of Social, Green and Sustainable Bonds in Argentina” of the CNV Rules, the provisions of BYMA’s Social, Green and Sustainable Guide and the BYMA Rules, making up BYMA’s Social, Green and Sustainable Bonds Panel. On July 18, 2023, the Company repaid at maturity the total outstanding amount of Class 8 CB for $ 2,283 On September 8, 2023, the Company issued Class 18 CB for US$ 72.1 million, accruing interest at a fixed 5% rate and maturing on September 8, 2025. Finally, on December 21, 2023, the Company early redeemed Class 11 CB for an amount equivalent to the unpaid principal and accrued interest of $ 26,279.5 million. Post-closing, Pampa redeemed all Class 17 CB, for a total amount of $ 5,980 million. Additionally, on February 29, 2024, the Company issued Class 19 CB for $ 17,131 million accruing interest at a variable Badlar rate plus an annual -1% spread and maturing on February 28, 2025. 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 $ 1,997 million (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´ Accounting Standards. Later, on May 5, 2023, the Company announced the redemption of all Series T CB maturing on July 21, 2023, which outstanding balance amounted to US$ 92.9 million. The redemption took place on June 8, 2023 at a redemption price equivalent to 100% of the outstanding capital amount, plus interest accrued and unpaid as of the redemption date, plus additional amounts under the Series T CB’s trust agreement. 12.6 Schedule of trade and other payables Note 12.31.2023 12.31.2022 Non-Current Compensation agreements 28 10 Finance leases liability 14 10 Contractual penalty debt 4 - Other - 1 Other payables 46 21 Total non-current 46 21 Current Suppliers 186 198 Customer advances 9 3 Related parties 16 15 14 Trade payables 210 215 Compensation agreements 11 12 Liability for acquisition of companies 8 46 Finance leases liability 4 2 Investment plan readjustment liability - 5 Contractual penalty debt 2 - Debtors 3 - Other - 1 Other payables 28 66 Total current 238 281 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, 2023 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 279 7 286 28 314 Financial assets at amortized cost Term deposit 101 - 101 - 101 Notes receivable 4 - 4 - 4 Financial assets at fair value through profit and loss Government securities - 389 389 - 389 Corporate bonds - 79 79 - 79 Shares - 123 123 - 123 Mutual funds - 3 3 - 3 Cash and cash equivalents 31 140 171 - 171 Total 415 741 1,156 28 1,184 Liabilities Trade and other liabilities 275 - 275 9 284 Borrowings 1,448 - 1,448 - 1,448 Total 1,723 - 1,723 9 1,732 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 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, 2023 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 (307) - (307) (49) (356) Foreign currency exchange difference, net (1,035) (560) (1,595) 1,718 123 Changes in the fair value of financial instruments - 444 444 - 444 Result from present value measurement (1) - (1) (9) (10) Other financial results (7) - (7) - (7) Total (1,345) (116) (1,461) 1,660 199 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) 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, 2023 and 2022: Schedule of fair value of financial instruments As of December 31, 2023 Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through Government securities 389 - - 389 Corporate bonds 79 - - 79 Mutual funds 3 - - 3 Shares 88 - 35 123 Cash and cash equivalents Mutual funds 140 - - 140 Other receivables Guarantee deposits on derivative financial instruments 7 - - 7 Total assets 706 - 35 741 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 - 2 Total liabilities - 2 - 2 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 ENARSA, considering 16.6% and 16.4% discount rate as of December, 31 2023 and 2022, 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 earnings for US$ 7.2 million and losses for US$ 1.7 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 2023 and 2022, 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, 2023 | |
Equity Components | |
EQUITY COMPONENTS | NOTE 13 EQUITY COMPONENTS 13.1 Share capital As of December 31, 2023, the share capital amounts to $ 1,364 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 directly and indirectly acquired 2.7 38.7 During 2022, the Company indirectly acquired 0.9 18.2 20.3 During 2023, the Company did not acquired own shares. 13.1.2 Stock Compensation Plan As of December, 31 2023, 4 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 and September 30, which provided for the cancellation of 56.6 12.5 On April 27, 2022, General Ordinary and Extraordinary Shareholders’ Meeting resolved to reduce the Company’s capital stock by canceling 2.8 On April 26, 2023, the Company’s General Ordinary and Extraordinary Shareholders’ Meeting resolved to reduce the capital stock through the cancellation of 20.1 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, 2023, 2022 and 2021, 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 12.31.2023 12.31.2022 12.31.2021 Earning for continuing operations attributable to equity holders of the Company 302 456 312 Weighted average amount of outstanding shares 1,366 1,381 1,405 Basic and diluted earnings per share from continued operations 0.22 0.33 0.22 Loss for discontinued operations attributable to equity holders of the Company - - (39) Weighted average amount of outstanding shares 1,366 1,381 1,405 Basic and diluted loss per share from discontinued operations - - (0.03) Earning attributable to equity holders of the Company 302 456 273 Weighted average amount of outstanding shares 1,366 1,381 1,405 Basic and diluted earning per share 0.22 0.33 0.19 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, 2023 | |
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 to cash flows generated by operating activities Note 12.31.2023 12.31.2022 12.31.2021 Income tax 10.6 318 124 77 Accrued interest 283 185 141 Depreciations and amortizations 9 and 10.2 267 212 205 Share of profit of joint ventures and associates 5.3.2 2 (105) (100) Profit from sale/acquisition of companies´ interest (9) - (17) Results for property, plant and equipment sale and derecognition 10.4 1 (2) (1) Result for intangible assets sale 10.4 - (2) (2) Impairment of property, plant and equipment, intangible assets and inventories 11.1, 11.2 and 11.4 39 38 4 (Impairment) Recovery of impairment of financial assets - 4 (1) Result from present value measurement 10.5 10 14 1 Changes in the fair value of financial instruments (392) (94) 24 Exchange differences, net (190) (85) (3) Result from exchange of CB 10.5 - 14 - Result from repurchase of CB 10.5 (1) (6) - Readjustment of investment plan 10.4 - 9 - Costs of concessions agreements completion 10.4 5 - - Contractual indemnity 10.4 (7) - - Contractual penalty 10.4 7 - - Compensation for arbitration award 10.4 - (37) - Provision for contingecies, net 10.4 8 4 3 Provision for environmental remediation 10.4 4 - 15 Fair value of consortiums' previous interest 10.4 (7) - - Impairment of other receivables 10.4 5 - - Ecuador's transactional agreement 10.4 5 - - Expenses recovery 10.4 (8) - - Accrual of defined benefit plans 9 and 10.2 26 14 11 Compensation agreements 10.2 37 19 2 Derecognition of unproductive wells 10.3 7 - - Other (4) (4) 3 Adjustments to reconcile net profit to cash flows from operating activities 406 302 362 14.2 Changes in operating assets and liabilities Schedule of changes in operating assets and liabilities 12.31.2023 12.31.2022 12.31.2021 Increase in trade receivables and other receivables (151) (233) (41) Increase in inventories (35) (21) (40) Increase in trade payables and other payables 17 70 43 Increase in salaries and social security payables 20 15 8 Defined benefit plans payments (3) (3) (2) Increase (Decrease) in tax liabilities 27 41 (2) Decrease in provisions (7) (1) (3) Income tax payment - (2) (13) Payments for derivative financial instruments, net (4) (6) (12) Changes in operating assets and liabilities (136) (140) (62) 14.3 Significant non-cash transactions Schedule of significant non-cash transactions 12.31.2023 12.31.2022 12.31.2021 Acquisition of property, plant and equipment through an increase in trade payables (82) (75) (51) Borrowing costs capitalized in property, plant and equipment (21) (11) - Increase of property, plant and equipment through exchange of assets (25) - - 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 (13) (1) (7) Dividends pending collection - - 2 Decrease in asset retirement obligation and wind turbines decommision through property, plant and equipment (5) (1) (1) Decrease in associate's equity interest through increase in other receivables - 6 - |
CONTINGENT LIABILITIES AND ASSE
CONTINGENT LIABILITIES AND ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, 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 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 Commercial 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, this Court requested the Chamber to refer back the proceedings and ordered the hearing of the unconstitutionality appeal the Chamber had dismissed. In view of the Chamber's dismissal, the file was sent to the CSJN, which will settle the dispute over jurisdiction. 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 - 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 - 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 - 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 to evaluate the possibility of reaching an agreement with some co-defendants. Subsequently, the partial agreement reached between the plaintiff and some co-defendants was ratified. On its part, the Company has requested to be severed from the proceeding as it does not currently own any service station. However, it should be noted that some service station owners (which have sued the Company), have submitted agreements entered into with the plaintiff for their ratification under the proceeding. Some of them have already been ratified —and the plaintiff was deemed to have partially waived the action and rights against the owners of these service stations and also against the Company regarding them—, whereas others are in the ratification stage. - 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 co-defendant. 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. Although the Company has filed a motion for constructive abandonment of the proceeding, the plaintiff withdrew from the proceeding, and therefore the judge in charge declared it terminated. - 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 Court issued an order to furnish additional evidence and, consequently, the proceeding was consolidated with the lawsuit filed against the Company by other neighbors of the Santa Fe Plant. This last proceeding is in the evidentiary stage. - 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 completed. - 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 We hereinafter detail the nature of significant legal proceedings brought by the Company as of December 31, 2023 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 at the pleadings 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. - 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. On August 23, 2023, the Arbitration Court issued a Partial Award, court costs being payable by the defendant, declaring that High Luck had breached the above-mentioned Agreement, without this fact entitling the Company to exercise the reversal option stipulated therein. A new arbitration stage is currently underway pursuant to the schedule established by the Arbitration Court. |
RELATED PARTIES_ TRANSACTIONS
RELATED PARTIES´ TRANSACTIONS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
RELATED PARTIES´ TRANSACTIONS | NOTE 16 RELATED PARTIES´ TRANSACTIONS 16.1 Balances with related parties Schedule of balances with related parties As of December 31, 2023 Trade receivables Other receivables Trade payables Current Non-current Current Current Associates and joint ventures CTB 1 - - - TGS 4 11 6 7 Other related parties SACDE - - - 8 Other - - 1 - 5 11 7 15 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 16.2 Operations with related parties Schedule of operations with related parties (1) Purchases of goods and services (2) Fees for services (3) Other operating expenses and income (4) 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Associates and joint ventures CTB 2 2 2 - - - - - - - - - Greenwind - - 1 - - - - - - - - - Refinor - 11 9 - (11) (6) - - - - - - TGS 42 51 45 (53) (53) (43) - - - - - - Other related parties Fundación - - - - - - - - - (2) (2) (2) SACDE - - - (65) (203) (48) - - - - - - Salaverri, Dellatorre, Burgio & Wetzler - - - - - - (1) (1) (1) - - - 44 64 57 (118) (267) (97) (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$ 53 million, US$ 191 million and US$ 50 million and infrastructure works contracted to SACDE imputed in property, plant and equipment for US$ 65 million, US$ 76 million and US$ 47 million, of which US$ 15 million, US$ 16 million and US$ 17 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, 2023, 2022 and 2021, respectively. (3) Disclosed within administrative expenses. (4) Corresponds mainly to donations. Finance income (1) Dividends received Payment of dividends 2023 2022 2021 2023 2022 2021 2023 2022 2021 Associates and joint ventures OCP - - 1 - 10 20 - - - TGS 2 2 3 - - - - - - Other related parties EMESA - - - - - - (1) - (9) 2 2 4 - 10 20 (1) - (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, 2023 2022 and 2021, the total remuneration to executive directors accrued amounts to US$ 44 7 37 26 7 19 7 6 1 |
INVESTMENT COMMITMENTS
INVESTMENT COMMITMENTS | 12 Months Ended |
Dec. 31, 2023 | |
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. The project mainly consisted of the staged mounting and installation of 18 additional wind turbines with an 81 MW capacity. The expansion’s commissioning started on December 29, 2022, with the first 4 wind turbines, and ended on June 17, 2023 with the project’s last 3 wind generators. After completing the expansion works, PEPE III and PEPE IV jointly have 32 wind turbines with a 134.2 MW installed capacity. 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 Stage 1 comprises the assembly and installation of 21 Vestas wind turbines, with their internal medium-voltage cable network, roads, a substation and a 500 KV line, which will add a 94.5 MW capacity with an approximate US$ 186 Stage 2 comprises the assembly and installation of 10 Vestas wind turbines that will add a 45 MW capacity with an approximate US$ 83 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. As of the issuance of these Consolidated Financial Statements, the work is 59% complete. 17.2 Investment commitment for the exploration and exploitation of hydrocarbons On November 30, 2023, Executive Order No. 2,425/23 was published, declaring the completion of the Pilot Plan for the Sierra Chata block, consisting of the execution of 14 horizontal wells targeting the Vaca Muerta formation with a US$ 332 million investment. As of the issuance of these Consolidated Financial Statements, the Company has committed investments until 2027 for an estimated total amount of US$ 217 |
INCIDENTS AT THERMAL POWER PLAN
INCIDENTS AT THERMAL POWER PLANT | 12 Months Ended |
Dec. 31, 2023 | |
Incidents At Thermal Power Plant | |
INCIDENTS AT THERMAL POWER PLANT | NOTE 18 INCIDENTS AT THERMAL POWER PLANT 18.1 CTGEBA On May 31, 2021, an incident occurred at the GEBATG03 (TG21) unit, part of CTGBS’s Genelba Plus CC, causing damage to the unit’s turbine. As a result of the incident, the CC generation capacity was reduced by approximately 50% (280 MW). Jointly with the turbine manufacturer (SIEMENS), the Company performed the necessary works to disassemble and repair the failure, which were successfully completed in July 2021. In the fourth quarter of 2023, the Company completed the necessary filings with the insurance companies, recording an expense recovery of US$ 8 18.2 CTLL On July 20, 2023, an incident occurred at CTLL’s GT05, causing damage to the unit's turbine. As a result of the incident, the power generation capacity was reduced by approximately 105 MW. The Company, together with the turbine manufacturer, General Electric, carried out the necessary works to repair the failure, which were completed in January 2024. Moreover, the Company is making all necessary filings before the insurance companies to minimize economic losses resulting from the breach of the associated availability commitments. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
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, 2023 and 2022 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 7 - 27 Advances to suppliers - 6 - 6 Total at 12.31.2023 20 13 - 33 Total at 12.31.2022 20 1 (1) 20 Amortization Type of good At the beginning For the year At the end Machinery and equipment (11) (1) (12) Total at 12.31.2023 (11) (1) (12) Total at 12.31.2022 (8) (3) (11) Net book values Type of good At 12.31.2023 At 12.31.2022 Machinery and equipment 15 9 Advances to suppliers 6 Total at 12.31.2023 21 Total at 12.31.2022 9 19.1.2 Lease liabilities Schedule of lease liabilities 12.31.2023 12.31.2022 At the beginning of the year 12 13 Increases 7 1 Result from measurement at present value (1) 2 2 Reversal of unused amounts - (1) Payments (3) (3) At the end of the year 18 12 (1) Included in Other financial results. As of December 31, 2023 and 2022, this liability is disclosed under Other current payables in the amount of US$ 4 2 14 10 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 12.31.2023 Three months to one year 4 One to two years 2 Two to three years 3 Three to four years 3 Four to five years 3 More than five years 17 Total 32 19.1.3 Short-term or low value leases As of December 31, 2023 and 2022, 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, 2023 and 2022, this receivable is disclosed under Other current receivables in the amount of US$ 6 11 17 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 receivable by maturity 12.31.2023 Less than three months 2 Three months to one year 4 One to two years 7 Two to three years 4 Total 17 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, 2023 are detailed below: Schedule of future minimum collections from operating leases 12.31.2023 Three months to one year 1 One to two years 1 Total 2 Total income from operating leases for the fiscal year ended December 31, 2023 amounts to US$ 1 million. |
TERMINATION OF HYDROELECTRIC CO
TERMINATION OF HYDROELECTRIC CONCESSIONS | 12 Months Ended |
Dec. 31, 2023 | |
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 (“ETAHC”) 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 ENARSA. Furthermore, the Dam Safety Regulatory Body and water management and environmental protection authorities are invited to appoint a representative in the team. Additionally, ENARSA is entrusted with the technical audit of the power generation equipment. The concessions' status report had to 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, would be later determined. Subsequently, SE Resolution No. 486/23 modified the deadlines for the submission of reports by the ETAHC. In the case of HINISA and HIDISA, the ETAHC's deadline for the submission of the reports will be December 1, 2023 and April 19, 2024, respectively. Later, SE Resolution No. 574/23, making use of the provisions of the concession agreements, provided that the current Alicurá, El Chocón Arroyito, Cerros Colorados and Piedra del Águila's concessionaires should continue in charge of their operation and maintenance for a 60-day term following termination of the concession. ENARSA was appointed as an observer, with broad powers during the transition term. To assist ENARSA during that period, the provinces of Neuquén and Río Negro were invited to appoint a representative to act jointly with the representative to be appointed by the National Ministry of Economy. In October 2023, SE Resolution No. 815/23 granted an additional extension of the Alicurá, El Chocón, Arroyito and Cerros Colorados Hydroelectric Power Plants’ concessions for 100 calendar days as from the expiration of the 60-day term provided by SE Resolution No. 574/23. On January 17, 2024, through SE Resolution No. 2/24, a new 60-calendar day extension was granted following the termination of the previous extensions, maintaining ENARSA in its role of observer. |
DOCUMENTATION KEEPING
DOCUMENTATION KEEPING | 12 Months Ended |
Dec. 31, 2023 | |
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
OIL AND GAS RESERVES | 12 Months Ended |
Dec. 31, 2023 | |
Oil And Gas Reserves | |
OIL AND GAS RESERVES | NOTE 22 OIL AND GAS RESERVES 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, 2023. 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 7,592 20,523 3,994 11,312 11,586 31,835 Total at 12.31.2023 7,592 20,523 3,994 11,312 11,586 31,835 (1) In thousands of barrels. (2) In millions of cubic meters. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SUBSEQUENT EVENTS | NOTE 23 SUBSEQUENT EVENTS Remuneration for sales to the spot market Pursuant to SE Resolution No. 9/23 dated February 8, 2024, remuneration values for spot energy generation were updated, providing for a 73.9 |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
New accounting standards, amendments and interpretations issued by the IASB effective as of December 31, 2023 and adopted by the Company | 4.1 New accounting standards, amendments and interpretations issued by the IASB effective as of December 31, 2023 and adopted by the Company The Company has applied the following standards and/or amendments for the first time as of January 1, 2023: - IFRS 17 - “Insurance Contracts” (issued in May 2017 and later amended in June 2020 and December 2021) - IAS 1 - “Presentation of financial statements” (amended in February 2021) - IAS 8 – “Accounting Policies” (amended in February 2021) - IAS 12 - “Income Taxes” (amended in May 2021 and May 2023) 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 - - - - |
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 and Consolidated Statement of Changes in Equity 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, depending on the contractual rights and obligations of each investor. The Company participates 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 and in other comprehensive income of the investee. 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 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. 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. Works in progress are valued according to their degree of progress. 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. 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 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 IFRS´ Accounting Standards 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´ Accounting Standards 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 Based on the entity’s business model for managing the financial assets and the contractual cash flow characteristics, the Group classifies its financial assets in the following categories: (i) those that are subsequently measured at fair value through profit or loss, and (ii) those that are subsequently measured at amortised cost. 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 through profit or loss. 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 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 it is considered highly probable that their amount will be recovered through a sale transaction. 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. 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, this means, 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 LGS, 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´ Acoounting Standards. 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 calculated over the Company’s adjusted operating income. Any analogous compensation paid to senior managers is deducted from the compensation amount. 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 for each eligible employee is calculated as from a percentage over the total annual remuneration, including the bonus, 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 assembly of a qualifying asset are capitalized during the period of time that is required to complete and prepare the asset for its intended use. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use. 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 recorded in profit or loss for 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°869/23) 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, SE Resolution No. 21/16, SE 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 34 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 established 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 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. 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, and does not give rise to equal taxable and deductible temporary differences. 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 Furthermore, and pursuant to the last tax reform passed in Ecuador and effective as from January 1, 2020, dividends distributed to foreign shareholders will be subject to a 10 In Uruguay, effective from January 1, 2023, the Income Tax on Economic Activities (“IRAE”) includes as Uruguayan-source certain passive income derived by entities making up non-qualified 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 it is reasonably certain to exercise that option), and - penalty payments for terminating the lease (if that option will be exercised). 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, 2023 | |
Regulatory Framework | |
Schedule of generating units in operation | Schedule of generating units in operation In operation as of 12.31.2023: 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. 869/23 CTG GUEMTV12 TV ≤100 MW Resolution No. 869/23 CTG GUEMTV13 TV >100 MW Resolution No. 869/23 Piquirenda PIQIDI 01-10 MCI 30 MW Resolution No. 869/23 CPB BBLATV29 TV >100 MW Resolution No. 869/23 CPB BBLATV30 TV >100 MW Resolution No. 869/23 CTIW BBLMD01-06 MCI 100 MW Resolution No. 21/16 CTLL LDLATG01/TG02/TG03/TV01 CC >150 MW Resolution No. 59/23 CTLL LDLATG04 TG 105 MW Resolution No 220/07 (75%) CTLL LDLATG05 TG 105 MW Resolution No. 21/16 CTLL LDLMDI01 MCI 15 MW Resolution No. 869/23 CTGEBA GEBATG01/TG02/TV01 CC >150 MW Resolution No. 59/23 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 CTPP PILBD01-06 MCI 100 MW Resolution No. 21/16 CTEB EBARTG01 - TG02 TG >50 MW Resolution N° 59/23 CTEB EBARTV01 TV 279 MW Resolution No. 220/07 HIDISA AGUA DEL TORO HI HI – Media 120<P≤300 Resolution No. 869/23 HIDISA EL TIGRE HR Renewable ≤ 50 Resolution No. 869/23 HIDISA LOS REYUNOS HB HB – Media 120<P≤300 Resolution No. 869/23 HINISA NIHUIL I - II - III HI HI – Small 50<P≤120 Resolution No. 869/23 HPPL PPLEHI HI HI – Media 120<P≤300 Resolution No. 869/23 PEPE II PAMEEO Wind 53 MW MATER Res. No. 281/17 PEPE III BAHIEO Wind 53 MW MATER Res. No. 281/17 PEPE IV Ampliación BAHIEO Wind 81 MW MATER Res. No. 281/17 PE Arauco AR21EO Wind 99,75 MW Renovar (1) |
Schedule of generating units in construction | Schedule of generating units in construction In construction: Generator Tecnology Capacity Applicable regime PEPE VI Wind 140 MW MATER Res. No. 281/17 |
Schedule of minimum remuneration to thermal generators | Schedule of minimum remuneration to thermal generators Technology / Scale SE No. 440/21 ($ / MW-month) SE No. 826/22 ($ / MW-month) SE No. 869/23 ($ / MW-month) Large CC Capacity > 150 MW 129,839 245,084 617,377 Large TV Capacity > 100 MW 185,180 349,546 880,520 Small TV Capacity ≤ 100 MW 221,364 417,847 1,052,573 Large GT Capacity > 50 MW 151,124 285,262 718,586 |
Schedule of remuneration for thermal generators with guaranteed power capacity | Schedule of remuneration for thermal generators with guaranteed power capacity Period SE No. 440/21 ($ / MW-month) SE No. 826/22 ($ / MW-month) SE No. 869/23 ($ / MW-month) Summer – Winter 464,400 876,601 2,208,195 Fall - Spring 348,300 657,451 1,656,146 |
Schedule of hydroelectric generators by technology and scales values | Schedule of hydroelectric generators by technology and scales values Technology / Scale SE No. 440/21 ($ / MW-month) SE No. 826/22 ($ / MW-month) SE No. 869/23 ($ / MW-mes) Medium HI Capacity > 120 ≤ 300 MW 170,280 321,421 809,672 Small HI Capacity > 50 ≤ 120 MW 234,135 441,953 1,113,298 Medium Pumped HI Capacity > 120 ≤ 300 MW 170,280 321,421 809,672 Renewable HI Capacity ≤ 50 MW 383,130 723,196 1,821,760 |
Schedule of generated and operated energy thermal units remuneration | Schedule of generated and operated energy thermal units remuneration Remuneration SE No. 440/21 ($ / MWh) SE No. 826/22 ($ / MWh) SE No. 869/23 ($ / MWh) Generated energy Between 310 and 542 Between 585 and 1,023 Between 1,473 and 2,578 Operated energy 108 204 513 |
Schedule of generated and operated energy hydroelectric units remuneration | Schedule of generated and operated energy hydroelectric units remuneration Remuneration SE No. 440/21 ($ / MWh) SE No. 826/22 ($ / MWh) SE No. 869/23 ($ / MWh) Generated energy 271 512 1.288 Operated energy 108 204 513 |
Schedule of unconventional sources remuneration | Schedule of unconventional sources remuneration Remuneration SE No. 440/21 ($ / MWh) SE No. 826/22 ($ / MWh) SE No. 869/23 ($ / MWh) Generated energy 2,167 3,719 10,304 |
Schedule of additional remuneration to thermal generators | Schedule of additional remuneration to thermal generators Period 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) Summer – Winter 58,050 29,025 83,012 41,506 Fall - Spring 9,675 - 13,835 - Hidroelectric units > 50 MW and ≤ 300 MW: Period 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) Summer – Winter 50,310 25,155 71,943 35,972 Fall - Spring 8,385 - 11,991 - Hidroelectric units ≤ 50 MW: Period 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) Summer – Winter 54,180 27,090 77,478 38,739 Fall – Spring 9,030 - 12,913 - |
ACCOUNTING POLICIES (Tables)
ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of estimated useful lives | 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 |
GROUP STRUCTURE (Tables)
GROUP STRUCTURE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Group Structure | |
Schedule of statement of comprehensive income related to discontinued operations | Schedule of statement of comprehensive income related to discontinued operations Distribution of energy 12.31.2021 Revenue 493 Cost of sales (398) Gross profit 95 Selling expenses (36) Administrative expenses (26) Other operating income 21 Other operating expenses (18) Reversal of property, plant and equipment impairment 16 Impairment of financial assets (11) Operating income 41 Gain on monetary position, net 120 Financial costs (106) Other financial results 8 Financial results, net 22 Profit before income tax 63 Income tax (138) Loss of the year from discontinued operations (75) Other comprehensive income Items that will not be reclassified to profit or loss Exchange differences on translation 34 Items that may be reclassified to profit or loss Exchange differences on translation (1) 30 Other comprehensive income of the year from discontinued operations 64 Total comprehensive loss of the year from discontinued operations (11) Total loss of the year from discontinued operations attributable to: Owners of the company (39) Non - controlling interest (36) (75) Total comprehensive loss of the year from discontinued operations attributable to: Owners of the company (9) Non - controlling interest (2) Total comprehensive (loss) income of the year from discontinued operations attributable (11) (1) 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 Net cash generated by operating activities 116 Net cash used in investing activities (166) Net cash used in financing activities (7) Decrease in cash and cash equivalents from discontinued operations (57) Cash and cash equivalents at the beginning of the year 52 Effect of devaluation and inflation on cash and cash equivalents 5 Decrease in cash and cash equivalents (57) Cash and cash equivalents at the end of the year - |
Schedule of fair value of the consideration transferred | Schedule of fair value of the consideration transferred In millions of 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 millions of 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 transferred consideration of fair value assets and liabilities | Schedule of transferred consideration of fair value assets and liabilities In millions of US$ Assignment of Greenwind's interest net of assumed liabilities (1) (54.0) Fair value of Rincón de Aranda's previous interest (31.6) Total (85.6) Property, plant and equipment (2) 57.0 Inventories (3) 0.9 Tax credits (4) 1.0 Cash and cash equivalents (5) 29.2 Deferred tax liability (2.3) Fair value 85.8 Profit 0.2 (1) The following table details the book value of Greenwind´s interest: In millions of US$ Property, plant and equipment 121.1 Intangible assets 29.5 Financial assets at fair value through profit and loss 10.9 Trade and other receivables 10.1 Cash and cash equivalents 16.7 Borrowings (79.7) Deferred tax liability (48.3) Income tax liability (3.6) Trade and other payables (1.1) Provisions (0.8) Tax charges (0.8) Assignment of Greenwind's interest net of assumed liabilities 54.0 Provisions assumed by Pampa (4.2) Book value of Greenwind´s interest 49.8 The contingency provisions assumed by Pampa correspond to the additional income tax that should have been determined in Greenwind for the fiscal year 2022 without considering the tax loss update regarding the contractual indemnity granted to Total Austral S.A. (Argentine Branch). (2) The well’s fair value was assessed using the “cost-based approach”, which consists of its replacement cost new adjusted by its loss of value resulting from physical deterioration, and functional and economic obsolescence. The fair value of the mining property was assessed using the “income-based approach”, considering the development plan contemplated in the concession contract's term. (3) The fair value of spare parts was assessed using the “cost-based approach”, which consists of the item’s replacement cost new adjusted by its loss of value resulting from physical deterioration, and functional and economic obsolescence. (4) The contractual value of tax credits does not differ from its fair value. (5) Corresponding to the price adjustment paid by Total Austral S.A. (Argentine branch). |
Schedule of subsidiaries information | Schedule of subsidiaries information 12.31.2023 12.31.2022 Company Country Main activity Direct and indirect participation % Direct and indirect participation % Autotrol Renovables S.A. Argentina Generation 100.00 100.00 CISA Argentina Trader & investment 100.00 100.00 Ecuador Pipeline Holdings Limited Gran Cayman Investment 100.00 - EISA Uruguay Investment 100.00 100.00 Enecor S.A. Argentina Electricity transportation 70.00 70.00 Energía Operaciones ENOPSA S.A. (1) Ecuador Oil - 100.00 Fideicomiso CIESA Argentina Investment 100.00 100.00 GASA Argentina Generation & Investment 100.00 100.00 Greenwind (2) Argentina Generation - 100.00 HIDISA Argentina Generation 61.00 61.00 HINISA Argentina Generation 52.04 52.04 Pampa Ecuador Inc Nevis Investment 100.00 100.00 PEB Bolivia Investment 100.00 100.00 PE Energía Ecuador LTD Gran Cayman Investment 100.00 100.00 PECSA Chile Trader 100.00 - PESOSA Argentina Trader 100.00 - Petrolera San Carlos S.A. Venezuela Oil 100.00 100.00 PB18 Ecuador Oil 100.00 100.00 PISA Uruguay Investment 100.00 100.00 TGU Uruguay Gas transportation 51.00 51.00 VAR Argentina Generation 100.00 100.00 Vientos Solutions Argentina S.A.U. Argentina Advisory services 100.00 100.00 Vientos Solutions S.L.U. España Investment - 100.00 (1) Company merged into PB18. (2) See Note 5.2.6. |
Schedule of investments associates and Joint ventures | Schedule of investments associates and Joint ventures Information about the issuer Main activity Date Share capital Profit (loss) of the year Equity Direct and indirect participation % Associates OCP Investment 12.31.2023 100 17 114 34.08 TGS (1) Gas transportation 12.31.2023 1 29 1,058 1.029 Joint ventures CIESA (1) Investment 12.31.2023 1 15 540 50.00 Citelec (2) Investment 12.31.2023 1 4 164 50.00 CTB Generation 12.31.2023 11 (15) 500 50.00 (1) The Company holds a direct and indirect interest of 1.029% 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 26.50% in TGS. As of December 31, 2023, the quotation of TGS's ordinary shares and ADR published on the BCBA and the NYSE was $2,956.15 and US$ 15.09, respectively, granting to Pampa (direct and indirect) ownership an approximate stake market value of $ 623,064 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, 2023, Transener’s common share price listed at the BCBA was $ 1,210.00, conferring Pampa’s indirect interest an approximate $ 141,643 million market value. |
Schedule of balances of investment in associates and joint ventures | Schedule of balances of investment in associates and joint ventures 12.31.2023 12.31.2022 Disclosed in non-current assets Associates OCP 23 15 TGS 14 67 Total associates 37 82 Joint ventures CIESA 303 435 Citelec 82 117 CTB 250 268 Total joint ventures 635 820 Total associates and joint ventures 672 902 |
Schedule of breakdown associates and joint ventures | Schedule of breakdown associates and joint ventures 12.31.2023 12.31.2022 12.31.2021 Associates Refinor (1) - (12) (2) OCP 5 (1) 1 TGS 3 7 7 Total associates 8 (6) 6 Joint ventures CIESA 6 43 50 CTB (18) 41 49 Citelec 2 3 (3) Greenwind (2) - 24 (2) Total joint ventures (10) 111 94 Total associates and joint ventures (2) 105 100 (1) See Note 5.2.2. (2) See Note 5.2.3. |
Schedule of evolution of investments in associates and joint ventures | Schedule of evolution of investments in associates and joint ventures 12.31.2023 12.31.2022 12.31.2021 At the beginning of the year 902 770 547 Dividends - (8) - Increases 1 1 17 Decrease due to sale of equity interests (58) (6) - Decrease due to acquisition of control - (20) - Increase due to acquisition of equity interests 3 - 17 Share of profit (2) 116 98 (Impairment) Recovery of impairment losses - (11) 2 Exchange differences on translation (174) 60 89 At the end of the year 672 902 770 |
Schedule of investment in associate acquisition | Schedule of investment in associate acquisition 8.12.21 11.30.23 In millions of 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 2.4 OCP dividends to be received 9.5 - Cash and cash equivalents - 1.3 Assets fair value 22.2 3.7 Profit (2) 17.2 3.7 (1) Calculated based on the present value of expected dividend flows. (2) Disclosed under “Share of profit from associates and joint ventures”. |
Schedule of exploration and production of oil and gas | Schedule of exploration and production of oil and gas Participation Duration Up To Name Location Direct 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 2037 Gobernador Ayala Mendoza 22.51 Pluspetrol 2036 Río Limay este (Ex Senillosa) (2) Neuquén 85.00 PAMPA 2040 Rincón de Aranda (3) Neuquén 100.00 PAMPA 2058 Veta Escondida 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 (4) Neuquén 85.00 PAMPA 2025 Río Atuel (5) Mendoza 33.33 Petrolera El Trebol 2023 Borde del Limay (6) Neuquén 85.00 PAMPA 2015 Los Vértices (6) Neuquén 85.00 PAMPA 2015 Las Tacanas Norte (7) Neuquén 90.00 PAMPA 2027 (1) On February 3, 2023, an agreement for a 10-year extension of the concession was signed with the enforcement authority. The agreement includes investment commitments for the execution of 1 well, 2 workovers and 2D seismic reprocessing, and was ratified by Provincial Executive Order No. 543/23 published on August 14, 2023 in Salta’s BO. (2) On January 2, 2023, the environmental remediation plan was approved by the Province of Neuquén’s Undersecretariat of Environment, a necessary preliminary step to relinquish the block. (3) On June 23, 2023 the additional 45% interest in the block was acquired (see details below). (4) On December 5, 2023, the addendum to the block’s Joint Venture agreement was approved (see details below). (5) On July 10, 2023, the Company and Petrolera El Trébol informed the Ministry of Economy and Energy of the Province of Mendoza of their decision to fully relinquish the block classified as a lot under evaluation pursuant to section 81 (b) of Act No. 17,319. Consequently, the Company has written off exploration wells for US$ 6.6 million. (6) Under process of relinquishment to the province. (7) On November 30, 2023, the addendum to the exploration, development and production agreement for the block was approved (see details below). |
Schedule of assets and liabilities | Schedule of assets and liabilities 12.31.2023 12.31.2022 Non-current assets 112 227 Current assets 7 16 Total assets 119 243 Non-current Liabilities 17 25 Current Liabilities 29 53 Total liabilities 46 78 Production cost 94 85 |
Schedule of exploratory well costs | Schedule of exploratory well costs 12.31.2023 12.31.2022 12.31.2021 At the beginning of the year 37 42 50 Increases 2 2 8 Transferred to development - (7) (16) Derecognition of unproductive wells (7) - - At the end of the year 32 37 42 Number of wells at the end of the year 4 7 10 |
RISKS (Tables)
RISKS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of exposure to the price risk | Schedule of exposure to the price risk Increase of the result for the year Financial assets 12.31.2023 12.31.2022 Shares 12 19 Government securities 39 28 Corporate Bonds 8 12 Mutual funds - 3 Variation of the result of the year 59 62 |
Schedule of borrowings classified by interest rate and currency | Schedule of borrowings classified by interest rate and currency 12.31.2023 12.31.2022 Fixed interest rate: Argentine pesos 33 57 U.S. dollar 1,210 1,173 Yuan R.China 5 - Subtotal loans obtained at a fixed interest rate 1,248 1,230 Floating interest rate: Argentine pesos 30 140 U.S. dollar 41 149 Subtotal loans obtained at a floating interest rate 71 289 Non interest accrued: Argentine pesos 11 22 U.S. dollar 118 72 Subtotal loans no interest accrued 129 94 Total borrowings 1,448 1,613 |
Schedule of expected credit loss on trade receivables and financial assets rates | Schedule of expected credit loss on trade receivables and financial assets rates 12.31.2023 Undue 30 days 60 days 90 days 120 days 150 days 180 days + 180 days Generation 0.32 1.26 8.33 16.63 20.72 23.46 27.00 28.96 Oil and Gas 0.06 0.30 2.19 3.83 5.06 10.14 10.14 10.21 Petrochemicals 0.00 0.00 0.00 0.00 0.00 0.00 0.00 28.96 Holding 0.18 1.04 8.44 9.09 9.09 9.09 9.09 9.09 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 |
Schedule of liquidity index | Schedule of liquidity index 12.31.2023 12.31.2022 Current assets 1,336 1,343 Current liabilities 521 631 Liquidity ratio 2.56 2.13 |
Schedule of financial liabilities contractual undiscounted cash flows maturity | Schedule of financial liabilities contractual undiscounted cash flows maturity As of December 31, 2023 Trade and other receivables Trade and other payables (1) Borrowings Less than three months 261 223 63 Three months to one year 13 15 236 One to two years 10 31 277 Two to five years 6 6 907 More than five years - 9 306 Non set maturity term 24 - - Total 314 284 1,789 As of December 31, 2022 Trade and other receivables Trade and other payables (1) Borrowings Less than three months 412 231 289 Three months to one year 19 50 361 One to two years 6 12 1,022 Two to five years 12 3 313 More than five years - 6 2,102 Non set maturity term 41 - - Total 490 302 4,087 (1) Includes Lease Liabilities (see Note 19). |
Schedule of financial leverage ratios | Schedule of financial leverage ratios 12.31.2023 12.31.2022 Total borrowings 1,448 1,613 Less: cash and cash equivalents, and financial assets at fair value through profit and loss (730) (692) Net debt 718 921 Total capital 3,122 3,198 Leverage ratio 23.00 28.80 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Information | |
Schedule of operating segment information | Schedule of operating segment information in million of US$ Consolidated profit and loss information for the year ended December 31, 2023 Generation Oil and gas Petrochemicals Holding and others Eliminations Consolidated Revenue - local market 648 402 359 14 - 1,423 Revenue - foreign market - 161 148 - - 309 Intersegment revenue - 103 - - (103) - Cost of sales (354) (412) (444) - 103 (1,107) Gross profit 294 254 63 14 - 625 Selling expenses (2) (49) (15) - - (66) Administrative expenses (50) (74) (6) (55) - (185) Exploration expenses - (7) - - - (7) Other operating income 75 86 13 3 - 177 Other operating expenses (27) (32) (7) (22) - (88) (Impairment) Recovery of impairment of property, plant and equipment, intangible assets and inventories - (38) (3) 2 - (39) Share of profit from associates and joint ventures (18) - - 16 - (2) Profit from sale of companies´ interest - - - 9 - 9 Operating income 272 140 45 (33) - 424 Financial income 2 2 - 7 (6) 5 Financial costs (119) (203) (3) (45) 6 (364) Other financial results 280 (15) 15 278 - 558 Financial results, net 163 (216) 12 240 - 199 Profit before income tax 435 (76) 57 207 - 623 Income tax (225) 29 (27) (95) - (318) Profit (Loss) of the year 210 (47) 30 112 - 305 Depreciation and amortization 96 166 5 - - 267 in million of US$ Consolidated profit and loss information for the year ended December 31, 2023 Generation Oil and gas Petrochemicals Holding and others Eliminations Consolidated Total profit (loss) of the year attributable to: Owners of the company 207 (47) 30 112 - 302 Non-controlling interest 3 - - - - 3 Consolidated financial position information as of Dcember 31, 2023 Assets 2,684 1,396 157 631 (146) 4,722 Liabilities 729 1,213 137 376 (146) 2,309 Net book values of property, plant and equipment 1,345 1,138 27 34 - 2,544 Additional consolidated information as of December 31, 2023 Increases in property, plant and equipment and right-of-use assets 259 556 7 5 - 827 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) (350) (536) - 117 (1,139) Gross profit 293 296 81 20 - 690 Selling expenses (3) (45) (17) - - (65) Administrative expenses (39) (60) (5) (38) - (142) 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) - (2) - (4) 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, intangibles assets and right-of-use assets (1) 115 324 7 36 - 482 (1) It does not include US$ 389 million for the incorporation of assets related to the acquisition of the equity interests detailed in Notes 5.2.3 and 5.2.5. 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) - (285) (424) - 113 (951) Gross profit 301 - 168 66 22 - 557 Selling expenses (2) - (22) (13) - - (37) Administrative expenses (31) - (46) (4) (21) - (102) 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) Recovery of impairment of financial assets - - - - 1 - 1 Share of profit from associates and joint ventures 47 - - - 53 - 100 Profit from acquisition of companies´ interest - - - - 17 - 17 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 |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of revenue | Schedule of revenue 12.31.2023 12.31.2022 12.31.2021 Energy sales in Spot Market 196 210 167 Energy sales by supply contracts 363 346 380 Fuel supply 87 103 104 Other sales 2 4 5 Generation sales subtotal 648 663 656 Gas sales 432 383 231 Oil sales 121 136 99 Other sales 10 10 10 Oil and gas sales subtotal 563 529 340 Products from catalytic reforming sales 217 270 185 Styrene sales 79 96 84 Synthetic rubber sales 78 106 99 Polystyrene sales 131 141 119 Other sales 2 4 3 Petrochemicals sales subtotal 507 617 490 Technical assistance and administration services sales 14 20 22 Other - - - Holding and others subtotal 14 20 22 Total revenue (1) 1,732 1,829 1,508 (1) Revenues from CAMMESA represent 33%, 31% and 38% of total revenues for the fiscal years ended December 31, 2023, 2022 and 2021, respectively, and correspond mainly to the Generation and Oil & Gas segments. |
COST OF SALES (Tables)
COST OF SALES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of cost of sales | Schedule of cost of sales 12.31.2023 12.31.2022 12.31.2021 Inventories at the beginning of the year 173 155 116 Plus: Charges of the year Purchases of inventories, energy and gas 411 502 433 Salaries and social security charges 85 79 59 Employees benefits 17 15 13 Defined benefit plans 8 5 4 Works contracts, fees and compensation for services 111 97 73 Property, plant and equipment depreciation 254 202 194 Intangible assets amortization 5 1 1 Right-of-use assets amortization 1 3 5 Energy transportation 9 8 6 Transportation and freights 20 16 13 Consumption of materials 27 30 26 Penalties 2 1 2 Maintenance 47 61 52 Canons and royalties 92 89 65 Environmental control 4 5 4 Rental and insurance 31 31 27 Surveillance and security 5 4 3 Taxes, rates and contributions 7 5 4 Other 3 3 6 Total charges of the year 1,139 1,157 990 Less: Inventories at the end of the year (205) (173) (155) Total cost of sales 1,107 1,139 951 |
OTHER ITEMS OF THE STATEMENT _2
OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Items Of Statement Of Comprehensive Income | |
Schedule of selling expenses | Schedule of selling expenses 12.31.2023 12.31.2022 12.31.2021 Salaries and social security charges 5 5 3 Employees benefits 1 1 - Fees and compensation for services 3 4 3 Taxes, rates and contributions 13 14 11 Transportation and freights 43 40 18 Other 1 1 2 Total selling expenses 66 65 37 |
Schedule of administrative expenses | Schedule of administrative expenses 12.31.2023 12.31.2022 12.31.2021 Salaries and social security charges 58 50 34 Employees benefits 10 8 5 Defined benefit plans 18 9 7 Fees and compensation for services 29 30 32 Compensation agreements 37 19 2 Directors' and Sindycs' fees 7 7 6 Property, plant and equipment depreciation 7 6 5 Maintenance 2 2 2 Transport and per diem 2 2 1 Rental and insurance 1 1 1 Surveillance and security 1 1 - Taxes, rates and contributions 8 6 5 Communications 1 1 1 Other 4 - 1 Total administrative expenses 185 142 102 |
Schedule of exploration expenses | Schedule of exploration expenses 12.31.2023 12.31.2022 12.31.2021 Derecognition of unproductive wells (7) - - Total exploration expenses (7) - - |
Schedule of other operating income and expenses | Schedule of other operating income and expenses Note 12.31.2023 12.31.2022 12.31.2021 Other operating income Insurance recovery 1 - 3 Services provided to third parties 1 1 2 Results from property, plant and equipment sale and derecognition 1 2 1 Result from intangible assets sale - 2 2 Expenses recovery 8 - - Contingencies recovery - - 13 Tax charges recovery - - 2 Contractual indemnity 7 - - Commercial interests 70 27 27 GasAr Plan 55 56 51 Compensation for arbitration award (1) - 37 - Fair value of consortiums' previous interest 5.2.6 7 - - Export Increase Program 24 - - Other 3 6 4 Total other operating income 177 131 105 Other operating expenses Provision for contingencies (8) (4) (16) Provision for environmental remediation (4) - (15) Results for property, plant and equipment sale and derecognition (2) - - Tax on bank transactions (18) (14) (13) PAIS import tax (5) - - Donations and contributions (3) (2) (2) Institutional promotion (4) (3) (3) Costs of concessions agreements completion (5) - - Contractual penalty (7) - - Readjustment of investment plan (2) - (9) - Royalties GasAr Plan (8) (8) (5) Ecuador's transactional agreement (5) - - Impairment of other receivables (5) - - Other contractual expenses (6) - - Other (8) (6) (4) Total other operating expenses (88) (46) (58) (1) Corresponding to the final award rendered on August 3, 2022 by the Arbitration Court partially upholding EcuadorTLC’s (currently PB18) claim against Petroecuador for certain breaches of the transportation agreement executed on December 31, 2008. (2) Corresponding to the investment plan’s readjustment bond at the Sierra Chata block approved by Provincial Executive Order No. 1,262/22 dated June 29, 2022. |
Schedule of financial assets | Schedule of financial assets 12.31.2023 12.31.2022 12.31.2021 Financial income Financial interests 2 1 - Other interests 3 4 10 Total financial income 5 5 10 Financial costs Financial interests (1) (304) (172) (137) Commercial interests (1) (1) - Fiscal interests (47) (38) (38) Other interests (4) (5) (3) Bank and other financial expenses (8) (5) (7) Total financial costs (364) (221) (185) Other financial results Foreign currency exchange difference, net 123 80 3 Changes in the fair value of financial instruments 444 110 (15) Result from present value measurement (10) (14) (1) Result from exchange of CB - (14) - Result from repurchase of CB 1 6 - Other financial results - (2) (1) Total other financial results 558 166 (14) Total financial results, net 199 (50) (189) (1) Net of US$ 21 million and US$ 11 million borrowing costs capitalized in property, plant and equipment for the years ended December 31, 2023 and 2022, respectively. There are no capitalized borrowing costs in the fiscal year ended December 31, 2021. |
Schedule of income tax benefit expense | Schedule of income tax benefit expense 12.31.2023 12.31.2022 12.31.2021 Current tax 19 99 67 Deferred tax 272 46 10 Difference between previous fiscal year income tax provision and the income tax statement 27 (21) - Total income tax - Loss 318 124 77 Below is a reconciliation between income tax expense and the amount resulting from application of the tax rate on the income before taxes: 12.31.2023 12.31.2022 12.31.2021 Profit before income tax 623 581 390 Current income tax rate 35 35 35 Income tax at the statutary tax rate 218 203 138 Share of profit from companies 1 (37) (40) Non-taxable results (17) (3) (1) Effects of exchange differences and other results associated with the valuation of the currency, net 752 275 79 Effects of valuation of property, plant and equipment, intangible assets and financial assets (1,146) (575) (269) Effect of change in tax rate - - (6) Effect for tax inflation adjustment 501 253 169 Unrecognized deferred assets - - 4 Difference between previous fiscal year income tax and deferred tax provision and the income tax statement 3 2 1 Non-deductible cost 9 4 3 Impairment on deferred tax assets (3) 2 - Other - - (1) Total income tax - Loss 318 124 77 |
NON-FINANCIAL ASSETS AND LIAB_2
NON-FINANCIAL ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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) Transfers Decreases Impairment At the end Lands 14 - - - - 14 Buildings 143 - 3 (2) - 144 Equipment and machinery 1,916 1 175 (132) - 1,960 Wells 992 15 358 (21) (149) 1,195 Mining property 181 21 15 - (19) 198 Vehicles 10 2 1 (2) - 11 Furniture and fixtures and software equipment 59 1 2 - - 62 Communication equipments 3 - - (2) - 1 Materials, spare parts and tools 36 93 (85) - - 44 Petrochemical industrial complex 29 - 3 - - 32 Civil works 3 - 22 (1) - 24 Work in progress 254 547 (381) - - 420 Advances to suppliers 43 134 (113) - - 64 Total at 12.31.2023 3,683 814 - (160) (168) 4,169 Total at 12.31.2022 3,040 745 - (2) (100) 3,683 (1) Includes US$ 21 million and U$S 11 million corresponding to capitalized financial costs in the fiscal year ended December 31, 2023 and 2022. Additionally, as of December 31, 2022, it includes U$S Depreciation Net book values Type of good At the beginning Decreases For the year (1) Impairment At the end At 12.31.2023 At 12.31.2022 Lands - - - - - 14 14 Buildings (76) - (7) - (83) 61 67 Equipment and machinery (639) 14 (123) - (748) 1,212 1,277 Wells (589) 10 (112) 113 (578) 617 403 Mining property (134) - (7) 17 (124) 74 47 Vehicles (8) 1 (1) - (8) 3 2 Furniture and fixtures and software equipment (52) - (5) - (57) 5 7 Communication equipments (1) - - - (1) - 2 Materials, spare parts and tools (3) - - - (3) 41 33 Petrochemical industrial complex (17) - (5) - (22) 10 12 Civil works - - (1) - (1) 23 3 Work in progress - - - - - 420 254 Advances to suppliers - - - - - 64 43 Total at 12.31.2023 (1,519) 25 (261) 130 (1,625) 2,544 Total at 12.31.2022 (1,381) - (208) 70 (1,519) 2,164 (1) As of December 31, 2023, the composition of the segments is as follows: Generation: US$ 90 million; Oil and gas: US$ 166 million; and Petrochemicals: US$ 5 million. |
Schedule of intangible assets | Schedule of intangible assets Original values Type of good At the beginning Increases (1) Decreases Impairment (2) At the end Concession agreements 2 - - - 2 Goodwill 35 - - - 35 Intangible identified in acquisitions of companies 101 - (30) - 71 Digital assets 7 - (9) 2 - Total at 12.31.2023 145 - (39) 2 108 Total at 12.31.2022 44 125 (18) (6) 145 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 (5) (5) - (10) Total at 12.31.2023 (7) (5) - (12) Total at 12.31.2022 (6) (1) - (7) Net book values Type of good At 12.31.2023 At 12.31.2022 Goodwill 35 35 Intangible identified in acquisitions of companies 61 96 Digital assets - 7 Total at 12.31.2023 96 Total at 12.31.2022 138 (1) As of December 31, 2022, it includes US$ 94 million for the incorporation of assets from the acquisition of equity interests detailed in Notes 5.2.3 and 5.2.5. (2) The sale of the digital assets at market price resulted in the recording of an impairment recovery for US$ 2 million as of December 31, 2023. As of December 31, 2022, the recoverability of the digital assets was affected by their market value at closing, resulting in the recording of impairment losses for US$ 6 million. |
Schedule of deferred tax assets and liabilities | Schedule of deferred tax assets and liabilities 12.31.2022 Profit (loss) Sale of subsidiary 12.31.2023 Tax loss carryforwards 19 125 - 144 Property, plant and equipment 151 (151) - - Trade and other receivables 4 (3) - 1 Provisions 59 (6) - 53 Salaries and social security payable 1 - - 1 Defined benefit plans 8 (6) 2 4 Other 1 (1) - - Deferred tax asset 243 (42) 2 203 Property, plant and equipment (79) (188) 45 (222) Intangible assets (35) 1 - (34) Investments in companies (8) 1 - (7) Inventories (19) (26) - (45) Financial assets at fair value through profit and loss (15) (3) - (18) Trade and other receivables (23) 12 1 (10) Taxes payables (2) 2 - - Tax inflation adjustment (138) (28) 3 (163) Other - (1) - (1) Deferred tax liability (319) (230) 49 (500) Deferred tax (liability) asset (76) (272) 51 (297) 12.31.2021 Profit (loss) Increases for incorporation 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 asset (liability) 84 (46) (114) (76) |
Schedule of deferred tax assets and liabilities | Schedule of deferred tax assets and liabilities 12.31.2023 12.31.2022 Deferred tax asset - 36 Deferred tax liability (297) (112) Deferred tax liability (297) (76) |
Schedule of inventories | Schedule of inventories 12.31.2023 12.31.2022 Current Materials and spare parts 129 104 Advances to suppliers 4 8 In process and finished products 72 61 Total (1) 205 173 (1) It includes impairment loss as a result of the performed recoverability assessment for US$ 3 million and US$ 2 million as of December 31, 2023 and 2022, acoording with the policy described in Note 4.13. |
Schedule of provisions | Schedule of provisions 12.31.2023 12.31.2022 Non-Current Contingencies 109 107 Asset retirement obligation and wind turbines decommisioning 26 25 Environmental remediation 15 15 Total Non-Current 150 147 Current Asset retirement obligation and wind turbines decommisioning 3 2 Environmental remediation 2 2 Other provisions 1 - Total Current 6 4 |
Schedule of evolution in provisions | Schedule of evolution in provisions 12.31.2023 Contingencies Asset retirement obligation and decommisioning of wind turbines Environmental remediation At the beginning of the year 107 27 17 Increases 15 6 3 Decreases (4) - (1) Foreign currency exchange difference (9) - - Reversal of unused amounts - (4) (2) At the end of the year 109 29 17 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 - Decreases (1) - (1) Foreign currency exchange difference (2) - - Reversal of unused amounts (1) (1) - At the end of the year 107 27 17 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 contingencies of US$ 12.5 million related to the waive of the timely granted dispatch of Las Armas Wind Farm (see Note 2.1.2.3). |
Schedule of income tax and minimum notional income tax liability | Schedule of income tax and minimum notional income tax liability 12.31.2023 12.31.2022 Non-current Income tax, net of witholdings and advances 50 161 Minimum notional income tax 5 18 Total non-current 55 179 Current Income tax, net of witholdings and advances 17 5 Total current 17 5 |
Schedule of tax liabilities | Schedule of tax liabilities 12.31.2023 12.31.2022 Current Value added tax - 5 Personal assets tax provision 3 4 Tax withholdings to be deposited 3 5 Royalties 6 12 Other 2 2 Total current 14 28 |
Schedule of defined benefit plans information | Schedule of defined benefit plans information 12.31.2023 Present value of the obligation Present value of assets Net liability at the end of the year At the beginning of the year 38 (4) 34 Items classified in profit or loss Current services cost 1 - 1 Interest cost 29 (4) 25 Items classified in other comprehensive Actuarial loss (gain) 7 (2) 5 Benefit payments (3) - (3) (Gain) Loss on exchange difference (49) 6 (43) At the end of the year 23 (4) 19 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 loss 9 - 9 Benefit payments (3) - (3) (Gain) Loss on exchange difference (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 loss 1 2 3 Benefit payments (2) - (2) (Gain) Loss on exchange difference (5) 1 (4) At the end of the year 33 (4) 29 |
Schedule of estimated expected benefits payments | Schedule of estimated expected benefits payments 12.31.2023 Less than one year 3 One to two years 2 Two to three years 2 Three to four years 2 Four to five years 2 Six to ten years 9 |
Schedule of significant actuarial assumptions | Schedule of significant actuarial assumptions 12.31.2023 12.31.2022 12.31.2021 Real discount rate 5 5 5 Real wage increase rate 1 1 1 Inflation rate 156 118 54 |
Schedule of sensitivity analysis effect of a variation | Schedule of sensitivity analysis effect of a variation 12.31.2023 Discount rate: 4% Obligation 25 Variation 2 10 Discount rate: 6% Obligation 21 Variation (2) ( 9 Real wage increase rate: 0% Obligation 22 Variation (1) ( 3 Real wage increase rate: 2% Obligation 24 Variation 1 4 |
Schedule of salaries and social security payable | Schedule of salaries and social security payable 12.31.2023 12.31.2022 Current Salaries and social security contributions 3 5 Provision for vacations 5 8 Provision for gratifications and annual bonus for efficiency 11 19 Total current 19 32 |
FINANCIAL ASSETS AND LIABILIT_2
FINANCIAL ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Assets And Liabilities | |
Schedule of financial assets at amortized cost | Schedule of financial assets at amortized cost 12.31.2023 12.31.2022 Non-current Term deposit - 101 Notes receivable - 1 Total non-current - 102 Current Term deposit 101 - Notes receivable 4 8 Total current 105 8 |
Schedule of financial assets at fair value through profit and loss | Schedule of financial assets at fair value through profit and loss 12.31.2023 12.31.2022 Non-current Shares 35 27 Total non-current 35 27 Current Government securities 389 279 Corporate bonds 79 116 Shares 88 160 Mutual funds 3 31 Total current 559 586 |
Schedule of trade and other receivables | Schedule of trade and other receivables Note 12.31.2023 12.31.2022 Non-Current Related parties 16 11 17 Tax credits 1 2 Receivables for sale of associates 1 - Contractual indemnity receivable 4 - Other 1 1 Other receivables 18 20 Total non-current 18 20 Note 12.31.2023 12.31.2022 Current Receivables 105 141 CAMMESA 100 165 Related parties 16 5 5 Impairment of financial assets (1) (6) Trade receivables, net 209 305 Current Related parties 16 7 7 Tax credits 10 14 Receivables for complementary activities 1 - Prepaid expenses 5 14 Guarantee deposits 19 27 Expenses to be recovered 6 15 Insurance to be recovered 4 - Receivables for acquisition of subsidiary - 7 Receivables for sale of associates 1 4 Receivables for financial instruments sale - 1 GasAr Plan 11 32 Receivables for arbitration award - 37 Contractual indemnity credit 2 - Advances to employees 10 - Other 11 7 Other receivables, net 87 165 Total current 296 470 |
Schedule of allowance for the impairment of trade receivables | Schedule of allowance for the impairment of trade receivables 12.31.2023 12.31.2022 12.31.2021 At the beginning of the year 6 9 16 Impairment 1 1 1 Utilization - (1) - Reversal of unused amounts (1) - (6) Foreign currency exchange difference (5) (3) (2) At the end of the year 1 6 9 |
Schedule of cash and cash equivalents | Schedule of cash and cash equivalents 12.31.2023 12.31.2022 Banks 31 11 Mutual funds 140 95 Total 171 106 |
Schedule of borrowings | Schedule of borrowings 12.31.2023 12.31.2022 Non-Current Financial borrowings - 108 Corporate bonds 1,224 1,232 Total non-current 1,224 1,340 Current Bank overdrafts 31 59 Financial borrowings 67 51 Corporate bonds 126 163 Total current 224 273 Total 1,448 1,613 |
Schedule of changes in borrowings | Schedule of changes in borrowings 12.31.2023 12.31.2022 12.31.2021 At the beginning of the year 1,613 1,438 1,614 Proceeds from borrowings 424 308 188 Payment of borrowings (191) (143) (336) Accrued interest 304 172 137 Payment of interests (280) (162) (140) Repurchase of CB (6) (28) (3) Result from exchange of CB - 14 - Result from repurchase of CB (1) (6) - Increases for incorporation - 89 - Foreign currency exchange difference (356) (80) (22) Decrease for subsidiaries sales (80) - - Borrowing costs capitalized in property, plant and equipment 21 11 - At the end of the year 1,448 1,613 1,438 |
Schedule of borrowings composition | Schedule of borrowings composition Type of instrument Company Currency Residual value Interest Rate Expiration Book value as of 12.31.2023 Corporate bonds (1) Class 17 CB PAMPA $ 5,980 Fixed Badlar + 2 May-24 9 Class 15 CB PAMPA $ 18,264 Variable Badlar + 0 Jul-24 29 Class 18 CB PAMPA US$ 72 Fixed 5.00% Sep-25 73 Class 16 CB PAMPA US$ 56 Fixed 4.99% Nov-25 56 Class 9 CB PAMPA US$ 179 Fixed 9.50% Dec-26 184 Class 1 CB PAMPA US$ 597 Fixed 7.50% Jan-27 611 Class 13 CB PAMPA US$ 98 Fixed 0.00% Dec-27 96 Class 3 CB PAMPA US$ 293 Fixed 9.13% Apr-29 292 1,350 Financial loans (2)(3) PAMPA US$ 8 Variable SOFR 6M + 4,21 Nov-24 8 PAMPA $ 3,000 Variable Between 80% and 110 Between Apr-24 and Jun-24 5 13 Other financial loans (4) PAMPA US$ 22 Variable SOFR + 0,35 Jul-24 23 PAMPA US$ 12 Variable SOFR + 0 Agu-24 12 PAMPA US$ 14 Fixed Between 13% and 16 Between Jan-24 and Jun-24 14 PAMPA CNY 37 Fixed Between 12% and 12.50 Between Mar-24 and Nov-24 5 54 Bank overdrafts (2) PAMPA $ 23,140 Fixed Between79.00% and 81,00% Between Jan-24 and Apr-24 31 31 1,448 (1) Net of repurchases for a face value of US$ 113.7 million for 2026 CB, US$ 153.0 million of 2027 CB, and US$ 7.5 million for 2029 CB. (2) During the fiscal year ended December 31, 2023, the Company took out short-term bank loans with local financial institutions, net of cancellations, for $ 16,535 million and import financing for CNY 37 million. Additionally, it took out import financing, net, for US$ 6.2 million. Post-closing, the Company took out net import financing for US$1 million and cancelled net bank debt for $100 million. (3) Regarding the FINNVERA credit facility and due to the discontinuation of the Libor benchmark interest rate as from July 2023, on September 5, 2023, Pampa and CACIB (Credit Agricole Corporate & Investment Bank) entered into an amendment to the credit facility replacing the Libor rate with the Term SOFR rate for debt services after November 2023. In this same line, the interest rate hedge agreement associated with the credit facility was also amended. (4) During the fiscal year ended December 31, 2023, the Company received disbursements in the amount of US$ 2.0 million under the credit facilities taken out with BNP Paribas S.A. in 2020. 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 $ 3,107 Variable Badlar + 2 Jul-23 20 Class 11 CB PAMPA $ 21,655 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 $ 10,065 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. |
Schedule of trade and other payables | Schedule of trade and other payables Note 12.31.2023 12.31.2022 Non-Current Compensation agreements 28 10 Finance leases liability 14 10 Contractual penalty debt 4 - Other - 1 Other payables 46 21 Total non-current 46 21 Current Suppliers 186 198 Customer advances 9 3 Related parties 16 15 14 Trade payables 210 215 Compensation agreements 11 12 Liability for acquisition of companies 8 46 Finance leases liability 4 2 Investment plan readjustment liability - 5 Contractual penalty debt 2 - Debtors 3 - Other - 1 Other payables 28 66 Total current 238 281 |
Schedule of financial instruments | Schedule of financial instruments As of December 31, 2023 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 279 7 286 28 314 Financial assets at amortized cost Term deposit 101 - 101 - 101 Notes receivable 4 - 4 - 4 Financial assets at fair value through profit and loss Government securities - 389 389 - 389 Corporate bonds - 79 79 - 79 Shares - 123 123 - 123 Mutual funds - 3 3 - 3 Cash and cash equivalents 31 140 171 - 171 Total 415 741 1,156 28 1,184 Liabilities Trade and other liabilities 275 - 275 9 284 Borrowings 1,448 - 1,448 - 1,448 Total 1,723 - 1,723 9 1,732 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 |
Schedule of income, expenses, gains and losses from financial instruments | Schedule of income, expenses, gains and losses from financial instruments As of December 31, 2023 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 (307) - (307) (49) (356) Foreign currency exchange difference, net (1,035) (560) (1,595) 1,718 123 Changes in the fair value of financial instruments - 444 444 - 444 Result from present value measurement (1) - (1) (9) (10) Other financial results (7) - (7) - (7) Total (1,345) (116) (1,461) 1,660 199 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) |
Schedule of fair value of financial instruments | Schedule of fair value of financial instruments As of December 31, 2023 Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through Government securities 389 - - 389 Corporate bonds 79 - - 79 Mutual funds 3 - - 3 Shares 88 - 35 123 Cash and cash equivalents Mutual funds 140 - - 140 Other receivables Guarantee deposits on derivative financial instruments 7 - - 7 Total assets 706 - 35 741 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 - 2 Total liabilities - 2 - 2 |
EQUITY COMPONENTS (Tables)
EQUITY COMPONENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Components | |
Schedule of earnings (loss) per share | Schedule of earnings (loss) per share 12.31.2023 12.31.2022 12.31.2021 Earning for continuing operations attributable to equity holders of the Company 302 456 312 Weighted average amount of outstanding shares 1,366 1,381 1,405 Basic and diluted earnings per share from continued operations 0.22 0.33 0.22 Loss for discontinued operations attributable to equity holders of the Company - - (39) Weighted average amount of outstanding shares 1,366 1,381 1,405 Basic and diluted loss per share from discontinued operations - - (0.03) Earning attributable to equity holders of the Company 302 456 273 Weighted average amount of outstanding shares 1,366 1,381 1,405 Basic and diluted earning per share 0.22 0.33 0.19 |
STATEMENT OF CASH FLOWS_ COMP_2
STATEMENT OF CASH FLOWS’ COMPLEMENTARY INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Statement Of Cash Flows Complementary Information | |
Schedule of adjustments to reconcile net profit to cash flows generated by operating activities | Schedule of adjustments to reconcile net profit to cash flows generated by operating activities Note 12.31.2023 12.31.2022 12.31.2021 Income tax 10.6 318 124 77 Accrued interest 283 185 141 Depreciations and amortizations 9 and 10.2 267 212 205 Share of profit of joint ventures and associates 5.3.2 2 (105) (100) Profit from sale/acquisition of companies´ interest (9) - (17) Results for property, plant and equipment sale and derecognition 10.4 1 (2) (1) Result for intangible assets sale 10.4 - (2) (2) Impairment of property, plant and equipment, intangible assets and inventories 11.1, 11.2 and 11.4 39 38 4 (Impairment) Recovery of impairment of financial assets - 4 (1) Result from present value measurement 10.5 10 14 1 Changes in the fair value of financial instruments (392) (94) 24 Exchange differences, net (190) (85) (3) Result from exchange of CB 10.5 - 14 - Result from repurchase of CB 10.5 (1) (6) - Readjustment of investment plan 10.4 - 9 - Costs of concessions agreements completion 10.4 5 - - Contractual indemnity 10.4 (7) - - Contractual penalty 10.4 7 - - Compensation for arbitration award 10.4 - (37) - Provision for contingecies, net 10.4 8 4 3 Provision for environmental remediation 10.4 4 - 15 Fair value of consortiums' previous interest 10.4 (7) - - Impairment of other receivables 10.4 5 - - Ecuador's transactional agreement 10.4 5 - - Expenses recovery 10.4 (8) - - Accrual of defined benefit plans 9 and 10.2 26 14 11 Compensation agreements 10.2 37 19 2 Derecognition of unproductive wells 10.3 7 - - Other (4) (4) 3 Adjustments to reconcile net profit to cash flows from operating activities 406 302 362 |
Schedule of changes in operating assets and liabilities | Schedule of changes in operating assets and liabilities 12.31.2023 12.31.2022 12.31.2021 Increase in trade receivables and other receivables (151) (233) (41) Increase in inventories (35) (21) (40) Increase in trade payables and other payables 17 70 43 Increase in salaries and social security payables 20 15 8 Defined benefit plans payments (3) (3) (2) Increase (Decrease) in tax liabilities 27 41 (2) Decrease in provisions (7) (1) (3) Income tax payment - (2) (13) Payments for derivative financial instruments, net (4) (6) (12) Changes in operating assets and liabilities (136) (140) (62) |
Schedule of significant non-cash transactions | Schedule of significant non-cash transactions 12.31.2023 12.31.2022 12.31.2021 Acquisition of property, plant and equipment through an increase in trade payables (82) (75) (51) Borrowing costs capitalized in property, plant and equipment (21) (11) - Increase of property, plant and equipment through exchange of assets (25) - - 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 (13) (1) (7) Dividends pending collection - - 2 Decrease in asset retirement obligation and wind turbines decommision through property, plant and equipment (5) (1) (1) Decrease in associate's equity interest through increase in other receivables - 6 - |
RELATED PARTIES_ TRANSACTIONS (
RELATED PARTIES´ TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of balances with related parties | Schedule of balances with related parties As of December 31, 2023 Trade receivables Other receivables Trade payables Current Non-current Current Current Associates and joint ventures CTB 1 - - - TGS 4 11 6 7 Other related parties SACDE - - - 8 Other - - 1 - 5 11 7 15 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 |
Schedule of operations with related parties | Schedule of operations with related parties (1) Purchases of goods and services (2) Fees for services (3) Other operating expenses and income (4) 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Associates and joint ventures CTB 2 2 2 - - - - - - - - - Greenwind - - 1 - - - - - - - - - Refinor - 11 9 - (11) (6) - - - - - - TGS 42 51 45 (53) (53) (43) - - - - - - Other related parties Fundación - - - - - - - - - (2) (2) (2) SACDE - - - (65) (203) (48) - - - - - - Salaverri, Dellatorre, Burgio & Wetzler - - - - - - (1) (1) (1) - - - 44 64 57 (118) (267) (97) (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$ 53 million, US$ 191 million and US$ 50 million and infrastructure works contracted to SACDE imputed in property, plant and equipment for US$ 65 million, US$ 76 million and US$ 47 million, of which US$ 15 million, US$ 16 million and US$ 17 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, 2023, 2022 and 2021, respectively. (3) Disclosed within administrative expenses. (4) Corresponds mainly to donations. Finance income (1) Dividends received Payment of dividends 2023 2022 2021 2023 2022 2021 2023 2022 2021 Associates and joint ventures OCP - - 1 - 10 20 - - - TGS 2 2 3 - - - - - - Other related parties EMESA - - - - - - (1) - (9) 2 2 4 - 10 20 (1) - (9) (1) Corresponds mainly to financial leases and accrued interest on loans granted. |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
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 7 - 27 Advances to suppliers - 6 - 6 Total at 12.31.2023 20 13 - 33 Total at 12.31.2022 20 1 (1) 20 Amortization Type of good At the beginning For the year At the end Machinery and equipment (11) (1) (12) Total at 12.31.2023 (11) (1) (12) Total at 12.31.2022 (8) (3) (11) Net book values Type of good At 12.31.2023 At 12.31.2022 Machinery and equipment 15 9 Advances to suppliers 6 Total at 12.31.2023 21 Total at 12.31.2022 9 |
Schedule of lease liabilities | Schedule of lease liabilities 12.31.2023 12.31.2022 At the beginning of the year 12 13 Increases 7 1 Result from measurement at present value (1) 2 2 Reversal of unused amounts - (1) Payments (3) (3) At the end of the year 18 12 (1) Included in Other financial results. |
Schedule of lease liabilities payments by maturity | Schedule of lease liabilities payments by maturity 12.31.2023 Three months to one year 4 One to two years 2 Two to three years 3 Three to four years 3 Four to five years 3 More than five years 17 Total 32 |
Schedule of lease receivable by maturity | Schedule of lease receivable by maturity 12.31.2023 Less than three months 2 Three months to one year 4 One to two years 7 Two to three years 4 Total 17 |
Schedule of future minimum collections from operating leases | Schedule of future minimum collections from operating leases 12.31.2023 Three months to one year 1 One to two years 1 Total 2 |
OIL AND GAS RESERVES (Tables)
OIL AND GAS RESERVES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 7,592 20,523 3,994 11,312 11,586 31,835 Total at 12.31.2023 7,592 20,523 3,994 11,312 11,586 31,835 (1) In thousands of barrels. (2) In millions of cubic meters. |
GENERAL INFORMATION (Details Na
GENERAL INFORMATION (Details Narrative) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
General Information | ||||
Percentage of gross domestic product | 6.40% | 1.60% | ||
Percentage of cumulative inflation | 211.40% | 94.80% | ||
Percentage of depreciation | 356.30% | 72.50% |
REGULATORY FRAMEWORK (Details)
REGULATORY FRAMEWORK (Details) | 12 Months Ended |
Dec. 31, 2023 | |
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. 869/23 |
C T G 3 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | GUEMTV12 |
Tecnology | TV |
Power | ≤100 MW |
Applicable regime | Resolution No. 869/23 |
C T G 4 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | GUEMTV13 |
Tecnology | TV |
Power | >100 MW |
Applicable regime | Resolution No. 869/23 |
Piquirenda 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | PIQIDI 01-10 |
Tecnology | MCI |
Power | 30 MW |
Applicable regime | Resolution No. 869/23 |
C P B 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | BBLATV29 |
Tecnology | TV |
Power | >100 MW |
Applicable regime | Resolution No. 869/23 |
C P B 2 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | BBLATV30 |
Tecnology | TV |
Power | >100 MW |
Applicable regime | Resolution No. 869/23 |
C T I W [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. 59/23 |
C T L L 2 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | LDLATG04 |
Tecnology | TG |
Power | 105 MW |
Applicable regime | Resolution 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. 869/23 |
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. 59/23 |
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 P P [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | PILBD01-06 |
Tecnology | MCI |
Power | 100 MW |
Applicable regime | Resolution No. 21/16 |
C T E B [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | EBARTG01 - TG02 |
Tecnology | TG |
Power | >50 MW |
Applicable regime | Resolution N° 59/23 |
C T E B 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | EBARTV01 |
Tecnology | TV |
Power | 279 MW |
Applicable regime | Resolution No. 220/07 |
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. 869/23 |
H I D I S A 2 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | EL TIGRE |
Tecnology | HR |
Power | Renewable ≤ 50 |
Applicable regime | Resolution No. 869/23 |
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. 869/23 |
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. 869/23 |
H P P L 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Generating unit | PPLEHI |
Tecnology | HI |
Power | HI – Media 120<P≤300 |
Applicable regime | Resolution No. 869/23 |
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 | Ampliación BAHIEO |
Tecnology | Wind |
Power | 81 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) - P E P E V I [Member] | 12 Months Ended |
Dec. 31, 2023 | |
IfrsStatementLineItems [Line Items] | |
Generator | PEPE VI |
Technology | Wind |
Capacity | 140 MW |
Applicable regime | MATER Res. No. 281/17 |
REGULATORY FRAMEWORK (Details 2
REGULATORY FRAMEWORK (Details 2) | 12 Months Ended |
Dec. 31, 2023 | |
Minimum Remuneration To Thermal Generators [Member] | |
IfrsStatementLineItems [Line Items] | |
Technology / Scale | Large CC Capacity > 150 MW |
SE No. 440/21 ($ / MW-month) | 129,839 |
SE No. 826/22 (AR$ / MW-month) | 245,084 |
SE No. 869/23 ($ / MW-month) | 617,377 |
Minimum Remuneration To Thermal Generators 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Technology / Scale | Large TV Capacity > 100 MW |
SE No. 440/21 ($ / MW-month) | 185,180 |
SE No. 826/22 (AR$ / MW-month) | 349,546 |
SE No. 869/23 ($ / MW-month) | 880,520 |
Minimum Remuneration To Thermal Generators 2 [Member] | |
IfrsStatementLineItems [Line Items] | |
Technology / Scale | Small TV Capacity ≤ 100 MW |
SE No. 440/21 ($ / MW-month) | 221,364 |
SE No. 826/22 (AR$ / MW-month) | 417,847 |
SE No. 869/23 ($ / MW-month) | 1,052,573 |
Minimum Remuneration To Thermal Generators 3 [Member] | |
IfrsStatementLineItems [Line Items] | |
Technology / Scale | Large GT Capacity > 50 MW |
SE No. 440/21 ($ / MW-month) | 151,124 |
SE No. 826/22 (AR$ / MW-month) | 285,262 |
SE No. 869/23 ($ / MW-month) | 718,586 |
REGULATORY FRAMEWORK (Details 3
REGULATORY FRAMEWORK (Details 3) | 12 Months Ended |
Dec. 31, 2023 | |
Additional Remuneration To Thermal Generators [Member] | |
IfrsStatementLineItems [Line Items] | |
Period | Summer – Winter |
Remuneration For Guaranteed Power Capacity To Thermal Generators [Member] | |
IfrsStatementLineItems [Line Items] | |
Remuneration SE No. 440/21 ($ / MW-month) | 464,400 |
Remuneration SE No. 826/22 ($ / MW-month) | 876,601 |
Remuneration SE No. 869/23 ($ / MW-month) | 2,208,195 |
Remuneration For Guaranteed Power Capacity To Thermal Generators 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Period | Fall - Spring |
Remuneration SE No. 440/21 ($ / MW-month) | 348,300 |
Remuneration SE No. 826/22 ($ / MW-month) | 657,451 |
Remuneration SE No. 869/23 ($ / MW-month) | 1,656,146 |
REGULATORY FRAMEWORK (Details 4
REGULATORY FRAMEWORK (Details 4) | 12 Months Ended |
Dec. 31, 2023 | |
Base And Additional Remuneration To Hydroelectric Generators [Member] | |
IfrsStatementLineItems [Line Items] | |
Technology and scale | Medium HI Capacity > 120 ≤ 300 MW |
Remuneration SE No. 440/21 ($ / MW-month) | 170,280 |
Remuneration SE No. 826/22 ($ / MW-month) | 321,421 |
Remuneration SE No. 869/23 ($ / MW-mes) | 809,672 |
Base And Additional Remuneration To Hydroelectric Generators One [Member] | |
IfrsStatementLineItems [Line Items] | |
Technology and scale | Small HI Capacity > 50 ≤ 120 MW |
Remuneration SE No. 440/21 ($ / MW-month) | 234,135 |
Remuneration SE No. 826/22 ($ / MW-month) | 441,953 |
Remuneration SE No. 869/23 ($ / MW-mes) | 1,113,298 |
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. 440/21 ($ / MW-month) | 170,280 |
Remuneration SE No. 826/22 ($ / MW-month) | 321,421 |
Remuneration SE No. 869/23 ($ / MW-mes) | 809,672 |
Base And Additional Remuneration To Hydroelectric Generators Three [Member] | |
IfrsStatementLineItems [Line Items] | |
Technology and scale | Renewable HI Capacity ≤ 50 MW |
Remuneration SE No. 440/21 ($ / MW-month) | 383,130 |
Remuneration SE No. 826/22 ($ / MW-month) | 723,196 |
Remuneration SE No. 869/23 ($ / MW-mes) | 1,821,760 |
REGULATORY FRAMEWORK (Details 5
REGULATORY FRAMEWORK (Details 5) | 12 Months Ended |
Dec. 31, 2023 | |
Minimum Remuneration To Thermal Power Generator 3 [Member] | |
IfrsStatementLineItems [Line Items] | |
Remuniration | Generated energy |
SE No. 440/21 ($ / MWh) | Between 310 and 542 |
SE No. 826/22 ($ / MWh) | Between 585 and 1,023 |
SE No. 869/23 ($ / MW-month) | Between 1,473 and 2,578 |
Minimum Remuneration To Thermal Power Generator 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Remuniration | Operated energy |
SE No. 440/21 ($ / MWh) | 108 |
SE No. 826/22 ($ / MWh) | 204 |
SE No. 869/23 ($ / MW-month) | 513 |
REGULATORY FRAMEWORK (Details 6
REGULATORY FRAMEWORK (Details 6) | 12 Months Ended |
Dec. 31, 2023 | |
Minimum Remuneration To Thermal Power Generator [Member] | |
IfrsStatementLineItems [Line Items] | |
Remuneration 1 | Generated energy |
SE No. 440/21 ($ / MWh) | 271 |
SE No. 826/22 ($ / MWh) | 512 |
SE No. 869/23 ($ / MW-month) | 1.288 |
Minimum Remuneration To Thermal Power Generator 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Remuneration 1 | Operated energy |
SE No. 440/21 ($ / MWh) | 108 |
SE No. 826/22 ($ / MWh) | 204 |
SE No. 869/23 ($ / MW-month) | 513 |
REGULATORY FRAMEWORK (Details 7
REGULATORY FRAMEWORK (Details 7) | 12 Months Ended |
Dec. 31, 2023 | |
Minimum Remuneration To Thermal Power Generator [Member] | |
IfrsStatementLineItems [Line Items] | |
Remuneration 1 | Generated energy |
SE No. 440/21 ($ / MWh) | 271 |
SE No. 826/22 ($ / MWh) | 512 |
SE No. 869/23 ($ / MW-month) | 1.288 |
Minimum Remuneration From Unconvention Sources [Member] | |
IfrsStatementLineItems [Line Items] | |
SE No. 440/21 ($ / MWh) | 2,167 |
SE No. 826/22 ($ / MWh) | 3,719 |
SE No. 869/23 ($ / MW-month) | 10,304 |
REGULATORY FRAMEWORK (Details 8
REGULATORY FRAMEWORK (Details 8) | 12 Months Ended |
Dec. 31, 2023 | |
Additional Remuneration To Thermal Units [Member] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Period | Summer – Winter |
Additional Remuneration To Thermal Units [Member] | First 25 Hours [Member] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 440/21 | 58,050 |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 238/22 | 83,012 |
Additional Remuneration To Thermal Units [Member] | Second 25 Hours [Member] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 440/21 | 29,025 |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 238/22 | 41,506 |
Additional Remuneration To Thermal Units One [Member] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Period | Fall - Spring |
Additional Remuneration To Thermal Units One [Member] | First 25 Hours [Member] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [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 |
Additional Remuneration To Hidroelectric Units 50 M W And 300 M W [Member] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Period | Summer – Winter |
Additional Remuneration To Hidroelectric Units 50 M W And 300 M W [Member] | First 25 Hours [Member] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 440/21 | 50,310 |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 238/22 | 71,943 |
Additional Remuneration To Hidroelectric Units 50 M W And 300 M W [Member] | Second 25 Hours [Member] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 440/21 | 25,155 |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 238/22 | 35,972 |
Additional Remuneration To Hidroelectric Units 50 M W And 300 M W One [Member] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Period | Fall - Spring |
Additional Remuneration To Hidroelectric Units 50 M W And 300 M W One [Member] | First 25 Hours [Member] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 440/21 | 8,385 |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 238/22 | 11,991 |
Additional Remuneration To Hidroelectric Units 50 M W [Member] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Period | Summer – Winter |
Additional Remuneration To Hidroelectric Units 50 M W [Member] | First 25 Hours [Member] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 440/21 | 54,180 |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 238/22 | 77,478 |
Additional Remuneration To Hidroelectric Units 50 M W [Member] | Second 25 Hours [Member] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 440/21 | 27,090 |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 238/22 | 38,739 |
Additional Remuneration To Hidroelectric Units 50 M W One [Member] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Period | Fall – Spring |
Additional Remuneration To Hidroelectric Units 50 M W One [Member] | First 25 Hours [Member] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 440/21 | 9,030 |
Remuneration for first 25 hours ($ / MW-hmrt) SE No. 238/22 | 12,913 |
REGULATORY FRAMEWORK (Details N
REGULATORY FRAMEWORK (Details Narrative) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||||||
Nov. 30, 2023 | Sep. 30, 2023 | Aug. 31, 2023 | Feb. 28, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Feb. 25, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Regulatory Framework | |||||||||
Power capacity term | 15 years | ||||||||
Percentage of economic transaction | 28% | 23% | 28% | 25% | 10% | 20% | |||
Percentage of commitment capacity | 85% | ||||||||
Net power capacity term | 5 years | ||||||||
Percentage of remuneration power capacity | 35% | 15% | |||||||
Capital owned by government | $ 4,676 | ||||||||
Percentage of remuneration | 25% | ||||||||
Percentage of increase remuneration | 23% | ||||||||
Purchase investment property | $ 30,000 |
ACCOUNTING POLICIES (Details)
ACCOUNTING POLICIES (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Buildings [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment estimated useful lives | 50 years |
Vehicles [member] | Bottom of range [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 |
Other property, plant and equipment [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] | Bottom of range [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 |
ACCOUNTING POLICIES (Details Na
ACCOUNTING POLICIES (Details Narrative) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Applicable tax rate | 35% | 35% | 35% |
Country Of Argentina [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Applicable tax rate | 35% | ||
Country Of Ecuador [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Applicable tax rate | 25% | ||
Surcharge rate | 3% | ||
Percentage of withholdings on dividends | 10% | ||
Country Of Bolivia [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Applicable tax rate | 25% | ||
Withholding income tax rate | 12.50% | ||
Country Of Uruguay [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Applicable tax rate | 25% |
GROUP STRUCTURE (Details)
GROUP STRUCTURE (Details) - Discontinued operations [member] $ in Millions | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
IfrsStatementLineItems [Line Items] | |
Revenue | $ 493 |
Cost of sales | (398) |
Gross profit | 95 |
Selling expenses | 36 |
Administrative expenses | 26 |
Other operating income | 21 |
Other operating expenses | 18 |
Reversal of property, plant and equipment impairment | 16 |
Impairment of financial assets | (11) |
Operating income | 41 |
Gain on monetary position, net | 120 |
Financial costs | 106 |
Other financial results | 8 |
Financial results, net | 22 |
Profit before income tax | 63 |
Income tax | 138 |
Loss of the year from discontinued operations | (75) |
Other comprehensive income | |
Exchange differences on translation | 34 |
Exchange differences on translation (1) | 30 |
Other comprehensive income of the year from discontinued operations | 64 |
Total comprehensive loss of the year from discontinued operations | (11) |
Total loss of the year from discontinued operations attributable to: | |
Owners of the company | (39) |
Non - controlling interest | (36) |
Total comprehensive loss of the year from discontinued operations attributable to: | |
Owners of the company | (9) |
Non - controlling interest | (2) |
Total comprehensive (loss) income of the year from discontinued operations attributable | $ (11) |
GROUP STRUCTURE (Details 1)
GROUP STRUCTURE (Details 1) - Discontinued operations [member] $ in Millions | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
IfrsStatementLineItems [Line Items] | |
Net cash generated by operating activities | $ 116 |
Net cash used in investing activities | (166) |
Net cash used in financing activities | (7) |
Decrease in cash and cash equivalents from discontinued operations | (57) |
Cash and cash equivalents at the beginning of the year | 52 |
Effect of devaluation and inflation on cash and cash equivalents | 5 |
Decrease in cash and cash equivalents | (57) |
Cash and cash equivalents at the end of the year |
GROUP STRUCTURE (Details 2)
GROUP STRUCTURE (Details 2) - Greenwind [Member] $ in Millions | Aug. 12, 2022 USD ($) |
IfrsStatementLineItems [Line Items] | |
Consideration transferred | $ (20.5) |
Fair value of the previous interest in Greenwind | (20.4) |
Total | (40.9) |
Property, plant and equipment | 127.7 |
Intangible assets - Customer contract | 31.6 |
Financial assets at fair value | 24.4 |
Trade receivables | 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 | $ 40.9 |
GROUP STRUCTURE (Details 3)
GROUP STRUCTURE (Details 3) - V A R [Member] $ in Millions | Dec. 16, 2022 USD ($) |
IfrsStatementLineItems [Line Items] | |
Consideration transferred | $ (128.1) |
Estimated price adjustment | 6.7 |
Total | (121.4) |
Property, plant and equipment | 167.7 |
Intangible assets - Customer contract | 62.3 |
Trade receivables | 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 | $ 121.4 |
GROUP STRUCTURE (Details 4)
GROUP STRUCTURE (Details 4) - Rinconde Aranda [Member] $ in Millions | Aug. 16, 2023 USD ($) |
IfrsStatementLineItems [Line Items] | |
Assignment of Greenwinds interest net of assumed liabilities | $ (54) |
Fair value of Rincon de Aranda's previous interest | (31.6) |
Total | (85.6) |
Property, plant and equipment | 57 |
Inventories | 0.9 |
Tax credits | 1 |
Cash and cash equivalents | 29.2 |
Deferred tax liability | (2.3) |
Fair value | 85.8 |
Profit | 0.2 |
Property, plant and equipment | 121.1 |
Intangible assets | 29.5 |
Financial assets at fair value through profit and loss | 10.9 |
Trade and other receivables | 10.1 |
Cash and cash equivalents | 16.7 |
Borrowings | (79.7) |
Deferred tax liability | (48.3) |
Income tax liability | (3.6) |
Trade and other payables | (1.1) |
Provisions | (0.8) |
Tax charges | (0.8) |
Assignment of Greenwind's interest net of assumed liabilities | 54 |
Provisions assumed by Pampa | (4.2) |
Book value of Greenwinds interest | $ 49.8 |
GROUP STRUCTURE (Details 5)
GROUP STRUCTURE (Details 5) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Autotrol Renovable S A [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subsidiary name | Autotrol Renovables S.A. | |
Country | Argentina | |
Main activity | Generation | |
Direct and indirect participation | 100% | 100% |
C I S A [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subsidiary name | CISA | |
Country | Argentina | |
Main activity | Trader & investment | |
Direct and indirect participation | 100% | 100% |
Ecuador Pipeline Holdings Limited [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subsidiary name | Ecuador Pipeline Holdings Limited | |
Country | Gran Cayman | |
Main activity | Investment | |
Direct and indirect participation | 100% | |
E I S A [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subsidiary name | EISA | |
Country | Uruguay | |
Main activity | Investment | |
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% |
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% | |
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% |
G A S A [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subsidiary name | GASA | |
Country | Argentina | |
Main activity | Generation & Investment | |
Direct and indirect participation | 100% | 100% |
Greenwind [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subsidiary name | Greenwind | |
Country | Argentina | |
Main activity | Generation | |
Direct and indirect participation | 100% | |
H I D I S A [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subsidiary name | HIDISA | |
Country | Argentina | |
Main activity | Generation | |
Direct and indirect participation | 61% | 61% |
H I D I S A One [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subsidiary name | HINISA | |
Country | Argentina | |
Main activity | Generation | |
Direct and indirect participation | 52.04% | 52.04% |
Pampa Ecuador Inc [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subsidiary name | Pampa Ecuador Inc | |
Country | Nevis | |
Main activity | Investment | |
Direct and indirect participation | 100% | 100% |
P E B [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subsidiary name | PEB | |
Country | Bolivia | |
Main activity | Investment | |
Direct and indirect participation | 100% | 100% |
P E Energia Ecuador L T D [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subsidiary name | PE Energía Ecuador LTD | |
Country | Gran Cayman | |
Main activity | Investment | |
Direct and indirect participation | 100% | 100% |
P E C S A [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subsidiary name | PECSA | |
Country | Chile | |
Main activity | Trader | |
Direct and indirect participation | 100% | |
P E S O S A [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subsidiary name | PESOSA | |
Country | Argentina | |
Main activity | Trader | |
Direct and indirect participation | 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% |
P B 18 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subsidiary name | PB18 | |
Country | Ecuador | |
Main activity | Oil | |
Direct and indirect participation | 100% | 100% |
P I S A [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subsidiary name | PISA | |
Country | Uruguay | |
Main activity | Investment | |
Direct and indirect participation | 100% | 100% |
T G U [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subsidiary name | TGU | |
Country | Uruguay | |
Main activity | Gas transportation | |
Direct and indirect participation | 51% | 51% |
V A R [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subsidiary name | VAR | |
Country | Argentina | |
Main activity | Generation | |
Direct and indirect participation | 100% | 100% |
Vientos De Arauco Renovables 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% | 100% |
Vientos Solutions S L U [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subsidiary name | Vientos Solutions S.L.U. | |
Country | España | |
Main activity | Investment | |
Direct and indirect participation | 100% |
GROUP STRUCTURE (Details 6)
GROUP STRUCTURE (Details 6) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Share capital | $ 36 | $ 36 | |
Profit (loss) of the year | $ 305 | $ 457 | $ 238 |
Compania De Inversiones De Energia S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Main activity | Investment | ||
Date | Dec. 31, 2023 | ||
Share capital | $ 1 | ||
Profit (loss) of the year | 15 | ||
Equity | $ 540 | ||
Direct and indirect participation | 50% | ||
Joint ventures | CIESA | ||
Compania Inversora En Transmision Electrica Citelec S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Main activity | Investment | ||
Date | Dec. 31, 2023 | ||
Share capital | $ 1 | ||
Profit (loss) of the year | 4 | ||
Equity | $ 164 | ||
Direct and indirect participation | 50% | ||
Joint ventures | Citelec | ||
C T B [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Main activity | Generation | ||
Date | Dec. 31, 2023 | ||
Share capital | $ 11 | ||
Profit (loss) of the year | (15) | ||
Equity | $ 500 | ||
Direct and indirect participation | 50% | ||
Joint ventures | CTB | ||
Oleoducto De Crudos Pesados [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Joint ventures | OCP | ||
Main activity | Investment | ||
Date | Dec. 31, 2023 | ||
Share capital | $ 100 | ||
Profit (loss) of the year | 17 | ||
Equity | $ 114 | ||
Direct and indirect participation | 34.08% | ||
Transportadora De Gas Del Sur S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Joint ventures | TGS | ||
Main activity | Gas transportation | ||
Date | Dec. 31, 2023 | ||
Share capital | $ 1 | ||
Profit (loss) of the year | 29 | ||
Equity | $ 1,058 | ||
Direct and indirect participation | 1.029% |
GROUP STRUCTURE (Details 7)
GROUP STRUCTURE (Details 7) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Interests in associates | $ 37 | $ 82 |
Interests in joint ventures | 635 | 820 |
Interests in associates and joint ventures | 672 | 902 |
Compania De Inversione De Energia S A [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Interests in joint ventures | 303 | 435 |
Compania Inversora En Transmision Electrica Citelec S A [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Interests in joint ventures | 82 | 117 |
C T Barragan S A [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Interests in joint ventures | 250 | 268 |
Oleoducto De Crudos Pesados Ltd [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Interests in associates | 23 | 15 |
Transportadora De Gas Del Sur S A [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Interests in associates | $ 14 | $ 67 |
GROUP STRUCTURE (Details 8)
GROUP STRUCTURE (Details 8) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Share of profit (loss) of associates | $ 8 | $ (6) | $ 6 |
Share of profit (loss) of joint ventures | (10) | 111 | 94 |
Total investments in associates and joint ventures | (2) | 105 | 100 |
C I E S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Share of profit (loss) of joint ventures | 6 | 43 | 50 |
C T B [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Share of profit (loss) of joint ventures | (18) | 41 | 49 |
Citelec [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Share of profit (loss) of joint ventures | 2 | 3 | (3) |
Greenwind [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Share of profit (loss) of joint ventures | 24 | (2) | |
Refinor [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Share of profit (loss) of associates | (12) | (2) | |
O C P [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Share of profit (loss) of associates | 5 | (1) | 1 |
T G S 1 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Share of profit (loss) of associates | $ 3 | $ 7 | $ 7 |
GROUP STRUCTURE (Details 9)
GROUP STRUCTURE (Details 9) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Group Structure | |||
At the beginning of the year | $ 902 | $ 770 | $ 547 |
Compensation | (8) | ||
Dividends | 1 | 1 | 17 |
Increases | (58) | (6) | |
Decrease due to acquisition of control | (20) | ||
Decrease due to sale of equity interests | 3 | 17 | |
Share of profit | (2) | 116 | 98 |
Impairment | (11) | 2 | |
Exchange differences | (174) | 60 | 89 |
At the end of the year | $ 672 | $ 902 | $ 770 |
GROUP STRUCTURE (Details 10)
GROUP STRUCTURE (Details 10) - Pampa Energia Bolivia S A [Member] - USD ($) $ in Millions | Nov. 30, 2023 | Aug. 12, 2021 |
IfrsStatementLineItems [Line Items] | ||
Acquisition cost | $ (5) | |
Total consideration transferred | (5) | |
Share value of the interest in the fair value | $ 2.4 | 12.7 |
Dividends to be received | 9.5 | |
Cash and cash equivalents | 1.3 | |
Fair value of net assets | 3.7 | 22.2 |
Profit | $ 3.7 | $ 17.2 |
GROUP STRUCTURE (Details 11)
GROUP STRUCTURE (Details 11) | 12 Months Ended |
Dec. 31, 2023 | |
Argentinian Production 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Joint operation name | Río Neuquén |
Location | Río Negro and Neuquén |
Operator name | YPF |
Duration up to | 2027/2051 |
Argentinian Production 1 [Member] | Minimum [Member] | |
IfrsStatementLineItems [Line Items] | |
Direct participation | 31.42% |
Argentinian Production 1 [Member] | Maximum [Member] | |
IfrsStatementLineItems [Line Items] | |
Direct participation | 33.07% |
Argentinian Production 2 [Member] | |
IfrsStatementLineItems [Line Items] | |
Joint operation name | Sierra Chata |
Location | Neuquén |
Direct participation | 45.55% |
Operator name | PAMPA |
Duration up to | 2053 |
Argentinian Production 3 [Member] | |
IfrsStatementLineItems [Line Items] | |
Joint operation name | El Mangrullo |
Location | Neuquén |
Direct participation | 100% |
Operator name | PAMPA |
Duration up to | 2053 |
Argentinian Production 4 [Member] | |
IfrsStatementLineItems [Line Items] | |
Joint operation name | La Tapera - Puesto Quiroga |
Location | Chubut |
Direct participation | 3,567% |
Operator name | Tecpetrol |
Duration up to | 2027 |
Argentinian Production 5 [Member] | |
IfrsStatementLineItems [Line Items] | |
Joint operation name | El Tordillo |
Location | Chubut |
Direct participation | 35.67% |
Operator name | Tecpetrol |
Duration up to | 2027 |
Argentinian Production 6 [Member] | |
IfrsStatementLineItems [Line Items] | |
Joint operation name | Aguaragüe |
Location | Salta |
Direct participation | 15% |
Operator name | Tecpetrol |
Duration up to | 2037 |
Argentinian Production 7 [Member] | |
IfrsStatementLineItems [Line Items] | |
Joint operation name | Gobernador Ayala |
Location | Mendoza |
Direct participation | 22.51% |
Operator name | Pluspetrol |
Duration up to | 2036 |
Argentinian Production 8 [Member] | |
IfrsStatementLineItems [Line Items] | |
Joint operation name | Río Limay este (Ex Senillosa) |
Location | Neuquén |
Direct participation | 85% |
Operator name | PAMPA |
Duration up to | 2040 |
Argentinian Production 9 [Member] | |
IfrsStatementLineItems [Line Items] | |
Joint operation name | Rincón de Aranda |
Location | Neuquén |
Direct participation | 100% |
Operator name | PAMPA |
Duration up to | 2058 |
Argentinian Production 10 [Member] | |
IfrsStatementLineItems [Line Items] | |
Joint operation name | Veta Escondida |
Location | Neuquén |
Direct participation | 55% |
Operator name | PAMPA |
Duration up to | 2027 |
Argentinian Production 11 [Member] | |
IfrsStatementLineItems [Line Items] | |
Joint operation name | Rincón del Mangrullo |
Location | Neuquén |
Direct participation | 50% |
Operator name | YPF |
Duration up to | 2052 |
Argentinian Production 12 [Member] | |
IfrsStatementLineItems [Line Items] | |
Joint operation name | Los Blancos (ex Chirete) |
Location | Salta |
Direct participation | 50% |
Operator name | High Luck Group Limited |
Duration up to | 2045 |
Argentinian Exploration 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Joint operation name | Parva Negra Este |
Location | Neuquén |
Direct participation | 85% |
Operator name | PAMPA |
Duration up to | 2025 |
Argentinian Exploration 2 [Member] | |
IfrsStatementLineItems [Line Items] | |
Joint operation name | Río Atuel |
Location | Mendoza |
Direct participation | 33.33% |
Operator name | Petrolera El Trebol |
Duration up to | 2023 |
Argentinian Exploration 3 [Member] | |
IfrsStatementLineItems [Line Items] | |
Joint operation name | Borde del Limay |
Location | Neuquén |
Direct participation | 85% |
Operator name | PAMPA |
Duration up to | 2015 |
Argentinian Exploration 4 [Member] | |
IfrsStatementLineItems [Line Items] | |
Joint operation name | Los Vértices |
Location | Neuquén |
Direct participation | 85% |
Operator name | PAMPA |
Duration up to | 2015 |
Argentinian Exploration 5 [Member] | |
IfrsStatementLineItems [Line Items] | |
Joint operation name | Las Tacanas Norte |
Location | Neuquén |
Direct participation | 90% |
Operator name | PAMPA |
Duration up to | 2027 |
GROUP STRUCTURE (Details 12)
GROUP STRUCTURE (Details 12) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Non-current assets | $ 3,386 | $ 3,399 |
Current assets | 1,336 | 1,343 |
Assets | 4,722 | 4,742 |
Non-current Liabilities | 1,788 | 1,827 |
Current liabilities | 521 | 631 |
Liabilities | 2,309 | 2,458 |
Joint ventures [member] | ||
IfrsStatementLineItems [Line Items] | ||
Non-current assets | 112 | 227 |
Current assets | 7 | 16 |
Assets | 119 | 243 |
Non-current Liabilities | 17 | 25 |
Current liabilities | 29 | 53 |
Liabilities | 46 | 78 |
Production cost | $ 94 | $ 85 |
GROUP STRUCTURE (Details 13)
GROUP STRUCTURE (Details 13) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Number | Dec. 31, 2022 USD ($) Number | Dec. 31, 2021 USD ($) Number | |
Group Structure | |||
At the beginning of the year | $ 37 | $ 42 | $ 50 |
Increases | 2 | 2 | 8 |
Transferred to development | (7) | (16) | |
Derecognition of unproductive wells | (7) | ||
At the end of the year | $ 32 | $ 37 | $ 42 |
Number of wells at the end of the year | Number | 4 | 7 | 10 |
GROUP STRUCTURE (Details Narrat
GROUP STRUCTURE (Details Narrative) - USD ($) $ in Thousands | 5 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Dec. 16, 2022 | Dec. 12, 2022 | Oct. 14, 2022 | Aug. 22, 2022 | May 16, 2022 | Aug. 12, 2021 | Dec. 31, 2022 | Dec. 22, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Aug. 16, 2023 | Sep. 30, 2022 | Sep. 15, 2022 | Aug. 12, 2022 | |
IfrsStatementLineItems [Line Items] | ||||||||||||||
Number of shares sale | 21,876,856 | |||||||||||||
Voting rights percentage | 2.41% | |||||||||||||
Cash transferred | $ 95,000 | |||||||||||||
Nominal annual rate | 10% | |||||||||||||
Percentage of sale | 28.50% | |||||||||||||
Capital stock price | $ 5,700 | |||||||||||||
impairment losses | $ 11,000 | |||||||||||||
Collect cash | $ 1,400 | $ 3,100 | ||||||||||||
Collected cash | $ 2,600 | $ 2,600 | ||||||||||||
Interest rate | 8% | |||||||||||||
Acquisition amount | $ 20,500 | |||||||||||||
Equity interest rate | 50% | |||||||||||||
Acquisition profits | $ 6,600 | $ 23,300 | ||||||||||||
Percentage of fair value | 55% | 50% | ||||||||||||
Acquisition revenues | $ 11,300 | |||||||||||||
Net earnings | 3,500 | |||||||||||||
Revenues from sale | $ 1,844,000 | |||||||||||||
Additional equity interest | 20,500 | 20,500 | ||||||||||||
Cash and cash equivalents | 3,100 | 3,100 | ||||||||||||
Net cash flow | 17,400 | 17,400 | ||||||||||||
Capacity price | $ 171,000 | |||||||||||||
Interest liability | $ 46,000 | |||||||||||||
Working capital adjustment | $ 128,100 | |||||||||||||
Final adjustment amount | $ 1,800 | |||||||||||||
Aquisition of equity interest | 93,200 | 93,200 | ||||||||||||
Partial payment public securities | $ 34,900 | 34,900 | ||||||||||||
Cash and cash equivalents the amount | $ 29,200 | |||||||||||||
Cash and cash equivalents balance | 16,700 | |||||||||||||
Net cash flow | 12,500 | |||||||||||||
Accrued amount | $ 4,235,000 | $ 25,000 | ||||||||||||
Fixed interest rate | 0% | 0% | ||||||||||||
Maturity date | May 16, 2025 | May 16, 2025 | ||||||||||||
Accruing interest | $ 1,754,000 | |||||||||||||
Variable fixed interest rate | 2.98% | |||||||||||||
Maturity dates | Nov. 16, 2023 | |||||||||||||
Accruing interest rate | 1% | |||||||||||||
Additional accruing interest | $ 58,600 | |||||||||||||
Fair value of accrued | $ 10,700 | |||||||||||||
Impairment reversal | $ 1,600 | |||||||||||||
Percentage of discount rate | 15.09% | |||||||||||||
Rinconde Aranda [Member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Acquisition profits | $ 200 | |||||||||||||
Greenwinds [Member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Revenues from sale | $ 459,000 | |||||||||||||
Installments 1 [Member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Cash transferred | 5,000 | |||||||||||||
Installments 2 [Member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Cash transferred | 50,000 | |||||||||||||
Installments 3 [Member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Cash transferred | $ 40,000 | |||||||||||||
Semi Annual Installments [Member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Collected cash | $ 650 |
RISKS (Details)
RISKS (Details) - Number Number in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Variation of the result for the year | 59 | 62 |
Shares [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Variation of the result for the year | 12 | 19 |
Government Securities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Variation of the result for the year | 39 | 28 |
Corporate Bonds [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Variation of the result for the year | 8 | 12 |
Mutual Funds [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Variation of the result for the year | 3 |
RISKS (Details 1)
RISKS (Details 1) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Total borrowings | $ 1,448 | $ 1,613 |
Fixed interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total borrowings | 1,248 | 1,230 |
Fixed interest rate [member] | Argentinian Pesos [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total borrowings | 33 | 57 |
Fixed interest rate [member] | U S Dollar [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total borrowings | 1,210 | 1,173 |
Fixed interest rate [member] | Yuan R China [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total borrowings | 5 | |
Floating interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total borrowings | 71 | 289 |
Floating interest rate [member] | Argentinian Pesos [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total borrowings | 30 | 140 |
Floating interest rate [member] | U S Dollar [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total borrowings | 41 | 149 |
Non Interest Accrues [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total borrowings | 129 | 94 |
Non Interest Accrues [Member] | Argentinian Pesos [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total borrowings | 11 | 22 |
Non Interest Accrues [Member] | U S Dollar [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total borrowings | $ 118 | $ 72 |
RISKS (Details 2)
RISKS (Details 2) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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 | 0.32% | 0.08% | 0.06% |
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 | 0.06% | 0.18% | 0.04% |
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% |
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 | 0.18% | 0% | 0% |
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 | 1.26% | 0.26% | 0.29% |
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 | 0.30% | 0.48% | 0.17% |
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% |
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 | 1.04% | 0% | 0% |
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 | 8.33% | 2.54% | 2.08% |
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 | 2.19% | 13.24% | 0.77% |
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% | 0.01% |
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 | 8.44% | 0% | 0.01% |
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 | 16.63% | 7.11% | 2.83% |
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 | 3.83% | 31.50% | 2.72% |
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% | 0.05% |
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 | 9.09% | 0% | 0.05% |
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 | 20.72% | 14.37% | 4.67% |
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 | 5.06% | 32.01% | 6.88% |
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% | 0.12% |
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 | 9.09% | 0% | 0.12% |
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 | 23.46% | 21.39% | 6.12% |
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 | 10.14% | 32.09% | 19.88% |
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% | 0.52% |
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 | 9.09% | 0% | 0.52% |
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% | 27.22% | 6.24% |
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 | 10.14% | 32.31% | 21.97% |
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% | 0.52% |
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 | 9.09% | 0% | 0.52% |
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 | 28.96% | 33.01% | 6.25% |
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 | 10.21% | 32.38% | 15.89% |
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 | 28.96% | 0% | 0.54% |
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 | 9.09% | 0% | 0.54% |
RISKS (Details 3)
RISKS (Details 3) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Notes and other explanatory information [abstract] | ||
Current assets | $ 1,336 | $ 1,343 |
Current liabilities | $ 521 | $ 631 |
Liquidity ratio | 2.56% | 2.13% |
RISKS (Details 4)
RISKS (Details 4) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Trade receivables | $ 314 | $ 490 |
Trade and other payables | 284 | 302 |
Borrowings | 1,789 | 4,087 |
Not later than three months [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 261 | 412 |
Trade and other payables | 223 | 231 |
Borrowings | 63 | 289 |
Later than three months and not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 13 | 19 |
Trade and other payables | 15 | 50 |
Borrowings | 236 | 361 |
Later than one year and not later than two years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 10 | 6 |
Trade and other payables | 31 | 12 |
Borrowings | 277 | 1,022 |
Later than two years and not later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 6 | 12 |
Trade and other payables | 6 | 3 |
Borrowings | 907 | 313 |
Later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | ||
Trade and other payables | 9 | 6 |
Borrowings | 306 | 2,102 |
No Set Maturity Term [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 24 | 41 |
Trade and other payables | ||
Borrowings |
RISKS (Details 5)
RISKS (Details 5) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Notes and other explanatory information [abstract] | ||
Total borrowings | $ 1,448 | $ 1,613 |
Less: cash and cash equivalents, and financial assets at fair value through profit and loss | (730) | (692) |
Net debt | 718 | 921 |
Total capital attributable to owners | $ 3,122 | $ 3,198 |
Leverage ratio | 23% | 28.80% |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Gross profit | $ 625 | $ 690 | $ 557 |
Exploration expenses | 7 | ||
Other operating income | 177 | 131 | 105 |
Other operating expenses | (88) | (46) | (58) |
Share of profit from associates and joint ventures | (2) | 105 | 100 |
Operating income | 424 | 631 | 579 |
Financial income | 5 | 5 | 10 |
Other financial results | 558 | 166 | (14) |
Financial results, net | 199 | (50) | (189) |
Profit before income tax | 623 | 581 | 390 |
Profit (loss) of the year | 305 | 457 | 238 |
Total profit (loss) of the year attributable to: | |||
Owners of the company | 302 | 456 | 273 |
Non-controlling interest | 3 | 1 | (35) |
Profit of the year from continuing operations | 305 | 457 | 313 |
Loss of the year from discontinued operations | (75) | ||
Generation [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue - local market | 648 | 663 | 656 |
Revenue - foreign market | |||
Intersegment revenue | |||
Cost of sales | (354) | (370) | (355) |
Gross profit | 294 | 293 | 301 |
Selling expenses | (2) | (3) | (2) |
Administrative expenses | (50) | (39) | (31) |
Exploration expenses | |||
Other operating income | 75 | 25 | 42 |
Other operating expenses | (27) | (5) | (5) |
(Impairment) Recovery of impairment of property, plant and equipment, intangible assets and inventories | |||
Share of profit from associates and joint ventures | (18) | 65 | 47 |
Profit from sale of companies´ interest | |||
Operating income | 272 | 336 | 350 |
Financial income | 2 | 1 | 4 |
Financial costs | (119) | (82) | (46) |
Other financial results | 280 | 72 | (14) |
Financial results, net | 163 | (9) | (56) |
Profit before income tax | 435 | 327 | 294 |
Income tax | (225) | (73) | (75) |
Profit (loss) of the year | 210 | 254 | 219 |
Depreciation and amortization | 96 | 82 | 88 |
Total profit (loss) of the year attributable to: | |||
Owners of the company | 207 | 253 | 218 |
Non-controlling interest | 3 | 1 | 1 |
Assets | 2,684 | 2,464 | 1,670 |
Liabilities | 729 | 979 | 525 |
Net book values of property, plant and equipment | 1,345 | 1,299 | 969 |
Increases in property, plant and equipment and right-of-use assets | 259 | ||
Impairment of property, plant and equipment, intangible assets and inventories | |||
Impairment of financial assets | |||
Increases in property, plant and equipment, intangible assets and right-of-use assets | 115 | 39 | |
Impairment of intangible assets and inventories | (2) | ||
Recovery of impairment of financial assets | |||
Profit from acquisition of companies´ interest | |||
Profit of the year from continuing operations | 219 | ||
Loss of the year from discontinued operations | |||
Oil And Gas Segment [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue - local market | 402 | 370 | 282 |
Revenue - foreign market | 161 | 159 | 58 |
Intersegment revenue | 103 | 117 | 113 |
Cost of sales | (412) | (350) | (285) |
Gross profit | 254 | 296 | 168 |
Selling expenses | (49) | (45) | (22) |
Administrative expenses | (74) | (60) | (46) |
Exploration expenses | (7) | ||
Other operating income | 86 | 61 | 58 |
Other operating expenses | (32) | (26) | (28) |
(Impairment) Recovery of impairment of property, plant and equipment, intangible assets and inventories | (38) | ||
Share of profit from associates and joint ventures | |||
Profit from sale of companies´ interest | |||
Operating income | 140 | 194 | 130 |
Financial income | 2 | 2 | 3 |
Financial costs | (203) | (107) | (103) |
Other financial results | (15) | (28) | (16) |
Financial results, net | (216) | (133) | (116) |
Profit before income tax | (76) | 61 | 14 |
Income tax | 29 | (16) | 8 |
Profit (loss) of the year | (47) | 45 | 22 |
Depreciation and amortization | 166 | 125 | 114 |
Total profit (loss) of the year attributable to: | |||
Owners of the company | (47) | 45 | 22 |
Non-controlling interest | |||
Assets | 1,396 | 1,234 | 1,157 |
Liabilities | 1,213 | 1,248 | 1,324 |
Net book values of property, plant and equipment | 1,138 | 807 | 636 |
Increases in property, plant and equipment and right-of-use assets | 556 | ||
Impairment of property, plant and equipment, intangible assets and inventories | (30) | ||
Impairment of financial assets | (2) | ||
Increases in property, plant and equipment, intangible assets and right-of-use assets | 324 | 213 | |
Impairment of intangible assets and inventories | |||
Recovery of impairment of financial assets | |||
Profit from acquisition of companies´ interest | |||
Profit of the year from continuing operations | 22 | ||
Loss of the year from discontinued operations | |||
Petrochemicals [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue - local market | 359 | 425 | 310 |
Revenue - foreign market | 148 | 192 | 180 |
Intersegment revenue | |||
Cost of sales | (444) | (536) | (424) |
Gross profit | 63 | 81 | 66 |
Selling expenses | (15) | (17) | (13) |
Administrative expenses | (6) | (5) | (4) |
Exploration expenses | |||
Other operating income | 13 | 1 | 1 |
Other operating expenses | (7) | (6) | (3) |
(Impairment) Recovery of impairment of property, plant and equipment, intangible assets and inventories | (3) | ||
Share of profit from associates and joint ventures | |||
Profit from sale of companies´ interest | |||
Operating income | 45 | 52 | 45 |
Financial income | |||
Financial costs | (3) | (3) | (3) |
Other financial results | 15 | 6 | (2) |
Financial results, net | 12 | 3 | (5) |
Profit before income tax | 57 | 55 | 40 |
Income tax | (27) | (15) | (12) |
Profit (loss) of the year | 30 | 40 | 28 |
Depreciation and amortization | 5 | 5 | 3 |
Total profit (loss) of the year attributable to: | |||
Owners of the company | 30 | 40 | 28 |
Non-controlling interest | |||
Assets | 157 | 177 | 176 |
Liabilities | 137 | 147 | 166 |
Net book values of property, plant and equipment | 27 | 24 | 22 |
Increases in property, plant and equipment and right-of-use assets | 7 | ||
Impairment of property, plant and equipment, intangible assets and inventories | (2) | ||
Impairment of financial assets | |||
Increases in property, plant and equipment, intangible assets and right-of-use assets | 7 | 6 | |
Impairment of intangible assets and inventories | (2) | ||
Recovery of impairment of financial assets | |||
Profit from acquisition of companies´ interest | |||
Profit of the year from continuing operations | 28 | ||
Loss of the year from discontinued operations | |||
Holding And Others [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue - local market | 14 | 20 | 22 |
Revenue - foreign market | |||
Intersegment revenue | |||
Cost of sales | |||
Gross profit | 14 | 20 | 22 |
Selling expenses | |||
Administrative expenses | (55) | (38) | (21) |
Exploration expenses | |||
Other operating income | 3 | 44 | 4 |
Other operating expenses | (22) | (9) | (22) |
(Impairment) Recovery of impairment of property, plant and equipment, intangible assets and inventories | 2 | ||
Share of profit from associates and joint ventures | 16 | 40 | 53 |
Profit from sale of companies´ interest | 9 | ||
Operating income | (33) | 49 | 54 |
Financial income | 7 | 9 | 4 |
Financial costs | (45) | (36) | (34) |
Other financial results | 278 | 116 | 18 |
Financial results, net | 240 | 89 | (12) |
Profit before income tax | 207 | 138 | 42 |
Income tax | (95) | (20) | 2 |
Profit (loss) of the year | 112 | 118 | 44 |
Depreciation and amortization | |||
Total profit (loss) of the year attributable to: | |||
Owners of the company | 112 | 118 | 44 |
Non-controlling interest | |||
Assets | 631 | 1,029 | 1,067 |
Liabilities | 376 | 245 | 264 |
Net book values of property, plant and equipment | 34 | 34 | 32 |
Increases in property, plant and equipment and right-of-use assets | 5 | ||
Impairment of property, plant and equipment, intangible assets and inventories | (6) | ||
Impairment of financial assets | (2) | ||
Increases in property, plant and equipment, intangible assets and right-of-use assets | 36 | 6 | |
Impairment of intangible assets and inventories | |||
Recovery of impairment of financial assets | 1 | ||
Profit from acquisition of companies´ interest | 17 | ||
Profit of the year from continuing operations | 44 | ||
Loss of the year from discontinued operations | |||
Eliminations [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue - local market | |||
Revenue - foreign market | |||
Intersegment revenue | (103) | (117) | (113) |
Cost of sales | 103 | 117 | 113 |
Gross profit | |||
Selling expenses | |||
Administrative expenses | |||
Exploration expenses | |||
Other operating income | |||
Other operating expenses | |||
(Impairment) Recovery of impairment of property, plant and equipment, intangible assets and inventories | |||
Share of profit from associates and joint ventures | |||
Profit from sale of companies´ interest | |||
Operating income | |||
Financial income | (6) | (7) | (1) |
Financial costs | 6 | 7 | 1 |
Other financial results | |||
Financial results, net | |||
Profit 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 | (146) | (162) | (209) |
Liabilities | (146) | (161) | (209) |
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 | |||
Impairment of financial assets | |||
Increases in property, plant and equipment, intangible assets and right-of-use assets | |||
Impairment of intangible assets and inventories | |||
Recovery of impairment of financial assets | |||
Profit from acquisition of companies´ interest | |||
Profit of the year from continuing operations | |||
Loss of the year from discontinued operations | |||
Consolidateds [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue - local market | 1,423 | 1,478 | 1,270 |
Revenue - foreign market | 309 | 351 | 238 |
Intersegment revenue | |||
Cost of sales | (1,107) | (1,139) | (951) |
Gross profit | 625 | 690 | 557 |
Selling expenses | (66) | (65) | (37) |
Administrative expenses | (185) | (142) | (102) |
Exploration expenses | (7) | ||
Other operating income | 177 | 131 | 105 |
Other operating expenses | (88) | (46) | (58) |
(Impairment) Recovery of impairment of property, plant and equipment, intangible assets and inventories | (39) | ||
Share of profit from associates and joint ventures | (2) | 105 | 100 |
Profit from sale of companies´ interest | 9 | ||
Operating income | 424 | 631 | 579 |
Financial income | 5 | 5 | 10 |
Financial costs | (364) | (221) | (185) |
Other financial results | 558 | 166 | (14) |
Financial results, net | 199 | (50) | (189) |
Profit before income tax | 623 | 581 | 390 |
Income tax | (318) | (124) | (77) |
Profit (loss) of the year | 305 | 457 | 238 |
Depreciation and amortization | 267 | 212 | 205 |
Total profit (loss) of the year attributable to: | |||
Owners of the company | 302 | 456 | 273 |
Non-controlling interest | 3 | 1 | (35) |
Assets | 4,722 | 4,742 | 3,861 |
Liabilities | 2,309 | 2,458 | 2,070 |
Net book values of property, plant and equipment | 2,544 | 2,164 | 1,659 |
Increases in property, plant and equipment and right-of-use assets | $ 827 | ||
Impairment of property, plant and equipment, intangible assets and inventories | (38) | ||
Impairment of financial assets | (4) | ||
Increases in property, plant and equipment, intangible assets and right-of-use assets | $ 482 | 264 | |
Impairment of intangible assets and inventories | (4) | ||
Recovery of impairment of financial assets | 1 | ||
Profit from acquisition of companies´ interest | 17 | ||
Profit of the year from continuing operations | 313 | ||
Loss of the year from discontinued operations | (75) | ||
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 | |||
Share of profit from associates and joint ventures | |||
Operating income | |||
Financial income | |||
Financial costs | |||
Other financial results | |||
Financial results, net | |||
Profit before income tax | |||
Income tax | |||
Profit (loss) of the year | (75) | ||
Depreciation and amortization | |||
Total profit (loss) of the year attributable to: | |||
Owners of the company | (39) | ||
Non-controlling interest | (36) | ||
Assets | |||
Liabilities | |||
Net book values of property, plant and equipment | |||
Increases in property, plant and equipment, intangible assets and right-of-use assets | |||
Impairment of intangible assets and inventories | |||
Recovery of impairment of financial assets | |||
Profit from acquisition of companies´ interest | |||
Profit of the year from continuing operations | |||
Loss of the year from discontinued operations | $ (75) |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Revenue | $ 1,732 | $ 1,829 | $ 1,508 |
Generation [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 648 | 663 | 656 |
Generation [Member] | Sales Of Energy To The S P O T Market [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 196 | 210 | 167 |
Generation [Member] | Sales Of Energy By Contract [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 363 | 346 | 380 |
Generation [Member] | Fuel Supply [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 87 | 103 | 104 |
Generation [Member] | Other Sales [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 2 | 4 | 5 |
Oil And Gas Segment [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 563 | 529 | 340 |
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 | 432 | 383 | 231 |
Oil And Gas Segment [Member] | Oil Sales [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 121 | 136 | 99 |
Petrochemicals [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 507 | 617 | 490 |
Petrochemicals [Member] | Other Sales [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 2 | 4 | 3 |
Petrochemicals [Member] | Products From Catalytic Reforming Sales [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 217 | 270 | 185 |
Petrochemicals [Member] | Styrene Sales [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 79 | 96 | 84 |
Petrochemicals [Member] | Synthetic Rubber Sales [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 78 | 106 | 99 |
Petrochemicals [Member] | Polystyrene Sales [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 131 | 141 | 119 |
Holding And Others [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 14 | 20 | 22 |
Holding And Others [Member] | Technical Assistance And Administration Services Sales [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 14 | 20 | 22 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Inventories at the beginning of the year | $ 173 | $ 155 | $ 116 |
Plus: Charges of the year | |||
Purchases of inventories, energy and gas | 411 | 502 | 433 |
Salaries and social security charges | 85 | 79 | 59 |
Employees benefits | 17 | 15 | 13 |
Defined benefit plans | 8 | 5 | 4 |
Works contracts, fees and compensation for services | 111 | 97 | 73 |
Property, plant and equipment depreciation | 254 | 202 | 194 |
Intangible assets amortization | 5 | 1 | 1 |
Right-of-use assets amortization | 1 | 3 | 5 |
Energy transportation | 9 | 8 | 6 |
Transportation and freights | 20 | 16 | 13 |
Consumption of materials | 27 | 30 | 26 |
Penalties | 2 | 1 | 2 |
Maintenance | 47 | 61 | 52 |
Canons and royalties | 92 | 89 | 65 |
Environmental control | 4 | 5 | 4 |
Rental and insurance | 31 | 31 | 27 |
Surveillance and security | 5 | 4 | 3 |
Taxes, rates and contributions | 7 | 5 | 4 |
Other | 3 | 3 | 6 |
Total charges of the year | 1,139 | 1,157 | 990 |
Less: Inventories at the end of the year | (205) | (173) | (155) |
Total cost of sales | $ 1,107 | $ 1,139 | $ 951 |
OTHER ITEMS OF THE STATEMENT _3
OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Total selling expenses | $ 66 | $ 65 | $ 37 |
Salaries And Social Security Charges [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total selling expenses | 5 | 5 | 3 |
Benefits To Employees [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total selling expenses | 1 | 1 | |
Fees And Compensation For Services [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total selling expenses | 3 | 4 | 3 |
Taxes Rates And Contributions [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total selling expenses | 13 | 14 | 11 |
Transportation And Freights [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total selling expenses | 43 | 40 | 18 |
Other [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total selling expenses | $ 1 | $ 1 | $ 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Total administrative expenses | $ 185 | $ 142 | $ 102 |
Salaries And Social Security Charges [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total administrative expenses | 58 | 50 | 34 |
Employees Benefits [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total administrative expenses | 10 | 5 | |
Benefits To The Personnel [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total administrative expenses | 8 | ||
Defined Benefit Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total administrative expenses | 18 | 9 | 7 |
Fees And Compensation For Services [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total administrative expenses | 29 | 30 | 32 |
Compensation Agreements [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total administrative expenses | 37 | 19 | 2 |
Directors And Syndicates Fees [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total administrative expenses | 7 | 7 | 6 |
Property Plant And Equipment Depreciations [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total administrative expenses | 7 | 6 | 5 |
Maintenances [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total administrative expenses | 2 | 2 | 2 |
Transport And Per Diem [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total administrative expenses | 2 | 2 | 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 | 8 | 6 | 5 |
Communications [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total administrative expenses | 1 | 1 | 1 |
Other [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total administrative expenses | $ 4 | $ 1 |
OTHER ITEMS OF THE STATEMENT _5
OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Items Of Statement Of Comprehensive Income | |||
Derecognition of unproductive wells | $ (7) | ||
Total exploration expenses | $ (7) |
OTHER ITEMS OF THE STATEMENT _6
OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME (Details 3) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Total other operating income | $ 177 | $ 131 | $ 105 |
Total other operating expenses | (88) | (46) | (58) |
Contractu I Indemnity [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating income | 7 | ||
Commercial Interests [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating income | 70 | 27 | 27 |
Gas Ar Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating income | 55 | 56 | 51 |
Compensation For Arbitration Award [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating income | 37 | ||
Fair Value Of Consortiums Previous Interest [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating income | 7 | ||
Export Increase Program [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating income | 24 | ||
Provision For Contingencies [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating expenses | (8) | (4) | (16) |
Provision For Environmental Remediation [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating expenses | (4) | (15) | |
Decrease In Property Plant And Equipment Sale And Derecognition [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating expenses | (2) | ||
Tax On Bank Transactions [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating expenses | (18) | (14) | (13) |
P A I S Import Tax [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating expenses | (5) | ||
Donations And Contributions [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating expenses | (3) | (2) | (2) |
Institutional Relationships [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating expenses | (4) | (3) | (3) |
Costs Of Concessions Agreements Completion [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating expenses | (5) | ||
Contractual Penalty [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating expenses | (7) | ||
Readjustment Of Investment Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating expenses | (9) | ||
Royalties Gas Ar Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating expenses | (8) | (8) | (5) |
Ecuadors Transactional Agreement [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating expenses | (5) | ||
Impairment Of Other Receivables [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating expenses | (5) | ||
Other Contractual Expenses [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating expenses | (6) | ||
Other Opertaing Expense [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating expenses | (8) | (6) | (4) |
Insurance Recovery [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating income | 1 | 3 | |
Services To Third Parties [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating income | 1 | 1 | 2 |
Results From Property Plant And Equipment Sale And Derecognition [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating income | 1 | 2 | 1 |
Result From The Sale Of Intangible Assets [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating income | 2 | 2 | |
Expenses Recovery [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating income | 8 | ||
Contingencies Recovery [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating income | 13 | ||
Tax Charges Recovery [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating income | 2 | ||
Other Opertaing Income [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other operating income | $ 3 | $ 6 | $ 4 |
OTHER ITEMS OF THE STATEMENT _7
OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME (Details 4) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Total finance income | $ 5 | $ 5 | $ 10 |
Total finance cost | (364) | (221) | (185) |
Total other financial results | 558 | 166 | (14) |
Financial results, net | 199 | (50) | (189) |
Financial Income [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial interest | 2 | 1 | |
Other interest | 3 | 4 | 10 |
Finance Costs [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial interests | (304) | (172) | (137) |
Commercial interest | (1) | (1) | |
Fiscal interest | (47) | (38) | (38) |
Other interests | (4) | (5) | (3) |
Bank and other financial expenses | (8) | (5) | (7) |
Other Financial Results [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Foreign currency exchange difference, net | 123 | 80 | 3 |
Changes in the fair value of financial instruments | 444 | 110 | (15) |
(Losses) Gains from present value measurement | (10) | (14) | (1) |
Result from exchange of corporate bonds | (14) | ||
Results for the repurchase of corporate bonds | 1 | 6 | |
Other financial results | $ (2) | $ (1) |
OTHER ITEMS OF THE STATEMENT _8
OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME (Details 5) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Items Of Statement Of Comprehensive Income | |||
Current tax | $ 19 | $ 99 | $ 67 |
Deferred tax | 272 | 46 | 10 |
Difference between previous fiscal year income tax provision and the income tax statement | 27 | (21) | |
Total income tax - Loss | 318 | 124 | 77 |
Profit before income tax | $ 623 | $ 581 | $ 390 |
Current tax rate | 35% | 35% | 35% |
Income tax at the statutary tax rate | $ 218 | $ 203 | $ 138 |
Share of profit from companies | 1 | (37) | (40) |
Non-taxable results | (17) | (3) | (1) |
Effects of exchange differences and other results associated with the valuation of the currency, net | 752 | 275 | 79 |
Effects of valuation of property, plant and equipment, intangible assets and financial assets | (1,146) | (575) | (269) |
Effect of change in tax rate | (6) | ||
Effect for tax inflation adjustment | 501 | 253 | 169 |
Unrecognized deferred assets | 4 | ||
Difference between previous fiscal year income tax and deferred tax provision and the income tax statement | 3 | 2 | 1 |
Non-deductible cost | 9 | 4 | 3 |
Impairment on deferred tax assets | (3) | 2 | |
Other | $ (1) |
NON-FINANCIAL ASSETS AND LIAB_3
NON-FINANCIAL ASSETS AND LIABILITIES (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment, beginning | $ 3,683 | $ 3,040 |
Increases | 814 | 745 |
Transfers | ||
Decreases | (160) | (2) |
Impairment | (168) | (100) |
Property, plant and equipment, ending | 4,169 | 3,683 |
Property, plant and equipment depreciation, beginning | (1,519) | (1,381) |
Decreases | 25 | |
Depreciation for the year | (261) | (208) |
Impairment | 130 | 70 |
Property, plant and equipment depreciation, ending | (1,625) | (1,519) |
Net book value | 2,544 | 2,164 |
Land [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment, beginning | 14 | |
Increases | ||
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, beginning | 143 | |
Increases | ||
Transfers | 3 | |
Decreases | (2) | |
Impairment | ||
Property, plant and equipment, ending | 144 | |
Property, plant and equipment depreciation, beginning | (76) | |
Decreases | ||
Depreciation for the year | (7) | |
Impairment | ||
Property, plant and equipment depreciation, ending | (83) | (76) |
Net book value | 61 | 67 |
Machinery [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment, beginning | 1,916 | |
Increases | 1 | |
Transfers | 175 | |
Decreases | (132) | |
Impairment | ||
Property, plant and equipment, ending | 1,960 | |
Property, plant and equipment depreciation, beginning | (639) | |
Decreases | 14 | |
Depreciation for the year | (123) | |
Impairment | ||
Property, plant and equipment depreciation, ending | (748) | (639) |
Net book value | 1,212 | 1,277 |
Wells [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment, beginning | 992 | |
Increases | 15 | |
Transfers | 358 | |
Decreases | (21) | |
Impairment | (149) | |
Property, plant and equipment, ending | 1,195 | |
Property, plant and equipment depreciation, beginning | (589) | |
Decreases | 10 | |
Depreciation for the year | (112) | |
Impairment | 113 | |
Property, plant and equipment depreciation, ending | (578) | (589) |
Net book value | 617 | 403 |
Mining property [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment, beginning | 181 | |
Increases | 21 | |
Transfers | 15 | |
Decreases | ||
Impairment | (19) | |
Property, plant and equipment, ending | 198 | |
Property, plant and equipment depreciation, beginning | (134) | |
Decreases | ||
Depreciation for the year | (7) | |
Impairment | 17 | |
Property, plant and equipment depreciation, ending | (124) | (134) |
Net book value | 74 | 47 |
Vehicles [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment, beginning | 10 | |
Increases | 2 | |
Transfers | 1 | |
Decreases | (2) | |
Impairment | ||
Property, plant and equipment, ending | 11 | |
Property, plant and equipment depreciation, beginning | (8) | |
Decreases | 1 | |
Depreciation for the year | (1) | |
Impairment | ||
Property, plant and equipment depreciation, ending | (8) | (8) |
Net book value | 3 | 2 |
Fixtures and fittings [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment, beginning | 59 | |
Increases | 1 | |
Transfers | 2 | |
Decreases | ||
Impairment | ||
Property, plant and equipment, ending | 62 | |
Property, plant and equipment depreciation, beginning | (52) | |
Decreases | ||
Depreciation for the year | (5) | |
Impairment | ||
Property, plant and equipment depreciation, ending | (57) | (52) |
Net book value | 5 | 7 |
Communication and network equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment, beginning | 3 | |
Increases | ||
Transfers | ||
Decreases | (2) | |
Impairment | ||
Property, plant and equipment, ending | 1 | |
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 | |
Materials And Spare Parts [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment, beginning | 36 | |
Increases | 93 | |
Transfers | (85) | |
Decreases | ||
Impairment | ||
Property, plant and equipment, ending | 44 | |
Property, plant and equipment depreciation, beginning | (3) | |
Decreases | ||
Depreciation for the year | ||
Impairment | ||
Property, plant and equipment depreciation, ending | (3) | (3) |
Net book value | 41 | 33 |
Petrochemical Industrial Complex [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment, beginning | 29 | |
Increases | ||
Transfers | 3 | |
Decreases | ||
Impairment | ||
Property, plant and equipment, ending | 32 | |
Property, plant and equipment depreciation, beginning | (17) | |
Decreases | ||
Depreciation for the year | (5) | |
Impairment | ||
Property, plant and equipment depreciation, ending | (22) | (17) |
Net book value | 10 | 12 |
Civilworks [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment, beginning | 3 | |
Increases | ||
Transfers | 22 | |
Decreases | (1) | |
Impairment | ||
Property, plant and equipment, ending | 24 | |
Property, plant and equipment depreciation, beginning | ||
Decreases | ||
Depreciation for the year | (1) | |
Impairment | ||
Property, plant and equipment depreciation, ending | (1) | |
Net book value | 23 | 3 |
Work In Progress [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment, beginning | 254 | |
Increases | 547 | |
Transfers | (381) | |
Decreases | ||
Impairment | ||
Property, plant and equipment, ending | 420 | |
Property, plant and equipment depreciation, beginning | ||
Decreases | ||
Depreciation for the year | ||
Impairment | ||
Property, plant and equipment depreciation, ending | ||
Net book value | 420 | 254 |
Advances To Suppliers [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment, beginning | 43 | |
Increases | 134 | |
Transfers | (113) | |
Decreases | ||
Impairment | ||
Property, plant and equipment, ending | 64 | |
Property, plant and equipment depreciation, beginning | ||
Decreases | ||
Depreciation for the year | ||
Impairment | ||
Property, plant and equipment depreciation, ending | ||
Net book value | $ 64 | $ 43 |
NON-FINANCIAL ASSETS AND LIAB_4
NON-FINANCIAL ASSETS AND LIABILITIES (Details 1) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Intangible assets, beginning | $ 145 | $ 44 |
Increase | 125 | |
Decrease | (39) | (18) |
Impairment | 2 | (6) |
Intangible assets, ending | 108 | 145 |
Intangible assets amortization, beginning | (7) | (6) |
Depreciation for the year | (5) | (1) |
Impairment | ||
Intangible assets amortization, ending | (12) | (7) |
Intangible assets | 96 | 138 |
Concession Agreements [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Intangible assets, beginning | 2 | |
Increase | ||
Decrease | ||
Impairment | ||
Intangible assets, ending | 2 | 2 |
Intangible assets amortization, beginning | (2) | |
Depreciation for the year | ||
Impairment | ||
Intangible assets amortization, ending | (2) | |
Goodwill [member] | ||
IfrsStatementLineItems [Line Items] | ||
Intangible assets, beginning | 35 | |
Increase | ||
Decrease | ||
Impairment | ||
Intangible assets, ending | 35 | 35 |
Intangible assets | 35 | 35 |
Intangibles Identified In Acquisitions Of Companies [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Intangible assets, beginning | 101 | |
Increase | ||
Decrease | (30) | |
Impairment | ||
Intangible assets, ending | 71 | 101 |
Intangible assets amortization, beginning | (5) | |
Depreciation for the year | (5) | |
Impairment | ||
Intangible assets amortization, ending | (10) | |
Intangible assets | 61 | 96 |
Digital Assets [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Intangible assets, beginning | 7 | |
Increase | ||
Decrease | (9) | |
Impairment | 2 | |
Intangible assets, ending | 7 | |
Intangible assets | $ 7 |
NON-FINANCIAL ASSETS AND LIAB_5
NON-FINANCIAL ASSETS AND LIABILITIES (Details 2) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Deferred tax liability, beginning | $ (76) | |
Deferred tax liability, ending | (297) | $ (76) |
Property, plant and equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax liability, beginning | (79) | |
Profit (loss) | (188) | |
Increases for incorporation | (79) | |
Sale of subsidiary | 45 | |
Deferred tax liability, ending | (222) | (79) |
Intangible assets and goodwill [member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax liability, beginning | (35) | (13) |
Profit (loss) | 1 | |
Increases for incorporation | (22) | |
Sale of subsidiary | ||
Deferred tax liability, ending | (34) | (35) |
Investments In Joint Ventures And Associates [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax liability, beginning | (8) | (11) |
Profit (loss) | 1 | 3 |
Increases for incorporation | ||
Sale of subsidiary | ||
Deferred tax liability, ending | (7) | (8) |
Inventory [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax liability, beginning | (19) | (10) |
Profit (loss) | (26) | (9) |
Increases for incorporation | ||
Sale of subsidiary | ||
Deferred tax liability, ending | (45) | (19) |
Financial Assets At Fair Value Through Profit And Loss Deferred Tax Liabilities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax liability, beginning | (15) | (14) |
Profit (loss) | (3) | (1) |
Increases for incorporation | ||
Sale of subsidiary | ||
Deferred tax liability, ending | (18) | (15) |
Trade And Other Receivables [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax liability, beginning | (23) | (31) |
Profit (loss) | 12 | 8 |
Increases for incorporation | ||
Sale of subsidiary | 1 | |
Deferred tax liability, ending | (10) | (23) |
Taxes Payable [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax liability, beginning | (2) | (3) |
Profit (loss) | 2 | 1 |
Increases for incorporation | ||
Sale of subsidiary | ||
Deferred tax liability, ending | (2) | |
Adjustment For Tax Inflation [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax liability, beginning | (138) | (1) |
Profit (loss) | (28) | (124) |
Increases for incorporation | (13) | |
Sale of subsidiary | 3 | |
Deferred tax liability, ending | (163) | (138) |
Other [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax liability, beginning | ||
Profit (loss) | (1) | |
Sale of subsidiary | ||
Deferred tax liability, ending | (1) | |
Deferred Tax Liabilities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax liability, beginning | (319) | |
Profit (loss) | (230) | |
Sale of subsidiary | 49 | |
Deferred tax liability, ending | (500) | (319) |
Deferred Tax Liability Asset [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax (liability) asset | (76) | |
Profit (loss) | (272) | |
Sale of subsidiary | 51 | |
Deferred tax liability, ending | (297) | (76) |
Deferred Tax Liability [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax liability, beginning | (319) | (83) |
Profit (loss) | (122) | |
Increases for incorporation | (114) | |
Deferred tax liability, ending | (319) | |
Deferred Tax Asset Liability [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax (liability) asset | (76) | 84 |
Profit (loss) | (46) | |
Increases for incorporation | (114) | |
Deferred tax liability, ending | (76) | |
Tax Loss Carryforwards [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax asset, beginning | 19 | 13 |
Profit (loss) | 125 | 6 |
Increases for incorporation | ||
Sale of subsidiary | ||
Deferred tax asset, ending | 144 | 19 |
Property, plant and equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax asset, beginning | 151 | 80 |
Profit (loss) | (151) | 71 |
Increases for incorporation | ||
Sale of subsidiary | ||
Deferred tax asset, ending | 151 | |
Trade And Other Receivables [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax asset, beginning | 4 | 5 |
Profit (loss) | (3) | (1) |
Increases for incorporation | ||
Sale of subsidiary | ||
Deferred tax asset, ending | 1 | 4 |
Provisions [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax asset, beginning | 59 | 57 |
Profit (loss) | (6) | 2 |
Increases for incorporation | ||
Sale of subsidiary | ||
Deferred tax asset, ending | 53 | 59 |
Salaries And Social Security Payable [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax asset, beginning | 1 | |
Profit (loss) | 1 | |
Increases for incorporation | ||
Sale of subsidiary | ||
Deferred tax asset, ending | 1 | 1 |
Defined benefit plans [member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax asset, beginning | 8 | 9 |
Profit (loss) | (6) | (1) |
Increases for incorporation | ||
Sale of subsidiary | 2 | |
Deferred tax asset, ending | 4 | 8 |
Other [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax asset, beginning | 1 | |
Profit (loss) | (1) | 1 |
Increases for incorporation | ||
Sale of subsidiary | ||
Deferred tax asset, ending | 1 | |
Deferred Tax Asset [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax asset, beginning | 243 | 167 |
Profit (loss) | (42) | 76 |
Increases for incorporation | ||
Sale of subsidiary | 2 | |
Deferred tax asset, ending | 203 | 243 |
Deferred Tax Asset Financial Assets At Fair Value Through Profit And Loss [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax asset, beginning | 3 | |
Profit (loss) | (3) | |
Increases for incorporation | ||
Deferred tax asset, ending |
NON-FINANCIAL ASSETS AND LIAB_6
NON-FINANCIAL ASSETS AND LIABILITIES (Details 3) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Non-financial Assets And Liabilities | ||
Deferred tax asset | $ 36 | |
Deferred tax liability | (297) | (112) |
Deferred tax liability | $ (297) | $ (76) |
NON-FINANCIAL ASSETS AND LIAB_7
NON-FINANCIAL ASSETS AND LIABILITIES (Details 4) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||||
Inventories | $ 205 | $ 173 | $ 155 | $ 116 |
Materials And Spare Parts [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Inventories | 129 | 104 | ||
Advances To Suppliers [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Inventories | 4 | 8 | ||
In Process And Finished Products [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Inventories | $ 72 | $ 61 |
NON-FINANCIAL ASSETS AND LIAB_8
NON-FINANCIAL ASSETS AND LIABILITIES (Details 5) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Provisions, non current | $ 150 | $ 147 |
Provisions, current | 6 | 4 |
Provisions For Contingencies [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Provisions, non current | 109 | 107 |
Asset Retirement Obligation [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Provisions, non current | 26 | 25 |
Provisions, current | 3 | 2 |
Environmental Remediations [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Provisions, non current | 15 | 15 |
Provisions, current | 2 | 2 |
Other provisions [member] | ||
IfrsStatementLineItems [Line Items] | ||
Provisions, current | $ 1 |
NON-FINANCIAL ASSETS AND LIAB_9
NON-FINANCIAL ASSETS AND LIABILITIES (Details 6) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Foreign currency exchange difference | $ (5) | $ (3) | $ (2) |
Provisions For Contingencies [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Provisions, beginning | 107 | 106 | 103 |
Increases | 15 | 5 | 16 |
Increases for incorporation | |||
Decreases | (4) | (1) | |
Foreign currency exchange difference | (9) | (2) | |
Reversal of unused amounts | (1) | (13) | |
Provisions, ending | 109 | 107 | 106 |
Asset Retirement Obligation [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Provisions, beginning | 27 | 21 | 21 |
Increases | 6 | 6 | 3 |
Increases for incorporation | 1 | ||
Decreases | (1) | ||
Foreign currency exchange difference | |||
Reversal of unused amounts | (4) | (1) | (2) |
Provisions, ending | 29 | 27 | 21 |
Environmental Remediations [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Provisions, beginning | 17 | 18 | 3 |
Increases | 3 | 15 | |
Increases for incorporation | |||
Decreases | (1) | (1) | |
Foreign currency exchange difference | |||
Reversal of unused amounts | (2) | ||
Provisions, ending | $ 17 | $ 17 | $ 18 |
NON-FINANCIAL ASSETS AND LIA_10
NON-FINANCIAL ASSETS AND LIABILITIES (Details 7) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Total non-current | $ 55 | $ 179 |
Total current | 17 | 5 |
Income Tax Net Of Witholdings And Advances [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total non-current | 50 | 161 |
Total current | 17 | 5 |
Minimum National Income Tax [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total non-current | $ 5 | $ 18 |
NON-FINANCIAL ASSETS AND LIA_11
NON-FINANCIAL ASSETS AND LIABILITIES (Details 8) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Taxes payables, current | $ 14 | $ 28 |
Value Added Tax [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Taxes payables, current | 5 | |
Personal Assets Tax Provision [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Taxes payables, current | 3 | 4 |
Tax Withholdings To Be Deposited [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Taxes payables, current | 3 | 5 |
Royalties [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Taxes payables, current | 6 | 12 |
Others One [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Taxes payables, current | $ 2 | $ 2 |
NON-FINANCIAL ASSETS AND LIA_12
NON-FINANCIAL ASSETS AND LIABILITIES (Details 9) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Present Value Of The Obligation [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Liabilities, beginning | $ 38 | $ 33 | $ 25 |
Current services cost | 1 | 1 | 1 |
Cost for interest | 29 | 15 | 13 |
Actuarial (gains) losses | 7 | 9 | 1 |
Benefit payments | (3) | (3) | (2) |
(Gain) Loss on exchange difference, net | (49) | (17) | (5) |
Liabilities, ending | 23 | 38 | 33 |
Fair Value Of Plan Assets [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Liabilities, beginning | (4) | (4) | (4) |
Current services cost | |||
Cost for interest | (4) | (2) | (3) |
Actuarial (gains) losses | (2) | 2 | |
Benefit payments | |||
(Gain) Loss on exchange difference, net | 6 | 2 | 1 |
Liabilities, ending | (4) | (4) | (4) |
Net Liability At The End Of The Year [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Liabilities, beginning | 34 | 29 | 21 |
Current services cost | 1 | 1 | 1 |
Cost for interest | 25 | 13 | 10 |
Actuarial (gains) losses | 5 | 9 | 3 |
Benefit payments | (3) | (3) | (2) |
(Gain) Loss on exchange difference, net | (43) | (15) | (4) |
Liabilities, ending | $ 19 | $ 34 | $ 29 |
NON-FINANCIAL ASSETS AND LIA_13
NON-FINANCIAL ASSETS AND LIABILITIES (Details 10) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Not later than one year [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated expected benefits payment | $ 3 |
Later than one year and not later than two years [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated expected benefits payment | 2 |
Later than two years and not later than three years [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated expected benefits payment | 2 |
Later than three years and not later than four years [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated expected benefits payment | 2 |
Later than four years and not later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated expected benefits payment | 2 |
Later Than Six Years And Not Later Than Ten Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Estimated expected benefits payment | $ 9 |
NON-FINANCIAL ASSETS AND LIA_14
NON-FINANCIAL ASSETS AND LIABILITIES (Details 11) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Non-financial Assets And Liabilities | |||
Real discount rate | 5% | 5% | 5% |
Real wage increase rate | 1% | 1% | 1% |
Inflation rate | 156% | 118% | 54% |
NON-FINANCIAL ASSETS AND LIA_15
NON-FINANCIAL ASSETS AND LIABILITIES (Details 12) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Discount Rate Four Percent [Member] | |
IfrsStatementLineItems [Line Items] | |
Obligation | $ 25 |
Variation | $ 2 |
Percentage of variation | 10% |
Discount Rate Six Percent [Member] | |
IfrsStatementLineItems [Line Items] | |
Obligation | $ 21 |
Variation | $ (2) |
Percentage of variation | 9% |
Salaries Increase Zero Percent [Member] | |
IfrsStatementLineItems [Line Items] | |
Obligation | $ 22 |
Variation | $ (1) |
Percentage of variation | 3% |
Salaries Increase Two Percent [Member] | |
IfrsStatementLineItems [Line Items] | |
Obligation | $ 24 |
Variation | $ 1 |
Percentage of variation | 4% |
NON-FINANCIAL ASSETS AND LIA_16
NON-FINANCIAL ASSETS AND LIABILITIES (Details 13) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Current salaries and social security payable | $ 19 | $ 32 |
Salaries And Social Security Contributions [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current salaries and social security payable | 3 | 5 |
Provision For Vacations [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current salaries and social security payable | 5 | 8 |
Provision For Gratifications And Annual Bonus For Efficiency [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current salaries and social security payable | $ 11 | $ 19 |
NON-FINANCIAL ASSETS AND LIA_17
NON-FINANCIAL ASSETS AND LIABILITIES (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||||
Intangible asset impairment losses | $ 2 | |||
Provisions | 100.4 | |||
Judicial costs and expenses | 8.5 | |||
Compensatory interest | 50 | |||
Non current income tax and minimum notional income tax provision | 5 | |||
Pension And Retirement Benefits Plan [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Net Liabilities | 10 | $ 17 | $ 15 | |
Compensatory Plan [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Net Liabilities | 10 | $ 17 | $ 14 | |
Generation Segment [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Recoginition of impairment losses | $ 37.7 | $ 30 |
FINANCIAL ASSETS AND LIABILIT_3
FINANCIAL ASSETS AND LIABILITIES (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Non current financial assets at amortized cost | $ 102 | |
Current financial assets at amortized cost | 105 | 8 |
Term Deposits [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current financial assets at amortized cost | 101 | |
Current financial assets at amortized cost | 101 | |
Notes Receivable Non Current [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current financial assets at amortized cost | 1 | |
Notes Receivable Current [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current financial assets at amortized cost | $ 4 | $ 8 |
FINANCIAL ASSETS AND LIABILIT_4
FINANCIAL ASSETS AND LIABILITIES (Details 1) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Non current financial assets at fair value through profit and loss | $ 35 | $ 27 |
Current financial assets at fair value through profit and loss | 559 | 586 |
Shares [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current financial assets at fair value through profit and loss | 35 | 27 |
Current financial assets at fair value through profit and loss | 88 | 160 |
Government Securities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current financial assets at fair value through profit and loss | 389 | 279 |
Corporate Bonds [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current financial assets at fair value through profit and loss | 79 | 116 |
Mutual Funds [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current financial assets at fair value through profit and loss | $ 3 | $ 31 |
FINANCIAL ASSETS AND LIABILIT_5
FINANCIAL ASSETS AND LIABILITIES (Details 2) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Non current other receivables | $ 11 | $ 17 |
Non-current trade receivables | 18 | 20 |
Current trade receivables | 209 | 305 |
Current other receivables | 87 | 165 |
Current trade and other receivables | 296 | 470 |
Related parties [member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current other receivables | 11 | 17 |
Current trade receivables | 5 | 5 |
Current other receivables | 7 | 7 |
Tax Credits [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current other receivables | 1 | 2 |
Current other receivables | 10 | 14 |
Receivables For Sale Of Associates [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current other receivables | 1 | |
Current other receivables | 1 | 4 |
Contractual Indemnity Receivable [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current other receivables | 4 | |
Other One [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current other receivables | 1 | 1 |
Other Receivables Net [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current other receivables | 18 | 20 |
Receivables [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current trade receivables | 105 | 141 |
C A M M E S A [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current trade receivables | 100 | 165 |
Impairment Of Financial Assets [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current trade receivables | (1) | (6) |
Receivables For Complementary Activities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current other receivables | 1 | |
Prepaid Expenses [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current other receivables | 5 | 14 |
Guarantee Deposits [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current other receivables | 19 | 27 |
Expenses To Be Recovered [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current other receivables | 6 | 15 |
Insurance To Recover [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current other receivables | 4 | |
Receivables For Acquisition Of Subsidiary [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current other receivables | 7 | |
Credit For Sale Of Financial Instruments [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current other receivables | 1 | |
Gas Ar Plan [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current other receivables | 11 | 32 |
Receivables For Arbitration Award [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current other receivables | 37 | |
Contractual Indemnity Credit [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current other receivables | 2 | |
Advances To Employees [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current other receivables | 10 | |
Other [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current other receivables | $ 11 | $ 7 |
FINANCIAL ASSETS AND LIABILIT_6
FINANCIAL ASSETS AND LIABILITIES (Details 3) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Assets And Liabilities | |||
At the beginning of the year | $ 6 | $ 9 | $ 16 |
Impairment (1) | 1 | 1 | 1 |
Utilizations | (1) | ||
Reversal of unused amounts | (1) | (6) | |
Foreign currency exchange difference | (5) | (3) | (2) |
At the end of the year | $ 1 | $ 6 | $ 9 |
FINANCIAL ASSETS AND LIABILIT_7
FINANCIAL ASSETS AND LIABILITIES (Details 4) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||||
Cash and cash equivalents | $ 171 | $ 106 | $ 110 | $ 141 |
Banks [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Cash and cash equivalents | 31 | 11 | ||
Mutual Funds [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Cash and cash equivalents | $ 140 | $ 95 |
FINANCIAL ASSETS AND LIABILIT_8
FINANCIAL ASSETS AND LIABILITIES (Details 5) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Non current borrowings | $ 1,224 | $ 1,340 |
Current borrowings | 224 | 273 |
Borrowing | 1,448 | 1,613 |
Financial Borrowings [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current borrowings | 108 | |
Current borrowings | 67 | 51 |
Corporate Bonds [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current borrowings | 1,224 | 1,232 |
Current borrowings | 126 | 163 |
Bank Overdraft [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current borrowings | $ 31 | $ 59 |
FINANCIAL ASSETS AND LIABILIT_9
FINANCIAL ASSETS AND LIABILITIES (Details 6) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Assets And Liabilities | |||
At the beginning of the year | $ 1,613 | $ 1,438 | $ 1,614 |
Proceeds from borrowings | 424 | 308 | 188 |
Payment of borrowings | (191) | (143) | (336) |
Accrued interest | 304 | 172 | 137 |
Payment of interests | (280) | (162) | (140) |
Repurchase of CB | (6) | (28) | (3) |
Result from exchange of CB | 14 | ||
Result from repurchase of CB | (1) | (6) | |
Increases for incorporation | 89 | ||
Foreign currency exchange difference | (356) | (80) | (22) |
Decrease for subsidiaries sales | (80) | ||
Borrowing costs capitalized in property, plant and equipment | 21 | 11 | |
At the end of the year | $ 1,448 | $ 1,613 | $ 1,438 |
FINANCIAL ASSETS AND LIABILI_10
FINANCIAL ASSETS AND LIABILITIES (Details 7) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Corporate bonds book value | $ 1,350 | $ 1,395 | |
Book value, Financial loans | 101 | ||
Book value, Bank overdrafts | 31 | 59 | |
Total Book value | $ 1,448 | $ 1,613 | $ 1,438 |
Class 17 C B [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company name | PAMPA | ||
Currency | $ | ||
Residual value | $ 5,980 | ||
Interest | Fixed | ||
Rate | Badlar + 2 | ||
Expiration | May-24 | ||
Corporate bonds book value | $ 9 | ||
Class 15 C B [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company name | PAMPA | ||
Currency | $ | ||
Residual value | $ 18,264 | ||
Interest | Variable | ||
Rate | Badlar + 0 | ||
Expiration | Jul-24 | ||
Corporate bonds book value | $ 29 | ||
Class 18 C B [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company name | PAMPA | ||
Currency | US$ | ||
Residual value | $ 72 | ||
Interest | Fixed | ||
Rate | 5.00% | ||
Expiration | Sep-25 | ||
Corporate bonds book value | $ 73 | ||
Class 16 C B [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company name | PAMPA | ||
Currency | US$ | ||
Residual value | $ 56 | ||
Interest | Fixed | ||
Rate | 4.99% | ||
Expiration | Nov-25 | ||
Corporate bonds book value | $ 56 | ||
Class 9 C B [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company name | PAMPA | PAMPA | |
Currency | US$ | US$ | |
Residual value | $ 179 | $ 102 | |
Interest | Fixed | Fixed | |
Rate | 9.50% | 9.50% | |
Expiration | Dec-26 | Dec-26 | |
Corporate bonds book value | $ 184 | $ 184 | |
Class 1 C B [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company name | PAMPA | PAMPA | |
Currency | US$ | US$ | |
Residual value | $ 597 | $ 501 | |
Interest | Fixed | Fixed | |
Rate | 7.50% | 7.50% | |
Expiration | Jan-27 | Jan-27 | |
Corporate bonds book value | $ 611 | $ 616 | |
Class 13 C B [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company name | PAMPA | PAMPA | |
Currency | US$ | US$ | |
Residual value | $ 98 | $ 49 | |
Interest | Fixed | Fixed | |
Rate | 0.00% | 0.00% | |
Expiration | Dec-27 | Dec-27 | |
Corporate bonds book value | $ 96 | $ 48 | |
Class 3 C B [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company name | PAMPA | PAMPA | |
Currency | US$ | US$ | |
Residual value | $ 293 | $ 285 | |
Interest | Fixed | Fixed | |
Rate | 9.13% | 9.13% | |
Expiration | Apr-29 | Apr-29 | |
Corporate bonds book value | $ 292 | $ 292 | |
Book value, Financial loans | 13 | ||
Book Value, Other financial loans | $ 54 | ||
Financial Loans One [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company name | PAMPA | PAMPA | |
Currency | US$ | US$ | |
Residual value | $ 8 | $ 15 | |
Interest | Variable | Variable | |
Rate | SOFR 6M + 4,21 | Libor + 4.21 | |
Expiration | Nov-24 | Nov-24 | |
Book value, Financial loans | $ 8 | $ 16 | |
Financial Loans Two [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company name | PAMPA | GW | |
Currency | $ | US$ | |
Residual value | $ 3,000 | $ 83 | |
Interest | Variable | Variable | |
Rate | Between 80% and 110 | Libor + 5.75 | |
Expiration | Between Apr-24 and Jun-24 | Sep-26 | |
Book value, Financial loans | $ 5 | $ 85 | |
Otherfinancialoperations [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company name | PAMPA | PAMPA | |
Currency | US$ | US$ | |
Residual value | $ 22 | $ 22 | |
Interest | Variable | Variable | |
Rate | SOFR + 0,35 | SOFR + 0.35% | |
Expiration | Jul-24 | Jul-23 | |
Book Value, Other financial loans | $ 23 | $ 23 | |
Otherfinancialoperations One [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company name | PAMPA | PAMPA | |
Currency | US$ | US$ | |
Residual value | $ 12 | $ 8 | |
Interest | Variable | Fixed | |
Rate | SOFR + 0 | Between 9.50% and 14.50 | |
Expiration | Agu-24 | Between Jan-23 and May-23 | |
Book Value, Other financial loans | $ 12 | $ 8 | |
Otherfinancialoperations Two [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company name | PAMPA | PAMPA | |
Currency | US$ | US$ | |
Residual value | $ 14 | $ 27 | |
Interest | Fixed | Variable | |
Rate | Between 13% and 16 | SOFR + 0 | |
Expiration | Between Jan-24 and Jun-24 | Agu-24 | |
Book Value, Other financial loans | $ 14 | $ 27 | |
Otherfinancialoperations Three [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company name | PAMPA | ||
Currency | CNY | ||
Residual value | $ 37 | ||
Interest | Fixed | ||
Rate | Between 12% and 12.50 | ||
Expiration | Between Mar-24 and Nov-24 | ||
Book Value, Other financial loans | $ 5 | ||
Bank Overdraft [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company name | PAMPA | PAMPA | |
Currency | $ | $ | |
Residual value | $ 23,140 | $ 10,065 | |
Interest | Fixed | Fixed | |
Rate | Between79.00% and 81,00% | Between 54% and 54.50 | |
Expiration | Between Jan-24 and Apr-24 | Jan-23 | |
Book Value, Other financial loans | $ 58 | ||
Book value, Bank overdrafts | $ 31 | $ 59 | |
T Series C B [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company name | PAMPA | ||
Currency | US$ | ||
Residual value | $ 93 | ||
Interest | Fixed | ||
Rate | 7.38% | ||
Expiration | Jul-23 | ||
Corporate bonds book value | $ 95 | ||
Class 8 C B [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company name | PAMPA | ||
Currency | $ | ||
Residual value | $ 3,107 | ||
Interest | Variable | ||
Rate | Badlar + 2 | ||
Expiration | Jul-23 | ||
Corporate bonds book value | $ 20 | ||
Class 11 C B [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company name | PAMPA | ||
Currency | $ | ||
Residual value | $ 21,655 | ||
Interest | Variable | ||
Rate | Badlar + 0 | ||
Expiration | Jan-24 | ||
Corporate bonds book value | $ 140 |
FINANCIAL ASSETS AND LIABILI_11
FINANCIAL ASSETS AND LIABILITIES (Details 9) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Non current other payables | $ 46 | $ 21 |
Current trade payables | 15 | 14 |
Trade payables | 210 | 215 |
Total trade and other payables | 238 | 281 |
Compensation Agreements [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current other payables | 28 | 10 |
Current other payables | 11 | 12 |
Finance Leases Liability [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current other payables | 14 | 10 |
Current other payables | 4 | 2 |
Contractual Penalty Debt [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current other payables | 4 | |
Current other payables | 2 | |
Others [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current other payables | 1 | |
Current other payables | 1 | |
Other Payables [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non current other payables | 46 | 21 |
Current other payables | 28 | 66 |
Suppliers [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current trade payables | 186 | 198 |
Customer Advances [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current trade payables | 9 | 3 |
Related parties [member] | ||
IfrsStatementLineItems [Line Items] | ||
Current trade payables | 15 | 14 |
Liability For Acquisition Of Companies [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current other payables | 8 | 46 |
Investment Plan Readjustment Liability [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current other payables | 5 | |
Debtors [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current other payables | $ 3 |
FINANCIAL ASSETS AND LIABILI_12
FINANCIAL ASSETS AND LIABILITIES (Details 10) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Financial assets at amortized cost | $ 415 | $ 558 |
Financial assets at fair value through profit and loss | 741 | 730 |
Subtotal financial assets | 1,156 | 1,288 |
Non financial assets | 28 | 31 |
Total assets | 1,184 | 1,319 |
Financial liabilities at amortized cost | 1,723 | 1,911 |
Financial liabilities at fair value through profit and loss | 2 | |
Subtotal financial liabilities | 1,723 | 1,913 |
Non financial liabilities | 9 | 4 |
Total liabilities | 1,732 | 1,917 |
Trade And Other Liabilities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial liabilities at amortized cost | 275 | 298 |
Financial liabilities at fair value through profit and loss | ||
Subtotal financial liabilities | 275 | 298 |
Non financial liabilities | 9 | 4 |
Total liabilities | 284 | 302 |
Borrowing [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial liabilities at amortized cost | 1,448 | 1,613 |
Financial liabilities at fair value through profit and loss | ||
Subtotal financial liabilities | 1,448 | 1,613 |
Non financial liabilities | ||
Total liabilities | 1,448 | 1,613 |
Derivative Financial Instruments [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial liabilities at amortized cost | ||
Financial liabilities at fair value through profit and loss | 2 | |
Subtotal financial liabilities | 2 | |
Non financial liabilities | ||
Total liabilities | 2 | |
Trade Receivables And Other Receivables [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial assets at amortized cost | 279 | 437 |
Financial assets at fair value through profit and loss | 7 | 22 |
Subtotal financial assets | 286 | 459 |
Non financial assets | 28 | 31 |
Total assets | 314 | 490 |
Financial Assets At Amortized Cost [Member] | Term Deposit [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial assets at amortized cost | 101 | 101 |
Financial assets at fair value through profit and loss | ||
Subtotal financial assets | 101 | 101 |
Non financial assets | ||
Total assets | 101 | 101 |
Financial Assets At Amortized Cost [Member] | Notes Receivables [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial assets at amortized cost | 4 | 9 |
Financial assets at fair value through profit and loss | ||
Subtotal financial assets | 4 | 9 |
Non financial assets | ||
Total assets | 4 | 9 |
Financial Assets At Amortized Cost [Member] | Corporate Bonds [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial assets at amortized cost | ||
Financial assets at fair value through profit and loss | 116 | |
Subtotal financial assets | 116 | |
Non financial assets | ||
Total assets | 116 | |
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 | 389 | 279 |
Subtotal financial assets | 389 | 279 |
Non financial assets | ||
Total assets | 389 | 279 |
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 | 79 | |
Subtotal financial assets | 79 | |
Non financial assets | ||
Total assets | 79 | |
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 | 123 | 187 |
Subtotal financial assets | 123 | 187 |
Non financial assets | ||
Total assets | 123 | 187 |
Financial Assets At Fair Value Through Profit And Loss [Member] | Mutual Funds [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial assets at amortized cost | ||
Financial assets at fair value through profit and loss | 3 | 31 |
Subtotal financial assets | 3 | 31 |
Non financial assets | ||
Total assets | 3 | 31 |
Cash And Cash Equivalent [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial assets at amortized cost | 31 | 11 |
Financial assets at fair value through profit and loss | 140 | 95 |
Subtotal financial assets | 171 | 106 |
Non financial assets | ||
Total assets | $ 171 | $ 106 |
FINANCIAL ASSETS AND LIABILI_13
FINANCIAL ASSETS AND LIABILITIES (Details 11) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Interest income | $ 5 | $ 5 | $ 10 |
Interest expense | (356) | (216) | (178) |
Foreign currency exchange difference, net | 123 | 80 | 3 |
Changes in the fair value of financial instruments | 444 | 110 | (15) |
Result from present value measurement | (10) | (14) | (1) |
Other financial results | (7) | (15) | (8) |
Total | 199 | (50) | (189) |
Financial Assets Liabilities At Amortized Cost [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Interest income | 5 | 5 | 10 |
Interest expense | (307) | (175) | (138) |
Foreign currency exchange difference, net | (1,035) | 16 | (11) |
Changes in the fair value of financial instruments | |||
Result from present value measurement | (1) | (1) | 2 |
Other financial results | (7) | (15) | (4) |
Total | (1,345) | (170) | (141) |
Financial Assets Liabilities At Fair Value Through Profit And Loss [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Interest income | |||
Interest expense | |||
Foreign currency exchange difference, net | (560) | (85) | (19) |
Changes in the fair value of financial instruments | 444 | 110 | (15) |
Result from present value measurement | |||
Other financial results | |||
Total | (116) | 25 | (34) |
Subtotal Financial Assets Liabilities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Interest income | 5 | 5 | 10 |
Interest expense | (307) | (175) | (138) |
Foreign currency exchange difference, net | (1,595) | (69) | (30) |
Changes in the fair value of financial instruments | 444 | 110 | (15) |
Result from present value measurement | (1) | (1) | 2 |
Other financial results | (7) | (15) | (4) |
Total | (1,461) | (145) | (175) |
Nonfinancial Assets Liabilities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Interest income | |||
Interest expense | (49) | (41) | (40) |
Foreign currency exchange difference, net | 1,718 | 149 | 33 |
Changes in the fair value of financial instruments | |||
Result from present value measurement | (9) | (13) | (3) |
Other financial results | (4) | ||
Total | $ 1,660 | $ 95 | $ (14) |
FINANCIAL ASSETS AND LIABILI_14
FINANCIAL ASSETS AND LIABILITIES (Details 12) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Total assets | $ 741 | $ 730 |
Total liabilities | 2 | |
Level 1 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | 706 | 703 |
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 | 35 | 27 |
Total liabilities | ||
Guarantee Deposits [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | 7 | |
Guarantee Deposits [Member] | Level 1 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | 7 | |
Guarantee Deposits [Member] | Level 2 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | ||
Guarantee Deposits [Member] | Level 3 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | ||
Other Receivables [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | 22 | |
Other Receivables [Member] | Level 1 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | 22 | |
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 | ||
Government Securities [Member] | Financial Asset At Fair Value Through Profit And Loss [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | 389 | 279 |
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 | 389 | 279 |
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 | 79 | 116 |
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 | 79 | 116 |
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 | ||
Mutual Funds [Member] | Financial Asset At Fair Value Through Profit And Loss [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | 3 | 31 |
Mutual Funds [Member] | Financial Asset At Fair Value Through Profit And Loss [Member] | Level 1 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | 3 | 31 |
Mutual Funds [Member] | Financial Asset At Fair Value Through Profit And Loss [Member] | Level 2 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | ||
Mutual Funds [Member] | Financial Asset At Fair Value Through Profit And Loss [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 | 123 | 187 |
Shares [Member] | Financial Asset At Fair Value Through Profit And Loss [Member] | Level 1 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | 88 | 160 |
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 | 35 | 27 |
Investment funds [member] | Cash And Cash Equivalent [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | 140 | 95 |
Investment funds [member] | Cash And Cash Equivalent [Member] | Level 1 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total assets | 140 | 95 |
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 |
FINANCIAL ASSETS AND LIABILI_15
FINANCIAL ASSETS AND LIABILITIES (Details Narrative) - USD ($) $ in Millions | Dec. 31, 2023 | Jul. 18, 2023 | Dec. 31, 2022 |
Financial Assets And Liabilities | |||
Fair value of book value | $ 1,350 | $ 1,435 | |
Total outstanding amount | $ 2,283 |
EQUITY COMPONENTS (Details)
EQUITY COMPONENTS (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity Components | |||
Earning for continuing operations attributable to equity holders of the Company | $ 302 | $ 456 | $ 312 |
Weighted average amount of outstanding shares | 1,366 | 1,381 | 1,405 |
Basic earnings per share from continued operations | $ 0.22 | $ 0.33 | $ 0.22 |
Diluted earnings per share from continued operations | $ 0.22 | $ 0.33 | $ 0.22 |
Loss for discontinued operations attributable to equity holders of the Company | $ (39) | ||
Weighted average amount of outstanding shares | 1,366 | 1,381 | 1,405 |
Basic loss per share from discontinued operations | $ (0.03) | ||
Diluted loss per share from discontinued operations | $ (0.03) | ||
Earning attributable to equity holders of the Company | $ 302 | $ 456 | $ 273 |
Weighted average amount of outstanding shares | 1,366 | 1,381 | 1,405 |
Basic earning per share | $ 0.22 | $ 0.33 | $ 0.19 |
Diluted earning per share | $ 0.22 | $ 0.33 | $ 0.19 |
EQUITY COMPONENTS (Details Narr
EQUITY COMPONENTS (Details Narrative) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||||||
Apr. 26, 2023 | Apr. 27, 2022 | Sep. 30, 2021 | Apr. 29, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | |
IfrsStatementLineItems [Line Items] | |||||||
Share capital value | $ 1,364 | ||||||
Treasury shares, value | 4 | ||||||
Number of shares aquired, shares | 0.9 | 2.7 | |||||
Number of shares aquired, value | $ 18.2 | $ 38.7 | |||||
Average price | $ 20.3 | ||||||
Number of shares cancelled | 20.1 | 2.8 | 12.5 | 56.6 | |||
Employees [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Number of shares issued | $ 4 |
STATEMENT OF CASH FLOWS COMPLEM
STATEMENT OF CASH FLOWS COMPLEMENTARY INFORMATION (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Of Cash Flows Complementary Information | |||
Income tax | $ 318 | $ 124 | $ 77 |
Accrued interest | 283 | 185 | 141 |
Depreciations and amortizations | 267 | 212 | 205 |
Share of profit of joint ventures and associates | 2 | (105) | (100) |
Profit from sale/acquisition of companies´ interest | (9) | (17) | |
Results for property, plant and equipment sale and derecognition | 1 | (2) | (1) |
Result for intangible assets sale | (2) | (2) | |
Impairment of property, plant and equipment, intangible assets and inventories | 39 | 38 | 4 |
(Impairment) Recovery of impairment of financial assets | 4 | (1) | |
Result from present value measurement | 10 | 14 | 1 |
Changes in the fair value of financial instruments | (392) | (94) | 24 |
Exchange differences, net | (190) | (85) | (3) |
Result from exchange of CB | 14 | ||
Result from repurchase of CB | (1) | (6) | |
Readjustment of investment plan | 9 | ||
Costs of concessions agreements completion | 5 | ||
Contractual indemnity | (7) | ||
Contractual penalty | 7 | ||
Compensation for arbitration award | (37) | ||
Provision for contingecies, net | 8 | 4 | 3 |
Provision for environmental remediation | 4 | 15 | |
Fair value of consortiums' previous interest | (7) | ||
Impairment of other receivables | 5 | ||
Ecuador's transactional agreement | 5 | ||
Expenses recovery | (8) | ||
Accrual of defined benefit plans | 26 | 14 | 11 |
Compensation agreements | 37 | 19 | 2 |
Derecognition of unproductive wells | 7 | ||
Other | (4) | (4) | 3 |
Adjustments to reconcile net profit to cash flows from operating activities | $ 406 | $ 302 | $ 362 |
STATEMENT OF CASH FLOWS COMPL_2
STATEMENT OF CASH FLOWS COMPLEMENTARY INFORMATION (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Of Cash Flows Complementary Information | |||
Increase in trade receivables and other receivables | $ (151) | $ (233) | $ (41) |
Increase in inventories | (35) | (21) | (40) |
Increase in trade payables and other payables | 17 | 70 | 43 |
Increase in salaries and social security payables | 20 | 15 | 8 |
Defined benefit plans payments | (3) | (3) | (2) |
Increase (Decrease) in tax liabilities | 27 | 41 | (2) |
Decrease in provisions | (7) | (1) | (3) |
Income tax payment | (2) | (13) | |
Payments for derivative financial instruments, net | (4) | (6) | (12) |
Changes in operating assets and liabilities | $ (136) | $ (140) | $ (62) |
STATEMENT OF CASH FLOWS COMPL_3
STATEMENT OF CASH FLOWS COMPLEMENTARY INFORMATION (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Of Cash Flows Complementary Information | |||
Acquisition of property, plant and equipment through an increase in trade payables | $ (82) | $ (75) | $ (51) |
Borrowing costs capitalized in property, plant and equipment | (21) | (11) | |
Increase of property, plant and equipment through exchange of assets | (25) | ||
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 | (13) | (1) | (7) |
Dividends pending collection | 2 | ||
Decrease in asset retirement obligation and wind turbines decommision through property, plant and equipment | (5) | (1) | (1) |
Decrease in associate's equity interest through increase in other receivables | $ 6 |
CONTINGENT LIABILITIES AND AS_2
CONTINGENT LIABILITIES AND ASSETS (Details Narrative) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Contingent Liabilities And Assets | |
Amount of redressal on collective damages | $ 547 |
Financing for environmental recomposition | 500 |
Notional amount of redress on alleged damages | 1 |
Civil and commercial claim amount | $ 3,650 |
RELATED PARTIES' TRANSACTIONS (
RELATED PARTIES' TRANSACTIONS (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Trade receivables, current | $ 5 | $ 5 |
Other receivables, non current | 11 | 17 |
Other receivables, current | 7 | 7 |
Trade payables, current | 15 | 14 |
Other One [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables, current | ||
Other receivables, non current | ||
Other receivables, current | 1 | 1 |
Trade payables, current | ||
C T B [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables, current | 1 | |
Other receivables, non current | ||
Other receivables, current | ||
Trade payables, current | ||
T G S [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables, current | 4 | 5 |
Other receivables, non current | 11 | 17 |
Other receivables, current | 6 | 6 |
Trade payables, current | 7 | 7 |
S A C D E [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables, current | ||
Other receivables, non current | ||
Other receivables, current | ||
Trade payables, current | $ 8 | $ 7 |
RELATED PARTIES' TRANSACTIONS_2
RELATED PARTIES' TRANSACTIONS (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Sales of goods and services | $ 44 | $ 64 | $ 57 |
Purchases of goods and services | (118) | (267) | (97) |
Professional fees expense | (1) | (1) | (1) |
Other operating expenses and income | (2) | (2) | (2) |
Finance income | 2 | 2 | 4 |
Dividends received | 10 | 20 | |
Payment of dividends | (1) | (9) | |
O C P One [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Finance income | 1 | ||
Dividends received | 10 | 20 | |
Payment of dividends | |||
E M E S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Finance income | |||
Dividends received | |||
Payment of dividends | (1) | (9) | |
C T B [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales of goods and services | 2 | 2 | 2 |
Purchases of goods and services | |||
Professional fees expense | |||
Other operating expenses and income | |||
Greenwind [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales of goods and services | 1 | ||
Purchases of goods and services | |||
Professional fees expense | |||
Other operating expenses and income | |||
Refinor One [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales of goods and services | 11 | 9 | |
Purchases of goods and services | (11) | (6) | |
Professional fees expense | |||
Other operating expenses and income | |||
T G S [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales of goods and services | 42 | 51 | 45 |
Purchases of goods and services | (53) | (53) | (43) |
Professional fees expense | |||
Other operating expenses and income | |||
Finance income | 2 | 2 | 3 |
Dividends received | |||
Payment of dividends | |||
Foundation [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales of goods and services | |||
Purchases of goods and services | |||
Professional fees expense | |||
Other operating expenses and income | (2) | (2) | (2) |
S A C D E [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales of goods and services | |||
Purchases of goods and services | (65) | (203) | (48) |
Professional fees expense | |||
Other operating expenses and income | |||
Salaverri Dellatorre Burgio And Wetzler [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales of goods and services | |||
Purchases of goods and services | |||
Professional fees expense | (1) | (1) | (1) |
Other operating expenses and income |
RELATED PARTIES_ TRANSACTIONS_2
RELATED PARTIES´ TRANSACTIONS (Details Narrative) - Key Management Remuneration [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Key management personnel compensation | $ 44 | $ 26 | $ 7 |
Directors' and Sindycs' fees | 7 | 7 | 6 |
Key management personnel compensation, share-based payment | $ 37 | $ 19 | $ 1 |
INVESTMENT COMMITMENTS (Details
INVESTMENT COMMITMENTS (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Feb. 28, 2023 | |
Investment Commitments | ||
Generation Estimated investment | $ 500 | |
Investment in power | 186 | |
Investments | $ 83 | |
Oil and Gas investment commitment | $ 217 |
INCIDENTS AT THERMAL POWER PL_2
INCIDENTS AT THERMAL POWER PLANT (Details Narrative) $ in Millions | 3 Months Ended |
Dec. 31, 2023 USD ($) | |
Incidents At Thermal Power Plant | |
Expense recovery for damages | $ 8 |
LEASES (Details)
LEASES (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Right of use assets, beginning | $ 20 | $ 20 |
Increase | 13 | 1 |
Decrease | (1) | |
Right of use assets, ending | 33 | 20 |
Right of use assets amortization, beginning | (11) | (8) |
For the year | (1) | (3) |
Right of use assets amortization, ending | (12) | (11) |
Net book values | 21 | 9 |
Machinery [member] | ||
IfrsStatementLineItems [Line Items] | ||
Right of use assets, beginning | 20 | |
Increase | 7 | |
Decrease | ||
Right of use assets, ending | 27 | 20 |
Right of use assets amortization, beginning | (11) | |
For the year | (1) | |
Right of use assets amortization, ending | (12) | (11) |
Net book values | 15 | 9 |
Advances To Suppliers [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Right of use assets, beginning | ||
Increase | 6 | |
Decrease | ||
Right of use assets, ending | 6 | |
Net book values | $ 6 |
LEASES (Details 1)
LEASES (Details 1) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Notes and other explanatory information [abstract] | ||
At the beginning of the year | $ 12 | $ 13 |
Increases | 7 | 1 |
Result from measurement at present value | 2 | 2 |
Reversal of unused amounts | (1) | |
Payments | (3) | (3) |
At the end of the year | $ 18 | $ 12 |
LEASES (Details 2)
LEASES (Details 2) $ in Millions | Dec. 31, 2023 USD ($) |
IfrsStatementLineItems [Line Items] | |
Lease liabilities contractual undiscounted cash flows | $ 32 |
Later than three months and not later than one year [member] | |
IfrsStatementLineItems [Line Items] | |
Lease liabilities contractual undiscounted cash flows | 4 |
Later than one year and not later than two years [member] | |
IfrsStatementLineItems [Line Items] | |
Lease liabilities contractual undiscounted cash flows | 2 |
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 | 3 |
Later than four years and not later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
Lease liabilities contractual undiscounted cash flows | 3 |
Later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
Lease liabilities contractual undiscounted cash flows | $ 17 |
LEASES (Details 3)
LEASES (Details 3) $ in Millions | Dec. 31, 2023 USD ($) |
IfrsStatementLineItems [Line Items] | |
Lease receivables contractual undiscounted cash flows | $ 17 |
Less Than Three Months [Member] | |
IfrsStatementLineItems [Line Items] | |
Lease receivables contractual undiscounted cash flows | 2 |
Later than three months and not later than one year [member] | |
IfrsStatementLineItems [Line Items] | |
Lease receivables contractual undiscounted cash flows | 4 |
Later than one year and not later than two years [member] | |
IfrsStatementLineItems [Line Items] | |
Lease receivables contractual undiscounted cash flows | 7 |
Later than two years and not later than three years [member] | |
IfrsStatementLineItems [Line Items] | |
Lease receivables contractual undiscounted cash flows | $ 4 |
LEASES (Details 4)
LEASES (Details 4) $ in Millions | Dec. 31, 2023 USD ($) |
IfrsStatementLineItems [Line Items] | |
Future minimum operating leases | $ 2 |
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 |
LEASES (Details Narrative)
LEASES (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Other noncurrent payables | $ 46,000 | $ 21,000 |
Rightofuseassets net book value | 6,000 | 6,000 |
Monthly consecutive installments | 623 | |
Current lease receivable | 6,000 | 6,000 |
Non-current lease receivable | 11,000 | 17,000 |
Current Liability [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Other current payables | 4,000 | 2,000 |
Noncurrent Liability [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Other noncurrent payables | $ 14,000 | $ 10,000 |
OIL AND GAS RESERVES (Details)
OIL AND GAS RESERVES (Details) | Dec. 31, 2023 Number |
Oil And L N G [Member] | |
IfrsStatementLineItems [Line Items] | |
Proved developed reserves | 7,592 |
Proved undeveloped reserves | 3,994 |
Proved reserves | 11,586 |
Natural Gas [Member] | |
IfrsStatementLineItems [Line Items] | |
Proved developed reserves | 20,523 |
Proved undeveloped reserves | 11,312 |
Proved reserves | 31,835 |
Country Of Argentina [Member] | Oil And L N G [Member] | |
IfrsStatementLineItems [Line Items] | |
Proved developed reserves | 7,592 |
Proved undeveloped reserves | 3,994 |
Proved reserves | 11,586 |
Country Of Argentina [Member] | Natural Gas [Member] | |
IfrsStatementLineItems [Line Items] | |
Proved developed reserves | 20,523 |
Proved undeveloped reserves | 11,312 |
Proved reserves | 31,835 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) | Feb. 08, 2024 |
Nonadjusting Event [Member] | |
IfrsStatementLineItems [Line Items] | |
Percentage of remuneration for sales | 73.90% |