Intangible Assets

12 Months Ended

Dec. 31, 2023

7.	INTANGIBLE ASSETS


	2023	2022	2021

Net book value of intangible assets	407	424	462
Provision for impairment of intangible assets	(40)	(40)	(43)

	367	384	419

The evolution of the Group’s intangible assets for the years ended December 31, 2023, 2022 and 2021 is as follows:


	Service concessions		Exploration rights		Other intangibles		Total
Cost		883		160		420		1,463
Accumulated amortization		611		-		362		973

Balance as of December 31, 2020		272		160		58		490


Cost
Increases		25		-		7		32
Translation effect		-		-		(3)		(3)
Adjustment for inflation (1)		-		-		19		19
Decreases, reclassifications and other movements		-		(24)		3		(21)

Accumulated amortization
Increases		37		-		14		51
Translation effect		-		-		(1)		(1)
Adjustment for inflation (1)		-		-		5		5
Decreases, reclassifications and other movements		-		-		-		-

Cost		908		136		446		1,490
Accumulated amortization		648		-		380		1,028

Balance as of December 31, 2021		260		136		66		462


Cost
Increases		25		-		4		29
Translation effect		-		-		(32)		(32)
Adjustment for inflation (1)		-		-		35		35
Decreases, reclassifications and other movements		-		(26)		-		(26)

Accumulated amortization
Increases		27		-		16		43
Translation effect		-		-		(10)		(10)
Adjustment for inflation (1)		-		-		11		11
Decreases, reclassifications and other movements		-		-		-		-

Cost		933		110		453		1,496
Accumulated amortization		675		-		397		1,072

Balance as of December 31, 2022		258		110		56		424


Cost
Increases		31		-		2		33
Translation effect		-		-		(60)		(60)
Adjustment for inflation (1)		-		-		36		36
Decreases, reclassifications and other movements		-		-		-		-

Accumulated amortization
Increases		28		-		9		37
Translation effect		-		-		(29)		(29)
Adjustment for inflation (1)		-		-		18		18
Decreases, reclassifications and other movements		-		-		-		-

Cost		964		110		431		1,505
Accumulated amortization		703		-		395		1,098

Balance as of December 31, 2023		261		110		36		407

(1)	Corresponds to adjustment for inflation of opening balances of intangible assets of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

Set forth below is the evolution of the provision for impairment of intangible assets for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
Amount at beginning of year		40		43		25
Increase charged to profit or loss		-		-		18
Translation differences		-		(3)		-

Amount at end of year		40		40		43

Likewise, in accordance with IFRS 8 “Operating segments”, intangible assets are geographically located in Argentina.