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OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME
 12 Months Ended
Dec. 31, 2021
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

      12.31.2021   12.31.2020   12.31.2019
Salaries and social security charges     3   3   5
Benefits to employees     -   -   1
Fees and compensation for services     3   3   2
Compensation agreements      -   1   (1)
Taxes, rates and contributions     11   8   10
Transport      14   9   9
Other     2   2   2
Total selling expenses     33   26   28

 

10.2    Administrative expenses

 

      12.31.2021   12.31.2020   12.31.2019
Salaries and social security charges     34   34   38
Benefits to employees     5   4   8
Accrual of defined benefit plans     7   7   7
Fees and compensation for services     32   26   29
Compensation agreements     2   -   -
Directors' and Syndicates' fees     6   7   9
Depreciation of property, plant and equipment     5   5   7
Consumption of materials     -   -   1
Maintenance     2   1   1
Transport and per diem     1   1   1
Rental and insurance     1   1   1
Surveillance and security     -   1   -
Taxes, rates and contributions     2   2   1
Communications     1   1   2
Other     1   3   -
Total administrative expenses     99   93   105

 

 

10.3    Exploration expenses

 

      12.31.2021   12.31.2020   12.31.2019
Geological and geophysical expenses     -   -   4
Decrease in unproductive wells      -   -   5
Total exploration expenses     -   -   9

 

10.4      Other operating income and expenses

 

      12.31.2021   12.31.2020   12.31.2019
Other operating income              
Insurrance recovery     3   3   4
Services to third parties     2   4   8
Profit from property, plant and equipment sale     1   1   -
Result from the sale of intangible assets     2   -   -
Dividends received     -   1   1
Reversal of contingencies      13   2   1
Recovery of tax charges     2   -   -
Contractual penalty     -   7   -
Commercial interests     27   30   52
Argentine Natural Gas Production Promotion Plan     51   -   -
Other     4   3   11
Total other operating income     105   51   77
               
Other operating expenses              
Provision for contingencies     (16)   (7)   (5)
Provision for environmental remediation     (15)   -   -
Decrease in property, plant and equipment      -   (1)   -
Impairment on tax credits     -   -   (4)
Tax on bank transactions      (13)   (11)   (16)
Donations and contributions     (2)   (3)   (2)
Institutional promotion     (3)   (2)   (2)
Royalties of Argentine Natural Gas Production Promotion Plan     (5)   -   -
Other     (4)   (12)   (14)
Total other operating expenses     (58)   (36)   (43)

 

 

 

10.5  Financial results

      12.31.2021   12.31.2020   12.31.2019
Finance income              
Financial interest (1)     -   1   11
Other interest     10   8   12
Total finance income     10   9   23
               
Finance cost              
Financial interest (2)     (137)   (164)   (165)
Commercial interest     -   -   (2)
Fiscal interest     (38)   (3)   (6)
Other interest     (3)   (3)   (10)
Bank and other financial expenses     (7)   (7)   (4)
Total finance cost     (185)   (177)   (187)
               
Other financial results              
Foreign currency exchange difference, net     3   14   (6)
Changes in the fair value of financial instruments     (15)   30   88
(Losses) Gains from present value measurement (1)     (1)   2   55
Results for the repurchase of corporate bonds     -   38   25
Other financial results     (1)   -   13
Total other financial results     (14)   84   175
               
Total financial results, net     (189)   (84)   11

 

(1)As of December 31, 2019, includes US$ 2 million and US$ 69.1 million related to the agreement for the regularization and settlement of receivables executed with the WEM on August 5, 2019, recorded under financial interest income and gains from present value measurement, respectively.
(2)Net of US$ 10 million and US$ 17 million capitalized in property, plant and equipment for the years ended December 31, 2020 and 2019, respectively.

 

10.6  Income tax

The breakdown of income tax charge is:

 

      12.31.2021   12.31.2020   12.31.2019
Current tax      67   13   22
Deferred tax      10   22   (186)
Optional tax revaluation payment     -   -   34
Total  income tax - loss (income)     77   35   (130)

 

Below is a reconciliation between income tax expense and the amount resulting from application of the tax rate on the income before taxes:

 

      12.31.2021   12.31.2020   12.31.2019
Profit before income tax     390   159   473
Current tax rate     35%   30%   30%
Result at the tax rate     138   48   142
Share of profit from associates and joint ventures     (40)   (26)   (25)
Non-taxable results     (1)   (5)   (38)
Effects of exchange differences and other results associated with the valuation of the currency, net     79   88   93
Effects of valuation of property, plant and equipment, intangible assets and financial assets     (269)   (156)   (202)
Optional tax revaluation payment     -   -   34
Special tax, revaluation of property, plant and equipment (1)     -   -   (169)
Effect of tax rate change in deferred tax     (6)   19   37
Adjustment effect for tax inflation      169   74   82
Unrecognized deferred assets     4   -   -
Difference in the estimate of previous fiscal year income tax and the income tax statement     1   (7)   (86)
Non-deductible cost     3   -   -
Other     (1)   -   2
Total  income tax - loss (income)     77   35   (130)

 

(1)Relates to Pampa and CPB’s option to adhere, on March 27, 2019, to the optional tax revaluation regime under Title X of Law No. 27,430 on their existing assets as of December 31, 2017.