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LEASES
 12 Months Ended
Dec. 31, 2021
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 recognized as of December 31, 2021 and 2020 is disclosed below:

 

19.1.1 Right of use assets

              Reclasification to assets clasified as held      
Type of good     At the beginning   Increase       At the end
          (1)        
Machinery and equipment     13   7   -     20
Total at 12.31.2021     13   7   -     20
Total at 12.31.2020     20   3   (10)     13
                     
     
              Reclasification to assets clasified as held      
Type of good     At the beginning   For the year       At the end
                   
Machinery and equipment     (3)   (5)   -     (8)
Total at 12.31.2021     (3)   (5)   -     (8)
Total at 12.31.2020     (4)   (5)   6     (3)
                     
                     
      Net book values          
Type of good     At 12.31.2021   At 12.31.2020          
                 
                     
Machinery and equipment     12   10          
Total at 12.31.2021     12              
Total at 12.31.2020         10          

 

 

19.1.2 Lease liabilities

 

      12.31.2021   12.31.2020
At the beginning of the year     12   16
Increases     6   4
Payments     (5)   (10)
Reclasification to liabilities clasified as held for sales     -   (4)
Exchange differences on translation     -   6
At the end of the year     13   12

 

(1)Included in the “Gains (losses) from present value measurement” under Other financial results

 

As of December 31, 2021 and 2020, this liability is disclosed under Other current payables in the amount of US$ 4 million and US$ 2 million and Other non-current payables for US$ 9 million and US$ 10 million, respectively.

 

The following table includes an analysis of the Company lease liabilities, grouped according to their maturity dates. The amounts shown in the table are the contractual undiscounted cash flows:

      12.31.2021
Three months to one year     1
One to two years     1
Two to three years     1
Three to four years     2
Four to five years     2
More than five years     13
Total     20

 

19.1.3 Short-term or low value leases

As of December 31, 2021 and 2020, the Company has recognized administrative costs and expenses in the amount of US$ 6 million and US$ 4 million on account of lease payments associated with short-term leases and low-value underlying assets, respectively.

 

19.2 Lessor

 

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 thousand, without considering taxes, and a purchase option for a like amount payable at the end of the 120 months of the contract life.

As of December 31, 2021 and 2020, this receivable is disclosed under Other current receivables in the amount of US$ 5 million and US$ 5 million, respectively and under Other non-current receivables for US$ 23 million and US$ 29 million, respectively.

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:

      12.31.2021
Less than three months     1
Three months to one year     4
One to two years     6
Two to three years     6
Three to four years     7
Four to five years     4
Total     28