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Composition Of Group Explanatory (Tables)
 12 Months Ended
Dec. 31, 2021
Schedule of consolidated statement of comprehensive income related to discontinued operations

As of December 31, 2021, 2020 and 2019

           
  12.31.2021   12.31.2020   12.31.2019
Revenue 493   1,085   1,502
Cost of sales (398)   (926)   (1,225)
Gross profit  95   159   277
           
Selling expenses (36)   (79)   (99)
Administrative expenses (26)   (64)   (65)
Other operating income 21   29   19
Other operating expenses (18)   (25)   (43)
Impairment reversal (Impairment) of property, plant and equipment  16   (589)   -
Impairment of financial assets (11)   (50)   (23)
Agreement on the regularization of obligations -   -   285
Operating (loss) income  41   (619)   351
           
Gain on monetary position, net 120   115   187
Finance income -   1   11
Finance costs (106)   (110)   (112)
Other financial results 8   (20)   (62)
Financial results, net 22   (14)   24
Profit (Loss) before income tax 63   (633)   375
           
Income tax (138)   41   (178)
(Loss) profit of the year from discontinued operations (75)   (592)   197
           
           
           
Other comprehensive income (loss)          
Items that will not be reclassified to profit or loss          
Results related to defined benefit plans -   1   -
Exchange differences on translation 34   (15)   (15)
Items that may be reclassified to profit or loss          
Exchange differences on translation(1) 30   (19)   (13)
Other comprehensive income (loss) of the year from discontinued operations 64   (33)   (28)
           
Total comprehensive (loss) income of the year from discontinued operations (11)   (625)   169
           
           
Total (loss) profit of the year from discontinued operations attributable to:          
Owners of the company (39)   (499)   98
Non - controlling interest (36)   (93)   99
Total (loss) profit of the year from discontinued operations attributable to: (75)   (592)   197
           
Total comprehensive (loss) income of the year from discontinued operations attributable to:          
Owners of the company (9)   (517)   84
Non - controlling interest (2)   (108)   85
Total comprehensive (loss) income of the year from discontinued operations attributable to: (11)   (625)   169

 

(1)As of December 31, 2021, corresponds to the reclassification adjustment for exchange differences losses included in profit or loss on Edenor disposal. No exchange differences losses on translation were reconized during 2021.

Schedule of assets and liabilities that comprise the assets held for sale and associated liabilities

As of December 31, 2020, the assets and liabilities that comprise the assets held for sale and associated liabilities are:

  12.31.2020
ASSETS  
NON-CURRENT ASSETS  
Property, plant and equipment 1,185
Right-of-use assets 3
Financial assets at amortized cost 3
Trade and other receivables 1
Total non-current assets 1,192
   
   
Inventories 22
Financial assets at amortized cost 1
Financial assets at fair value through profit and loss 26
Trade and other receivables 176
Cash and cash equivalents 52
Total current assets 277
Assets classified as held for sale 1,469
   
LIABILITIES  
NON-CURRENT LIABILITIES  
Provisions 29
Deferred revenue 17
Deferred tax liabilities 282
Defined benefit plans 9
Salaries and social security payable  4
Borrowings 98
Trade and other payables 81
Total non-current liabilities  520
   
CURRENT LIABILITIES  
Provisions 4
Taxes payables 21
Defined benefit plans 1
Salaries and social security payable  44
Borrowings 2
Trade and other payables 429
Total current liabilities  501
Liabilities associated to assets classified as held for sale 1,021
Schedule of consolidated statement of cash flows related to discontinued operations

The consolidated statement of cash flows related to discontinued operations is presented below:

           
  12.31.2021   12.31.2020   12.31.2019
           
Net cash generated by operating activities 116   211   170
Net cash used in investing activities (166)   (86)   (86)
Net cash used in financing activities (7)   (73)   (85)
           
(Decrease) Increase in cash and cash equivalents (57)   52   (1)
           
           
Cash and cash equivalents at the begining of the year 52   9   1
Effect of devaluation and inflation on cash and cash equivalents 5   (9)   9
(Decrease) Increase in cash and cash equivalents (57)   52   (1)
Cash and cash equivalents at the end of the year -   52   9
Schedule of subsidiaries information

            12.31.2021   12.31.2020
Company   Country   Main activity   Direct and indirect participation %   Direct and indirect participation %
Generación Argentina S.A.U   Argentina   Generation   100.00%   100.00%
Edenor (1)   Argentina   Distribution of energy      -   57.12%
Enecor S.A.   Argentina   Transportation of electricity   70.00%   70.00%
HIDISA   Argentina   Generation   61.00%   61.00%
HINISA   Argentina   Generation   52.04%   52.04%
PACOSA   Argentina   Trader & investment   100.00%   100.00%
PEB   Bolivia   Investment   100.00%   100.00%
EcuadorTLC   Ecuador   Oil   100.00%   100.00%
Energía Operaciones ENOPSA S.A.   Ecuador   Oil   100.00%   100.00%
Trenerec S.A.(2)   Ecuador   Investment   -   100.00%
Pampa Ecuador Inc. (3)   Ecuador   Investment   100.00%   -
PE Energía Ecuador LTD   Gran Cayman   Investment   100.00%   100.00%
EISA   Uruguay   Investment   100.00%   100.00%
PISA   Uruguay   Investment   100.00%   100.00%
TGU   Uruguay   Gas transportation   51.00%   51.00%
Corod   Venezuela   Oil   100.00%   100.00%
Petrolera San Carlos S.A.   Venezuela   Oil   100.00%   100.00%

(1)Corresponds to effective ownership interest in Edenor after consider treasury shares As of December 31, 2020, this stake in Edenor is disclosed under assets classified as held for sale (See Note 5.1).
(2)Liquidated.
(3)See Note 5.2.4.
Disclosure Of 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:

        Information about the issuer    
    Main activity   Date   Share capital   Profit (loss) of the period / year   Equity   Direct and indirect participation %
Associates                        
Refinor   Refinery   09.30.2021   1   (5)   62   28.50%
OCP   Investment   12.31.2021   100   (2)   126   30.06%
TGS (1)   Transport of gas   12.31.2021   7   204   1,174   3.677%
                         
Joint ventures                    
CIESA (1)   Investment   12.31.2021   6   104   599   50.00%
Citelec (2)   Investment   12.31.2021   5   (7)   204   50.00%
CTB   Generation   12.31.2021   83   98   454   50.00%
Greenwind   Generation   12.31.2021   -   (3)   (10)   50.00%

 

 

(1)The Company holds a direct and indirect interest of 3.677% in TGS and 50% in CIESA, a company that holds a 51% interest in the share capital of TGS. Therefore, additionally the Company has an indirect participation of 25.50% in TGS.

 

As of December 31, 2021, the quotation of TGS's ordinary shares and ADR published on the BCBA and the NYSE was $ 181.1 and US$ 4.44, respectively, granting to Pampa (direct and indirect) ownership an approximate stake market value of US$ 206 million.

 

(2)Through a 50% interest, the company jointly controls Citelec, a company that controlled Transener with 52.65% of the shares and votes. As a result, the Company has an indirect participation of 26.33% in Transener.
Schedule of interest in associates and joint ventures

The details of the balances of investments in associates and joint ventures are as follows:

    12.31.2021   12.31.2020
Disclosed in non-current assets        
Associates        
Refinor   22   19
OCP   24   2
TGS   52   25
Total associates   98   46
Joint ventures        
CIESA   347   240
Citelec   102   85
CTB   227   178
Total joint ventures   676   503
Total associates and joint ventures   774   549
Disclosed in non-current liabilities        
Joint ventures        
Greenwind (1)   (4)   (2)
Total joint ventures   (4)   (2)

 

(1)The company receives financial assistance from partners.
Schedule of result from interests in associates and joint ventures

The following tables show the breakdown of the share of profit from associates and joint ventures:

    12.31.2021   12.31.2020   12.31.2019
Associates            
Refinor   (2)   (2)   (3)
OCP   18   (5)   21
TGS   7   1   1
Total associates   23   (6)   19
             
Joint ventures            
CIESA   50   11   50
CTB   49   64   13
Citelec    (3)   13   19
Greenwind   (2)   3   -
Total joint ventures   94   91   82
Total associates and joint ventures   117   85   101
Schedule of evolution of interests in associates and joint ventures

The evolution of investments in associates and joint ventures is as follows:

    12.31.2021   12.31.2020   12.31.2019
At the beginning of the year   547   507   403
Compensation   -   (5)   (16)
Dividends   -   (34)   (75)
Increases   17   3   108
Share of profit    117   85   101
Exchange differences   89   (9)   (14)
At the end of the year   770   547   507
Investment in associates adquisition

The closing of the transaction involved the recognition of profits for US$ 25 million and US$ 17 million, respectively, under IAS 28. The following table details the consideration, the fair value of the acquired assets, and the profit recorded by the Company as of June 20. 2019 and August 12, 2021:  

 

 

    06.20.2019 08.12.2021
  in million US$
Acquisition cost (1) (0.4) (5.0)
Contingent consideration (2) (0.1)  -
Total consideration (0.5) (5.0)
Share value of the interest in the fair value of associates’s identifiable assets and liabilities (3) 9.0 12.7
Financial credit with OCP 14.2 -
Dividends to be received 2.5 9.5
Assets fair value 25.7 22.2
Profit (4) 25.2 17.2

 

(1)Including expenses paid by PEB to the Ecuadorian Government (Ministry of the Environment) of US$ 0.1 million for the granting of the authorization to transfer the shares held by AGIP and other advisory expenses related to the transaction in 2020.
(2)Contingent consideration for reimbursement to AGIP, calculated by estimating the probability of collecting the financial receivable with OCP Ltd. before its maturity in 2021.
(3)Calculated based on the present value of expected dividend flows.
(4)Disclosed under “Share of profit from associates and joint ventures”.
Schedule of oil and gas areas participations

As of December 31, 2021, the Company and associates are part of the joint operations and consortia for the exploration and production of oil and gas as indicated below:

          Participation        Duration Up To 
Name     Location   Direct   Indirect   Operator  
                       
Argentine production                      
Río Neuquén     Río Negro and Neuquén   31.42% and 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     Salta   15.00%   -    Tecpetrol   2023/2027
Gobernador Ayala     Mendoza   22.51%   -    Pluspetrol   2036
Anticlinal Campamento (1)     Neuquén 15.00% - Oilstone 2026
Estación Fernández Oro (2)       Río Negro   15.00%   -    YPF   2026
Río Limay este (Ex Senillosa) (3)     Neuquén   85.00%   -    PAMPA   2040
Veta Escondida y Rincón de Aranda      Neuquén   55.00%   -    PAMPA   2027
Rincón del Mangrullo     Neuquén   50.00%   -    YPF   2052
Los Blancos (ex Chirete)     Salta   50.00%   -    High Luck Group Limited   2045
                       
Foreign (4)                      
Oritupano - Leona      Venezuela     -    22.00%   PDVSA   2025
Acema      Venezuela     -    34.49%   PDVSA   2025
La Concepción      Venezuela     -    36.00%   PDVSA   2025
Mata       Venezuela     -    34.49%   PDVSA   2025
                       
Argentine exploration                      
Parva Negra Este (5)     Neuquén   42.50%   -    PAMPA   2019
Río Atuel (6)     Mendoza   33.33%   -    Petrolera El Trebol   2020
Borde del Limay (3)     Neuquén   85.00%   -    PAMPA   2015
Los Vértices (3)     Neuquén   85.00%   -    PAMPA   2015
Las Tacanas Norte     Neuquén   90.00%   -    PAMPA   2023

 

(1)Direct participation in 9 wells.
(2)Direct participation in 13 wells.
(3)In the process of being transferred to GyP
(4)Corresponding to the following stakes (direct and indirect): 22% in Petroritupano S.A., 36% in Petrowayú S.A., 34.49% in Petroven-Bras S.A. and 34.49% in Petrokariña S.A (Venezuelan mixed companies) regulating the exploitation of the Oritupano Leona, La Concepción, Acema and Mata blocks, respectively, and incorporated as a result of the purchase of Petrobras Participaciones S.L.’s capital stock in July 2016, without obtaining the Venezuelan Government’s authorizations regarding the change of indirect control. The Company has expressed to the Venezuelan Government authorities its willingness to negotiate the transfer of its shares to Corporación Venezolana de Petróleo S.A.
(5)In the process of requesting appraisal.
(6)On November 26, 2021, Petrolera El Trébol and the Company requested the extension for the third exploration period, to the Mendoza Province, for a period of 1 year, beginning on December 18, 2021.
Schedule of exploratory well costs

The following table provides the year end balances and activity for exploratory well costs, during the years ended December 31, 2021, 2020 and 2019:

    12.31.2021   12.31.2020   12.31.2019
             
At the beginning of the year   50   33   19
Increases   8   24   30
Transferred to development   (16)   (7)   (11)
Loss of the year   -   -   (5)
At the end of the year   42   50   33
             
Number of wells at the end of the year   10   12   9