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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2022
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, principally consisting of the Company’s direct and indirect interests in HINISA, HIDISA, Greenwind, VAR, CTB, TMB, TJSM and through its own electricity generation activities through thermal plants Güemes, Piedra Buena, Piquirenda, Loma de la Lata, Genelba and Ecoenergía, Pilar, I. White, the Pichi Picún Leufú hydroelectric complex and PEPE II, PEPE III and PEPE IV wind farms. It is worth highlighting that the results of the segment’s operations reflect the effects of the consolidation with Greenwind and VAR as from August 12, 2022 and December 16, 2022, respectively; see Note 5.1.3 and Note 5.1.5. Electricity Distribution, consisting of the Company’s direct interest in Edenor until its disposal. As of December, 31, 2021 and 2020, the Company has classified the results corresponding to the divestment mentioned in Note 5.1.1 as discontinued operations. Oil and Gas, principally consisting of the Company’s interests in oil and gas areas and through its direct and indirect interest in CISA. Petrochemicals, comprising of the Company’s own styrenics operations and the catalytic reformer plant operations conducted in local plants. Holding and Other Business, principally consisting of interests in joint businesses CITELEC and CIESA and their respective subsidiaries, which hold the concession over the high voltage electricity transmission nationwide and over gas transportation in the South of the country, respectively, interests in the associates OCP and Refinor (until its divestment detailed in Note 5.1.2), holding activities and financial investment transactions. The Company manages its operating segment based on its individual net result in U.S. dollars.
Disclosure of operating segment information |  |  |  |  |  |  |  |  |  |  |  |
|  | 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) |  | (359) |  | (536) |  | - |  | 117 |  | (1,148)
Gross profit |  | 293 |  | 287 |  | 81 |  | 20 |  | - |  | 681
Selling expenses |  | (3) |  | (36) |  | (17) |  | - |  | - |  | (56)
Administrative expenses |  | (39) |  | (60) |  | (5) |  | (34) |  | - |  | (138)
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) |  | - |  | (6) |  | - |  | (8)
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, intangible assets and right-of-use assets |  | 115 |  | 324 |  | 7 |  | 36 |  | - |  | 482
|  | in million of US$
Consolidated profit and loss information for the year ended December 31, 2021 |  | Generation |  | Distribution of energy |  | 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) |  | - |  | (289) |  | (424) |  | - |  | 113 |  | (955)
Gross profit |  | 301 |  | - |  | 164 |  | 66 |  | 22 |  | - |  | 553
Selling expenses |  | (2) |  | - |  | (18) |  | (13) |  | - |  | - |  | (33)
Administrative expenses |  | (31) |  | - |  | (46) |  | (4) |  | (18) |  | - |  | (99)
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)
Impairment of financial assets |  | - |  | - |  | - |  | - |  | (2) |  | - |  | (2)
Share of profit from associates and joint ventures |  | 47 |  | - |  | - |  | - |  | 70 |  | - |  | 117
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 of energy |  | 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
|  | in million of US$
Consolidated profit and loss information for the year ended December 31, 2020 |  | Generation |  | Distribution of energy |  | Oil and gas |  | Petrochemicals |  | Holding and others |  | Eliminations |  | Consolidated
Revenue - local market |  | 559 |  | - |  | 199 |  | 178 |  | 20 |  | - |  | 956
Revenue - foreign market |  | - |  | - |  | 28 |  | 89 |  | - |  | - |  | 117
Intersegment revenue |  | - |  | - |  | 67 |  | - |  | - |  | (67) |  | -
Cost of sales |  | (254) |  | - |  | (243) |  | (233) |  | - |  | 67 |  | (663)
Gross profit |  | 305 |  | - |  | 51 |  | 34 |  | 20 |  | - |  | 410
Selling expenses |  | (2) |  | - |  | (15) |  | (9) |  | - |  | - |  | (26)
Administrative expenses |  | (30) |  | - |  | (42) |  | (3) |  | (18) |  | - |  | (93)
Other operating income |  | 35 |  | - |  | 9 |  | - |  | 7 |  | - |  | 51
Other operating expenses |  | (6) |  | - |  | (17) |  | (6) |  | (7) |  | - |  | (36)
Impairment of property, plant and equipment, intangible assets and inventories |  | (128) |  | - |  | - |  | (11) |  | - |  | - |  | (139)
Impairment of financial assets |  | - |  | - |  | (13) |  | 1 |  | 3 |  | - |  | (9)
Share of profit from associates and joint ventures |  | 67 |  | - |  | - |  | - |  | 18 |  | - |  | 85
Operating income (loss) |  | 241 |  | - |  | (27) |  | 6 |  | 23 |  | - |  | 243
Financial income |  | 3 |  | - |  | 7 |  | - |  | 1 |  | (2) |  | 9
Financial costs |  | (73) |  | - |  | (100) |  | (3) |  | (3) |  | 2 |  | (177)
Other financial results |  | 1 |  | - |  | 44 |  | 5 |  | 34 |  | - |  | 84
Financial results, net |  | (69) |  | - |  | (49) |  | 2 |  | 32 |  | - |  | (84)
Profit (loss) before income tax |  | 172 |  | - |  | (76) |  | 8 |  | 55 |  | - |  | 159
Income tax |  | (33) |  | - |  | 23 |  | (2) |  | (23) |  | - |  | (35)
Profit (loss) of the year from continuing operations |  | 139 |  | - |  | (53) |  | 6 |  | 32 |  | - |  | 124
Loss of the year from discontinued operations |  | - |  | (592) |  | - |  | - |  | - |  | - |  | (592)
Profit (loss) of the year |  | 139 |  | (592) |  | (53) |  | 6 |  | 32 |  | - |  | (468)
Depreciation and amortization |  | 95 |  | 81 |  | 108 |  | 2 |  | - |  | - |  | 286
|  | in million of US$
Consolidated profit and loss information for the year ended December 31, 2020 |  | Generation |  | Distribution of energy |  | Oil and gas |  | Petrochemicals |  | Holding and others |  | Eliminations |  | Consolidated
Total profit (loss) of the year attributable to: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owners of the company |  | 147 |  | (499) |  | (53) |  | 6 |  | 32 |  | - |  | (367)
Non-controlling interest |  | (8) |  | (93) |  | - |  | - |  | - |  | - |  | (101)
Consolidated financial position information as of December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  | 1,595 |  | 1,356 |  | 1,085 |  | 107 |  | 832 |  | (85) |  | 4,890
Liabilities |  | 707 |  | 1,021 |  | 1,174 |  | 126 |  | 178 |  | (85) |  | 3,121
Net book values of property, plant and equipment |  | 1,015 |  | - |  | 543 |  | 19 |  | 33 |  | - |  | 1,610
Additional consolidated information as of December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increases in property, plant and equipment and right-of-use assets |  | 61 |  | 135 |  | 41 |  | 3 |  | 2 |  | - |  | 242

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