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SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2022

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.


	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