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LEASES
 12 Months Ended
Dec. 31, 2022
Leases  
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 recognised as of December 31, 2022 and 2021 is disclosed below:

19.1.1 Right of use assets

 

                 
    Original values
              Decrease    
Type of good     At the beginning   Increase     At the end
                 
Machinery and equipment     20   1   (1)   20
Total at 12.31.2022     20   1   (1)   20
Total at 12.31.2021     13   7   -   20
                   
                   
      Amortization    
Type of good     At the beginning   For the year   At the end    
                   
Machinery and equipment     (8)   (3)   (11)    
Total at 12.31.2022     (8)   (3)   (11)    
Total at 12.31.2021     (3)   (5)   (8)    
                   
                   
      Net book values        
Type of good     At 12.31.2022   At 12.31.2021        
               
                   
Machinery and equipment     9   12        
Total at 12.31.2022     9            
Total at 12.31.2021         12        

 

19.1.2 Lease liabilities

 

         
      12.31.2022   12.31.2021
At the beginning of the year     13   12
Increases     1   6
Result from measurement at present value (1)     2   -
Reversal of unused amounts     (1)   -
Payments     (3)   (5)
At the end of the year     12   13

 

 

(1) Included in Other financial results.

 

As of December 31, 2022 and 2021, this liability is disclosed under Other current payables in the amount of US$ 2 million and US$ 4 million and Other non-current payables for US$ 10 million and US$ 9 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:

 

     
      12.31.2022
Three months to one year     1
One to two years     1
Two to three years     3
Three to four years     2
Four to five years     2
More than five years     14
Total     23

 

 

19.1.3 Short-term or low value leases

As of December 31, 2022 and 2021, the Company has recognised administrative costs and expenses in the amount of US$ 6 million on account of lease payments associated with short-term leases.

 

19.2 Lessor

19.2.1 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, 2022 and 2021, this receivable is disclosed under Other current receivables in the amount of US$ 6 million and US$ 5 million, respectively and under Other non-current receivables for US$ 17 million and US$ 23 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:

 

     
      12.31.2022
Less than three months     1
Three months to one year     5
One to two years     5
Two to three years     7
Three to four years     5
Total     23

 

19.2.2 Operating leases

The Company has executed lease agreements to install commercial and administrative offices in Pampa Energía S.A.’s building, located in Maipú 1, Autonomous City of Buenos Aires, for three to five years terms.

Future minimum collections from operating leases as of December 31, 2022 are detailed below:

 

     
      12.31.2022
Three months to one year     1
One to two years     1
More than three years     1
Total     3

 

 

Total income from operating leases for the fiscal year ended December 31, 2022 amounts to US$ 1 million.