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FINANCIAL ASSETS AND LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2022
Financial Assets And Liabilities  
Schedule of financial assets at amortized cost
       
    12.31.2022   12.31.2021
Non-current        
Term deposit   101   100
Notes receivable   1   5
Total non-current   102   105
Current        
Notes receivable   8   5
Total current   8   5
Schedule of financial assets at fair value through profit and loss
         
    12.31.2022   12.31.2021
Non-current        
Shares   27   29
Total non-current   27   29
         
Current        
Government securities    279   278
Corporate bonds   116   19
Shares   160   120
Mutual funds   31   41
Total current   586   458
Schedule of trade and other receivables
         
Note   12.31.2022   12.31.2021
Non-Current          
Related parties 16   17   23
Tax credits     2   9
Prepaid expenses     -   1
Other     1   1
Other receivables     20   34
           
Total non-current     20   34

 

 

    12.31.2022   12.31.2021
Current          
Receivables from MAT sales     21   24
CAMMESA     165   89
Receivables from oiland gas sales      55   69
Receivables from petrochemicals sales     62   71
Related parties 16   5   7
Other     3   5
Impairment of financial assets     (6)   (9)
Trade receivables, net     305   256
           
Current          
Related parties 16   7   8
Tax credits     14   5
Receivables for complementary activities     -   2
Prepaid expenses     14   10
Financial credit     -   10
Guarantee deposits     27   30
Insurance to be recovered     -   1
Expenses to be recovered     15   -
Receivables for acquisition of subsidiary     7   -
Receivables for sale of subsidiary and associates     4   41
Receivables for financial instruments sale     1   6
Argentine Natural Gas Production Promotion Plan     32   14
Receivables for arbitration award 15.6   37   -
Other     7   14
Other receivables, net     165   141
           
Total current     470   397
Schedule of allowance for the impairment of trade receivables
             
    12.31.2022   12.31.2021   12.31.2020
At the beginning of the year     9   16   68
Impairment (1)     1   1   63
Utilization     (1)   -   (7)
Reversal of unused amounts     -   (6)   (3)
Gain on monetary position, net     (3)   (2)   (2)
Gain on monetary position, net     -   -   (28)
Reclasified to assets classified as held for sale     -   -   (75)
At the end of the year     6   9   16

 

(1)It includes US$ 26 million corresponding to discontinued operations for fiscal year 2020. As of December 31, 2020, it includes US$ 13 million corresponding to the receivable impairment related to the exchange difference between the price of gas purchased by distributors and the price of gas recognised in distributors´s final tariffs between April 2018 and March 2019 to be assumed by the Federal Government in accordance to PEN Executive Order No. 1,053/18 (see Note 15).
Schedule of impairment of other financial assets assets
             
    12.31.2022   12.31.2021   12.31.2020
At the beginning of the year     -   -   6
Impairment      -   -   2
Reversal of unused amounts     -   -   (7)
Reclasified to assets classified as held for sale     -   -   (1)
At the end of the year     -   -   -
Schedule of cash and cash equivalents
             
          12.31.2022   12.31.2021
Banks         11   26
Mutual funds         95   84
Total         106   110
Schedule of borrowings
         
      12.31.2022   12.31.2021
Non-Current          
Financial borrowings     108   58
Corporate bonds     1,232   1,301
Total non-current     1,340   1,359
           
Current          
Bank overdrafts     59   11
Financial borrowings     51   29
Corporate bonds     163   39
Total current     273   79
Total     1,613   1,438
Schedule of changes in borrowings
             
      12.31.2022   12.31.2021   12.31.2020
At the beginning of the year     1,438   1,614   1,947
Proceeds from borrowings     308   188   353
Payment of borrowings     (143)   (336)   (300)
Accrued interest     172   137   176
Payment of interests     (162)   (140)   (201)
Repurchase and redemption of corporate bonds     (28)   (3)   (155)
Result from exchange of corporate bonds     14   -   -
Result from repurchase of corporate bonds     (6)   -   (43)
Increases for incorporation (1)     89   -   -
Cancellation through dividend compensation     -   -   (12)
Gain on monetary position, net     -   -   (43)
Foreign currency exchange difference, net     (80)   (22)   (18)
Borrowing costs capitalized in property, plant and equipment     11   -   10
Reclassified to liabilities associated to assets classified as held for sale     -   -   (100)
At the end of the year     1,613   1,438   1,614

 

(1) See Notes 5.1.3 and 5.1.5.
Schedule of borrowings composition
                             
Type of instrument   Company   Currency   Residual value     Interest   Rate   Expiration   Book value as of 12.31.2022
               
                               
Corporate bonds (1)                              
T Series CB   PAMPA   US$   93     Fixed   7.38%   Jul-23   95
Class 8 CB   PAMPA   $   18     Variable   Badlar + 2%   Jul-23   20
Class 11 CB   PAMPA   $   122     Variable   Badlar + 0%   Jan-24   140
Class 9 CB   PAMPA   US$   102     Fixed   9.50%   Dec-26   184
Class 1 CB   PAMPA   US$   501     Fixed   7.50%   Jan-27   616
Class 13 CB   PAMPA   US$   49     Fixed   0.00%   Dec-27   48
Class 3 CB   PAMPA   US$   285     Fixed   9.13%   Apr-29   292
                              1,395
Financial loans (2)                              
    PAMPA   US$   15     Variable   Libor + 4.21%   Nov-24   16
    GW   US$   83     Variable   Libor + 5.75%   Sep-26   85
                              101
Other financial loans (3)                              
    PAMPA   US$   22     Variable   SOFR + 0.35%   Jul-23   23
    PAMPA   US$   8     Fixed   Between 9.50% and 14.50%   Between Jan-23 and May-23   8
    PAMPA   US$   27     Variable   SOFR + 0%   Agu-24   27
                              58
Bank overdrafts (3)                              
    PAMPA   $   57     Fixed   Between 54% and 54.50%   Jan-23   59
                              59
                              1,613

 

 

(1)Net of the following face value repurchases: US$ 113.7 million of ON 2026, US$ 146.2 million of ON 2027 and US$ 7.5 million of ON 2029.

 

(2)During the the fiscal year ended December 31, 2022, the Company took on new short-term financing with domestic financial entities, net of cancellations, for a total $ 8,618 million and import prefinancing for US$ 7.6 million. Additionally, the Company repaid at maturity two principal installments for the credit facility sponsored by FINNVERA in the amount of US$ 7.7 million and US$ 10.4 million corresponding to the credit facility subscribed between IDB Invest and Greenwind, a Company that is consolidated since acquisition of an additional 50% interest in August 2022.

 

(3)During the fiscal year ended December 31, 2022, the Company received disbursements in the amount of US$ 1.3 million under the credit facilities taken out with BNP Paribas S.A. in 2020. After the fiscal year closing, the Company repaid short-term bank loans with local financial entities for $ 10,065 million and import prefinancing for US$ 0.7 million.

 

 

 

Type of instrument   Company   Currency   Residual value     Interest   Rate   Expiration   Book value as of 12.31.2021
               
                               
Corporate bonds (1)                              
T Series CB   PAMPA   US$   389     Fixed   7.38%    Jul-23   400
Class 1 CB   PAMPA   US$   636     Fixed   7.50%   Jan-27   648
Class 3 CB   PAMPA   US$   293     Fixed   9.13%   Apr-29   292
                              1,340
Financial loans (2)                              
    PAMPA   US$   23     Variable   Libor + 4.21%   May-24   23
                              23
Other financial loans (3)                              
    PAMPA   US$   22     Variable   Libor + 0.35%   Jul-22   22
    PAMPA   US$   43     Variable   Libor + 0%   Aug-23   42
                              64
Bank overdrafts                              
    PAMPA   $   11     Fixed   33.00%   Jan-22   11
                              11
                              1,438

 

(1)Net of the following face value repurchases: US$ 110,4 million of ON 2023, US$ 114,0 million of ON 2027 and US$ 7,5 million of ON 2029.

 

On September 27, 2021, the Company repaid at maturity Class 6 CBs for $ 6,355 million.

 

(2)During the fiscal year ended December 31, 2021, the Company canceled short-term financing with local financial entities, net of borrowings, for $ 8,158 million. Additionally, the Company repaid at maturity two principal installments for the credit facility sponsored by FINNVERA in the amount of US$ 7.7 million.

 

(3)During the fiscal year ended December 31, 2021, the Company received disbursements in the amount of US$ 27 million under the credit facilities taken out with BNP in 2020.
Schedule of trade and other payables
         
  Note   12.31.2022   12.31.2021
Non-Current          
Compensation agreements      10   3
Finance leases liability     10   9
Other     1   -
Other payables     21   12
Total non-current     21   12
           
           
Current          
Suppliers     198   154
Customer advances     3   4
Related parties 16   14   15
Trade payables     215   173
           
Compensation agreements      12   2
Liability for acquisition of companies     46   -
Finance leases liability     2   4
Other     6   3
Other payables     66   9
           
Total current     281   182
Schedule of financial instruments
                   
As of December 31, 2022   Financial assets/liabilities at amortized cost   Financial assets/liabilities at fair value through profit and loss   Subtotal financial assets/liabilities   Non financial assets/liabilities   Total
Assets                    
Trade receivables and other receivables   437   22   459   31   490
Financial assets at amortized cost                    
Term deposit   101   -   101   -   101
Notes receivable   9   -   9   -   9
Financial assets at fair value through profit and loss                    
Government securities    -   279   279   -   279
Corporate bonds   -   116   116   -   116
Shares   -   187   187   -   187
Mutual funds   -   31   31   -   31
Cash and cash equivalents   11   95   106   -   106
Total   558   730   1,288   31   1,319
                     
Liabilities                    
Trade and other liabilities   298   -   298   4   302
Borrowings   1,613   -   1,613   -   1,613
Derivative financial instruments   -   2   2   -   2
Total   1,911   2   1,913   4   1,917
                     
                     
As of December 31, 2021   Financial assets/liabilities at amortized cost   Financial assets/liabilities at fair value through profit and loss   Subtotal financial assets/liabilities   Non financial assets/liabilities   Total
Assets                    
Trade receivables and other receivables   376   30   406   25   431
Financial assets at amortized cost                    
Term deposit   100   -   100   -   100
Notes receivable   10   -   10   -   10
Financial assets at fair value through profit and loss                  
Government securities    -   278   278   -   278
Corporate bonds   -   19   19   -   19
Shares   -   149   149   -   149
Mutual funds   -   41   41   -   41
Cash and cash equivalents   26   84   110   -   110
Total   512   601   1,113   25   1,138
                     
Liabilities                    
Trade and other liabilities   190   -   190   4   194
Borrowings   1,438   -   1,438   -   1,438
Total   1,628   -   1,628   4   1,632
Schedule of income, expenses, gains and losses from financial instruments
                   
As of December 31, 2022   Financial assets/liabilities at amortized cost   Financial assets/liabilities at fair value through profit and loss   Subtotal financial assets/liabilities    Non Financial assets/ liabilities    Total
Interest income   5   -   5   -   5
Interest expenses   (175)   -   (175)   (41)   (216)
Foreign currency exchange difference, net   16   (85)   (69)   149   80
Changes in the fair value of financial instruments   -   110   110   -   110
Result from present value measurement   (1)   -   (1)   (13)   (14)
Other financial results   (15)   -   (15)   -   (15)
Total   (170)   25   (145)   95   (50)
                     
                     
As of December 31, 2021   Financial assets/liabilities at amortized cost   Financial assets/liabilities at fair value through profit and loss   Subtotal financial assets/liabilities    Non Financial assets/ liabilities    Total
Interest income   10   -   10   -   10
Interest expenses   (138)   -   (138)   (40)   (178)
Foreign currency exchange difference, net   (11)   (19)   (30)   33   3
Changes in the fair value of financial instruments   -   (15)   (15)   -   (15)
Result from present value measurement   2   -   2   (3)   (1)
Other financial results   (4)   -   (4)   (4)   (8)
Total   (141)   (34)   (175)   (14)   (189)
                     
                     
                     
                     
As of December 31, 2020   Financial assets/liabilities at amortized cost   Financial assets/liabilities at fair value through profit and loss   Subtotal financial assets/liabilities    Non Financial assets/ liabilities    Total
Interest income   9   -   9   -   9
Interest expenses   (164)   -   (164)   (6)   (170)
Foreign currency exchange difference, net   38   (35)   3   11   14
Changes in the fair value of financial instruments   -   30   30   -   30
Result from present value measurement   6   -   6   (4)   2
Other financial results   36   -   36   (5)   31
Total   (75)   (5)   (80)   (4)   (84)
Schedule of fair value of financial instruments
               
As of December 31, 2022   Level 1   Level 2   Level 3   Total
Assets                
Financial assets at fair value through
profit and losss		                
Government securities   279   -   -   279
Corporate bonds   116   -   -   116
Mutual funds   31   -   -   31
Shares   160   -   27   187
Cash and cash equivalents                
Mutual funds   95   -   -   95
Other receivables   22   -   -   22
Total assets   703   -   27   730
                 
Liabilities                
Derivative financial instruments   -   2   0   2
Total liabilities   -   2   -   2
                 
As of December 31, 2021   Level 1   Level 3   Total    
Assets                
Financial assets at fair value through
 profit and losss		                
Government securities   278   -   278    
Corporate bonds   19   -   19    
Mutual funds   41   -   41    
Shares   120   29   149    
Cash and cash equivalents                
Mutual funds   84   -   84    
Other receivables   30   -   30    
Total assets   572   29   601