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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2023
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 CTG, CPB, Piquirenda, CTLL, CTGEBA, Ecoenergía, CTPP, CTIW, the HPPL 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 from August 12, 2022 to August 16, 2023 (see Notes 5.2.3 and 5.2.6) and with VAR as from December 16, 2022 (see Note 5.2.5). Electricity Distribution, consisting of the Company’s direct interest in Edenor until its disposal (see Note 5.2.1). As of December 31, 2021, the Company has classified the related results 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 5.2.2), holding activities and financial investment transactions. The Company manages its operating segment based on its individual net result in U.S. dollars.
Schedule of operating segment information |  |  |  |  |  |  |  |  |  |  |  |
|  | in million of US$
Consolidated profit and loss information for the year ended December 31, 2023 |  | Generation |  | Oil and gas |  | Petrochemicals |  | Holding and others |  | Eliminations |  | Consolidated
Revenue - local market |  | 648 |  | 402 |  | 359 |  | 14 |  | - |  | 1,423
Revenue - foreign market |  | - |  | 161 |  | 148 |  | - |  | - |  | 309
Intersegment revenue |  | - |  | 103 |  | - |  | - |  | (103) |  | -
Cost of sales |  | (354) |  | (412) |  | (444) |  | - |  | 103 |  | (1,107)
Gross profit |  | 294 |  | 254 |  | 63 |  | 14 |  | - |  | 625
Selling expenses |  | (2) |  | (49) |  | (15) |  | - |  | - |  | (66)
Administrative expenses |  | (50) |  | (74) |  | (6) |  | (55) |  | - |  | (185)
Exploration expenses |  | - |  | (7) |  | - |  | - |  | - |  | (7)
Other operating income |  | 75 |  | 86 |  | 13 |  | 3 |  | - |  | 177
Other operating expenses |  | (27) |  | (32) |  | (7) |  | (22) |  | - |  | (88)
(Impairment) Recovery of impairment of property, plant and equipment, intangible assets and inventories |  | - |  | (38) |  | (3) |  | 2 |  | - |  | (39)
Share of profit from associates and joint ventures |  | (18) |  | - |  | - |  | 16 |  | - |  | (2)
Profit from sale of companies´ interest |  | - |  | - |  | - |  | 9 |  | - |  | 9
Operating income |  | 272 |  | 140 |  | 45 |  | (33) |  | - |  | 424
Financial income |  | 2 |  | 2 |  | - |  | 7 |  | (6) |  | 5
Financial costs |  | (119) |  | (203) |  | (3) |  | (45) |  | 6 |  | (364)
Other financial results |  | 280 |  | (15) |  | 15 |  | 278 |  | - |  | 558
Financial results, net |  | 163 |  | (216) |  | 12 |  | 240 |  | - |  | 199
Profit before income tax |  | 435 |  | (76) |  | 57 |  | 207 |  | - |  | 623
Income tax |  | (225) |  | 29 |  | (27) |  | (95) |  | - |  | (318)
Profit (Loss) of the year |  | 210 |  | (47) |  | 30 |  | 112 |  | - |  | 305
Depreciation and amortization |  | 96 |  | 166 |  | 5 |  | - |  | - |  | 267
|  | in million of US$
Consolidated profit and loss information for the year ended December 31, 2023 |  | Generation |  | Oil and gas |  | Petrochemicals |  | Holding and others |  | Eliminations |  | Consolidated
Total profit (loss) of the year attributable to: |  |  |  |  |  |  |  |  |  |  |  |
Owners of the company |  | 207 |  | (47) |  | 30 |  | 112 |  | - |  | 302
Non-controlling interest |  | 3 |  | - |  | - |  | - |  | - |  | 3
Consolidated financial position information as of Dcember 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Assets |  | 2,684 |  | 1,396 |  | 157 |  | 631 |  | (146) |  | 4,722
Liabilities |  | 729 |  | 1,213 |  | 137 |  | 376 |  | (146) |  | 2,309
Net book values of property, plant and equipment |  | 1,345 |  | 1,138 |  | 27 |  | 34 |  | - |  | 2,544
Additional consolidated information as of December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Increases in property, plant and equipment and right-of-use assets |  | 259 |  | 556 |  | 7 |  | 5 |  | - |  | 827
| 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) |  | (350) |  | (536) |  | - |  | 117 |  | (1,139)
Gross profit |  | 293 |  | 296 |  | 81 |  | 20 |  | - |  | 690
Selling expenses |  | (3) |  | (45) |  | (17) |  | - |  | - |  | (65)
Administrative expenses |  | (39) |  | (60) |  | (5) |  | (38) |  | - |  | (142)
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) |  | - |  | (2) |  | - |  | (4)
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, intangibles assets and right-of-use assets (1) |  | 115 |  | 324 |  | 7 |  | 36 |  | - |  | 482
(1) |  | It does not include US$ 389 million for the incorporation of assets related to the acquisition of the equity interests detailed in Notes 5.2.3 and 5.2.5.
| 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) |  | - |  | (285) |  | (424) |  | - |  | 113 |  | (951)
Gross profit |  | 301 |  | - |  | 168 |  | 66 |  | 22 |  | - |  | 557
Selling expenses |  | (2) |  | - |  | (22) |  | (13) |  | - |  | - |  | (37)
Administrative expenses |  | (31) |  | - |  | (46) |  | (4) |  | (21) |  | - |  | (102)
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)
Recovery of impairment of financial assets |  | - |  | - |  | - |  | - |  | 1 |  | - |  | 1
Share of profit from associates and joint ventures |  | 47 |  | - |  | - |  | - |  | 53 |  | - |  | 100
Profit from acquisition of companies´ interest |  | - |  | - |  | - |  | - |  | 17 |  | - |  | 17
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

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