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GROUP STRUCTURE (Tables)
 12 Months Ended
Dec. 31, 2023
Group Structure  
Schedule of statement of comprehensive income related to discontinued operations
Schedule of statement of comprehensive income related to discontinued operations  
  Distribution of energy
  12.31.2021
Revenue 493
Cost of sales (398)
Gross profit  95
   
Selling expenses (36)
Administrative expenses (26)
Other operating income 21
Other operating expenses (18)
Reversal of property, plant and equipment impairment 16
Impairment of financial assets (11)
Operating income 41
   
Gain on monetary position, net 120
Financial costs (106)
Other financial results 8
Financial results, net 22
Profit before income tax 63
   
Income tax (138)
Loss of the year from discontinued operations (75)
   
   
   
Other comprehensive income  
Items that will not be reclassified to profit or loss  
Exchange differences on translation 34
Items that may be reclassified to profit or loss  
Exchange differences on translation (1) 30
Other comprehensive income of the year from discontinued operations 64
   
Total comprehensive loss of the year from discontinued operations (11)
   
   
Total loss of the year from discontinued operations attributable to:  
Owners of the company (39)
Non - controlling interest (36)
  (75)
   
Total comprehensive loss of the year from discontinued operations attributable to:  
Owners of the company (9)
Non - controlling interest (2)
Total comprehensive (loss) income of the year from discontinued operations attributable (11)

 

(1)Corresponds to the reclassification adjustment for exchange differences losses included in profit or loss on Edenor disposal. No exchange differences losses on translation were reconized during 2021.
Schedule of consolidated statement of cash flows related to discontinued operations
 
  Distribution of energy
  12.31.2021
   
Net cash generated by operating activities 116
Net cash used in investing activities (166)
Net cash used in financing activities (7)
   
Decrease in cash and cash equivalents from discontinued operations (57)
   
   
Cash and cash equivalents at the beginning of the year 52
Effect of devaluation and inflation on cash and cash equivalents 5
Decrease in cash and cash equivalents (57)
Cash and cash equivalents at the end of the year -
Schedule of fair value of the consideration transferred
Schedule of fair value of the consideration transferred  
  In millions of US$
Consideration transferred  (20.5)
Fair value of the previous interest in Greenwind (20.4)
Total (40.9)
Property, plant and equipment (1) 127.7
Intangible assets - Customer contract (2) 31.6
Financial assets at fair value 24.4
Trade receivables (3) 6.3
Other assets  0.1
Cash and cash equivalents 3.1
Borrowings  (89.3)
Deferred tax liabilities (54.3)
Income tax liabilities (4.4)
Trade and other payables (2.0)
Provisions  (1.4)
Tax liabilities (0.9)
Total acquisition price allocation (4) 40.9

 

(1)Mario Cebreiro Wind Farm’s fair value was assessed using the “cost-based approach,” which consists of the farm’s replacement cost new, adjusted by its loss of value resulting from physical deterioration and functional and economic obsolescence.
(2)The fair value of this intangible asset regarding the identified business transactions has been determined through the application of the “income-based approach” and the “multi-period excess earnings” method. Key assumptions used considered: i) projected generation level; and ii) discount rate. The useful life was assessed based on the remaining years of the contract.
(3)For acquired trade receivables, contractual value does not differ from fair value.
(4)No differences in the acquired assets’ accounting valuation were identified, except for the values detailed under Property, plant and equipment and Intangible assets.
Schedule of fair values of assets acquired and liabilities assumed
 
  In millions of US$
Consideration transferred  (128.1)
Estimated price adjustment  6.7
Total (121.4)
Property, plant and equipment (1) 167.7
Intangible assets - Customer contract (2) 62.3
Trade receivables (3) 4.9
Other receivables 1.2
Deferred tax liability (60.2)
Income tax liability (5.0)
Trade and other payables (3.3)
Other payables (46.0)
Tax liabilities (0.2)
Total acquisition price allocation (4) 121.4

 

(1)Arauco Wind Farm’s fair value was assessed using the “cost-based approach,” which consists of the farm’s replacement cost new, adjusted by its loss of value resulting from physical deterioration and functional and economic obsolescence.
(2)The fair value of this intangible asset regarding the identified business transactions has been determined through the application of the “income-based approach” and the “multi-period excess earnings” method. Key assumptions used considered: i) projected generation level; and ii) discount rate. The useful life was assessed based on the remaining years of the contract.
(3)For acquired trade receivables, contractual value does not differ from fair value.
(4)No differences in the acquired assets’ accounting valuation were identified, except for the values detailed under Property, plant and equipment and Intangible assets.
Schedule of transferred consideration of fair value assets and liabilities
 
  In millions of US$
Assignment of Greenwind's interest net of assumed liabilities (1) (54.0)
Fair value of Rincón de Aranda's previous interest (31.6)
Total (85.6)
Property, plant and equipment (2) 57.0
Inventories (3) 0.9
Tax credits (4) 1.0
Cash and cash equivalents (5) 29.2
Deferred tax liability (2.3)
Fair value 85.8
Profit 0.2

 

(1)The following table details the book value of Greenwind´s interest:

 

  In millions of US$
Property, plant and equipment 121.1
Intangible assets 29.5
Financial assets at fair value through profit and loss 10.9
Trade and other receivables 10.1
Cash and cash equivalents 16.7
Borrowings (79.7)
Deferred tax liability (48.3)
Income tax liability (3.6)
Trade and other payables (1.1)
Provisions (0.8)
Tax charges (0.8)
Assignment of Greenwind's interest net of assumed liabilities 54.0
Provisions assumed by Pampa (4.2)
Book value of Greenwind´s interest 49.8

The contingency provisions assumed by Pampa correspond to the additional income tax that should have been determined in Greenwind for the fiscal year 2022 without considering the tax loss update regarding the contractual indemnity granted to Total Austral S.A. (Argentine Branch).

(2)The well’s fair value was assessed using the “cost-based approach”, which consists of its replacement cost new adjusted by its loss of value resulting from physical deterioration, and functional and economic obsolescence. The fair value of the mining property was assessed using the “income-based approach”, considering the development plan contemplated in the concession contract's term.
(3)The fair value of spare parts was assessed using the “cost-based approach”, which consists of the item’s replacement cost new adjusted by its loss of value resulting from physical deterioration, and functional and economic obsolescence.
(4)The contractual value of tax credits does not differ from its fair value.
(5)Corresponding to the price adjustment paid by Total Austral S.A. (Argentine branch).
Schedule of subsidiaries information
               
            12.31.2023   12.31.2022
Company   Country   Main activity   Direct and indirect participation %   Direct and indirect participation %
Autotrol Renovables S.A.   Argentina   Generation   100.00%   100.00%
CISA   Argentina   Trader & investment   100.00%   100.00%
Ecuador Pipeline Holdings Limited   Gran Cayman   Investment   100.00%   -
EISA   Uruguay   Investment   100.00%   100.00%
Enecor S.A.   Argentina   Electricity transportation   70.00%   70.00%
Energía Operaciones ENOPSA S.A. (1)   Ecuador   Oil   -   100.00%
Fideicomiso CIESA    Argentina   Investment   100.00%   100.00%
GASA   Argentina   Generation & Investment   100.00%   100.00%
Greenwind (2)   Argentina   Generation   -   100.00%
HIDISA   Argentina   Generation   61.00%   61.00%
HINISA   Argentina   Generation   52.04%   52.04%
Pampa Ecuador Inc    Nevis   Investment   100.00%   100.00%
PEB   Bolivia   Investment   100.00%   100.00%
PE Energía Ecuador LTD   Gran Cayman   Investment   100.00%   100.00%
PECSA   Chile   Trader   100.00%   -
PESOSA   Argentina   Trader   100.00%   -
Petrolera San Carlos S.A.   Venezuela   Oil   100.00%   100.00%
PB18   Ecuador   Oil   100.00%   100.00%
PISA   Uruguay   Investment   100.00%   100.00%
TGU   Uruguay   Gas transportation   51.00%   51.00%
VAR   Argentina   Generation   100.00%   100.00%
Vientos Solutions Argentina S.A.U.   Argentina   Advisory services   100.00%   100.00%
Vientos Solutions S.L.U.   España   Investment   -   100.00%

 

(1)Company merged into PB18.
(2)See Note 5.2.6.
Schedule of investments associates and Joint ventures
                         
        Information about the issuer    
    Main activity   Date   Share capital   Profit (loss) of the  year   Equity   Direct and indirect participation %
Associates                        
OCP   Investment   12.31.2023   100   17   114   34.08%
TGS (1)   Gas transportation   12.31.2023   1   29   1,058   1.029%
                         
Joint ventures                        
CIESA (1)   Investment   12.31.2023   1   15   540   50.00%
Citelec (2)   Investment   12.31.2023   1   4   164   50.00%
CTB   Generation   12.31.2023   11   (15)   500   50.00%

 

(1)The Company holds a direct and indirect interest of 1.029% in TGS and 50% in CIESA, a company that holds a 51% interest in the share capital of TGS. Therefore, additionally the Company has an indirect participation of 26.50% in TGS.

 

As of December 31, 2023, the quotation of TGS's ordinary shares and ADR published on the BCBA and the NYSE was $2,956.15 and US$ 15.09, respectively, granting to Pampa (direct and indirect) ownership an approximate stake market value of $ 623,064 million.

 

(2)The Company holds a 50% interest in Citelec, a company that holds a 52.65% interest in Transener’s capital stock; therefore, the Company has a 26.33% indirect interest in Transener. As of December 31, 2023, Transener’s common share price listed at the BCBA was $ 1,210.00, conferring Pampa’s indirect interest an approximate $ 141,643 million market value.
Schedule of balances of investment in associates and joint ventures
       
    12.31.2023   12.31.2022
Disclosed in non-current assets        
Associates        
OCP   23   15
TGS   14   67
Total associates   37   82
Joint ventures        
CIESA   303   435
Citelec   82   117
CTB   250   268
Total joint ventures   635   820
Total associates and joint ventures   672   902
Schedule of breakdown associates and joint ventures
           
    12.31.2023   12.31.2022   12.31.2021
Associates            
Refinor (1)   -   (12)   (2)
OCP   5   (1)   1
TGS   3   7   7
Total associates   8   (6)   6
             
Joint ventures            
CIESA   6   43   50
CTB   (18)   41   49
Citelec    2   3   (3)
Greenwind (2)   -   24   (2)
Total joint ventures   (10)   111   94
Total associates and joint ventures   (2)   105   100

 

(1)See Note 5.2.2.
(2)See Note 5.2.3.
Schedule of evolution of investments in associates and joint ventures
           
    12.31.2023   12.31.2022   12.31.2021
At the beginning of the year   902   770   547
Dividends   -   (8)   -
Increases   1   1   17
Decrease due to sale of equity interests   (58)   (6)   -
Decrease due to acquisition of control    -   (20)   -
Increase due to acquisition of equity interests   3   -   17
Share of profit    (2)   116   98
(Impairment) Recovery of impairment losses   -   (11)   2
Exchange differences on translation   (174)   60   89
At the end of the year   672   902   770
Schedule of investment in associate acquisition
   
  8.12.21 11.30.23
  In millions of US$
Acquisition cost (5.0) -
Total consideration (5.0) -
Share value of the interest in the fair value of OCP’s identifiable assets and liabilities (1) 12.7 2.4
OCP dividends to be received 9.5 -
Cash and cash equivalents - 1.3
Assets fair value 22.2 3.7
Profit (2) 17.2 3.7

 

(1)Calculated based on the present value of expected dividend flows.
(2)Disclosed under “Share of profit from associates and joint ventures”.
Schedule of exploration and production of oil and gas
                 
          Participation        Duration Up To 
Name     Location   Direct   Operator  
                   
Argentine production                  
Río Neuquén     Río Negro and Neuquén   31.42% and 33.07%   YPF   2027/2051
Sierra Chata      Neuquén   45.55%   PAMPA   2053
El Mangrullo     Neuquén   100.00%   PAMPA   2053
La Tapera - Puesto Quiroga      Chubut   35.67%   Tecpetrol   2027
El Tordillo      Chubut   35.67%   Tecpetrol   2027
Aguaragüe (1)     Salta   15.00%   Tecpetrol   2037
Gobernador Ayala     Mendoza   22.51%   Pluspetrol   2036
Río Limay este (Ex Senillosa) (2)     Neuquén   85.00%   PAMPA   2040
Rincón de Aranda (3)     Neuquén   100.00%   PAMPA   2058
Veta Escondida     Neuquén   55.00%   PAMPA   2027
Rincón del Mangrullo     Neuquén   50.00%   YPF   2052
Los Blancos (ex Chirete)     Salta   50.00%   High Luck Group Limited   2045
                   
Argentine exploration                  
Parva Negra Este (4)     Neuquén   85.00%   PAMPA   2025
Río Atuel (5)     Mendoza   33.33%   Petrolera El Trebol   2023
Borde del Limay (6)     Neuquén   85.00%   PAMPA   2015
Los Vértices (6)     Neuquén   85.00%   PAMPA   2015
Las Tacanas Norte (7)     Neuquén   90.00%   PAMPA   2027

 

(1)On February 3, 2023, an agreement for a 10-year extension of the concession was signed with the enforcement authority. The agreement includes investment commitments for the execution of 1 well, 2 workovers and 2D seismic reprocessing, and was ratified by Provincial Executive Order No. 543/23 published on August 14, 2023 in Salta’s BO.
(2)On January 2, 2023, the environmental remediation plan was approved by the Province of Neuquén’s Undersecretariat of Environment, a necessary preliminary step to relinquish the block.
(3)On June 23, 2023 the additional 45% interest in the block was acquired (see details below).
(4)On December 5, 2023, the addendum to the block’s Joint Venture agreement was approved (see details below).
(5)On July 10, 2023, the Company and Petrolera El Trébol informed the Ministry of Economy and Energy of the Province of Mendoza of their decision to fully relinquish the block classified as a lot under evaluation pursuant to section 81 (b) of Act No. 17,319. Consequently, the Company has written off exploration wells for US$ 6.6 million.
(6)Under process of relinquishment to the province.
(7)On November 30, 2023, the addendum to the exploration, development and production agreement for the block was approved (see details below).
Schedule of assets and liabilities
       
    12.31.2023   12.31.2022
         
       
Non-current assets                  112                  227
Current assets                      7                    16
Total assets                  119                  243
         
Non-current Liabilities                    17                    25
Current Liabilities                    29                    53
Total liabilities                     46                    78
         
         
Production cost   94                    85
Schedule of exploratory well costs
  12.31.2023   12.31.2022   12.31.2021
             
At the beginning of the year   37   42   50
Increases   2   2   8
Transferred to development   -   (7)   (16)
Derecognition of unproductive wells    (7)   -   -
At the end of the year   32   37   42
             
Number of wells at the end of the year   4   7   10