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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2024
Segment Information |
SEGMENT INFORMATION | NOTE 7: SEGMENT INFORMATION The Company is a fully integrated power company in Argentina, which participates mainly in the production of oil and gas and power generation. 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: Oil and Gas, principally consisting of the Company’s interests in oil and gas areas and through its direct and indirect interest in CISA (until the corporate reorganization detailed in Note 5.1) and PECSA. Generation, principally consisting of the Company’s direct and indirect interests in HINISA, HIDISA, Greenwind (until its divestment on August 16, 2023), 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, PEPE IV 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 and with VAR as from December 16, 2022. Petrochemicals, comprising of the Company’s own styrenics operations and the catalytic reformer plant operations conducted in local plants. Holding, Transportation and Others, principally consisting of our stake in joint businesses CITELEC and CIESA and their respective subsidiaries holding the concession over high-voltage electricity transmission and gas transportation, respectively, the direct interest in VMOS and the indirect interest in OCP, holding activities, and other investment activities. It is worth highlighting that the results of the segment’s operations reflect the effects of the consolidation with OCP as from August 30, 2024, and include the crude oil transportation activity until the termination of the concession on November 29, 2024, see Note 5.2.1. 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, 2024 |  | Oil and gas |  | Generation |  | Petrochemicals |  | Holding, Transportation and others |  | Eliminations |  | Consolidated
Revenue - local market |  | 515 |  | 669 |  | 326 |  | 65 |  | - |  | 1,575
Revenue - foreign market |  | 108 |  | 3 |  | 190 |  | - |  | - |  | 301
Intersegment revenue |  | 107 |  | - |  | - |  | - |  | (107) |  | -
Cost of sales |  | (515) |  | (367) |  | (487) |  | (17) |  | 107 |  | (1,279)
Gross profit |  | 215 |  | 305 |  | 29 |  | 48 |  | - |  | 597
Selling expenses |  | (58) |  | (3) |  | (13) |  | - |  | - |  | (74)
Administrative expenses |  | (82) |  | (52) |  | (7) |  | (98) |  | - |  | (239)
Exploration expenses |  | (21) |  | - |  | - |  | - |  | - |  | (21)
Other operating income |  | 87 |  | 35 |  | 41 |  | 12 |  | - |  | 175
Other operating expenses |  | (28) |  | (14) |  | (7) |  | (39) |  | - |  | (88)
Impairment of property, plant and equipment, intangible assets and inventories |  | (34) |  | - |  | - |  | - |  | - |  | (34)
Impairment of financial assets |  | (10) |  | (46) |  | - |  | - |  | - |  | (56)
Share of profit from associates and joint ventures |  | - |  | (21) |  | - |  | 167 |  | - |  | 146
Profit from sale of companies´ interest |  | - |  | - |  | - |  | 34 |  | - |  | 34
Operating income |  | 69 |  | 204 |  | 43 |  | 124 |  | - |  | 440
Financial income |  | 2 |  | 8 |  | 21 |  | 1 |  | - |  | 32
Financial costs |  | (96) |  | (53) |  | (3) |  | (33) |  | - |  | (185)
Other financial results |  | (11) |  | 183 |  | 7 |  | 32 |  | - |  | 211
Financial results, net |  | (105) |  | 138 |  | 25 |  | - |  | - |  | 58
Profit (Loss) before income tax |  | (36) |  | 342 |  | 68 |  | 124 |  | - |  | 498
Income tax |  | 31 |  | 119 |  | 4 |  | (33) |  | - |  | 121
Profit (Loss) of the year |  | (5) |  | 461 |  | 72 |  | 91 |  | - |  | 619
Depreciation and amortization |  | 237 |  | 100 |  | 5 |  | - |  | - |  | 342
|  | in million of US$
Consolidated profit and loss information for the year ended December 31, 2024 |  | Oil and gas |  | Generation |  | Petrochemicals |  | Holding, Transportation and others |  | Eliminations |  | Consolidated
Total profit (loss) of the year attributable to: |  |  |  |  |  |  |  |  |  |  |  |
Owners of the company |  | (5) |  | 461 |  | 72 |  | 91 |  | - |  | 619
Non-controlling interest |  | - |  | - |  | - |  | - |  | - |  | -
Consolidated financial position information as of December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Assets |  | 1,918 |  | 3,155 |  | 173 |  | 1,116 |  | (17) |  | 6,345
Liabilities |  | 1,583 |  | 857 |  | 109 |  | 518 |  | (17) |  | 3,050
Net book values of property, plant and equipment |  | 1,183 |  | 1,357 |  | 28 |  | 39 |  | - |  | 2,607
Additional consolidated information as of December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Increases in property, plant and equipment, intangible assets and right-of-use assets |  | 354 |  | 105 |  | 6 |  | 10 |  | - |  | 475
|  | in million of US$
Consolidated profit and loss information for the year ended December 31, 2023 |  | Oil and gas |  | Generation |  | Petrochemicals |  | Holding, Transportation and others |  | Eliminations |  | Consolidated
Revenue - local market |  | 402 |  | 648 |  | 359 |  | 14 |  | - |  | 1,423
Revenue - foreign market |  | 161 |  | - |  | 148 |  | - |  | - |  | 309
Intersegment revenue |  | 103 |  | - |  | - |  | - |  | (103) |  | -
Cost of sales |  | (412) |  | (354) |  | (444) |  | - |  | 103 |  | (1,107)
Gross profit |  | 254 |  | 294 |  | 63 |  | 14 |  | - |  | 625
Selling expenses |  | (49) |  | (2) |  | (15) |  | - |  | - |  | (66)
Administrative expenses |  | (74) |  | (50) |  | (6) |  | (55) |  | - |  | (185)
Exploration expenses |  | (7) |  | - |  | - |  | - |  | - |  | (7)
Other operating income |  | 86 |  | 75 |  | 13 |  | 3 |  | - |  | 177
Other operating expenses |  | (32) |  | (27) |  | (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 |  | 140 |  | 272 |  | 45 |  | (33) |  | - |  | 424
Financial income |  | 2 |  | 2 |  | - |  | 7 |  | (6) |  | 5
Financial costs |  | (203) |  | (119) |  | (3) |  | (45) |  | 6 |  | (364)
Other financial results |  | (15) |  | 280 |  | 15 |  | 278 |  | - |  | 558
Financial results, net |  | (216) |  | 163 |  | 12 |  | 240 |  | - |  | 199
Profit before income tax |  | (76) |  | 435 |  | 57 |  | 207 |  | - |  | 623
Income tax |  | 29 |  | (225) |  | (27) |  | (95) |  | - |  | (318)
Profit (Loss) of the year |  | (47) |  | 210 |  | 30 |  | 112 |  | - |  | 305
Depreciation and amortization |  | 166 |  | 96 |  | 5 |  | - |  | - |  | 267
|  | in million of US$
Consolidated profit and loss information for the year ended December 31, 2023 |  | Oil and gas |  | Generation |  | Petrochemicals |  | Holding, Transportation and others |  | Eliminations |  | Consolidated
Total profit (loss) of the year attributable to: |  |  |  |  |  |  |  |  |  |  |  |
Owners of the company |  | (47) |  | 207 |  | 30 |  | 112 |  | - |  | 302
Non-controlling interest |  | - |  | 3 |  | - |  | - |  | - |  | 3
Consolidated financial position information as of December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Assets |  | 1,396 |  | 2,684 |  | 157 |  | 631 |  | (146) |  | 4,722
Liabilities |  | 1,213 |  | 729 |  | 137 |  | 376 |  | (146) |  | 2,309
Net book values of property, plant and equipment |  | 1,138 |  | 1,345 |  | 27 |  | 34 |  | - |  | 2,544
Additional consolidated information as of December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Increases in property, plant and equipment and right-of-use assets |  | 556 |  | 259 |  | 7 |  | 5 |  | - |  | 827
|  | in million of US$
Consolidated profit and loss information for the year ended December 31, 2022 |  | Oil and gas |  | Generation |  | Petrochemical |  | Holding, Transportation and others |  | Eliminations |  | Consolidated
Revenue - local market |  | 370 |  | 663 |  | 425 |  | 20 |  | - |  | 1,478
Revenue - foreign market |  | 159 |  | - |  | 192 |  | - |  | - |  | 351
Intersegment revenue |  | 117 |  | - |  | - |  | - |  | (117) |  | -
Cost of sales |  | (350) |  | (370) |  | (536) |  | - |  | 117 |  | (1,139)
Gross profit |  | 296 |  | 293 |  | 81 |  | 20 |  | - |  | 690
Selling expenses |  | (45) |  | (3) |  | (17) |  | - |  | - |  | (65)
Administrative expenses |  | (60) |  | (39) |  | (5) |  | (38) |  | - |  | (142)
Other operating income |  | 61 |  | 25 |  | 1 |  | 44 |  | - |  | 131
Other operating expenses |  | (26) |  | (5) |  | (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 |  | 194 |  | 336 |  | 52 |  | 49 |  | - |  | 631
Financial income |  | 2 |  | 1 |  | - |  | 9 |  | (7) |  | 5
Financial costs |  | (107) |  | (82) |  | (3) |  | (36) |  | 7 |  | (221)
Other financial results |  | (28) |  | 72 |  | 6 |  | 116 |  | - |  | 166
Financial results, net |  | (133) |  | (9) |  | 3 |  | 89 |  | - |  | (50)
Profit before income tax |  | 61 |  | 327 |  | 55 |  | 138 |  | - |  | 581
Income tax |  | (16) |  | (73) |  | (15) |  | (20) |  | - |  | (124)
Profit of the year |  | 45 |  | 254 |  | 40 |  | 118 |  | - |  | 457
Depreciation and amortization |  | 125 |  | 82 |  | 5 |  | - |  | - |  | 212
|  | in million of US$
Consolidated profit and loss information for the year ended December 31, 2022 |  | Oil and gas |  | Generation |  | Petrochemical |  | Holding, Transportation and others |  | Eliminations |  | Consolidated
Total profit of the year attributable to: |  |  |  |  |  |  |  |  |  |  |  |
Owners of the company |  | 45 |  | 253 |  | 40 |  | 118 |  | - |  | 456
Non-controlling interest |  | - |  | 1 |  | - |  | - |  | - |  | 1
Consolidated financial position information as of December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Assets |  | 1,234 |  | 2,464 |  | 177 |  | 1,028 |  | (161) |  | 4,742
Liabilities |  | 1,248 |  | 979 |  | 147 |  | 245 |  | (161) |  | 2,458
Net book values of property, plant and equipment |  | 807 |  | 1,299 |  | 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 |  | 324 |  | 115 |  | 7 |  | 36 |  | - |  | 482

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