UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
FORM 6-K
REPORT OF FOREIGN
ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
SECURITIES EXCHANGE
ACT OF 1934
For the month of May,
2024
(Commission File
No. 001-34429),
PAMPA ENERGIA S.A.
(PAMPA ENERGY INC.)
Argentina
(Jurisdiction of
incorporation or organization)
Maipú 1
C1084ABA
City of Buenos Aires
Argentina
(Address of principal
executive offices)
(Indicate by check
mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F ___X___ Form 40-F ______
(Indicate
by check mark whether the registrant by furnishing the
information contained in this form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934.)
Yes ______ No ___X___
(If "Yes"
is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- .)
This Form 6-K for Pampa Energía S.A. (“Pampa”
or the “Company”) contains:
Exhibit
1: UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS AS OF MARCH 31, 2024 AND FOR THE THREE-MONTH PERIOD ENDED PRESENTED ON COMPARATIVE BASIS
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
Date: May 15, 2024
Pampa Energía S.A. |
|
|
|
|
|
|
By: |
/s/ Gustavo Mariani
|
|
|
Name: Gustavo Mariani
Title: Chief Executive Officer |
|
FORWARD-LOOKING
STATEMENTS
This press release may contain
forward-looking statements. These statements are statements that are not historical facts, and are based on management's current
view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates",
"believes", "estimates", "expects", "plans" and similar expressions, as they relate to
the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends,
the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations
and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements.
Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee
that the expected events, trends or results will a ctually occur. The statements are based on many assumptions and factors, including
general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors
could cause actual results to differ materially from current expectations.
Free translation from the original prepared in Spanish
for publication in Argentina
UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS
AS OF MARCH 31, 2024
AND FOR THE THREE-MONTH PERIOD ENDED
PRESENTED ON COMPARATIVE BASIS
Free translation from the original prepared in Spanish for publication in Argentina |
|
REPORT ON REVIEW OF THE CONSOLIDATED CONDENSED INTERIM FINANCIAL
STATEMENTS
To the Shareholders, President and Directors of
Pampa Energía S.A.
Legal address: Maipú, 1
Autonomous City of Buenos Aires
Tax Code No.: 30-52655265-9
Report on the consolidated condensed interim financial statements
Introduction
We have reviewed the accompanying consolidated condensed interim
financial statements of Pampa Energía S.A. and its subsidiaries (hereinafter "the Group"), which comprise the consolidated
statement of financial position as of March 31, 2024, the consolidated statements of comprehensive income, of changes in equity and cash
flows for the three-month period ended March 31, 2024, and selected explanatory notes.
Board's responsibility
The Board of Directors of the Company is responsible for the
preparation and presentation of the financial statements in accordance with IFRS Accounting Standards, adopted by the Argentine Federation
of Professional Councils in Economic Sciences (FACPCE, for its acronym in Spanish) as professional accounting standards and incorporated
by the National Securities Commission (CNV, for its acronym in Spanish) to its regulations, as approved by the International Accounting
Standards Board (IASB), and therefore is responsible for the preparation and presentation of the consolidated condensed interim financial
statements mentioned in the first paragraph, in accordance with International Accounting Standard 34 “Interim Financial Reporting”
(IAS 34).
Scope of the review
Our responsibility is to express a conclusion on these consolidated
condensed interim financial statements based on our review, which was performed in accordance with the International Standards on Review
Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the entity, adopted as a review
standard in Argentina by Technical Pronouncement No. 33 of the FACPCE and approved by the International Auditing and Assurance Standards
Board (IAASB). A review of consolidated condensed interim Financial Statements consists of inquiries primarily of Company staff responsible
for financial and accounting matters, and applying analytical and other review procedures. This review is substantially less in scope
than an audit examination conducted in accordance with international standards on auditing and consequently it does not enable us to obtain
assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an
audit opinion.
Price Waterhouse & Co. S.R.L., Bouchard 557, floor 8°, C1106ABG –
Autonomous City of Buenos Aires
T: +(54.11) 4850.6000, www.pwc.com/ar
Free translation from the original prepared in Spanish for publication in Argentina |
|
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the consolidated condensed interim Financial Statements mentioned in the first paragraph of this report have
not been prepared, in all material respects, in accordance with International Accounting Standard 34.
Report on compliance with current regulations
In accordance with current regulations, we report, in connection
with Pampa Energía S.A., that:
a) |
the consolidated condensed interim financial statements of Pampa Energía S.A. are recorded to the “Inventory and Balance
Sheet” book, and complies in what is a matter of our competence, with the provisions of the General Companies Law and in the pertinent
resolutions of the National Securities Commission; |
b) |
the individual condensed interim financial statements of Pampa Energía S.A. arise from accounting records kept in their
formal aspects in accordance with legal regulations; |
c) |
we have read the Summary of Activity (“Reseña Informativa”), on which, as regards those matters that are within our
competence, we have no observations to make; |
d) |
as of March 31, 2024, the debt accrued by Pampa Energía S.A. in favor of the Argentine Integrated Social Security System
according to the Company's accounting records and calculations amounted to $ 1,768 million, none of which was claimable at that date. |
Autonomous City of Buenos Aires, May 7, 2024
PRICE WATERHOUSE & CO. S.R.L.
(Partner) |
Carlos Martín Barbafina
Free translation from the original prepared in Spanish for publication in Argentina |
|
GLOSSARY OF TERMS
The following are not technical definitions,
but they are helpful for the reader’s understanding of some terms used in the notes to the Unaudited Consolidated Condensed Interim
Financial Statements of the Company.
Terms |
|
Definitions |
ADR |
|
American Depositary Receipt |
BCBA |
|
Buenos Aires Stock Exchange |
BNA |
|
Banco de la Nación Argentina |
BO |
|
Official Gazette |
CAMMESA |
|
Compañía Administradora del Mercado Eléctrico Mayorista S.A. |
CB |
|
Corporate Bonds |
CC |
|
Combined Cycle |
CIESA |
|
Compañía de Inversiones de Energía S.A. |
CISA |
|
Comercializadora e Inversora S.A. |
CITELEC |
|
Compañía Inversora en Transmisión Eléctrica Citelec S.A. |
CNG |
|
Compressed Natural Gas |
CNV |
|
National Securities Commission of Argentina |
CNY |
|
Yuan Republic of China |
CPB |
|
Central Térmica Piedra Buena |
-CTB |
|
CT Barragán S.A |
CTEB |
|
Central Térmica Ensenada Barragán |
CTG |
|
Central Térmica Güemes |
CTGEBA |
|
Central Térmica Genelba |
CTIW |
|
Central Térmica Ingeniero White |
CTLL |
|
Central Térmica Loma de la Lata |
CTPP |
|
Central Térmica Parque Pilar |
-EISA |
|
Energía Inversora S.A. |
ENARSA |
|
Energía Argentina S.A. |
ENARGAS |
|
National Regulatory Authority of Gas |
ENRE |
|
National Regulatory Authority of Electricity |
GASA |
|
Generación Argentina S.A. |
Greenwind |
|
Greenwind S.A. |
HIDISA |
|
Hidroeléctrica Diamante S.A. |
HINISA |
|
Hidroeléctrica Los Nihuiles S.A. |
IAS |
|
International Accounting Standards |
IASB |
|
International Accounting Standards Board |
IFRS |
|
International Financial Reporting Standards |
Free translation from the original prepared in Spanish for publication in Argentina |
|
GLOSSARY OF TERMS: (Continuation)
Terms |
|
Definitions |
INDEC |
|
National Institute of Statistics and Censuses |
LGS |
|
Argentine Business Organizations Law |
MBTU |
|
Millon of BTU |
MW |
|
Megawatt |
NYSE |
|
New York Stock Exchange |
OCP |
|
Oleoductos de Crudos Pesados Ltd |
OCPSA |
|
Oleoductos de Crudos Pesados S.A. |
PB18 |
|
Pampa Bloque 18 S.A. |
PEB |
|
Pampa Energía Bolivia S.A. |
PECSA |
|
Pampa Energía Chile S.p.A. |
PEN |
|
Federal Executive Branch |
PEPE II |
|
Pampa Energía II Wind Farm |
PEPE III |
|
Pampa Energía III Wind Farm |
PEPE IV |
|
Pampa Energía IV Wind Farm |
PESOSA |
|
Pampa Energía Soluciones S.A. |
PISA |
|
Pampa Inversiones S.A. |
PIST |
|
Point of Entry to the Transportation System |
RTI |
|
Tariff Structure Review |
POSA |
|
Petrobras Operaciones S.A. |
SACDE |
|
Argentine Society of Construction and Strategic Development |
SE |
|
Secretary of Energy |
TGS |
|
Transportadora de Gas del Sur S.A. |
TGU |
|
Transporte y Servicios de Gas en Uruguay S.A. |
TJSM |
|
Termoeléctrica José de San Martín S.A. |
TMB |
|
Termoeléctrica Manuel Belgrano S.A. |
The Company / Pampa |
|
Pampa Energía S.A. |
The Group |
|
Pampa Energía S.A. and its subsidiaries |
Transba |
|
Empresa de Transporte de Energía Eléctrica por Distribución Troncal de la Provincia de Buenos Aires Transba S.A. |
Transener |
|
Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A. |
US$ |
|
U.S. dollar |
UTE |
|
Unión Transitoria de Empresas |
VAR |
|
Vientos de Arauco Renovables S.A.U. |
WEM |
|
Wholesale Electricity Market |
Free translation from the original prepared in Spanish for publication in Argentina |
|
UNAUDITED CONSOLIDATED CONDENSED INTERIM
STATEMENT OF
COMPREHENSIVE INCOME
For the three-month period
ended March 31, 2024, presented on comparative basis.
(In millions of Argentine
Pesos (“$”))
|
Note |
|
03.31.2024 |
|
03.31.2023 |
|
|
|
|
|
|
Revenue |
8 |
|
337,376 |
|
83,915 |
Cost of sales |
9 |
|
(215,183) |
|
(50,538) |
Gross profit |
|
|
122,193 |
|
33,377 |
|
|
|
|
|
|
Selling expenses |
10.1 |
|
(13,580) |
|
(3,193) |
Administrative expenses |
10.2 |
|
(34,238) |
|
(8,521) |
Exploration expenses |
10.3 |
|
(82) |
|
(48) |
Other operating income |
10.4 |
|
28,992 |
|
4,859 |
Other operating expenses |
10.4 |
|
(26,385) |
|
(3,845) |
(Impairment) Recovery of impairment of intangible assets and inventories |
|
|
(32) |
|
411 |
Impairment of financial assets |
|
|
(29,830) |
|
(80) |
Share of profit from associates and joint ventures |
5.2.2 |
|
51,416 |
|
3,200 |
Profit from sale of companies´ interest |
|
|
1,458 |
|
- |
Operating income |
|
|
99,912 |
|
26,160 |
|
|
|
|
|
|
Financial income |
10.5 |
|
1,347 |
|
193 |
Financial costs |
10.5 |
|
(43,955) |
|
(14,711) |
Other financial results |
10.5 |
|
43,805 |
|
14,643 |
Financial results, net |
|
|
1,197 |
|
125 |
Profit before income tax |
|
|
101,109 |
|
26,285 |
Income tax |
10.6 |
|
122,687 |
|
643 |
Profit of the period |
|
|
223,796 |
|
26,928 |
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
Items that will not be reclassified to profit or loss |
|
|
|
|
|
Exchange differences on translation |
|
|
189,693 |
|
76,810 |
Items that may be reclassified to profit or loss |
|
|
|
|
|
Exchange differences on translation |
|
|
82,055 |
|
2,485 |
Other comprehensive income of the period |
|
|
271,748 |
|
79,295 |
Total comprehensive income of the period |
|
|
495,544 |
|
106,223 |
Free translation from the original prepared in Spanish for publication in Argentina |
|
UNAUDITED CONSOLIDATED CONDENSED INTERIM
STATEMENT OF
COMPREHENSIVE INCOME (Continuation)
For the three-month period
ended March 31, 2024, presented on comparative basis.
(In millions of Argentine
Pesos (“$”))
|
Note |
|
03.31.2024 |
|
03.31.2023 |
Total income of the period attributable to: |
|
|
|
|
|
|
|
|
|
|
|
Owners of the company |
|
|
223,099 |
|
26,918 |
Non-controlling interest |
|
|
697 |
|
10 |
|
|
|
223,796 |
|
26,928 |
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income of the period attributable to: |
|
|
|
|
|
|
|
|
|
|
|
Owners of the Company |
|
|
494,365 |
|
105,983 |
Non-controlling interest |
|
|
1,179 |
|
240 |
|
|
|
495,544 |
|
106,223 |
|
|
|
|
|
|
Earnings per share attributable to equity holders of the Company |
|
|
|
|
|
|
|
|
|
|
|
Total basic and diluted earning per share |
13.2 |
|
164.04 |
|
19.51 |
The accompanying notes are an integral
part of these Unaudited Consolidated Condensed Interim Financial Statements.
Free translation from the original prepared in Spanish for publication in Argentina |
|
UNAUDITED CONSOLIDATED CONDENSED INTERIM
STATEMENT
OF FINANCIAL POSITION
As of March 31, 2024, presented on comparative
basis.
(In millions of Argentine Pesos (“$”))
|
Note |
|
03.31.2024 |
|
12.31.2023 |
ASSETS |
|
|
|
|
|
NON-CURRENT ASSETS |
|
|
|
|
|
Property, plant and equipment |
11.1 |
|
2,218,134 |
|
2,056,974 |
Intangible assets |
11.2 |
|
82,049 |
|
77,898 |
Right-of-use assets |
|
|
22,319 |
|
17,259 |
Deferred tax asset |
11.3 |
|
11,537 |
|
2 |
Investments in associates and joint ventures |
5.2.2 |
|
744,633 |
|
542,978 |
Financial assets at fair value through profit and loss |
12.2 |
|
29,758 |
|
28,040 |
Other assets |
|
|
353 |
|
349 |
Trade and other receivables |
12.3 |
|
17,136 |
|
14,524 |
Total non-current assets |
|
|
3,125,919 |
|
2,738,024 |
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
Inventories |
11.4 |
|
188,184 |
|
166,023 |
Financial assets at amortized cost |
12.1 |
|
89,312 |
|
84,749 |
Financial assets at fair value through profit and loss |
12.2 |
|
464,380 |
|
451,883 |
Derivative financial instruments |
|
|
265 |
|
250 |
Trade and other receivables |
12.3 |
|
428,589 |
|
238,294 |
Cash and cash equivalents |
12.4 |
|
171,577 |
|
137,973 |
Total current assets |
|
|
1,342,307 |
|
1,079,172 |
Total assets |
|
|
4,468,226 |
|
3,817,196 |
Free translation from the original prepared in Spanish for publication in Argentina |
|
UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT
OF FINANCIAL POSITION (Continuation)
As of March 31, 2024, presented on comparative
basis.
(In millions of Argentine Pesos (“$”))
|
Note |
|
03.31.2024 |
|
12.31.2023 |
SHAREHOLDERS´ EQUITY |
|
|
|
|
|
Share capital |
13.1 |
|
1,360 |
|
1,360 |
Share capital adjustment |
|
|
7,126 |
|
7,126 |
Share premium |
|
|
19,950 |
|
19,950 |
Treasury shares |
13.1 |
|
4 |
|
4 |
Treasury shares adjustment |
|
|
21 |
|
21 |
Treasury shares cost |
|
|
(211) |
|
(211) |
Legal reserve |
|
|
39,328 |
|
37,057 |
Voluntary reserve |
|
|
1,228,326 |
|
1,157,389 |
Other reserves |
|
|
321 |
|
711 |
Other comprehensive income |
|
|
656,690 |
|
539,702 |
Retained earnings |
|
|
484,796 |
|
180,627 |
Equity attributable to owners of the company |
|
|
2,437,711 |
|
1,943,736 |
Non-controlling interest |
|
|
8,139 |
|
6,960 |
Total equity |
|
|
2,445,850 |
|
1,950,696 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NON-CURRENT LIABILITIES |
|
|
|
|
|
Provisions |
11.5 |
|
150,318 |
|
119,863 |
Income tax and minimum notional income tax provision |
11.6 |
|
101,955 |
|
44,614 |
Deferred tax liability |
11.3 |
|
89,390 |
|
240,686 |
Defined benefit plans |
|
|
19,173 |
|
13,172 |
Borrowings |
12.5 |
|
1,110,787 |
|
989,182 |
Trade and other payables |
12.6 |
|
40,313 |
|
37,301 |
Total non-current liabilities |
|
|
1,511,936 |
|
1,444,818 |
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
Provisions |
11.5 |
|
6,186 |
|
4,649 |
Income tax liability |
11.6 |
|
14,009 |
|
14,026 |
Tax liabilities |
|
|
21,848 |
|
11,427 |
Defined benefit plans |
|
|
2,624 |
|
2,695 |
Salaries and social security payable |
|
|
13,573 |
|
15,537 |
Derivative financial instruments |
|
|
110 |
|
191 |
Borrowings |
12.5 |
|
230,254 |
|
181,357 |
Trade and other payables |
12.6 |
|
221,836 |
|
191,800 |
Total current liabilities |
|
|
510,440 |
|
421,682 |
Total liabilities |
|
|
2,022,376 |
|
1,866,500 |
Total liabilities and equity |
|
|
4,468,226 |
|
3,817,196 |
The accompanying notes are an integral part of these
Unaudited Consolidated Condensed Interim Financial Statements.
Free translation from the original prepared in Spanish for publication in Argentina |
|
UNAUDITED CONSOLIDATED CONDENSED INTERIM
STATEMENT OF CHANGES IN EQUITY
For the three-month period ended March 31,
2024, presented on comparative basis.
(In millions of Argentine Pesos (“$”))
|
Attributable to owners |
|
|
|
|
|
Equity holders of the company |
|
Retained earnings |
|
|
|
|
|
Share capital |
|
Share capital adjustment |
|
Share premium |
|
Treasury shares |
|
Treasury shares adjustment |
|
Treasury shares cost |
|
Legal reserve |
|
Voluntary reserve |
|
Other reserves |
|
Other comprehensive income |
|
Retained earnings (Accumulated losses) |
|
Subtotal |
|
Non-controlling interest |
|
Total equity |
Balance as of December 31, 2022 |
1,380 |
|
7,231 |
|
19,950 |
|
4 |
|
21 |
|
(2,280) |
|
8,137 |
|
171,243 |
|
(448) |
|
113,720 |
|
84,505 |
|
403,463 |
|
1,157 |
|
404,620 |
Stock compensation plans |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
126 |
|
- |
|
- |
|
126 |
|
- |
|
126 |
Profit for the three-month period |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
26,918 |
|
26,918 |
|
10 |
|
26,928 |
Other comprehensive income for the three-month period |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
1,463 |
|
30,786 |
|
- |
|
27,580 |
|
19,236 |
|
79,065 |
|
230 |
|
79,295 |
Balance as of march 31, 2023 |
1,380 |
|
7,231 |
|
19,950 |
|
4 |
|
21 |
|
(2,280) |
|
9,600 |
|
202,029 |
|
(322) |
|
141,300 |
|
130,659 |
|
509,572 |
|
1,397 |
|
510,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal and voluntary reserve constitution |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(16) |
|
84,521 |
|
- |
|
- |
|
(84,505) |
|
- |
|
- |
|
- |
Capital reduction |
- |
|
- |
|
- |
|
(20) |
|
(105) |
|
2,069 |
|
- |
|
(1,944) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Treasury shares acquisition |
(20) |
|
(105) |
|
- |
|
20 |
|
105 |
|
(7,138) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(7,138) |
|
- |
|
(7,138) |
Dividens ditribution |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(428) |
|
(428) |
Pampa´s shares sale by a subsidiary |
- |
|
- |
|
- |
|
- |
|
- |
|
7,138 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
7,138 |
|
- |
|
7,138 |
Stock compensation plans |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
1,033 |
|
- |
|
- |
|
1,033 |
|
- |
|
1,033 |
Profit for the complementary nine-month period |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
7,570 |
|
7,570 |
|
2,193 |
|
9,763 |
Other comprehensive income for the complementary nine-month period |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
27,473 |
|
872,783 |
|
- |
|
398,402 |
|
126,903 |
|
1,425,561 |
|
3,798 |
|
1,429,359 |
Balance as of December 31, 2023 |
1,360 |
|
7,126 |
|
19,950 |
|
4 |
|
21 |
|
(211) |
|
37,057 |
|
1,157,389 |
|
711 |
|
539,702 |
|
180,627 |
|
1,943,736 |
|
6,960 |
|
1,950,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury shares acquisition |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(390) |
|
- |
|
- |
|
(390) |
|
- |
|
(390) |
Profit for the three-month period |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
223,099 |
|
223,099 |
|
697 |
|
223,796 |
Other comprehensive income for the three-month period |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
2,271 |
|
70,937 |
|
- |
|
116,988 |
|
81,070 |
|
271,266 |
|
482 |
|
271,748 |
Balance as of March 31, 2024 |
1,360 |
|
7,126 |
|
19,950 |
|
4 |
|
21 |
|
(211) |
|
39,328 |
|
1,228,326 |
|
321 |
|
656,690 |
|
484,796 |
|
2,437,711 |
|
8,139 |
|
2,445,850 |
The accompanying notes are an integral part of these Unaudited Consolidated
Condensed Interim Financial Statements.
Free translation from the original prepared in Spanish for publication in Argentina |
|
UNAUDITED CONSOLIDATED CONDENSED INTERIM
STATEMENT OF CASH FLOWS
For the three-month period
ended March 31, 2024, presented on comparative basis.
(In millions of Argentine Pesos (“$”))
|
Note |
|
03.31.2024 |
|
03.31.2023 |
Cash flows from operating activities: |
|
|
|
|
|
Profit of the period |
|
|
223,796 |
|
26,928 |
Adjustments to reconcile net profit to cash flows from operating activities |
14.1 |
|
(74,640) |
|
7,839 |
Changes in operating assets and liabilities |
14.2 |
|
(163,370) |
|
(2,225) |
Net cash (used in) generated by operating activities |
|
|
(14,214) |
|
32,542 |
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
Payment for property, plant and equipment acquisitions |
|
|
(109,435) |
|
(35,060) |
Collections for sales (Payment for) public securities and shares acquisitions, net |
|
|
56,151 |
|
(4,926) |
Recovery of mutual funds, net |
|
|
1,117 |
|
2,130 |
Payment for the acquisition of companies |
|
|
(19,750) |
|
- |
Payment for right-of-use |
|
|
(4,346) |
|
- |
Collection for equity interests in companies sales |
|
|
6,206 |
|
55 |
Collection for joint ventures´ share repurchases |
|
|
30,135 |
|
- |
Collections for property, plant and equipment sales |
|
|
- |
|
58 |
Collections for intangible assets sales |
|
|
- |
|
1,626 |
Dividend collection |
|
|
6,955 |
|
- |
Payment of loans |
|
|
- |
|
(217) |
Net cash used in investing activities |
|
|
(32,967) |
|
(36,334) |
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
Proceeds from borrowings |
12.5 |
|
112,857 |
|
28,783 |
Payment of borrowings |
12.5 |
|
(10,959) |
|
(11,465) |
Payment of borrowings interests |
12.5 |
|
(34,128) |
|
(10,055) |
Repurchase and redemption of corporate bonds |
12.5 |
|
- |
|
(586) |
Payments of leases |
|
|
(782) |
|
(75) |
Net cash generated by financing activities |
|
|
66,988 |
|
6,602 |
|
|
|
|
|
|
Increase in cash and cash equivalents |
|
|
19,807 |
|
2,810 |
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the year |
12.4 |
|
137,973 |
|
18,757 |
Exchange and conversion difference generated by cash and cash equivalents |
|
|
13,797 |
|
4,731 |
Increase in cash and cash equivalents |
|
|
19,807 |
|
2,810 |
Cash and cash equivalents at the end of the year |
12.4 |
|
171,577 |
|
26,298 |
The accompanying notes are an integral part of these Unaudited Consolidated
Condensed Interim Financial Statements.
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 1: GENERAL INFORMATION
General
information of the Company
The Company is a fully integrated power
company in Argentina, which mainly participates in the electric energy, oil and gas value chains.
In the generation segment, the Company,
directly and through its subsidiaries and joint ventures, has a 5,332 MW installed capacity as of March 31, 2024, which represents approximately
12% of Argentina’s installed capacity, and being one of the largest independent generators in the country. Additionally, the Company
is currently undergoing a process to expand its installed capacity by an additional 140 MW.
In the oil and gas segment, the Company
develops an important activity in gas and oil exploration and production, with operations in 12 production areas and 5 exploratory areas
reaching a production level of 11.7 million m3/day of natural gas and 4.3 thousand boe/day of oil in Argentina, during the three-month
period ended March 31, 2024. Its main natural gas production blocks are located in the Provinces of Neuquén and Río Negro.
In the petrochemicals segment, operations
are located in Argentina, where the Company operates two high-complexity plants producing styrene, synthetic rubber and polystyrene, with
a domestic market share ranging between 89% and 100%.
Finally, through the holding and others
segment, the Company participates in the electricity transmission and oil and gas transportation businesses. In the electricity transmission
business, the Company jointly controls Citelec, which has a controlling interest in Transener, a company engaged in the operation and
maintenance of a 22,391 km high-voltage electricity transmission network in Argentina with an 86% share in the Argentine electricity
transmission market. In the gas transportation business, the Company jointly controls CIESA, which has a controlling interest in TGS,
a company holding a concession for the transportation of natural gas with 9,248 km of gas pipelines in the center, west and south of Argentina,
and which is also engaged in the processing and sale of natural gas liquids through the Cerri Complex, located in Bahía Blanca,
in the Province of Buenos Aires, in addition to shale gas transportation and conditioning at Vaca Muerta. Besides, the Company owns a
63.74% indirect interest in OCPSA (see Note 5.2.3), licensee company of an oil pipeline in Ecuador that has a transportation capacity
of 450 thousand barrels/day. Additionally, the segment includes advisory services provided to related companies.
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 2: REGULATORY FRAMEWORK
2.1.1
Supply Agreements with CAMMESA
"TerCONF" call for tenders
On November 24, 2023, pursuant to SE Resolution
No. 961/23, tenders for the execution of 300 MW of power capacity at CTGEBA II and the 11-MW expansion of CTEB’s CC through CTB
were awarded under the TerCONF call launched through SE Resolution No. 621/23 to enter into reliable thermal generation supply agreements
with CAMMESA.
However, on December 28, 2023, through
Note NO-2023-153876959-APN-SE#MEC, the SE instructed CAMMESA to provisionally suspend the issuance of the commercial documentation corresponding
to the payment of the tender guarantee and the monthly payment scheme provided in the call.
Finally, SE Resolution No. 45/24 extended
the supply contracts’ execution term of projects awarded under SE Resolution No. 961/23 for 60 working days as from April 16, 2024.
2.1.2 Remuneration for sales to the
spot market
SE Resolution No. 9/24, dated February
8, 2024, updated the remuneration values for spot generation, providing for a 73.9% increase over the values approved by SE Resolution
No. 869/23, effective as from the February 2024 economic transaction.
2.1.3 Modification of CAMMESA’s
payment priority
Through SE Resolution No. 34/24, the payment
order for the WEM’s economic transaction was modified, providing that transmission concessionaires would have payment priority over
WEM’s generating agents.
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 2: (Continuation)
2.2.1 Gas Market
Natural gas for the residential segment
and CNG
On March 27, 2024, SE Resolution No. 41/24
was published in the BO, establishing PIST prices to be passed on to end users under the agreements entered into under the GasAr Plan
(Executive Order No. 892/20, as amended).
For the purpose of passing on gas prices
to tariff schemes of the natural gas through grids distribution utility, ENARGAS will make the dollar per MBTU conversion using a 27.10473
factor, the exchange rate being BNA’s average selling exchange rate for the first 15 days of the month immediately preceding the
transfer to prices.
Finally, ENARGAS is instructed to: (i)
issue the tariff schemes monthly reflecting the exchange rate variation of the prices to be passed on to tariffs; and (ii) provide the
necessary measures for the bills to be issued by the gas distribution and sub-distribution utility providers throughout the country to
reflect the PIST gas prices.
It is worth highlighting that the PIST
value updates increase the amount collectible directly from distributors by the Company, decreasing the price compensation payable by
the Federal Government under the GasAr Plan.
Transitional increase in natural gas transportation
tariffs
On March 26, 2024, TGS entered into the
2024 transitional agreement (“RTT24”) with ENARGAS, which establishes a transitory 675% update in natural gas transportation
tariffs. This tariff increase entered into effect on April 3, 2024, following the publication of ENARGAS Resolution No. 112/24 in the
BO. Under this Resolution, as from May 2024 and until the completion of the Comprehensive Tariff Review (“RTI”), tariffs will
be adjusted monthly by the transitory update index, which is composed of: (i) 47% by the wage index - registered private sector published
by INDEC, (ii) 27.2% by the IPIM, and (iii) 25.8% by the construction cost index in Greater Buenos Aires - materials chapter, published
by INDEC. To such effect, ENARGAS will issue the corresponding monthly resolution adjusting the applicable tariff schemes. As of the date
of issuance of these Consolidated Condensed Interim Financial Statements, ENARGAS has not issued the resolution with the tariff schemes
including the May update.
In addition, the resolution provides that
during 2024, TGS must execute an investment plan in the amount of $ 27,690 million (adjustable by the transitory update index). As of
the date of issuance of these Consolidated Condensed Interim Financial Statements, TGS has submitted this investment plan, which is currently
under execution.
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 2: (Continuation)
Tariff situation
Pursuant to ENRE Resolutions No. 104/24
and 105/24, the hourly remuneration values effective as from February 19, 2024 (date of publication in the BO) were determined, establishing
a 179.7% and 191.1% update against the values in force as from November 2023 for Transener S.A. and Transba S.A., respectively. Moreover,
a tariff update was determined according to a formula based on wage, wholesale and consumer price indexes, to be applied on a monthly
basis as from May 2024.
On April 15, 2024, ENRE Resolution No.
223/24 approved the “Program for the tariff review of electric power transmission in 2024”, which established the criteria
and methodology for the comprehensive tariff review process to be taken into consideration by transmission companies when submitting their
tariff proposal applicable as from January 1, 2025.
In this sense, the ENRE has issued a note
to formally request the submission of the necessary information to determine the capital base and evaluate the costs and the investment
plan. The information on the capital base, historical costs, property, plant and equipment, easements and existing facilities status should
be submitted to the ENRE by May 17, 2024, whereas the deadline for submitting the projected information on costs, investments and intended
annual remuneration is September 14, 2024.
Due to the liquidity problems caused by
delayed collections of the electricity transmission remuneration, Transener S.A. requested the ENRE and the SE, in the exercise of their
powers, to take the corresponding measures to guarantee to the transmission company the collection of 100% of the monthly remuneration
duly updated and within the terms established in the regulations in force. In this regard, on March 18, 2024, SE Resolution No. 34/24
modified CAMMESA payments’ order priority, prioritizing payments to electricity transmission companies (see Note 2.1.3).
As of the date of issuance of these Consolidated
Condensed Interim Financial Statements, Transener S.A. has disclosed no delays in the collection of its remuneration.
NOTE 3: BASIS OF PREPARATION
These Consolidated Condensed Interim Financial
Statements for the three-month period ended March 31, 2024 have been prepared pursuant to the provisions of IAS 34, “Interim Financial
Information”, are expressed in million pesos and were approved for their issuance by the Company’s Board of Directors on May
7, 2024.
The information included in the Consolidated
Condensed Interim Financial Statements is recorded in US dollars, which is the Company’s functional currency and, in accordance
with CNV requirements, is presented in pesos, the legal currency in Argentina.
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 3: (Continuation)
This consolidated condensed interim financial
information had been prepared under the historical cost convention, modified by the measurement of financial assets at fair value through
profit or loss and they should be read together with the Consolidated Financial Statements as of December 31, 2023, which have been prepared
under IFRS Accounting Standards.
These Consolidated Condensed Interim Financial
Statements for the three-month period ended March 31, 2024 have not been audited. The Company’s management estimates they include
all the necessary adjustments to state fairly the results of operations for the period. The results for the three-month period ended March
31, 2024, does not necessarily reflect in proportion the Company’s results for the complete year.
The accounting policies have been consistently
applied to all entities within the Group.
Comparative information
The information as of December 31, 2023,
and for the three-month period ended March 31, 2023, disclosed for comparative purposes, arises from the Consolidated Financial Statements
as of those dates.
Additionally, certain non-significant
reclassifications have been made to those Consolidated Financial Statements´ figures to keep the consistency in the presentation
with the current period’s figures.
NOTE 4: ACCOUNTING POLICIES
The accounting policies applied in these
Consolidated Condensed Interim Financial Statements are consistent with those used in the Consolidated Financial Statements for the last
fiscal year, which ended on December 31, 2023.
Pursuant to CNV General Resolution No.
972/23, early application of IFRS accounting standards and/or amendments thereto is not allowed, unless specifically allowed at the time
of adoption.
As of March 31, 2024, the Company has
not applied IFRS accounting standards and/or their amendments early.
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 4: (Continuation)
New accounting standards, amendments and interpretations
issued by the IASB effective as of December 31, 2024 and adopted by the Company
The Company has applied the following
standards and / or amendments for the first time as of January 1, 2024:
| - | IAS 1 - “Presentation of Financial Statements” (as amended in January 2020 and October 2022) |
| - | IFRS 16 - “Leases” (as amended in September 2022) |
| - | IAS 7 - “Statement of Cash Flows” and IFRS 7 - “Financial Instruments - Disclosures”
(as amended in May 2023) |
The application of the detailed standards
and amendments did not have any impact on the results of the operations or the financial position of the Company.
NOTE 5: GROUP STRUCTURE
| 5.1 | Corporate reorganization |
On November 6 and 8, 2023, the Boards
of Directors of CISA, the Company and GASA, respectively, resolved to instruct their respective managements to analyze a reorganization
proceeding under Section 82 and subsequent sections of the Business Organization Law and tax neutrality under Sections 80 and subsequent
articles of the Income Tax Law (as amended in 2019), and, if appropriate, draw up the preparatory documentation for the spin-off of CISA’s
equity and the subsequent merger through absorption of a portion of its spun-off equity into Pampa and the other portion of its spun-off
equity into GASA (the ‘Reorganization Proceeding’).
On March 6, 2024, CISA, the Company and
GASA’s Board of Directors approved the Reorganization Proceeding and called the respective general ordinary and extraordinary shareholders’
meetings to consider such proceeding, which were held on April 29, 2024, resolving to approve it.
The Reorganization Proceeding, effective
January 1, 2024, entails benefits for the involved companies and the entire economic group, since it allows for greater resource efficiency
in financial information management and reduced costs on account of legal and tax advisory fees.
As of the issuance of these Consolidated
Condensed Interim Financial Statements, the Reorganization Proceeding’s registration process is underway.
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 5: (Continuation)
| 5.2 | Interest in subsidiaries, associates and joint ventures |
| 5.2.1 | Subsidiaries information |
|
|
|
|
|
|
03.31.2024 |
|
12.31.2023 |
Company |
|
Country |
|
Main activity |
|
Direct and indirect participation % |
|
Direct and indirect participation % |
Autotrol Renovables S.A. |
|
Argentina |
|
Generation |
|
100.00% |
|
100.00% |
CISA (1) |
|
Argentina |
|
Trader & investment |
|
- |
|
100.00% |
Ecuador Pipeline Holdings Limited |
|
Gran Cayman |
|
Investment |
|
100.00% |
|
100.00% |
EISA |
|
Uruguay |
|
Investment |
|
100.00% |
|
100.00% |
Enecor S.A. |
|
Argentina |
|
Electricity transportation |
|
70.00% |
|
70.00% |
Fideicomiso CIESA |
|
Argentina |
|
Investment |
|
100.00% |
|
100.00% |
GASA |
|
Argentina |
|
Generation & Investment |
|
100.00% |
|
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% |
|
100.00% |
PESOSA |
|
Argentina |
|
Trader |
|
100.00% |
|
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% |
(1) See note 5.1
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 5: (Continuation)
| 5.2.2 | Associates and joint ventures information |
The following table presents the main
activity and the financial information used for valuation and percentages of participation in associates and joint ventures; unless otherwise
indicated, the share capital consists of common shares with one vote per share:
|
|
|
|
Information about the issuer |
|
|
|
|
Main activity |
|
Date |
|
Share capital |
|
Profit (Loss) of the period |
|
Equity |
|
Direct and indirect participation % |
Associates |
|
|
|
|
|
|
|
|
|
|
|
|
TGS (1) |
|
Gas transportation |
|
03.31.2024 |
|
753 |
|
55,932 |
|
1,353,321 |
|
0.709% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Joint ventures |
|
|
|
|
|
|
|
|
|
|
CIESA (1) |
|
Investment |
|
03.31.2024 |
|
639 |
|
28,419 |
|
690,375 |
|
50.00% |
Citelec (2) |
|
Investment |
|
03.31.2024 |
|
556 |
|
5,435 |
|
206,988 |
|
50.00% |
CTB |
|
Generation |
|
03.31.2024 |
|
8,558 |
|
41,449 |
|
471,469 |
|
50.00% |
OCP |
|
Investment |
|
03.31.2024 |
|
43 |
|
18,004 |
|
55,477 |
|
63.74% |
(1) |
The Company holds a direct and indirect interest of 0.709% 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 26.21% in TGS. |
As of March 31, 2024, the quotation of
TGS's ordinary shares and ADR published on the BCBA and the NYSE was $ 3,279.35 and US$ 15.10, respectively, granting to Pampa (direct
and indirect) ownership an approximate stake market value of $ 682,865 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 March 31, 2024, Transener’s common share price listed at the BCBA was
$ 1,313.50, conferring Pampa’s indirect interest an approximate $ 153,759 million market value. |
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 5: (Continuation)
The detail
of the balances of investments in associates and joint ventures is as follows:
|
|
03.31.2024 |
|
12.31.2023 |
Disclosed in non-current assets |
|
|
|
|
Associates |
|
|
|
|
OCP |
|
- |
|
18,513 |
TGS |
|
12,115 |
|
10,997 |
Other |
|
19 |
|
18 |
Total associates |
|
12,134 |
|
29,528 |
Joint ventures |
|
|
|
|
CIESA |
|
384,875 |
|
244,748 |
Citelec |
|
103,494 |
|
66,466 |
CTB |
|
232,308 |
|
202,236 |
OCP |
|
11,822 |
|
- |
Total joint ventures |
|
732,499 |
|
513,450 |
Total associates and joint ventures |
|
744,633 |
|
542,978 |
The following table shows the breakdown of the result from investments
in associates and joint ventures:
|
|
03.31.2024 |
|
03.31.2023 |
Associates |
|
|
|
|
OCP |
|
- |
|
39 |
TGS |
|
501 |
|
203 |
Total associates |
|
501 |
|
242 |
|
|
|
|
|
Joint ventures |
|
|
|
|
CIESA |
|
13,784 |
|
1,328 |
Citelec |
|
2,717 |
|
1,109 |
CTB |
|
17,299 |
|
521 |
OCP |
|
17,115 |
|
- |
Total joint ventures |
|
50,915 |
|
2,958 |
Total associates and joint ventures |
|
51,416 |
|
3,200 |
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 5: (Continuation)
The evolution of investments in associates and joint ventures
is as follows:
|
|
03.31.2024 |
|
03.31.2023 |
At the beginning of the year |
|
542,978 |
|
159,833 |
Dividends |
|
(6,955) |
|
- |
Aquisition of equity interests |
|
12,625 |
|
- |
Share repurchase |
|
(30,135) |
|
- |
Sale of equity interests |
|
(4,748) |
|
(658) |
Share of profit |
|
51,416 |
|
3,200 |
Exchange differences on translation |
|
179,452 |
|
32,721 |
At the end of the period |
|
744,633 |
|
195,096 |
On January 16, 2024, the Company, through
PEB, closed the transaction for the acquisition of 2,979,606,613 additional shares, representing a 29.66% stake in OCP, for a price of
US$ 15 million under the purchase and sale agreement entered into with Repsol OCP de Ecuador S.A. on May 4, 2023. The closing of the transaction
implied the recognition of profits for US$ 5 million under IAS 28.
As of the closing of the transaction,
the Company, through PEB, has reached a 63.74% stake in OCP’s capital stock and obtained joint control, pursuant to the commitment
to amend the shareholders’ agreement dated January 9, 2024 entered into with PetroOriental OCP Holdings Ltd.
Besides, OCP declared dividends for US$
13.3 million on January 18, 2024, and repurchased a total of 5,740,902,124 own shares on January 22, 2024, for a unit price of US$ 0.01.
Consequently, on January 22, 2024, the Company, through PEB, collected dividends in the amount of US$ 8.5 million and US$ 36.6 million
for share repurchases.
It is worth highlighting that on March
23, 2024, a Force Majeure event occurred due to unpredictable ground conditions that caused an axial compression and rupture of
the pipeline at KP136+404. OCPSA immediately activated the pipeline contingency plan and resumed the crude oil transportation service
on March 26, 2024.
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 5: (Continuation)
Contingent liabilities in OCPSA
The constitutional protection action filed
by the decentralized autonomous government of Orellana against OCPSA, Petroecuador and others due to the Force Majeure event caused
by the rupture of the oil pipeline in 2020 was disallowed in the first instance; as the plaintiff appealed the resolution, the proceeding
will be sent back to the Provincial Court of Justice of Orellana.
On the other hand, the constitutional
protection action filed by residents of Puerto Madero against OCPSA, the Presidency of the Republic of Ecuador and Petroecuador was accepted;
however, OCPSA, Petroecuador and the Presidency of the Republic appealed the resolution, so the proceeding will be referred back to the
Provincial Court of Justice of Sucumbíos.
| 5.3 | Oil and gas participations |
Assets and liabilities as of March 31,
2024 and December 31, 2023 and the production cost of the Joint Ventures and Consortiums in which the Company participates corresponding
to the three-month periods ended March 31, 2024 and 2023 are detailed below:
|
|
03.31.2024 |
|
12.31.2023 |
Non-current assets |
|
114,092 |
|
90,360 |
Current assets |
|
10,223 |
|
5,587 |
Total assets |
|
124,315 |
|
95,947 |
Non-current Liabilities |
|
37,087 |
|
13,371 |
Current Liabilities |
|
31,265 |
|
23,084 |
Total liabilities |
|
68,352 |
|
36,455 |
|
|
|
|
|
|
|
|
|
|
|
|
03.31.2024 |
|
03.31.2023 |
Production cost |
|
16,844 |
|
4,353 |
It is worth highlighting that the information
presented does not include charges recorded by the Company as a member of the Joint Ventures and Consortiums.
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 6: RISKS
6.1 Critical accounting estimates
and judgments
The preparation of these Consolidated
Condensed Interim Financial Statements requires the Company’s Management to make future estimates and assessments, to apply critical
judgment and to establish assumptions affecting the application of accounting policies and the amounts of disclosed assets and liabilities,
and income and expenses.
Those estimates and judgments are evaluated
on a continuous basis and are based on past experiences and other reasonable factors under the existing circumstances. Actual future results
might differ from the estimates and evaluations made at the date of preparation of these Consolidated Condensed Interim Financial Statements.
In the preparation of these Consolidated
Condensed Interim Financial Statements, management judgements on applying the Company’s accounting policies and sources of information
used for the respective estimates are the same as those applied in the Consolidated Financial Statements for the fiscal year ended December
31, 2023.
6.2 Financial risk management
The Company’s activities are subject
to several financial risks: market risk (including the exchange rate risk, the interest rate risk and price risk), credit risk and liquidity
risk.
No significant changes have arisen in
risk management policies since last fiscal year.
Credit risk
As of March 31, 2024, CAMMESA’s
debt with the Group amounts to $ 182,455 million, including accrued interest as of that date, which represents approximately 52%
of the Group’s total sales receivables. CAMMESA’s inability to pay could adversely affect the generation of cash from operations,
the results for the year and, consequently, the Group’s financial condition.
The Company performs routine financial
transactions in its ordinary course of business to ensure the efficient management of its liquidity and investments, and, as of the date
of issuance of these Consolidated Condensed Interim Financial Statements, it has sufficient solvency to meet its operating and financial
obligations.
However, it is worth highlighting that,
as of the date of issuance of these Consolidated Condensed Interim Financial Statements, collection transactions for the months of December
2023, January 2024 and February 2024, totaling $ 37,272 million, $ 42,700 million and $ 46,428 million, respectively, are
past due and pending recovery.
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 6: (Continuation)
Given that the Company has learned that
the SE would be soon publishing a resolution providing for an exceptional payment system that would establish the following cancellation
mechanism:
| (i) | December 2023 and January 2024 transactions: through the delivery of government securities (USD 2038 L.A.
BOND), considering the exchange rate effective on each agreement’s execution date for the calculation of the nominal amounts; and |
| (ii) | February 2024 transaction: with funds available in CAMMESA and transfers made by the Federal Government; |
the Group has recorded an impairment of $ 29,673
million (US$ 34.6 million) under CAMMESA receivables, considering the market value of the instruments maturing in 2038 expected to be
received under the above-described cancellation methodology. The Company will evaluate possible courses of action when it has more information
in this respect.
NOTE 7: SEGMENT INFORMATION
The Company is a fully integrated power
company in Argentina, which participates in the electricity, oil and gas value chains.
Through its own activities, subsidiaries
and shareholdings in joint ventures and associates, 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 (until 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 and PEPE IV wind farms.
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.
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, CIESA and OCP and their respective subsidiaries, which hold the concession over the
high voltage electricity transmission and over gas and oil transportation, respectively.
The Company manages its operating segment
based on its individual net result in U.S. dollars.
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 7: (Continuation)
|
|
in
million of US$ |
|
in
million of $ |
Consolidated
profit and loss information for the three-month period ended March 31, 2024 |
|
Generation |
|
Oil
and gas |
|
Petrochemicals |
|
Holding
and others |
|
Eliminations |
|
Consolidated |
|
Consolidated |
Revenue
- local market |
|
154 |
|
93 |
|
76 |
|
3 |
|
- |
|
326 |
|
274,579 |
Revenue
- foreign market |
|
- |
|
31 |
|
44 |
|
- |
|
- |
|
75 |
|
62,797 |
Intersegment
revenue |
|
- |
|
26 |
|
- |
|
- |
|
(26) |
|
- |
|
- |
Cost
of sales |
|
(77) |
|
(99) |
|
(108) |
|
- |
|
26 |
|
(258) |
|
(215,183) |
Gross
profit |
|
77 |
|
51 |
|
12 |
|
3 |
|
- |
|
143 |
|
122,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses |
|
(1) |
|
(13) |
|
(2) |
|
- |
|
- |
|
(16) |
|
(13,580) |
Administrative
expenses |
|
(13) |
|
(18) |
|
(2) |
|
(8) |
|
- |
|
(41) |
|
(34,238) |
Exploration
expenses |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(82) |
Other
operating income |
|
17 |
|
14 |
|
3 |
|
1 |
|
- |
|
35 |
|
28,992 |
Other
operating expenses |
|
(3) |
|
(5) |
|
(1) |
|
(22) |
|
- |
|
(31) |
|
(26,385) |
Impairment
of inventories |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(32) |
Impairment
of financial assets |
|
(34) |
|
- |
|
- |
|
- |
|
- |
|
(34) |
|
(29,830) |
Share
of profit from associates and joint ventures |
|
21 |
|
- |
|
- |
|
40 |
|
- |
|
61 |
|
51,416 |
Profit
from sale of companies´ interest |
|
- |
|
- |
|
- |
|
2 |
|
- |
|
2 |
|
1,458 |
Operating
income |
|
64 |
|
29 |
|
10 |
|
16 |
|
- |
|
119 |
|
99,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
income |
|
1 |
|
- |
|
- |
|
2 |
|
(1) |
|
2 |
|
1,347 |
Financial
costs |
|
(17) |
|
(26) |
|
(1) |
|
(10) |
|
1 |
|
(53) |
|
(43,955) |
Other
financial results |
|
53 |
|
(4) |
|
- |
|
3 |
|
- |
|
52 |
|
43,805 |
Financial
results, net |
|
37 |
|
(30) |
|
(1) |
|
(5) |
|
- |
|
1 |
|
1,197 |
Profit
(Loss) before income tax |
|
101 |
|
(1) |
|
9 |
|
11 |
|
- |
|
120 |
|
101,109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
tax |
|
97 |
|
49 |
|
2 |
|
- |
|
- |
|
148 |
|
122,687 |
Profit
of the period |
|
198 |
|
48 |
|
11 |
|
11 |
|
- |
|
268 |
|
223,796 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
20 |
|
47 |
|
1 |
|
- |
|
- |
|
68 |
|
57,114 |
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 7: (Continuation)
|
|
in
million of US$ |
|
in
million of $ |
Consolidated
profit and loss information for the three-month period ended March 31, 2024 |
|
Generation |
|
Oil
and gas |
|
Petrochemicals |
|
Holding
and others |
|
Eliminations |
|
Consolidated |
|
Consolidated |
Total
profit of the period attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners
of the company |
|
197 |
|
48 |
|
11 |
|
11 |
|
- |
|
267 |
|
223,099 |
Non-controlling
interest |
|
1 |
|
- |
|
- |
|
- |
|
- |
|
1 |
|
697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
financial position information as of March 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
2,813 |
|
1,512 |
|
182 |
|
718 |
|
(17) |
|
5,208 |
|
4,468,226 |
Liabilities |
|
734 |
|
1,190 |
|
154 |
|
296 |
|
(17) |
|
2,357 |
|
2,022,376 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
book values of property, plant and equipment |
|
1,350 |
|
1,173 |
|
27 |
|
35 |
|
- |
|
2,585 |
|
2,218,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
consolidated information as of March 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increases
in property, plant and equipment, intangibles assets and right-of-use assets |
|
24 |
|
87 |
|
1 |
|
1 |
|
- |
|
113 |
|
95,072 |
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 7: (Continuation)
|
|
in million of US$ |
|
in million of $ |
Consolidated profit and loss information for the three-month period ended March 31, 2023 |
|
Generation |
|
Oil and gas |
|
Petrochemicals |
|
Holding and others |
|
Eliminations |
|
Consolidated |
|
Consolidated |
Revenue - local market |
|
173 |
|
79 |
|
89 |
|
4 |
|
- |
|
345 |
|
67,409 |
Revenue - foreign market |
|
- |
|
50 |
|
36 |
|
- |
|
- |
|
86 |
|
16,506 |
Intersegment revenue |
|
- |
|
25 |
|
- |
|
- |
|
(25) |
|
- |
|
- |
Cost of sales |
|
(84) |
|
(92) |
|
(114) |
|
- |
|
25 |
|
(265) |
|
(50,538) |
Gross profit |
|
89 |
|
62 |
|
11 |
|
4 |
|
- |
|
166 |
|
33,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling expenses |
|
(1) |
|
(12) |
|
(3) |
|
- |
|
- |
|
(16) |
|
(3,193) |
Administrative expenses |
|
(12) |
|
(18) |
|
(2) |
|
(9) |
|
- |
|
(41) |
|
(8,521) |
Exploration expenses |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(48) |
Other operating income |
|
18 |
|
5 |
|
- |
|
- |
|
- |
|
23 |
|
4,859 |
Other operating expenses |
|
(12) |
|
(5) |
|
- |
|
(3) |
|
- |
|
(20) |
|
(3,845) |
Recovery of impairment of intangible assets |
|
- |
|
- |
|
- |
|
2 |
|
- |
|
2 |
|
411 |
Impairment of financial assets |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(80) |
Share of profit from associates and joint ventures |
|
2 |
|
- |
|
- |
|
13 |
|
- |
|
15 |
|
3,200 |
Operating income |
|
84 |
|
32 |
|
6 |
|
7 |
|
- |
|
129 |
|
26,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income |
|
- |
|
- |
|
- |
|
2 |
|
(2) |
|
- |
|
193 |
Financial costs |
|
(25) |
|
(38) |
|
(1) |
|
(14) |
|
2 |
|
(76) |
|
(14,711) |
Other financial results |
|
34 |
|
5 |
|
- |
|
45 |
|
- |
|
84 |
|
14,643 |
Financial results, net |
|
9 |
|
(33) |
|
(1) |
|
33 |
|
- |
|
8 |
|
125 |
Profit before income tax |
|
93 |
|
(1) |
|
5 |
|
40 |
|
- |
|
137 |
|
26,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax |
|
3 |
|
- |
|
- |
|
1 |
|
- |
|
4 |
|
643 |
Profit (Loss) of the period |
|
96 |
|
(1) |
|
5 |
|
41 |
|
- |
|
141 |
|
26,928 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
26 |
|
32 |
|
1 |
|
- |
|
- |
|
59 |
|
11,369 |
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 7: (Continuation)
|
|
in million of US$ |
|
in million of $ |
Consolidated profit and loss information for the three-month period ended March 31, 2023 |
|
Generation |
|
Oil and gas |
|
Petrochemicals |
|
Holding and others |
|
Eliminations |
|
Consolidated |
|
Consolidated |
Total profit (loss) of the period attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the company |
|
96 |
|
(1) |
|
5 |
|
41 |
|
- |
|
141 |
|
26,918 |
Non-controlling interest |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated financial position information as of December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
2,684 |
|
1,396 |
|
157 |
|
631 |
|
(146) |
|
4,722 |
|
3,817,196 |
Liabilities |
|
729 |
|
1,213 |
|
137 |
|
376 |
|
(146) |
|
2,309 |
|
1,866,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net book values of property, plant and equipment |
|
1,345 |
|
1,138 |
|
27 |
|
34 |
|
- |
|
2,544 |
|
2,056,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional consolidated information as of March 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increases in property, plant and equipment |
|
93 |
|
88 |
|
2 |
|
2 |
|
- |
|
185 |
|
36,399 |
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 8: REVENUE
|
|
03.31.2024 |
|
03.31.2023 |
|
|
|
|
|
Energy sales in spot market |
|
39,838 |
|
11,218 |
Energy sales by supply contracts |
|
70,594 |
|
18,704 |
Fuel supply |
|
18,088 |
|
3,992 |
Other sales |
|
955 |
|
52 |
Generation sales subtotal |
|
129,475 |
|
33,966 |
|
|
|
|
|
Gas sales |
|
82,346 |
|
17,393 |
Oil sales |
|
20,590 |
|
7,018 |
Other sales |
|
2,280 |
|
351 |
Oil and gas sales subtotal |
|
105,216 |
|
24,762 |
|
|
|
|
|
Products from catalytic reforming sales |
|
53,143 |
|
10,902 |
Styrene sales |
|
14,539 |
|
3,751 |
Synthetic rubber sales |
|
13,983 |
|
3,238 |
Polystyrene sales |
|
18,056 |
|
6,463 |
Other sales |
|
451 |
|
124 |
Petrochemicals sales subtotal |
|
100,172 |
|
24,478 |
|
|
|
|
|
Technical assistance and administration services sales |
|
2,477 |
|
686 |
Other sales |
|
36 |
|
23 |
Holding and others subtotal |
|
2,513 |
|
709 |
Total revenue (1) |
|
337,376 |
|
83,915 |
| (1) | Revenues from CAMMESA represent 35% and 39% of total revenues from sales
for the periods ended March 31, 2024 and 2023, respectively, and correspond mainly to the Power Generation and Oil & Gas segments.
Additionally, revenues from ENARSA represent 10% of total revenues from sales for the period ended March 31, 2024, and correspond mainly
to the Oil & Gas segment. |
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 9: COST OF SALES
|
|
03.31.2024 |
|
03.31.2023 |
Inventories at the beginning of the year |
|
166,023 |
|
30,724 |
|
|
|
|
|
Plus: Charges of the period |
|
|
|
|
Purchases of inventories, energy and gas |
|
89,097 |
|
22,948 |
Salaries and social security charges |
|
15,391 |
|
3,912 |
Employees benefits |
|
2,418 |
|
703 |
Defined benefit plans |
|
1,951 |
|
574 |
Works contracts, fees and compensation for services |
|
23,599 |
|
5,217 |
Property, plant and equipment depreciation |
|
54,248 |
|
10,715 |
Intangible assets amortization |
|
798 |
|
288 |
Right-of-use assets amortization |
|
454 |
|
37 |
Energy transportation |
|
1,649 |
|
427 |
Transportation and freights |
|
3,501 |
|
617 |
Consumption of materials |
|
4,184 |
|
1,106 |
Penalties |
|
251 |
|
89 |
Maintenance |
|
6,775 |
|
2,063 |
Canons and royalties |
|
17,004 |
|
4,088 |
Environmental control |
|
843 |
|
316 |
Rental and insurance |
|
6,010 |
|
1,387 |
Surveillance and security |
|
866 |
|
200 |
Taxes, rates and contributions |
|
1,096 |
|
193 |
Other |
|
526 |
|
190 |
Total charges of the period |
|
230,661 |
|
55,070 |
|
|
|
|
|
Exchange differences on translation |
|
6,683 |
|
4,836 |
|
|
|
|
|
Less: Inventories at the end of the period |
|
(188,184) |
|
(40,092) |
Total cost of sales |
|
215,183 |
|
50,538 |
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 10: OTHER ITEMS OF THE STATEMENT
OF COMPREHENSIVE INCOME
10.1 Selling expenses
|
|
|
03.31.2024 |
|
03.31.2023 |
Salaries and social security charges |
|
|
1,081 |
|
247 |
Employees benefits |
|
|
60 |
|
20 |
Fees and compensation for services |
|
|
358 |
|
174 |
Property, plant and equipment depreciation |
|
|
6 |
|
1 |
Taxes, rates and contributions |
|
|
2,833 |
|
615 |
Transportation and freights |
|
|
9,130 |
|
2,093 |
Other |
|
|
112 |
|
43 |
Total selling expenses |
|
|
13,580 |
|
3,193 |
10.2 Administrative expenses
|
|
|
03.31.2024 |
|
03.31.2023 |
Salaries and social security charges |
|
|
12,192 |
|
3,344 |
Employees benefits |
|
|
1,215 |
|
350 |
Defined benefit plans |
|
|
4,464 |
|
1,246 |
Fees and compensation for services |
|
|
6,733 |
|
1,301 |
Compensation agreements |
|
|
2,891 |
|
865 |
Directors' and Sindycs' fees |
|
|
1,117 |
|
282 |
Property, plant and equipment depreciation |
|
|
1,608 |
|
328 |
Consumption of materials |
|
|
47 |
|
15 |
Maintenance |
|
|
528 |
|
107 |
Transport and per diem |
|
|
193 |
|
93 |
Rental and insurance |
|
|
66 |
|
25 |
Surveillance and security |
|
|
162 |
|
47 |
Taxes, rates and contributions |
|
|
2,066 |
|
309 |
Communications |
|
|
148 |
|
52 |
Other |
|
|
808 |
|
157 |
Total administrative expenses |
|
|
34,238 |
|
8,521 |
10.3 Exploration expenses
|
|
|
03.31.2024 |
|
03.31.2023 |
Geological and geophysical expenses |
|
|
82 |
|
48 |
Total exploration expenses |
|
|
82 |
|
48 |
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 10: (Continuation)
10.4 Other operating income and expenses
|
|
|
03.31.2024 |
|
03.31.2023 |
Other operating income |
|
|
|
|
|
Insurance recovery |
|
|
3,122 |
|
4 |
Services provided to third parties |
|
|
24 |
|
34 |
Results for property, plant and equipment sale and derecognition |
|
|
2 |
|
51 |
Contingencies recovery |
|
|
53 |
|
2 |
Tax charges recovery |
|
|
14 |
|
12 |
Commercial interests |
|
|
15,718 |
|
2,791 |
Contractual indemnity |
|
|
- |
|
1,360 |
GasAr Plan |
|
|
5,793 |
|
464 |
Export Increase Program |
|
|
2,906 |
|
- |
Other |
|
|
1,360 |
|
141 |
Total other operating income |
|
|
28,992 |
|
4,859 |
|
|
|
|
|
|
Other operating expenses |
|
|
|
|
|
Provision for contingencies |
|
|
(18,616) |
|
(250) |
Provision for environmental remediation |
|
|
(20) |
|
(10) |
Results for property, plant and equipment sale and derecognition |
|
|
(54) |
|
(19) |
Tax on bank transactions |
|
|
(2,351) |
|
(656) |
PAIS import tax |
|
|
(419) |
|
- |
Donations and contributions |
|
|
(266) |
|
(83) |
Institutional promotion |
|
|
(285) |
|
(104) |
Costs of concessions agreements completion |
|
|
(1,147) |
|
(794) |
Contractual penalty |
|
|
- |
|
(1,360) |
Royalties GasAr Plan |
|
|
(784) |
|
(66) |
Other |
|
|
(2,443) |
|
(503) |
Total other operating expenses |
|
|
(26,385) |
|
(3,845) |
|
|
|
|
|
|
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 10: (Continuation)
10.5 Financial results
|
|
03.31.2024 |
|
03.31.2023 |
Financial
income |
|
|
|
|
Financial interest |
|
509 |
|
85 |
Other interest |
|
838 |
|
108 |
Total financial income |
|
1,347 |
|
193 |
|
|
|
|
|
Financial costs |
|
|
|
|
Financial interests (1) |
|
(31,243) |
|
(11,398) |
Commercial interests |
|
(37) |
|
(31) |
Fiscal interests |
|
(7,138) |
|
(2,758) |
Other interests |
|
(4,519) |
|
(166) |
Bank and other financial expenses |
|
(1,018) |
|
(358) |
Total financial costs |
|
(43,955) |
|
(14,711) |
|
|
|
|
|
Other financial results |
|
|
|
|
Foreign currency exchange difference, net |
|
(7,186) |
|
4,754 |
Changes in the fair value of financial instruments |
|
52,844 |
|
10,165 |
Result from present value measurement |
|
(1,637) |
|
(262) |
Result from repurchase of CB |
|
- |
|
30 |
Other financial results |
|
(216) |
|
(44) |
Total other financial results |
|
43,805 |
|
14,643 |
|
|
|
|
|
Total financial results, net |
|
1,197 |
|
125 |
|
|
|
|
|
(1) |
Net of $ 3,673 million and $ 953 million capitalized in property, plant and equipment for the three-month periods ended March 31, 2024
and 2023, respectively. |
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 10: (Continuation)
10.6 Income tax
The breakdown of income tax charge is:
|
|
|
03.31.2024 |
|
03.31.2023 |
Current tax |
|
|
50,615 |
|
(185) |
Deferred tax |
|
|
(173,302) |
|
(463) |
Difference between previous fiscal period income tax provision and the income tax statement |
|
|
- |
|
5 |
Total income tax - Profit |
|
|
(122,687) |
|
(643) |
Below is a reconciliation between
income tax expense and the amount resulting from application of the tax rate on the profit before taxes:
|
|
|
03.31.2024 |
|
03.31.2023 |
Profit before income tax |
|
|
101,109 |
|
26,285 |
Current income tax rate |
|
|
35% |
|
35% |
Income tax at the statutary tax rate |
|
|
35,388 |
|
9,200 |
Share of profit from companies |
|
|
(17,995) |
|
(1,120) |
Non-taxable results |
|
|
87 |
|
(1,147) |
Effects of exchange differences and other results associated with the valuation of the currency, net |
|
|
21,710 |
|
14,623 |
Effects of valuation of property, plant and equipment, intangible assets and financial assets |
|
|
(283,373) |
|
(35,748) |
Effect for tax inflation adjustment |
|
|
121,267 |
|
13,322 |
Non-deductible cost |
|
|
99 |
|
130 |
Other |
|
|
130 |
|
97 |
Total income tax - Profit |
|
|
(122,687) |
|
(643) |
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 11: NON-FINANCIAL ASSETS AND
LIABILITIES
| 11.1 | Property, plant and equipment |
|
|
|
Original values |
Type of good |
|
|
At the beginning |
|
Increases (1) |
|
Transfers |
|
Decreases |
|
Traslation effect |
|
|
|
|
|
|
|
|
|
At the end |
|
|
|
|
|
|
|
|
Lands |
|
|
10,642 |
|
- |
|
- |
|
- |
|
653 |
|
11,295 |
Buildings |
|
|
115,809 |
|
- |
|
257 |
|
- |
|
7,103 |
|
123,169 |
Equipment and machinery |
|
|
1,584,615 |
|
34 |
|
5,830 |
|
- |
|
97,194 |
|
1,687,673 |
Wells |
|
|
966,529 |
|
1,667 |
|
49,759 |
|
- |
|
60,120 |
|
1,078,075 |
Mining property |
|
|
160,153 |
|
- |
|
223 |
|
- |
|
9,818 |
|
170,194 |
Vehicles |
|
|
8,026 |
|
99 |
|
- |
|
(54) |
|
489 |
|
8,560 |
Furniture and fixtures and software equipment |
|
|
50,878 |
|
638 |
|
495 |
|
(1) |
|
3,159 |
|
55,169 |
Communication equipments |
|
|
1,016 |
|
- |
|
- |
|
- |
|
62 |
|
1,078 |
Materials, spare parts and tools |
|
|
34,178 |
|
10,003 |
|
(9,483) |
|
- |
|
3,917 |
|
38,615 |
Petrochemical industrial complex |
|
|
26,047 |
|
32 |
|
1,402 |
|
- |
|
1,630 |
|
29,111 |
Civil works |
|
|
19,443 |
|
- |
|
- |
|
- |
|
1,192 |
|
20,635 |
Work in progress |
|
|
336,707 |
|
73,703 |
|
(39,676) |
|
- |
|
19,653 |
|
390,387 |
Advances to suppliers |
|
|
52,778 |
|
4,360 |
|
(8,807) |
|
- |
|
3,369 |
|
51,700 |
Other goods |
|
|
354 |
|
- |
|
- |
|
- |
|
22 |
|
376 |
Total at 03.31.2024 |
|
|
3,367,175 |
|
90,536 |
|
- |
|
(55) |
|
208,381 |
|
3,666,037 |
Total at 03.31.2023 |
|
|
651,459 |
|
36,399 |
|
- |
|
(1,822) |
|
119,542 |
|
805,578 |
(1) Includes $ 3,673 million and
$ 953 million of financial costs capitalized for the three-month periods ended March 31, 2024 and 2023, respectively.
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 11: (Continuation)
|
|
|
Depreciation |
|
Net book values |
Type of good |
|
|
At the beginning |
|
Decreases |
|
For the period |
|
Traslation effect |
|
At the end |
|
At the end |
|
At 12.31.2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lands |
|
|
- |
|
- |
|
- |
|
- |
|
- |
|
11,295 |
|
10,642 |
Buildings |
|
|
(67,010) |
|
- |
|
(1,618) |
|
(4,154) |
|
(72,782) |
|
50,387 |
|
48,799 |
Equipment and machinery |
|
|
(605,189) |
|
- |
|
(23,481) |
|
(37,755) |
|
(666,425) |
|
1,021,248 |
|
979,426 |
Wells |
|
|
(467,546) |
|
- |
|
(26,835) |
|
(29,394) |
|
(523,775) |
|
554,300 |
|
498,983 |
Mining property |
|
|
(100,395) |
|
- |
|
(1,554) |
|
(6,192) |
|
(108,141) |
|
62,053 |
|
59,758 |
Vehicles |
|
|
(4,606) |
|
17 |
|
(305) |
|
(289) |
|
(5,183) |
|
3,377 |
|
3,420 |
Furniture and fixtures and software equipment |
|
|
(45,350) |
|
1 |
|
(1,061) |
|
(2,810) |
|
(49,220) |
|
5,949 |
|
5,528 |
Communication equipments |
|
|
(903) |
|
- |
|
(23) |
|
(56) |
|
(982) |
|
96 |
|
113 |
Materials, spare parts and tools |
|
|
(1,315) |
|
- |
|
(36) |
|
(82) |
|
(1,433) |
|
37,182 |
|
32,863 |
Petrochemical industrial complex |
|
|
(15,829) |
|
- |
|
(655) |
|
(989) |
|
(17,473) |
|
11,638 |
|
10,218 |
Civil works |
|
|
(1,711) |
|
- |
|
(291) |
|
(113) |
|
(2,115) |
|
18,520 |
|
17,732 |
Work in progress |
|
|
- |
|
- |
|
- |
|
- |
|
- |
|
390,387 |
|
336,707 |
Advances to suppliers |
|
|
- |
|
- |
|
- |
|
- |
|
- |
|
51,700 |
|
52,778 |
Other goods |
|
|
(347) |
|
- |
|
(3) |
|
(24) |
|
(374) |
|
2 |
|
7 |
Total at 03.31.2024 |
|
|
(1,310,201) |
|
18 |
|
(55,862) |
|
(81,858) |
|
(1,447,903) |
|
2,218,134 |
|
|
Total at 03.31.2023 |
|
|
(267,995) |
|
933 |
|
(11,044) |
|
(49,347) |
|
(327,453) |
|
478,125 |
|
|
Total at 12.31.2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,056,974 |
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 11: (Continuation)
11.2 Intangible assets
|
|
Original values |
Type of good |
|
At the beginning |
|
Increase |
|
Decrease |
|
Impairment recovery (1) |
|
Traslation effect |
|
|
|
|
|
|
|
|
At the end |
|
|
|
|
|
|
|
Concession agreements |
|
2,027 |
|
- |
|
- |
|
- |
|
124 |
|
2,151 |
Goodwill |
|
27,978 |
|
- |
|
- |
|
- |
|
1,715 |
|
29,693 |
Intangible identified in acquisitions of companies |
|
56,049 |
|
190 |
|
- |
|
- |
|
3,444 |
|
59,683 |
Total at 03.31.2024 |
|
86,054 |
|
190 |
|
- |
|
- |
|
5,283 |
|
91,527 |
Total at 03.31.2023 |
|
25,582 |
|
- |
|
(1,626) |
|
411 |
|
4,436 |
|
28,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization |
|
|
|
|
Type of good |
|
At the beginning |
|
For the period |
|
Traslation effect |
|
|
|
|
|
|
|
|
|
|
At the end |
|
|
|
|
|
|
|
|
|
|
|
|
|
Concession agreements |
|
(1,976) |
|
(17) |
|
(122) |
|
(2,115) |
|
|
|
|
Intangible identified in acquisitions of companies |
|
(6,180) |
|
(781) |
|
(402) |
|
(7,363) |
|
|
|
|
Total at 03.31.2024 |
|
(8,156) |
|
(798) |
|
(524) |
|
(9,478) |
|
|
|
|
Total at 03.31.2023 |
|
(1,218) |
|
(288) |
|
(249) |
|
(1,755) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net book values |
|
|
|
|
|
|
|
|
Type of good |
|
At the end |
|
At 12.31.2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concession agreements |
|
36 |
|
51 |
|
|
|
|
|
|
|
|
Goodwill |
|
29,693 |
|
27,978 |
|
|
|
|
|
|
|
|
Intangible identified in acquisitions of companies |
|
52,320 |
|
49,869 |
|
|
|
|
|
|
|
|
Total at 03.31.2024 |
|
82,049 |
|
|
|
|
|
|
|
|
|
|
Total at 03.31.2023 |
|
27,048 |
|
|
|
|
|
|
|
|
|
|
Total at 12.31.2023 |
|
|
|
77,898 |
|
|
|
|
|
|
|
|
| (1) | The sale of the digital assets at market price resulted in the recognition
of an impairment recovery for $ 411 million (US$ 2 million) as of March 31, 2023. |
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 11: (Continuation)
11.3 Deferred tax assets and liabilities
The composition of the deferred tax assets and liabilities is as follows:
|
|
03.31.2024 |
|
12.31.2023 |
Tax loss carryforwards |
|
13,092 |
|
116,514 |
Property, plant and equipment |
|
68,969 |
|
105 |
Intangible assets |
|
- |
|
1 |
Financial assets at fair value through profit and loss |
|
- |
|
127 |
Trade and other receivables |
|
2,227 |
|
366 |
Provisions |
|
53,769 |
|
42,542 |
Tax liabilities |
|
463 |
|
- |
Salaries and social security payable |
|
403 |
|
540 |
Defined benefit plans |
|
5,419 |
|
3,343 |
Trade and other payables |
|
258 |
|
258 |
Deferred tax asset |
|
144,600 |
|
163,796 |
Property, plant and equipment |
|
(28,885) |
|
(179,201) |
Intangible assets |
|
(28,683) |
|
(27,229) |
Investments in companies |
|
(7,952) |
|
(5,343) |
Inventories |
|
(33,391) |
|
(36,640) |
Financial assets at fair value through profit and loss |
|
(5,366) |
|
(14,568) |
Trade and other receivables |
|
(571) |
|
(8,182) |
Tax liabilities |
|
(322) |
|
(322) |
Other |
|
(3,567) |
|
(985) |
Tax inflation adjustment |
|
(113,716) |
|
(132,010) |
Deferred tax liability |
|
(222,453) |
|
(404,480) |
Deferred tax assets and liabilities
are offset only when there is a legally enforceable right to offset tax assets and liabilities; and when deferred income tax charges are
associated with the same fiscal authority. Therefore, they are disclosed in the consolidated condensed interim statement of financial
position:
|
|
03.31.2024 |
|
12.31.2023 |
Deferred tax asset, net |
|
11,537 |
|
2 |
Deferred tax liability, net |
|
(89,390) |
|
(240,686) |
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 11: (Continuation)
11.4 Inventories
|
|
|
03.31.2024 |
|
12.31.2023 |
Current |
|
|
|
|
|
Materials and spare parts |
|
|
116,662 |
|
103,969 |
Advances to suppliers |
|
|
6,115 |
|
3,627 |
In process and finished products |
|
|
65,407 |
|
58,427 |
Total (1) |
|
|
188,184 |
|
166,023 |
(1) |
It includes impairment loss as a result of the performed recoverability assessment for$ 32 million (US$ 0.05 million) and $ 739 millones
(US$ 3 millones) as of March 31, 2024 and December 31, 2023. There is no impairment as of March 31, 2023. |
11.5 Provisions
|
|
03.31.2024 |
|
12.31.2023 |
Non-Current |
|
|
|
|
Contingencies |
|
115,865 |
|
88,042 |
Asset retirement obligation and wind turbines decommision |
|
21,255 |
|
19,463 |
Environmental remediation |
|
13,198 |
|
12,358 |
Total non-current |
|
150,318 |
|
119,863 |
|
|
|
|
|
Current |
|
|
|
|
Asset retirement obligation and wind turbines decommision |
|
3,302 |
|
2,775 |
Environmental remediation |
|
773 |
|
917 |
Other provisions |
|
2,111 |
|
957 |
Total current |
|
6,186 |
|
4,649 |
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 11: (Continuation)
The evolution of provisions is shown below:
|
|
03.31.2024 |
|
|
Contingencies |
|
Asset retirement obligation and wind turbines decommision |
|
Environmental remediation |
|
|
|
|
|
|
|
At the beginning of the year |
|
88,042 |
|
22,238 |
|
13,275 |
Increases |
|
22,908 |
|
934 |
|
81 |
Decreases |
|
(2) |
|
- |
|
(100) |
Exchange differences on translation |
|
4,973 |
|
1,387 |
|
804 |
Reversal of unused amounts |
|
(56) |
|
(2) |
|
(89) |
At the end of the period |
|
115,865 |
|
24,557 |
|
13,971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
03.31.2023 |
|
|
Contingencies |
|
Asset retirement obligation and wind turbines decommision |
|
Environmental remediation |
|
|
|
|
|
|
|
At the beginning of the year |
|
19,047 |
|
4,853 |
|
2,935 |
Increases |
|
368 |
|
154 |
|
51 |
Decreases |
|
(43) |
|
- |
|
(49) |
Exchange differences on translation |
|
3,330 |
|
818 |
|
511 |
Reversal of unused amounts |
|
(2) |
|
(918) |
|
(42) |
At the end of the period |
|
22,700 |
|
4,907 |
|
3,406 |
|
|
|
|
|
|
|
11.5.1
Provision for lawsuits and contingencies
In connection with the international
arbitration proceeding brought by POSA against the Company, on April 3, 2024, the Court of Arbitration of the International Chamber of
Commerce (“ICC”) notified the parties of the Final Award rendered on April 2, 2024, in which it resolved to: (i) disallow
all but one of POSA’s claims, ordering the Company to pay the corresponding 33.60% of (a) the revenues collected under the Leasing
Agreement up to the Final Award’s date for US$ 18.8 million, plus a 6% annual interest rate, and (b) the collections to be received
by the Company in the future under the before-mentioned agreement; and (ii) sustain the Company’s counterclaim for US$ 2 million
plus interest at an annual 6% rate. On April 10, 2024, the Company filed a plea of partial nullity against the Final Award.
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 11: (Continuation)
11.6 Income tax and minimum notional
income tax provision
|
|
|
03.31.2024 |
|
12.31.2023 |
Non-current |
|
|
|
|
|
Income tax, net of witholdings and advances |
|
|
97,555 |
|
40,472 |
Minimum notional income tax |
|
|
4,400 |
|
4,142 |
Total non-current |
|
|
101,955 |
|
44,614 |
|
|
|
|
|
|
Current |
|
|
|
|
|
Income tax, net of witholdings and advances |
|
|
14,009 |
|
14,026 |
Total current |
|
|
14,009 |
|
14,026 |
NOTE 12: FINANCIAL ASSETS
AND LIABILITIES
| 12.1 | Financial assets at amortized cost |
|
|
|
03.31.2024 |
|
12.31.2023 |
Current |
|
|
|
|
|
Term deposit |
|
|
86,741 |
|
81,511 |
Notes receivable |
|
|
2,571 |
|
3,238 |
Total current |
|
|
89,312 |
|
84,749 |
Due to the short-term nature of
investments at amortized cost, their book value is not considered to differ from their fair value.
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 12: (Continuation)
| 12.2 | Financial assets at fair value through profit and loss |
|
|
|
03.31.2024 |
|
12.31.2023 |
Non-current |
|
|
|
|
|
Shares |
|
|
29,758 |
|
28,040 |
Total non-current |
|
|
29,758 |
|
28,040 |
|
|
|
|
|
|
Current |
|
|
|
|
|
Government securities |
|
|
333,717 |
|
313,964 |
Corporate bonds |
|
|
47,802 |
|
64,125 |
Shares |
|
|
80,960 |
|
71,141 |
Mutual funds |
|
|
1,901 |
|
2,653 |
Total current |
|
|
464,380 |
|
451,883 |
| 12.3 | Trade and other receivables |
|
Note |
|
03.31.2024 |
|
12.31.2023 |
Non-Current |
|
|
|
|
|
Receivables |
|
|
58 |
|
55 |
Trade receivables |
|
|
58 |
|
55 |
|
|
|
|
|
|
Non-Current |
|
|
|
|
|
Related parties |
16 |
|
8,172 |
|
9,040 |
Tax credits |
|
|
2,028 |
|
1,004 |
Receivables for sale of associates |
|
|
1,100 |
|
1,038 |
Contractual indemnity credit |
|
|
2,792 |
|
2,959 |
Expenses to be recovered |
|
|
2,477 |
|
- |
Other |
|
|
509 |
|
428 |
Other receivables |
|
|
17,078 |
|
14,469 |
Total non-current |
|
|
17,136 |
|
14,524 |
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 12: (Continuation)
|
Note |
|
03.31.2024 |
|
12.31.2023 |
Current |
|
|
|
|
|
Receivables |
|
|
164,869 |
|
84,914 |
CAMMESA |
|
|
182,455 |
|
80,957 |
Related parties |
16 |
|
3,998 |
|
3,882 |
Impairment of financial assets |
|
|
(31,061) |
|
(1,203) |
Trade receivables, net |
|
|
320,261 |
|
168,550 |
|
|
|
|
|
|
Current |
|
|
|
|
|
Related parties |
16 |
|
6,224 |
|
5,800 |
Tax credits |
|
|
6,350 |
|
7,903 |
Prepaid expenses |
|
|
20,845 |
|
4,287 |
Guarantee deposits |
|
|
32,733 |
|
15,378 |
Expenses to be recovered |
|
|
5,126 |
|
4,934 |
Insurance to be recovered |
|
|
6,148 |
|
3,589 |
Receivables for sale of associates |
|
|
1,179 |
|
1,046 |
GasAr Plan |
|
|
10,439 |
|
8,658 |
Advances to employees |
|
|
3,771 |
|
8,395 |
Contractual indemnity credit |
|
|
1,396 |
|
1,827 |
Receivable for sale of fiancial instruments |
|
|
6,591 |
|
5 |
Other |
|
|
7,537 |
|
7,934 |
Impairment of other receivables |
|
|
(11) |
|
(12) |
Other receivables, net |
|
|
108,328 |
|
69,744 |
|
|
|
|
|
|
Total current |
|
|
428,589 |
|
238,294 |
Due to the short-term nature of trade
and other receivables, its book value is not considered to differ from its fair value. For non-current trade and other receivables, fair
values do not significantly differ from book values.
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 12: (Continuation)
The movements in the impairment of financial assets are as follows:
|
|
|
03.31.2024 |
|
03.31.2023 |
At the beginning of the year |
|
|
1,203 |
|
1,039 |
Impairment |
|
|
30,100 |
|
91 |
Reversal of unused amounts |
|
|
(268) |
|
(6) |
Exchange differences on translation |
|
|
26 |
|
35 |
At the end of the period |
|
|
31,061 |
|
1,159 |
The movements in the impairment of other receivables
are as follows:
|
|
|
03.31.2024 |
|
03.31.2023 |
At the beginning of the year |
|
|
12 |
|
38 |
Impairment |
|
|
- |
|
1 |
Reversal of unused amounts |
|
|
(2) |
|
(24) |
Exchange differences on translation |
|
|
1 |
|
5 |
At the end of the period |
|
|
11 |
|
20 |
| 12.4 | Cash and cash equivalents |
|
|
|
03.31.2024 |
|
12.31.2023 |
Cash |
|
|
172 |
|
162 |
Banks |
|
|
21,186 |
|
24,815 |
Mutual funds |
|
|
150,219 |
|
112,996 |
Total |
|
|
171,577 |
|
137,973 |
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 12: (Continuation)
|
|
|
03.31.2024 |
|
12.31.2023 |
Non-Current |
|
|
|
|
|
Financial borrowings |
|
|
12,870 |
|
- |
Corporate bonds |
|
|
1,097,917 |
|
989,182 |
Total non-current |
|
|
1,110,787 |
|
989,182 |
|
|
|
|
|
|
Current |
|
|
|
|
|
Bank overdrafts |
|
|
16,626 |
|
24,857 |
Financial borrowings |
|
|
97,995 |
|
54,376 |
Corporate bonds |
|
|
115,633 |
|
102,124 |
Total current |
|
|
230,254 |
|
181,357 |
Total |
|
|
1,341,041 |
|
1,170,539 |
As of March 31, 2024, and December
31, 2023 the fair value of the Company’s CB amount approximately to $ 1,170,318 million and $ 1,091,685 million, respectively. Such
values were calculated on the basis of the determined market price of the Company’s CB at the end of each period (fair value Level
1).
The carrying amounts of short-term
borrowings and current account advances approximate their fair value due to their short-term maturity.
The long-term borrowings were
measured at amortized cost, which does not differ significantly from its fair value.
As of the issuance of these Consolidated
Condensed Interim Financial Statements, the Company is in compliance with the covenants provided for in its loan’s contracts.
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 12: (Continuation)
12.5.1 Loans´evolution:
The evolution of the consolidated
loans over the three-month periods ended March 31, 2024 and 2023 is disclosed below.
|
|
|
03.31.2024 |
|
03.31.2023 |
At the beginning of the year |
|
|
1,170,539 |
|
285,766 |
Proceeds from borrowings |
|
|
112,857 |
|
28,783 |
Payment of borrowings |
|
|
(10,959) |
|
(11,465) |
Accrued interest |
|
|
31,219 |
|
11,396 |
Payment of interests |
|
|
(34,128) |
|
(10,055) |
Repurchase of CB |
|
|
- |
|
(586) |
Result from repurchase of CB |
|
|
- |
|
(30) |
Foreign currency exchange difference |
|
|
(3,726) |
|
(7,432) |
Borrowing costs capitalized in property, plant and equipment |
|
|
3,673 |
|
953 |
Exchange differences on translation |
|
|
71,566 |
|
52,026 |
At the end of the period |
|
|
1,341,041 |
|
349,356 |
12.5.2 Redemption of Class 17 CB and issuance of Class 19
and 20 CB
On February 5, 2024, Pampa redeemed
all its Class 17 CB for a total amount of $ 5,980 million. Additionally, on February 29, 2024, the Company issued Class 19 CB for $ 17,131
million, accruing interest at a variable Badlar rate plus an applicable 1% annual negative margin and maturing on February 28, 2025.
Finally, on March 26, 2024, the
Company issued Class 20 CB for US$ 55.2 million, accruing interest at a fixed 6% rate and maturing on March 26, 2026.
12.5.3 Bank loans
During the period ended March
31, 2024, the Company took out net short-term financing with local financial institutions for $900 million and repaid net import financing
for $3.5 million. Additionally, the Company borrowed US$ 50 million from local banking institutions. Post-closing, the Company borrowed
US$ 40 million from local financial institutions, repaid short-term bank debt with local financial institutions for $25.5 billion and
repaid import financing for US$ 5 million.
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 12: (Continuation)
| 12.6 | Trade and other payables |
|
Note |
|
03.31.2024 |
|
12.31.2023 |
Non-Current |
|
|
|
|
|
Customer guarantees |
|
|
21 |
|
19 |
Trade payables |
|
|
21 |
|
19 |
|
|
|
|
|
|
Compensation agreements |
|
|
24,997 |
|
22,264 |
Finance leases liability |
|
|
11,990 |
|
11,686 |
Contractual penalty debt |
|
|
2,792 |
|
2,959 |
Other |
|
|
513 |
|
373 |
Other payables |
|
|
40,292 |
|
37,282 |
Total non-current |
|
|
40,313 |
|
37,301 |
|
|
|
|
|
|
Current |
|
|
|
|
|
Suppliers |
|
|
173,577 |
|
150,402 |
Customer advances |
|
|
18,490 |
|
7,138 |
Related parties |
16 |
|
14,708 |
|
11,808 |
Trade payables |
|
|
206,775 |
|
169,348 |
|
|
|
|
|
|
Compensation agreements |
|
|
10,201 |
|
8,686 |
Liability for acquisition of companies |
|
|
- |
|
6,844 |
Finance leases liability |
|
|
3,102 |
|
2,923 |
Contractual penalty debt |
|
|
1,396 |
|
1,315 |
Various creditors |
|
|
- |
|
2,484 |
Other |
|
|
362 |
|
200 |
Other payables |
|
|
15,061 |
|
22,452 |
|
|
|
|
|
|
Total current |
|
|
221,836 |
|
191,800 |
Due to the short-term nature of trade
and other payables, its book value is not considered to differ from its fair value. For most other non-current
liabilities, fair values do not significantly differ from book values.
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 12: (Continuation)
| 12.7 | Fair value of financial instruments |
The following table shows the Company’s financial
assets and liabilities measured at fair value as of March 31, 2024 and December 31, 2023:
As of March 31, 2024 |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
Assets |
|
|
|
|
|
|
|
|
Financial assets at fair value through
profit and losss |
|
|
|
|
|
|
|
|
Government securities |
|
333,717 |
|
- |
|
- |
|
333,717 |
Corporate bonds |
|
47,802 |
|
- |
|
- |
|
47,802 |
Mutual funds |
|
1,901 |
|
- |
|
- |
|
1,901 |
Shares |
|
80,960 |
|
- |
|
29,758 |
|
110,718 |
Cash and cash equivalents |
|
|
|
|
|
|
|
|
Mutual funds |
|
150,219 |
|
- |
|
- |
|
150,219 |
Derivative financial instruments |
|
- |
|
265 |
|
- |
|
265 |
Other receivables |
|
|
|
|
|
|
|
|
Guarantee deposits on derivative financial instruments |
|
3,462 |
|
- |
|
- |
|
3,462 |
Total assets |
|
618,061 |
|
265 |
|
29,758 |
|
648,084 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Derivative financial instruments |
|
- |
|
110 |
|
- |
|
110 |
Total liabilities |
|
- |
|
110 |
|
- |
|
110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2023 |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
Assets |
|
|
|
|
|
|
|
|
Financial assets at fair value through
profit and losss |
|
|
|
|
|
|
|
|
Government securities |
|
313,964 |
|
- |
|
- |
|
313,964 |
Corporate bonds |
|
64,125 |
|
- |
|
- |
|
64,125 |
Mutual funds |
|
2,653 |
|
- |
|
- |
|
2,653 |
Shares |
|
71,141 |
|
- |
|
28,040 |
|
99,181 |
Cash and cash equivalents |
|
|
|
|
|
|
|
|
Mutual funds |
|
112,996 |
|
- |
|
- |
|
112,996 |
Derivative financial instruments |
|
- |
|
250 |
|
- |
|
250 |
Other receivables |
|
|
|
|
|
|
|
|
Guarantee deposits on derivative financial instruments |
|
5,764 |
|
- |
|
- |
|
5,764 |
Total assets |
|
570,643 |
|
250 |
|
28,040 |
|
598,933 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Derivative financial instruments |
|
- |
|
191 |
|
- |
|
191 |
Total liabilities |
|
- |
|
191 |
|
- |
|
191 |
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 12: (Continuation)
The techniques used for the measurement
of assets and liabilities at fair value through profit and loss, classified as Level 2 and 3, are detailed below:
| - | Derivative Financial Instruments: calculated from variations between market prices
at the closing date of the period, and the amount at the time of the contract. |
| - | Shares: it was determined using the income-based approach through the “Indirect
Cash Flow” method, that is, the net present value of expected future cash flows, mainly through the collection of dividends taking
into consideration the direct 2.84% and 3.19% stakes and the 2.18% and 2.46% additional stakes through HIDISA and HINISA, in TJSM and
TMB, respectively. |
NOTE 13: EQUITY COMPONENTS
As of March 31, 2024, the capital
stock amounts to $ 1,364 million, including $ 4 million of treasury shares.
To comply with the provisions
established by the CNV, the breakdown of the translation differences originated in the share capital and capital adjustment accounts is
detailed below:
|
|
03.31.2024 |
|
|
Share capital |
|
Share capital adjustment |
At the beginning of the year |
27,854 |
|
145,729 |
Variation of the period |
1,791 |
|
9,368 |
At the end of the period |
29,645 |
|
155,097 |
|
|
|
|
|
|
|
12.31.2023 |
|
|
Share capital |
|
Share capital adjustment |
At the beginning of the year |
5,117 |
|
26,760 |
Variation of the period |
22,737 |
|
118,969 |
At the end of the year |
27,854 |
|
145,729 |
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 13: (Continuation)
Basic earnings per share are calculated
by dividing the result attributable to the Company’s equity holders by the weighted average of outstanding common shares during
the year. Diluted earnings per share are calculated by adjusting the weighted average of outstanding common shares to reflect the conversion
of all dilutive potential common shares.
Potential common shares will be
deemed dilutive only when their conversion into common shares may reduce the earnings per share or increase losses per share of the continuing
business. Potential common shares will be deemed anti-dilutive when their conversion into common shares may result in an increase in the
earnings per share or a decrease in the losses per share of the continuing operations.
The calculation of diluted earnings
per share does not entail a conversion, the exercise or another issuance of shares which may have an anti-dilutive effect on the losses
per share, and where the option exercise price is higher than the average price of ordinary shares during the period, no dilutive effect
is recorded, being the diluted earning per share equal to the basic. As of March 31, 2024 and 2023, the Company does not hold any significant
potential dilutive shares, therefore there are no differences with the basic earnings per share.
|
|
03.31.2024 |
|
03.31.2023 |
Earning attributable to equity holders of the Company |
|
223,099 |
|
26,918 |
Weighted average amount of outstanding shares |
|
1,360 |
|
1,380 |
Basic and diluted earnings per share |
|
164.04 |
|
19.51 |
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 14: STATEMENT OF CASH FLOWS’
COMPLEMENTARY INFORMATION
| 14.1 | Adjustments to reconcilie net profit to cash flows from operating activities |
|
Note |
|
03.31.2024 |
|
03.31.2023 |
Income tax |
10.6 |
|
(122,687) |
|
(643) |
Accrued interest |
|
|
26,980 |
|
11,428 |
Depreciations and amortizations |
9, 10.1 and 10.2 |
|
57,114 |
|
11,369 |
Share of profit of joint ventures and associates |
5.2.2 |
|
(51,416) |
|
(3,200) |
Profit from sale of companies´ interest |
|
|
(1,458) |
|
- |
Results for property, plant and equipment sale and derecognition |
10.4 |
|
52 |
|
(32) |
(Impairment) Recovery of impairment of intangible assets and inventories |
|
|
32 |
|
(411) |
Impairment of financial assets |
|
|
29,830 |
|
80 |
Result from present value measurement |
10.5 |
|
1,637 |
|
262 |
Changes in the fair value of financial instruments |
|
|
(46,706) |
|
(9,099) |
Exchange differences, net |
|
|
3,209 |
|
(5,258) |
Result from repurchase of CB |
10.5 |
|
- |
|
(30) |
Costs of concessions agreements completion |
10.4 |
|
1,147 |
|
794 |
Contractual indemnity |
10.4 |
|
- |
|
(1,360) |
Contractual penalty |
10.4 |
|
- |
|
1,360 |
Provision for contingecies, net |
10.4 |
|
18,563 |
|
248 |
Provision for environmental remediation |
10.4 |
|
20 |
|
10 |
Accrual of defined benefit plans |
9 and 10.2 |
|
6,415 |
|
1,820 |
Compensation agreements |
10.2 |
|
2,891 |
|
865 |
Other |
|
|
(263) |
|
(364) |
Adjustments to reconcile net profit to cash flows from operating activities |
|
|
(74,640) |
|
7,839 |
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 14: (Continuation)
| 14.2 | Changes in operating assets and liabilities |
|
|
|
03.31.2024 |
|
03.31.2023 |
Increase in trade receivables and other receivables |
|
|
(252,654) |
|
(6,265) |
Increase in inventories |
|
|
(15,509) |
|
(4,532) |
Increase in trade payables and other payables |
|
|
97,847 |
|
9,576 |
Decrease in salaries and social security payables |
|
|
(2,090) |
|
(1,123) |
Defined benefit plans payments |
|
|
(484) |
|
(62) |
Increase in tax liabilities |
|
|
10,002 |
|
982 |
Decrease in provisions |
|
|
(467) |
|
(381) |
Income tax payment |
|
|
- |
|
(395) |
Payments for derivative financial instruments, net |
|
|
(15) |
|
(25) |
Changes in operating assets and liabilities |
|
|
(163,370) |
|
(2,225) |
| 14.3 | Significant non-cash transactions |
|
|
|
03.31.2024 |
|
03.31.2023 |
|
|
|
|
|
|
Acquisition of property, plant and equipment through an increase in trade payables |
|
|
(38,815) |
|
(13,401) |
Borrowing costs capitalized in property, plant and equipment |
|
|
(3,673) |
|
(953) |
Increase in asset retirement obligation and wind turbines decommision through property, plant and equipment |
|
|
- |
|
(878) |
Receivables for acquisition of subsidiary |
|
|
- |
|
1,182 |
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 15: CONTINGENT
LIABILITIES AND ASSETS
The main changes for the three-month
period ended March 31, 2024 regarding contingent liabilities and assets disclosed in the Consolidated Financial Statements as of December
31, 2023 are detailed below:
15.1 Environmental claims
A neighbor of the town of Ingeniero
White claims economic compensation from the Company, three other companies, the Puerto de Bahía Blanca Consortium and the Municipality
of Bahía Blanca for the alleged damage to his property caused by the vibration generated by the defendant companies over the course
of their activities and the poor control by the Municipality. The proceeding is in the answer stage.
15.2 Administrative
claims
In the case initiated by the Company
against the Federal Government to claim the amount owed, plus interest, for the debt undertaken by it during the term of validity of PEN
Executive Order No. 1,053/18, the Federal Government made an appearance and answered the complaint.
15.3 Civil and Commercial Claims
In the arbitration proceeding brought
by the Company against High Luck Group Limited - Argentina branch as a result of certain breaches of the Participation Assignment Agreement
and the Joint Operating Agreement for the Chirete Block, the parties have filed their closing arguments.
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTA 16: RELATED PARTIES´ BALANCES
AND TRANSACTIONS
16.1
Balances with related parties
As of March 31, 2024 |
|
Trade receivables |
|
Other receivables |
|
Trade payables |
|
Current |
|
Non Current |
|
Current |
|
Current |
Associates and joint ventures |
|
|
|
|
|
|
|
|
CTB |
|
443 |
|
- |
|
- |
|
- |
TGS |
|
3,518 |
|
8,172 |
|
5,647 |
|
7,952 |
Transener |
|
23 |
|
- |
|
50 |
|
23 |
Other related parties |
|
|
|
|
|
|
|
|
SACDE |
|
14 |
|
- |
|
44 |
|
6,732 |
Other |
|
- |
|
- |
|
483 |
|
1 |
|
|
3,998 |
|
8,172 |
|
6,224 |
|
14,708 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2023 |
|
Trade receivables |
|
Other receivables |
|
Trade payables |
|
Current |
|
Non Current |
|
Current |
|
Current |
Associates and joint ventures |
|
|
|
|
|
|
|
|
CTB |
|
571 |
|
- |
|
- |
|
- |
TGS |
|
3,006 |
|
9,040 |
|
5,218 |
|
5,992 |
Transener |
|
15 |
|
- |
|
85 |
|
14 |
Other related parties |
|
|
|
|
|
|
|
|
SACDE |
|
290 |
|
- |
|
42 |
|
5,802 |
Other |
|
- |
|
- |
|
455 |
|
- |
|
|
3,882 |
|
9,040 |
|
5,800 |
|
11,808 |
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 16: (Continuation)
16.2
Operations with related parties
Operations for the three-month period |
|
Sales of goods and services (1) |
|
Purchases of goods and services (2) |
|
Fees for services (3) |
|
Other operating income (expenses), net (4) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Associates and joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CTB |
|
334 |
|
89 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
TGS |
|
9,573 |
|
2,175 |
|
(11,560) |
|
(2,285) |
|
- |
|
- |
|
- |
|
- |
Transener |
|
- |
|
- |
|
(23) |
|
(6) |
|
- |
|
- |
|
85 |
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fundación |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(236) |
- |
(72) |
SACDE |
|
- |
|
- |
|
(16,984) |
|
(3,607) |
|
- |
|
- |
|
86 |
|
17 |
Salaverri, Dellatorre, Burgio & Wetzler |
|
- |
|
- |
|
- |
|
- |
|
(38) |
- |
(9) |
|
- |
|
- |
Other |
|
- |
|
- |
|
(1) |
|
(10) |
|
- |
- |
- |
|
- |
|
- |
|
|
9,907 |
|
2,264 |
|
(28,568) |
|
(5,908) |
|
(38) |
|
(9) |
|
(65) |
|
(36) |
| (1) | Corresponds mainly to advisory services provided in relation with technical
assistance and sales of gas. |
| (2) | Correspond to natural gas transportation services,
and other services imputed to cost of sales for $ 11,584 million and $ 2,301 million and infrastructure works contracted to SACDE charged
in property, plant and equipment for $ 16,984 million and $ 3,607 million, of which $ 3,397 million and $ 720 million, correspond to fees
and general expenses calculated on the costs incurred by SACDE and/or Pampa to carry the works out for the three-month periods ended March
31, 2024 and 2023, respectively. |
| (3) | Disclosed within administrative expenses. |
| (4) | Corresponds mainly to donations expenses and operating
leases income. |
Operations for the three-month period |
|
Financial income (1) |
|
Financial expenses (2) |
|
Dividends received |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Associates and joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
OCP |
|
- |
|
- |
|
- |
|
- |
|
6,955 |
|
- |
TGS |
|
284 |
|
88 |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other related parties |
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
- |
|
- |
|
(3) |
|
(6) |
|
- |
|
- |
|
|
284 |
|
88 |
|
(3) |
|
(6) |
|
6,955 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) | Corresponds mainly to financial leases and accrued interest on loans granted. |
| (2) | Corresponds to interest and commissions on loans received. |
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 17: ASSETS AND LIABILITIES IN
CURRENCIES OTHER THAN PESOS (1)
|
Type |
|
Amount in currencies other than pesos |
|
Exchange rate (2) |
|
Total
03.31.2024 |
|
Total
12.31.2023 |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
Other receivables |
US$ |
|
17.1 |
|
858.00 |
|
14,668 |
|
13,045 |
Total non-current assets |
|
|
|
|
|
|
14,668 |
|
13,045 |
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets at fair value through profit and loss |
US$ |
|
480.5 |
|
858.00 |
|
412,248 |
|
390,799 |
|
U$ |
|
- |
|
- |
|
- |
|
1 |
Financial assets at amortized cost |
US$ |
|
104.1 |
|
858.00 |
|
89,312 |
|
84,749 |
Derivative financial instruments |
US$ |
|
0.3 |
|
858.00 |
|
257 |
|
229 |
Trade and other receivables |
US$ |
|
123.5 |
|
858.00 |
|
105,977 |
|
133,422 |
|
CLP |
|
1,551.1 |
|
0.88 |
|
1,358 |
|
1,021 |
Cash and cash equivalents |
US$ |
|
180.4 |
|
858.00 |
|
154,757 |
|
79,692 |
|
CLP |
|
4.5 |
|
0.88 |
|
4 |
|
1 |
|
EUR |
|
0.0 |
|
929.96 |
|
1 |
|
1 |
Total current assets |
|
|
|
|
|
|
763,914 |
|
689,915 |
Total assets |
|
|
|
|
|
|
778,582 |
|
702,960 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
Provisions |
US$ |
|
161.6 |
|
858.00 |
|
138,677 |
|
112,738 |
Borrowings |
US$ |
|
1,294.6 |
|
858.00 |
|
1,110,787 |
|
989,182 |
Other payables |
US$ |
|
42.1 |
|
858.00 |
|
36,161 |
|
33,334 |
Total non-current liabilities |
|
|
|
|
|
|
1,285,625 |
|
1,135,254 |
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
Provisions |
US$ |
|
4.7 |
|
858.00 |
|
4,074 |
|
3,691 |
Tax liabilities |
US$ |
|
0.002 |
|
858.00 |
|
2 |
|
2 |
|
CLP |
|
819.83 |
|
0.88 |
|
718 |
|
777 |
Salaries and social security payable |
US$ |
|
0.03 |
|
858.00 |
|
23 |
|
20 |
Derivative financial instruments |
US$ |
|
0.13 |
|
858.00 |
|
109 |
|
189 |
Borrowings |
US$ |
|
170.2 |
|
858.00 |
|
146,030 |
|
117,493 |
|
CNY |
|
39.7 |
|
118.72 |
|
4,713 |
|
4,388 |
Trade and other payables |
US$ |
|
163.9 |
|
858.00 |
|
140,657 |
|
154,698 |
|
EUR |
|
2.5 |
|
929.96 |
|
2,317 |
|
1,959 |
|
CNY |
|
28.0 |
|
118.72 |
|
3,321 |
|
1,045 |
|
SEK |
|
10.8 |
|
80.74 |
|
875 |
|
321 |
|
U$ |
|
0.12 |
|
22.85 |
|
3 |
|
2 |
Total current liabilities |
|
|
|
|
|
|
302,842 |
|
284,585 |
Total liabilities |
|
|
|
|
|
|
1,588,467 |
|
1,419,839 |
Net Position Liability |
|
|
|
|
|
|
(809,885) |
|
(716,879) |
| (1) | Information presented to comply with CNV Rules. |
| (2) | Exchange rate in force on March 31, 2024 according
to the BNA for U.S. dollars (US$), Euros (EUR), Yuans R. China (CNY), Chilean pesos (CLP), Swedish crowns (SEK) and Uruguayan pesos (U$).
|
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 18: TERMINATION OF HYDROELECTRIC
CONCESSIONS
On January 17, 2024, through SE
Resolution No. 2/24, a new extension was granted to the Alicurá, El Chocón, Arroyito, Cerros Colorados and Piedra del Águila
hydroelectric concessions for 60 calendar days at the end of the previous extensions (provided by SE Resolution No. 574/23 and 815/23),
ENARSA maintaining its role as overseer. On March 18, 2024, through SE Resolution No. 33/24, the transition period was extended for 60 calendar
days, effective from March 19, 2024 for the Alicurá, El Chocón, Arroyito and Cerros Colorados hydroelectric plant concessions
and from April 28, 2024 for the Piedra del Águila concession.
NOTE 19 DOCUMENTATION SAFEKEEPING
On August 14, 2014, the CNV issued
General Resolution No. 629/14, which introduced modifications to the provisions applicable to the keeping and conservation of corporate
and accounting books and commercial documentation. To such effect, the Company have sent non-sensitive work papers and information corresponding
to the periods not covered by the statute of limitations for their keeping in the AdeA - Administración de Archivos S.A.’s
data warehouse located at Ruta 36, km 34.5, Florencio Varela, Provincia de Buenos Aires and in the Iron Mountain Argentina S.A.’s
data warehouses located at the following addresses:
| - | Don Pedro de Mendoza 2163 –C.A.B.A. |
| - | Amancio Alcorta 2482 C.A.B.A. |
| - | San Miguel de Tucumán 601, Carlos Spegazzini, Municipality of Ezeiza, Province
of Buenos Aires. |
A list of the documentation delivered
for storage, as well as the documentation provided for in Article 5.a.3) Section I, Chapter V, Title II of the PROVISIONS (2013 regulatory
provisions and amending rules), is available at the Company headquarters.
Free translation from the original prepared in Spanish for publication in Argentina |
|
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2024, presented on comparative basis. (In millions of Argentine Pesos (“$”)) |
|
NOTE 20: SUBSEQUENT
EVENTS
General Ordinary and Extraordinary
Shareholders’ Meeting
On April 29, 2024, the Company’s
General Ordinary and Extraordinary Shareholders’ Meeting resolved to approve the allocation of the results for the fiscal year ended
December 31, 2023, with profits for $ 34,488 million which, added to appropriated translation differences in the amount of $ 146,139 million,
totaled positive retained earnings for $ 180,627 million, resolving to: (i) release $ 539 million from the legal reserve on exceeding
the legal cap of 20% of the share capital, considering the associated translation differences, and allocate it to the optional reserve;
and (ii) allocate $ 180,627 million to the optional reserve.
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