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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
[_]REGISTRATION STATEMENT [x]ANNUAL REPORT [_]TRANSITION REPORT [_]SHELL COMPANY REPORT
FORM 20-F
ANNUAL REPORT PURSUANT TO SECTION 13 OR
15(d)
OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2022
Commission File Number: 001-34429
PAMPA
ENERGíA S.A.
(Exact name of registrant as specified in its charter)
Pampa
Energy Inc.
(Translation of registrant’s name into English)
Argentina
(Jurisdiction of incorporation or organization)
Maipú 1
C1084ABA, City of Buenos Aires
Argentina
(Address
of principal executive offices)
María Carolina
Sigwald
Maipú 1
C1084ABA, City of Buenos Aires
Argentina
Tel.: + 54 11 4344 6000 / Fax: + 54 11 4344 6473
(Name, telephone,
e-mail and/or facsimile number and address of company contact person)
Securities registered or to be registered pursuant
to Section 12(b) of the Act:
Title of each class |
Trading Symbol |
Name of each exchange
on which registered |
Common Stock
American Depositary
Shares, each representing
25 shares of common
stock, par value Ps.1.00 per share |
PAM |
New York Stock Exchange*
New York Stock Exchange |
* Not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission. |
Securities
registered or to be registered pursuant to Section 12(g) of the Act:
None
Securities for which there is a reporting obligation
pursuant to Section 15(d) of the Act:
None
Indicate the number of outstanding shares of each
of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:
1,379,765,666 outstanding shares
of common stock, par value Ps.1.00 per share, excluding 3,878,939 treasury shares.
|
Indicate by check mark if the registrant is
a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
If this report is an annual or transition
report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934.
Indicate by check mark whether the registrant:
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements
for the past 90 days.
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding
12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large
accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
(Check one):
Large Accelerated Filer |
☒ |
Accelerated Filer |
☐ |
Non-Accelerated Filer |
☐ |
Emerging Growth Company |
☐ |
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided
pursuant to Section 13(a) of the Exchange Act. ☐
† The term “new or revised financial
accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification
after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation
to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the
Sarbanes-Oxley Act (§ 15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
If securities
are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included
in the filing reflect the correction of an error to previously issued financial statements.
☐
Indicate by
check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received
by any of the registrant’s
executive officers during the relevant recovery period pursuant to §240.10D-1(b).
☐
Indicate by check mark which basis of accounting
the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP ☐ |
International Financial Reporting Standards as issued by the International Accounting Standards Board ☒ |
Other
☐ |
If “Other” has been checked in
response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.
Indicate by check mark whether the registrant is
a shell company (as defined in Rule 12b-2 of the Exchange Act).
PRESENTATION OF INFORMATION
This document comprises Pampa’s
annual report on Form 20-F for the year ended December 31, 2022 . This annual report was approved by our Board of Directors by resolution
following its meeting held on April 28, 2023. In this annual report, we use the terms “we”, “us”, “our”,
“registrant” and the “Company” to refer to Pampa and its subsidiaries.
Financial Information
This annual report contains our
audited consolidated statements of financial position as of December 31, 2022 and 2021, and the related consolidated statements of comprehensive
income, changes in equity and cash flows for each of the three years in the period ended December 31, 2022, and the notes thereto (the
“Consolidated Financial Statements”).
Our Consolidated Financial Statements
are set forth in Item 18 beginning on page F-1 of this annual report. Our Consolidated Financial Statements are prepared in accordance
with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (the “IASB”).
The Consolidated Financial Statements included in this annual report have been approved by resolution of the Board of Directors’
meeting of the Company held on March 9, 2023 and by the Shareholder’s meeting held on April 26, 2023.
The Consolidated Financial Statements
have been audited by Price Waterhouse & Co. S.R.L., an independent registered public accounting firm in Buenos Aires, Argentina whose
report is included in this annual report.
Consistent with Item 18 of Form
20-F, we provide the disclosure required under Accounting Standards Codification (“ASC”) 932 of the Financial Accounting
Standards Board (the “FASB”) relating to extractive activities—Oil and Gas (formerly, FASB Statement of Financial Accounting
Standards No. 69—Disclosures about Oil and Gas Producing Activities) (“ASC Topic 932”), as is required regardless of
the basis of accounting on which we prepare our financial statements.
Functional and Presentation Currency
The
information included in the Consolidated Financial Statements has been recorded in the functional currency of the Company, which is the
currency of the primary economic environment in which the Company operates. The Company’s functional currency is U.S. Dollars, which
is also the presentation currency.
The
results and financial position of subsidiaries, joint ventures and associates that have a different functional currency have been translated
into the Company’s functional currency and the results from the translation process have been recognized in “Other Comprehensive
Income (loss)”. For more information, see Note 4.3 to our Consolidated Financial Statements.
Rounding
Certain figures included in this
annual report (including percentage amounts) have been subject to rounding adjustments. Accordingly, certain totals may therefore not
precisely equal the sum of the numbers presented.
PRESENTATION OF INFORMATION CONCERNING RESERVES
The proved hydrocarbon reserves included
in this report for the year ended December 31, 2022, are those that we have the right to extract and sell based on assignments granted
to us by the respective governmental authorities.
The estimates of our remaining proved
recoverable oil and gas reserve volumes for the five years ended December 31, 2022 included in this report have been calculated according
to the technical definitions required by the U.S. Securities and Exchange Commission. GaffneyCline conducted reserves audits of our estimates
of our proved reserves as of December 31, 2022. All reserves estimates involve some degree of uncertainty. For a description of the risks
relating to reserves and reserves estimates, see “Item 3—Key Information—Risk Factors—Risk Relating to our
Oil and Gas Business—Our estimated oil and gas reserves are based on assumptions that may prove inaccurate,” and “—We
face significant competition in the acquisition of exploratory acreage and oil and natural gas reserves.”
FORWARD-LOOKING STATEMENTS
This annual report contains estimates
and forward-looking statements, principally in “Item 3. Risk Factors,” “Item 4. Our Business” and
“Item 5. Operating and Financial Review and Prospects.” Some of the matters discussed herein concerning our business
operations and financial performance include estimates and forward-looking statements within the meaning of the U.S. Securities Act of
1933, as amended (the “Securities Act”) and the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Our estimates and forward-looking
statements are mainly based on our current expectations and estimates on future events and trends that affect or may affect our business
and results of operations. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions,
they are subject to several risks and uncertainties and are made in light of information currently available to us.
Our estimates and forward-looking
statements may be influenced by the following factors, among others:
| - | the availability of financing at reasonable terms to
Argentine companies, such as us; |
| - | uncertainties relating to future government approvals
or legal actions, such as provisional remedies, that could affect our tariffs; |
| - | changes in the price of hydrocarbons and their derivatives; |
| - | changes in the price of power and other related services; |
| - | the volume of crude oil, natural
gas and derivatives we produce and sell; |
| - | our ability to renew certain
concessions; |
| - | the ability to develop and monetize
conventional and unconventional reserves; |
| - | our ability to develop our expansion projects and to
win awards for new potential projects; |
| - | changes to our reserves estimates; |
| - | the treatment of the tariff update according to RTI; |
| - | changes in the laws and regulations applicable to the
energy sector in Argentina; |
| - | government interventions, resulting in changes in the
economy, taxes, tariffs, the regulatory framework or environmental matters, or in the delay or withholding of governmental approvals; |
| - | general economic, social and political conditions in
Argentina, and other regions where we, our subsidiaries, associates or joint ventures operate, such as the rate of economic growth, fluctuations
in exchange rates of the Peso or inflation; |
| - | more severe restrictions on the ability to exchange Pesos
into foreign currencies or to transfer funds abroad; |
| - | competition in the electricity sector, public utility
services and related industries; |
| - | competition in the hydrocarbon sector and related industries; |
| - | obsolescence of products manufactured in our petrochemical
facilities; |
| - | export limitations to our production; |
| - | import restrictions on consumables that are key for the
maintenance of our assets; |
| - | the impact of high rates of inflation on our costs; |
| - | the effect of steep local currency depreciation on our
Peso-denominated revenues; |
| - | changes to our capital expenditure plans; |
| - | the failure of governmental authorities to approve proposed
measures or transactions described in this annual report; |
| - | deterioration in regional and local business and economic
conditions in or affecting Argentina; |
| - | any potential negative consequences arising in connection
with our potential mergers, acquisitions, divestitures or other corporate reorganizations; |
| - | changes in general economic, business, political or other
conditions in Argentina or changes in general economic or business conditions in other Latin American countries; |
| - | the effects of the Covid-19 pandemic and any subsequent
mandatory regulatory restrictions or containment measures imposed in response thereto; |
| - | risks related with cybersecurity events, including potential
cyberattacks; |
| - | the risks associated with climate change and severe weather
events; |
| - | the transition process and phasing out of LIBOR; and |
| - | other risks factors discussed under “Item 3. Risk
Factors.” |
The words “believe”,
“may”, “will”, “aim”, “estimate”, “continue”, “anticipate”, “intend”,
“expect” and similar words are intended to identify estimates and forward-looking statements. Estimates and forward-looking
statements speak only as of the date they were made, and we undertake no obligation to update or to renew any estimates and/or forward-looking
statements because of new information, future events or other factors. Estimates and forward-looking statements involve risks and uncertainties
and are not guarantees of future performance. Our future results may differ materially from those expressed in these estimates and forward-looking
statements. In light of the risks and uncertainties described above, the estimates and forward-looking statements discussed in this annual
report might not occur and our future results and our performance may differ materially from those expressed in these forward-looking
statements due to factors including, but not limited to, those mentioned above.
GLOSSARY
Glossary of certain terms used in this Annual Report
Unless the context indicates otherwise, the following terms have the meanings shown
below:
| · | “ADR”: American Depositary Receipt; |
| · | “ADS” or “ADSs”: American Depositary
Shares; |
| · | “AFIP”: Federal Administration of Public
Revenue (Administración Federal de Ingresos Públicos); |
| · | “ANSES”: National Social Security Agency
(Administración Nacional de la Seguridad Social); |
| · | “Anti-Money Laundering Law”: Law No. 25,246,
subsequently amended by, among others, Laws No. 26,087, 26,119, 26,268, 26,683, 26,733, 26,734 and Decree No. 27/2018; |
| · | “Authorized Markets”: securities markets
in Argentina that require authorization from the CNV to operate; |
| · | “BCRA” or “Central Bank”: Central
Bank of the Republic of Argentina (Banco Central de la República Argentina); |
| · | “Banco Nación”: Banco de la Nación
Argentina; |
| · | “BASE”: Buenos Aires Stock Exchange; |
| · | “bbl”: Barrel of crude oil; |
| · | “BCL”: Business Corporation Law; |
| · | “Board of Directors”: the board of directors
of Pampa Energía S.A.; |
| · | “boe”: Barrel of oil equivalent; |
| · | “ByMA”: Argentine stock exchange and markets
(Bolsas y Mercados Argentinos S.A.); |
| · | “CAMMESA”: Wholesale Electric Market Administration
Company (Compañía Administradora del Mercado Eléctrico Mayorista Sociedad Anónima); |
| · | “Caja de Valores”: Caja de Valores S.A.; |
| · | “CENCH”: unconventional hydrocarbon exploitation
concession; |
| · | “CIESA” Compañía de Inversiones
de Energía; |
| · | “CISA”: Comercializadora e Inversora S.A.
(former Pampa Comercializadora S.A.); |
|
· |
“CITELEC” Compañía Inversora en Transmisión Eléctrica
Citelec S.A.; |
|
· |
“CML”: Capital Markets Law No. 26,831, as amended by, among others, Law
27,440; |
| · | “CMIEE”: Average Incremental Charge of Surplus
Demand (Cargo Medio Incremental de la Demanda Excedente); |
| · | “CNG”: compressed natural gas; |
| · | “CNV”: Comisión Nacional de Valores; |
| · | “Corporate Criminal Liability Law”: Corporate
Criminal Liability Law No. 27,401; |
| · | “Covid-19”: the novel coronavirus, pneumonia
originating in Wuhan, China; |
| · | “CPB”: Central Piedra Buena S.A. or “Central
Térmica Piedra Buena”; |
| · | “CPI”: Consumers Prices Index; |
| · | “CSJN”: Corte Suprema de Justicia de la Nación; |
| · | “CTB”: CT Barragán S.A. (former Parques
Eólicos Argentinos S.A.); |
| · | “CTEB”: Central Térmica Ensenada
de Barragán; |
| · | “CTIW”: Central Térmica Ingeniero
White; |
| · | “CTG”: Central Térmica Güemes
S.A.; |
| · | “CTGEBA” or “Genelba”: Central
Térmica Genelba; |
| · | “CTLL”: Central Térmica Loma La Lata
S.A. or “Central Térmica Loma La Lata”; |
| · | “CTP”: Central Térmica Piquirenda; |
| · | “CTPP”: Central Térmica Parque
Pilar; |
| · | “DNU”: Necessity and Urgency Decree; |
| · | “Pampa Bloque18”: Pampa Bloque18 S.A. (former
EcuadorTLC S.A.); |
| · | “Edenor”: Empresa Distribuidora y Comercializadora
Norte S.A.; |
| · | “Edesur”: Empresa Distribuidora Sur S.A.; |
| · | “EMESA”: Empresa Mendocina de Energía
Sociedad Anónima; |
| · | “ENARSA”: Energía Argentina S.A. (former
Integración Energética Argentina S.A.); |
| · | “ENARGAS”: Ente Nacional Regulador del
Gas or National Gas Regulatory Entity; |
| · | “ENRE”: Ente Nacional Regulador de la
Electricidad or Electricity Regulatory Entity; |
| · | “ENOPSA”: Energía Operaciones ENOPSA
S.A. (former Petrobras Energía Operaciones Ecuador S.A.); |
| · | “Energy Plus” or “Energía Plus”:
a program under SE Resolution 1,281/2006; |
| · | “Exchange Act”: United States Securities
Exchange Act of 1934, as amended; |
| · | “FCA”: United Kingdom Financial Conduct Authority; |
|
· |
“FO or GO”: Fuel Oil or Gas Oil; |
| · | “FODER”: Fondo para el Desarrollo de Energía
Renovables; |
| · | “FONINVEMEM”: Fund for Investments required
to increase the Power Supply in the Electricity Wholesale Market (Fondo Para Inversiones Necesarias que Permitan Incrementar la Oferta
de Energía Eléctrica en el Mercado Eléctrico Mayorista); |
|
· |
“Foundation”: Fundación Pampa Energía S.A; |
|
· |
“GaffneyCline”: Gaffney, Cline & Associates; |
|
· |
“G&P”: Gas y Petróleo de Neuquén S.A.; |
|
· |
“GDP”: Gross Domestic Product; |
|
· |
“Greenwind”: Greenwind S.A.; |
|
· |
“GO and FO”: natural gas or liquid fuels; |
|
· |
“GU”: Large Users (Grandes Usuarios); |
|
· |
“GUMA”: Major Large Users (Grandes Usuarios Mayores); |
|
· |
“GUME”: Minor Large Users (Grandes Usuarios Menores); |
|
· |
“GUDI”: Major Distribution Users (Grandes Usuarios del Distribuidor); |
| · | “HIDISA”: Hidroeléctrica Diamante
S.A.; |
| · | “HINISA”: Hidroeléctrica Los Nihuiles
S.A.; |
| · | “HMRT”: hours with a high thermal demand; |
| · | “HPPL”: Pichi Picún Leufú Hydroelectric
Complex |
| · | “Hydrocarbons Law”: Law No. 17,319 as amended
by Law No. 27,007; |
| · | “IGJ”: City of Buenos Aires’s Public
Registry of Commerce (Inspección General de Justicia); |
| · | “IMF”: International Money Fund; |
| · | “INDEC”: National Statistics and Census Institute
(Instituto Nacional de Estadística y Censos); |
| · | “Independent Reserves Engineers Firm”: Gaffney,
Cline & Associates; |
| · | “IPIM”: Wholesale Domestic Price Index (Índice
de Precios Internos al por Mayor); |
| · | “IREC”: International Renewable Energy Certificates; |
| · | “J.P. Morgan”: JPMorgan Chase Bank, N.A; |
| · | “LPG”: liquefied petroleum gas; |
| · | “MAE”: Mercado Abierto Electrónico
S.A. |
| · | “MAT”: Term Market (Mercado a Término); |
| · | “MAT ER”: Renewable Energy Term Market; |
| · | “MBTU”: millions of British Thermal Units
(BTU); |
| · | “MDP”: Ministry of Productive Development
(former SGE) |
| · | “ME&M”: Ministry of Energy and Mining; |
| · | “MLC”: Free Exchange Market (Mercado Libre
de Cambios); |
| · | “National CPI”: a CPI which is based on a
survey conducted by the INDEC and several provincial statistical offices in 39 urban areas including each of Argentina’s provinces; |
| · | “NYSE”: New York Stock Exchange; |
|
· |
“OCP”: Oleoducto de Crudos Pesados Ltd.; |
|
· |
“Official Gazette”: Official Gazette of Argentina (Boletín Oficial
de la República Argentina); |
|
· |
“Oldelval”: Oleoductos del Valle S.A.; |
| · | “Pampa” or “the Company”: Pampa
Energía S.A.; |
| · | “PDVSA”: Petróleos de Venezuela S.A.; |
| · | “PEA”: Parque Eólico Arauco II |
| · | “PEB”: Pampa Energía Bolivia S.A.
(former “PBI” - Petrobras Bolivia Internacional S.A.); |
| · | “PEMC”: Parque Eólico Ingeniero Mario
Cebreiro; |
| · | “PEN”: National Executive Branch (Poder
Ejecutivo Nacional); |
| · | “PEO”: Petrobras Energía Operaciones
S.A.; |
| · | “PEPE II”: Parque Eólico Pampa Energía
II; |
| · | “PEPE III”: Parque Eólico Pampa Energía
III; |
| · | “PEPE IV”: Parque Eólico Pampa Energía
IV: |
| · | “PEPE VI”: Parque Eólico Pampa Energía
VI; |
| · | “Pesos” or “Ps.”: Argentine Pesos; |
| · | “Petrobras Argentina”: Petrobras Argentina
S.A.; |
| · | “Petrobras”: Petroleo Brasileiro S.A; |
| · | “Petrolera Pampa”: Petrolera Pampa S.A.; |
| · | “PGSM”: Puerto General San Martin; |
| · | “PISA”: Pampa Inversiones S.A.; |
|
· |
“PIST”: Transportation System Entry Point or natural gas price at the wellhead
(Punto de Ingreso al de Sistema de Transporte); |
|
· |
“Plan Gas.Ar”: the Plan to Promote Argentine Natural Gas Production; |
| · | “Polisur”: PBB Polisur S.A; |
| · | “PPA” or “PPAs”: relevant wholesale
electricity supply agreements or power purchase agreements (Contratos de Abastecimiento Mayorista de Electricidad); |
| · | “PROCELAC”: Procuraduría de Criminalidad
Económica y Lavado de Activos; |
| · | “Public Emergency Law”: Law No. 25,561
– the Public Emergency and Exchange Rate Regime Reform Law; |
|
· |
“QHSE”: Quality, Health, Safety and Environment; |
| · | “Refinor”: Refinería del Norte S.A.; |
|
· |
“RENPER”: National Registry of Renewable Source Electric Power Generation
Projects (Registro de Proyectos de Generación de Energía Eléctrica de Fuente Renovable); |
| · | “Reserves Report”: the year-end reserves
report by Gaffney, Cline & Associates; |
| · | “RTI”: Revisión Tarifaria Integral
(Comprehensive Tariff Review); |
| · | “SACDE”: Sociedad Argentina de Construcción
y Desarrollo Estratégico S.A.; |
| · | “SADI”: the Argentine Electricity Interconnected
Grid (Sistema Argentino de Interconexión); |
| · | “SBR”: styrene butadiene rubber; |
| · | “SE”: Secretariat of Energy (Secretaría
de Energía); |
| · | “SEC”: U.S. Securities and Exchange Commission; |
| · | “Securities Act”: U.S. Securities Act of
1933, as amended; |
| · | “SEE”: Subsecretariat of Electric Energy,
former Secretariat of Electric Energy (Subsecretaría de Energía Eléctrica); |
| · | “SGE”: Former Government Secretariat of Energy
(former Ministry of Energy (former ME&M)) (former Secretaría de Gobierno de Energía (former Ministry of Energy (former
ME&M)); |
| · | “SHC”: Undersecretary of Hydrocarbons and
Fuels (Subsecretaría de Recursos Hidrocarburíferos (former Secretaría de Recursos Hidrocarburíferos); |
| · | “Social Solidarity and Productive Reactivation
Law”: Law No. 27,541; |
| · | “SOFR”: Secured Overnight Financing Rate;
|
| · | “SRRYME”: Secretary of Renewable Resources
and Electricity Market (Secretaría de Recursos Renovables y Mercado Eléctrico); |
| · | “TGS”: Transportadora de Gas del Sur S.A.; |
| · | “TJSM”: Termoeléctrica José
de San Martín S.A.; |
| · | “TMB”: Termoeléctrica Manuel Belgrano
S.A.; |
| · | “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.; |
| · | “UIF”: Financial Information Unit (Unidad
de Información Financiera); |
| · | “U.S.”: United Stated of America; |
| · | “US$ and/ or U.S. Dollars”: U.S. currency;
|
| · | “UTEs”: joint operations (Unión
Transitoria); |
| · | “VAR”: Vientos de Arauco Renovables S.A.U. |
| · | “WEM”: Wholesale Electricity Market; |
| · | “WEM Large Users”: WEM users with a capacity
higher than 300 KW; |
| · | “WEMTF”: Wholesale Electricity Market of
Tierra del Fuego; |
| Item 1. | Identity
of Directors, Senior Management and Advisers |
Not
applicable.
| Item 2. | Offer Statistics and Expected Timetable |
Not
applicable.
EXCHANGE RATES
Exchange Rates
The following table sets forth the
high, low, average and period-end exchange rates for the periods indicated, expressed in Pesos per U.S. Dollar and not adjusted for inflation.
There can be no assurance that the Peso will not depreciate or appreciate again in the future. The Federal Reserve Bank of New York does
not report a noon buying rate for Pesos.
|
|
Exchange rates(1) |
|
|
(in Pesos per U.S. Dollars) |
|
|
High |
Low |
Average(2) |
Period end |
Year ended December 31, |
|
|
|
|
|
2018 |
|
41.250 |
18.410 |
28.093 |
37.700 |
2019 |
|
60.400 |
36.900 |
48.234 |
59.890 |
2020 |
|
84.150 |
59.815 |
70.599 |
84.150 |
2021 |
|
102.720 |
84.700 |
95.161 |
102.720 |
2022 |
|
177.160 |
103.000 |
130.810 |
177.160 |
|
|
|
|
|
|
|
|
|
|
|
|
Month |
|
|
|
|
|
January 2023 |
|
187.000 |
178.150 |
182.245 |
187.000 |
February 2023 |
|
197.150 |
187.290 |
191.890 |
197.150 |
March 2023 |
|
209.010 |
197.570 |
203.110 |
209.010 |
April 2023(3) |
|
222.000 |
210.370 |
216.206 |
222.000 |
|
|
|
|
|
|
Source: Banco Nación
| (1) | Represents the average of exchange rates on the last day of each
month during the period. |
| (2) | Average of the lowest and highest daily rates in the month. |
| (3) | Represents the average of the lowest and highest daily rates from April 1 through April 27, 2023. |
Pursuant to Argentine law, in case
we pay dividends, we are required to pay them in cash in Pesos, and exchange rate fluctuations will affect the U.S. Dollar amounts received
by holders of American Depositary Shares, on conversion by us or by the depositary of cash dividends on the shares represented by such
ADSs. Fluctuations in the exchange rate between the Peso and the U.S. Dollar will affect the U.S. Dollar equivalent of the Peso price
of our shares on the BASE and, as a result, can also affect the market price of our ADSs.
RISK FACTORS
The following summarizes some, but not all,
of the risks provided below. Please carefully consider all of the information discussed in this Item 3.D. “Risk Factors”
in this annual report for a more thorough description of these and other risks:
Risks Related to Argentina
| · | A global or regional financial crisis
and unfavorable credit and market conditions may negatively affect our liquidity, customers, business and operational results |
| · | The Argentine economy is a vulnerable
economy and any significant decline may adversely affect our business, operational results and financial condition |
| · | The impact of the next congressional
and presidential elections on the future economic and political environment of Argentina remains uncertain |
| · | The Argentine economy is vulnerable to
external shocks that could be caused by significant economic difficulties of Argentina’s major regional trading partners, or by
more general “contagion” effects. Such external shocks and “contagion” effects could have a material adverse effect
on Argentina’s economic growth, and consequently, on our operational results and financial condition |
| · | The ongoing conflict between Russia and
Ukraine could adversely affect the global economy, the Argentine economy and our operational results and financial condition |
| · | Economic and political developments in
Argentina, and future policies of the Argentine Government may adversely affect the Argentine economy and the sectors in which we perform
our activities |
| · | Exchange rate volatility may adversely
affect the Argentine economy |
| · | If the high levels of inflation continue,
the Argentine economy and our operational results could be adversely affected |
| · | The interruption of the publication of
Argentine economic indexes or changes in their calculation methodologies could affect the projections made by the Company |
| · | Argentina’s ability to obtain financing
from international markets could be limited, which may impair its ability to implement reforms and foster economic growth and, consequently,
affect our business, results of our operations and growth prospects |
| · | The emergence and spread of a pandemic-level
disease or threat to public health, such as Covid-19, may have a material adverse impact on the Argentine and global economy, our business
operations, financial condition or results of operations |
| · | Argentine corporations may be restricted
from making payments in foreign currencies or from importing certain products |
| · | Argentine public expenditure may generate
negative consequences for the Argentine economy |
|
· |
There is no certainty as to the effects that the measures that the Argentine
Government may adopt in order to resolve the crisis in the energy sector will have on our business operations, financial condition or
results of operations |
| · | The Argentine economy and finances may
be adversely affected as a consequence of a decrease in the international prices of commodities |
| · | The operating costs of the Company could
increase as a result of the promotion or adoption of certain measures by the Argentine Government as well as pressure from union sectors |
| · | Failure to adequately address actual
and perceived risks of institutional deterioration and corruption may adversely affect Argentina’s economy and financial condition |
| · | The Argentine Government has intervened
in the electricity sector in the past, and may continue intervening to adopt, among others, measures in connection with tariffs on public
services |