☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR (G) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
American Depositary Shares (“ADS”), representing Class “B” Shares | TGS | New York Stock Exchange |
Class “B” Shares, par value | n/a | New York Stock Exchange* |
Class “A” Shares, par value | 405,192,594 | |||
Class “B” Shares, par value | 347,568,464 | |||
Total(1) | 752,761,058 |
Yes | ☒ | No | ☐ |
Yes | ☐ | No | ☒ |
Yes | ☒ | No | ☐ |
Yes | No |
Large accelerated filer | ☒ | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | Emerging growth company | ☐ |
Yes | ☒ | No | ☐ |
☐ | U.S. GAAP | |
☒ | International Financial Reporting Standards as issued by the International Accounting Standards Board | |
☐ | Other |
Item 17 | ☐ | Item 18 | ☐ |
Yes | ☐ | No | ☒ |
Page | |||
i | |||
AND RISK FACTORS SUMMARY | |||
1 | |||
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Item 16. | |||
Item 16A. | |||
Item 16B. | |||
Item 16C. | |||
Item 16D. | |||
Item 16E. | |||
Item 16F. | |||
Item 16G. | |||
Item 16H. | |||
Item 17. | |||
Item 18. | |||
Item 19. |
estimates relating to future energy demand (including demand for fossil fuels), tariffs and volumes for our natural gas transportation services and future prices and volumes for our natural gas liquid products such as propane and butane (also referred to as liquid petroleum gas or “LPG”), ethane and natural gasoline (collectively “Liquids”) and for products and services respectively produced and provided in our other nonregulated businesses; |
statements regarding future political developments in Argentina and future developments regarding the license granted to us by the Argentine government (the “Government” |
risks and uncertainties with respect to |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2020 | 2019(3) | 2018(3) | 2017(3) | 2016(3) | |||||||||||||||||||||||||||||||
(in thousands of pesos)(1) | (in thousands of pesos)(1) | |||||||||||||||||||||||||||||||||||||||
Consolidated Statement of Comprehensive Income Data: | ||||||||||||||||||||||||||||||||||||||||
Revenues from sales | 12,246,664 | 7,402,172 | 4,226,569 | 4,303,971 | 2,864,986 | |||||||||||||||||||||||||||||||||||
Revenues | 55,871,438 | 66,111,903 | 71,336,882 | 41,787,793 | 30,671,848 | |||||||||||||||||||||||||||||||||||
Gas transportation net revenues | 4,559,739 | 2,087,191 | 1,013,998 | 744,089 | 661,023 | 23,501,610 | 30,795,577 | 32,381,937 | 15,615,086 | 8,716,868 | ||||||||||||||||||||||||||||||
Liquids production and commercialization net revenues | 6,875,241 | 4,768,326 | 2,907,770 | 3,243,299 | 2,065,321 | 27,596,696 | 31,500,457 | 34,822,547 | 23,401,470 | 19,696,302 | ||||||||||||||||||||||||||||||
Other services (midstream and telecommunications) net revenues | 811,684 | 546,655 | 304,801 | 316,583 | 138,642 | 4,773,132 | 3,815,869 | 4,132,398 | 2,771,237 | 2,258,679 | ||||||||||||||||||||||||||||||
Operating profit | 4,716,066 | 2,231,821 | 688,247 | 932,514 | 706,632 | 20,640,970 | 26,899,485 | 29,858,321 | 12,994,649 | 6,100,264 | ||||||||||||||||||||||||||||||
Net financial results | (567,960 | ) | (813,361 | ) | (974,163 | ) | (765,650 | ) | (532,729 | ) | (12,971,658 | ) | (3,944,565 | ) | (5,960,872 | ) | (1,106,502 | ) | (1,485,547 | ) | ||||||||||||||||||||
Net income (loss) before income tax | 4,148,296 | 1,419,982 | (285,662 | ) | 169,754 | 173,387 | ||||||||||||||||||||||||||||||||||
Net income and total comprehensive income / (loss) for the year | 2,793,266 | 930,678 | (172,109 | ) | 104,988 | 107,506 | ||||||||||||||||||||||||||||||||||
Net income and total comprehensive income / (loss) for the year attributable to: | ||||||||||||||||||||||||||||||||||||||||
Net income before income tax | 7,690,622 | 22,911,548 | 23,935,579 | 11,933,469 | 4,625,375 | |||||||||||||||||||||||||||||||||||
Net income and total comprehensive income for the year | 3,286,199 | 17,432,963 | 23,907,996 | 12,044,628 | 2,316,895 | |||||||||||||||||||||||||||||||||||
Net income and total comprehensive for the year attributable to: | ||||||||||||||||||||||||||||||||||||||||
Owners of the Company | 2,793,263 | 930,675 | (172,109 | ) | 104,983 | 107,504 | 3,286,190 | 17,432,945 | 23,907,988 | 12,044,624 | 2,316,891 | |||||||||||||||||||||||||||||
Non-controlling interest | 3 | 3 | - | 5 | 2 | 9 | 18 | 8 | 4 | 4 | ||||||||||||||||||||||||||||||
Per Share Data:(2) | ||||||||||||||||||||||||||||||||||||||||
Net income / (loss) per share | 3.52 | 1.17 | (0.22 | ) | 0.13 | 0.14 | ||||||||||||||||||||||||||||||||||
Net income / (loss) per ADS | 17.58 | 5.86 | (1.08 | ) | 0.66 | 0.68 | ||||||||||||||||||||||||||||||||||
Net income per share | 4.31 | 22.46 | 30.32 | 15.17 | 2.72 | |||||||||||||||||||||||||||||||||||
Net income per ADS | 21.55 | 112.31 | 151.60 | 75.85 | 13.60 |
(1) | Except per share and per ADS amounts or as otherwise indicated. |
(2) | Net income |
(3) | Comparatives figures as of December 31, 2019, 2018, 2017 and 2016 have been restated for hyperinflation accounting and are presented in terms of Current Currency. |
As of December 31, | As of December 31, | |||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2020 | 2019(3) | 2018(3) | 2017(3) | ||||||||||||||||||||||||||||
(in thousands of pesos)(1) | (in thousands of pesos)(1) | |||||||||||||||||||||||||||||||||||
Consolidated Statement of Financial Position Data: | ||||||||||||||||||||||||||||||||||||
Total current assets | 7,153,312 | 3,347,071 | 2,230,219 | 1,958,963 | 1,803,063 | 15,799,305 | 28,507,744 | 48,510,547 | 22,175,939 | |||||||||||||||||||||||||||
Property, plant and equipment, net | 6,480,361 | 5,333,344 | 4,219,520 | 4,082,071 | 3,966,908 | 98,873,425 | 101,946,521 | 81,018,439 | 71,542,203 | |||||||||||||||||||||||||||
Total non-current assets | 6,513,588 | 5,584,261 | 4,416,358 | 4,215,457 | 4,269,847 | 112,795,061 | 101,644,461 | 81,215,704 | 71,759,847 | |||||||||||||||||||||||||||
Total assets | 13,666,900 | 8,931,332 | 6,646,577 | 6,174,420 | 6,072,910 | 128,594,366 | 130,152,205 | 129,726,251 | 93,935,786 | |||||||||||||||||||||||||||
Total current liabilities | 4,605,941 | 1,902,948 | 1,320,581 | 1,251,754 | 1,347,734 | 8,109,673 | 10,826,170 | 14,966,504 | 14,445,721 | |||||||||||||||||||||||||||
Total non-current liabilities | 3,741,319 | 4,502,006 | 3,630,562 | 3,055,123 | 2,702,094 | 54,458,049 | 53,864,917 | 49,951,509 | 26,547,442 | |||||||||||||||||||||||||||
Total liabilities | 8,347,260 | 6,404,954 | 4,951,143 | 4,306,877 | 4,049,828 | 62,567,722 | 64,691,087 | 64,918,013 | 40,993,163 | |||||||||||||||||||||||||||
Non-controlling interest | 8 | 9 | 6 | 6 | 3 | 31 | 38 | 22 | 25 | |||||||||||||||||||||||||||
Shareholders’ equity | 5,319,640 | 2,526,378 | 1,695,434 | 1,867,543 | 2,023,082 | |||||||||||||||||||||||||||||||
Shareholders’equity | 66,026,644 | 65,461,118 | 64,808,238 | 52,942,623 | ||||||||||||||||||||||||||||||||
Other Data: | ||||||||||||||||||||||||||||||||||||
Common stock (nominal value) | 794,495 | 794,495 | 794,495 | 794,495 | 794,495 | 752,761 | 784,608 | 780,894 | 794,495 | |||||||||||||||||||||||||||
Additions to property, plant and equipment | 1,513,251 | 1,407,823 | 407,323 | 373,390 | 265,685 | 6,687,083 | 25,646,624 | 14,463,972 | 4,809,817 | |||||||||||||||||||||||||||
Depreciation | 358,420 | 286,798 | 261,393 | 254,311 | 242,917 | 6,161,233 | 5,031,234 | 4,655,763 | 4,230,905 | |||||||||||||||||||||||||||
Number of outstanding shares | 794,495,283 | 794,495,283 | 794,495,283 | 794,495,283 | 794,495,283 | |||||||||||||||||||||||||||||||
Impairment charge | 3,114,056 | - | - | - | ||||||||||||||||||||||||||||||||
Number of outstanding shares(2) | 752,761,058 | 784,608,528 | 780,894,503 | 794,495,283 |
(1) | Except number of outstanding shares or as otherwise indicated. |
(2) | Number of ordinary shares outstanding at year-end (excludes 41,734,225 and 9,886,755 treasury shares, representing 5.25% and 1.24% of the total share capital for the years ended on December 31, 2020 and 2019, respectively). |
(3) | Comparatives figures as of December 31, 2019, 2018 and 2017 have been restated for hyperinflation accounting and are presented in terms of Current Currency. |
Dividends declared | ||||||||||||||||||||
Year ended December 31, | (in millions of Ps.)(1) | (in millions of U.S.$)(2) | (Ps. per share)(1) | (U.S.$ per share)(2) | (U.S.$ per ADS)(2) | |||||||||||||||
2013 | - | - | - | - | - | |||||||||||||||
2014(3) | 260.5 | 30.5 | 0.328 | 0.038 | 0.192 | |||||||||||||||
2015 | - | - | - | - | - | |||||||||||||||
2016(4) | 99.7 | 7.1 | 0.125 | 0.009 | 0.045 | |||||||||||||||
2017 | - | - | - | - | - | |||||||||||||||
2018 | - | - | - | - | - |
Dividends declared and paid | ||||||||||||||||||||
Year ended December 31, | (in millions of Ps.)(1) | (in millions of U.S.$)(2) | (Ps.per share)(1) | (U.S.$ per share)(2) | (U.S.$ per ADS)(2) | |||||||||||||||
2016(3) | 475 | 7.1 | 0.60 | 0.009 | 0.045 | |||||||||||||||
2017 | - | - | - | - | - | |||||||||||||||
2018(4) | 9,067 | 114.6 | 11.41 | 0.142 | 0.708 | |||||||||||||||
2019(5)(6) | 17,683 | 222.4 | 22.78 | 0.286 | 1.432 | |||||||||||||||
2020 | - | - | - | - | - |
(1) | Stated in |
(2) | Stated in U.S. dollars translated from pesos at the exchange rate in effect on the payment |
(3) | At a General Annual Shareholders’ Meeting held on April 23, 2015, our shareholders resolved to create a future dividends payment reserve in an amount equal to Ps. |
(4) | At the General and Special Annual Shareholders’ Meeting held on April |
(5) | At the General Annual Shareholders’ Meeting held on April |
(6) | Includes the dividend in kind approved by the General and Special Shareholders’ Meeting held on October 17, 2019 and our Board of Directors’ meeting held on |
Pesos per U.S. dollar | ||||||||||||||||
High | Low | Average | Period end | |||||||||||||
Most recent six months: | ||||||||||||||||
November 2017 | 17.6500 | 17.3050 | 17.4762 | 17.3050 | ||||||||||||
December 2017 | 19.2000 | 17.2300 | 17.7342 | 18.6490 | ||||||||||||
January 2018 | 19.6500 | 18.4100 | 19.0380 | 19.6500 | ||||||||||||
February 2018 | 20.2000 | 19.3800 | 19.8331 | 20.1100 | ||||||||||||
March 2018 | 20.4100 | 20.1490 | 20.2422 | 20.1490 | ||||||||||||
April 2018 (through April 12, 2018) | 20.2100 | 20.1600 | 20.1853 | 20.2100 | ||||||||||||
Year ended December 31, | ||||||||||||||||
2013 | 6.5210 | 4.9250 | 5.4859 | 6.5210 | ||||||||||||
2014 | 8.5570 | 6.5450 | 8.1195 | 8.5510 | ||||||||||||
2015 | 13.4000 | 8.5550 | 9.2485 | 13.0400 | ||||||||||||
2016 | 16.0300 | 13.2000 | 14.7807 | 15.8900 | ||||||||||||
2017 | 19.2000 | 15.1900 | 16.5717 | 18.6490 |
Pesos per U.S. dollar | ||||||||||||||||
High | Low | Average | Period end | |||||||||||||
Most recent six months: | ||||||||||||||||
November 2020 | 81.3100 | 78.6900 | 79.9411 | 81.3100 | ||||||||||||
December 2020 | 84.1500 | 81.4300 | 82.6383 | 84.1500 | ||||||||||||
January 2021 | 87.3300 | 84.7000 | 85.9755 | 87.3300 | ||||||||||||
February 2021 | 89.8200 | 87.6000 | 88.6744 | 89.8200 | ||||||||||||
March 2021 | 92.0000 | 90.0900 | 91.0659 | 92.0000 | ||||||||||||
April 2021 (through April 26, 2021) | 93.2700 | 92.2400 | 92.7156 | 93.27 | ||||||||||||
Year ended December 31, | ||||||||||||||||
2016 | 16.0300 | 13.2000 | 14.7807 | 15.8900 | ||||||||||||
2017 | 19.2000 | 15.1900 | 16.5717 | 18.6490 | ||||||||||||
2018 | 41.2500 | 18.4100 | 28.1313 | 37.7000 | ||||||||||||
2019 | 60.4000 | 36.9000 | 48.2340 | 59.8900 | ||||||||||||
2020 | 84.1500 | 59.8150 | 70.7795 | 84.1500 |
‒ | Argentina’s public debt; |
high levels of |
risks inherent to any investment in a company operating in an emerging market such as Argentina; |
economic volatility in Argentina; |
the ongoing political instability in Argentina; |
the impact of reforms and measures taken or |
comply with the |
agreement with the |
‒ | high levels of inflation and the lack of credibility regarding Argentina’s official inflation |
‒ | restrictions on transfers of |
‒ | fluctuations in the value of |
‒ | Impact on |
‒ | Argentina’s past default and |
‒ | a sustained deterioration in the |
‒ | failure or delay in the implementation of tariff increases and our inability to obtain tariff adjustments reflecting the increase in operating cost; |
‒ | our operations are subject to extensive regulation; |
‒ | failure to maintain our relationships with labor unions; |
‒ | our ability to maintain our License for our regulated business; |
‒ | our creditors may not be able to enforce their claims against us in Argentina; |
‒ | the Government's strategies, measures and programs with respect to the natural gas transportation industry; |
‒ | Government-mandated interruption of contracted firm transportation services; |
‒ | a significant portion of our revenues is generated under natural gas transportation contracts that must be renegotiated and/or extended periodically; |
‒ | our business may require substantial capital expenditures; |
‒ | our Liquids production depends on the natural gas that arrives at the Cerri Complex through three main pipelines from the Neuquina, Austral and San Jorge natural gas basins; |
‒ | measures taken by the Government on the supply of natural gas to the Cerri Complex; |
‒ | fluctuations in market prices and the enactment of new taxes or regulations limiting the sales price of LPG and natural gasoline; |
‒ | the continued spread of the COVID; |
‒ | our ethane sales depend on the capacity of PBB Polisur S.R.L. (“PBB”), as the sole purchaser of our ethane production; |
the delay in the collection of our |
‒ | our failure to renew firm transportation contracts; |
‒ | our Other services business depends significantly on the need of Vaca Muerta fields gas producers to evacuate untreated natural gas; |
‒ | the affirmative and |
‒ | our insurance policies may not fully cover damage or we may not be able to obtain insurance against certain risks; |
‒ | changes in the |
‒ | risks related to litigation and |
‒ | impact of |
we may face competition; |
downgrades in |
‒ | cyberattacks or other risks related to new technologies; |
‒ | mechanical or electrical failures and any resulting unavailability; |
‒ | risks arising from natural disasters, catastrophic accidents and terrorist attacks; |
failure to comply with |
‒ | inability to retain our |
‒ | shareholders outside Argentina may face additional investment risk from currency exchange rate fluctuations in connection with their holding of our shares or ADSs represented by ADRs; |
‒ | our principal shareholders exercise significant control over matters affecting us, and may have interests that differ from those of our other shareholders; |
‒ | sales of a substantial number of shares could decrease the market prices of our shares and the ADRs; |
‒ | under Argentine law, shareholder rights may be fewer or less well defined than in other jurisdictions; |
‒ | as a foreign private issuer we are exempt from certain rules that apply to domestic U.S. issuers; |
‒ | changes in Argentine tax laws may adversely affect the tax treatment of our Class B Shares or ADSs; |
‒ | holders of ADRs may be unable to exercise voting rights with respect to our Class B Shares underlying the ADRs at our shareholders' meetings; |
‒ | holders of ADRs may be unable to exercise preemptive, accretion or other rights with respect to the Class B shares underlying the ADSs; |
‒ | the NYSE and/or the Buenos Aires Stock Exchange (by delegated authority of BYMA) may suspend trading and/or delist our ADSs and common shares, respectively; |
‒ | the price of our Class B Shares and the ADSs may fluctuate substantially; and |
‒ | the relative volatility and illiquidity of the Argentine securities markets. |
Item 4. | Our Information |
Company | Annual deliveries (Bcf) | Volume of market served (in %) | No. of end-users (in millions) | Deliveries received from us (in %) | Annual deliveries (Bcf) | Volume of market served (in %) | No. of end users (in millions) | Deliveries received from us (in %) | ||||||||||||||||||||||||
Metrogas (1) | 245.3 | 22.2 | % | 2.4 | 88 | % | 217.6 | 21.0 | % | 2.4 | 87 | % | ||||||||||||||||||||
Camuzzi Pampeana (1) | 175.1 | 15.9 | % | 1.4 | 98 | % | 227.0 | 22.0 | % | 1.4 | 95 | % | ||||||||||||||||||||
Camuzzi Sur | 156.4 | 14.2 | % | 0.7 | 100 | % | 167.0 | 16.2 | % | 0.7 | 100 | % | ||||||||||||||||||||
BAN (1) | 127.9 | 11.6 | % | 1.6 | 64 | % | ||||||||||||||||||||||||||
Naturgy Argentina (1) | 109.1 | 10.6 | % | 1.7 | 67 | % | ||||||||||||||||||||||||||
63.8 | % | 6.1 | 69.7 | % | 6.2 |
(1) | Also connected to the TGN system. |
For the years ended December 31, | For the years ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||
Average firm contracted capacity (MMcf/d) | Net revenues (millions of pesos) | Average firm contracted capacity (MMcf/d) | Net revenues (millions of pesos) | Average firm contracted capacity (MMcf/d) | Net revenues (millions of pesos) | Average firm contracted capacity (MMcf/d) | Net revenues (millions of pesos) | Average firm contracted capacity (MMcf/d) | Net revenues (millions of pesos) | Average firm contracted capacity (MMcf/d) | Net revenues (millions of pesos) | |||||||||||||||||||||||||||||||||||||
Firm: | ||||||||||||||||||||||||||||||||||||||||||||||||
Metrogas | 590 | 1,185.2 | 639 | 450.6 | 752 | 268.6 | 590 | 5,889 | 590 | 7,960 | 590 | 8,156 | ||||||||||||||||||||||||||||||||||||
Camuzzi Pampeana | 558 | 858.3 | 516 | 285.8 | 470 | 154.2 | 558 | 4,306 | 558 | 5,823 | 558 | 5,944 | ||||||||||||||||||||||||||||||||||||
BAN | 364 | 626.1 | 357 | 226.6 | 346 | 110.3 | ||||||||||||||||||||||||||||||||||||||||||
Naturgy Argentina | 417 | 3,510 | 417 | 4,743 | 417 | 4,867 | ||||||||||||||||||||||||||||||||||||||||||
Camuzzi Sur | 388 | 177.6 | 388 | 51.9 | 381 | 33.4 | 388 | 883 | 388 | 1,195 | 388 | 1,219 | ||||||||||||||||||||||||||||||||||||
Pampa Energía | 49 | 27.2 | 39 | 21.7 | 78 | 27.7 | 152 | 895 | 162 | 1,079 | 92 | 888 | ||||||||||||||||||||||||||||||||||||
Others | 844 | 682.7 | 837 | 448.6 | 805 | 213.5 | 809 | 3,604 | 802 | 4,415 | 840 | 4,567 | ||||||||||||||||||||||||||||||||||||
Total firm | 2,793 | 3,557.1 | 2,776 | 1,485.2 | 2,832 | 810.9 | 2,914 | 19,087 | 2,917 | 25,215 | 2,885 | 25,641 | ||||||||||||||||||||||||||||||||||||
Interruptible and others: | 1,002.7 | 602.0 | 203.1 | |||||||||||||||||||||||||||||||||||||||||||||
Interruptible and others: | - | 4,415 | - | 5,581 | - | 6,740 | ||||||||||||||||||||||||||||||||||||||||||
Total | 2,793 | 4,559.7 | 2,776 | 2,087.2 | 2,832 | 1,014.0 | 2,914 | 23,502 | 2,917 | 30,796 | 2,885 | 32,381 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2020 | 2019 | 2018 | |||||||||||||||||||
Firm: | Average daily deliveries (MMcf/d) | Average daily deliveries (MMcf/d) | Average daily deliveries (MMcf/d) | Average daily deliveries (MMcf/d) | Average daily deliveries (MMcf/d) | Average daily deliveries (MMcf/d) | ||||||||||||||||||
Metrogas | 533 | 544 | 615 | 427 | 494 | 487 | ||||||||||||||||||
Camuzzi Pampeana | 378 | 371 | 378 | 328 | 350 | 371 | ||||||||||||||||||
Camuzzi Sur | 247 | 240 | 247 | 240 | 233 | 244 | ||||||||||||||||||
BAN | 208 | 229 | 226 | |||||||||||||||||||||
Naturgy Argentina | 215 | 240 | 223 | |||||||||||||||||||||
Others | 512 | 505 | 431 | 544 | 547 | 569 | ||||||||||||||||||
Subtotal firm | 1,879 | 1,889 | 1,897 | 1,755 | 1,864 | 1,893 | ||||||||||||||||||
Subtotal interruptible | 448 | 466 | 434 | 512 | 498 | 569 | ||||||||||||||||||
Total | 2,327 | 2,355 | 2,331 | 2,267 | 2,362 | 2,462 | ||||||||||||||||||
Average annual load factor (1) | 83 | % | 76 | % | 82 | % | 78 | % | 81 | % | 85 | % | ||||||||||||
Average winter heating season load factor (1) | 90 | % | 93 | % | 87 | % | 86 | % | 90 | % | 98 | % |
(1) | Average daily deliveries for the period divided by average daily firm contracted capacity for the period, expressed as a |
creation of Integración Energética Argentina S.A. (“IEASA,” formerly ENARSA) in 2004 for the purposes of restoring levels of reserves, production and supply of natural gas and meeting the infrastructure needs of the natural gas transportation and electricity industries; |
creation of the Gas Plus Program (the “Gas Plus Program”) in 2008, which aims to encourage producers to make further investments in natural gas infrastructure by allowing them to sell the resulting |
the increase of the prices of natural gas at the supply point (“PIST”) and the tariffs of the public transport and distribution of natural gas service have been propitiated in order to correct the deterioration in the supply of this fluid and to reduce the burden that the public subsidies have on the national budget. |
fixes the natural gas prices in PIST; |
maintains the social tariff for the protection of the |
an agreement with unions to amend current existing collective bargaining agreements for the sector; |
the elimination of the obligation of repatriation of funds due to oil and gas exports currently regulated by Decree No. 1,722/11; and |
2003 | 2013 | 2014 | 2015 | 2016 | 2017 | 2003 | 2016 | 2017 | 2018 | 2019 | 2020 | |||||||||||||||||||||||||||||||||||||
Residential | 704.3 | 1,113.0 | 1,074.8 | 1,091.0 | 1,153.8 | 1,033.4 | 704.3 | 1,153.8 | 1,030.4 | 1,026.8 | 987.9 | 1,012.5 | ||||||||||||||||||||||||||||||||||||
Commercial | 98.8 | 130.0 | 128.3 | 129.1 | 132.4 | 122.2 | 98.8 | 132.4 | 123.0 | 121.6 | 140.9 | 106.9 | ||||||||||||||||||||||||||||||||||||
Industries | 1,033.6 | 1,198.9 | 1,207.2 | 1,222.2 | 1,169.2 | 1,209.3 | 1,033.6 | 1,169.2 | 1,210.9 | 1,276.5 | 1,330.6 | 1,234.8 | ||||||||||||||||||||||||||||||||||||
Power plants | 846.7 | 1,400.2 | 1,407.1 | 1,443.2 | 1,548.3 | 1,669.7 | 846.7 | 1,548.3 | 1,671.7 | 1,663.1 | 1,461.5 | 1,375.9 | ||||||||||||||||||||||||||||||||||||
CNG | 255.4 | 266.9 | 276.0 | 288.4 | 273.5 | 247.1 | 255.4 | 273.5 | 246.9 | 232.3 | 238.2 | 180.8 | ||||||||||||||||||||||||||||||||||||
Others | 37.7 | 43.1 | 42.7 | 41.7 | 46.3 | 42.8 | 37.7 | 46.3 | 43.1 | 41.8 | 41.5 | 30.8 | ||||||||||||||||||||||||||||||||||||
Total | 2,976.5 | 4,152.1 | 4,136.1 | 4,215.5 | 4,323.4 | 4,324.4 | 2,976.5 | 4,323.4 | 4,326.0 | 4,362.0 | 4,200.5 | 3,941.8 |
(1) | Includes |
(2) |
Includes shrinkage natural gas from the Cerri Complex, which is included in Others. |
Includes governmental bodies. |
Basin | Location by province | Proved Gas Reserves(Bcf)(1)(2) | Production (Bcf) | Reserve Life (years)(3) | Location by province | Proved Gas Reserves(Bcf)(1)(2) | Production (Bcf) | Reserve Life (years)(3) | |||||||||||||||||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||
Neuquén | Neuquén, Río Negro, La Pampa, Mendoza (south) | 5,507.3 | 5,526.2 | 917.1 | 869.8 | 6 | 6 | ||||||||||||||||||||||||||||||||||||||||||||
Neuquina | Neuquén, Río Negro, La Pampa, Mendoza (South) | 8,239.0 | 7,001.2 | 1,085.4 | 1,002.7 | 8 | 7 | ||||||||||||||||||||||||||||||||||||||||||||
Austral | Tierra del Fuego, Santa Cruz (south), and offshore | 1,625.3 | 4,270.1 | 201.4 | 340.9 | 8 | 13 | Tierra del Fuego, Santa Cruz (South), and offshore | 1,451.9 | 3,545.9 | 165.3 | 406.9 | 9 | 9 | |||||||||||||||||||||||||||||||||||||
San Jorge Gulf | Chubut, Santa Cruz (north) | 4,014.7 | 1,716.0 | 374.1 | 201.8 | 11 | 9 | Chubut, Santa Cruz (North) | 3,219.3 | 1,496.6 | 425.2 | 174.7 | 8 | 9 | |||||||||||||||||||||||||||||||||||||
Cuyo | Mendoza (north) | 21.1 | 25.7 | 1.8 | 1.9 | 12 | 13 | Mendoza (North) | 4.8 | 10.6 | 1.8 | 1.7 | 3 | 6 | |||||||||||||||||||||||||||||||||||||
Northwest | Salta, Jujuy, Formosa | 715.9 | 839.2 | 94.3 | 100.7 | 8 | 8 | Salta, Jujuy, Formosa | 388.4 | 452.6 | 65.2 | 74.5 | 6 | 6 | |||||||||||||||||||||||||||||||||||||
Total | 11,884.2 | 12,377.2 | 1,588.7 | 1,515.2 | 7 | 8 | 13,303.3 | 12,506.9 | 1,742.9 | 1,660.5 | 8 | 8 |
(1) | Estimated as of December 31, |
(2) | Reserve figures do not include significant reserves located in certain Bolivian basins to which TGN is connected. |
(3) | Weighted average reserve life for all basins, at the |
operating and safety standards; |
terms of service, including general service conditions, such as specifications regarding the quality of gas transported, major equipment requirements, invoicing and payment procedures, imbalances and penalties, and guidelines for dispatch management; |
contract requirements, including the basis for the provision of service, e.g., “firm” or “interruptible”; |
mandatory capital investments to be made over the first five years of the license term; and |
applicable rates based on the type of transportation service and the area serviced. |
From May 1, 2015 to March 31, 2016 | ||||||||
Firm | Interruptible | |||||||
Rate Zones | Reservation Charge(1) (Ps. m3/d) | Minimum Charge(2) (Ps. 1,000 m3) | Compression Fuel and Losses(3) (%) | |||||
Receipt | Delivery | |||||||
From Tierra del Fuego to: | Tierra del Fuego | 0.131975 | 4.399134 | 0.49 | ||||
Santa Cruz Sur | 0.266133 | 8.871204 | 0.98 | |||||
Chubut Sur | 0.678868 | 22.628940 | 3.38 | |||||
Buenos Aires Sur | 0.799800 | 26.659990 | 5.60 | |||||
Bahía Blanca | 1.225104 | 40.836798 | 8.40 | |||||
La Pampa Norte | 1.220760 | 40.691977 | 8.60 | |||||
Buenos Aires | 1.433385 | 47.779485 | 10.35 | |||||
Greater Buenos Aires | 1.608257 | 53.608587 | 11.27 | |||||
From Santa Cruz Sur to: | Santa Cruz Sur | 0.133755 | 4.458469 | 0.49 | ||||
Chubut Sur | 0.545894 | 18.196467 | 2.89 | |||||
Buenos Aires Sur | 0.667085 | 22.236149 | 5.11 | |||||
Bahía Blanca | 1.094595 | 36.486487 | 7.91 | |||||
La Pampa Norte | 1.094399 | 36.479918 | 8.11 | |||||
Buenos Aires | 1.303557 | 43.451887 | 9.86 | |||||
Greater Buenos Aires | 1.478968 | 49.298969 | 10.78 | |||||
From Chubut to: | Chubut Sur | 0.132655 | 4.421810 | 0.49 | ||||
Buenos Aires Sur | 0.248731 | 8.290891 | 2.71 | |||||
Bahía Blanca | 0.663275 | 22.109043 | 5.51 | |||||
La Pampa Norte | 0.696439 | 23.214493 | 5.71 | |||||
Buenos Aires | 0.862256 | 28.741753 | 7.46 | |||||
Greater Buenos Aires | 1.028073 | 34.269013 | 8.38 | |||||
From Neuquén to: | Neuquén | 0.117873 | 4.041345 | 0.49 | ||||
Bahía Blanca | 0.572524 | 19.078504 | 2.80 | |||||
La Pampa Norte | 0.616671 | 20.550184 | 3.15 | |||||
Buenos Aires | 0.775363 | 25.839833 | 3.91 | |||||
Greater Buenos Aires | 0.949709 | 31.713533 | 4.86 | |||||
From Bahía Blanca to: | Bahía Blanca | 0.132654 | 4.421810 | 0.49 | ||||
La Pampa Norte | 0.033164 | 1.105450 | 0.20 | |||||
Buenos Aires | 0.198980 | 6.632710 | 1.95 | |||||
Greater Buenos Aires | 0.364798 | 12.159971 | 2.87 |
Between December 1, 2017 and March 31, 2018 | |||||||||||||||
Firm | Interruptible | ||||||||||||||
Rate Zones | Reservation Charge(1) (Ps.m3/d) | Minimum Charge(2) (Ps.1,000 m3) | Compression Fuel and Losses(3) (%) | ||||||||||||
Receipt | Delivery | ||||||||||||||
From Tierra del Fuego to: | Tierra del Fuego | 1.178272 | 39.275298 | 0.49 | |||||||||||
Santa Cruz Sur | 2.376029 | 79.201776 | 0.98 | ||||||||||||
Chubut Sur | 6.060905 | 202.030320 | 3.38 | ||||||||||||
Buenos Aires Sur | 7.140583 | 238.019383 | 5.60 | ||||||||||||
Bahía Blanca | 10.937683 | 364.589386 | 8.40 | ||||||||||||
La Pampa Norte | 10.898901 | 363.296426 | 8.60 | ||||||||||||
Buenos Aires | 12.797205 | 426.573433 | 10.35 | ||||||||||||
Greater Buenos Aires | 14.358459 | 478.615432 | 11.27 | ||||||||||||
From Santa Cruz Sur to: | Santa Cruz Sur | 1.194161 | 39.805045 | 0.49 | |||||||||||
Chubut Sur | 4.873723 | 162.457367 | 2.89 | ||||||||||||
Buenos Aires Sur | 5.955710 | 198.523493 | 5.11 | ||||||||||||
Bahía Blanca | 9.772503 | 325.749975 | 7.91 | ||||||||||||
La Pampa Norte | 9.770749 | 325.691329 | 8.11 | ||||||||||||
Buenos Aires | 11.638111 | 387.936804 | 9.86 | ||||||||||||
Greater Buenos Aires | 13.204167 | 440.139326 | 10.78 | ||||||||||||
From Chubut to: | Chubut Sur | 1.184339 | 39.477749 | 0.49 | |||||||||||
Buenos Aires Sur | 2.220658 | 74.020757 | 2.71 | ||||||||||||
Bahía Blanca | 5.921694 | 197.388697 | 5.51 | ||||||||||||
La Pampa Norte | 6.217779 | 207.258114 | 5.71 | ||||||||||||
Buenos Aires | 7.698187 | 256.605281 | 7.46 | ||||||||||||
Greater Buenos Aires | 9.178595 | 305.952447 | 8.38 | ||||||||||||
From Neuquén to: | Neuquén | 1.052366 | 36.080973 | 0.49 | |||||||||||
Bahía Blanca | 5.111469 | 170.332165 | 2.80 | ||||||||||||
La Pampa Norte | 5.505614 | 183.471269 | 3.15 | ||||||||||||
Buenos Aires | 6.922412 | 230.697053 | 3.91 |
Between December 1, 2017 and March 31, 2018 | |||||||||||||||
Firm | Interruptible | ||||||||||||||
Rate Zones | Reservation Charge(1) (Ps.m3/d) | Minimum Charge(2) (Ps.1,000 m3) | Compression Fuel and Losses(3) (%) | ||||||||||||
Receipt | Delivery | ||||||||||||||
Greater Buenos Aires | 8.478965 | 283.137219 | 4.86 | ||||||||||||
From Bahía Blanca to: | Bahía Blanca | 1.184334 | 39.477755 | 0.49 | |||||||||||
La Pampa Norte | 0.296083 | 9.869416 | 0.20 | ||||||||||||
Buenos Aires | 1.776485 | 59.216586 | 1.95 | ||||||||||||
Greater Buenos Aires | 3.256902 | 108.563756 | 2.87 |
(1) | Monthly charge for every cubic meter per day of reserved transportation capacity. |
(2) | Minimum charge equal to the unit rate of the firm reservation charge at a 100% load factor. |
(3) | Maximum percentage of total transported gas that customers are required to replace in-kind to make up for gas used by us for compressor fuel or losses in rendering transportation services. |
Between April 1, 2018 and September 30, 2018 | |||||||||||||||
Firm | Interruptible | ||||||||||||||
Rate Zones | Reservation Charge(1) (Ps.m3/d) | Minimum Charge(2) (Ps.1,000 m3) | Compression Fuel and Losses(3) (%) | ||||||||||||
Receipt | Delivery | ||||||||||||||
From Tierra del Fuego to: | Tierra del Fuego | 1.767514 | 58.916471 | 0.49 | |||||||||||
Santa Cruz Sur | 3.564256 | 118.809770 | 0.98 | ||||||||||||
Chubut Sur | 9.091901 | 303.063605 | 3.38 | ||||||||||||
Buenos Aires Sur | 10.711516 | 357.050429 | 5.60 | ||||||||||||
Bahía Blanca | 16.407506 | 546.916789 | 8.40 | ||||||||||||
La Pampa Norte | 16.349329 | 544.977233 | 8.60 | ||||||||||||
Buenos Aires | 19.196955 | 639.898420 | 10.35 | ||||||||||||
Greater Buenos Aires | 21.538977 | 717.966088 | 11.27 | ||||||||||||
From Santa Cruz Sur to: | Santa Cruz Sur | 1.791349 | 59.711139 | 0.49 | |||||||||||
Chubut Sur | 7.311021 | 243.700626 | 2.89 | ||||||||||||
Buenos Aires Sur | 8.934100 | 297.803051 | 5.11 | ||||||||||||
Bahía Blanca | 14.659632 | 488.654189 | 7.91 | ||||||||||||
La Pampa Norte | 14.657000 | 488.566215 | 8.11 | ||||||||||||
Buenos Aires | 17.458211 | 581.940011 | 9.86 | ||||||||||||
Greater Buenos Aires | 19.807436 | 660.248478 | 10.78 | ||||||||||||
From Chubut to: | Chubut Sur | 1.776614 | 59.220165 | 0.49 | |||||||||||
Buenos Aires Sur | 3.331187 | 111.037777 | 2.71 | ||||||||||||
Bahía Blanca | 8.883072 | 296.100754 | 5.51 | ||||||||||||
La Pampa Norte | 9.327226 | 310.905767 | 5.71 | ||||||||||||
Buenos Aires | 11.547971 | 384.930944 | 7.46 | ||||||||||||
Greater Buenos Aires | 13.768715 | 458.956121 | 8.38 | ||||||||||||
From Neuquén to: | Neuquén | 1.578643 | 54.124697 | 0.49 | |||||||||||
Bahía Blanca | 7.667662 | 255.513529 | 2.80 | ||||||||||||
La Pampa Norte | 8.258915 | 275.223364 | 3.15 | ||||||||||||
Buenos Aires | 10.384239 | 346.066277 | 3.91 | ||||||||||||
Greater Buenos Aires | 12.719209 | 424.731232 | 4.86 | ||||||||||||
From Bahía Blanca to: | Bahía Blanca | 1.776607 | 59.220174 | 0.49 | |||||||||||
La Pampa Norte | 0.444152 | 14.805009 | 0.20 | ||||||||||||
Buenos Aires | 2.664887 | 88.830192 | 1.95 | ||||||||||||
Greater Buenos Aires | 4.885645 | 162.855375 | 2.87 |
(1) | Monthly charge for every cubic meter per day of reserved transportation capacity. |
(2) | Minimum charge equal to the unit rate of the firm reservation charge at a 100% load factor. |
(3) | Maximum percentage of total transported gas which customers are required to replace in-kind to make up for gas used by us for compressor fuel or losses in rendering transportation services. |
Between April 1, 2016 and March 31,2017 | ||||||||
Firm | Interruptible | |||||||
Rate Zones | Reservation Charge(1) (Ps. m3/d) | Minimum Charge(2) (Ps. 1,000 m3) | Compression Fuel and Losses(3) (%) | |||||
Receipt | Delivery | |||||||
From Tierra del Fuego to: | Tierra del Fuego | 0.396058 | 13.201800 | 0.49 | ||||
Santa Cruz Sur | 0.798666 | 26.622484 | 0.98 | |||||
Chubut Sur | 2.037282 | 67.909449 | 3.38 | |||||
Buenos Aires Sur | 2.400200 | 80.006630 | 5.60 | |||||
Bahía Blanca | 3.676537 | 122.551231 | 8.40 | |||||
La Pampa Norte | 3.663501 | 122.116622 | 8.60 | |||||
Buenos Aires | 4.301588 | 143.386234 | 10.35 | |||||
Greater Buenos Aires | 4.826380 | 160.879368 | 11.27 | |||||
From Santa Cruz Sur to: | Santa Cruz Sur | 0.401399 | 13.379866 | 0.49 | ||||
Chubut Sur | 1.638228 | 54.607597 | 2.89 | |||||
Buenos Aires Sur | 2.001922 | 66.730682 | 5.11 | |||||
Bahía Blanca | 3.284880 | 109.495948 | 7.91 | |||||
La Pampa Norte | 3.284290 | 109.476235 | 8.11 | |||||
Buenos Aires | 3.911976 | 130.399113 | 9.86 | |||||
Greater Buenos Aires | 4.438382 | 147.946205 | 10.78 | |||||
From Chubut to: | Chubut Sur | 0.398098 | 13.269851 | 0.49 | ||||
Buenos Aires Sur | 0.746441 | 24.880963 | 2.71 | |||||
Bahía Blanca | 1.990488 | 66.349237 | 5.51 | |||||
La Pampa Norte | 2.090013 | 69.666693 | 5.71 | |||||
Buenos Aires | 2.587629 | 86.254000 | 7.46 | |||||
Greater Buenos Aires | 3.085246 | 102.841307 | 8.38 | |||||
From Neuquén to: | Neuquén | 0.353737 | 12.128076 | 0.49 | ||||
Bahía Blanca | 1.718143 | 57.254592 | 2.80 | |||||
La Pampa Norte | 1.850629 | 61.671103 | 3.15 | |||||
Buenos Aires | 2.326864 | 77.545340 | 3.91 | |||||
Greater Buenos Aires | 2.850076 | 95.172312 | 4.86 | |||||
From Bahía Blanca to: | Bahía Blanca | 0.398096 | 13.269853 | 0.49 | ||||
La Pampa Norte | 0.099524 | 3.317455 | 0.20 | |||||
Buenos Aires | 0.597139 | 19.904763 | 1.95 | |||||
Greater Buenos Aires | 1.094759 | 36.492072 | 2.87 |
Between October 1, 2018 and March 31, 2019 | |||||||||||||||
Firm | Interruptible | ||||||||||||||
Rate Zones | Reservation Charge(1) (Ps.m3/d) | Minimum Charge(2) (Ps.1,000 m3) | Compression Fuel and Losses(3) (%) | ||||||||||||
Receipt | Delivery | ||||||||||||||
From Tierra del Fuego to: | Tierra del Fuego | 2.115187 | 70.505443 | 0.49 | |||||||||||
Santa Cruz Sur | 4.265351 | 142.179858 | 0.98 | ||||||||||||
Chubut Sur | 10.880293 | 362.676743 | 3.38 | ||||||||||||
Buenos Aires Sur | 12.818489 | 427.282869 | 5.60 | ||||||||||||
Bahía Blanca | 19.634891 | 654.496272 | 8.40 | ||||||||||||
La Pampa Norte | 19.565270 | 652.175202 | 8.60 | ||||||||||||
Buenos Aires | 22.973029 | 765.767552 | 10.35 | ||||||||||||
Greater Buenos Aires | 25.775731 | 859.191266 | 11.27 | ||||||||||||
From Santa Cruz Sur to: | Santa Cruz Sur | 2.143710 | 71.456424 | 0.49 | |||||||||||
Chubut Sur | 8.749112 | 291.636962 | 2.89 | ||||||||||||
Buenos Aires Sur | 10.691453 | 356.381429 | 5.11 | ||||||||||||
Bahía Blanca | 17.543207 | 584.773317 | 7.91 | ||||||||||||
La Pampa Norte | 17.540057 | 584.668038 | 8.11 | ||||||||||||
Buenos Aires | 20.892272 | 696.408622 | 9.86 | ||||||||||||
Greater Buenos Aires | 23.703593 | 790.120501 | 10.78 | ||||||||||||
From Chubut to: | Chubut Sur | 2.126078 | 70.868874 | 0.49 | |||||||||||
Buenos Aires Sur | 3.986437 | 132.879101 | 2.71 | ||||||||||||
Bahía Blanca | 10.630388 | 354.344287 | 5.51 | ||||||||||||
La Pampa Norte | 11.161907 | 372.061471 | 5.71 | ||||||||||||
Buenos Aires | 13.819476 | 460.647529 | 7.46 | ||||||||||||
Greater Buenos Aires | 16.477046 | 549.233587 | 8.38 | ||||||||||||
From Neuquén to: | Neuquén | 1.889165 | 64.771119 | 0.49 | |||||||||||
Bahía Blanca | 9.175905 | 305.773484 | 2.80 | ||||||||||||
La Pampa Norte | 9.883458 | 329.360278 | 3.15 | ||||||||||||
Buenos Aires | 12.426836 | 414.138116 | 3.91 | ||||||||||||
Greater Buenos Aires | 15.221099 | 508.276603 | 4.86 | ||||||||||||
From Bahía Blanca to: | Bahía Blanca | 2.126068 | 70.868885 | 0.49 | |||||||||||
La Pampa Norte | 0.531517 | 17.717180 | 0.20 | ||||||||||||
Buenos Aires | 3.189075 | 106.303245 | 1.95 | ||||||||||||
Greater Buenos Aires | 5.846660 | 194.889310 | 2.87 |
(1) | Monthly charge for every cubic meter per day of reserved transportation capacity. |
(2) | Minimum charge equal to the unit rate of the firm reservation charge at a 100% load factor. |
(3) | Maximum percentage of total transported gas |
Between April 1, 2017 and November 30, 2017 | ||||||||
Firm | Interruptible | |||||||
Rate Zones | Reservation Charge(1) (Ps. m3/d) | Minimum Charge(2) (Ps. 1,000 m3) | Compression Fuel and Losses(3) (%) | |||||
Receipt | Delivery | |||||||
From Tierra del Fuego to: | Tierra del Fuego | 0.650525 | 21.683927 | 0.49 | ||||
Santa Cruz Sur | 1.311808 | 43.727372 | 0.98 | |||||
Chubut Sur | 3.346231 | 111.541121 | 3.38 | |||||
Buenos Aires Sur | 3.942323 | 131.410716 | 5.60 | |||||
Bahía Blanca | 6.038705 | 201.290128 | 8.40 | |||||
La Pampa Norte | 6.017293 | 200.576284 | 8.60 | |||||
Buenos Aires | 7.065348 | 235.511576 | 10.35 | |||||
Greater Buenos Aires | 7.927318 | 264.244011 | 11.27 | |||||
From Santa Cruz Sur to: | Santa Cruz Sur | 0.659297 | 21.976401 | 0.49 | ||||
Chubut Sur | 2.690787 | 89.692859 | 2.89 | |||||
Buenos Aires Sur | 3.288153 | 109.605000 | 5.11 | |||||
Bahía Blanca | 5.395408 | 179,846855 | 7.91 | |||||
La Pampa Norte | 5.394439 | 179.814476 | 8.11 | |||||
Buenos Aires | 6.425412 | 214.180259 | 9.86 | |||||
Greater Buenos Aires | 7.290033 | 243.001319 | 10.78 | |||||
From Chubut to: | Chubut Sur | 0.653875 | 21.795701 | 0.49 | ||||
Buenos Aires Sur | 1.226027 | 40.866927 | 2.71 | |||||
Bahía Blanca | 3.269373 | 108.978477 | 5.51 | |||||
La Pampa Norte | 3.432841 | 114.427392 | 5.71 | |||||
Buenos Aires | 4.250176 | 141.672007 | 7.46 | |||||
Greater Buenos Aires | 5.067510 | 168.916622 | 8.38 | |||||
From Neuquén to: | Neuquén | 0.581012 | 19.920338 | 0.49 | ||||
Bahía Blanca | 2.822047 | 94.040542 | 2.80 | |||||
La Pampa Norte | 3.039654 | 101.294653 | 3.15 | |||||
Buenos Aires | 3.821870 | 127.368051 | 3.91 | |||||
Greater Buenos Aires | 4.681244 | 156.320314 | 4.86 | |||||
From Bahía Blanca to: | Bahía Blanca | 0.653875 | 21.795701 | 0.49 | ||||
La Pampa Norte | 0.163469 | 5.448915 | 0.20 | |||||
Buenos Aires | 0.980803 | 32.693530 | 1.95 | |||||
Greater Buenos Aires | 1.798138 | 59.938145 | 2.87 |
Between April 1, 2019 and March 31, 2020 | |||||||||||||||
Firm | Interruptible | ||||||||||||||
Rate Zones | Reservation Charge(1) (Ps.m3/d) | Minimum Charge(2) (Ps.1,000 m3) | Compression Fuel and Losses(3) (%) | ||||||||||||
Receipt | Delivery | ||||||||||||||
From Tierra del Fuego to: | Tierra del Fuego | 2.665144 | 88.837143 | �� | 0.49 | ||||||||||
Santa Cruz Sur | 5.374436 | 179.147196 | 0.98 | ||||||||||||
Chubut Sur | 13.709213 | 456.974163 | 3.38 | ||||||||||||
Buenos Aires Sur | 16.151349 | 538.378143 | 5.60 | ||||||||||||
Bahía Blanca | 24.740042 | 824.667950 | 8.40 | ||||||||||||
La Pampa Norte | 24.652320 | 821.743392 | 8.60 | ||||||||||||
Buenos Aires | 28.946110 | 964.870213 | 10.35 | ||||||||||||
Greater Buenos Aires | 32.477525 | 1,082.584470 | 11.27 | ||||||||||||
From Santa Cruz Sur to: | Santa Cruz Sur | 2.701084 | 90.035383 | 0.49 | |||||||||||
Chubut Sur | 11.023917 | 367.463752 | 2.89 | ||||||||||||
Buenos Aires Sur | 13.471273 | 449.042042 | 5.11 | ||||||||||||
Bahía Blanca | 22.104511 | 736.816745 | 7.91 | ||||||||||||
La Pampa Norte | 22.100543 | 736.684093 | 8.11 | ||||||||||||
Buenos Aires | 26.324347 | 877.477681 | 9.86 | ||||||||||||
Greater Buenos Aires | 29.866623 | 995.555027 | 10.78 | ||||||||||||
From Chubut to: | Chubut Sur | 2.678866 | 89.295068 | 0.49 | |||||||||||
Buenos Aires Sur | 5.022927 | 167.428204 | 2.71 | ||||||||||||
Bahía Blanca | 13.394433 | 446.475235 | 5.51 | ||||||||||||
La Pampa Norte | 14.064048 | 468.798959 | 5.71 | ||||||||||||
Buenos Aires | 17.412596 | 580.417750 | 7.46 | ||||||||||||
Greater Buenos Aires | 20.761144 | 692.036541 | 8.38 | ||||||||||||
From Neuquén to: | Neuquén | 2.380356 | 81.611872 | 0.49 | |||||||||||
Bahía Blanca | 11.561677 | 385.275827 | 2.80 | ||||||||||||
La Pampa Norte | 12.453197 | 414.995282 | 3.15 | ||||||||||||
Buenos Aires | 15.657864 | 521.815701 | 3.91 | ||||||||||||
Greater Buenos Aires | 19.178646 | 640.430576 | 4.86 | ||||||||||||
From Bahía Blanca to: | Bahía Blanca | 2.678855 | 89.295082 | 0.49 | |||||||||||
La Pampa Norte | 0.669714 | 22.323718 | 0.20 | ||||||||||||
Buenos Aires | 4.018247 | 133.942519 | 1.95 | ||||||||||||
Greater Buenos Aires | 7.366815 | 245.561319 | 2.87 |
(1) | Monthly charge for every cubic meter per day of reserved transportation capacity. |
(2) | Minimum charge equal to the unit rate of the firm reservation charge at a 100% load factor. |
(3) | Maximum percentage of total transported gas |
Between December 1, 2017 and March 31, 2018 | ||||||||
Firm | Interruptible | |||||||
Rate Zones | Reservation Charge(1) (Ps. m3/d) | Minimum Charge(2) (Ps. 1,000 m3) | Compression Fuel and Losses(3) (%) | |||||
Receipt | Delivery | |||||||
From Tierra del Fuego to: | Tierra del Fuego | 1.178272 | 39.275298 | 0.49 | ||||
Santa Cruz Sur | 2.376029 | 79.201776 | 0.98 | |||||
Chubut Sur | 6.060905 | 202.030320 | 3.38 | |||||
Buenos Aires Sur | 7.140583 | 238.019383 | 5.60 | |||||
Bahía Blanca | 10.937683 | 364.589386 | 8.40 | |||||
La Pampa Norte | 10.898901 | 363.296426 | 8.60 | |||||
Buenos Aires | 12.797205 | 426.573433 | 10.35 | |||||
Greater Buenos Aires | 14.358459 | 478.615432 | 11.27 | |||||
From Santa Cruz Sur to: | Santa Cruz Sur | 1.194161 | 39.805045 | 0.49 | ||||
Chubut Sur | 4.873723 | 162.457367 | 2.89 | |||||
Buenos Aires Sur | 5.955710 | 198.523493 | 5.11 | |||||
Bahía Blanca | 9.772503 | 325.749975 | 7.91 | |||||
La Pampa Norte | 9.770749 | 325.691329 | 8.11 | |||||
Buenos Aires | 11.638111 | 387.936804 | 9.86 | |||||
Greater Buenos Aires | 13.204167 | 440.139326 | 10.78 | |||||
From Chubut to: | Chubut Sur | 1.184339 | 39.477749 | 0.49 | ||||
Buenos Aires Sur | 2.220658 | 74.020757 | 2.71 | |||||
Bahía Blanca | 5.921694 | 197.388697 | 5.51 | |||||
La Pampa Norte | 6.217779 | 207.258114 | 5.71 | |||||
Buenos Aires | 7.698187 | 256.605281 | 7.46 | |||||
Greater Buenos Aires | 9.178595 | 305.952447 | 8.38 | |||||
From Neuquén to: | Neuquén | 1.052366 | 36.080973 | 0.49 | ||||
Bahía Blanca | 5.111469 | 170.332165 | 2.80 | |||||
La Pampa Norte | 5.505614 | 183.471269 | 3.15 | |||||
Buenos Aires | 6.922412 | 230.697053 | 3.91 | |||||
Greater Buenos Aires | 8.478965 | 283.137219 | 4.86 | |||||
From Bahía Blanca to: | Bahía Blanca | 1.184334 | 39.477755 | 0.49 | ||||
La Pampa Norte | 0.296083 | 9.869416 | 0.20 | |||||
Buenos Aires | 1.776485 | 59.216586 | 1.95 | |||||
Greater Buenos Aires | 3.256902 | 108.563756 | 2.87 |
Since April 1, 2018 | ||||||||
Firm | Interruptible | |||||||
Rate Zones | Reservation Charge(1) (Ps. m3/d) | Minimum Charge(2) (Ps. 1,000 m3) | Compression Fuel and Losses(3) (%) | |||||
Receipt | Delivery | |||||||
From Tierra del Fuego to: | Tierra del Fuego | 1.767514 | 58.916471 | 0.49 | ||||
Santa Cruz Sur | 3.564256 | 118.809770 | 0.98 | |||||
Chubut Sur | 9.091901 | 303.063605 | 3.38 | |||||
Buenos Aires Sur | 10.711516 | 357.050429 | 5.60 | |||||
Bahía Blanca | 16.407506 | 546.916789 | 8.40 | |||||
La Pampa Norte | 16.349329 | 544.977233 | 8.60 | |||||
Buenos Aires | 19.196955 | 639.898420 | 10.35 | |||||
Greater Buenos Aires | 21.538977 | 717.966088 | 11.27 | |||||
From Santa Cruz Sur to: | Santa Cruz Sur | 1.791349 | 59.711139 | 0.49 | ||||
Chubut Sur | 7.311021 | 243.700626 | 2.89 | |||||
Buenos Aires Sur | 8.934100 | 297.803051 | 5.11 | |||||
Bahía Blanca | 14.659632 | 488.654189 | 7.91 | |||||
La Pampa Norte | 14.657000 | 488.566215 | 8.11 | |||||
Buenos Aires | 17.458211 | 581.940011 | 9.86 | |||||
Greater Buenos Aires | 19.807436 | 660.248478 | 10.78 | |||||
From Chubut to: | Chubut Sur | 1.776614 | 59.220165 | 0.49 | ||||
Buenos Aires Sur | 3.331187 | 111.037777 | 2.71 | |||||
Bahía Blanca | 8.883072 | 296.100754 | 5.51 | |||||
La Pampa Norte | 9.327226 | 310.905767 | 5.71 | |||||
Buenos Aires | 11.547971 | 384.930944 | 7.46 | |||||
Greater Buenos Aires | 13.768715 | 458.956121 | 8.38 | |||||
From Neuquén to: | Neuquén | 1.578643 | 54.124697 | 0.49 | ||||
Bahía Blanca | 7.667662 | 255.513529 | 2.80 | |||||
La Pampa Norte | 8.258915 | 275.223364 | 3.15 | |||||
Buenos Aires | 10.384239 | 346.066277 | 3.91 | |||||
Greater Buenos Aires | 12.719209 | 424.731232 | 4.86 | |||||
From Bahía Blanca to: | Bahía Blanca | 1.776607 | 59.220174 | 0.49 | ||||
La Pampa Norte | 0.444152 | 14.805009 | 0.20 | |||||
Buenos Aires | 2.664887 | 88.830192 | 1.95 | |||||
Greater Buenos Aires | 4.885645 | 162.855375 | 2.87 |
the net book value of the essential assets determined on the basis of the price paid by CIESA for shares of our common stock plus the original cost of subsequent investments carried in U.S. dollars in each case adjusted by the PPI, net of accumulated depreciation in accordance with the calculation rules to be determined by ENARGAS (since the enactment of the Public Emergency Law, this provision may no longer be valid); or |
the net proceeds of a new competitive bidding (the “New Bidding”). 100 |
2017 | 2016 | 2015 | 2020 | 2019 | 2018 | |||||||||||||||||||
Ethane | 311,786 | 305,861 | 306,097 | 397,787 | 312,651 | 437,362 | ||||||||||||||||||
Propane | 353,561 | 345,577 | 346,910 | 431,700 | 416,519 | 334,852 | ||||||||||||||||||
Butane | 260,171 | 244,814 | 261,872 | 298,358 | 287,083 | 260,761 | ||||||||||||||||||
Natural Gasoline | 133,802 | 108,741 | 118,229 | 134,698 | 130,572 | 132,311 | ||||||||||||||||||
Total | 1,059,319 | 1,004,992 | 1,033,109 | 1,262,543 | 1,146,825 | 1,165,286 |
(1) | Incorporated in Argentina. |
(2) | Incorporated in Uruguay. |
Major Pipeline | Length (miles) | Diameter (inches) | Maximum Pressure (pound/inch) | Compressor Units | Operative Compressor Plants | HP Output | Length (miles) | Diameter (inches) | Maximum Pressure (pound/inch) | Compressor Units | Operative Compressor Plants | HP Output | ||||||||||||||||||||||||||||||||||||
General San Martín | 2,939 | 30(2 | ) | 853/995 | 62 | 17 | 515,800 | 2,869 | 24/30 | 853/995 | 59 | 17 | 512,800 | |||||||||||||||||||||||||||||||||||
Neuba I/Loop Sur | 732 | 24/30 | 853 | 15 | 5 | 61,300 | 736 | 24/30 | 853 | 18 | 6 | 65,800 | ||||||||||||||||||||||||||||||||||||
Neuba II | 1,307 | 30/36 | 975/995 | 21 | 7 | 194,000 | 1,224 | 30/36 | 975/995 | 21 | 7 | 194,000 | ||||||||||||||||||||||||||||||||||||
Other (1) | 728 | Various | Various | 6 | 3 | 7,500 | 940 | Various | Various | 6 | 3 | 7,500 | ||||||||||||||||||||||||||||||||||||
Total | 5,706 | 104 | 32 | 778,600 | 5,769 | 104 | 33 | 780,100 |
(1) | Includes 247 miles of transfer pipelines throughout the pipeline system, as well as the Cordillerano pipeline, with a length of |
Treatment capacity (in MMcf/d) | Compression capacity (in HP) | |||||||
Río Neuquén | 130.7 | 24,350 | ||||||
Plaza Huincul | 30.0 | 5,160 | ||||||
El Chourrón | - | 2,400 | ||||||
Total | 160.7 | 31,810 |
whether significant decreases in the market values of PPE elements took place; |
whether prices of the main products and services that are marketed decreased; |
whether significant changes in the regulatory framework were introduced; |
it requires our management to make estimates and assumptions that are highly susceptible to change from period to period; and |
the impact that recognizing or reversing |
2017 | 2016 | 2015 | 2014 | 2013 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||
WPI (1) | 18.8 | 34.5 | 10.6 | 28.3 | 14.7 | |||||||||||||||||||||||||||||||||||
CPI (2) | 24.8 | 36.1 | 23.6 | 23.9 | 10.9 | |||||||||||||||||||||||||||||||||||
WPI (in %) | 35.4 | 58.5 | 73.5 | 18.8 | 34.6 | |||||||||||||||||||||||||||||||||||
CPI (in %)(1) | 36.1 | 53.8 | 47.6 | 24.8 | 36.1 | |||||||||||||||||||||||||||||||||||
Devaluation of pesos vs. dollar (in %) | 17.4 | 9.3 | 52.5 | 31.1 | 32.6 | 40.5 | 58.9 | 102.2 | 17.4 | 9.3 | ||||||||||||||||||||||||||||||
Real GDP (pesos of 2004) (% change) | 3.9 | (2.3 | ) | 2.6 | (2.6 | ) | 2.3 | ) | (9.9 | ) | (2.2 | ) | (2.5 | ) | 2.7 | (2.1 | ) | |||||||||||||||||||||||
Industrial production (% change) | 1.8 | (4.6 | ) | 0.1 | (2.5 | ) | (0.2 | ) | (7.6 | ) | 1.3 | (14.8 | ) | 1.8 | (4.6 | ) | ||||||||||||||||||||||||
Transportation services tariffs increase | 182.0 | 200.1 | 44.3 | 20.0 | - | - | 26.0 | 79.5 | 182.0 | 200.1 |
(1) |
Since June 2016, the INDEC began to gradually publish CPI information for the period commencing in May |
regulation affecting our liquids business, including Law No. 26,020 (which requires us to meet domestic demand before exporting LPG); |
changes in the input costs related to the liquids production and commercialization segment, including the Gas Charge Resolutions; |
the availability of natural gas and its richness; |
the tariffs we are permitted to charge in our Natural Gas Transportation business segment; |
Year ended December 31, | ||||||||||||||||
2017 | 2016 | Variation | Percentage change | |||||||||||||
Revenues from sales | 12,246.7 | 7,402.2 | 4,844.5 | 65.4 | ||||||||||||
Operating costs | (6,191.4 | ) | (4,198.0 | ) | (1,993.4 | ) | 47.5 | |||||||||
Depreciation | (331.9 | ) | (238.0 | ) | (94.0 | ) | 39.5 | |||||||||
Costs of sales | (6,523.3 | ) | (4,435.9 | ) | (2,087.4 | ) | 47.1 | |||||||||
Gross profit | 5,723.3 | 2,966.3 | 2,757.1 | 92.9 | ||||||||||||
Administrative and selling expenses | (902.9 | ) | (668.9 | ) | (234.0 | ) | 35.0 | |||||||||
Other operating loss | (104.4 | ) | (65.5 | ) | (38.8 | ) | 59.2 | |||||||||
Operating profit | 4,716.1 | 2,231.8 | 2,484.2 | 111.3 | ||||||||||||
Net financial results | (568.0 | ) | (813.4 | ) | 245.4 | (30.2 | ) | |||||||||
Share of profit from associates | 0.2 | 1.5 | (1.3 | ) | (87.5 | ) | ||||||||||
Income tax expense | (1,355.0 | ) | (489.3 | ) | (865.7 | ) | 176.9 | |||||||||
Total net income and total comprehensive income | 2,793.3 | 930.7 | 1,862.6 | 200.1 |
Year ended December 31, | ||||||||||||||||
2020 | 2019 | Variation | Percentage of change | |||||||||||||
(in millions of pesos) | ||||||||||||||||
Revenues | 55,871 | 66,112 | (10,241 | ) | (15.5 | ) | ||||||||||
Operating costs | (21,745 | ) | (28,365 | ) | 6,620 | (23.3 | ) | |||||||||
Depreciation | (5,821 | ) | (4,819 | ) | (1,002 | ) | 20.8 | |||||||||
Costs of sales | (27,566 | ) | (33,184 | ) | 5,619 | (16.9 | ) | |||||||||
Gross profit | 28,306 | 32,928 | (4,621 | ) | (14.0 | ) | ||||||||||
Administrative and selling expenses | (4,650 | ) | (5,854 | ) | 1,204 | (20.6 | ) | |||||||||
Impairment of PPE | (3,114 | ) | - | (3,114 | ) | n/a | ||||||||||
Other operating results | 100 | (174 | ) | 274 | n/a | |||||||||||
Operating profit | 20,641 | 26,900 | (6,258 | ) | (23.3 | ) | ||||||||||
Net financial results | (12,972 | ) | (3,945 | ) | (9,027 | ) | 228.8 | |||||||||
Share of (loss) / profit from associates | 21 | (43 | ) | 64 | n/a | |||||||||||
Income tax (expense) | (4,404 | ) | (5,479 | ) | 1,075 | (19.6 | ) | |||||||||
Total net income and total comprehensive income | 3,286 | 17,433 | (14,147 | ) | (81.1 | ) |
Year ended December 31, | ||||||||||||||||
2017 | 2016 | 2020 | 2019 | |||||||||||||
(in millions of pesos) | (in millions of pesos) | |||||||||||||||
Financial income | ||||||||||||||||
Interest income | 87.4 | 100.4 | 546 | 980 | ||||||||||||
Fair value gains on financial instruments through profit and loss | 274.6 | 169.9 | ||||||||||||||
Foreign exchange gain | 360.2 | 135.0 | 4,969 | 10,640 | ||||||||||||
Subtotal | 722.2 | 405.3 | 5,515 | 11,620 | ||||||||||||
Financial expenses | ||||||||||||||||
Interest expense | (516.6 | ) | (470.7 | ) | (3,358 | ) | (3,417 | ) | ||||||||
Foreign exchange loss | (718.9 | ) | (712.5 | ) | (14,836 | ) | (21,288 | ) | ||||||||
Capitalized financial expenses | - | 608 | ||||||||||||||
Subtotal | (18,194 | ) | (24,097 | ) | ||||||||||||
Other financial results | ||||||||||||||||
Notes repurchase results | 399 | - | ||||||||||||||
Fair value (loss) / gain on financial instruments through profit and loss | (7,266 | ) | 738 | |||||||||||||
Derivative financial instruments results | - | (8.9 | ) | 450 | (26 | ) | ||||||||||
Other financial charges | (103.6 | ) | (66.4 | ) | (358 | ) | (558 | ) | ||||||||
Less: Capitalized borrowing costs | 49.0 | 39.7 | ||||||||||||||
Subtotal | (1,290.1 | ) | (1,218.7 | ) | (6,775 | ) | 154 | |||||||||
Gain on monetary position | 6,482 | 8,378 | ||||||||||||||
Total | (568.0 | ) | (813.4 | ) | (12,972 | ) | (3,945 | ) |
Year ended December 31, | ||||||||||||||||||||||||||||||||
2017 | 2016 | Variation | Percentage Change | Year ended December 31, | Year ended December 31, 2020 compared to year ended December 31, 2019 | |||||||||||||||||||||||||||
(in thousands of Pesos) | 2020 | 2019 | Variation | Percentage Change | ||||||||||||||||||||||||||||
Natural Gas Transportation | ||||||||||||||||||||||||||||||||
Revenues from sales(1) | 4,559.7 | 2,087.2 | 2,472.5 | 118.5 | ||||||||||||||||||||||||||||
Revenues from sales | 24.346 | 31.634 | (7.288 | ) | (23.0 | %) | ||||||||||||||||||||||||||
Cost of sales | (1,695.2 | ) | (997.6 | ) | (697.5 | ) | 69.9 | (9.938 | ) | (11.800 | ) | 1.862 | (15.8 | %) | ||||||||||||||||||
Gross profit | 2,864.6 | 1,089.6 | 1,775.0 | 162.9 | 14.408 | 19.834 | (5.425 | ) | (27.4 | %) | ||||||||||||||||||||||
Administrative and selling expenses | (576.9 | ) | (386.0 | ) | (190.9 | ) | 49.5 | (2.701 | ) | (3.250 | ) | 549 | (16.9 | %) | ||||||||||||||||||
Impairment of PPE | (3.114 | ) | 0 | (3.114 | ) | n/a | ||||||||||||||||||||||||||
Other operating expense | (126.0 | ) | (44.7 | ) | (81.3 | ) | 182.1 | (44 | ) | (186 | ) | 142 | (76.3 | %) | ||||||||||||||||||
Operating profit | 2,161.6 | 658.9 | 1,502.7 | 228.1 | 8.549 | 16.398 | (7.849 | ) | (47.9 | %) | ||||||||||||||||||||||
Liquids Production and Commercialization | ||||||||||||||||||||||||||||||||
Revenues from sales | 6,875.2 | 4,768.3 | 2,106.9 | 44.2 | 27.597 | 31.500 | (3.903 | ) | (12.4 | %) | ||||||||||||||||||||||
Cost of sales | (4,428.8 | ) | (3,218.9 | ) | (1,209.8 | ) | 37.6 | (15.833 | ) | (19.960 | ) | 4.127 | (20.7 | %) | ||||||||||||||||||
Gross profit | 2,446.5 | 1,549.4 | 897.1 | 57.9 | 11.763 | 11.540 | 223 | 1.9 | % | |||||||||||||||||||||||
Administrative and selling expenses | (223.0 | ) | (213.0 | ) | (10.0 | ) | 4.7 | (1.430 | ) | (2.089 | ) | 659 | (31.6 | %) | ||||||||||||||||||
Other operating income / (expense) | 27.3 | (19.1 | ) | 46.4 | (242.3 | ) | ||||||||||||||||||||||||||
Other operating income | 140 | 4 | 136 | n/a | ||||||||||||||||||||||||||||
Operating profit | 2,250.7 | 1,317.2 | 933.5 | 70.9 | 10.473 | 9.455 | 1.018 | 10.8 | % | |||||||||||||||||||||||
Other services | ||||||||||||||||||||||||||||||||
Revenues from sales | 735.8 | 485.9 | 250.0 | 51.5 | 4.365 | 3.440 | 925 | 26.9 | % | |||||||||||||||||||||||
Cost of sales | (353.7 | ) | (187.8 | ) | (165.9 | ) | 88.3 | (2.360 | ) | (2.075 | ) | (285 | ) | 13.7 | % | |||||||||||||||||
Gross profit | 382.2 | 298.0 | 84.1 | 28.2 | 2.005 | 1.364 | 640 | 46.9 | % | |||||||||||||||||||||||
Administrative and selling expenses | (89.3 | ) | (59.0 | ) | (30.3 | ) | 51.3 | (474 | ) | (443 | ) | (31 | ) | 7.0 | % | |||||||||||||||||
Other operating expense | (5.8 | ) | (1.3 | ) | (4.5 | ) | 356.6 | |||||||||||||||||||||||||
Other operating (expense) / income | 3 | 5 | (2 | ) | (40.0 | %) | ||||||||||||||||||||||||||
Operating profit | 287.1 | 237.8 | 49.4 | 20.8 | 1.533 | 926 | 607 | 65.6 | % | |||||||||||||||||||||||
Telecommunications | ||||||||||||||||||||||||||||||||
Revenues from sales | 75.8 | 60.8 | 15.0 | 24.7 | 409 | 376 | 33 | 8.8 | % | |||||||||||||||||||||||
Cost of sales | (45.7 | ) | (31.5 | ) | (14.2 | ) | 45.0 | (280 | ) | (188 | ) | (92 | ) | 48.9 | % | |||||||||||||||||
Gross profit | 30.1 | 29.3 | 0.9 | 2.9 | 129 | 188 | (59 | ) | (31.4 | %) | ||||||||||||||||||||||
Administrative and selling expenses | (13.7 | ) | (10.8 | ) | (2.9 | ) | 26.3 | (45 | ) | (72 | ) | 27 | (37.5 | %) | ||||||||||||||||||
Other operating income / (expense) | 0.2 | (0.5 | ) | 0.6 | (133.9 | ) | ||||||||||||||||||||||||||
Other operating expense | 1 | 4 | (3 | ) | (50.0 | %) | ||||||||||||||||||||||||||
Operating profit | 16.6 | 18.0 | (1.4 | ) | (7.7 | ) | 85 | 120 | (35 | ) | (29.2 | %) |
(1) |
Years ended December 31, | Year ended December 31, 2017 compared to year ended December 31, 2016 | Years ended December 31, | Year ended December 31, 2020 compared to year ended December 31, 2019 | |||||||||||||||||||||||||||||
(volumes in short tons) | (volumes in short tons) | (volumes in short tons) | (volumes in short tons) | |||||||||||||||||||||||||||||
2017 | 2016 | Increase/ (Decrease) | Percentage Change | 2020 | 2019 | Increase/ (Decrease) | Percentage Change | |||||||||||||||||||||||||
Local Market | ||||||||||||||||||||||||||||||||
Ethane | 311,786 | 305,861 | 5,925 | 1.9 | 397,787 | 312,651 | 85,136 | 27.2 | ||||||||||||||||||||||||
Propane | 194,665 | 194,447 | 217 | 0.1 | 248,832 | 234,125 | 14,707 | 6.3 | ||||||||||||||||||||||||
Butane | 156,912 | 155,842 | 1,070 | 0.7 | 198,477 | 160,399 | 38,078 | 23.7 | ||||||||||||||||||||||||
Subtotal | 663,363 | 656,151 | 7,212 | 0.1 | 845,096 | 707,175 | 137,921 | 19.5 | ||||||||||||||||||||||||
Exports | ||||||||||||||||||||||||||||||||
Propane | 158,895 | 151,129 | 7,767 | 5.1 | 182,898 | 182,394 | 504 | 0.3 | ||||||||||||||||||||||||
Butane | 103,259 | 88,972 | 14,287 | 16.1 | 99,882 | 126,684 | (26,802 | ) | (21.2 | ) | ||||||||||||||||||||||
Natural Gasoline | 133,802 | 108,741 | 25,061 | 23.0 | 134,698 | 130,572 | 4,126 | 3.2 | ||||||||||||||||||||||||
Subtotal | 395,956 | 348,842 | 47,114 | 13.5 | 417,478 | 439,650 | (22,172 | ) | (5.1 | ) | ||||||||||||||||||||||
Total Liquids | 1,059,319 | 1,004,992 | 54,327 | 5.4 | 1,262,574 | 1,146,825 | 115,749 | 10.1 |
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||||||||||
2016 | 2015 | Variation | Percentage change | 2019 | 2018 | Variation | Percentage of change | |||||||||||||||||||||||||
Revenues from sales | 7,402.2 | 4,226.6 | 3,175.6 | 75.1 | ||||||||||||||||||||||||||||
(in millions of pesos) | ||||||||||||||||||||||||||||||||
Revenues | 66,112 | 71,337 | (5,225 | ) | (7.3 | )% | ||||||||||||||||||||||||||
Operating costs | (4,198.0 | ) | (2,508.9 | ) | (1,689.0 | ) | 67.3 | (28,365 | ) | (29,808 | ) | 1,443 | (4.8 | )% | ||||||||||||||||||
Depreciation | (238.0 | ) | (251.0 | ) | 13.0 | (5.2 | ) | (4,819 | ) | (4,095 | ) | (724 | ) | 17.7 | % | |||||||||||||||||
Costs of sales | (4,435.9 | ) | (2,759.9 | ) | (1,676.0 | ) | 60.7 | (33,184 | ) | (33,903 | ) | 719.0 | (2.1 | )% | ||||||||||||||||||
Gross profit | 2,966.3 | 1,466.7 | 1,499.6 | 102.2 | 32,928 | 37,434 | (4,506 | ) | (12.0 | )% | ||||||||||||||||||||||
Administrative and selling expenses | (668.9 | ) | (443.0 | ) | (225.9 | ) | 51.0 | (5,854 | ) | (5,710 | ) | (144 | ) | 2.5 | % | |||||||||||||||||
Other operating expenses | (65.5 | ) | (335.5 | ) | 269.9 | (80.5 | ) | |||||||||||||||||||||||||
Other operating loss | (174 | ) | (1,866 | ) | 1,692 | (90.7 | )% | |||||||||||||||||||||||||
Operating profit | 2,231.8 | 688.2 | 1,543.6 | 224.3 | 26,900 | 29,858 | (2,958 | ) | (9.9 | )% | ||||||||||||||||||||||
Net financial results | (813.4 | ) | (974.2 | ) | 160.8 | (16.5 | ) | (3,945 | ) | (5,961 | ) | 2,016 | (33.8 | )% | ||||||||||||||||||
Share of profit from associates | 1.5 | 0.3 | 1.3 | 499.2 | ||||||||||||||||||||||||||||
Income tax (expense) / gain | (489.3 | ) | 113.6 | (602.9 | ) | (530.9 | ) | |||||||||||||||||||||||||
Total net income and comprehensive income / (loss) | 930.7 | (172.1 | ) | 1,102.8 | 640.7 | |||||||||||||||||||||||||||
Share of (loss) / profit from associates | (43 | ) | 38 | (81 | ) | n/a | ||||||||||||||||||||||||||
Income tax (expense) | (5,479 | ) | (27 | ) | (5,452 | ) | n/a | |||||||||||||||||||||||||
Total net income and total comprehensive income | 17,433 | 23,908 | (6,475 | ) | (27.1 | )% |
Year ended December 31, | ||||||||||||||||
2016 | 2015 | 2019 | 2018 | |||||||||||||
(in millions of pesos) | (in millions of pesos) | |||||||||||||||
Financial income | ||||||||||||||||
Derivative financial instruments results | - | 128.5 | ||||||||||||||
Interest income | 100.4 | 79.4 | 980 | 2,817 | ||||||||||||
Fair value gains on financial instruments through profit and loss | 169.9 | 55.9 | ||||||||||||||
Foreign exchange gain | 135.0 | 288.8 | 10,640 | 17,098 | ||||||||||||
Subtotal | 405.3 | 552.6 | 11,620 | 19,915 | ||||||||||||
Financial expenses | ||||||||||||||||
Interest expense | (470.7 | ) | (343.1 | ) | (3,417 | ) | (3,509 | ) | ||||||||
Foreign exchange loss | (712.5 | ) | (1,165.8 | ) | (21,288 | ) | (27,481 | ) | ||||||||
Capitalized financial expenses | 607 | - | ||||||||||||||
Subtotal | (24,098 | ) | (30,990 | ) | ||||||||||||
Other financial results | ||||||||||||||||
Fair value gains on financial instruments through profit and loss | 738 | 2,875 | ||||||||||||||
Derivative financial instruments results | (8.9 | ) | - | (26 | ) | 222 | ||||||||||
Other financial charges | (66.4 | ) | (41.7 | ) | (558 | ) | (510 | ) | ||||||||
Less: Amounts capitalized on qualifying assets | 39.7 | 23.9 | ||||||||||||||
Subtotal | (1,218.7 | ) | (1,526.7 | ) | 154 | 2,587 | ||||||||||
Gain on monetary position | 8,380 | 2,528 | ||||||||||||||
Total | (813.4 | ) | (974.2 | ) | (3,944 | ) | (5,960 | ) |
Year ended December 31, | Year ended December 31, | Year ended December 31, 2019 compared to year ended December 31, 2018 | ||||||||||||||||||||||||||||||
2016 | 2015 | Variation | Percentage Change | 2019 | 2018 | Variation | Percentage Change | |||||||||||||||||||||||||
Natural Gas Transportation | ||||||||||||||||||||||||||||||||
Revenues from sales(1) | 2,087.2 | 1,014.0 | 1,073.2 | 105.8 | ||||||||||||||||||||||||||||
Revenues from sales(1) | 31,634 | 33,635 | (2,001 | ) | (6.0 | )% | ||||||||||||||||||||||||||
Cost of sales | (997.6 | ) | (758.5 | ) | (239.1 | ) | (31.5 | ) | (11,800 | ) | (10,815 | ) | (985 | ) | 9.1 | % | ||||||||||||||||
Gross profit | 1,089.6 | 255.5 | 834.0 | 326.4 | 19,834 | 22,820 | (2,986 | ) | (13.1 | )% | ||||||||||||||||||||||
Administrative and selling expenses | (386.0 | ) | (220.7 | ) | (165.3 | ) | (74.9 | ) | (3,250 | ) | (3,747 | ) | 497 | (13.3 | )% | |||||||||||||||||
Other operating expense | (44.7 | ) | (333.0 | ) | 288.3 | 86.6 | (186 | ) | (327 | ) | 141 | (43.1 | )% | |||||||||||||||||||
Operating profit / (loss) | 658.9 | (298.2 | ) | 957.1 | 320.9 | |||||||||||||||||||||||||||
Operating profit | 16,398 | 18,746 | (2,348 | ) | (12.5 | )% | ||||||||||||||||||||||||||
Liquids Production and Commercialization | ||||||||||||||||||||||||||||||||
Revenues from sales | 4,768.3 | 2,907.8 | 1,860.6 | 64.0 | 31,500 | 34,822 | (3,322 | ) | (9.5 | )% | ||||||||||||||||||||||
Cost of sales | (3,218.9 | ) | (1,869.4 | ) | (1,349.5 | ) | (72.2 | ) | (19,960 | ) | (21,961 | ) | 2,001 | (9.1 | )% | |||||||||||||||||
Gross profit | 1,549.4 | 1,038.4 | 511.0 | 49.2 | 11,540 | 12,861 | (1,321 | ) | (10.3 | )% | ||||||||||||||||||||||
Administrative and selling expenses | (213.0 | ) | (172.3 | ) | (40.8 | ) | (23.7 | ) | (2,089 | ) | (1,517 | ) | (572 | ) | 37.7 | % | ||||||||||||||||
Other operating expense | (19.1 | ) | (2.7 | ) | (16.5 | ) | (619.0 | ) | 4 | (1,522 | ) | 1,526 | (100.3 | )% | ||||||||||||||||||
Operating profit | 1,317.2 | 863.5 | 453.8 | 52.6 | 9,455 | 9,822 | (367 | ) | (3.7 | )% | ||||||||||||||||||||||
Other services | ||||||||||||||||||||||||||||||||
Revenues from sales | 485.9 | 260.6 | 225.3 | 86.4 | 3,440 | 3,790 | (350 | ) | (9.2 | )% | ||||||||||||||||||||||
Cost of sales | (187.8 | ) | (108.6 | ) | (79.2 | ) | (72.9 | ) | (2,075 | ) | (2,208 | ) | 133 | (6.0 | )% | |||||||||||||||||
Gross profit | 298.0 | 152.0 | 146.1 | 96.1 | 1,365 | 1,582 | (217 | ) | (13.7 | )% | ||||||||||||||||||||||
Administrative and selling expenses | (59.0 | ) | (42.9 | ) | (16.1 | ) | (37.7 | ) | (443 | ) | (376 | ) | (67 | ) | 17.8 | % | ||||||||||||||||
Other operating (expense) / income | (1.3 | ) | 0.2 | (1.5 | ) | (760.2 | ) | 5 | (11 | ) | 16 | (145.5 | )% | |||||||||||||||||||
Operating profit | 237.8 | 109.3 | 128.5 | 117.5 | 927 | 1,195 | (268 | ) | (22.4 | )% | ||||||||||||||||||||||
Telecommunications | ||||||||||||||||||||||||||||||||
Revenues from sales | 60.8 | 44.2 | 16.6 | 37.6 | 376 | 342 | 34 | 9.9 | % | |||||||||||||||||||||||
Cost of sales | (31.5 | ) | (23.4 | ) | (8.1 | ) | (34.7 | ) | (188 | ) | (172 | ) | (16 | ) | 9.3 | % | ||||||||||||||||
Gross profit | 29.3 | 20.8 | 8.5 | 40.7 | 188 | 170 | 18 | 10.6 | % | |||||||||||||||||||||||
Administrative and selling expenses | (10.8 | ) | (7.1 | ) | (3.7 | ) | (52.9 | ) | (72 | ) | (71 | ) | (1 | ) | 1.4 | % | ||||||||||||||||
Other operating expense | (0.5 | ) | - | (0.5 | ) | (100.0 | ) | 4 | (5 | ) | 9 | n/a | ||||||||||||||||||||
Operating profit | 18.0 | 13.7 | 4.3 | 31.0 | 120 | 94 | 26 | 27.7 | % |
(1) |
Years ended December 31, | Year ended December 31, 2019 compared to year ended December 31, 2018 | |||||||||||||||
(volumes in short tons) | (volumes in short tons) | |||||||||||||||
2019 | 2018 | Increase/ (Decrease) | Percentage Change | |||||||||||||
Local Market | ||||||||||||||||
Ethane | 312,651 | 437,362 | (124,711 | ) | (28.5 | ) | ||||||||||
Propane | 234,125 | 172,834 | 61,291 | 35.5 | ||||||||||||
Butane | 160,399 | 171,889 | (11,490 | ) | (6.7 | ) | ||||||||||
Subtotal | 707,175 | 782,085 | (74,910 | ) | (9.6 | ) | ||||||||||
Exports | ||||||||||||||||
Propane | 182,394 | 162,018 | 20,376 | 12.6 | ||||||||||||
Butane | 126,684 | 88,872 | 37,812 | 42.5 | ||||||||||||
Natural Gasoline | 130,572 | 132,311 | (1,738 | ) | (1.3 | ) | ||||||||||
Subtotal | 439,650 | 383,201 | 56,450 | 14.7 | ||||||||||||
Total Liquids | 1,146,825 | 1,165,286 | (18,460 | ) | (1.6 | ) |
Years ended December 31, | Year ended December 31, 2016 compared to year ended December 31, 2015 | |||||||||||||||
(volumes in short tons) | (volumes in short tons) | |||||||||||||||
2016 | 2015 | Increase/ (Decrease) | Percentage Change | |||||||||||||
Local Market | ||||||||||||||||
Ethane | 305,861 | 306,097 | (236 | ) | (0.1 | ) | ||||||||||
Propane | 194,447 | 190,530 | 3,918 | 2.1 | ||||||||||||
Butane | 155,842 | 162,316 | (6,474 | ) | (4.0 | ) | ||||||||||
Subtotal | 656,151 | 658,943 | (2,792 | ) | (0.4 | ) | ||||||||||
Exports | ||||||||||||||||
Propane | 151,129 | 156,380 | (5,251 | ) | (3.4 | ) | ||||||||||
Butane | 88,972 | 99,556 | (10,584 | ) | (10.6 | ) | ||||||||||
Natural Gasoline | 108,741 | 118,229 | (9,489 | ) | (8.0 | ) | ||||||||||
Subtotal | 348,841 | 374,166 | (25,324 | ) | (6.8 | ) | ||||||||||
Total Liquids | 1,004,992 | 1,033,109 | (28,116 | ) | (2.7 | ) |
Years ended December 31, | Years ended December 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2020 | 2019 | 2018 | |||||||||||||||||||
(in millions of pesos) | (in millions of pesos) | |||||||||||||||||||||||
Cash and cash equivalents at the beginning of the year | 1,555.1 | 872.5 | 789.4 | 13,294 | 34,859 | 8,203 | ||||||||||||||||||
Cash flows provided by operating activities | 3,522.6 | 2,137.5 | 467.0 | 28,514 | 18,378 | 26,800 | ||||||||||||||||||
Cash flows used in investing activities | (2,529.9 | ) | (534.7 | ) | (228.3 | ) | (30,088 | ) | (22,659 | ) | (9,909 | ) | ||||||||||||
Cash flows used in financing activities | (40.4 | ) | (1,016.2 | ) | (294.6 | ) | ||||||||||||||||||
Net increase / (decrease) in cash and cash equivalents | 952.2 | 586.6 | (55.8 | ) | ||||||||||||||||||||
Cash flows (used in ) / provided by financing activities | (5,075 | ) | (15,409 | ) | 4,291 | |||||||||||||||||||
Net (decrease) / increase in cash and cash equivalents | (6,648 | ) | (19,691 | ) | 21,182 | |||||||||||||||||||
Foreign exchange gains on cash and cash equivalents | 145.5 | 95.9 | 138.9 | 761 | 5,066 | 14,006 | ||||||||||||||||||
Monetary results effect on Cash and cash equivalents | (2,753 | ) | (6,940 | ) | (8,532 | ) | ||||||||||||||||||
Cash and cash equivalents at the end of the year | 2,652.8 | 1,555.1 | 872.5 | 4,653 | 13,294 | 34,859 |
2017 | 2017 | 2016 | ||||||||||
(in millions of U.S. dollars) (2) | (in millions of pesos) | |||||||||||
Current loans: | ||||||||||||
2014 Notes | 63.9 | 1,191.0 | - | |||||||||
Interest payable | 2.0 | 37.7 | 31.3 | |||||||||
Other financial loans | - | 1.5 | ||||||||||
Financial Leasing | 5.4 | 100.6 | 112.7 | |||||||||
Total current loans | 71.3 | 1,329.3 | 145.4 | |||||||||
Non-current loans: | ||||||||||||
2014 Notes | 127.6 | 2,379.0 | 3,036.1 | |||||||||
Financial Leasing | 42.4 | 790.7 | 735.5 | |||||||||
Total non-current loans | 170.0 | 3,169.8 | 3,771.6 | |||||||||
Total loans (1) | 241.2 | 4,499.0 | 3,917.0 |
2020 | 2020 | 2019 | ||||||||||
(in millions of U.S. dollars) (2) | (in millions of pesos) | |||||||||||
Current loans: | ||||||||||||
2018 Notes Interest | 5 | 457 | 459 | |||||||||
Pre-export finance | - | - | 1,390 | |||||||||
Leasing | 6 | 480 | 495 | |||||||||
Total current loans | 11 | 937 | 2,344 | |||||||||
Non-current loans: | ||||||||||||
2018 Notes | 481 | 40,520 | 40,634 | |||||||||
Leasing | 29 | 2,413 | 2,741 | |||||||||
Total non-current loans | 510 | 42,933 | 43,375 | |||||||||
Total loans(1) | 521 | 43,869 | 45,720 |
(1) | Issuance expenses net. |
(2) | Converted at the exchange rate of Ps.84.15 per U.S.$1.00, which was the selling exchange rate as of December 31, |
Amount in U.S.$ | 500.000.000 | |||
Interest Rate | 6,75% annual | |||
Pricing | 99,725 | % |
Date of Payment | Percentage on the Principal Amount to be Paid | |||||
Amortization | May 2, 2025 | 100 | % | |||
Frequency of Interest Payment | Semi-annual, payable on May 2 and November 2 of each year. | |||||
Guarantor | None. |
2018 | 2019 | 2020 | Total | 2021 | 2022 | 2023 | Total | |||||||||||||||||||||||||
Natural Gas transportation | ||||||||||||||||||||||||||||||||
Reliability and others | 137.9 | 117.8 | 107.0 | 362.7 | 53.2 | 50.0 | 50.0 | 153.2 | ||||||||||||||||||||||||
Operational efficiencies | 3.2 | - | - | 3.2 | ||||||||||||||||||||||||||||
Total | 141.1 | 117.8 | 107.0 | 365.9 | 53.2 | 50.0 | 50.0 | 153.2 | ||||||||||||||||||||||||
Liquids production and commercialization | ||||||||||||||||||||||||||||||||
Reliability and others | 16.1 | 17.5 | 10.9 | 44.5 | 14.4 | 10.0 | 10.9 | 35.2 | ||||||||||||||||||||||||
Operational efficiencies | 6.2 | 4.9 | - | 11.1 | 0.8 | - | - | 0.8 | ||||||||||||||||||||||||
Total | 22.3 | 22.4 | 10.9 | 55.6 | 15.2 | 10.0 | 10.9 | 36.0 | ||||||||||||||||||||||||
Vaca Muerta Project | 90.3 | 159.8 | - | 250.1 | 20.3 | 1.4 | - | 21.7 | ||||||||||||||||||||||||
Other services | 7.2 | 3.2 | 0.9 | 11.3 | 5.7 | 4.1 | 4.0 | 13.8 | ||||||||||||||||||||||||
Total Capital Expenditures | 260.9 | 303.2 | 118.8 | 682.9 | 94.4 | 65.5 | 64.9 | 224.7 |
Period | Propane | Butane | Natural gasoline | |||||||||
October 2018 – April 2019 | 6,663 | 4,967 | 2,976 | |||||||||
May 2019 – September 2019 | - | - | 4,519 | |||||||||
October 2019 | 9,996 | 7,727 | 4,630 | |||||||||
November 2019 – April 2020 | 14,438 | 11,038 | 6,614 |
Payment due by period (in millions of argentine pesos) | Payment due by period (in millions of pesos) | |||||||||||||||||||||||||||||||||||||||||||
Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | Total | Due less than 1 year | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | ||||||||||||||||||||||||||||||||||
Long-Term Debt Obligations(1)(2) | 4,088.8 | 1,477.6 | 2,611.2 | - | - | 54,780 | - | 2,840 | 8,520 | 43,420 | - | |||||||||||||||||||||||||||||||||
Purchase Obligations (3) | 565.3 | 565.3 | - | - | - | 6,694 | - | 5,646 | 1,048 | - | - | |||||||||||||||||||||||||||||||||
Leasing(4) | 1,227.6 | 167.6 | 279.0 | 279.0 | 501.9 | 3,587 | 64 | 629 | 1,259 | 1,259 | 376 | |||||||||||||||||||||||||||||||||
Total | 5,881.7 | 2,182.4 | 2,890.2 | 279.0 | 501.9 | 65,062 | 64 | 9,116 | 10,827 | 44,679 | 376 |
(1) | Refers to amortization and interest payments on the |
(2) | The total amount of interest payments includes |
(3) | Refers to agreements for the purchase of natural gas used in our liquids production and commercialization activities. |
(4) | Corresponds to the |
b) | Is linked to the issuer or |
Has been a director, manager, administrator or principal executive of non-governmental organizations that have received funds, for amounts exceeding Ps.800,000 from the company, its controlling entity and other companies of the group of which TGS is a part. |
g) | Receives some payment, including participation in stock option plans, from the company or the companies in its same group, other than the fees to be received under his position as director. |
h) | Has served as director at the company, its controlling entity or another company belonging to the same economic group for more than ten years. The condition of independent director will be recovered after at least three years have elapsed since the cessation of his position as director. |
i) | Is a husband or wife, legal partner, close relative up to |
Name | Date of Appointment | Term Expires | Position | Position in Other Company | ||||
Luis Alberto Fallo | 4/21/2020 | 2022 | Chairman | Director of Sagua Argentina S.A. | ||||
Horacio Jorge Tomás Turri | 7/13/2020 | 2022 | Vice Chairman | Executive director oil and gas at Pampa Energía | ||||
Pablo Viñals Blake | 4/21/2020 | 2022 | Director | Partner at Marval O’Farrell Mairal Law Firm | ||||
María Carolina Sigwald | 8/21/2020 | 2022 | Director | Legal Executive director at Pampa Enegía | ||||
Luis Rodolfo Secco | 4/21/2020 | 2022 | Independent Director | Economist | ||||
Carlos Alberto Olivieri | 4/21/2020 | 2022 | Independent Director | Independent Consultant | ||||
Carlos Alberto Di Brico | 4/21/2020 | 2022 | Independent Director | Public Accountant | ||||
Federico Jose Basualdo Richards | 4/21/2020 | 2022 | Independent Director | Comptroller at Ente Nacional Regulador de la Electricidad (“ENRE”) | ||||
Mariela Korenblum | 4/20/2021 | 2022 | Independent Director | Advisor to the undersecretary of electric energy | ||||
Jorge Romualdo Sampietro | 4/21/2020 | 2022 | Alternate Director | Senior Director at Petroquímica Cuyo | ||||
Gustavo Mariani | 8/21/2020 | 2022 | Alternate Director | Pampa Energía’s Vice chairman and CEO | ||||
Francisco Antonio Macías | 4/21/2020 | 2022 | Alternate Director | Partner at Marval O’Farrell Mairal Law Firm | ||||
Victoria Hitce | 8/21/2020 | 2022 | Alternate Director | Corporate and M&A general counsel at Pampa Energía | ||||
Enrique Llerena | 4/21/2020 | 2022 | Independent Alternate Director | Partner at Llerena – Amadeo Law Firm | ||||
Santiago Alberto Fumo | 4/21/2020 | 2022 | Independent Alternate Director | Independent consultant | ||||
Martin Irineo Skubic | 8/21/2020 | 2022 | Independent Alternate Director | Manager of Alliances and New Business Development Latam South at Elli Lilly Interamerica | ||||
Marianela Lago | 4/20/2021 | 2022 | Independent Alternate Director | Lawyer in the FGS-ANSES | ||||
Emilse Alejandra Juarez | 8/21/2020 | 2021 | Independent Alternate Director | Financial Responsible in the FGS - ANSES |
Name | Year of Appointment | Position | ||
Oscar Jose Sardi | CEO | |||
Claudia Trichilo | 2019 | Operations | ||
Carlos Hector Sidero | 2013 | Human Resources Director | ||
Alejandro Mario Basso | 2016 | |||
Hernan Diego Flores Gomez | 2017 | Legal Affairs Director | ||
Business Director | ||||
Rubén De Muria | 2018 | Institutional and Regulatory Affairs Director |
review their plans; and |
evaluate |
analyze the different services rendered by the external auditors as well as their independence, according to Technical Resolution (“TR”) No. 34 of the FACPCE, and any other related regulations issued by professional councils; |
report separately the fees billed as follows: (i) fees for external audit and other related services meant to provide reliability to third parties (e.g., special reports about internal controls, shareholding prospectuses, certifications and special reports requested by regulators, etc.); and (ii) fees related to other special services different from those mentioned above; and |
Name | Member since | Term Expires | Position | |||
José | Syndic | |||||
Syndic | ||||||
Syndic | ||||||
Alternate Syndic | ||||||
Alternate Syndic | ||||||
Alternate Syndic |
Number of Employees as of December 31, | Number of Employees as of December 31, | |||||||||||||||||||||||
Department | 2017 | 2016 | 2015 | 2020 | 2019 | 2018 | ||||||||||||||||||
General | 7 | 2 | 2 | 2 | 3 | 2 | ||||||||||||||||||
Administration, Finance and Services | 97 | 98 | 47 | 113 | 106 | 103 | ||||||||||||||||||
Human Resources | 21 | 21 | 18 | 24 | 23 | 23 | ||||||||||||||||||
Control and Corporate Governance(1) | - | - | 10 | |||||||||||||||||||||
Legal Affairs | 8 | 10 | 11 | 11 | 10 | 10 | ||||||||||||||||||
Public and Regulatory Affairs | 7 | 6 | 8 | 11 | 10 | 8 | ||||||||||||||||||
Services(2) | - | - | 139 | |||||||||||||||||||||
Safety and Environmental | 27 | 26 | 12 | 30 | 29 | 28 | ||||||||||||||||||
Business | �� | 68 | 40 | 40 | 73 | 76 | 72 | |||||||||||||||||
Internal Audit | 3 | 4 | 3 | 4 | 4 | 4 | ||||||||||||||||||
Operations | 687 | 719 | 640 | 791 | 786 | 747 | ||||||||||||||||||
Young professional program | 7 | - | - | |||||||||||||||||||||
Trainees program | - | 13 | 7 | |||||||||||||||||||||
Total | 932 | 926 | 930 | 1,059 | 1,060 | 1,004 |
Number of Employees as of December 31, | Number of Employees as of December 31, | |||||||||||||||||||||||
Location | 2017 | 2016 | 2015 | 2020 | 2019 | 2018 | ||||||||||||||||||
City of Buenos Aires | 237 | 239 | 247 | 281 | 245 | 239 | ||||||||||||||||||
Province of Buenos Aires | 406 | 392 | 390 | 414 | 448 | 427 | ||||||||||||||||||
Province of Chubut | 53 | 59 | 58 | 62 | 64 | 61 | ||||||||||||||||||
Province of La Pampa | 12 | 13 | 13 | 14 | 14 | 14 | ||||||||||||||||||
Province of Neuquén | 91 | 90 | 83 | 134 | 133 | 114 | ||||||||||||||||||
Province of Río Negro | 49 | 49 | 56 | 61 | 60 | 58 | ||||||||||||||||||
Province of Santa Cruz | 82 | 82 | 81 | 91 | 94 | 88 | ||||||||||||||||||
Province of Tierra del Fuego | 2 | 2 | 2 | 2 | 2 | 3 | ||||||||||||||||||
Total | 932 | 926 | 930 | 1,059 | 1,060 | 1,004 |
Name of Beneficial Owner | Number of Shares | Percent of Total Common Shares | Class | Number of Shares(1) | Percent of Total Common Shares | Class | ||||||||||||||||||
CIESA | 405,192,594 | 51.00 | % | A | 405,192,594 | 51.00 | % | A | ||||||||||||||||
FGS | 183,618,632 | 23.11 | % | B | 190,685,633 | 24.00 | % | B | ||||||||||||||||
Holders through MERVAL | 55,154,612 | 6.94 | % | B | ||||||||||||||||||||
Holders through BYMA | 60,230,124 | 7.58 | % | B | ||||||||||||||||||||
Treasury shares | 41,734,225 | 5.25 | % | B | ||||||||||||||||||||
ADRs through Citi | 150,529,445(*) | 18.95 | % | B | 96,652,707 | (1) | 12.17 | % | B | |||||||||||||||
Total | 794,495,283 | 100.00 | % | -- | 794,495,283 | 100.00 | % | -- |
(1) | Equivalent to 21,040,200 ADRs. |
On the same day, (i) Pampa Energía and its subsidiary Pampa Participaciones S.A. sold all of the capital stock and voting rights of PEPCA to GIP by 51%, WST by 45.8% and PCT L.L.C. by 3.2% and (ii) Pampa Inversiones S.A. transferred its status as beneficiary of the Trust to GIP and PCT, in a proportion of 55% and 45%, respectively. This transaction was authorized by ENARGAS on August 9, 2016, through Resolution No. I / 3939. |
Exchange of shares for other shares of the same or another company in the context of a merger, split or corporate reorganization processes. |
Shareholder | Number of shares | Class of shares | Ownership (%) | Group | ||||
Petrobras Argentina S.A. | 63,881,869 | B1 | 10% | Pampa Group | ||||
0.5 | A1 | |||||||
0.5 | A2 | |||||||
CIESA Trust (Petrobras Hispano Argentina S.A.) | 0.5 | A1 | 40% | |||||
0.5 | A2 | |||||||
162,898,766 | A2 | |||||||
92,628,711 | B2 | |||||||
PEPCA S.A. (WST, GIP y PCT) | 63,881,870 | B3 | 10% | GIP/PCT/WST Group | ||||
GIP | 89,594,322 | A1 | 22% | |||||
50,945,792 | B1 | |||||||
PCT | 73,304,444 | A1 | 18% | |||||
41,682,920 | B1 | |||||||
Total | 638,818,696 | 100% |
Shareholder | Number of shares | Class of shares | Ownership (%) | Group | ||||
Pampa Energía | 63,881,869 | B1 | 10% | Pampa Group | ||||
0.5 | A1 | |||||||
0.5 | A2 | |||||||
PHA | 0.5 | A1 | 40% | |||||
0.5 | A2 | |||||||
162,898,766 | A2 | |||||||
92,628,711 | B2 | |||||||
PEPCA S.A. (GIP y PCT) | 63,881,870 | B3 | 10% | GIP/PCT Group | ||||
GIP | 89,594,322 | A1 | 22% | |||||
50,945,792 | B1 | |||||||
PCT | 73,304,444 | A1 | 18% | |||||
41,682,920 | B1 | |||||||
Total | 638,818,696 | 100% |
agreements for the purchase of natural gas used as RTP; |
natural gas transportation services; |
liquids sales; and |
compression and treatment of natural gas services. On November 1, 2016, Pampa Energía assigned the operation of the Río Neuquén area and its related contracts to YPF. Until that date, our transactions under those contracts were reported as transactions with related parties of our other services business segment. |
Revenues | Costs | Financial results | ||||||||||||||||||||||||||
Company | Natural Gas Transportation | Production and commercialization of Liquids | Other services | Gas purchase and others | Compensation for technical assistance | Revenues for administrative services | Interests expenses | |||||||||||||||||||||
(in thousands of pesos) | ||||||||||||||||||||||||||||
Controlling shareholder: | ||||||||||||||||||||||||||||
CIESA | - | - | - | - | - | 140 | - | |||||||||||||||||||||
Associate which exercises joint control on the controlling shareholder: | ||||||||||||||||||||||||||||
Pampa Energía | 841,274 | 1,049,966 | 614,644 | 160,067 | 1,430,462 | - | 242,337 | |||||||||||||||||||||
Associate with significant influence: | ||||||||||||||||||||||||||||
Link | - | - | 19,562 | - | - | - | - | |||||||||||||||||||||
Other related companies: | ||||||||||||||||||||||||||||
Oleoductos del Valle S.A. | 25,768 | - | - | - | - | - | - | |||||||||||||||||||||
Pampa Comercializadora S.A. | 112,774 | - | - | - | - | - | - | |||||||||||||||||||||
CT Barragan | 2,475 | - | 8,934 | - | - | - | - | |||||||||||||||||||||
Transener S.A. | - | - | 352 | - | - | - | - | |||||||||||||||||||||
Central Piedra Buena S.A. | 1,745 | - | - | - | - | - | - | |||||||||||||||||||||
Experta ART | - | - | - | 25,429 | - | - | - | |||||||||||||||||||||
Total | 984,036 | 1,049,966 | 643,492 | 185,496 | 1,430,462 | 140 | 242,337 |
Revenues | Costs | Financial results | ||||||||||||||||||||||||||
Company | Natural Gas Transportation | Production and commerciali- zation of Liquids | Other services | Gas purchase and others | Compensation for technical assistance | Revenues for administrative services | Interests expenses | |||||||||||||||||||||
(in thousands of pesos) | ||||||||||||||||||||||||||||
Controlling shareholder: | ||||||||||||||||||||||||||||
CIESA | - | - | - | - | - | 92 | - | |||||||||||||||||||||
Associate which exercises joint control on the controlling shareholder: | ||||||||||||||||||||||||||||
Pampa Energía | 27,181 | 57,234 | 70,492 | 135,833 | 354,519 | - | 65,076 | |||||||||||||||||||||
Associate with significant influence: | ||||||||||||||||||||||||||||
Link | - | - | 4,587 | - | - | - | - | |||||||||||||||||||||
Other related companies: | ||||||||||||||||||||||||||||
Petrolera Pampa S.A. | - | - | - | 24,850 | - | - | - | |||||||||||||||||||||
Refinor S.A. | - | - | - | 3,534 | - | - | - | |||||||||||||||||||||
Petrolera Entre Lomas S.A. | - | - | - | 11,017 | - | - | - | |||||||||||||||||||||
Oleoductos del Valle S.A. | 4,618 | - | 958 | - | - | - | - | |||||||||||||||||||||
Pampa Comercializadora S.A. | 6,647 | - | - | - | - | - | - | |||||||||||||||||||||
Central Térmica Loma La Lata S.A. | - | - | 244 | - | - | - | - | |||||||||||||||||||||
Central Térmica Piedrabuena S.A. | 11,031 | - | - | - | - | - | - | |||||||||||||||||||||
Experta ART | - | - | - | 7,326 | - | - | - | |||||||||||||||||||||
Total | 49,477 | 57,234 | 76,281 | 182,560 | 354,519 | 92 | 65,076 |
Item 8. | Financial Information |
a) | Turnover tax calculated on the natural gas price consumed by us as fuel |
b) | Action for annulment of ENARGAS Resolutions |
c) | Recovery action of VAT and income tax |
d) | Turnover tax withholding in the Province of Buenos Aires |
a) | Environmental matters |
Others |
NYSE (in U.S.$) | BYMA (in Ps.) | |||||||||||||||
Years | High | Low | High | Low | ||||||||||||
2013 | 2.77 | 1.55 | 5.23 | 2.22 | ||||||||||||
2014 | 3.80 | 1.83 | 10.40 | 3.65 | ||||||||||||
2015 | 6.99 | 3.01 | 20.20 | 7.55 | ||||||||||||
2016 | 9.02 | 5.33 | 29.60 | 13.90 | ||||||||||||
2017 | 23.74 | 9.02 | 85.10 | 29.60 |
2017 | 2016 | |||||||||||||||||||||||||||||||
NYSE (in U.S.$) | BYMA (in Ps.) | NYSE (in U.S.$) | BYMA (in Ps.) | |||||||||||||||||||||||||||||
Quarters | High | Low | High | Low | High | Low | High | Low | ||||||||||||||||||||||||
First Quarter | 14.22 | 9.02 | 44.00 | 29.60 | 6.79 | 5.33 | 21.20 | 13.90 | ||||||||||||||||||||||||
Second Quarter | 16.90 | 14.22 | 56.40 | 43.90 | 6.82 | 6.04 | 20.00 | 16.60 | ||||||||||||||||||||||||
Third Quarter | 20.31 | 14.85 | 71.60 | 51.40 | 6.87 | 5.93 | 21.50 | 17.60 | ||||||||||||||||||||||||
Fourth Quarter | 23.74 | 19.55 | 85.10 | 68.35 | 9.02 | 6.70 | 29.60 | 20.60 |
NYSE (in U.S.$) | BYMA (in Ps.) | |||||||||||||||
Months | High | Low | High | Low | ||||||||||||
November 2017 | 21.60 | 19.55 | 76.00 | 68.35 | ||||||||||||
December 2017 | 23.74 | 21.03 | 85.10 | 72.50 | ||||||||||||
January 2018 | 23.60 | 21.82 | 93.40 | 83.05 | ||||||||||||
February 2018 | 22.90 | 19.97 | 88.15 | 80.80 | ||||||||||||
March 2018 | 21.73 | 19.05 | 87.80 | 78.00 | ||||||||||||
April 2018 (through to April 12, 2018) | 21.08 | 20.16 | 86.00 | 82.90 |
Promoting the participation of small investors, union associations, industry groups and trade associations, professional associations and all public savings entities in the capital market, particularly encouraging mechanisms designed to promote domestic savings and channel such funds towards the development of production; |
Strengthening mechanisms for the protection of and prevention of abuses against small investors and for the protection of consumers’ rights; |
issue regulations that allow stock brokers and brokerage firms authorized by the CNV to perform their duties; |
authorize, suspend and cancel the listing and/or trading of negotiable securities pursuant to the provisions set forth in its |
issue regulations that ensure veracity in the record of prices and trades; |
issue the regulations and policies deemed necessary to ensure transparency in the trades conducted by member stock brokers; |
fix the margins that member brokers are to comply with for each type of trade BYMA guarantees; and |
set up |
2013 | 2014 | 2015 | 2016 | 2017 | 2016 | 2017 | 2018 | 2019 | 2020 | |||||||||||||||||||||||||||||||
Market capitalization (U.S.$ in billions) | 530.8 | 455.4 | 336.8 | 282.9 | 356.9 | |||||||||||||||||||||||||||||||||||
Market capitalization (Ps. in billions)(1) | 4,512 | 6,877 | 10,786 | 2,409 | 2,844 | |||||||||||||||||||||||||||||||||||
Market capitalization domestic companies (Ps. in billions) (1) | 1,011 | 2,061 | 1,804 | 2,358 | 2,815 | |||||||||||||||||||||||||||||||||||
Market capitalization / GDP (%) | 11.3 | 17.6 | 10.8 | 9.4 | 10.4 | |||||||||||||||||||||||||||||||||||
Number of listed companies | 103 | 101 | 99 | 99 | 97 | 101 | 104 | 98 | 91 | 89 |
(1) | Stated in Argentine pesos not adjusted for inflation. |
the occurrence of certain bankruptcy events or enforcement proceedings; |
(b) | Undertakes to settle in pesos through the foreign exchange market, within five working days of its availability, those funds received abroad resulting from the collection of loans granted to third parties, the collection of a term deposit or the sale of any type of asset, when the asset has been |
Purchase | |||||
ARS | Dólar “MEP” | Blue chip swap | Receiver transfer | ||
ARS | No minimum tenure period (MTP) | No MTP | No MTP | 3 days of MTP** | |
Dólar MEP | 3 days of MTP | No MTP | No MTP | 3 days of MTP | |
Sale | Blue chip swap | 3 days of MTP | No MTP | No MTP | 3 days of MTP |
Issuer Transfer | 3 days of MTP * | No MTP | No MTP | 3 days of MTP |
Crimes related to illegal trafficking and commercialization of narcotics; |
Crimes related to arms trafficking; |
Illegal acts committed by illegal associations organized to commit crimes with political or racial objectives; |
Crimes of fraud against the Public Administration; |
Crimes against the Public Administration; |
Crimes of underage prostitution and child pornography; and |
Crimes related to terrorism financing. |
Minimum threshold above which tax applies | Tax period | Applicable Tax Rate | ||||
Over Ps.950,000 | 2017 | 0.50 | % | |||
Over Ps.1,050,000 | 2018 and subsequent periods | 0.25 | % |
Financial assets (1) | Financial liabilities (2) | |||||||||||||||
(in thousands of pesos) | ||||||||||||||||
Financial assets (1) | Financial liabilities (2) | |||||||||||||||
Fixed interest rate | 2,097,766 | 3,607,665 | 16,108,712 | 40,976,742 | ||||||||||||
Variable interest rate | 21,584 | - | 3,179,938 | - | ||||||||||||
Total | 2,119,350 | 3,607,665 | 19,288,650 | 40,976,742 |
(1) | Includes |
(2) | Includes loans, excluding issuance |
Expected maturity date | ||||||||||||||||||||||||||||
Overdue | 2018 | 2019 | 2022 | Thereafter | Total(6) | Fair value(2) | ||||||||||||||||||||||
(in millions of pesos) (1) | ||||||||||||||||||||||||||||
Debt denominated in U.S. dollars(1) (4) (5) | ||||||||||||||||||||||||||||
Fixed rate | - | 1,477.5 | 1,362.9 | 1,248.3 | - | 4,088.8 | 3,833.0 | |||||||||||||||||||||
Interest rate (3) | - | 9.625 | % | 9.625 | % | 9.625 | % | - | - | - | ||||||||||||||||||
Financial lease in U.S. dollars(1) (6) | ||||||||||||||||||||||||||||
Fixed rate | 28.1 | 139.5 | 139.5 | 139.5 | 781.0 | 1.227.6 | 891.3 |
Expected maturity date | ||||||||||||||||||||||||||||
Overdue | 2021 | 2022 | 2023 | Thereafter | Total(6) | Fair value(2) | ||||||||||||||||||||||
(in millions of pesos) (1) | ||||||||||||||||||||||||||||
Debt denominated in U.S. dollars(1) (4) (5) | ||||||||||||||||||||||||||||
Fixed rate | - | 2,840 | 2,840 | 2,840 | 46,260 | 54,780 | 37,583 | |||||||||||||||||||||
Interest rate(3) | 6.875 | % | 6.875 | % | 6.875 | % | ||||||||||||||||||||||
Financial lease in U.S. dollars(1) (4)(5) | ||||||||||||||||||||||||||||
Fixed rate | 63 | 629 | 629 | 629 | 1,637 | 3,587 | 2,893 |
(1) | Converted at the exchange rate as of December 31, |
(2) |
For a detailed description of |
For further information about limitations on our ability to make payments on our debt denominated in U.S. dollars see “Item 3. Key Information—D. Risk |
(4) | Includes future interest |
(5) | Contracted undiscounted cash flows. Thus, they do not reconcile to the amount disclosed on the statement of financial position. |
(6) | Corresponds to the pre-export finance totally paid as of the issuance of this Annual Report. |
Rate | By Whom Paid | ||||||
Issuance of ADSs (e.g., an issuance upon a deposit of Shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason), excluding issuances as a result of distributions described in the Deposit Agreement. | Up to U.S.$5.00 | Person receiving ADSs. | |||||
Cancellation of ADSs (e.g., a cancellation of ADSs for delivery of deposited Shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason). | Up to U.S.$5.00 per 100 ADSs (or fraction thereof) canceled. | Person whose ADSs are being canceled. | |||||
Distribution of cash | |||||||
Up to U.S.$5.00 per 100 ADSs (or fraction thereof) held. | Person to whom the | ||||||
Distribution of | Up to U.S.$5.00 per 100 ADSs (or fraction thereof) held. | Person to whom the | |||||
Distribution of securities other than ADSs or rights to purchase additional ADSs (e.g., spin-off shares). | Up to U.S.$5.00 per 100 ADSs (or fraction thereof) held. | Person to whom the distribution is made. | |||||
Up to U.S.$5.00 per 100 ADSs (or fraction thereof) held on | |||||||
Person holding ADSs on the | |||||||
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||||||||||
PwC | EY | PwC | EY | |||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
(in thousands of pesos) | (in thousands of pesos) | |||||||||||||||||||||||||||||||
Audit fees | 5,042.0 | 5,740.1 | 4,517.5 | - | 19,159 | 16,444 | 19,552 | 17,483 | ||||||||||||||||||||||||
Audit-related fees | 150.0 | - | - | - | 2,004 | 525 | 1,543 | 549 | ||||||||||||||||||||||||
Tax fees | - | - | - | - | 800 | 1,791 | 907 | - | ||||||||||||||||||||||||
All other fees | 879.7 | - | 170.0 | - | - | 1,175 | 5,723 | 6,179 | ||||||||||||||||||||||||
Total fees | 6,071.7 | 5,740.1 | 4,687.5 | - | 21,963 | 19,936 | 27,725 | 24,211 |
Item 16E. | Purchases of Registered Equity Securities of the Issuer by the Issuer and Affiliated Purchasers |
Period | Total number of ADRs purchased | Average price paid per ADRs (U.S.$) | Total Number of Shares Purchased as Part of the Publicly Announced Plan(1) | Maximum Number of Shares that may yet be purchased under the plan | ||||||||||||
5/11/2018 – 5/31/2018 | 811,624 | 17.19 | 4,058,120 | (2 | ) | |||||||||||
6/1/2018 – 6/30/2018 | 550,175 | 15.45 | 2,750,875 | (2 | ) | |||||||||||
7/1/2018 – 7/31/2018 | 359,536 | 13.69 | 1,797,680 | (2 | ) | |||||||||||
8/1/2018 – 8/31/2018 | 316,347 | 13.18 | 1,581,735 | (2 | ) | |||||||||||
9/1/2018 – 9/10/2018 | 65,400 | 12.07 | 327,000 | (2 | ) | |||||||||||
2,103,082 | 10,515,410 |
(1) | Correspond to the sum of common shares and ADRs purchased. Each ADR represents 5 common shares. |
(2) | For up to Ps. 1,700 million, or any lower amount resulting in such acquisition reaching 10% of our capital stock. |
Period | Total number of ADRs purchased | Average price paid per ADRs (U.S.$) | Total Number of Shares Purchased as Part of the Publicly Announced Plan(1) | Maximum Number of Shares that may yet be purchased under the plan | ||||||||||||
10/1/2018 – 10/31/2018 | 610,974 | 13.64 | 3,054,870 | (2 | ) | |||||||||||
12/1/2018 – 12/31/2018 | 6,100 | 13.43 | 30,500 | (2 | ) | |||||||||||
617,074 | 3,085,370 |
(1) | Correspond to the sum of common shares and ADRs purchased. Each ADR represents 5 common shares. |
(2) | For up to Ps. 1,800 million, or any lower amount resulting in such acquisition reaching 10% of our capital stock. |
Period | Total number of ADRs purchased | Average price paid per ADRs (U.S.$) | Total Number of Shares Purchased as Part of the Publicly Announced Plan(1) | Maximum Number of Shares that may yet be purchased under the plan | ||||||||||||
04/1/2019 – 04/30/2019 | 724,275 | 10.73 | 3,621,375 | (2 | ) | |||||||||||
05/1/2019 – 05/31/2019 | 636,037 | 11.08 | 3,180,185 | (2 | ) | |||||||||||
08/1/2019 – 08/26/2019 | 1,063,706 | 9.06 | 5,318,530 | (2 | ) | |||||||||||
2,424,018 | 12,120,090 |
(1) | Correspond to the sum of common shares and ADRs purchased. Each ADR represents 5 common shares. |
(2) | For up to Ps. 1,500 million, or any lower amount resulting in such acquisition reaching 10% of our capital stock. |
Period | Total number of ADRs purchased | Average price paid per ADRs (U.S.$) | Total Number of Shares Purchased as Part of the Publicly Announced Plan(1) | Maximum Number of Shares that may yet be purchased under the plan | ||||||||||||
08/28/2019 – 08/31/2019 | 460,000 | 7.81 | 2,300,000 | (2 | ) | |||||||||||
09/01/2019 – 09/30/2019 | 284,785 | 7.94 | 1,423,925 | (2 | ) | |||||||||||
11/01/2019 – 11/20/2019 | 644,120 | 6.27 | 3,220,600 | (2 | ) | |||||||||||
1,388,905 | 6,944,525 |
(1) | Correspond to the sum of common shares and ADRs purchased. Each ADR represents 5 common shares. |
(2) | For up to Ps. 3,200 million, or any lower amount resulting in such acquisition reaching 10% of our capital stock. |
Period | Total number of ADRs purchased | Average price paid per ADRs (U.S.$) | Total Number of Shares Purchased as Part of the Publicly Announced Plan(1) | Maximum Number of Shares that may yet be purchased under the plan | ||||||||||||
11/21/2019 – 11/30/2019 | 401,000 | 6.04 | 2,005,000 | (2 | ) | |||||||||||
12/01/2019 – 12/31/2019 | 932,231 | 5.97 | 4,661,155 | (2 | ) | |||||||||||
01/01/2020 – 01/31/2020 | 1,455,121 | 6.56 | 7,275,605 | (2 | ) | |||||||||||
02/01/2020 – 02/28/2020 | 555,098 | 6.21 | 2,775,490 | (2 | ) | |||||||||||
3,343,450 | 16,717,250 |
(1) | Correspond to the sum of common shares and ADRs purchased. Each ADR represents 5 common shares. |
(2) | For up to Ps. 4,000 million, or any lower amount resulting in such acquisition reaching 10% of our capital stock. |
Period | Total number of ADRs purchased | Average price paid per ADRs (U.S.$) | Total Number of Shares Purchased as Part of the Publicly Announced Plan(1) | Maximum Number of Shares that may yet be purchased under the plan | ||||||||||||
03/09/2020 – 03/31/2020 | 1,649,875 | 4.98 | 8,249,375 | (2 | ) | |||||||||||
04/01/2020 – 04/30/2020 | 620,668 | 4.41 | 3,103,340 | (2 | ) | |||||||||||
05/01/2020 – 05/31/2020 | 386,000 | 4.32 | 1,930,000 | (2 | ) | |||||||||||
08/01/2020 – 08/31/2020 | 149,100 | 4.593 | 745,500 | (3 | ) | |||||||||||
09/01/2020 – 09/30/2020 | 861,300 | 4.4191 | 4,306,500 | (3 | ) | |||||||||||
10/01/2020 – 10/31/2020 | 426,805 | 4.5231 | 2,134,025 | (3 | ) |
(1) | Correspond to the sum of common shares and ADRs purchased. Each ADR represents 5 common shares. |
(2) | For up to Ps. 2,500 million, or any lower amount resulting in such acquisition reaching 10% of our capital stock. |
(3) | For up to Ps. 3,000 million, or any lower amount resulting in such acquisition reaching 10% of our capital stock. |
Period | Average price paid per share (Ps.) | Total Number of Shares Purchased as Part of the Publicly Announced Plan(1) | Maximum Number of Shares that may yet be purchased under the plan | |||||||||
08/01/2020 – 08/31/2020 | 120.812 | 117,557 | (2 | ) | ||||||||
09/01/2020 – 09/30/2020 | 117.146 | 250,091 | (2 | ) | ||||||||
10/01/2020 – 10/31/2020 | 147.269 | 249,897 | (2 | ) |
(1) | Correspond to the sum of common shares purchased in BYMA. |
(2) | For up to Ps. 3,000 million, or any lower amount resulting in such acquisition reaching 10% of our capital stock. |
Page | |
Reports of independent registered public accounting firms | F-1 |
Consolidated Statements of Comprehensive Income for the years ended December 31, | |
Consolidated Statements of Financial Position as of December 31, | |
Consolidated Statements of Changes in Equity for the years ended December 31, | |
Consolidated Statements of Cash Flows for the years ended December 31, | |
Notes to Consolidated Financial Statements for the |
Item 19. | Exhibits |
Exhibit No. | |
Corporate Charter and By-laws. | |
By-laws Amendments. | |
Indenture dated | |
Officers’ Certificate establishing the terms of TGS’ | |
Description of Securities Registered under Section 12 of the Exchange Act. | |
CIESA Shareholders’ Agreement. | |
CIESA’s Fourth Amendment to the Restructuring Agreement. | |
CIESA’s Settlement Agreement. | |
Technical Assistance Service Agreement between TGS and | |
Financial lease agreement between Petrobras Argentina | |
List of TGS’s Subsidiaries. | |
Code of Ethics. |
Exhibit No. | |
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
Audit Committee Charter. |
(1) |
Amendment incorporated by reference to our Annual Report on Form 20-F filed with the Securities and Exchange Commission for the year ended December 31, |
Incorporated by reference to our Annual Report on Form 20-F filed with the Securities and Exchange Commission for the year ended December 31, |
Incorporated by reference to our Annual Report on Form 20-F filed with the Securities and Exchange Commission for the year ended December 31, 2005 (Commission File No. 1-13396). |
Incorporated by reference to our Annual Report on Form 20-F filed with the Securities and Exchange Commission for the year ended December 31, 2012 (Commission File No. 1-13396). |
(5) | Incorporated by reference to our Annual Report on Form 20-F filed with the Securities and Exchange Commission for the year ended December 31, 2010 (Commission File No. 1-13396). |
Incorporated by reference to our Annual Report on Form 20-F filed with the Securities and Exchange Commission for the year ended December 31, |
Incorporated by reference to our Annual Report on Form 20-F filed with the Securities and Exchange Commission for the year ended December 31, 2003 (Commission File No. 1-13396). |
Incorporated by reference to our Annual Report on Form 20-F filed with the Securities and Exchange Commission for the |
TRANSPORTADORA DE GAS DEL SUR S.A. | ||||
(Registrant) | ||||
By: | ||||
/s/ Oscar José Sardi | ||||
Title: | Chief Executive Officer | |||
/s/ Alejandro M. Basso | ||||
Name: Alejandro M. Basso | ||||
Title: | Chief Financial Officer and | |||
Services Vice President | ||||
Dated: April 27, 2021 |
/s/ Price Waterhouse & Co. S.R.L. | /s/ Pistrelli, Henry Martin y Asociados S.R.L | |
S.R.L | ||
/s/ | Fernando Alberto Rodriguez | Member of Ernst & Young Global |
/s/ Price Waterhouse & Co. S.R.L. | /s/ Pistrelli, Henry Martin y Asociados S.R.L | |
S.R.L | ||
/s/ | Fernando Alberto Rodriguez | Member of Ernst & Young Global |
Notes | 2020 | 2019 | 2018 | |||||||||||||
Revenues | 8.h. | 55,871,438 | 66,111,903 | 71,336,882 | ||||||||||||
Cost of sales | 8.i. | (27,565,705 | ) | (33,184,953 | ) | (33,902,908 | ) | |||||||||
Gross profit | 28,305,733 | 32,926,950 | 37,433,974 | |||||||||||||
Administrative expenses | 8.j. | (1,682,792 | ) | (1,715,780 | ) | (2,014,309 | ) | |||||||||
Selling expenses | 8.j. | (2,967,744 | ) | (4,138,071 | ) | (3,695,784 | ) | |||||||||
Other operating results | 8.l. | 99,829 | (173,614 | ) | (1,865,560 | ) | ||||||||||
Impairment of PPE | 12 | (3,114,056 | ) | - | - | |||||||||||
Operating profit | 20,640,970 | 26,899,485 | 29,858,321 | |||||||||||||
Net financial results | ||||||||||||||||
Financial income | 8.k. | 5,515,421 | 11,619,809 | 19,915,631 | ||||||||||||
Financial expenses | 8.k. | (18,194,361 | ) | (24,097,066 | ) | (30,990,090 | ) | |||||||||
Other financial results | 8.k. | (6,774,779 | ) | 154,366 | 2,587,473 | |||||||||||
Gain on net monetary position | 8.k. | 6,482,061 | 8,378,326 | 2,526,114 | ||||||||||||
Total | (12,971,658 | ) | (3,944,565 | ) | (5,960,872 | ) | ||||||||||
Share of profit /(loss) from associates | 11 | 21,310 | (43,372 | ) | 38,130 | |||||||||||
Net income before income tax | 7,690,622 | 22,911,548 | 23,935,579 | |||||||||||||
Income tax expense | 14 | (4,404,423 | ) | (5,478,585 | ) | (27,583 | ) | |||||||||
Total comprehensive income for the year | 3,286,199 | 17,432,963 | 23,907,996 | |||||||||||||
Total comprehensive income attributable to: | ||||||||||||||||
Owners of the Company | 3,286,190 | 17,432,945 | 23,907,988 | |||||||||||||
Non-controlling interests | 9 | 18 | 8 | |||||||||||||
Total comprehensive income for the year | 3,286,199 | 17,432,963 | 23,907,996 | |||||||||||||
Total comprehensive income per share attributable to owners of the Company: | ||||||||||||||||
Weighted average of outstanding ordinary shares * | 762,371,755 | 776,121,341 | 788,405,563 | |||||||||||||
Basic and diluted earnings per share | 4.31 | 22.46 | 30.32 |
Notes | 2017 | 2016 | 2015 | |||||||||||||
Revenue from sales | 7 | 12,246,664 | 7,402,172 | 4,226,569 | ||||||||||||
Cost of sales | 8.h. | (6,523,317 | ) | (4,435,915 | ) | (2,759,905 | ) | |||||||||
Gross profit | 5,723,347 | 2,966,257 | 1,466,664 | |||||||||||||
Administrative expenses | 8.i. | (402,995 | ) | (315,379 | ) | (201,636 | ) | |||||||||
Selling expenses | 8.i. | (499,909 | ) | (353,514 | ) | (241,330 | ) | |||||||||
Other operating expenses | 8.k. | (104,377 | ) | (65,543 | ) | (335,451 | ) | |||||||||
Operating profit | 4,716,066 | 2,231,821 | 688,247 | |||||||||||||
Net financial results | ||||||||||||||||
Financial income | 8.j. | 722,185 | 405,347 | 552,568 | ||||||||||||
Financial expenses | 8.j. | (1,290,145 | ) | (1,218,708 | ) | (1,526,731 | ) | |||||||||
Total | (567,960 | ) | (813,361 | ) | (974,163 | ) | ||||||||||
Share of profit from associates | 11 | 190 | 1,522 | 254 | ||||||||||||
Net income / (loss) before income tax | 4,148,296 | 1,419,982 | (285,662 | ) | ||||||||||||
Income tax (expense) / gain | 14 | (1,355,030 | ) | (489,304 | ) | 113,553 | ||||||||||
Net income / (loss) and total comprehensive income / (loss) for the year | 2,793,266 | 930,678 | (172,109 | ) | ||||||||||||
Net income / (loss) and total comprehensive income / (loss) attributable to: | ||||||||||||||||
Owners of the Company | 2,793,263 | 930,675 | (172,109 | ) | ||||||||||||
Non-controlling interests | 3 | 3 | - | |||||||||||||
2,793,266 | 930,678 | (172,109 | ) | |||||||||||||
Weighted average of outstanding ordinary shares | 794,495,283 | 794,495,283 | 794,495,283 | |||||||||||||
Basic and diluted earnings / (losses) per share | 3.52 | 1.17 | (0.22 | ) |
Notes | 2017 | 2016 | ||||||||||
ASSETS | ||||||||||||
Non-current assets | ||||||||||||
Property, plant and equipment | 12 | 6,480,361 | 5,333,344 | |||||||||
Investments in associates | 9 | 3,065 | 2,874 | |||||||||
Other financial assets at amortized cost | 8.m. | 14,473 | 21,584 | |||||||||
Other financial assets at fair value through profit or loss | 8.l. | - | 142,872 | |||||||||
Deferred tax asset | 14 | 528 | - | |||||||||
Other receivables | 8.a. | 12,106 | 75,465 | |||||||||
Trade receivables | 8.b. | 3,055 | 8,122 | |||||||||
Total non-current assets | 6,513,588 | 5,584,261 | ||||||||||
Current assets | ||||||||||||
Other receivables | 8.a. | 695,316 | 378,272 | |||||||||
Inventories | 105,996 | 116,863 | ||||||||||
Trade receivables | 8.b. | 2,033,540 | 1,226,439 | |||||||||
Other financial assets at amortized cost | 8.m. | 1,445,428 | 14,900 | |||||||||
Other financial assets at fair value through profit or loss | 8.l. | 220,229 | 55,508 | |||||||||
Cash and cash equivalents | 8.c. | 2,652,803 | 1,555,089 | |||||||||
Total current assets | 7,153,312 | 3,347,071 | ||||||||||
Total assets | 13,666,900 | 8,931,332 | ||||||||||
EQUITY | ||||||||||||
Common stock | 1,345,300 | 1,345,300 | ||||||||||
Legal reserve | 269,059 | 247,503 | ||||||||||
Future dividends reserve | 912,010 | - | ||||||||||
Future capital expenditures reserve | - | 2,891 | ||||||||||
Accumulated retained earnings | 2,793,263 | 930,675 | ||||||||||
Non-controlling interests | 8 | 9 | ||||||||||
Total equity | 5,319,640 | 2,526,378 | ||||||||||
LIABILITES | ||||||||||||
Non-current liabilities | ||||||||||||
Deferred tax liabilities | 14 | 273,390 | 416,716 | |||||||||
Advances from customers | 8.d. | 298,169 | 313,686 | |||||||||
Loans | 13 | 3,169,760 | 3,771,604 | |||||||||
Total non-current liabilities | 3,741,319 | 4,502,006 | ||||||||||
Current liabilities | ||||||||||||
Provisions | 15 | 196,349 | 221,433 | |||||||||
Advances from customers | 8.d. | 81,004 | 37,594 | |||||||||
Other payables | 8.e. | 33,547 | 3,816 | |||||||||
Taxes payables | 8.f. | 96,557 | 59,192 | |||||||||
Income tax payable | 1,180,704 | 305,410 | ||||||||||
Payroll and social security taxes payable | 8.n | 235,207 | 168,859 | |||||||||
Loans | 13 | 1,329,270 | 145,396 | |||||||||
Trade payables | 8.g. | 1,453,303 | 961,248 | |||||||||
Total current liabilities | 4,605,941 | 1,902,948 | ||||||||||
Total liabilities | 8,347,260 | 6,404,954 | ||||||||||
Total equity and liabilities | 13,666,900 | 8,931,332 |
Notes | 2020 | 2019 | ||||||||||
ASSETS | ||||||||||||
Non-current assets | ||||||||||||
Property, plant and equipment | 12 | 98,873,425 | 101,496,521 | |||||||||
Investments in associates | 9 | 128,395 | 107,088 | |||||||||
Other financial assets at amortised cost | 8.m. | 13,759,012 | 7,356 | |||||||||
Deferred income tax asset | 14 | 24,672 | 21,238 | |||||||||
Other receivables | 8.a. | 9,557 | 12,258 | |||||||||
Total non-current assets | 112,795,061 | 101,644,461 | ||||||||||
Current assets | ||||||||||||
Other receivables | 8.a. | 2,167,847 | 3,945,459 | |||||||||
Inventories | 571,502 | 418,823 | ||||||||||
Trade receivables | 8.b. | 6,147,453 | 8,813,414 | |||||||||
Contract assets | 119,990 | 241,335 | ||||||||||
Derivative financial instruments | - | 373,058 | ||||||||||
Other financial assets at amortised cost | 8.m. | 18,319 | 1,421,253 | |||||||||
Other financial assets at fair value through profit or loss | 8.n. | 2,120,788 | - | |||||||||
Cash and cash equivalents | 8.c. | 4,653,406 | 13,294,402 | |||||||||
Total current assets | 15,799,305 | 28,507,744 | ||||||||||
Total Assets | 128,594,366 | 130,152,205 | ||||||||||
EQUITY | ||||||||||||
Common stock | 37,040,489 | 38,595,667 | ||||||||||
Treasury shares | 2,053,570 | 498,392 | ||||||||||
Cost of acquisition of treasury shares | (3,715,523 | ) | (994,866 | ) | ||||||||
Additional paid-up capital | (1,077,841 | ) | (1,077,841 | ) | ||||||||
Legal reserve | 3,488,875 | 2,617,227 | ||||||||||
Reserve for capital expenditures, acquisition of treasury shares and/or dividends | 24,950,853 | 7,285,050 | ||||||||||
Accumulated retained earnings | 3,286,190 | 18,537,451 | ||||||||||
Non-controlling interests | 31 | 38 | ||||||||||
Total equity | 66,026,644 | 65,461,118 | ||||||||||
LIABILITES | ||||||||||||
Non-current liabilities | ||||||||||||
Deferred tax liabilities | 14 | 7,473,264 | 6,504,952 | |||||||||
Contract liabilities | 8.d. | 4,052,127 | 3,984,598 | |||||||||
Loans | 13 | 42,932,658 | 43,375,367 | |||||||||
Total non-current liabilities | 54,458,049 | 53,864,917 | ||||||||||
Current liabilities | ||||||||||||
Provisions | 15 | 860,702 | 802,029 | |||||||||
Contract liabilities | 8.d. | 317,985 | 299,238 | |||||||||
Other payables | 8.e. | 301,974 | 391,621 | |||||||||
Taxes payables | 8.f. | 348,474 | 480,825 | |||||||||
Income tax payable | 1,392,188 | 24,953 | ||||||||||
Payroll and social security taxes payable | 8.n. | 1,147,988 | 882,805 | |||||||||
Loans | 13 | 936,766 | 2,344,459 | |||||||||
Trade payables | 8.g. | 2,803,596 | 5,600,240 | |||||||||
Total current liabilities | 8,109,673 | 10,826,170 | ||||||||||
Total liabilities | 62,567,722 | 64,691,087 | ||||||||||
Total equity and liabilities | 128,594,366 | 130,152,205 |
Shareholders Contributions | Retained Earnings | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock | Inflation adjustment to common stock | Total common stock | Legal reserve | Future capital expenditures and other financial need reserve | Future dividends reserve | Future capital expenditures reserve | Accumulated retained earnings | Subtotal | Total attributable to equity holders | Non-Controlling interests | Total | |||||||||||||||||||||||||||||||||||||
Balances at December 31, 2014 | 794,495 | 550,805 | 1,345,300 | 242,254 | - | - | 175,000 | 104,983 | 522,237 | 1,867,537 | 6 | 1,867,543 | ||||||||||||||||||||||||||||||||||||
Resolutions of the Ordinary Shareholders´Meeting held on April 23, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||
Derecognition of Reserves | - | - | - | - | - | - | (175,000 | ) | 175,000 | - | - | - | - | |||||||||||||||||||||||||||||||||||
Legal Reserve | - | - | - | 5,249 | - | - | - | (5,249 | ) | - | - | - | - | |||||||||||||||||||||||||||||||||||
Future Dividends Reserve | - | - | - | - | - | 99,734 | - | (99,734 | ) | - | - | - | - | |||||||||||||||||||||||||||||||||||
Future Capital Expenditures and Other Financial Expenses | - | - | - | - | 175,000 | - | - | (175,000 | ) | - | - | - | - | |||||||||||||||||||||||||||||||||||
Comprehensive loss for the year | - | - | - | - | - | - | - | (172,109 | ) | (172,109 | ) | (172,109 | ) | - | (172,109 | ) | ||||||||||||||||||||||||||||||||
Balances at December 31, 2015 | 794,495 | 550,805 | 1,345,300 | 247,503 | 175,000 | 99,734 | - | (172,109 | ) | 350,128 | 1,695,428 | 6 | 1,695,434 | |||||||||||||||||||||||||||||||||||
Resolutions of the Board of Directors' Meeting held on January 13, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends | - | - | - | - | - | (99,734 | ) | - | - | (99,734 | ) | (99,734 | ) | - | (99,734 | ) | ||||||||||||||||||||||||||||||||
Resolutions of the Extraordinary and Ordinary Shareholders' Meeting held on April 20, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||
Future Capital Expenditures Reserve | - | - | - | - | - | - | 2,891 | (2,891 | ) | - | - | - | - | |||||||||||||||||||||||||||||||||||
Derecognition of reserves | - | - | - | - | (175,000 | ) | - | - | 175,000 | - | - | - | - | |||||||||||||||||||||||||||||||||||
Comprehensive income for the year | - | - | - | - | - | - | - | 930,675 | 930,675 | 930,675 | 3 | 930,678 | ||||||||||||||||||||||||||||||||||||
Balances at December 31, 2016 | 794,495 | 550,805 | 1,345,300 | 247,503 | - | - | 2,891 | 930,675 | 1,181,069 | 2,526,369 | 9 | 2,526,378 | ||||||||||||||||||||||||||||||||||||
Resolutions of the Ordinary and Extraordinay Shareholders´ Meeting held on April 26, 2017 | - | |||||||||||||||||||||||||||||||||||||||||||||||
- Legal reserve | - | - | - | 21,556 | - | - | - | (21,556 | ) | - | - | - | - | |||||||||||||||||||||||||||||||||||
- Future Dividends reserve | - | - | - | - | - | 912,010 | - | (912,010 | ) | - | - | - | - | |||||||||||||||||||||||||||||||||||
- Derecognition of Reserves | - | - | - | - | - | - | (2,891 | ) | 2,891 | - | - | - | - | |||||||||||||||||||||||||||||||||||
- | - | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends payment to non-controlling interest | - | - | - | - | - | - | - | - | - | - | (4 | ) | (4 | ) | ||||||||||||||||||||||||||||||||||
- | - | |||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income for the year | - | - | - | - | - | - | - | 2,793,263 | 2,793,263 | 2,793,263 | 3 | 2,793,266 | ||||||||||||||||||||||||||||||||||||
Balances at December 31, 2017 | 794,495 | 550,805 | 1,345,300 | 269,059 | - | 912,010 | - | 2,793,263 | 3,974,332 | 5,319,632 | 8 | 5,319,640 |
Shareholders Contributions | Retained Earnings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding shares | Treasury shares | Reserve for | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | Inflation adjustment to common stock | Common stock (1) | Inflation adjustment to common stock (1) | Acquisition cost of treasury shares (1) | Additional paid-up capital (2) | Total common stock | Legal reserve | Future dividends Reserve | Future capital expenditures reserve | capital expenditures, acquisition of treasury shares and/or dividends | Accumulated retained earnings | Subtotal | Total | Non-Controlling interests | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2017* | 794,495 | 38,299,564 | - | - | - | - | 39,094,059 | 1,361,748 | 3,261,302 | 146,287 | - | 9,079,202 | 13,848,539 | 52,942,598 | 25 | 52,942,623 | ||||||||||||||||||||||||||||||||||||||||||||||||
Resolutions of the Ordinary and Extraordinay Shareholders´ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Meeting held on April 10, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- Future dividends reserve | - | - | - | - | - | - | - | - | 7,881,993 | - | - | (7,881,993 | ) | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
- | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends payment | - | - | - | - | - | - | - | - | (9,066,547 | ) | - | - | - | (9,066,547 | ) | (9,066,547 | ) | - | (9,066,547 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Treasury shares purchase | (13,601 | ) | (655,642 | ) | 13,601 | 655,642 | (2,975,822 | ) | - | (2,975,822 | ) | - | - | - | - | - | - | (2,975,822 | ) | - | (2,975,822 | ) | ||||||||||||||||||||||||||||||||||||||||||
Non-Controlling interests dividends payment | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (13 | ) | (13 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income for the year | - | - | - | - | - | - | - | - | - | - | - | 23,907,988 | 23,907,988 | 23,907,988 | 8 | 23,907,996 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2018 * | 780,894 | 37,643,922 | 13,601 | 655,642 | (2,975,822 | ) | - | 36,118,237 | 1,361,748 | 2,076,748 | 146,287 | - | 25,105,197 | 28,689,980 | 64,808,217 | 20 | 64,808,237 | |||||||||||||||||||||||||||||||||||||||||||||||
Resolutions of the Ordinary and Extraordinay Shareholders´ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Meeting held on April 11, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legal Reserve | - | - | - | - | - | - | - | 1,255,479 | - | - | - | (1,255,479 | ) | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends payment | - | - | - | - | - | - | - | - | - | - | - | (12,505,672 | ) | (12,505,672 | ) | (12,505,672 | ) | - | (12,505,672 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Reserve for capital expenditures, acquisition of treasury shares and/or dividends | - | - | - | - | - | - | - | - | - | - | 12,462,575 | (12,462,575 | ) | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
Derecognition of reserves | - | - | - | - | - | - | - | - | (2,076,748 | ) | (146,287 | ) | - | 2,223,035 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||
Treasury shares distribution | 29,445 | 1,182,487 | (29,445 | ) | (1,182,487 | ) | 5,507,893 | (1,077,841 | ) | 4,430,052 | - | - | - | (4,394,621 | ) | - | (4,394,621 | ) | 35,431 | - | 35,431 | |||||||||||||||||||||||||||||||||||||||||||
Dividends payment | - | - | - | - | - | - | - | - | - | - | (782,904 | ) | - | (782,904 | ) | (782,904 | ) | - | (782,904 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Treasury shares purchase | (25,731 | ) | (1,015,350 | ) | 25,731 | 1,015,350 | (3,526,937 | ) | - | (3,526,937 | ) | - | - | - | - | - | - | (3,526,937 | ) | - | (3,526,937 | ) | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income for the year | - | - | - | - | - | - | - | - | - | - | - | 17,432,945 | 17,432,945 | 17,432,945 | 18 | 17,432,963 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2019 | 784,608 | 37,811,059 | 9,887 | 488,505 | (994,866 | ) | (1,077,841 | ) | 37,021,352 | 2,617,227 | - | - | 7,285,050 | 18,537,451 | 28,439,728 | 65,461,080 | 38 | 65,461,118 | ||||||||||||||||||||||||||||||||||||||||||||||
Resolutions of the Ordinary Shareholders | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Meeting held on April 21, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legal Reserve | - | - | - | - | - | - | - | 871,648 | - | - | - | (871,648 | ) | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
Reserve for capital expenditures, acquisition of treasury shares and/or dividends | - | - | - | - | - | - | - | - | - | - | 24,950,853 | (24,950,853 | ) | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
Derecognition of reserves | - | - | - | - | - | - | - | - | - | - | (7,285,050 | ) | 7,285,050 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
Non-Controlling interests dividends payment | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (16 | ) | (16 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Treasury shares purchase | (31,847 | ) | (1,523,331 | ) | 31,847 | 1,523,331 | (2,720,657 | ) | - | (2,720,657 | ) | - | - | - | - | - | - | (2,720,657 | ) | - | (2,720,657 | ) | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income for the year | - | - | - | - | - | - | - | - | - | - | - | 3,286,190 | 3,286,190 | 3,286,190 | 9 | 3,286,199 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2020 | 752,761 | 36,287,728 | 41,734 | 2,011,836 | (3,715,523 | ) | (1,077,841 | ) | 34,300,695 | 3,488,875 | - | - | 24,950,853 | 3,286,190 | 31,725,918 | 66,026,613 | 31 | 66,026,644 |
2020 | 2019 | 2018 | ||||||||||
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES | ||||||||||||
Total comprehensive income for the year | 3,286,198 | 17,432,963 | 23,907,996 | |||||||||
Reconciliation of total comprehensive income to cash flows provided by operating activities: | ||||||||||||
Depreciation of property, plant and equipment | 6,161,233 | 5,031,234 | 4,655,763 | |||||||||
Derivative financial instrument results | (449,575 | ) | 26,101 | (222,171 | ) | |||||||
Disposal of property, plant and equipment | 34,890 | 137,308 | 331,980 | |||||||||
Share of (profit) / loss from associates | (21,310 | ) | 43,372 | (38,130 | ) | |||||||
Increase in provisions | 325,140 | 363,189 | 407,953 | |||||||||
Interest expense accrual, net | 3,215,885 | 2,597,792 | 3,327,767 | |||||||||
Interest income on other financial assets other than cash and cash equivalents | 7,785,189 | (136,806 | ) | (945,586 | ) | |||||||
Income tax | 4,404,423 | 5,478,585 | 27,583 | |||||||||
Impairment of PPE | 3,114,056 | - | - | |||||||||
Acquisition of notes result | (399,356 | ) | - | - | ||||||||
Doubtful accounts | 95,067 | 3,315 | 277,537 | |||||||||
Foreign exchange loss, net | 11,555,095 | 12,099,811 | 11,891,639 | |||||||||
Gain on net monetary position | (7,019,379 | ) | (8,994,366 | ) | (8,069,001 | ) | ||||||
Changes in assets and liabilities: | ||||||||||||
Trade receivables | (303,769 | ) | (5,083,436 | ) | (3,112,785 | ) | ||||||
Other receivables | (553,576 | ) | (2,502,867 | ) | (1,641,556 | ) | ||||||
Inventories | (263,862 | ) | 71,656 | (493,883 | ) | |||||||
Trade payables | 143,775 | 191,785 | 3,374,936 | |||||||||
Contract assets | 57,279 | (28,041 | ) | (328,115 | ) | |||||||
Payroll and social security taxes | 499,537 | 360,521 | 310,853 | |||||||||
Taxes payables | 6,300 | (179,936 | ) | 104,655 | ||||||||
Other payables | 14,315 | 281,791 | 98,698 | |||||||||
Provisions | (8,073 | ) | (10,333 | ) | 1,649 | |||||||
Interest paid | (2,747,121 | ) | (2,777,101 | ) | (1,896,889 | ) | ||||||
Derivative financial instruments | 661,634 | 29,854 | (217,363 | ) | ||||||||
Income tax paid | (1,166,812 | ) | (6,645,288 | ) | (5,817,649 | ) | ||||||
Contract liabilities | 86,724 | 586,468 | 863,846 | |||||||||
Cash flows provided by operating activities | 28,513,907 | 18,377,571 | 26,799,727 | |||||||||
CASH FLOWS USED IN INVESTING ACTIVITIES | ||||||||||||
Additions to property, plant and equipment | (7,769,600 | ) | (21,689,918 | ) | (17,013,254 | ) | ||||||
Financial assets not considered cash equivalents | (22,318,287 | ) | (969,183 | ) | 7,104,660 | |||||||
Cash flows used in investing activities | (30,087,887 | ) | (22,659,101 | ) | (9,908,594 | ) | ||||||
CASH FLOWS (USED IN) / PROVIDED BY FINANCING ACTIVITIES | ||||||||||||
Payment of loans | (1,354,111 | ) | - | (2,567,719 | ) | |||||||
Payment of redemption of loans | - | - | (10,044,692 | ) | ||||||||
Payment of leases | - | (25,528 | ) | - | ||||||||
Cost of acquisition of treasury shares | (2,720,657 | ) | (3,526,937 | ) | (2,975,822 | ) | ||||||
Dividends paid | (16 | ) | (13,288,576 | ) | (9,066,547 | ) | ||||||
Proceeds from loans | - | 1,431,939 | 28,946,182 | |||||||||
Cost of acquisition of notes | (999,811 | ) | - | - | ||||||||
Cash flows (used in) / provided by financing activities | (5,074,595 | ) | (15,409,102 | ) | 4,291,402 | |||||||
NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS | (6,648,575 | ) | (19,690,632 | ) | 21,182,535 | |||||||
Cash and cash equivalents at the beginning of the year | 13,294,402 | 34,858,984 | 8,202,778 | |||||||||
Foreign exchange gain on Cash and cash equivalents | 760,625 | 5,065,846 | 14,005,871 | |||||||||
Monetary results effect on Cash and cash equivalents | (2,753,047 | ) | (6,939,796 | ) | (8,532,200 | ) | ||||||
Cash and cash equivalents at the end of the year | 4,653,405 | 13,294,402 | 34,858,984 |
2017 | 2016 | 2015 | ||||||||||
Cash flows provided by operating activities | ||||||||||||
Total comprehensive income / (loss) for the year | 2,793,266 | 930,678 | (172,109 | ) | ||||||||
Reconciliation of total comprehensive income / (loss) to cash flows provided by operating activities: | ||||||||||||
Depreciation of property, plant and equipment | 358,420 | 286,798 | 261,393 | |||||||||
Disposal of property, plant and equipment | 7,814 | 7,201 | 8,481 | |||||||||
Share of profit from associates | (190 | ) | (1,522 | ) | (254 | ) | ||||||
Increase in provisions | 128,136 | 98,833 | 46,202 | |||||||||
Interest expense accrual | 400,947 | 392,372 | 287,290 | |||||||||
Interest income on other financial assets other than cash and cash equivalents | (78,592 | ) | (37,616 | ) | (47,174 | ) | ||||||
Income tax | 1,355,030 | 489,304 | (113,553 | ) | ||||||||
Acquisition of the Rights of the Arbitration Proceeding (Note 16.a) | - | - | 324,390 | |||||||||
Derivative financial instrument results | - | 8,933 | (128,525 | ) | ||||||||
Foreign exchange loss | 208,256 | 623,757 | 948,456 | |||||||||
Doubtful accounts | (12,055 | ) | 20,546 | - | ||||||||
Changes in assets and liabilities: | ||||||||||||
Other financial assets at fair value through profit or loss | - | - | (19,856 | ) | ||||||||
Trade receivables | (933,043 | ) | (524,014 | ) | (474,352 | ) | ||||||
Other receivables | (253,686 | ) | (227,569 | ) | (120,299 | ) | ||||||
Inventories | 10,867 | (108,411 | ) | 20,679 | ||||||||
Trade payables | 329,675 | 487,238 | (86,502 | ) | ||||||||
Payroll and social security taxes | 66,348 | 51,927 | 35,249 | |||||||||
Taxes payables | 7,396 | (33,368 | ) | 48,391 | ||||||||
Income tax | (73,315 | ) | (39,189 | ) | 321 | |||||||
Other payables | 29,731 | (37,131 | ) | (195 | ) | |||||||
Provisions | (153,220 | ) | (27,986 | ) | (45,963 | ) | ||||||
Interest paid | (182,131 | ) | (324,869 | ) | (230,031 | ) | ||||||
Income tax paid | (515,423 | ) | (10,529 | ) | (10,517 | ) | ||||||
Derivative financial instruments | - | 118,490 | (44,009 | ) | ||||||||
Advances from customers | 28,340 | (6,359 | ) | (20,478 | ) | |||||||
Cash flows provided by operating activities | 3,522,571 | 2,137,514 | 467,035 | |||||||||
Cash flows used in investing activities | ||||||||||||
Additions to property, plant and equipment | (1,308,560 | ) | (596,109 | ) | (401,980 | ) | ||||||
Financial assets not considered cash equivalents | (1,221,342 | ) | 61,436 | 173,698 | ||||||||
Cash flows used in investing activities | (2,529,902 | ) | (534,673 | ) | (228,282 | ) | ||||||
Cash flows used in financing activities | ||||||||||||
Payment of loans | (40,433 | ) | (916,490 | ) | (294,556 | ) | ||||||
Dividends paid to the Company's shareholders | - | (99,734 | ) | - | ||||||||
Dividends paid to non-controlling interest | (4 | ) | - | - | ||||||||
Cash flows used in financing activities | (40,437 | ) | (1,016,224 | ) | (294,556 | ) | ||||||
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS | 952,232 | 586,617 | (55,803 | ) | ||||||||
Cash and cash equivalents at the beginning of the year | 1,555,089 | 872,537 | 789,420 | |||||||||
Foreign exchange gains on Cash and cash equivalents | 145,482 | 95,935 | 138,920 | |||||||||
Cash and cash equivalents at the end of the year | 2,652,803 | 1,555,089 | 872,537 |
1. | BUSINESS DESCRIPTION |
2. | CONSOLIDATED FINANCIAL STATEMENTS |
3. | BASIS OF PRESENTATION |
4. | SIGNIFICANT ACCOUNTING POLICIES |
b) | Consolidation |
Company | % of shareholding and votes | Country | Closing date | Main activity |
Telcosur | 99.98 | Argentina | December 31 | Telecommunication Services |
CTG(1) | 100.00 | Argentina | December 31 | Electricity related services |
100% of the shares of this company |
Company | % of shareholding and voting | Country | Main activity | Closing date |
TGU | 49.00 | Uruguay | Pipeline maintenance | December 31 |
EGS (“in liquidation”) | 49.00 | Argentina | Pipeline exploitation and construction | December 31 |
Link | 49.00 | Argentina | Pipeline exploitation and construction | December 31 |
c) | Foreign currency translation |
d) | Restatement to constant currency - Comparative Information |
e) | Financial instruments |
i. | Financial assets subsequently measured at amortized cost, and |
ii. | Financial assets subsequently measured at fair value (either with changes in other comprehensive income or with changes in results). |
Derivative financial instruments |
Inventories |
Trade receivables and other receivables |
Cash and cash equivalents |
Property, plant and equipment (“PPE”) |
- | Line pack: It represents the natural gas in the transportation system that is necessary to keep the system at operating capacity, valued at acquisition cost and restated for the effects of inflation as mentioned in Note 4.d. |
- | Other items of PPE: have been valued at acquisition cost restated for the effects of inflation as mentioned in Note 4.d, and net of accumulated depreciation. They include, mainly, all the investments made to achieve system integrity and public safety equal to those required by international standards. Such investments included, among others, the costs of survey programs related to internal and external pipeline inspection, cathodic protection, pipeline replacement and recoating, and the facilities affected to the Production and Commercialization of Liquids and Other Services segment. |
- | Impairment of non-financial assets: The Company assesses at each reporting period whether there is an indication that an individual component or a group of PPE may be impaired. |
k) | Leases |
Loans |
Trade payables |
n) | Income tax and deferred income tax |
s) |
2020 | 2019 | 2018 | ||||||||||
Net income attributable to owners of the Company | 3,286,190 | 17,432,945 | 23,907,988 | |||||||||
Average number of outstanding shares (1) | 762,371,755 | 776,121,341 | 788,405,563 | |||||||||
Basic and diluited earnings per share | 4.31 | 22.46 | 30.32 |
5. | CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS |
In millions | ||||||||||||
Amounts before impairment charge | Impairment charge | Amounts after impairment charge | ||||||||||
Natural Gas Transportation | 70,036 | (3,114 | ) | 66,922 | ||||||||
Other services | 25,152 | - | 25,152 | |||||||||
Total | 95,188 | (3,114 | ) | 92,074 |
6. | SUPPLEMENTAL CASH FLOW INFORMATION |
2017 | 2016 | 2015 | ||||||||||
Unpaid acquisition of PPE | 202,911 | 47,198 | 25,608 | |||||||||
Leasing for PPE acquisition | - | 750,389 | - | |||||||||
Principal payment of financial lease (1) | 37,952 | - | - | |||||||||
Financial charges capitalization | 48,975 | 39,735 | 22,676 | |||||||||
Increase in financial assets through a decrease in Other Receivables (2) | - | 144,773 | - |
2020 | 2019 | 2018 | ||||||||||
Unpaid acquisition of PPE | 304,531 | 1,812,174 | 644,507 | |||||||||
Principal payment of financial lease (1) | 190,969 | 203,173 | 213,551 | |||||||||
Capitalization of finance costs | - | 607,452 | - |
(1) |
7. | CONSOLIDATED BUSINESS SEGMENT INFORMATION |
Year ended December 31, 2020 | ||||||||||||||||||||||||
Natural Gas Transportation | Production and Commercialization of Liquids | Other Services | Telecommunications | Eliminations | Total | |||||||||||||||||||
Revenues from sales | 23,501,610 | 27,596,696 | 4,364,503 | 408,629 | - | 55,871,438 | ||||||||||||||||||
Intersegment revenues | 844,600 | - | - | - | (844,600 | ) | - | |||||||||||||||||
Cost of sales | (9,937,565 | ) | (15,833,436 | ) | (2,359,778 | ) | (279,526 | ) | 844,600 | (27,565,705 | ) | |||||||||||||
Administrative expenses | (1,242,079 | ) | (253,786 | ) | (174,262 | ) | (12,665 | ) | - | (1,682,792 | ) | |||||||||||||
Selling expenses | (1,459,316 | ) | (1,176,009 | ) | (299,758 | ) | (32,661 | ) | - | (2,967,744 | ) | |||||||||||||
Other operating (expenses) / income | (44,139 | ) | 139,965 | 2,511 | 1,492 | - | 99,829 | |||||||||||||||||
(3,114,056 | ) | - | - | - | - | (3,114,056 | ) | |||||||||||||||||
Operating profit | 8,549,055 | 10,473,430 | 1,533,216 | 85,269 | - | 20,640,970 | ||||||||||||||||||
Depreciation of property, plant and equipment | (4,562,752 | ) | (382,776 | ) | (1,215,705 | ) | - | - | (6,161,233 | ) |
Natural Gas Transportation | Commercialization of Liquids | Other Services | Telecommunications | Total | ||||||||||||||||
Identifiable assets | 82,754,090 | 17,693,606 | 27,901,503 | 245,167 | 128,594,366 | |||||||||||||||
Identifiable liabilities | 27,615,557 | 5,438,248 | 29,442,395 | 71,522 | 62,567,722 |
Year ended December 31, 2019 | ||||||||||||||||||||||||
Natural Gas Transportation | Production and Commercialization of Liquids | Other Services | Telecommunications | Eliminations | Total | |||||||||||||||||||
Revenue from sales | 30,795,577 | 31,500,457 | 3,439,787 | 376,082 | - | 66,111,903 | ||||||||||||||||||
Intersegment revenues | 838,616 | - | - | - | (838,616 | ) | - | |||||||||||||||||
Cost of sales | (11,800,176 | ) | (19,960,308 | ) | (2,075,388 | ) | (187,697 | ) | 838,616 | (33,184,953 | ) | |||||||||||||
Administrative expenses | (1,420,653 | ) | (196,469 | ) | (83,074 | ) | (15,584 | ) | - | (1,715,780 | ) | |||||||||||||
Selling expenses | (1,829,130 | ) | (1,892,647 | ) | (359,950 | ) | (56,344 | ) | - | (4,138,071 | ) | |||||||||||||
Other operating (expenses) / income | (186,412 | ) | 4,356 | 4,868 | 3,574 | - | (173,614 | ) | ||||||||||||||||
Operating profit | 16,397,822 | 9,455,389 | 926,243 | 120,031 | - | 26,899,485 | ||||||||||||||||||
Depreciation of property, plant and equipment | (4,081,800 | ) | (335,886 | ) | (613,548 | ) | - | - | (5,031,234 | ) |
Natural Gas Transportation | Production and Commercialization of Liquids | Other Services | Telecommunications | Total | ||||||||||||||||
Identifiable assets | 87,717,005 | 14,792,025 | 27,351,498 | 291,677 | 130,152,205 | |||||||||||||||
Identifiable liabilities | 39,942,095 | 4,211,136 | 20,448,533 | 89,323 | 64,691,087 |
Year ended December 31, 2018 | ||||||||||||||||||||||||
Natural Gas Transportation | Production and Commercialization of Liquids | Other Services | Telecommunications | Eliminations | Total | |||||||||||||||||||
Revenue from sales | 32,381,937 | 34,822,547 | 3,790,881 | 341,517 | - | 71,336,882 | ||||||||||||||||||
Intersegment revenues | 1,253,249 | - | - | - | (1,253,249 | ) | - | |||||||||||||||||
Cost of sales | (10,815,462 | ) | (21,960,652 | ) | (2,207,887 | ) | (172,156 | ) | 1,253,249 | (33,902,908 | ) | |||||||||||||
Administrative expenses | (1,749,008 | ) | (176,050 | ) | (75,351 | ) | (13,900 | ) | - | (2,014,309 | ) | |||||||||||||
Selling expenses | (1,997,378 | ) | (1,340,704 | ) | (300,427 | ) | (57,275 | ) | - | (3,695,784 | ) | |||||||||||||
Other operating (expenses) / income | (327,301 | ) | (1,521,982 | ) | (11,402 | ) | (4,875 | ) | - | (1,865,560 | ) | |||||||||||||
Operating profit | 18,746,037 | 9,823,159 | 1,195,814 | 93,311 | - | 29,858,321 | ||||||||||||||||||
Depreciation of property, plant and equipment | (3,938,031 | ) | (238,197 | ) | (479,535 | ) | - | - | (4,655,763 | ) |
Year ended December 31, 2017 | ||||||||||||||||||||||||
Natural Gas Transportation | Production and Commercialization of Liquids | Other Services | Telecommunications | Eliminations | Total | |||||||||||||||||||
Revenues from sales (1) | 4,559,739 | 6,875,241 | 735,839 | 75,845 | - | 12,246,664 | ||||||||||||||||||
Intersegment revenues | 150,388 | - | - | - | (150,388 | ) | - | |||||||||||||||||
Cost of sales | (1,845,551 | ) | (4,428,764 | ) | (353,676 | ) | (45,714 | ) | 150,388 | (6,523,317 | ) | |||||||||||||
Administrative expenses | (316,627 | ) | (59,249 | ) | (22,984 | ) | (4,135 | ) | - | (402,995 | ) | |||||||||||||
Selling expenses | (260,313 | ) | (163,746 | ) | (66,306 | ) | (9,544 | ) | - | (499,909 | ) | |||||||||||||
Other operating (expenses) / income | (126,027 | ) | 27,253 | (5,758 | ) | 155 | - | (104,377 | ) | |||||||||||||||
Operating profit | 2,161,609 | 2,250,735 | 287,115 | 16,607 | - | 4,716,066 | ||||||||||||||||||
Depreciation of property, plant and equipment | (245,600 | ) | (20,170 | ) | (92,650 | ) | - | - | (358,420 | ) |
Identifiable assets | 8,284,454 | 3,911,169 | 1,410,054 | 61,223 | - | 13,666,900 | ||||||||||||||||||
Identifiable liabilities | 5,991,730 | 1,217,863 | 1,120,469 | 17,198 | - | 8,347,260 |
Natural Gas Transportation | Production and Commercialization of Liquids | Other Services | Telecommunications | Total | ||||||||||||||||||||
External market | - | 2,676,792 | - | - | - | 2,676,792 | ||||||||||||||||||
Local market | 4,559,739 | 4,198,449 | 735,839 | 75,845 | - | 9,569,872 |
Year ended December 31, 2016 | ||||||||||||||||||||||||
Natural Gas Transportation | Production and Commercialization of Liquids | Other Services | Telecommunications | Eliminations | Total | |||||||||||||||||||
Revenue from sales (1) | 2,087,191 | 4,768,326 | 485,855 | 60,800 | - | 7,402,172 | ||||||||||||||||||
Intersegment revenues | 71,079 | - | - | - | (71,079 | ) | - | |||||||||||||||||
Cost of sales | (1,068,714 | ) | (3,218,936 | ) | (187,815 | ) | (31,529 | ) | 71,079 | (4,435,915 | ) | |||||||||||||
Administrative expenses | (264,821 | ) | (32,535 | ) | (14,734 | ) | (3,289 | ) | - | (315,379 | ) | |||||||||||||
Selling expenses | (121,189 | ) | (180,499 | ) | (44,286 | ) | (7,540 | ) | - | (353,514 | ) | |||||||||||||
Other operating (expenses) / income | (44,678 | ) | (19,147 | ) | (1,261 | ) | (457 | ) | - | (65,543 | ) | |||||||||||||
Operating profit | 658,868 | 1,317,209 | 237,759 | 17,985 | - | 2,231,821 | ||||||||||||||||||
Depreciation of property, plant and equipment | (238,844 | ) | (16,693 | ) | (31,261 | ) | - | - | (286,798 | ) |
Identifiable assets | 6,454,526 | 1,184,593 | 1,235,079 | 57,134 | - | 8,931,332 | ||||||||||||||||||
Identifiable liabilities | 4,209,833 | 1,214,944 | 968,527 | 11,650 | - | 6,404,954 |
Natural Gas Transportation | Production and Commercialization of Liquids | Other Services | Telecommunications | Total | ||||||||||||||||||||
External market | - | 1,437,902 | - | - | - | 1,437,902 | ||||||||||||||||||
Local market | 2,087,191 | 3,330,424 | 485,855 | 60,800 | - | 5,964,270 |
Year ended December 31, 2015 | ||||||||||||||||||||||||
Natural Gas Transportation | Production and Commercialization of Liquids | Other Services | Telecommunications | Eliminations | Total | |||||||||||||||||||
Revenue from sales (1) | 1,013,998 | 2,907,770 | 260,600 | 44,201 | - | 4,226,569 | ||||||||||||||||||
Intersegment revenues | 21,435 | - | - | - | (21,435 | ) | - | |||||||||||||||||
Cost of sales | (779,923 | ) | (1,869,397 | ) | (108,617 | ) | (23,403 | ) | 21,435 | (2,759,905 | ) | |||||||||||||
Administrative expenses | (172,667 | ) | (16,512 | ) | (9,985 | ) | (2,472 | ) | - | (201,636 | ) | |||||||||||||
Selling expenses | (48,082 | ) | (155,747 | ) | (32,889 | ) | (4,612 | ) | - | (241,330 | ) | |||||||||||||
Other operating (expenses) / income | (332,997 | ) | (2,663 | ) | 191 | 18 | - | (335,451 | ) | |||||||||||||||
Operating profit | (298,236 | ) | 863,451 | 109,300 | 13,732 | - | 688,247 | |||||||||||||||||
Depreciation of property, plant and equipment | (194,659 | ) | (49,651 | ) | (17,083 | ) | - | - | (261,393 | ) |
Identifiable assets | 5,032,799 | 1,237,732 | 310,441 | 65,605 | - | 6,646,577 | ||||||||||||||||||
Identifiable liabilities | 4,095,216 | 625,023 | 196,031 | 34,873 | - | 4,951,143 |
Natural Gas Transportation | Production and Commercialization of Liquids | Other Services | Telecommunications | Total | ||||||||||||||||||||
External market | - | 967,340 | - | - | - | 967,340 | ||||||||||||||||||
Local market | 1,013,998 | 1,940,430 | 260,600 | 44,201 | - | 3,259,229 |
8. | DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS |
a) | Other receivables |
2020 | 2019 | |||||||||||||||
Current | Non Current | Current | Non Current | |||||||||||||
Turnover tax balance | 25,497 | - | 69,038 | - | ||||||||||||
Income tax credit balance (1) | - | - | 1,386,757 | - | ||||||||||||
VAT credit balance | 6,005 | - | 58,005 | - | ||||||||||||
Other tax receivables | 14,121 | 1,954 | 1,670 | 1,907 | ||||||||||||
Prepaid expenses | 142,519 | - | 123,499 | - | ||||||||||||
Advances to suppliers | 1,263,364 | - | 1,609,144 | - | ||||||||||||
Allowance for doubtful accounts | (54,067 | ) | - | - | - | |||||||||||
Balances with related parties | 84,236 | - | - | - | ||||||||||||
Subsidies receivables | 302,777 | - | 195,810 | - | ||||||||||||
Other Receivables UT | 43,199 | - | 53,107 | - | ||||||||||||
Others | 340,196 | 7,603 | 448,429 | 10,351 | ||||||||||||
Total | 2,167,847 | 9,557 | 3,945,459 | 12,258 |
Provision, net of advances paid, withholdings and perceptions. |
2017 | 2016 | |||||||||||||||
Current | Non Current | Current | Non Current | |||||||||||||
Turnover tax credit balance | - | - | 1,074 | - | ||||||||||||
Income tax credit balance | - | - | 962 | - | ||||||||||||
VAT credit balance | 105,367 | - | 101,460 | - | ||||||||||||
Other tax receivables (1) | 7,229 | 2,564 | 15,430 | 68,686 | ||||||||||||
Prepaid expenses | 21,783 | - | 20,124 | - | ||||||||||||
Advances to suppliers | 375,505 | - | 70,203 | - | ||||||||||||
Subsidies receivables | 173,311 | - | 156,399 | - | ||||||||||||
Easements to be recovered | - | 461 | - | 461 | ||||||||||||
Other Receivables UT | 2,247 | - | - | - | ||||||||||||
Others | 9,874 | 9,081 | 12,620 | 6,318 | ||||||||||||
Total | 695,316 | 12,106 | 378,272 | 75,465 |
2017 | 2016 | |||||||||||||||
Current | Non Current | Current | Non Current | |||||||||||||
Argentine Pesos | 650,186 | 12,106 | 359,103 | 75,465 | ||||||||||||
U.S. Dollars | 45,130 | - | 19,169 | - | ||||||||||||
Total | 695,316 | 12,106 | 378,272 | 75,465 |
2017 | 2016 | |||||||||||||||
Current | Non Current | Current | Non Current | |||||||||||||
Ordinary | 2,008,861 | 3,055 | 1,128,454 | 8,122 | ||||||||||||
Natural Gas Transportation | 890,370 | - | 405,388 | - | ||||||||||||
Production and Commercialization of Liquids | 909,065 | - | 550,596 | - | ||||||||||||
Other services | 209,426 | 3,055 | 172,470 | 8,122 | ||||||||||||
Related parties | 24,679 | - | 117,688 | |||||||||||||
Natural Gas Transportation | 9,687 | - | 5,544 | - | ||||||||||||
Other services | 14,992 | - | 112,144 | - | ||||||||||||
Allowance for doubtful accounts | - | - | (19,703 | ) | - | |||||||||||
Total | 2,033,540 | 3,055 | 1,226,439 | 8,122 |
2017 | 2016 | |||||||||||||||
Current | Non Current | Current | Non Current | |||||||||||||
Argentine Pesos | 960,693 | - | 568,500 | - | ||||||||||||
U.S. Dollars | 1,072,847 | 3,055 | 657,939 | 8,122 | ||||||||||||
Total | 2,033,540 | 3,055 | 1,226,439 | 8,122 |
Balances as of December 31, | ||||
Additions | - | |||
Applications | - | |||
Reversals | - | |||
Balances as of December 31, 2019 | - | |||
Inflation adjustment restatement | (44,179 | ) | ||
Additions (1) | 233,379 | |||
Applications | - | |||
Reversals (1) | (135,133 | ) | ||
Balances as of December 31, 2020 | 54,067 |
(1) | Included in "Selling Expenses" |
b) | Trade receivables |
2020 | 2019 | |||||||||||||||
Current | Non Current | Current | Non Current | |||||||||||||
Commons | 5,949,236 | - | 8,616,688 | - | ||||||||||||
UT | - | - | 18,805 | - | ||||||||||||
Natural Gas Transportation | 3,708,723 | - | 5,138,622 | - | ||||||||||||
Production and Commercialization of Liquids | 1,546,120 | - | 2,590,762 | - | ||||||||||||
Other services | 694,393 | - | 868,499 | - | ||||||||||||
Related parties (Note 21) | 330,738 | - | 380,456 | |||||||||||||
Natural Gas Transportation | 76,376 | - | 209,669 | - | ||||||||||||
Production and Commercialization of Liquids | 116,737 | - | 73,167 | - | ||||||||||||
Other services | 137,625 | - | 97,620 | - | ||||||||||||
Allowance for doubtful accounts | (132,521 | ) | - | (183,730 | ) | - | ||||||||||
Total | 6,147,453 | - | 8,813,414 | - |
Balances as of December 31, 2018 | 277,536 | |||
Additions (1) | (93,806 | ) | ||
Applications | - | |||
Reversals | - | |||
Balances as of December 31, | ||||
Inflation adjustment restatement | (51,209 | ) | ||
Additions | - | |||
Applications | - | |||
Reversals | - | |||
Balances as of December 31, |
(1) | The total amount is recorded in Selling Expenses |
c) | Cash and cash equivalents |
2020 | 2019 | |||||||
Cash and banks | 1,260,190 | 1,528,928 | ||||||
UT Cash and banks | 168 | 3,755 | ||||||
Mutual funds in local currency | 823,199 | 1,401,763 | ||||||
Mutual funds in foreign currency | 2,350,600 | - | ||||||
Interest-bearing accounts | 216,732 | 10,359,956 | ||||||
UT Mutual funds | 2,517 | - | ||||||
Total | 4,653,406 | 13,294,402 |
2017 | 2016 | |||||||
Cash and banks | 664,910 | 650,248 | ||||||
UT Cash and banks | 471 | - | ||||||
Mutual funds | 1,263,969 | 901,680 | ||||||
Bank account | 659,448 | 3,161 | ||||||
UT Mutual funds | 64,005 | - | ||||||
Total | 2,652,803 | 1,555,089 |
2017 | 2016 | |||||||
Argentine Pesos | 1,340,795 | 921,768 | ||||||
U.S. Dollars | 1,312,008 | 633,321 | ||||||
Total | 2,652,803 | 1,555,089 |
d) |
2017 | 2016 | |||||||||||||||
Current | Non Current | Current | Non Current | |||||||||||||
Aluar Aluminio Argentino S.A.C.I. ("Aluar") | 6,742 | 138,238 | 6,742 | 144,980 | ||||||||||||
Advances from customers -UT- | 59,868 | - | - | - | ||||||||||||
Total Austral S.A. ("Total Austral") | - | - | 795 | - | ||||||||||||
YPF S.A. ("YPF") | 2,526 | 4,517 | 2,434 | 6,947 | ||||||||||||
Pan American Sur S.A. ("PAS") | - | - | 530 | - | ||||||||||||
Pan American Energy L.L.C. ("PAE") | 2,182 | 56,805 | 2,182 | 58,976 | ||||||||||||
PBB Polisur S.A. ("Polisur") | 5,115 | 94,804 | 3,905 | 98,531 | ||||||||||||
Otros | 4,571 | 3,805 | 21,006 | 4,252 | ||||||||||||
Total | 81,004 | 298,169 | 37,594 | 313,686 |
2020 | 2019 | |||||||||||||||
Current | Non Current | Current | Non Current | |||||||||||||
Natural Gas Transportation | 122,741 | 2,252,830 | 134,044 | 2,375,577 | ||||||||||||
Production and Commercialization of Liquids | 68,448 | 396,739 | 52,260 | 465,190 | ||||||||||||
Other services | 111,249 | 1,402,558 | 84,933 | 1,143,831 | ||||||||||||
UT | 15,547 | - | 28,001 | - | ||||||||||||
Total | 317,985 | 4,052,127 | 299,238 | 3,984,598 |
e) | Other payables |
2020 | 2019 | |||||||||||||||
Current | Non Current | Current | Non Current | |||||||||||||
Payable for compensation for the Board of Directors and Supervisory Committee | 11,550 | - | 11,569 | - | ||||||||||||
Others | 1,961 | - | 2,375 | - | ||||||||||||
UT Other liabilities | 288,463 | - | 377,677 | - | ||||||||||||
Total | 301,974 | - | 391,621 | - |
f) | Taxes payables |
2020 | 2019 | |||||||||||||||
Current | Non Current | Current | Non Current | |||||||||||||
Health and safety tax | 13,109 | - | 17,683 | - | ||||||||||||
Withholdings and perceptions made to third parties | 89,189 | - | 201,559 | - | ||||||||||||
Turnover Tax | 162,572 | - | 116,105 | - | ||||||||||||
Tax on exports | - | - | 98,019 | - | ||||||||||||
VAT | 69,244 | - | - | - | ||||||||||||
UT Others | - | - | 464 | - | ||||||||||||
Others | 14,360 | - | 46,995 | - | ||||||||||||
Total | 348,474 | - | 480,825 | - |
g) | Trade payables |
2020 | 2019 | |||||||||||||||
Current | Non Current | Current | Non Current | |||||||||||||
Suppliers | 2,665,409 | - | 5,276,710 | - | ||||||||||||
UT Suppliers | 76,861 | - | 149,586 | - | ||||||||||||
Customers (credit balances) | 17,638 | - | 8,392 | - | ||||||||||||
Related companies | 43,688 | - | 165,552 | - | ||||||||||||
Total | 2,803,596 | - | 5,600,240 | - |
h) | Revenues |
2020 | 2019 | 2018 | ||||||||||
Sales of goods and services | 55,543,573 | 65,836,288 | 70,485,082 | |||||||||
Subsidies | 327,865 | 275,615 | 851,800 | |||||||||
Total | 55,871,438 | 66,111,903 | 71,336,882 |
Year ended December 31, 2020 | ||||||||||||||||||||
Natural Gas Transportation | Production and Commercialization of | Other Services | Telecommunications | Total | ||||||||||||||||
Primary geographical market: | ||||||||||||||||||||
External market | - | 9,534,556 | - | - | 9,534,556 | |||||||||||||||
Local market | 23,501,610 | 18,062,140 | 4,364,503 | 408,629 | 46,336,882 | |||||||||||||||
Total | 23,501,610 | 27,596,696 | 4,364,503 | 408,629 | 55,871,438 | |||||||||||||||
Timing of revenue recognition: | ||||||||||||||||||||
Over the time | 23,501,610 | 1,665,970 | 4,364,503 | 408,629 | 29,940,712 | |||||||||||||||
At a point in time | - | 25,930,726 | - | - | 25,930,726 | |||||||||||||||
Total | 23,501,610 | 27,596,696 | 4,364,503 | 408,629 | 55,871,438 |
Year ended December 31, 2019 | ||||||||||||||||||||
Natural Gas Transportation | Production and Commercialization of | Other Services | Telecommunications | Total | ||||||||||||||||
Primary geographical market: | ||||||||||||||||||||
External market | - | 12,449,866 | - | - | 12,449,866 | |||||||||||||||
Local market | 30,795,577 | 19,050,591 | 3,439,787 | 376,082 | 53,662,037 | |||||||||||||||
Total | 30,795,577 | 31,500,457 | 3,439,787 | 376,082 | 66,111,903 | |||||||||||||||
Timing of revenue recognition: | ||||||||||||||||||||
Over the time | 30,795,577 | 1,670,192 | 3,439,787 | 376,082 | 36,281,638 | |||||||||||||||
At a point in time | - | 29,830,265 | - | - | 29,830,265 | |||||||||||||||
Total | 30,795,577 | 31,500,457 | 3,439,787 | 376,082 | 66,111,903 |
Year ended December 31, 2018 | ||||||||||||||||||||
Natural Gas Transportation | Production and Commercialization of | Other Services | Telecommunications | Total | ||||||||||||||||
Primary geographical market: | ||||||||||||||||||||
External market | - | 12,618,988 | - | - | 12,618,988 | |||||||||||||||
Local market | 32,381,937 | 22,203,559 | 3,790,881 | 341,517 | 58,717,894 | |||||||||||||||
Total | 32,381,937 | 34,822,547 | 3,790,881 | 341,517 | 71,336,882 | |||||||||||||||
Timing of revenue recognition: | ||||||||||||||||||||
Over the time | 32,381,937 | 1,477,117 | 3,790,881 | 341,517 | 37,991,452 | |||||||||||||||
At a point in time | - | 33,345,430 | - | - | 33,345,430 | |||||||||||||||
Total | 32,381,937 | 34,822,547 | 3,790,881 | 341,517 | 71,336,882 |
i. | Natural Gas Transportation: |
2020 | 2019 | 2018 | ||||||||||
Firm | 19,086,235 | 25,214,892 | 25,641,775 | |||||||||
Access and Charge | 839,868 | 1,137,755 | 1,184,965 | |||||||||
Interruptible and Others | 3,575,507 | 4,442,930 | 5,555,197 | |||||||||
Total | 23,501,610 | 30,795,577 | 32,381,937 |
ii. | Production and Commercialization of Liquids: |
2020 | 2019 | 2018 | ||||||||||
Product | 25,602,861 | 29,554,650 | 32,493,630 | |||||||||
Services | 1,665,970 | 1,670,192 | 1,477,117 | |||||||||
Government grants | 327,865 | 275,615 | 851,800 | |||||||||
Total | 27,596,696 | 31,500,457 | 34,822,547 |
iii. | Other services: |
2020 | 2019 | 2018 | ||||||||||
Conditioning and treatment | 2,036,984 | 1,733,165 | 1,539,505 | |||||||||
Operation and maintenance | 166,972 | 887,181 | 1,005,491 | |||||||||
Steam sales | 182,124 | 315,254 | 286,422 | |||||||||
Construction | 25,812 | 16,199 | 44,653 | |||||||||
UT Construction | 70,481 | 255,517 | 907,244 | |||||||||
Transportation and conditioning of Natural Gas | 1,793,855 | 225,619 | - | |||||||||
Others | 88,275 | 6,852 | 7,566 | |||||||||
Total | 4,364,503 | 3,439,787 | 3,790,881 |
i) | Cost of sales |
2020 | 2019 | 2018 | ||||||||||
Inventories at the beginning of the year | 418,823 | 754,516 | 384,814 | |||||||||
Purchases | 12,670,943 | 16,408,467 | 18,556,286 | |||||||||
Operating costs (Note 8.i.) | 15,047,441 | 16,440,793 | 15,716,324 | |||||||||
Inventories at the end of the year | (571,502 | ) | (418,823 | ) | (754,516 | ) | ||||||
Total | 27,565,705 | 33,184,953 | 33,902,908 |
2020 | ||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||
Accounts | Total | Regulated Activities | Non Regulated Activities | Administrative expenses | Selling expenses | Financial expenses | ||||||||||||||||||
Salaries, wages and other compensations | 4,050,804 | 1,813,778 | 1,265,416 | 741,580 | 230,030 | - | ||||||||||||||||||
Social security taxes | 823,941 | 355,095 | 253,176 | 165,837 | 49,833 | - | ||||||||||||||||||
Compensation to Directors and Supervisory Committee | 40,039 | - | - | 40,039 | - | - | ||||||||||||||||||
Professional services fees | 316,283 | 34,515 | 13,299 | 241,111 | 27,358 | - | ||||||||||||||||||
Technical operator assistance fees | 1,430,462 | 589,450 | 841,012 | - | - | - | ||||||||||||||||||
Materials | 453,037 | 164,268 | 288,769 | - | - | - | ||||||||||||||||||
Third parties services | 518,110 | 235,552 | 262,707 | 19,290 | 561 | - | ||||||||||||||||||
Telecommunications and post expenses | 47,420 | 13,338 | 10,523 | 20,785 | 2,774 | - | ||||||||||||||||||
Rents | 25,197 | 10,096 | 5,185 | 9,157 | 759 | - | ||||||||||||||||||
Transports and freight | 156,729 | 92,915 | 61,244 | 2,570 | - | - | ||||||||||||||||||
Easements | 98,444 | 87,574 | 10,870 | - | - | - | ||||||||||||||||||
Offices supplies | 9,056 | 3,087 | 1,288 | 4,408 | 273 | - | ||||||||||||||||||
Travels expenses | 68,320 | 30,715 | 19,972 | 15,111 | 2,522 | - | ||||||||||||||||||
Insurance | 255,898 | 146,906 | 91,016 | 17,962 | 14 | - | ||||||||||||||||||
Property, plant and equipment maintenance | 1,872,450 | 1,609,864 | 230,192 | 32,394 | - | - | ||||||||||||||||||
Depreciation of property, plant and equipment | 6,161,233 | 4,222,188 | 1,598,481 | 340,564 | - | - | ||||||||||||||||||
Taxes and contributions | 3,003,392 | 505,742 | 26,080 | 1,278 | 2,470,292 | (1 | ) | - | ||||||||||||||||
Advertising | 85,997 | - | - | - | 85,997 | - | ||||||||||||||||||
Doubtful accounts | 95,067 | - | - | - | 95,067 | - | ||||||||||||||||||
Banks expenses | 23,734 | - | - | 23,734 | - | - | ||||||||||||||||||
Interests expense | 3,358,279 | - | - | - | - | 3,358,279 | ||||||||||||||||||
Foreign exchange loss | 14,836,082 | - | - | - | - | 14,836,082 | ||||||||||||||||||
Costs of services rendered to third parties | 108,667 | - | 108,667 | - | - | - | ||||||||||||||||||
Other expenses | 53,697 | 22,482 | 21,979 | 6,972 | 2,264 | - | ||||||||||||||||||
Total 2020 | 37,892,338 | 9,937,565 | 5,109,876 | 1,682,792 | 2,967,744 | 18,194,361 |
(1) |
2017 | 2016 | |||||||||||||||
Current | Non Current | Current | Non Current | |||||||||||||
Payable for compensation for the Board of Directors and Supervisory Committee | - | - | 2,334 | - | ||||||||||||
Justice fee payable | 31,882 | - | - | - | ||||||||||||
Others | 1,665 | - | 1,482 | - | ||||||||||||
Total | 33,547 | - | 3,816 | - |
2017 | 2016 | |||||||||||||||
Current | Non Current | Current | Non Current | |||||||||||||
Withholdings and perceptions made to third parties | 54,014 | - | 43,687 | - | ||||||||||||
Tax on exports | 638 | - | 2,299 | - | ||||||||||||
Turnover Tax | 28,862 | - | 4,570 | - | ||||||||||||
Others | 13,043 | - | 8,636 | - | ||||||||||||
Total | 96,557 | - | 59,192 | - |
2017 | 2016 | |||||||||||||||
Current | Non Current | Current | Non Current | |||||||||||||
Suppliers | 1,332,298 | - | 911,318 | - | ||||||||||||
UT Suppliers | 7,610 | - | - | - | ||||||||||||
Customers (credit balances) | 10,736 | - | 8,592 | - | ||||||||||||
Related companies | 102,659 | - | 41,338 | - | ||||||||||||
Total | 1,453,303 | - | 961,248 | - |
2017 | 2016 | |||||||||||||||
Current | Non Current | Current | Non Current | |||||||||||||
Argentine Pesos | 614,699 | - | 290,245 | - | ||||||||||||
U.S. Dollars | 838,604 | - | 671,003 | - | ||||||||||||
Total | 1,453,303 | - | 961,248 | - |
2017 | 2016 | 2015 | ||||||||||
Inventories at the beginning of the year | 116,863 | 8,452 | 29,131 | |||||||||
Purchases | 3,718,129 | 2,868,189 | 1,574,999 | |||||||||
Operating costs (Note 8.i.) | 2,794,321 | 1,676,137 | 1,164,227 | |||||||||
Inventories at the end of the year | (105,996 | ) | (116,863 | ) | (8,452 | ) | ||||||
Total | 6,523,317 | 4,435,915 | 2,759,905 |
2019 | ||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||
Accounts | Total | Regulated Activities | Non Regulated Activities | Administrative expenses | Selling expenses | Financial expenses | ||||||||||||||||||
Salaries, wages and other contributions | 4,347,500 | 1,992,017 | 1,297,722 | 823,076 | 234,685 | - | ||||||||||||||||||
Social security taxes | 810,188 | 369,771 | 232,128 | 159,359 | 48,930 | - | ||||||||||||||||||
Compensation to Directors and Supervisory Committee | 44,284 | - | - | 44,284 | - | - | ||||||||||||||||||
Professional services fees | 657,734 | 20,943 | 338,511 | 254,542 | 43,738 | - | ||||||||||||||||||
Technical operator assistance fees | 1,558,506 | 1,056,723 | 501,783 | - | - | - | ||||||||||||||||||
Materials | 527,916 | 230,643 | 297,273 | - | - | - | ||||||||||||||||||
Third parties services | 593,395 | 245,103 | 303,408 | 33,334 | 11,550 | - | ||||||||||||||||||
Telecommunications and post expenses | 61,003 | 17,638 | 8,300 | 32,608 | 2,457 | - | ||||||||||||||||||
Rents | 59,572 | 17,313 | 28,781 | 12,100 | 1,378 | - | ||||||||||||||||||
Transports and freight | 157,904 | 99,383 | 55,206 | 3,315 | - | - | ||||||||||||||||||
Easements | 125,169 | 118,942 | 6,227 | - | - | - | ||||||||||||||||||
Offices supplies | 18,150 | 5,471 | 3,145 | 7,056 | 2,478 | - | ||||||||||||||||||
Travels expenses | 180,366 | 89,168 | 48,923 | 37,221 | 5,054 | - | ||||||||||||||||||
Insurance | 131,238 | 64,137 | 51,871 | 8,701 | 6,529 | - | ||||||||||||||||||
Property, plant and equipment maintenance | 3,494,687 | 3,040,075 | 406,252 | 48,360 | - | - | ||||||||||||||||||
Depreciation of property, plant and equipment | 5,031,234 | 3,870,024 | 949,432 | 211,778 | - | - | ||||||||||||||||||
Taxes and contributions | 4,144,215 | 454,949 | 33,318 | 5,314 | 3,650,634 | (1 | ) | - | ||||||||||||||||
Advertising | 122,713 | - | - | - | 122,713 | - | ||||||||||||||||||
Doubtful accounts | 3,315 | - | - | - | 3,315 | - | ||||||||||||||||||
Banks expenses | 26,286 | - | - | 26,286 | - | - | ||||||||||||||||||
Interests expense | 3,416,877 | - | - | - | - | 3,416,877 | ||||||||||||||||||
Foreign exchange loss | 21,287,642 | - | - | - | - | 21,287,642 | ||||||||||||||||||
Capitalized finance costs | (607,453 | ) | - | - | - | - | (607,453 | ) | ||||||||||||||||
Costs of services rendered to third parties | 18,602 | - | 18,602 | - | - | - | ||||||||||||||||||
Other expenses | 180,667 | 107,877 | 59,734 | 8,446 | 4,610 | - | ||||||||||||||||||
Total 2019 | 46,391,710 | 11,800,177 | 4,640,616 | 1,715,780 | 4,138,071 | 24,097,066 |
2017 | ||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||
Accounts | Total | Regulated Activities | Non Regulated Activities | Administrative expenses | Selling expenses | Financial expenses | ||||||||||||||||||
Salaries, wages and other compensations | 1,104,770 | 530,892 | 289,732 | 222,528 | 61,618 | - | ||||||||||||||||||
Social security taxes | 188,424 | 82,847 | 49,461 | 42,825 | 13,291 | - | ||||||||||||||||||
Compensation to Directors and Supervisory Committee | 8,455 | - | - | 8,455 | - | - | ||||||||||||||||||
Professional services fees | 61,786 | 1,504 | 3,055 | 52,109 | 5,118 | - | ||||||||||||||||||
Technical operator assistance fees | 354,518 | 160,095 | 194,423 | - | - | - | ||||||||||||||||||
Materials | 59,949 | 18,602 | 41,347 | - | - | - | ||||||||||||||||||
Third parties services | 126,971 | 52,922 | 63,530 | 10,519 | - | - | ||||||||||||||||||
Telecommunications and post expenses | 9,936 | 1,323 | 1,217 | 6,912 | 484 | - | ||||||||||||||||||
Rents | 6,827 | 1,980 | 962 | 3,407 | 478 | - | ||||||||||||||||||
Transports and freight | 35,514 | 21,124 | 12,056 | 2,314 | 20 | - | ||||||||||||||||||
Easements | 21,490 | 21,490 | - | - | - | - | ||||||||||||||||||
Offices supplies | 3,450 | 1,041 | 368 | 1,589 | 452 | - | ||||||||||||||||||
Travels expenses | 19,325 | 8,643 | 3,174 | 5,613 | 1,895 | - | ||||||||||||||||||
Insurance | 32,262 | 18,848 | 10,724 | 2,413 | 277 | - | ||||||||||||||||||
Property, plant and equipment maintenance | 641,569 | 554,602 | 80,590 | 5,276 | 1,101 | - | ||||||||||||||||||
Depreciation of property, plant and equipment | 358,420 | 219,245 | 112,693 | 26,482 | - | - | ||||||||||||||||||
Taxes and contributions | 566,058 | 131,187 | 7,943 | 719 | 426,209 | (1) | - | |||||||||||||||||
Advertising | 479 | - | 3 | - | 476 | - | ||||||||||||||||||
Doubtful accounts | (12,055 | ) | - | - | - | (12,055 | ) | - | ||||||||||||||||
Banks expenses | 4,438 | - | - | 4,438 | - | - | ||||||||||||||||||
Interests expense | 469,325 | - | - | - | - | 469,325 | ||||||||||||||||||
Foreign exchange loss | 717,234 | - | - | - | - | 717,234 | ||||||||||||||||||
Other financial charges | 103,586 | - | - | - | - | 103,586 | ||||||||||||||||||
Derivative financial instruments results | - | - | - | - | - | - | ||||||||||||||||||
Costs of services rendered to third parties | 69,059 | - | 69,059 | - | - | - | ||||||||||||||||||
Transactions among business segments | - | (150,388 | ) | 150,388 | - | - | - | |||||||||||||||||
Other expenses | 35,580 | 19,206 | 8,433 | 7,396 | 545 | - | ||||||||||||||||||
Year ended December 31, 2017 | 4,987,370 | 1,695,163 | 1,099,158 | 402,995 | 499,909 | 1,290,145 |
(1) | Includes tax on exports of Ps. |
2016 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | Operating expenses | |||||||||||||||||||||||||||||||||||||||||||||||
Accounts | Total | Regulated Activities | Non Regulated Activities | Administrative expenses | Selling expenses | Financial expenses | Total | Regulated Activities | Non Regulated Activities | Administrative expenses | Selling expenses | Financial expenses | ||||||||||||||||||||||||||||||||||||
Salaries, wages and other contributions | 814,731 | 403,546 | 200,403 | 163,999 | 46,783 | - | ||||||||||||||||||||||||||||||||||||||||||
Salaries, wages and other compensations | 4,006,260 | 1,866,300 | 1,189,130 | 747,477 | 203,353 | - | ||||||||||||||||||||||||||||||||||||||||||
Social security taxes | 139,356 | 64,518 | 33,944 | 30,874 | 10,020 | - | 670,656 | 303,143 | 177,888 | 145,796 | 43,829 | - | ||||||||||||||||||||||||||||||||||||
Compensation to Directors and Supervisory Committee | 6,328 | - | - | 6,328 | - | - | 54,072 | - | - | 54,072 | - | - | ||||||||||||||||||||||||||||||||||||
Professional services fees | 41,392 | 1,434 | 3,645 | 32,657 | 3,656 | - | 575,292 | 14,758 | 284,039 | 262,271 | 14,224 | - | ||||||||||||||||||||||||||||||||||||
Technical operator assistance fees | 168,008 | 54,128 | 113,880 | - | - | - | 2,758,540 | 1,755,077 | 1,003,463 | - | - | - | ||||||||||||||||||||||||||||||||||||
Materials | 43,205 | 14,153 | 29,052 | - | - | - | 468,994 | 143,852 | 325,142 | - | - | - | ||||||||||||||||||||||||||||||||||||
Third parties services | 94,185 | 37,014 | 49,257 | 7,914 | - | - | 548,240 | 214,277 | 272,797 | 41,446 | 19,720 | - | ||||||||||||||||||||||||||||||||||||
Telecommunications and post expenses | 5,177 | 342 | 1,087 | 3,405 | 343 | - | 45,605 | 8,788 | 5,983 | 29,860 | 974 | - | ||||||||||||||||||||||||||||||||||||
Rents | 3,219 | 722 | 252 | 2,099 | 146 | - | 51,909 | 16,036 | 21,573 | 12,453 | 1,847 | - | ||||||||||||||||||||||||||||||||||||
Transports and freight | 27,614 | 17,020 | 9,846 | 709 | 39 | - | 142,608 | 88,444 | 48,135 | 6,029 | - | - | ||||||||||||||||||||||||||||||||||||
Easements | 19,315 | 19,315 | - | - | - | - | 113,250 | 113,250 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Offices supplies | 2,679 | 917 | 305 | 1,223 | 234 | - | 14,654 | 4,966 | 1,803 | 6,555 | 1,330 | - | ||||||||||||||||||||||||||||||||||||
Travels expenses | 9,972 | 4,832 | 1,550 | 2,742 | 848 | - | 178,586 | 79,945 | 56,001 | 34,338 | 8,302 | - | ||||||||||||||||||||||||||||||||||||
Insurance | 26,509 | 15,048 | 9,330 | 1,771 | 360 | - | 138,786 | 79,933 | 49,624 | 9,223 | 6 | - | ||||||||||||||||||||||||||||||||||||
Property, plant and equipment maintenance | 209,257 | 150,923 | 52,100 | 5,065 | 1,169 | - | 2,649,800 | 2,315,295 | 301,820 | 32,685 | - | - | ||||||||||||||||||||||||||||||||||||
Depreciation of property, plant and equipment | 286,798 | 190,031 | 47,928 | 48,839 | - | - | 4,655,763 | 3,377,834 | 717,723 | 560,206 | - | - | ||||||||||||||||||||||||||||||||||||
Taxes and contributions | 355,446 | 80,365 | 8,927 | 728 | 265,426 | (1) | - | 3,509,811 | 357,119 | 42,057 | 4,457 | 3,106,178 | (1 | ) | - | |||||||||||||||||||||||||||||||||
Advertising | 584 | - | - | - | 584 | - | 10,170 | - | - | - | 10,170 | - | ||||||||||||||||||||||||||||||||||||
Doubtful accounts | 20,546 | - | - | - | 20,546 | - | 277,537 | - | - | - | 277,537 | - | ||||||||||||||||||||||||||||||||||||
Banks expenses | 2,120 | - | - | 2,120 | - | - | 25,446 | - | - | 25,446 | - | - | ||||||||||||||||||||||||||||||||||||
Interests expense | 431,561 | - | - | - | - | 431,561 | 3,508,840 | - | - | - | - | 3,508,840 | ||||||||||||||||||||||||||||||||||||
Foreign exchange loss | 711,822 | - | - | - | - | 711,822 | 27,481,250 | - | - | - | - | 27,481,250 | ||||||||||||||||||||||||||||||||||||
Other financial charges | 66,392 | - | - | - | - | 66,392 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Derivative financial instruments | 8,933 | - | - | - | - | 8,933 | ||||||||||||||||||||||||||||||||||||||||||
Costs of services rendered to third parties | 40,453 | - | 40,453 | - | - | - | 346,137 | - | 346,137 | - | - | - | ||||||||||||||||||||||||||||||||||||
Transactions among business segments | - | (71,079 | ) | 71,079 | - | - | - | |||||||||||||||||||||||||||||||||||||||||
Other expenses | 28,136 | 13,908 | 5,962 | 4,906 | 3,360 | - | 184,301 | 76,447 | 57,545 | 41,995 | 8,314 | - | ||||||||||||||||||||||||||||||||||||
Year ended December 31, 2016 | 3,563,738 | 997,137 | 679,000 | 315,379 | 353,514 | 1,218,708 | ||||||||||||||||||||||||||||||||||||||||||
Total 2018 | 52,416,507 | 10,815,464 | 4,900,860 | 2,014,309 | 3,695,784 | 30,990,090 |
(1) | Includes tax on exports |
2015 | ||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||
Accounts | Total | Regulated Activities | Non Regulated Activities | Administrative expenses | Selling expenses | Financial expenses | ||||||||||||||||||
Salaries, wages and other contributions | 564,489 | 295,429 | 121,264 | 114,577 | 33,219 | - | ||||||||||||||||||
Social security taxes | 98,812 | 46,067 | 19,839 | 25,962 | 6,944 | - | ||||||||||||||||||
Compensation to Directors and Supervisory Committee | 5,379 | - | - | 5,379 | - | - | ||||||||||||||||||
Professional services fees | 25,025 | 563 | 1,124 | 21,139 | 2,199 | - | ||||||||||||||||||
Technical operator assistance fees | 52,481 | 3,000 | 49,481 | - | - | - | ||||||||||||||||||
Materials | 29,113 | 10,545 | 18,568 | - | - | - | ||||||||||||||||||
Third parties services | 51,604 | 20,161 | 25,429 | 6,014 | - | - | ||||||||||||||||||
Telecommunications and post expenses | 4,161 | 445 | 778 | 2,714 | 224 | - | ||||||||||||||||||
Rents | 2,619 | 516 | 367 | 1,615 | 121 | - | ||||||||||||||||||
Transports and freight | 19,506 | 12,484 | 6,634 | 381 | 7 | - | ||||||||||||||||||
Easements | 15,003 | 15,003 | - | - | - | - | ||||||||||||||||||
Offices supplies | 1,508 | 531 | 239 | 634 | 104 | - | ||||||||||||||||||
Travels expenses | 8,279 | 4,069 | 1,290 | 2,285 | 635 | - | ||||||||||||||||||
Insurance | 22,850 | 12,935 | 8,280 | 1,279 | 356 | - | ||||||||||||||||||
Property, plant and equipment maintenance | 137,814 | 105,054 | 28,791 | 3,262 | 707 | - | ||||||||||||||||||
Depreciation of property, plant and equipment | 261,393 | 184,251 | 66,734 | 10,408 | - | - | ||||||||||||||||||
Taxes and contributions | 261,712 | 60,094 | 4,999 | 524 | 196,095 | (1) | - | |||||||||||||||||
Advertising | 154 | - | - | - | 154 | - | ||||||||||||||||||
Banks expenses | 1,430 | - | - | 1,430 | - | - | ||||||||||||||||||
Interests expense | 320,428 | - | - | - | - | 320,428 | ||||||||||||||||||
Foreign exchange loss | 1,164,585 | - | - | - | - | 1,164,585 | ||||||||||||||||||
Other financial charges | 41,718 | - | - | - | - | 41,718 | ||||||||||||||||||
Costs of services rendered to third parties | 26,375 | - | 26,375 | - | - | - | ||||||||||||||||||
Transactions among business segments | - | (21,435 | ) | 21,435 | - | - | - | |||||||||||||||||
Other expenses | 17,486 | 8,512 | 4,376 | 4,033 | 565 | - | ||||||||||||||||||
Year ended December 31, 2015 | 3,133,924 | 758,224 | 406,003 | 201,636 | 241,330 | 1,526,731 |
2020 | 2019 | 2018 | ||||||||||
Financial income | ||||||||||||
Interest income | 546,600 | 979,612 | 2,817,393 | |||||||||
Foreign exchange gain | 4,968,821 | 10,640,197 | 17,098,238 | |||||||||
Subtotal | 5,515,421 | 11,619,809 | 19,915,631 | |||||||||
Financial expenses | ||||||||||||
Interest expense (1) | (3,358,279 | ) | (3,416,877 | ) | (3,508,840 | ) | ||||||
Foreign exchange loss | (14,836,082 | ) | (21,287,642 | ) | (27,481,250 | ) | ||||||
less: Capitalized finance costs | - | 607,453 | - | |||||||||
Subtotal | (18,194,361 | ) | (24,097,066 | ) | (30,990,090 | ) | ||||||
Other financial results | ||||||||||||
Notes repurchase results | 399,356 | - | - | |||||||||
Derivative financial instruments results | 449,575 | (26,101 | ) | 222,171 | ||||||||
Fair value (losses) / gains on financial instruments through profit or loss | (7,265,635 | ) | 738,179 | 2,875,311 | ||||||||
Others | (358,075 | ) | (557,712 | ) | (510,009 | ) | ||||||
Subtotal | (6,774,779 | ) | 154,366 | 2,587,473 | ||||||||
Gain on net monetary position | 6,482,061 | 8,378,326 | 2,526,114 | |||||||||
Total | (12,971,658 | ) | (3,944,565 | ) | (5,960,872 | ) |
(1) | Includes |
2020 | 2019 | 2018 | ||||||||||
Net increase in provisions (1) | (154,391 | ) | (212,548 | ) | (1,614,277 | ) | ||||||
Recovery of insurance | 236,978 | - | 49,999 | |||||||||
Others | 17,242 | 38,934 | (301,282 | ) | ||||||||
Total | 99,829 | (173,614 | ) | (1,865,560 | ) |
2020 | 2019 | |||||||||||||||
Current | Non Current | Current | Non Current | |||||||||||||
Fixed term deposits in foreign currency | - | 13,755,917 | - | - | ||||||||||||
VRD bonds | 3,044 | 3,095 | 4,568 | 7,356 | ||||||||||||
US Treasury Bills | - | - | 1,416,685 | - | ||||||||||||
Private debt bonds | 15,275 | - | - | - | ||||||||||||
Total | 18,319 | 13,759,012 | 1,421,253 | 7,356 |
2020 | 2019 | |||||||||||||||
Current | Non Current | Current | Non Current | |||||||||||||
Public debt bonds | 2,120,788 | - | - | - | ||||||||||||
Total | 2,120,788 | - | - | - |
2017 | 2016 | 2015 | ||||||||||
Financial income | ||||||||||||
Derivative financial instrument results | - | - | 128,525 | |||||||||
Interest income | 87,407 | 100,418 | 79,387 | |||||||||
Fair value gains on financial instruments through profit or loss | 274,620 | 169,890 | 55,892 | |||||||||
Foreign exchange gain | 360,158 | 135,039 | 288,764 | |||||||||
Subtotal | 722,185 | 405,347 | 552,568 | |||||||||
Financial expenses | ||||||||||||
Interest expense | (516,643 | ) | (470,663 | ) | (343,104 | ) | ||||||
Foreign exchange loss | (718,891 | ) | (712,456 | ) | (1,165,803 | ) | ||||||
Derivative financial instrument results | - | (8,933 | ) | - | ||||||||
Other financial charges | (103,586 | ) | (66,392 | ) | (41,718 | ) | ||||||
Less: Capitalized borrowing costs | 48,975 | 39,736 | 23,894 | |||||||||
Subtotal | (1,290,145 | ) | (1,218,708 | ) | (1,526,731 | ) | ||||||
Total | (567,960 | ) | (813,361 | ) | (974,163 | ) |
2017 | 2016 | 2015 | ||||||||||
Net increase in provisions (1) | (141,385 | ) | (95,840 | ) | (15,897 | ) | ||||||
Recovery of insurance | 107,543 | 19,703 | - | |||||||||
Acquisition of the Rights of the Arbitration Proceeding (Note 16.a) | - | - | (324,390 | ) | ||||||||
Write off of other receivables | (69,391 | ) | - | - | ||||||||
Others | (1,144 | ) | 10,594 | 4,836 | ||||||||
Total | (104,377 | ) | (65,543 | ) | (335,451 | ) |
2020 | 2019 | |||||||||||||||
Current | Non Current | Current | Non Current | |||||||||||||
Vacation benefit payable | 673,531 | - | 416,382 | - | ||||||||||||
Annual bonus payable | 297,999 | - | 279,825 | - | ||||||||||||
Social security taxes payable | 174,886 | - | 178,265 | - | ||||||||||||
UT | 1,572 | - | 8,333 | - | ||||||||||||
Total | 1,147,988 | - | 882,805 | - |
2020 | 2019 | ||||||||||||||||||||||||||||||||||||||
Issuer Information | |||||||||||||||||||||||||||||||||||||||
Description of securities | Last financial statemets issued | ||||||||||||||||||||||||||||||||||||||
Name and issuer | Face value | Amount | Cost | Book value | Main business | Date | Common stock | Net (loss) / income for the year/period | Shareholders equity | % of Common Stock | Book value | ||||||||||||||||||||||||||||
Transporte y Servicios de Gas en Uruguay S.A. | Ps. Uru. 1 | 196,000 | 248 | 8,540 | Pipeline maintenance | 09/30/2020 | 28 | (868 | ) | 17,428 | 49.00 | 9,022 | |||||||||||||||||||||||||||
Emprendimientos de Gas del Sur S.A. (in liquidation) | $ | 1 | 116,130 | 2,757 | 490 | Pipeline construction and operation services | 09/30/2020 | 237 | (131 | ) | 1,000 | 49.00 | 569 | ||||||||||||||||||||||||||
Gas Link S.A. | $ | 1 | 502,962 | 11,701 | 119,365 | Pipeline construction and operation services | 09/30/2020 | 1,026 | 27,254 | 622,779 | 49.00 | 97,497 | |||||||||||||||||||||||||||
Total | 128,395 | 107,088 |
2017 | 2016 | |||||||||||||||
Current | Non Current | Current | Non Current | |||||||||||||
Government bonds | 148,130 | - | 55,508 | 84,857 | ||||||||||||
Private bonds | 72,099 | - | - | 58,015 | ||||||||||||
Total | 220,229 | - | 55,508 | 142,872 |
2017 | 2016 | |||||||||||||||
Current | Non Current | Current | Non Current | |||||||||||||
VRD bonds | 7,111 | 14,473 | 14,900 | 21,584 | ||||||||||||
Government Bonds (Argentine National Treasury Notes) | 922,314 | - | - | - | ||||||||||||
Government Bonds (Central Bank Notes) | 516,003 | - | - | - | ||||||||||||
Total | 1,445,428 | 14,473 | 14,900 | 21,584 |
2017 | 2016 | |||||||||||||||
Current | Non Current | Current | Non Current | |||||||||||||
Argentine Pesos | 523,114 | 14,473 | 14,900 | 21,584 | ||||||||||||
U.S. Dollars | 922,314 | - | - | - | ||||||||||||
Total | 1,445,428 | 14,473 | 14,900 | 21,584 |
2017 | 2016 | |||||||||||||||
Current | Non Current | Current | Non Current | |||||||||||||
Vacation benefit payable | 104,739 | - | 82,476 | - | ||||||||||||
Annual bonus payable | 84,895 | - | 50,788 | - | ||||||||||||
Social security taxes payable | 45,573 | - | 35,595 | - | ||||||||||||
Total | 235,207 | - | 168,859 | - |
2017 | 2016 | |||||||||||
Cost value | Book value | Book value | ||||||||||
Emprendimientos de Gas del Sur S.A. (in liquidation) ("EGS") | 116 | 367 | 357 | |||||||||
Transporte y Servicios de Gas en Uruguay S.A. ("TGU") | 5 | 2,697 | 2,517 | |||||||||
Subtotal | 121 | 3,064 | 2,874 | |||||||||
Gas Link S.A. ("Link") | 503 | - | - | |||||||||
Total | 624 | 3,064 | 2,874 |
2020 | 2019 | |||||||
Consolidated Statements of financial position | ||||||||
Non Current assets | - | - | ||||||
Current Assets | 165,873 | 317,002 | ||||||
Total | 165,873 | 317,002 | ||||||
Non Current Liabilities | - | - | ||||||
Current Liabilities | 380,314 | 564,062 | ||||||
Total | 380,314 | 564,062 |
Consolidated Statements of comprehensive income | 2020 | 2019 | 2018 | |||||||||
Gross profit / (loss) | 4,563 | (210,069 | ) | 70,946 | ||||||||
Operating (loss) / profit | (1,265 | ) | (234,568 | ) | 51,076 | |||||||
Net Financial results | 74,877 | (28,683 | ) | 2,193 | ||||||||
Comprehensive (loss) / income | 73,612 | (263,251 | ) | 53,269 |
2020 | 2019 | 2018 | ||||||||||
EGS (in liquidation) | (79 | ) | (109 | ) | 6,494 | |||||||
TGU | (482 | ) | (904 | ) | (93 | ) | ||||||
Link | 21,871 | (42,359 | ) | 31,729 | ||||||||
Total | 21,310 | (43,372 | ) | 38,130 |
2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Depreciation | |||||||||||||||||||||||||||||||||||||||||||||||
Account | Beginning of the year | Additions | Retirements | Transfers | End of the year | Accumulated at the beginning of the year | Retirements | For the year | rate % | Accumulated at the end of the year | Impairment | Net book value | ||||||||||||||||||||||||||||||||||||
Pipelines | 86,231,036 | - | (35,101 | ) | 3,444,963 | 89,640,898 | 42,534,145 | (19,248 | ) | 2,199,034 | 2.2 | 44,713,931 | 2,366,584 | 42,560,383 | ||||||||||||||||||||||||||||||||||
Compressor plants | 35,019,137 | 7,198 | - | 3,234,851 | 38,261,186 | 23,443,580 | - | 1,612,640 | 3.3 to 25 | 25,056,220 | 710,834 | 12,494,132 | ||||||||||||||||||||||||||||||||||||
Other plants | 36,061 | - | - | - | 36,061 | 12,169 | - | 1,223 | 3.3 | 13,392 | 1,139 | 21,530 | ||||||||||||||||||||||||||||||||||||
Stations of regulation and/or measurement of pressure | 2,952,477 | - | (973 | ) | 86,690 | 3,038,194 | 2,349,855 | (852 | ) | 81,942 | 4.0 | 2,430,945 | 31,711 | 575,538 | ||||||||||||||||||||||||||||||||||
Other technical installations | 573,367 | - | - | 5,324 | 578,691 | 493,239 | - | 12,844 | 6.7 | 506,083 | 3,788 | 68,820 | ||||||||||||||||||||||||||||||||||||
Subtotal assets related to natural gas transportation service | 124,812,078 | 7,198 | (36,074 | ) | 6,771,828 | 131,555,030 | 68,832,988 | (20,100 | ) | 3,907,683 | 72,720,571 | 3,114,056 | 55,720,403 | |||||||||||||||||||||||||||||||||||
Non-regulated segment Pipelines | 13,933,750 | 239 | - | 821,049 | 14,755,038 | 171,999 | - | 488,543 | 2.2 | 660,542 | - | 14,094,496 | ||||||||||||||||||||||||||||||||||||
Non-regulated segment Compressor plants | 2,799,504 | - | - | 44,333 | 2,843,837 | 1,089,298 | - | 302,829 | 3.3 to 25 | 1,392,127 | - | 1,451,710 | ||||||||||||||||||||||||||||||||||||
Non-regulated segment Other plants | 24,577,179 | - | (673 | ) | 1,200,338 | 25,776,844 | 14,007,475 | (5 | ) | 623,057 | 3.3 | 14,630,527 | - | 11,146,317 | ||||||||||||||||||||||||||||||||||
Non-regulated segment Stations of regulation and/or measurement of pressure | 857,407 | 1,164 | (1,090 | ) | 32,396 | 889,877 | 59,587 | - | 34,024 | 4.0 | 93,611 | - | 796,266 | |||||||||||||||||||||||||||||||||||
Non-regulated segment Other technical installations | 345,819 | - | - | - | 345,819 | 133,954 | - | 31,132 | 6.7 | 165,086 | - | 180,733 | ||||||||||||||||||||||||||||||||||||
Subtotal assets related to Other Services and Production and Commercialization of Liquids | 42,513,659 | 1,403 | (1,763 | ) | 2,098,116 | 44,611,415 | 15,462,313 | (5 | ) | 1,479,585 | 16,941,893 | - | 27,669,522 | |||||||||||||||||||||||||||||||||||
Lands | 482,127 | - | - | - | 482,127 | - | - | - | - | - | - | 482,127 | ||||||||||||||||||||||||||||||||||||
Buildings and constructions | 4,828,987 | - | - | 271,163 | 5,100,150 | 2,478,654 | - | 102,251 | 2.0 | 2,580,905 | - | 2,519,245 | ||||||||||||||||||||||||||||||||||||
Facilities and features in building | 359,134 | - | - | - | 359,134 | 158,342 | - | 10,341 | 4.0 | 168,683 | - | 190,451 | ||||||||||||||||||||||||||||||||||||
Machinery, equipment and tools | 1,503,969 | 68,494 | - | 21,857 | 1,594,320 | 885,519 | - | 134,490 | 6.7 to 10 | 1,020,009 | - | 574,311 | ||||||||||||||||||||||||||||||||||||
UT Machinery, equipment and tools | 1,238 | - | - | - | 1,238 | 1,238 | - | - | 6.7 to 10 | 1,238 | - | - | ||||||||||||||||||||||||||||||||||||
Computers and Telecommunication systems | 6,594,148 | - | - | 609,407 | 7,203,555 | 4,959,186 | - | 459,622 | 6.7 to 20 | 5,418,808 | 1,784,747 | |||||||||||||||||||||||||||||||||||||
- | ||||||||||||||||||||||||||||||||||||||||||||||||
Vehicles | 696,677 | 9,082 | (1,692 | ) | - | 704,067 | 461,561 | (839 | ) | 65,585 | 20 | 526,307 | 177,760 | |||||||||||||||||||||||||||||||||||
- | ||||||||||||||||||||||||||||||||||||||||||||||||
Furniture | 311,135 | 200 | - | 989 | 312,324 | 302,975 | - | 1,676 | 10 | 304,651 | 7,673 | |||||||||||||||||||||||||||||||||||||
- | ||||||||||||||||||||||||||||||||||||||||||||||||
Materials | 4,277,974 | 2,521,622 | (16,305 | ) | (2,041,894 | ) | 4,741,397 | - | - | - | - | - | 4,741,397 | |||||||||||||||||||||||||||||||||||
Line pack | 673,285 | - | - | 52,167 | 725,452 | 37,637 | - | - | - | 37,637 | 687,815 | |||||||||||||||||||||||||||||||||||||
- | ||||||||||||||||||||||||||||||||||||||||||||||||
Works in progress | 8,022,523 | 4,079,084 | - | (7,783,633 | ) | 4,317,974 | - | - | - | - | - | 4,317,974 | ||||||||||||||||||||||||||||||||||||
Total | 195,076,934 | 6,687,083 | (55,834 | ) | - | 201,708,183 | 93,580,413 | (20,944 | ) | 6,161,233 | 99,720,702 | 3,114,056 | 98,873,425 |
2017 | 2016 | 2015 | ||||||||||
EGS | 11 | 780 | 177 | |||||||||
TGU | 179 | 742 | 77 | |||||||||
Total | 190 | 1,522 | 254 |
2019 | ||||||||||||||||||||||||||||||||||||||||||||
Cost | Depreciation | |||||||||||||||||||||||||||||||||||||||||||
Account | Beginning of the year | Additions | Retirements | Transfers | End of the year | Accumulated at the beginning of the year | Retirements | For the year | rate % | Accumulated at the end of the year | Net book value | |||||||||||||||||||||||||||||||||
Pipelines | 83,617,294 | - | (18,148 | ) | 2,631,890 | 86,231,036 | 40,478,034 | (10,547 | ) | 2,066,658 | 2.2 | 42,534,145 | 43,696,891 | |||||||||||||||||||||||||||||||
Compressor plants | 31,950,533 | 544,422 | (244,896 | ) | 2,769,078 | 35,019,137 | 22,137,747 | (147,638 | ) | 1,453,471 | 3.3 to 25 | 23,443,580 | 11,575,557 | |||||||||||||||||||||||||||||||
Other plants | 36,061 | - | - | - | 36,061 | 10,945 | - | 1,224 | 3.3 | 12,169 | 23,892 | |||||||||||||||||||||||||||||||||
Stations of regulation and/or measurement of pressure | 2,847,785 | - | - | 104,692 | 2,952,477 | 2,271,328 | - | 78,527 | 4.0 | 2,349,855 | 602,622 | |||||||||||||||||||||||||||||||||
Other technical installations | 563,238 | - | - | 10,129 | 573,367 | 480,646 | - | 12,593 | 6.7 | 493,239 | 80,128 | |||||||||||||||||||||||||||||||||
Subtotal assets related to natural gas transportation service | 119,014,911 | 544,422 | (263,044 | ) | 5,515,789 | 124,812,078 | 65,378,700 | (158,185 | ) | 3,612,473 | 68,832,988 | 55,979,090 | ||||||||||||||||||||||||||||||||
Non-regulated segment Pipelines | 169,943 | - | - | 13,763,807 | 13,933,750 | 86,262 | - | 85,737 | 2.2 | 171,999 | 13,761,751 | |||||||||||||||||||||||||||||||||
Non-regulated segment Compressor plants | 2,601,276 | - | - | 198,228 | 2,799,504 | 793,286 | - | 296,012 | 3.3 to 25 | 1,089,298 | 1,710,206 | |||||||||||||||||||||||||||||||||
Non-regulated segment Other plants | 18,142,640 | - | - | 6,434,539 | 24,577,179 | 13,582,007 | - | 425,468 | 3.3 | 14,007,475 | 10,569,704 | |||||||||||||||||||||||||||||||||
Non-regulated segment Stations of regulation and/or measurement of pressure | 218,552 | 15,362 | - | 623,493 | 857,407 | 43,819 | - | 15,768 | 4.0 | 59,587 | 797,820 | |||||||||||||||||||||||||||||||||
Non-regulated segment Other technical installations | 345,819 | - | - | - | 345,819 | 102,821 | - | 31,133 | 6.7 | 133,954 | 211,865 | |||||||||||||||||||||||||||||||||
Subtotal assets related to Other Services and Production and Commercialization of Liquids | 21,478,230 | 15,362 | - | 21,020,067 | 42,513,659 | 14,608,195 | - | 854,118 | 15,462,313 | 27,051,346 | ||||||||||||||||||||||||||||||||||
Lands | 224,817 | 257,310 | - | - | 482,127 | - | - | - | - | - | 482,127 | |||||||||||||||||||||||||||||||||
Buildings and constructions | 4,247,069 | - | (1,291 | ) | 583,209 | 4,828,987 | 2,398,379 | (15 | ) | 80,290 | 2.0 | 2,478,654 | 2,350,333 | |||||||||||||||||||||||||||||||
Facilities and features in building | 359,002 | - | - | 132 | 359,134 | 143,466 | - | 14,876 | 4.0 | 158,342 | 200,792 | |||||||||||||||||||||||||||||||||
Machinery, equipment and tools | 1,271,121 | 234,960 | (10,562 | ) | 8,450 | 1,503,969 | 787,159 | (10,562 | ) | 108,922 | 6.7 to 10 | 885,519 | 618,450 | |||||||||||||||||||||||||||||||
UT Machinery, equipment and tools | 1,238 | - | - | - | 1,238 | 934 | - | 304 | 6.7 to 10 | 1,238 | - | |||||||||||||||||||||||||||||||||
Computers and Telecommunication systems | 5,687,422 | 4,683 | - | 902,043 | 6,594,148 | 4,657,053 | - | 302,133 | 6.7 to 20 | 4,959,186 | 1,634,962 | |||||||||||||||||||||||||||||||||
Vehicles | 619,944 | 110,083 | (33,350 | ) | - | 696,677 | 436,636 | (31,508 | ) | 56,433 | 20 | 461,561 | 235,116 | |||||||||||||||||||||||||||||||
Furniture | 311,135 | - | - | - | 311,135 | 301,290 | - | 1,685 | 10 | 302,975 | 8,160 | |||||||||||||||||||||||||||||||||
Materials | 3,217,600 | 3,075,586 | (29,331 | ) | (1,985,881 | ) | 4,277,974 | - | - | - | - | - | 4,277,974 | |||||||||||||||||||||||||||||||
Line pack | 787,855 | - | - | (114,570 | ) | 673,285 | 37,637 | - | - | - | 37,637 | 635,648 | ||||||||||||||||||||||||||||||||
Works in progress | 12,547,544 | 21,404,218 | - | (25,929,239 | ) | 8,022,523 | - | - | - | - | - | 8,022,523 | ||||||||||||||||||||||||||||||||
Total | 169,767,888 | 25,646,624 | (337,578 | ) | - | 195,076,934 | 88,749,449 | (200,270 | ) | 5,031,234 | 93,580,413 | 101,496,521 |
2017 | ||||||||||||||||||||||||||||||||||||||||||||
Cost | Depreciation | |||||||||||||||||||||||||||||||||||||||||||
Account | Beginning of the year | Additions | Retirements | Transfers | End of the year | Accumulated at the beginning of the year | Retirements | For the year | Rate % | Accumulated at at the end of the year | Net book value | |||||||||||||||||||||||||||||||||
Pipelines | 3,646,711 | - | - | 275,806 | 3,922,517 | 1,606,593 | - | 91,452 | 2.2 | 1,698,045 | 2,224,472 | |||||||||||||||||||||||||||||||||
Compressor plants | 1,564,820 | 1,418 | 11,274 | 289,319 | 1,844,283 | 993,793 | 8,988 | 99,716 | 3.3 to 25 | 1,084,521 | 759,762 | |||||||||||||||||||||||||||||||||
Other plants | 2,868 | - | - | - | 2,868 | 651 | - | 97 | 3.3 | 748 | 2,120 | |||||||||||||||||||||||||||||||||
Stations of regulation and/or measurement of pressure | 136,288 | - | - | 5,594 | 141,882 | 93,207 | - | 5,432 | 4.0 | 98,639 | 43,243 | |||||||||||||||||||||||||||||||||
Other technical installations | 28,861 | - | - | 2,686 | 31,547 | 21,944 | - | 987 | 6.7 | 22,931 | 8,616 | |||||||||||||||||||||||||||||||||
Subtotal assets related to natural gas transportation service | 5,379,548 | 1,418 | 11,274 | 573,405 | 5,943,097 | 2,716,188 | 8,988 | 197,684 | 2,904,884 | 3,038,213 | ||||||||||||||||||||||||||||||||||
Assets related to natural gas upstream service | 972,061 | - | - | 143,034 | 1,115,095 | 140,574 | - | 88,124 | 3.3 to 25 | 228,698 | 886,397 | |||||||||||||||||||||||||||||||||
Assets related to liquids production and commercialization service | 782,595 | - | - | 104,059 | 886,654 | 582,934 | - | 17,290 | 3.3 | 600,224 | 286,430 | |||||||||||||||||||||||||||||||||
Lands | 10,922 | 4 | - | - | 10,926 | - | - | - | - | - | 10,926 | |||||||||||||||||||||||||||||||||
Buildings and constructions | 206,842 | - | - | 22,734 | 229,576 | 106,479 | - | 4,597 | 2.0 | 111,076 | 118,500 | |||||||||||||||||||||||||||||||||
Fittings and features in building | 34,398 | - | - | 265 | 34,663 | 7,028 | - | 1,452 | 4.0 | 8,480 | 26,183 | |||||||||||||||||||||||||||||||||
Machinery, equipment and tools | 55,004 | 51,268 | - | 929 | 107,201 | 40,715 | - | 4,837 | 6.7 to 10 | 45,552 | 61,649 | |||||||||||||||||||||||||||||||||
Computers and Telecommunication systems | 470,349 | - | - | 49,345 | 519,694 | 364,652 | - | 31,047 | 6.7 to 20 | 395,699 | 123,995 | |||||||||||||||||||||||||||||||||
Vehicles | 44,900 | 30,577 | 1,972 | - | 73,505 | 28,949 | 1,972 | 6,883 | 20 | 33,860 | 39,645 | |||||||||||||||||||||||||||||||||
Furniture | 14,857 | - | - | 143 | 15,000 | 12,973 | - | 231 | 10 | 13,204 | 1,796 | |||||||||||||||||||||||||||||||||
Capitalization of foreign exchange loss | 177,272 | - | - | - | 177,272 | 113,795 | - | 6,275 | 4 | 120,070 | 57,202 | |||||||||||||||||||||||||||||||||
Materials | 482,546 | 312,381 | 5,528 | (166,840 | ) | 622,559 | - | - | - | - | - | 622,559 | ||||||||||||||||||||||||||||||||
Line pack | 13,872 | - | - | - | 13,872 | 1,618 | - | - | - | 1,618 | 12,254 | |||||||||||||||||||||||||||||||||
Works in progress | 804,083 | 1,117,603 | - | (727,074 | ) | 1,194,612 | - | - | - | - | - | 1,194,612 | ||||||||||||||||||||||||||||||||
Total | 9,449,249 | 1,513,251 | 18,774 | - | 10,943,726 | 4,115,905 | 10,960 | 358,420 | 4,463,365 | 6,480,361 |
2016 | ||||||||||||||||||||||||||||||||||||||||||||
Cost | Depreciation | |||||||||||||||||||||||||||||||||||||||||||
Cuenta principal | Beginning of the year | Additions | Retirements | Transfers | End of the year | Accumulated at the beginning of the year | Retirements | For the year | Rate % | Accumulated at at the end of the year | Net book value | |||||||||||||||||||||||||||||||||
Pipelines | 3,644,917 | - | - | 1,794 | 3,646,711 | 1,520,415 | - | 86,178 | 2.2 | 1,606,593 | 2,040,118 | |||||||||||||||||||||||||||||||||
Compressor plants | 1,512,294 | 306 | - | 52,220 | 1,564,820 | 910,354 | - | 83,439 | 3.3 to 25 | 993,793 | 571,027 | |||||||||||||||||||||||||||||||||
Other plants | 2,868 | - | - | - | 2,868 | 554 | - | 97 | 3.3 | 651 | 2,217 | |||||||||||||||||||||||||||||||||
Stations of regulation and/or measurement of pressure | 129,228 | - | - | 7,060 | 136,288 | 87,972 | - | 5,235 | 4.0 | 93,207 | 43,081 | |||||||||||||||||||||||||||||||||
Other technical installations | 28,368 | - | - | 493 | 28,861 | 20,978 | - | 966 | 6.7 | 21,944 | 6,917 | |||||||||||||||||||||||||||||||||
Subtotal assets related to natural gas transportation service | 5,317,675 | 306 | - | 61,567 | 5,379,548 | 2,540,273 | - | 175,915 | 2,716,188 | 2,663,360 | ||||||||||||||||||||||||||||||||||
Assets related to natural gas upstream service | 206,576 | 750,389 | - | 15,096 | 972,061 | 119,046 | - | 21,528 | 3.3 to 25 | 140,574 | 831,487 | |||||||||||||||||||||||||||||||||
Assets related to liquids production and commercialization service | 756,700 | - | - | 25,895 | 782,595 | 570,286 | - | 12,648 | 3.3 | 582,934 | 199,661 | |||||||||||||||||||||||||||||||||
Lands | 6,279 | 4,935 | 292 | - | 10,922 | - | - | - | - | - | 10,922 | |||||||||||||||||||||||||||||||||
Buildings and constructions | 198,796 | - | - | 8,046 | 206,842 | 102,436 | - | 4,043 | 2.0 | 106,479 | 100,363 | |||||||||||||||||||||||||||||||||
Fittings and features in building | 33,897 | - | - | 501 | 34,398 | 5,598 | - | 1,430 | 4.0 | 7,028 | 27,370 | |||||||||||||||||||||||||||||||||
Machinery, equipment and tools | 48,655 | 5,780 | - | 569 | 55,004 | 38,370 | - | 2,345 | 6.7 to 10 | 40,715 | 14,289 | |||||||||||||||||||||||||||||||||
Computers and Telecommunication systems | 419,541 | 660 | - | 50,148 | 470,349 | 308,394 | - | 56,258 | 6.7 to 20 | 364,652 | 105,697 | |||||||||||||||||||||||||||||||||
Vehicles | 33,072 | 12,281 | 453 | - | 44,900 | 24,351 | 389 | 4,987 | 20 | 28,949 | 15,951 | |||||||||||||||||||||||||||||||||
Furniture | 13,485 | - | - | 1,372 | 14,857 | 12,852 | - | 121 | 10 | 12,973 | 1,884 | |||||||||||||||||||||||||||||||||
Capitalization of foreign exchange loss | 177,272 | - | - | - | 177,272 | 106,272 | - | 7,523 | 4 | 113,795 | 63,477 | |||||||||||||||||||||||||||||||||
Materials | 356,008 | 209,239 | 6,845 | (75,856 | ) | 482,546 | - | - | - | - | - | 482,546 | ||||||||||||||||||||||||||||||||
Line pack | 13,872 | - | - | - | 13,872 | 1,618 | - | - | - | 1,618 | 12,254 | |||||||||||||||||||||||||||||||||
Works in progress | 467,188 | 424,233 | - | (87,338 | ) | 804,083 | - | - | - | - | - | 804,083 | ||||||||||||||||||||||||||||||||
Total 2016 | 8,049,016 | 1,407,823 | 7,590 | - | 9,449,249 | 3,829,496 | 389 | 286,798 | 4,115,905 | 5,333,344 |
2020 | 2019 | |||||||
Other plants | 518,778 | 610,326 | ||||||
Compressor plants | 1,287,986 | 1,515,277 | ||||||
Other technical installations | 146,454 | 172,300 | ||||||
Total | 1,953,218 | 2,297,903 |
2020 | 2019 | |||||||
Other plants | (91,549 | ) | (91,549 | ) | ||||
Compressor plants | (227,292 | ) | (227,292 | ) | ||||
Other technical installations | (25,844 | ) | (25,845 | ) | ||||
Total | (344,685 | ) | (344,686 | ) |
13. | LOANS |
2020 | 2019 | |||||||
Current Loans | ||||||||
2018 Notes Interest | 456,697 | 458,632 | ||||||
Pre-export finance | - | 1,390,438 | ||||||
Leasing (Note 21) | 480,069 | 495,389 | ||||||
Total Current loans | 936,766 | 2,344,459 | ||||||
Non Current Loans | ||||||||
2018 Notes | 40,520,045 | 40,634,099 | ||||||
Leasing (Note 21) | 2,412,613 | 2,741,268 | ||||||
Total non current loans | 42,932,658 | 43,375,367 | ||||||
Total (1) | 43,869,424 | 45,719,826 |
(1) | As of December 31, 2020, it is net of Notes repurchase of Ps 1,479,694. |
(2) | Net of issuance expenses of Ps. 75,262 and Ps. 133,200 as of December 31, 2020 and 2019, respectively. |
2015 | ||||||||||||||||||||||||||||||||||||||||||||
Cost | Depreciatin | |||||||||||||||||||||||||||||||||||||||||||
Account | Beginning of the year | Additions | Retirements | Transfers | End of the year | Accumulated at the beginning of the year | Retirements | For the year | Rate % | Accumulated at at the end of the year | Net book value | |||||||||||||||||||||||||||||||||
Pipelines | 3,631,240 | - | - | 13,677 | 3,644,917 | 1,434,424 | - | 85,991 | 2.2 | 1,520,415 | 2,124,502 | |||||||||||||||||||||||||||||||||
Compressor plants | 1,436,084 | - | - | 76,210 | 1,512,294 | 834,255 | - | 76,099 | 3.3 to 25 | 910,354 | 601,940 | |||||||||||||||||||||||||||||||||
Other plants | 2,868 | - | - | - | 2,868 | 456 | - | 98 | 3.3 | 554 | 2,314 | |||||||||||||||||||||||||||||||||
Stations of regulation and/or measurement of pressure | 129,228 | - | - | - | 129,228 | 82,806 | - | 5,166 | 4.0 | 87,972 | 41,256 | |||||||||||||||||||||||||||||||||
Other technical installations | 28,355 | - | - | 13 | 28,368 | 20,002 | - | 976 | 6.7 | 20,978 | 7,390 | |||||||||||||||||||||||||||||||||
Subtotal assets related to natural gas transportation service | 5,227,775 | - | - | 89,900 | 5,317,675 | 2,371,943 | - | 168,330 | 2,540,273 | 2,777,402 | ||||||||||||||||||||||||||||||||||
Assets related to natural gas upstream service | 205,773 | 423 | 566 | 946 | 206,576 | 111,667 | 536 | 7,915 | 2.2 to 25 | 119,046 | 87,530 | |||||||||||||||||||||||||||||||||
Assets related to liquids | ||||||||||||||||||||||||||||||||||||||||||||
production and commercialization service | 695,548 | - | 313 | 61,465 | 756,700 | 526,427 | 311 | 44,170 | 5.9 | 570,286 | 186,414 | |||||||||||||||||||||||||||||||||
Lands | 6,279 | - | - | - | 6,279 | - | - | - | - | - | 6,279 | |||||||||||||||||||||||||||||||||
Buildings and constructions | 196,204 | - | - | 2,592 | 198,796 | 97,700 | - | 4,736 | 2.0 | 102,436 | 96,360 | |||||||||||||||||||||||||||||||||
Fittings and features in building | 33,975 | - | 242 | 164 | 33,897 | 4,319 | 142 | 1,421 | 4.0 | 5,598 | 28,299 | |||||||||||||||||||||||||||||||||
Machinery, equipment and tools | 46,917 | 1,130 | 6 | 614 | 48,655 | 36,400 | 6 | 1,976 | 6.7 to 20 | 38,370 | 10,285 | |||||||||||||||||||||||||||||||||
Computers and Telecommunication systems | 389,779 | - | - | 29,762 | 419,541 | 286,351 | - | 22,043 | 6.7 to 20 | 308,394 | 111,147 | |||||||||||||||||||||||||||||||||
Vehicles | 31,064 | 2,403 | 395 | - | 33,072 | 21,571 | 395 | 3,175 | 10 and 20 | 24,351 | 8,721 | |||||||||||||||||||||||||||||||||
Furniture | 13,147 | 62 | - | 276 | 13,485 | 12,743 | - | 109 | 10 | 12,852 | 633 | |||||||||||||||||||||||||||||||||
Capitalization of foreign exchange loss | 177,272 | - | - | - | 177,272 | 98,754 | - | 7,518 | 4 | 106,272 | 71,000 | |||||||||||||||||||||||||||||||||
Materials | 286,677 | 161,986 | 8,349 | (84,306 | ) | 356,008 | - | - | - | - | - | 356,008 | ||||||||||||||||||||||||||||||||
Line pack | 13,872 | - | - | - | 13,872 | 1,618 | - | - | - | 1,618 | 12,254 | |||||||||||||||||||||||||||||||||
Works in progress | 327,282 | 241,319 | - | (101,413 | ) | 467,188 | - | - | - | - | - | 467,188 | ||||||||||||||||||||||||||||||||
Total 2015 | 7,651,564 | 407,323 | 9,871 | - | 8,049,016 | 3,569,493 | 1,390 | 261,393 | 3,829,496 | 4,219,520 | ||||||||||||||||||||||||||||||||||
Total 2014 | 7,282,950 | 373,390 | 4,776 | - | 7,651,564 | 3,316,042 | 860 | 254,311 | 3,569,493 |
2017 | 2016 | |||||||
Cost-Capitalized financial leasing | 750,389 | 750,389 | ||||||
Accumulated depreciation | (68,503 | ) | (20,148 | ) | ||||
Total | 681,886 | 730,241 |
2017 | 2016 | |||||||
Current loans: | ||||||||
2014 EMTN Program: Series 1 Notes | 1,190,979 | - | ||||||
Interest payable | 37,667 | 31,269 | ||||||
Other financial loans | - | 1,466 | ||||||
Financial leasing | 100,624 | 112,661 | ||||||
Total current loans | 1,329,270 | 145,396 | ||||||
Non-current loans: | ||||||||
2014 EMTN Program: Series 1 Notes | 2,379,019 | 3,036,084 | ||||||
Financial leasing | 790,741 | 735,520 | ||||||
Total non-current loans | 3,169,760 | 3,771,604 | ||||||
Total loans (1) | 4,499,030 | 3,917,000 |
2017 | 2016 | |||||||
Argentine pesos | - | 1,466 | ||||||
U.S. Dollars | 4,499,030 | 3,915,534 | ||||||
Total loans | 4,499,030 | 3,917,000 |
2020 | 2019 | |||||||||||||||
Leases liabilities | Other payables | Leases liabilities | Other payables | |||||||||||||
Beginning balance | 3,236,657 | 42,483,169 | 3,466,896 | 39,669,167 | ||||||||||||
Inflation adjustment restatement | (1,275,154 | ) | (12,526,927 | ) | (1,676,718 | ) | (17,640,765 | ) | ||||||||
Accrued interest | 242,337 | 2,765,737 | 265,398 | 2,806,717 | ||||||||||||
Effect of foreign exchange effect | 1,149,736 | 13,755,162 | 1,604,703 | 18,971,692 | ||||||||||||
VAT unpaid installments | 11,009 | - | 21,766 | - | ||||||||||||
Proceeds from loans | - | - | - | 1,431,939 | ||||||||||||
Acquisition of notes result | - | (399,356 | ) | - | - | |||||||||||
Payment of loans(1) | (190,969 | ) | (1,354,111 | ) | (228,701 | ) | - | |||||||||
Payment of redemption of loans | - | (999,811 | ) | - | - | |||||||||||
Interest paid(2) | (280,934 | ) | (2,747,121 | ) | (216,687 | ) | (2,755,581 | ) | ||||||||
Ending balance | 2,892,682 | 40,976,742 | 3,236,657 | 42,483,169 |
2017 | 2016 | |||||||
Beginning balance | 3,917,000 | 3,335,192 | ||||||
Accrued interest | 381,390 | 362,127 | ||||||
Effect of foreign exchange rate change | 500,729 | 710,651 | ||||||
VAT unpaid installments | 4,883 | - | ||||||
Financial leasing | - | 750,389 | ||||||
Payment of principal (1) | (78,384 | ) | (916,490 | ) | ||||
Interest paid (2) | (226,588 | ) | (324,869 | ) | ||||
Ending balance | 4,499,030 | 3,917,000 |
To due | ||||||||||||||||||||||||||||
Due at 12/31/2020 | From 1/01/2021 to 12/31/2021 | From 1/01/2022 to 12/31/2022 | From 1/01/2023 to 12/31/2023 | From 1/01/2024 to 12/31/2024 | From 1/01/2025 onwards | Total | ||||||||||||||||||||||
2018 Notes | - | 456,697 | - | - | - | 40,520,045 | 40,976,742 | |||||||||||||||||||||
Financial Leasing | 63,526 | 416,543 | 451,566 | 489,482 | 530,581 | 940,984 | 2,892,682 | |||||||||||||||||||||
Total | 63,526 | 873,240 | 451,566 | 489,482 | 530,581 | 41,461,029 | 43,869,424 |
From 1/01/2022 to 12/31/2022 | 629,526 | |||
From 1/01/2023 to 12/31/2023 | 629,526 | |||
From 1/01/2024 to 12/31/2024 | 629,526 | |||
From 1/01/2025 onwards | ||||
Total minimum future payments | ||||
Future financial charges on | ( | ) | ||
Book |
Amount in U.S.$ | ||
Interest | ||
Issuance price | 99.725% | |
Scheduled payment | Percentage of | |
Amortization | May | |
Frequency of interest payment | November | |
Guarantor | None |
Amount in US$ | 17,000,000 | |
Interest Rate | LIBOR + 1.95% | |
Scheduled payment date | Percentage of the principal to be paid | |
Amortization | March 4, 2020 | 100% |
Frecuency of interest payment | Monthly, payable on December 4,2019, January 6, 2020, February 4, 2020 and March 4, 2020 | |
Guarantor | US Treasury bills * |
14. | INCOME TAX AND DEFERRED TAX |
2020 | 2019 | 2018 | ||||||||||
Current income tax | (3,439,545 | ) | (3,651,647 | ) | (6,698,265 | ) | ||||||
Special revaluation tax | - | - | (2,194,810 | ) | ||||||||
Deferred income tax | (964,878 | ) | (1,826,938 | ) | 8,865,492 | |||||||
Total income tax | (4,404,423 | ) | (5,478,585 | ) | (27,583 | ) |
2017 | 2016 | 2015 | ||||||||||
Estimated current income tax (expense) / gain | (1,498,885 | ) | (482,721 | ) | 68,626 | |||||||
Deferred income tax | 143,855 | (6,583 | ) | 44,927 | ||||||||
Income tax (expense) / gain | (1,355,030 | ) | (489,304 | ) | 113,553 |
2017 | 2016 | 2020 | 2019 | |||||||||||||
Deferred tax assets: | ||||||||||||||||
Deferred tax assets to be recovered after more than 12 months | 276,751 | 375,430 | 1,250,309 | 1,356,732 | ||||||||||||
Deferred tax assets to be recovered after less than 12 months | 26,880 | 12,184 | 372,361 | 372,055 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||||
Deferred tax liabilities to be recovered after more than 12 months | (522,764 | ) | (791,823 | ) | (8,828,384 | ) | (8,172,277 | ) | ||||||||
Deferred tax liabilities to be recovered after less than 12 months | (53,729 | ) | (12,507 | ) | (242,878 | ) | (40,224 | ) | ||||||||
Deferred tax liabilities, net | (272,862 | ) | (416,716 | ) | (7,448,592 | ) | (6,483,714 | ) |
Deferred tax assets | Allowance for doubtful accounts | Tax credits discounted value loss | Account receivables discounted value | Provisions for legal claims and other provisions | Financial lease | Income tax loss carryforward | Total | Other receivables | Allowance for doubtful accounts | Tax credits discounted value loss | Account receivables discounted value | Provisions for legal claims and other provisions | Financial lease | Contract liabilities | Tax loss carryforward | Tax inflation adjustment | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2015 | 1,218 | 5,261 | 38 | 71,360 | - | 58,936 | 136,813 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2018 | - | - | 811 | 4,761 | 211,326 | 853,576 | 665,948 | - | - | 1,736,422 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge in results | 5,454 | (3,733 | ) | - | 26,846 | 281,170 | (58,936 | ) | 250,801 | - | 995 | (327 | ) | (3,766 | ) | (511 | ) | (36,365 | ) | 20,319 | - | 12,020 | (7,635 | ) | ||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2016 | 6,672 | 1,528 | 38 | 98,206 | 281,170 | - | 387,614 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2019 | - | 995 | 484 | 995 | 210,815 | 817,211 | 686,267 | - | 12,020 | 1,728,787 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge in results | (6,672 | ) | (1,528 | ) | (38 | ) | (21,784 | ) | (53,961 | ) | - | (83,983 | ) | 13,517 | (995 | ) | (484 | ) | (352 | ) | 12,320 | (89,081 | ) | (46,704 | ) | 944 | 4,718 | (106,117 | ) | |||||||||||||||||||||||||||||||||||||||
As of December 31, 2017 | - | - | - | 76,422 | 227,209 | - | 303,631 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2020 | 13,517 | - | - | 643 | 223,135 | 728,130 | 639,563 | 944 | 16,738 | 1,622,670 |
Deferred tax liabilities | Deferred sales | Loans | Property, plant and equipment | Cash and cash equivalents | Inventories | Total | ||||||||||||||||||
As of December 31, 2015 | 46 | (6,652 | ) | (539,622 | ) | (719 | ) | - | (546,947 | ) | ||||||||||||||
Charge in results | - | 1,900 | (252,201 | ) | (7,082 | ) | - | (257,383 | ) | |||||||||||||||
As of December 31, 2016 | 46 | (4,752 | ) | (791,823 | ) | (7,801 | ) | - | (804,330 | ) | ||||||||||||||
Charge in results | (46 | ) | 2,272 | 229,318 | (3,350 | ) | (357 | ) | 227,837 | |||||||||||||||
As of December 31, 2017 | - | (2,480 | ) | (562,505 | ) | (11,151 | ) | (357 | ) | (576,493 | ) |
Deferred tax liabilities | Deferred sales | Loans | Property, Plant and Equipment | Cash and cash equivalents | Inventaries | Other financial assets at amortized cost | Tax inflation adjustment | Total | ||||||||||||||||||||||||
As of December 31, 2018 | 5,945 | (65,093 | ) | (6,111,056 | ) | (198,776 | ) | (24,218 | ) | - | - | (6,393,198 | ) | |||||||||||||||||||
Charge in results | (5,945 | ) | 29,334 | 190,184 | 195,879 | (3,194 | ) | (2,538 | ) | (2,223,023 | ) | (1,819,303 | ) | |||||||||||||||||||
As of December 31, 2019 | - | (35,759 | ) | (5,920,872 | ) | (2,897 | ) | (27,412 | ) | (2,538 | ) | (2,223,023 | ) | (8,212,501 | ) | |||||||||||||||||
Charge in results | - | 15,815 | 693,689 | 1,861 | (6,112 | ) | (199,006 | ) | (1,365,008 | ) | (858,761 | ) | ||||||||||||||||||||
As of December 31, 2020 | - | (19,944 | ) | (5,227,183 | ) | (1,036 | ) | (33,524 | ) | (201,544 | ) | (3,588,031 | ) | (9,071,262 | ) |
2020 | 2019 | 2018 | ||||||||||
Pre tax income | 7,690,622 | 22,911,548 | 23,935,579 | |||||||||
Statutory income tax rate | 30 | % | 30 | % | 30 | % | ||||||
Pre tax income at statutory income tax rate | (2,307,187 | ) | (6,873,464 | ) | (7,180,674 | ) | ||||||
Tax effects due to: | ||||||||||||
- Restatement by inflation | 2,095,061 | 2,776,728 | 505,544 | |||||||||
- Unrecognized tax loss carryforward (1) | (2,036,579 | ) | - | - | ||||||||
- Special revalution tax | - | - | (2,194,810 | ) | ||||||||
- Adjustment affidavit previous year | (9,073 | ) | 186,024 | (632 | ) | |||||||
- Tax revaluation benefit | - | - | 8,778,172 | |||||||||
- Tax inflation adjustment | (2,775,060 | ) | (2,720,752 | ) | - | |||||||
- Others | 628,415 | 1,152,879 | 64,817 | |||||||||
Total income tax | (4,404,423 | ) | (5,478,585 | ) | (27,583 | ) |
2017 | 2016 | 2015 | ||||||||||
Pre-tax income | 4,148,296 | 1,419,982 | (285,662 | ) | ||||||||
Statutory income tax rate | 35 | % | 35 | % | 35 | % | ||||||
Pre-tax income at statutory income tax rate | (1,451,904 | ) | (496,994 | ) | 99,982 | |||||||
Tax effects due to: | ||||||||||||
-Change in the tax rate (1) | 102,634 | - | - | |||||||||
-Non-taxable income or non-deductible expenses | (5,316 | ) | 7,690 | 13,571 | ||||||||
-Others | (444 | ) | - | - | ||||||||
Income tax expense | (1,355,030 | ) | (489,304 | ) | 113,553 |
15. | PROVISIONS |
For legal claims and others | ||||||
Balances as of 12/31/2018 | 777,331 | |||||
Inflation adjustment restatement | (328,158 | ) | ||||
Additions | 370,952 | (1) | ||||
Uses | (10,333 | ) | ||||
Decreases | (7,763 | ) | (2) | |||
Balances as of 12/31/2019 | 802,029 | |||||
Inflation adjustment restatement | (258,394 | ) | ||||
Additions | 325,140 | (3) | ||||
Uses | (8,073 | ) | ||||
Decreases | 0 | (2) | ||||
Balances as of 12/31/2020 | 860,702 |
FINANCIAL RISK MANAGEMENT |
Net liability position in US$ | 12/31/2017 | 12/31/2016 | 12/31/2015 | |||||||||
U.S. dollars | (93,366 | ) | (192,574 | ) | (186,754 | ) | ||||||
Total | (93,366 | ) | (192,574 | ) | (186,754 | ) | ||||||
Decrease of financial results in Ps. | ||||||||||||
Pesos | 176,045 | 306,961 | 244,418 | |||||||||
Total | 176,045 | 306,961 | 244,418 |
Financial assets (1) | Financial liabilities (2) | Financial assets (1) | Financial liabilities (2) | |||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Fix interest rate | 2,097,766 | - | 3,607,665 | 3,068,819 | 16,108,712 | 11,776,641 | 40,976,742 | 41,092,728 | ||||||||||||||||||||||||
Variable interest rate | 21,584 | 39,465 | - | - | 3,179,938 | 1,413,687 | - | 1,390,438 | ||||||||||||||||||||||||
Total | 2,119,350 | 39,465 | 3,607,665 | 3,068,819 | 19,288,650 | 13,190,328 | 40,976,742 | 42,483,166 |
16.1.3 Commodity price risk |
On July 23, 2018 TGS entered into an agreement with a recognized financial institution to hedge propane, butane and natural gasoline export prices (put contracts), with the objective of offsetting potential losses that could be generated in the event that export prices fall below breakeven prices (those that equal costs). Such agreement was effective between October 2018 and April 2020, according to the following monthly short tons:
In order to arrange such operation, the Company paid a premium of U.S.$ 3 million, which was classified as a financial asset measured at fair value through profit or loss, being recorded under “Derivative financial instruments”. The Company has not designated those instruments for the application of hedge accounting in accordance with the provisions of IFRS 9. As of December 31, 2020, the Company does not hold derivative financial instruments. As of December 31, 2019, the balance is Ps. 373,058 and is recorded under "Derivative financial instruments". 16.1.4 Credit risk |
2017 | 2016 | |||||||
Current trade receivables | 2,033,540 | 1,246,142 | ||||||
Non-current trade receivables | 3,055 | 8,122 | ||||||
Allowances for doubtful accounts (1) | - | (19,703 | ) | |||||
Total | 2,036,595 | 1,234,561 |
2017 | 2016 | 2015 | ||||||||||||||||||
Revenues | Trade receivables | Revenues | Trade receivables | Revenues | ||||||||||||||||
MetroGas | 1,188,059 | 209,426 | 597,041 | 70,319 | 268,626 | |||||||||||||||
Camuzzi Gas Pampeana S.A. | 873,176 | 153,163 | 358,756 | 51,908 | 154,209 | |||||||||||||||
Gas Natural BAN S.A. ("BAN") | 627,356 | 116,946 | 268,043 | 38,635 | 110,259 | |||||||||||||||
CAMMESA | 545,023 | 157,252 | 335,751 | 16,920 | - | |||||||||||||||
Pampa Energía | 28,643 | 882 | 27,353 | 5,943 | 27,681 | |||||||||||||||
Camuzzi Gas del Sur S.A. | 192,200 | 31,372 | 58,056 | 50,001 | 36,614 |
2017 | 2016 | 2015 | ||||||||||||||||||
Revenues | Trade receivables | Revenues | Trade receivables | Revenues | ||||||||||||||||
Polisur | 2,226,179 | 352,632 | 1,949,460 | 223,938 | 1,298,152 | |||||||||||||||
Petredec | 910,633 | 293,890 | - | - | 254,061 | |||||||||||||||
Petroleo Brasileiro | 62,254 | - | 513,912 | 57,335 | 95,618 | |||||||||||||||
Petrobras Global | - | - | - | - | 44,058 | |||||||||||||||
Braskem Netherlands B.V. | - | - | 19,706 | - | 135,971 | |||||||||||||||
Trafigura Beheer B.V. | - | - | - | - | 159,911 | |||||||||||||||
Geogas Trading S.A. | 324,540 | 54,014 | 460,234 | 125,303 | 112,392 | |||||||||||||||
Shell Trading (US) Company | 892,086 | - | - | - | - |
2020 | 2019 | |||||||
Current trade receivables | 6,279,974 | 8,997,144 | ||||||
Allowances for doubful accounts | (132,521 | ) | (183,730 | ) | ||||
Total | 6,147,453 | 8,813,414 |
2020 | 2019 | 2018 | ||||||||||||||||||
Revenues | Trade receivables | Revenues | Trade receivables | Revenues | ||||||||||||||||
MetroGas | 5,894,110 | 1,441,808 | 7,963,051 | 1,986,849 | 6,749,054 | |||||||||||||||
Camuzzi Gas Pampeana S.A. | 4,358,139 | 706,139 | 5,926,232 | 992,651 | 5,013,132 | |||||||||||||||
Naturgy Argentina | 3,523,002 | 313,536 | 4,759,550 | 772,501 | 4,045,276 | |||||||||||||||
CAMMESA | 2,342,531 | 666,127 | 1,821,557 | 280,998 | 2,801,553 | |||||||||||||||
Pampa Energía | 841,274 | 306,995 | 1,094,039 | 351,252 | 920,555 | |||||||||||||||
Camuzzi Gas del Sur S.A. | 1,042,980 | 146,965 | 1,464,524 | 205,352 | 1,119,315 |
2020 | 2019 | 2018 | ||||||||||||||||||
Revenues | Trade receivables | Revenues | Trade receivables | Revenues | ||||||||||||||||
PBB Polisur | 9,303,676 | 777,791 | 8,628,893 | 1,145,402 | 11,031,223 | |||||||||||||||
Petredec | 691,227 | - | 1,365,850 | - | 1,798,666 | |||||||||||||||
Geogas Trading S.A. | 287,550 | - | 2,303,376 | 511,512 | 2,308,545 | |||||||||||||||
Italgas S.A. | 396,307 | - | - | - | - | |||||||||||||||
YPF | 973,411 | 42,364 | 1,686,921 | 36,079 | 992,619 | |||||||||||||||
Petrobras Global Trading BV | 4,510,924 | 284,089 | 6,053,139 | 540,712 | 3,652,024 |
December 31-2017 | ||||||||||||
Cash and cash equivalents | Other financial assets | Receivables (1) (2) | ||||||||||
Without specified maturity | 1,993,355 | - | 464 | |||||||||
With specified maturity | ||||||||||||
Overdue | ||||||||||||
Until 12-31-2016 | - | - | 2,025 | |||||||||
From 01-01-17 to 03-31-17 | - | - | 137 | |||||||||
From 04-01-17 to 06-30-17 | - | - | 1,786 | |||||||||
From 07-01-17 to 09-30-17 | - | - | 12,690 | |||||||||
From 10-01-17 to 12-31-17 | - | - | 149,097 | |||||||||
Total overdue | - | - | 165,735 | |||||||||
Non-Due | ||||||||||||
From 01-01-18 to 03-31-18 | 659,448 | 400,639 | 2,043,919 | |||||||||
From 04-01-18 to 06-30-18 | - | 1,038,397 | 2,508 | |||||||||
From 07-01-18 to 09-30-18 | - | 225,020 | 2,159 | |||||||||
From 10-01-18 to 12-31-18 | - | 1,495 | 2,600 | |||||||||
During 2019 | - | 5,714 | 11,937 | |||||||||
During 2020 | - | 3,355 | - | |||||||||
During 2021 | - | 3,044 | - | |||||||||
During 2022 | - | 1,911 | - | |||||||||
From 2023 onwards | - | 555 | - | |||||||||
Total non-due | 659,448 | 1,680,130 | 2,063,123 | |||||||||
Total with specified maturity | 659,448 | 1,680,130 | 2,228,858 | |||||||||
Total | 2,652,803 | 1,680,130 | 2,229,322 |
December 31, 2020 | ||||||||||||
Cash and cash equivalents | Other financial assets | Credits (1) (2) | ||||||||||
Without specified maturity | 4,653,406 | 2,120,788 | 39,334 | |||||||||
With specified maturity | ||||||||||||
Overdue | ||||||||||||
Until 12-31-2019 | - | - | 137,271 | |||||||||
From 01-01-20 to 03-31-20 | - | - | 753 | |||||||||
From 04-01-20 to 06-30-20 | - | - | 447 | |||||||||
From 07-01-20 to 09-30-20 | - | - | 23,435 | |||||||||
From 10-01-20 to 12-31-20 | - | - | 2,153,580 | |||||||||
Total overdue | - | - | 2,315,486 | |||||||||
Non-due | ||||||||||||
From 01-01-21 to 03-31-21 | - | 775 | 4,320,035 | |||||||||
From 04-01-21 to 06-30-21 | - | 775 | 124,094 | |||||||||
From 07-01-21 to 09-30-21 | - | 775 | 78,774 | |||||||||
From 10-01-21 to 12-31-21 | - | 15,994 | 76,053 | |||||||||
During 2022 | - | 13,758,563 | 6,943 | |||||||||
During 2023 | - | 449 | - | |||||||||
During 2024 | - | - | - | |||||||||
During 2025 | - | - | - | |||||||||
From 2026 onwards | - | - | - | |||||||||
Total non-due | - | 13,777,331 | 4,605,899 | |||||||||
Total with specified maturity | - | 13,777,331 | 6,921,385 | |||||||||
Total | 4,653,406 | 15,898,119 | 6,960,719 |
December 31-2016 | ||||||||||||
Cash and cash equivalents | Other financial assets | Receivables (1) (2) | ||||||||||
Without specified maturity | 724,725 | - | 461 | |||||||||
With specified maturity | ||||||||||||
Overdue | ||||||||||||
Until 12-31-2015 | - | - | 37,023 | |||||||||
From 01-01-16 to 03-31-16 | - | - | 2,274 | |||||||||
From 04-01-16 to 06-30-16 | - | - | 8,224 | |||||||||
From 07-01-16 to 09-30-16 | - | - | 21,209 | |||||||||
From 10-01-16 to 12-31-16 | - | - | 235,656 | |||||||||
Total overdue | - | - | 304,386 | |||||||||
Non-Due | ||||||||||||
From 01-01-17 to 03-31-17 | 830,364 | 13,877 | 1,102,024 | |||||||||
From 04-01-17 to 06-30-17 | - | 13,877 | 5,704 | |||||||||
From 07-01-17 to 09-30-17 | - | 13,877 | 1,546 | |||||||||
From 10-01-17 to 12-31-17 | - | 13,877 | 1,501 | |||||||||
During 2018 | - | 142,872 | 11,893 | |||||||||
During 2019 | - | - | 2,547 | |||||||||
During 2020 | - | - | - | |||||||||
During 2021 | - | - | - | |||||||||
From 2022 onwards | - | - | - | |||||||||
Total non-due | 830,364 | 198,380 | 1,125,215 | |||||||||
Total with specified maturity | 830,364 | 198,380 | 1,429,601 | |||||||||
Total | 1,555,089 | 198,380 | 1,430,062 |
December 31, 2019 | ||||||||||||
Cash and cash equivalents | Other financial assets | Credits (1) (2) | ||||||||||
Without specified maturity | 13,138,638 | - | 29,416 | |||||||||
With specified maturity | ||||||||||||
Overdue | ||||||||||||
Until 12-31-2018 | - | - | 196,854 | |||||||||
From 01-01-19 to 03-31-19 | - | - | 2,094 | |||||||||
From 04-01-19 to 06-30-19 | - | - | 5,779 | |||||||||
From 07-01-19 to 09-30-19 | - | - | 468,088 | |||||||||
From 10-01-19 to 12-31-19 | - | - | 1,077,598 | |||||||||
Total overdue | - | - | 1,750,413 | |||||||||
Non-due | ||||||||||||
From 01-01-20 to 03-31-20 | 155,764 | 1,791,120 | 7,177,308 | |||||||||
From 04-01-20 to 06-30-20 | - | 1,084 | 657,055 | |||||||||
From 07-01-20 to 09-30-20 | - | 1,055 | 11,034 | |||||||||
From 10-01-20 to 12-31-20 | - | 1,052 | 13,739 | |||||||||
During 2021 | - | 4,143 | 9,452 | |||||||||
During 2022 | - | 2,602 | - | |||||||||
During 2023 | - | 611 | - | |||||||||
During 2024 | - | - | - | |||||||||
From 2025 onwards | - | - | - | |||||||||
Total non-due | 155,764 | 1,801,667 | 7,868,588 | |||||||||
Total with specified maturity | 155,764 | 1,801,667 | 9,619,001 | |||||||||
Total | 13,294,402 | 1,801,667 | 9,648,417 |
December 31, 2017 | ||||||||||||
Loans | Other financial liabilities | Financial Leases | ||||||||||
Without specified maturity | - | - | - | |||||||||
With specified maturity | ||||||||||||
Overdue | ||||||||||||
Until 12-31-2016 | - | 74,183 | - | |||||||||
From 01-01-17 to 03-31-17 | - | 311 | - | |||||||||
From 04-01-17 to 06-30-17 | - | 311 | - | |||||||||
From 07-01-17 to 09-30-17 | - | 311 | - | |||||||||
From 10-01-17 to 12-31-17 | - | 311 | 28,138 | |||||||||
Total overdue | - | 75,427 | 28,138 | |||||||||
Non-Due | ||||||||||||
From 01-01-18 to 03-31-18 | - | 1,558,120 | 34,874 | |||||||||
From 04-01-18 to 06-30-18 | 1,362,926 | 84,895 | 34,874 | |||||||||
From 07-01-18 to 09-30-18 | - | - | 34,874 | |||||||||
From 10-01-18 to 12-31-18 | 114,632 | - | 34,874 | |||||||||
During 2019 | 1,362,926 | - | 139,513 | |||||||||
During 2020 | 1,248,295 | - | 139,513 | |||||||||
During 2021 | - | - | 139,513 | |||||||||
During 2022 | - | - | 139,513 | |||||||||
From 2023 onwards | - | - | 501,901 | |||||||||
Total non-due | 4,088,779 | 1,643,015 | 1,199,449 | |||||||||
Total with specified maturity | 4,088,779 | 1,718,442 | 1,227,587 | |||||||||
Total | 4,088,779 | 1,718,442 | 1,227,587 |
December 31, 2020 | ||||||||||||
Loans | Other financial liabilities | Leases liabilities | ||||||||||
Without specified maturity | - | - | - | |||||||||
With specified maturity | ||||||||||||
Overdue | ||||||||||||
Until 12-31-2019 | - | 215,255 | - | |||||||||
From 01-01-20 to 03-31-20 | - | 311 | - | |||||||||
From 04-01-20 to 06-30-20 | - | 311 | - | |||||||||
From 07-01-20 to 09-30-20 | - | 311 | - | |||||||||
From 10-01-20 to 12-31-20 | - | 311 | 63,526 | |||||||||
Total overdue | - | 216,499 | 63,526 | |||||||||
Non-due | ||||||||||||
From 01-01-21 to 03-31-21 | - | 3,853,636 | 157,361 | |||||||||
From 04-01-21 to 06-30-21 | 1,420,031 | 14,644 | 157,361 | |||||||||
From 07-01-21 to 09-30-21 | - | - | 157,361 | |||||||||
From 10-01-21 to 12-31-21 | 1,420,031 | - | 157,361 | |||||||||
During 2022 | 2,840,063 | - | 629,526 | |||||||||
During 2023 | 2,840,063 | - | 629,526 | |||||||||
During 2024 | 2,840,063 | - | 629,526 | |||||||||
During 2025 | 43,419,769 | - | 629,526 | |||||||||
From 2026 onwards | - | - | 376,066 | |||||||||
Total non-due | 54,780,020 | 3,868,280 | 3,523,614 | |||||||||
Total with specified maturity | 54,780,020 | 4,084,779 | 3,587,140 | |||||||||
Total | 54,780,020 | 4,084,779 | 3,587,140 |
December 31, 2019 | ||||||||||||
Loans | Other financial liabilities | Financial leases | ||||||||||
Without specified maturity | - | - | - | |||||||||
With specified maturity | ||||||||||||
Overdue | ||||||||||||
Until 12-31-2018 | - | 178,111 | - | |||||||||
From 01-01-19 to 03-31-19 | - | 423 | - | |||||||||
From 04-01-19 to 06-30-19 | - | 423 | - | |||||||||
From 07-01-19 to 09-30-19 | - | 423 | - | |||||||||
From 10-01-19 to 12-31-19 | - | 423 | 123,021 | |||||||||
Total overdue | - | 179,803 | 123,021 | |||||||||
Non-due | ||||||||||||
From 01-01-20 to 03-31-20 | 1,398,847 | 5,098,543 | 152,469 | |||||||||
From 04-01-20 to 06-30-20 | 1,375,897 | 44,612 | 152,469 | |||||||||
From 07-01-20 to 09-30-20 | - | - | 152,469 | |||||||||
From 10-01-20 to 12-31-20 | 1,375,897 | - | 152,469 | |||||||||
During 2021 | 2,751,793 | - | 609,960 | |||||||||
During 2022 | 2,751,793 | - | 609,960 | |||||||||
During 2023 | 2,751,793 | - | 609,960 | |||||||||
During 2024 | 2,751,793 | - | 609,960 | |||||||||
From 2025 onwards | 42,143,192 | - | 974,339 | |||||||||
Total non-due | 57,301,005 | 5,143,155 | 4,024,055 | |||||||||
Total with specified maturity | 57,301,005 | 5,322,958 | 4,147,076 | |||||||||
Total | 57,301,005 | 5,322,958 | 4,147,076 |
December 31, 2016 | ||||||||||||
Loans | Other financial liabilities | Financial Leases | ||||||||||
Without specified maturity | - | - | - | |||||||||
With specified maturity | ||||||||||||
Overdue | ||||||||||||
Until 12-31-2015 | - | 56,664 | - | |||||||||
From 01-01-16 to 03-31-16 | - | 311 | - | |||||||||
From 04-01-16 to 06-30-16 | - | 311 | - | |||||||||
From 07-01-16 to 09-30-16 | - | 311 | - | |||||||||
From 10-01-16 to 12-31-16 | - | 311 | - | |||||||||
Total overdue | - | 57,908 | - | |||||||||
Non-Due | ||||||||||||
From 01-01-17 to 03-31-17 | 1,092 | 984,988 | 75,732 | |||||||||
From 04-01-17 to 06-30-17 | 146,873 | 50,447 | 29,714 | |||||||||
From 07-01-17 to 09-30-17 | - | - | 29,714 | |||||||||
From 10-01-17 to 12-31-17 | 146,509 | - | 29,714 | |||||||||
During 2018 | 965,945 | - | 118,873 | |||||||||
During 2019 | 1,161,290 | - | 118,873 | |||||||||
During 2020 | 1,063,617 | - | 118,873 | |||||||||
During 2021 | - | - | 665,410 | |||||||||
From 2022 onwards | - | - | - | |||||||||
Total non-due | 3,485,326 | 1,035,435 | 1,186,904 | |||||||||
Total with specified maturity | 3,485,326 | 1,093,343 | 1,186,904 | |||||||||
Total | 3,485,326 | 1,093,343 | 1,186,904 |
2020 | 2019 | |||||||
Total debt (Note 13) | 43,869,424 | 45,719,826 | ||||||
Total equity | 66,026,644 | 65,461,118 | ||||||
Total capital | 109,896,068 | 111,180,944 | ||||||
Gearing Ratio | 0.40 | 0.40 |
2017 | 2016 | |||||||
Total Loans (note 13) | 4,499,030 | 3,917,000 | ||||||
Total Equity | 5,319,640 | 2,526,378 | ||||||
Total Capital | 9,818,670 | 6,443,378 | ||||||
Gearing ratio | 0.46 | 0.61 |
December 31, 2017 | December 31, 2020 | |||||||||||||||||||||||||||
Financial assets at fair value | Financial assets held to maturity | Loans and other receivables | Total | Financial assets at fair value | Financial assets at amortized cost | Total | ||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||||||
Trade receivables | - | - | 2,033,540 | 2,033,540 | - | 6,147,453 | 6,147,453 | |||||||||||||||||||||
Other receivables | - | - | 183,185 | 183,185 | - | 673,142 | 673,142 | |||||||||||||||||||||
Other financial assets at amortized cost | - | 1,438,317 | 7,111 | 1,445,428 | - | �� | 18,319 | 18,319 | ||||||||||||||||||||
Other financial assets at fair value through profit or loss | 220,229 | - | - | 220,229 | 2,120,788 | - | 2,120,788 | |||||||||||||||||||||
Cash and cash equivalents | 1,327,974 | - | 1,324,829 | 2,652,803 | 3,176,316 | 1,477,090 | 4,653,406 | |||||||||||||||||||||
Total current assets | 1,548,203 | 1,438,317 | 3,548,665 | 6,535,185 | 5,297,104 | 8,316,004 | 13,613,108 | |||||||||||||||||||||
NON-CURRENT ASSETS | ||||||||||||||||||||||||||||
Trade receivables | - | - | 3,055 | 3,055 | ||||||||||||||||||||||||
Other receivables | - | - | 9,542 | 9,542 | - | 7,603 | 7,603 | |||||||||||||||||||||
Other financial assets at amortized cost | - | - | 14,473 | 14,473 | - | 13,759,012 | 13,759,012 | |||||||||||||||||||||
Total non-current assets | - | - | 27,070 | 27,070 | - | 13,766,615 | 13,766,615 | |||||||||||||||||||||
Total assets | 1,548,203 | 1,438,317 | 3,575,735 | 6,562,255 | 5,297,104 | 22,082,619 | 27,379,723 |
Financial liabilities at fair value | Other financial liabilities | Total | Financial liabilities at fair value | Other financial liabilities | Total | |||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Trade payables | - | 1,453,303 | 1,453,303 | - | 2,803,596 | 2,803,596 | ||||||||||||||||||
Loans | - | 1,329,270 | 1,329,270 | - | 936,766 | 936,766 | ||||||||||||||||||
Payroll and social security taxes payables | - | 191,657 | 191,657 | - | 991,669 | 991,669 | ||||||||||||||||||
Other payables | - | 33,547 | 33,547 | - | 301,974 | 301,974 | ||||||||||||||||||
Total pasivo corriente | - | 3,007,777 | 3,007,777 | |||||||||||||||||||||
Total current liabilities | - | 5,034,005 | 5,034,005 | |||||||||||||||||||||
NON-CURRENT LIABILITIES | ||||||||||||||||||||||||
Loans | - | 3,169,760 | 3,169,760 | - | 42,932,658 | 42,932,658 | ||||||||||||||||||
Total non-current liabilities | - | 3,169,760 | 3,169,760 | - | 42,932,658 | 42,932,658 | ||||||||||||||||||
Total liabilities | - | 6,177,537 | 6,177,537 | - | 47,966,663 | 47,966,663 |
2019 | ||||||||||||
Financial assets at fair value | Financial assets at amortirzed cost | Total | ||||||||||
CURRENT ASSETS | ||||||||||||
Trade receivables | - | 8,813,414 | 8,813,414 | |||||||||
Other receivables | - | 644,239 | 644,239 | |||||||||
Derivative financial instruments | 373,058 | - | 373,058 | |||||||||
Other financial assets at amortized cost | - | 1,421,253 | 1,421,253 | |||||||||
Cash and cash equivalents | 1,401,763 | 11,892,639 | 13,294,402 | |||||||||
Total current assets | 1,774,821 | 22,771,545 | 24,546,366 | |||||||||
NON-CURRENT ASSETS | ||||||||||||
Other receivables | - | 10,351 | 10,351 | |||||||||
Other financial assets at amortized cost | - | 7,356 | 7,356 | |||||||||
Total non-current assets | - | 17,707 | 17,707 | |||||||||
Total assets | 1,774,821 | 22,789,252 | 24,564,073 |
Financial liabilities at fair value | Other financial liabilities | Total | ||||||||||
CURRENT LIABILITIES | ||||||||||||
Trade payables | - | 5,600,240 | 5,600,240 | |||||||||
Loans | - | 2,344,459 | 2,344,459 | |||||||||
Payroll and social security taxes payables | - | 726,306 | 726,306 | |||||||||
Other payables | - | 391,621 | 391,621 | |||||||||
Total current liabilities | - | 9,062,626 | 9,062,626 | |||||||||
NON-CURRENT LIABILITIES | ||||||||||||
Loans | - | 43,375,367 | 43,375,367 | |||||||||
Total non-current liabilities | - | 43,375,367 | 43,375,367 | |||||||||
Total liabilities | - | 52,437,993 | 52,437,993 |
December 31, 2016 | ||||||||||||||||
Financial assets at fair value | Financial assets held to maturity | Loans and other receivables | Total | |||||||||||||
CURRENT ASSETS | ||||||||||||||||
Trade receivables | - | - | 1,226,439 | 1,226,439 | ||||||||||||
Other receivables | - | - | 169,019 | 169,019 | ||||||||||||
Other financial assets at amortized cost | - | - | 14,900 | 14,900 | ||||||||||||
Other financial assets at fair value through profit or loss | 55,508 | - | - | 55,508 | ||||||||||||
Cash and cash equivalents | 901,680 | - | 653,409 | 1,555,089 | ||||||||||||
Total current assets | 957,188 | - | 2,063,767 | 3,020,955 | ||||||||||||
NON-CURRENT ASSETS | ||||||||||||||||
Trade receivables | - | - | 8,122 | 8,122 | ||||||||||||
Other receivables | - | - | 6,779 | 6,779 | ||||||||||||
Other financial assets at amortized cost | 21,584 | 21,584 | ||||||||||||||
Other financial assets at fair value through profit or loss | 142,872 | - | - | 142,872 | ||||||||||||
Total non-current assets | 142,872 | - | 36,485 | 179,357 | ||||||||||||
Total assets | 1,100,060 | - | 2,100,252 | 3,200,312 |
Financial liabilities at fair value | Other financial liabilities | Total | ||||||||||
CURRENT LIABILITIES | ||||||||||||
Trade payables | - | 961,248 | 961,248 | |||||||||
Loans | - | 145,396 | 145,396 | |||||||||
Payroll and social security taxes payables | - | 134,772 | 134,772 | |||||||||
Other payables | - | 3,816 | 3,816 | |||||||||
Total current liabilities | - | 1,245,232 | 1,245,232 | |||||||||
NON-CURRENT LIABILITIES | ||||||||||||
Loans | - | 3,771,604 | 3,771,604 | |||||||||
Total non-current liabilities | - | 3,771,604 | 3,771,604 | |||||||||
Total liabilities | - | 5,016,836 | 5,016,836 |
16.2.2 Fair value measurement hierarchy and estimates |
December 31, 2017 | As of December 31, 2020 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Financial assets at fair value | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | 1,327,974 | - | - | 1,327,974 | 3,176,316 | - | - | 3,176,316 | ||||||||||||||||||||||||
Other non-current financial assets at fair value through profit or loss | 220,229 | - | - | 220,229 | ||||||||||||||||||||||||||||
Other financial assets at fair value through profit or loss | 2,120,788 | - | - | 2,120,788 | ||||||||||||||||||||||||||||
Total | 1,548,203 | - | - | 1,548,203 | 5,297,104 | - | - | 5,297,104 |
December 31, 2016 | As of December 31, 2019 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Financial assets at fair value | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | 901,680 | - | - | 901,680 | 1,401,763 | - | - | 1,401,763 | ||||||||||||||||||||||||
Other current financial assets at fair value through profit or loss | 55,508 | - | - | 55,508 | ||||||||||||||||||||||||||||
Other non-current financial assets at fair value through profit or loss | 142,872 | - | - | 142,872 | ||||||||||||||||||||||||||||
Derivative financial instruments | - | 373,058 | - | 373,058 | ||||||||||||||||||||||||||||
Total | 1,100,060 | - | - | 1,100,060 | 1,401,763 | 373,058 | - | 1,774,821 |
2014 Notes | ||||||||
2017 | 2016 | |||||||
Carrying amount | 3,607,665 | 3,067,353 | ||||||
Fair Value | 3,833,046 | 3,275,135 |
As of December 31, 2020 | ||||||||
Carrying amount | Fair value | |||||||
2018 Notes | 40,976,742 | 37,583,947 |
17. | REGULATORY FRAMEWORK |
i) the net book value of the essential assets determined on the basis of the price paid by the acquiring joint arrangements, and the original cost of subsequent investments carried in US dollars and adjusted by the PPI, net of accumulated depreciation according to the calculation rules to be determined by ENARGAS; or |
18. | ASSETS AND LIABILITIES IN FORREIGN CURRENCY |
2020 | 2019 | ||||||||||||||||||||||
Foreign currency and amount (in thousands) | Exchange rate | Amount in localcurrency | Foreign currency and amount (in thousands) | Amount in local currency | |||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | US$ | 45,454 | 83.950 | (1) | 3,815,863 | US$ | 143,920 | 11,695,273 | |||||||||||||||
Derivative financial instruments | US$ | - | 83.950 | (1) | - | US$ | 4,591 | 373,058 | |||||||||||||||
Other financial assets at amortized cost | US$ | 182 | 83.950 | (1) | 15,279 | 17,433 | 1,416,686 | ||||||||||||||||
Other financial assets at fair value through profit or loss | US$ | 25,263 | 83.950 | (1) | 2,120,788 | - | - | ||||||||||||||||
Trade receivables | US$ | 23,262 | 83.950 | (1) | 1,952,845 | US$ | 43,091 | 3,501,675 | |||||||||||||||
Other receivables | US$ | 2,214 | 83.950 | (1) | 185,865 | US$ | 325 | 26,410 | |||||||||||||||
Total current assets | US$ | 96,375 | 8,090,640 | US$ | 209,360 | 17,013,102 | |||||||||||||||||
NON CURRENT ASSETS | |||||||||||||||||||||||
Other financial assets at amortized cost | US$ | 163,858 | 83.950 | (1) | 13,755,917 | US$ | - | - | |||||||||||||||
Total non current assets | US$ | 163,858 | 13,755,917 | US$ | - | - | |||||||||||||||||
TOTAL ASSETS | US$ | 260,233 | 21,846,557 | US$ | 209,360 | 17,013,102 | |||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Trade payables | US$ | 21,730 | 84.150 | (2) | 1,828,580 | US$ | 59,595 | 4,859,055 | |||||||||||||||
Loans | US$ | 11,132 | 84.150 | (2) | 936,766 | US$ | 28,754 | 2,344,459 | |||||||||||||||
Contract liabilities | US$ | - | 84.150 | (2) | - | 990 | 80,708 | ||||||||||||||||
Total current liabilities | US$ | 32,862 | 2,765,346 | US$ | 89,339 | 7,284,222 | |||||||||||||||||
NON CURRENT LIABILITIES | |||||||||||||||||||||||
Loans | US$ | 510,192 | 84.150 | (2) | 42,932,658 | US$ | 531,987 | 43,375,367 | |||||||||||||||
Contract liabilities | US$ | 16,391 | 84.150 | (2) | - | 13,692 | 1,116,387 | ||||||||||||||||
Total non current liabilities | US$ | 526,583 | 42,932,658 | US$ | 545,679 | 44,491,754 | |||||||||||||||||
TOTAL LIABILITIES | US$ | 559,445 | 45,698,004 | US$ | 635,018 | 51,775,976 | |||||||||||||||||
(1) Buy exchange rate at the end of fiscal year | |||||||||||||||||||||||
(2) Sell exchange rate at the end of fiscal year | |||||||||||||||||||||||
US$: United States of America dollars |
19. | COMMON STOCK AND DIVIDENDS |
a) | Common stock structure and shares’ public offer |
Common Stock structure as of December 31, 2020 | ||||||||||||
Shares Class | Amount of common stock, subscribed, issued, paid in, and authorized for | |||||||||||
public offer | ||||||||||||
Common Shares Class | ||||||||||||
(Face value $ 1, 1 vote) | Outstandings shares | Treasury Shares | Common Stock | |||||||||
Class "A" | 405,192,594 | - | 405,192,594 | |||||||||
Class "B" | 347,568,464 | 41,734,225 | 389,302,689 | |||||||||
Total | 752,761,058 | 41,734,225 | 794,495,283 |
Common Stock structure as of December 31, 2019 | ||||||||||||
Shares Class | Amount of common stock, subscribed, issued, paid in, and authorized for | |||||||||||
public offer | ||||||||||||
Common Shares Class | ||||||||||||
(Face value $ 1, 1 vote) | Outstandings shares | Treasury Shares | Common Stock | |||||||||
Class "A" | 405,192,594 | - | 405,192,594 | |||||||||
Class "B" | 379,415,934 | 9,886,755 | 389,302,689 | |||||||||
Total | 784,608,528 | 9,886,755 | 794,495,283 |
b) | Acquisition of treasury shares |
c) | Dividends distribution |
d) |
LEGAL CLAIMS AND OTHER MATTERS |
a) | Turnover tax calculated on the natural gas price consumed by TGS |
b) | Action for annulment of ENARGAS Resolutions No. I-1,982/11 and No. I-1,991/11 (the “Resolutions”) |
c) | Recovery action of VAT and income tax |
d) | Turnover tax withholding in the Province of Buenos Aires |
e) | Environmental matters |
Others |
BALANCES AND TRANSACTIONS WITH RELATED COMPANIES |
2020 | 2019 | |||||||||||||||
Company | Accounts receivable | Accounts payable | Accounts receivable | Accounts payable | ||||||||||||
Controlling shareholder: | ||||||||||||||||
CIESA | - | - | 50 | - | ||||||||||||
Associate which exercises joint control on the controlling shareholder: | ||||||||||||||||
Pampa Energía (1) | 402,079 | 2,922,943 | 286,067 | 3,389,229 | ||||||||||||
Associate which exercises significant influence on the controlling shareholder: | ||||||||||||||||
Link | 4,121 | - | 909 | - | ||||||||||||
TGU | - | 13,394 | - | 12,980 | ||||||||||||
Other related companies: | ||||||||||||||||
SACDE Sociedad Argentina de Construcción (2) | - | - | 31,781 | - | ||||||||||||
Pampa Comercializadora S.A. | 6,951 | - | 59,688 | - | ||||||||||||
CT Barragán S.A. | 1,793 | - | 11,070 | - | ||||||||||||
Oleoductos del Valle S.A. | - | - | 4,558 | - | ||||||||||||
Central Piedra Buena S.A. | - | - | 18,114 | - | ||||||||||||
Transener S.A. | 30 | 33 | - | - | ||||||||||||
Total | 414,974 | 2,936,370 | 412,237 | 3,402,209 |
2017 | 2016 | |||||||||||||||
Sociedad | Accounts receivable | Accounts payable | Accounts receivable | Accounts payable | ||||||||||||
Controlling shareholder: | ||||||||||||||||
CIESA | 39 | - | 44 | - | ||||||||||||
Associate which exercises joint control on the controlling shareholder: | ||||||||||||||||
Pampa Energía (1) | 15,681 | 987,062 | 114,039 | 883,781 | ||||||||||||
Associate which exercises significant influence on the controlling shareholder: | ||||||||||||||||
Link | 520 | - | 425 | - | ||||||||||||
EGS | - | 460 | - | 602 | ||||||||||||
TGU | - | 2,968 | - | 2,529 | ||||||||||||
Other related companies: | ||||||||||||||||
Petrolera Pampa S.A. | - | - | - | 2,634 | ||||||||||||
Refinor | - | 3,534 | - | - | ||||||||||||
Pampa Comercializadora S.A. | 1,882 | - | 943 | - | ||||||||||||
Petrolera Entre Lomas S.A. | - | - | 17 | - | ||||||||||||
Oleoductos del Valle S.A. | 1,338 | - | 297 | - | ||||||||||||
Central Térmica Piedrabuena S.A. | 5,189 | - | 1,224 | - | ||||||||||||
Transener S.A. | 30 | - | 727 | - | ||||||||||||
Total | 24,679 | 994,024 | 117,716 | 889,546 |
Revenues | Costs | Financial results | ||||||||||||||||||||||||||
Company | Natural Gas Transportation | Production and commercialization of liquids | Other services | Gas purchase and others | Compensation for technical assistance | Revenues for administrative services | Interest expense | |||||||||||||||||||||
Controlling shareholder: | ||||||||||||||||||||||||||||
CIESA | - | - | - | - | - | 140 | - | |||||||||||||||||||||
Associate which exercises joint control on the controlling shareholder: | ||||||||||||||||||||||||||||
Pampa Energía | 841,274 | 1,049,966 | 614,644 | 160,067 | 1,430,462 | - | 242,337 | |||||||||||||||||||||
Associates with significant influence: | ||||||||||||||||||||||||||||
Link | - | - | 19,562 | - | - | - | - | |||||||||||||||||||||
Other related companies: | ||||||||||||||||||||||||||||
Oleoductos del Valle S.A. | 25,768 | - | - | - | - | - | - | |||||||||||||||||||||
Transener S.A. | - | - | 352 | - | - | - | - | |||||||||||||||||||||
Petrolera Entre Lomas S.A. | 2,475 | - | 8,934 | - | - | - | - | |||||||||||||||||||||
Pampa Comercializadora S.A. | 112,774 | - | - | - | - | - | - | |||||||||||||||||||||
Central Piedra Buena S.A. | 1,745 | - | - | - | - | - | - | |||||||||||||||||||||
Experta ART | - | - | - | 25,429 | - | - | - | |||||||||||||||||||||
Total | 984,036 | 1,049,966 | 643,492 | 185,496 | 1,430,462 | 140 | 242,337 |
Revenues | Costs | Financial results | ||||||||||||||||||||||||||
Company | Natural Gas Transportation | Production and commercialization of liquids | Other services | Gas purchase and others | Compensation for technical assistance | Revenues for administrative services | Interest expense | |||||||||||||||||||||
Controlling shareholder: | ||||||||||||||||||||||||||||
CIESA | - | - | - | - | - | 199 | - | |||||||||||||||||||||
Associate which exercises joint control on the controlling shareholder: | ||||||||||||||||||||||||||||
Pampa Energía | 1,094,039 | 366,914 | 366,206 | 783,975 | 1,558,506 | - | 265,398 | |||||||||||||||||||||
Associates with significant influence: | ||||||||||||||||||||||||||||
Link | - | - | 19,159 | - | - | - | - | |||||||||||||||||||||
Other related companies: | ||||||||||||||||||||||||||||
Oleoductos del Valle S.A. | 7,446 | - | - | - | - | - | - | |||||||||||||||||||||
Pampa Comercializadora S.A. | 70,863 | - | - | - | - | - | - | |||||||||||||||||||||
Central Térmica Piedrabuena S.A. | 165,230 | - | - | - | - | - | - | |||||||||||||||||||||
Experta ART | - | - | - | 27,337 | - | - | - | |||||||||||||||||||||
Total | 1,337,578 | 366,914 | 385,365 | 811,312 | 1,558,506 | 199 | 265,398 |
Revenues | Costs | Financial Results | ||||||||||||||||||||||||||
Company | Natural Gas Transportation | Production and commercialization of liquids | Other services | Gas purchase and others | Compensation for technical assistance | Revenues for administrative services | Interests expenses | |||||||||||||||||||||
Controlling shareholder: | ||||||||||||||||||||||||||||
CIESA | - | - | - | - | - | 92 | - | |||||||||||||||||||||
Associate which exercises joint control on the controlling shareholder: | - | |||||||||||||||||||||||||||
Pampa Energía | 27,681 | 57,234 | 70,492 | 135,833 | 354,518 | - | 65,076 | |||||||||||||||||||||
Jointly control entity: | ||||||||||||||||||||||||||||
UT | - | - | - | - | - | 1,397 | - | |||||||||||||||||||||
Associates with significant influence: | ||||||||||||||||||||||||||||
Link | - | - | 4,587 | - | - | - | - | |||||||||||||||||||||
Other related companies: | ||||||||||||||||||||||||||||
Petrolera Pampa S.A. | - | - | - | 24,850 | - | - | - | |||||||||||||||||||||
Refinor S.A. | - | - | - | 3,534 | - | - | - | |||||||||||||||||||||
Petrolera Entre Lomas S.A. | - | - | - | 11,017 | - | - | - | |||||||||||||||||||||
Oleoductos del Valle S.A. | 4,618 | - | 958 | - | - | - | - | |||||||||||||||||||||
Pampa Comercializadora S.A. | 6,647 | - | - | - | - | - | - | |||||||||||||||||||||
Central Térmica Piedrabuena S.A. | 11,031 | - | - | - | - | - | - | |||||||||||||||||||||
Central Térmica Loma La Lata S.A. | - | - | 244 | - | - | - | - | |||||||||||||||||||||
Experta ART | - | - | - | 7,326 | - | - | - | |||||||||||||||||||||
Total | 49,977 | 57,234 | 76,281 | 182,560 | 354,518 | 1,489 | 65,076 |
Revenues | Costs | Financial Results | ||||||||||||||||||||||||||
Company | Natural Gas Transportation | Production and commercialization of liquids | Other services | Gas purchase and others | Compensation for technical assistance | Revenues for administrative services | Interests expenses | |||||||||||||||||||||
Controlling shareholder: | ||||||||||||||||||||||||||||
CIESA | - | - | - | - | - | 122 | - | |||||||||||||||||||||
Associate which exercises joint control on the controlling shareholder: | ||||||||||||||||||||||||||||
Pampa Energía (1) | 21,653 | 1,140 | 178,056 | 81,421 | 168,008 | - | 24,464 | |||||||||||||||||||||
Associates with significant influence: | ||||||||||||||||||||||||||||
Link | - | - | 3,924 | - | - | - | - | |||||||||||||||||||||
Other related companies: | ||||||||||||||||||||||||||||
Compañía Mega S.A.(2) | 1,641 | 82,590 | 17 | - | - | - | - | |||||||||||||||||||||
Braskem Netherlands BV (2) | - | 19,511 | - | - | - | - | - | |||||||||||||||||||||
Petroleo Brasileiro (2) | - | 265,236 | - | - | - | - | - | |||||||||||||||||||||
Petrolera Pampa S.A. | - | - | - | 165,771 | - | - | - | |||||||||||||||||||||
WEB S.A. | - | - | - | 3,325 | ||||||||||||||||||||||||
Oleoductos del Valle S.A. | 2,418 | - | - | - | - | - | - | |||||||||||||||||||||
Pampa Comercializadora S.A. | 3,603 | - | - | - | - | - | - | |||||||||||||||||||||
Petrouruguay S.A. (2) | 551 | 51 | - | - | - | - | - | |||||||||||||||||||||
Central Térmica Piedrabuena S.A. | 7,618 | - | - | - | - | - | - | |||||||||||||||||||||
Petrolera Entre Lomas S.A. | - | - | 188 | 24,740 | ||||||||||||||||||||||||
Total | 37,484 | 368,528 | 182,185 | 277,603 | 168,008 | 122 | 24,464 |
Revenues | Costs | Financial results | ||||||||||||||||||||||||||
Company | Natural Gas Transportation | Production and commercialization of liquids | Other services | Gas purchase and others | Compensation for technical assistance | Revenues for administrative services | Interest expense | |||||||||||||||||||||
Controlling shareholder: | ||||||||||||||||||||||||||||
CIESA | - | - | - | - | - | 306 | - | |||||||||||||||||||||
Associate which exercises joint control on the controlling shareholder: | ||||||||||||||||||||||||||||
Pampa Energía | 920,555 | 2,770 | 483,633 | 1,292,359 | 2,758,540 | - | 262,764 | |||||||||||||||||||||
Associates with significant influence: | ||||||||||||||||||||||||||||
Link | - | - | 17,988 | - | - | - | - | |||||||||||||||||||||
Other related companies: | ||||||||||||||||||||||||||||
Oleoductos del Valle S.A. | 12,878 | - | 17,335 | - | - | - | - | |||||||||||||||||||||
Transener S.A. | - | - | 25,160 | - | - | - | - | |||||||||||||||||||||
Petrolera Entre Lomas S.A. | - | - | - | 4,224 | - | - | - | |||||||||||||||||||||
Pampa Comercializadora S.A. | 56,271 | - | - | - | - | - | - | |||||||||||||||||||||
Central Térmica Piedrabuena S.A. | 140,684 | - | - | - | - | - | - | |||||||||||||||||||||
Experta ART | - | - | - | 24,942 | - | - | - | |||||||||||||||||||||
Total | 1,130,388 | 2,770 | 544,116 | 1,321,525 | 2,758,540 | 306 | 262,764 |
Revenues | Costs | Financial Results | Other operating income | |||||||||||||||||||||||||||||
Company | Natural Gas Transportation | Production and commercialization of liquids | Other services | Gas purchase and others | Compensation for technical assistance | Revenues for administrative services | Interests earned | Acquisition of the rights of the arbitration procedding (1) | ||||||||||||||||||||||||
Controlling shareholder: | ||||||||||||||||||||||||||||||||
CIESA | - | - | - | - | - | 122 | - | - | ||||||||||||||||||||||||
Associate which exercises joint control on the controlling shareholder: | ||||||||||||||||||||||||||||||||
Petrobras Argentina | 27,681 | 2,414 | 99,481 | 112,135 | 52,481 | - | - | - | ||||||||||||||||||||||||
Associate which exercises significant influence on the controlling shareholder: | ||||||||||||||||||||||||||||||||
Pampa Energía | - | - | - | - | - | - | 11,348 | 324,390 | (1) | |||||||||||||||||||||||
Associate with significant influence: | ||||||||||||||||||||||||||||||||
Link | - | - | 3,087 | - | - | - | - | - | ||||||||||||||||||||||||
Other related companies: | - | - | - | - | ||||||||||||||||||||||||||||
Compañía Mega S.A. | 1,176 | 63,591 | 30 | - | - | - | - | - | ||||||||||||||||||||||||
Petrobras Global Trading BV | - | 44,058 | - | - | - | - | - | - | ||||||||||||||||||||||||
Braskem Netherlands BV | - | 132,101 | - | - | - | - | - | - | ||||||||||||||||||||||||
Petroleo Brasileiro | - | 95,618 | - | - | - | - | - | - | ||||||||||||||||||||||||
Petrolera Pampa S.A. | - | - | - | 41,332 | - | - | - | - | ||||||||||||||||||||||||
Total | 28,857 | 337,782 | 102,598 | 153,467 | 52,481 | 122 | 11,348 | 324,390 |
22. | CONTRACTUAL OBLIGATIONS |
Estimated maturity date | Estimated maturity date | |||||||||||||||||||||||||||||||||||||||||||
Total | Less than 1 year | 1-2 years | 3-4 years | More than 5 years | Total | Due less than one year | Less than one year | 1-2 years | 3-5 years | More than 5 years | ||||||||||||||||||||||||||||||||||
Financial indebtedness (1) | 4,088.8 | - | 2,645.9 | 872.8 | - | 54,855,281 | - | 2,840,063 | 8,520,188 | 43,495,030 | - | |||||||||||||||||||||||||||||||||
Purchase obligations (2) | 632.8 | 632.8 | - | - | - | 6,694,415 | - | 5,646,421 | 1,047,994 | - | - | |||||||||||||||||||||||||||||||||
Other long term purchase obligations (3) | 390.9 | 164.0 | 226.9 | - | - | |||||||||||||||||||||||||||||||||||||||
Financial Leases | 3,587,140 | 63,526 | 629,444 | 1,259,052 | 1,259,052 | 376,066 | ||||||||||||||||||||||||||||||||||||||
Total | 5,112.5 | 796.8 | 2,872.8 | 872.8 | - | 65,136,836 | 63,526 | 9,115,928 | 10,827,234 | 44,754,082 | 376,066 |
b) | Guarantees granted and goods for restricted availability |
ASSOCIATES AND JOINT ARRANGEMENTS |
24. | SUBSEQUENT EVENTS |