Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Entity Addresses [Line Items] | |
Entity Registrant Name | GAS TRANSPORTER OF THE SOUTH INC |
Entity Central Index Key | 0000931427 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Shell Company | false |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 784,608,528 |
Document Type | 20-F |
Amendment Flag | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Class "A" [Member] | |
Entity Addresses [Line Items] | |
Entity Common Stock, Shares Outstanding | 405,192,594 |
Class "B" [Member] | |
Entity Addresses [Line Items] | |
Entity Common Stock, Shares Outstanding | 389,302,689 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - ARS ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||||
Revenues | $ 48,561,494 | $ 52,399,423 | $ 30,694,588 | |
Cost of sales | (24,375,503) | (24,902,866) | (18,360,946) | |
Gross profit | 24,185,991 | 27,496,557 | 12,333,642 | |
Administrative expenses | (1,260,300) | (1,479,580) | (1,128,936) | |
Selling expenses | (3,039,557) | (2,714,682) | (1,241,883) | |
Other operating expenses | (127,526) | (1,370,319) | (417,803) | |
Operating profit | 19,758,608 | 21,931,976 | 9,545,020 | |
Net financial results | ||||
Financial income | 8,535,154 | 14,628,724 | 1,068,656 | |
Financial expenses | (17,700,134) | (22,763,300) | (3,020,602) | |
Other financial results | 113,387 | 1,900,589 | 422,363 | |
Gain on net monetary position | 6,154,172 | 1,855,519 | 716,821 | |
Total | (2,897,421) | (4,378,468) | (812,762) | |
Share of (loss) / profit from associates | (31,858) | 28,008 | 33,291 | |
Net income before income tax | 16,829,329 | 17,581,516 | 8,765,549 | |
Income tax (expense) / benefit | (4,024,211) | (20,261) | 81,650 | |
Total comprehensive income for the year | 12,805,118 | 17,561,255 | 8,847,199 | |
Total comprehensive income attributable to: | ||||
Owners of the Company | 12,805,105 | 17,561,249 | 8,847,196 | |
Non-controlling interests | $ 13 | $ 6 | $ 3 | |
Weighted average of outstanding ordinary shares (in shares) | [1],[2] | 776,121,341 | 788,405,563 | 794,495,283 |
Basic and diluted earnings per share (in pesos per share) | $ 16.50 | $ 22.27 | $ 11.14 | |
[1] | The weighted average number of shares considers the effect of the weighted average of the changes originated in the transactions with the treasury shares made during the year. | |||
[2] | The weighted average of the number of shares considers the effect of the weighted average of the changes originated in the transactions with treasury shares made during the year. |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Non-current assets | ||
Property, plant and equipment | $ 74,552,728 | $ 59,510,863 |
Investments in associates | 78,660 | 111,790 |
Other financial assets at amortised cost | 5,403 | 13,476 |
Deferred income tax asset | 15,600 | 6,967 |
Other receivables | 9,004 | 12,665 |
Total non-current assets | 74,661,395 | 59,655,761 |
Current assets | ||
Other receivables | 2,898,077 | 4,096,646 |
Inventories | 307,640 | 554,218 |
Trade receivables | 6,473,759 | 4,791,109 |
Contract assets | 177,269 | 241,012 |
Derivative financial instruments | 274,024 | 335,773 |
Other financial assets at amortised cost | 1,043,960 | 8,790 |
Cash and cash equivalents | 9,765,201 | 25,605,137 |
Total current assets | 20,939,930 | 35,632,685 |
Total Assets | 95,601,325 | 95,288,446 |
EQUITY | ||
Common stock | 28,349,861 | 28,224,365 |
Treasury shares | 366,086 | 491,582 |
Cost of acquisition of treasury shares | (730,764) | (2,185,845) |
Additional paid-up capital | (791,712) | 0 |
Legal reserve | 1,922,444 | 1,000,251 |
Future capital expenditures reserve | 0 | 107,453 |
Future dividends reserve | 0 | 1,525,444 |
Reserve for capital expenditures, acquisition of treasury shares, and/or dividends | 5,351,123 | 0 |
Accumulated retained earnings | 13,616,403 | 18,440,641 |
Non-controlling interests | 28 | 15 |
Total equity | 48,083,469 | 47,603,906 |
Non-current liabilities | ||
Deferred tax liabilities | 4,778,114 | 3,427,531 |
Contract liabilities | 2,926,826 | 2,259,876 |
Loans | 31,860,717 | 31,003,715 |
Total non-current liabilities | 39,565,657 | 36,691,122 |
Current liabilities | ||
Provisions | 589,118 | 570,977 |
Contract liabilities | 219,801 | 199,333 |
Other payables | 287,659 | 124,103 |
Taxes payables | 353,183 | 311,083 |
Income tax payable | 18,329 | 3,759,987 |
Payroll and social security taxes payable | 648,451 | 590,156 |
Loans | 1,722,087 | 681,225 |
Trade payables | 4,113,571 | 4,756,554 |
Total current liabilities | 7,952,199 | 10,993,418 |
Total liabilities | 47,517,856 | 47,684,540 |
Total equity and liabilities | $ 95,601,325 | $ 95,288,446 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - ARS ($) $ in Thousands | Total | Total attributable to equity holders [Member] | Shareholders Contributions, Total Common Stock [Member] | Shareholders Contributions, Common Stock [Member] | Shareholders Contributions, Inflation Adjustment to Common Stock [Member] | Shareholders Contributions, Treasury Shares, Common Stock [Member] | [2] | Shareholders Contributions, Treasury Shares, Inflation Adjustment to Common Stock [Member] | [2] | Acquisition Cost of Treasury Shares [Member] | [2] | Additional Paid-up Capital [Member] | [2] | Retained Earnings, Accumulated Retained Earnings [Member] | Retained Earnings, Legal Reserve [Member] | Retained Earnings, Future Dividends Reserve [Member] | Retained Earnings, Future Capital Expenditures Reserve [Member] | Retained Earnings, Reserve for Capital Expenditures, Acquisition of Treasury Shares and/or Dividends [Member] | Retained Earnings, Subtotal [Member] | Non-Controlling Interests [Member] | |
Balance at beginning of period at Dec. 31, 2016 | [1] | $ 30,041,011 | $ 30,040,985 | $ 28,715,947 | $ 794,495 | $ 27,921,452 | $ 0 | $ 0 | $ 0 | $ 0 | $ 233,799 | $ 944,177 | $ 31,414 | $ 115,648 | $ 0 | $ 1,325,038 | $ 26 | ||||
Resolutions of the Ordinary and Extraordinary Shareholders' Meeting | |||||||||||||||||||||
Legal reserve | 0 | 0 | 0 | 0 | 0 | 0 | (56,074) | 56,074 | 0 | 0 | 0 | 0 | 0 | ||||||||
Future dividends reserve | 0 | 0 | 0 | 0 | 0 | 0 | (2,364,126) | 0 | 2,364,126 | 0 | 0 | 0 | 0 | ||||||||
Derecognition of reserves | 0 | 0 | 0 | 0 | 0 | 0 | 8,195 | 0 | 0 | (8,195) | 0 | 0 | 0 | ||||||||
Cash dividends payment/distribution to non-controlling interest | (11) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (11) | ||||||||
Comprehensive income for the year | 8,847,199 | 8,847,196 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8,847,196 | 0 | 0 | 0 | 0 | 8,847,196 | 3 | |||||
Balance at end of period at Dec. 31, 2017 | [1] | 38,888,199 | 38,888,181 | 28,715,947 | 794,495 | 27,921,452 | 0 | 0 | 0 | 0 | 6,668,990 | 1,000,251 | 2,395,540 | 107,453 | 0 | 10,172,234 | 18 | ||||
Resolutions of the Ordinary and Extraordinary Shareholders' Meeting | |||||||||||||||||||||
Future dividends reserve | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (5,789,598) | 0 | 5,789,598 | 0 | 0 | 0 | 0 | |||||
Cash dividends distribution | (6,659,694) | (6,659,694) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (6,659,694) | 0 | 0 | (6,659,694) | 0 | |||||
Treasury shares purchase | (2,185,845) | (2,185,845) | (2,185,845) | (13,601) | (477,981) | 13,601 | 477,981 | (2,185,845) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Cash dividends payment/distribution to non-controlling interest | (9) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (9) | |||||
Comprehensive income for the year | 17,561,255 | 17,561,249 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17,561,249 | 0 | 0 | 0 | 0 | 17,561,249 | 6 | |||||
Balance at end of period at Dec. 31, 2018 | 47,603,906 | 47,603,891 | 26,530,102 | 780,894 | 27,443,471 | 13,601 | 477,981 | (2,185,845) | 0 | 18,440,641 | 1,000,251 | 1,525,444 | 107,453 | 0 | 21,073,789 | 15 | |||||
Resolutions of the Ordinary and Extraordinary Shareholders' Meeting | |||||||||||||||||||||
Legal reserve | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (922,193) | 922,193 | 0 | 0 | 0 | 0 | 0 | |||||
Dividends payment | [3] | (9,185,852) | (9,185,852) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (9,185,852) | 0 | 0 | 0 | 0 | (9,185,852) | 0 | ||||
Reserve for capital expenditures, acquisition of treasury shares and/or dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (9,154,195) | 0 | 0 | 0 | 9,154,195 | 0 | 0 | |||||
Derecognition of reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,632,897 | 0 | (1,525,444) | (107,453) | 0 | 0 | 0 | |||||
Treasury shares distribution | [3] | 26,025 | 26,025 | 3,254,027 | 29,445 | 860,761 | (29,445) | (860,761) | 4,045,739 | (791,712) | 0 | 0 | 0 | 0 | (3,228,002) | (3,228,002) | 0 | ||||
Dividends payment | [3] | (575,070) | (575,070) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (575,070) | (575,070) | 0 | ||||
Treasury shares purchase | (2,590,658) | (2,590,658) | (2,590,658) | (25,731) | (738,979) | 25,731 | 738,979 | (2,590,658) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Comprehensive income for the year | 12,805,118 | 12,805,105 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12,805,105 | 0 | 0 | 0 | 0 | 12,805,105 | 13 | |||||
Balance at end of period at Dec. 31, 2019 | $ 48,083,469 | $ 48,083,441 | $ 27,193,471 | $ 784,608 | $ 27,565,253 | $ 9,887 | $ 356,199 | $ (730,764) | $ (791,712) | $ 13,616,403 | $ 1,922,444 | $ 0 | $ 0 | $ 5,351,123 | $ 20,889,970 | $ 28 | |||||
[1] | The Company has applied IFRS 15 and IFRS 9 for the first time on January 1, 2018. In accordance with the transition methods chosen, the comparative information has not been modified. See Note 4.a) | ||||||||||||||||||||
[2] | As of December 31, 2019 and 2018 corresponds to 9,886,755 and 13,600,780 shares of par value Ps. 1 each, equivalent to 1.24% and 1,71% of the share capital, respectively. The acquisition cost of these shares amounted to Ps. 730,764 and 2,185,845, respectively. See Note 19.b) to the consolidated financial statements. | ||||||||||||||||||||
[3] | See Note 19.c). |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - Treasury Shares [Member] - ARS ($) $ in Thousands | Nov. 13, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Equity [Abstract] | |||
Shares issued (in shares) | 9,886,755 | 13,600,780 | |
Par value (in pesos per share) | $ 1 | $ 1 | |
Percentage of share capital | 3.706% | 1.24% | 1.71% |
Acquisition cost | $ 4,045,739 | $ 730,764 | $ 2,185,845 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES | |||
Total comprehensive income for the year | $ 12,805,118 | $ 17,561,255 | $ 8,847,199 |
Reconciliation of total comprehensive income to cash flows provided by operating activities: | |||
Depreciation of property, plant and equipment | 3,695,615 | 3,419,820 | 3,107,746 |
Derivative financial instrument results | 19,172 | (163,192) | 0 |
Disposal of property, plant and equipment | 100,858 | 243,851 | 202,165 |
Share of profit / (loss) from associates | 31,858 | (28,008) | (33,291) |
Increase in provisions | 266,775 | 299,656 | 333,693 |
Interest expense accrual, net | 1,908,169 | 2,444,361 | 1,120,891 |
Interest income on other financial assets other than cash and cash equivalents | (100,489) | (694,566) | (147,228) |
Income tax | 4,024,211 | 20,261 | (81,650) |
Doubtful accounts | 2,435 | 203,860 | (35,989) |
Foreign exchange loss, net | 8,887,732 | 8,734,823 | 730,004 |
Gain on net monetary position | (6,606,675) | (5,926,962) | (1,332,478) |
Changes in assets and liabilities: | |||
Trade receivables | (3,733,961) | (2,286,449) | (2,158,024) |
Other receivables | (1,838,443) | (1,205,780) | (576,187) |
Inventories | 52,634 | (362,774) | 14,996 |
Trade payables | 140,873 | 2,479,008 | 554,773 |
Contract assets | (20,597) | (241,012) | 0 |
Payroll and social security taxes | 264,815 | 228,332 | 150,694 |
Taxes payables | (132,169) | 76,873 | 16,798 |
Other payables | 206,985 | 72,497 | 67,528 |
Provisions | (7,590) | 1,211 | (392,054) |
Interest paid | (2,039,877) | (1,393,331) | (464,817) |
Derivative financial instruments | 21,929 | (159,661) | 0 |
Income tax paid | (4,881,195) | (4,273,266) | (1,282,282) |
Contract liabilities | 430,781 | 634,525 | 0 |
Advances from customers | 0 | 0 | (94,376) |
Cash flows provided by operating activities | 13,498,964 | 19,685,332 | 8,548,111 |
CASH FLOWS USED IN INVESTING ACTIVITIES | |||
Additions to property, plant and equipment | (15,932,000) | (12,496,827) | (2,986,295) |
Financial assets not considered cash equivalents | (711,899) | 5,218,620 | (2,978,848) |
Cash flows used in investing activities | (16,643,899) | (7,278,207) | (5,965,143) |
CASH FLOWS (USED IN) / PROVIDED BY FINANCING ACTIVITIES | |||
Payment of loans | 0 | (1,886,079) | (92,109) |
Precancellation of loans | 0 | (7,378,176) | 0 |
Payment of leases | (18,751) | 0 | 0 |
Loans receive | 1,051,809 | 21,261,978 | 0 |
Payment of acquisition of treasury shares | (2,590,658) | (2,185,845) | 0 |
Dividends paid | (9,760,922) | (6,659,694) | (9) |
Cash flows (used in) / provided by financing activities | (11,318,522) | 3,152,184 | (92,118) |
NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS | (14,463,457) | 15,559,309 | 2,490,850 |
Cash and cash equivalents at the beginning of the year | 25,605,137 | 6,025,226 | 4,415,596 |
Foreign exchange gain on Cash and cash equivalents | 3,721,043 | 10,287,800 | 346,132 |
Monetary results effect on Cash and cash equivalents | (5,097,522) | (6,267,198) | (1,227,352) |
Cash and cash equivalents at the end of the year | $ 9,765,201 | $ 25,605,137 | $ 6,025,226 |
BUSINESS DESCRIPTION
BUSINESS DESCRIPTION | 12 Months Ended |
Dec. 31, 2019 | |
BUSINESS DESCRIPTION [Abstract] | |
BUSINESS DESCRIPTION | 1. BUSINESS DESCRIPTION Business Overview Transportadora de Gas del Sur S.A. (“TGS” or the “Company”) is one of the companies created as a result of the privatization of Gas del Estado S.E. (“GdE”). TGS commenced operations on December 29, 1992 and it is mainly engaged in the Transportation of Natural Gas, and Production and Commercialization of natural gas Liquids (“Liquids”). TGS’s pipeline system connects major natural gas fields in southern and western Argentina with natural gas distributors and industries in those areas and in the greater Buenos Aires area. The natural gas transportation license to operate this system was exclusively granted to TGS for a period of thirty-five years (“the License”). TGS is entitled to a one-time extension of ten years provided that it has essentially met the obligations imposed by the License and by the Ente Nacional Regulador del Gas Subsequently, the corporate purpose of the Company was modified to incorporate the development of complementary activities, incidental, linked and / or derived from natural gas transportation, such as the generation and commercialization of electric power and the provision of other services for the hydrocarbon sector in general. Major Shareholders TGS’s controlling shareholder is Compañía de Inversiones de Energía S.A. (“CIESA”), which holds 51% of the common stock. Local and foreign investors hold the remaining ownership of TGS’s common stock. CIESA is under co-control of: (i) Pampa Energía S.A. (“Pampa Energía”), which holds 10% of CIESA’s common stock, (ii) CIESA Trust (whose trustee is Pampa Energía and whose beneficiary is PHA SAU, a wholly owned subsidiary of by Pampa Energía) (the “Trust”), who has a trust shareholding of 40% of the share capital of CIESA and (iii) Grupo Inversor Petroquímica S.L. (member of GIP Group, headed by Sielecki´s family; “GIP”), and PCT L.L.C. (“PCT”), which directly and together with WST S.A. (Member of Werthein Group, “WST”) indirectly through PEPCA S.A. (“PEPCA”), hold a 50% of the shareholding in CIESA in the following shares: GIP 27.10%, WST 4.58% and PCT 18.32%. Macroeconomic context The Company operates in an economic context whose main variables have recently had strong volatility as a result of political and economic events both nationally and internationally. In the domestic market, particularly, the shares of the main contributing companies, sovereign bonds and the Argentine peso experienced a sharp drop in their value. In this context and after the mandate of President Alberto Fernández began, on December 23, 2019, the National Congress passed Law No. 27,541 - “Law of social solidarity and productive reactivation” (the “Solidarity Law”). This law, based on the public emergency, grants the Executive Branch broad legislative powers to create the necessary conditions for economic recovery and achieve fiscal sustainability. Among the measures adopted by this law are, among others: 1. Provisions regarding sovereign debt through which the Executive Branch is empowered to carry out the negotiations and make the necessary decisions to achieve the renegotiation of the Argentine public debt. 2. Freezing and tariff review of transportation and distribution services of natural gas and electric power (for more information, see Note 17.a). 3. Establishment of a cap on the export rights of hydrocarbons (for more information see Note 17.b). 4. Establishment of a regime of regularization of tax, social security and customs obligations. 5. Tax modifications concerning taxes on: personal property, financial income, income (for more information, see Note 14 and 19.c), on bank and internal credits and debits. 6. Creation of the Tax for an Inclusive and Solidarity Argentina that taxes foreign currency acquisition operations for treasury, acquisition of goods and services and tourism. 7. Modifications to customs taxes. The Company’s Management permanently monitors the evolution of the situations that affect its business, in order to determine the possible actions to be taken and identify the possible impact financial situation and results of its operation. The financial statements of the Company must be read considering these circumstances. |
CONSOLIDATED FINANCIAL STATEMEN
CONSOLIDATED FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2019 | |
CONSOLIDATED FINANCIAL STATEMENTS [Abstract] | |
CONSOLIDATED FINANCIAL STATEMENTS | 2. CONSOLIDATED FINANCIAL STATEMENTS TGS presents its consolidated financial statements including Telcosur S.A. (“Telcosur”) and CTG Energía S.A. (“CTG”), its consolidated subsidiaries, which are jointly referred to as “the Company”. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2019 | |
BASIS OF PRESENTATION [Abstract] | |
BASIS OF PRESENTATION | 3. BASIS OF PRESENTATION These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board (“IASB”) and the International Financial Interpretations Committee (“IFRIC”), jointly the “IFRS”. The preparation of the consolidated financial statements in conformity with IFRS requires management to make accounting estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting fiscal year. Estimates are used when accounting for the allowance for doubtful accounts, income taxes, provisions for legal claims and others, depreciation and recoverable value of assets. Actual results could be significantly different from such estimates. The presentation in the statement of financial position distinguishes between current and non-current assets and liabilities. The assets and liabilities are those expected to be realized or settled within twelve months after the end of the reporting period under review, and those held for sale. The fiscal year begins on January 1 and ends on December 31 of each year. The economic and financial results are presented on a fiscal year basis. The consolidated financial statements are stated in thousands of Argentine pesos (“Ps.” or “pesos”), which is the functional currency of the Company and its subsidiaries, unless otherwise stated. For further information, see Note 4.c. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | 4. SIGNIFICANT ACCOUNTING POLICIES a) New accounting standards New standards and interpretations issued by the IASB effective for the periods beginning on or after January 1, 2019 adopted by the Company IFRS 16 – “Leases” The Company has adopted IFRS 16 under the modified retrospective approach, from January 1, 2019, and accordingly has not modified comparatives for the 2018 and 2017 reporting periods as permitted under the specific transition provisions in the standard. After the analysis performed by Management, no significant adjustments were made to the accumulated results or significant reclassifications were made. Practical expedients applied In applying IFRS 16 for the first time, the Company has used the following practical expedients permitted by the standard: • Accounting for operating leases with a remaining lease term of less than 12 months as at January 1, 2019 as short-term leases. • The Company has elected not to reassess whether a contract is, or contains a lease at the date of initial application. Instead, for contracts entered into before the transition date (January 1, 2019), the Company relied on its assessment made applying IAS 17 – Leases and IFRIC 4 – Determining whether an arrangement contains a lease. • This standard does not apply for those leases classified as low value contracts. Accounting policies applied Until the year ended December 31, 2018, by application of IAS 17 and IFRIC 4, leases of property, plant and equipment were classified as financial leases (only if substantially all the risks and benefits of ownership of leased asset were assumed by the Company) or operating leases. Payments made under operating leases were charged to the Statement of Comprehensive Income in a straight line over the period of the lease. As from January 1, 2019, leases are recognized as a right of use asset and a corresponding liability at the date at which the leased asset is available for use by the Company. Each lease payment is allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic interest rate on the remaining balance of the liability for each period. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: a) Fixed payments less any lease incentive receivable; b) Variable lease payments that depend on an index; c) Amounts expected to be payable by the Company under residual value guarantees; d) The exercise price of a purchase option; and e) Payments of penalties for terminating the lease. As of December 31, 2019, the Company has not recognized any lease liability including variable payments. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the Company’s incremental borrowing rate is used, being the rate that TGS would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment. Right-of-use assets are measured at cost comprising the following: a) The amount of the initial measurement of lease liability. b) Any lease payment made at or before the commencement date less any lease incentives received. c) Any initial direct cost, and d) Restoration costs. Leased assets, which are subject to the risk of impairment, are depreciated in a straight line over the shorter of the asset’s useful life and the lease term. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line base as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT-equipment, vehicles, small items of office furniture and rented offices. The Company recognized right-of-use assets under the line item “Property, plant and equipment” of its balance sheet (see Note 12). The corresponding liability has been recognized under current and non-current Loans (see Note 13). For more information regarding the expense related to short-term and low-value leases and the interest expense of lease liabilities, see Note 8.j) and 8.k), respectively. In addition to the aforementioned, on January 1, 2019, the following standards and interpretations, described in the consolidated financial statements as of December 31, 2018, were adopted without having a significant impact on the Company’s financial statements: • IFRIC Interpretation 23 “Uncertainty over income tax treatments.” • Annual improvements to IFRS Standards 2015 – 2017 Cycle. • Amendments to IFRS 9 – Financial instruments. New standards and interpretations issued by the IASB not yet effective for the period beginning on or after January 1, 2019 Below is a description of the standards, amendments and interpretations to existing standards that might impact the Company and are not mandatory for the Company’s fiscal years beginning on January 1, 2019 and which have not been early adopted by the Company: Amendments to IAS 1 and IAS 8 regarding the definition of materiality In October 2018 the IASB included certain amendments to IAS 1 “Presentation of financial statements” and IAS 8 “Accounting policies, changes in accounting estimates and errors” with the objective of clarifying the concept of materiality and aligning that definition with the amendments introduced in the Conceptual Framework. Additionally, these amendments incorporate new concepts that helped both financial statement preparers and their users to prepare and interpret the financial information included in them. These amendments are applied on prospective basis and are effective for annual periods beginning on or after January 1, 2020. Modifications to the concept of materiality are not expected to have a significant impact on the Company’s financial statements. b) Consolidation Subsidiaries Subsidiaries are all entities over which the Company has control. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. For this purpose and unless there are specific requirements, it is generally considered that TGS has control, when it has a participation equal to or greater than 50% of the available voting rights. The accounting policies of the subsidiaries are consistent with the accounting policies adopted by the Company. Inter-company transactions, balances and gain/losses from transactions between group companies are eliminated. Unrealized gain/losses are also eliminated. Detailed data reflecting subsidiary control as of December 31, 2019 and 2018 is as follows: Company % of shareholding Country Closing date Main activity Telcosur 99.98 Argentina December 31 Telecommunication Services CTG (1) 100.00 Argentina December 31 Electricity related services (1) For consolidation purposes for the year ended December 31, 2019 and 2018, the financial statements of Telcosur have been used at those dates. The subsidiary CTG does not record operations or significant assets and liabilities as of December 31, 2019 and 2018. Associates Associates are entities over which the group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor’s share of the profit or loss of the investee after the date of acquisition. The Company accounted for the investments in its associates, under the equity method on the basis on the financial statements as of September 30, 2019 of Gas Link S.A Transporte y Servicios de Gas en Uruguay SA Emprendimientos de Gas del Sur S.A. Associates with negative equity are disclosed under “Other liabilities” to the extent that the Company has incurred legal or constructive obligations, or made payments on behalf of the associate, as of the date of the financial statements. Unrealized gains and losses resulting from transactions between TGS and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture. In the table below, associates are disclosed, together with the percentage of shareholding and voting as of December 31, 2019 and 2018: 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 Joint arrangement As indicated in “Note 23 – Associates and Joint Arrangement”, on August 7, 2017, the Company proceeded to create a UT (similar to a joint operation) with SACDE Sociedad Argentina de Construcción y Desarrollo Estratégico S.A. The Company has defined that the UT constitutes a joint operation given that it grants its participants a percentage of the rights over the assets and liabilities arising from each contract. Accordingly, the Company recognizes its share in the jointly operated assets, liabilities, revenues, costs and expenses. Accounting policies applicable to the UT have been modified and adapted, if applicable, to ensure consistency with the policies adopted by the Company. For further information regarding the UT, see Note 23. c) Foreign currency translation Functional and presentation currency The consolidated financial statements are presented in thousands of Argentine Pesos, which is the Company’s functional currency. Each subsidiary or associate determines its own functional currency based on the currency of the primary economic environment in which these entities operate. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the profit or loss for the year. Foreign exchange gains and losses are presented in the statement of comprehensive income within financial income and financial expenses, as appropriate. Associates The functional currency of the associate company located abroad, TGU, is the US dollar, because it is the currency in which it substantially generates its income and incur its expenses. Assets and liabilities were converted into Argentine pesos using the exchange rate prevailing at the end of each year, their common stock and retained earnings at their historical exchange rates and results at average exchange rates. d) Restatement to constant currency - Comparative Information Regulatory framework The consolidated financial statements as of December 31, 2019, including comparative figures, have been restated to take into account changes in the general purchasing power of the Company’s functional currency (the Argentine peso) in accordance with IAS 29 “Financial Reporting in hyperinflationary economies” (“IAS 29”) and CNV General Resolution No. 777/2018. As a result, the financial statements are stated in terms of the current unit of measurement at the 2019 balance sheet date. IAS 29 requires that the financial statements of an entity that reports in the currency of a hyperinflationary economy, regardless of whether they are based on the historical cost method or the current cost method, are expressed in terms of the current unit of measurement at the closing date of the reporting period. In order to conclude on the existence of a hyperinflationary economy, the standard details a series of factors to be considered, among which is a cumulative inflation rate over three years that approaches or exceeds 100%. The accumulated inflation in three years is over 100%. Likewise, both the National Government projections and other available projections indicate that this trend will not be reversed in the short term. To evaluate the aforementioned quantitative condition, and also to restate the financial statements, the CNV has established that the series of indexes to be used for the application of IAS 29 is determined by the FACPCE. This series of indexes combines the National Consumer Price Index (“CPI”) as of January 2017 (base month: December 2016) with the Domestic Wholesale Price Index (“IPIM”), both published by the Institute National Statistics and Census (“INDEC”) until that date. For the months of November and December 2015, for which there is no information from the INDEC on the evolution of the IPIM, the variation in the CPI of the Autonomous City of Buenos Aires was applied. Considering the aforementioned index, inflation was 53.83%, 47.64% and 24.79% in the years ended December 31, 2019, 2018 and 2017 respectively. Restatement mechanism The financial statements must be adjusted to consider changes in the general purchasing power of the currency, so that they are expressed in the current unit of measurement at the end of the reporting period. Said requirements also include all the comparative information of the financial statements, without modifying the decisions made based on the financial information corresponding to those financial years. The figures as of December 31, 2018 and 2017, which are presented in these Consolidated Financial Statements for comparative purposes, arise from the restatement to the current unit of measure of the Financial Statements as of said dates, in accordance with IAS 29. Restatement of the balance sheet i. Monetary items (those with a fixed nominal value in local currency) are not restated, since they are already expressed in the current unit of measurement at the closing date of the reporting period. In an inflationary period, maintaining monetary assets generates loss of purchasing power and maintaining monetary liabilities generates a gain in purchasing power, provided that such items are not subject to an adjustment mechanism that compensates to some extent for these effects. The monetary loss or gain is included in the result of the period in which it is reported. ii. The non-monetary items measured at their current values at the end of the reporting period are not restated for the purpose of their presentation in the balance sheet, but the adjustment process must be completed to determine in terms of a homogeneous unit of measurement the results produced by the holding of these non-monetary items. iii. Non-monetary items measured at historical cost or at a fair value as of a date prior to the closing date of the reporting period are restated by coefficients that reflect the variation in the general price level from the date of acquisition or revaluation to the closing date, proceeding then to compare the restated amounts of those assets with the corresponding recoverable values. iv. The restatement of non-monetary assets in the terms of the current unit of measurement at the end of the reporting period without an equivalent adjustment for tax purposes, results in a temporary taxable difference and the recognition of a deferred tax liability whose counterparty is recognized in the result of the period. For the closing of the subsequent period, the deferred tax items are restated for inflation to re-determine the charge to the result of the next period. v. When the capitalization of costs for loans in non-monetary assets in accordance with IAS 23 is applicable, the portion of those costs that compensate the lender for the effects of inflation is not capitalized Restatement of the Comprehensive Income Statement Revenues and expenses (including interest and foreign exchange differences) are restated from the date of their booking, except for those items of the result that reflect or include in their determination the consumption of assets measured in purchasing power of a date before the consumption booked, which are restated based on the date of origin of the asset to which the item is related (for example, depreciation and other consumption of assets valued at historical cost); and also those results that arise from comparing two measurements expressed in purchasing power currency of different dates, for which it is necessary to identify the amounts compared, restate them separately, and make the comparison, but with the amounts already restated. The result of the exposure to the change in the purchasing power of the currency (monetary results) is presented in a separate line and reflects the effect of inflation on the monetary items. Restatement of the statement of changes in equity As of the transition date (January 1, 2016), the Company applied the following special rules: i. The components of the capital stock were restated from the dates they were contributed. ii. Reserved earnings were maintained at the date of transition at their nominal value (legal amount without restatement). iii. The restated unallocated results were determined by the difference between the net assets restated at the transition date and the rest of the initial equity components expressed as indicated in the preceding sections. iv. After the restatement at the transition date, all the components of the equity are restated by applying the general price index from the beginning of the period, and each variation of those components is restated from the date of contribution or from the moment in which is added by any other means. Restatement of the statement of cash flows IAS 29 requires that all items in this statement should be restated in terms of the current unit of measurement as of the closing date of the period for which it is reported. The monetary result generated by cash and cash equivalents is presented in the statement of cash flows separately from cash flows from operating, investing and financing activities, as a specific item of the reconciliation between cash and cash equivalents at the beginning and at the end of the year. e) Financial instruments Financial assets Recognition and initial measurement Financial assets are classified, at the time of initial recognition, as: 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). The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Company’s business model for managing them. For additional information, see Note 16.2.1. Subsequent measurement After initial recognition, financial assets are measured according to their initial classification according to the following categories: Financial assets at amortized cost It is the most relevant category used by the Company, financial assets are classified and measure at amortized cost if both of the following conditions are met: • The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost are subsequently measured using the effective interest method. Gains and losses are recognized in the Statement of Comprehensive Income under financial results when the asset is derecognized, modified or impaired. Financial assets at fair value through OCI (Debt instruments) Corresponds to financial assets that are maintained in a business model whose objective is achieved by obtaining contractual cash flows and selling them. Unrealized gains or losses arising from changes in fair value are recognized as other comprehensive income, except for the accrual of interest, exchange rate difference and the impairment of such assets that are recognized as financial results in the Statement of Comprehensive Income. At the time the asset is written off, the accumulated gain or loss is recognized as a financial result and it is eliminated from the respective reserve. As of December 31, 2019 and 2018, the Company has not regonize any financial assets under this category. Financial assets designated at fair value through OCI (equity instruments) Upon initial recognition, the Company can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as other income in the Statement of Comprehensive Income when the right of payment has been established, except when the Company benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. As of December 31, 2019 and 2018, the Company has not regonize any financial assets under this category. Financial assets at fair value through profit or loss In the event that financial assets are not classified according to the aforementioned categories, they will be subsequently measured at fair value, presenting gains or losses arising from changes in fair value in the income statement within financial results in the year in which they are originated. Impairment of financial assets The Company applies the Expected Credit loss (“ECL”) model for those financial assets accounted for at amortized cost or at fair value through OCI. The ECL is based on the difference between the contractual cash flows due in accordance with the contract and the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. To this end, the Company evaluates various factors, including credit risk, historical trends and other available information. The application of this model implies recognition of: • Expected credit losses within of 12 months: these are expected credit losses that result from possible default events within 12 months after the filing date; and • Expected credit losses during the life of the asset: these are expected credit losses that result from possible events of default during the expected life of a financial instrument. In case a loss allowance is recognized, the carrying amount of the asset is reduced through an impairment account and the amount of the loss is presented in the Statement of Comprehensive Income at the time it occurs. Subsequent recoveries of amounts previously written off are credited in the same line item. The impairment tests performed on accounts receivable are described in Note 4.h. Financial liabilities Includes trade payables, loans, other payables and certain payroll and social security taxes payable. Recognition and initial measurement Financial liabilities are classified, at initial recognition, as subsequently measured at amortized cost or at fair value through profit or loss, as appropriate. All financial liabilities are recognized initially at fair value and, in case of measured at amortized cost, net of transaction costs. They are classified in current liabilities, except those whose maturity exceeds twelve months, which are classified as non-current liabilities. Subsequent measurement Financial liabilities at fair value through profit or loss Includes financial liabilities held for trading. As of December 31, 2019 and 2018, there are no instruments classified in this category. Financial liabilities at amortized cost The Company includes financial liabilities with fixed or determinable payments that are not quoted in an active market. Current liabilities are included, except those whose maturity exceeds twelve months including premiums, discounts and direct expenses, which are included as non-current liabilities. They are measured using the effective interest method. As of December 31, 2019 and 2018, all of the Company’s financial liabilities were classified in this category. Offsetting of financial instruments Financial assets and liabilities are offset when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. f) Derivative financial instruments Derivative financial instruments are recognized at their fair value at inception and subsequently measured at their fair value and disclosed as assets or liabilities depending if it is gain or loss. The results of derivative financial instruments are classified under “Financial gain / expenses” in the statement of comprehensive income, or in the other comprehensive income if hedge accounting is applied. Derivative financial instruments are measured in accordance with IFRS 13 “Fair value measurement”. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument or not and, according to the nature of the item being hedged. As of December 31, 2019 and 2018, the Company maintained derivative financial instruments that are mentioned in Note 16.1.3 to these consolidated financial statements for which the application of hedge accounting has not been opted for as defined by IFRS 9. g) Inventories Inventories consist of natural gas (in excess of the “Line Pack”) classified as property, plant and equipment in the Company’s pipeline system, and the liquids stored obtained from natural gas processing at the Cerri Complex. Inventories are measured at the lower of cost restated for the inflation effects as mentioned in Note 4.d. or net realizable value. Cost is determined using the weighted average cost method. The cost of inventories includes expenditure incurred in purchasing and production and other necessary costs to bring them to their existing location and condition. The net realizable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and the estimated costs to make the sale. The assessment of the recoverable value of these assets is made at each reporting date, and the resulting loss is recognized in the statement of comprehensive income when the inventories are overstated. h) Trade receivables and other receivables Trade receivables are amounts due from customers for goods and services performed in the ordinary course of business. Contract assets are unbilled amounts due to customers related to works in progress. Trade receivables, contract assets and other receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less allowance for trade receivables. The Company applies the simplified approach to measuring expected credit losses for trade receivables, contract assets and other receivables. For this purpose, customers have been grouped based on shared credit risk characteristics, the existence of guarantees, historical credit losses experienced and the existence of judicial proceedings aimed at obtaining payment. Once each group was defined, an expected uncollectibility rate calculated based on historic default rates adjusted to future economic conditions was defined. Impairment losses on trade receivables and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. i) Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits with banking institutions and other short-term, highly liquid investments with original maturities not exceeding three months and without being subject to a risk of a significant change of value. j) Property, plant and equipment (“PPE”) - Assets transferred from the privatization of GdE: - Line pack - Other items of PPE PPE additions are recorded at acquisition or construction cost less accumulated depreciation and impairment losses (if applicable), except land, which is recorded at historical cost acquisition minus any impairment (if applicable), all this restated for the effects of inflation as mentioned in Note 4.d. The cost includes the cost of replacing significant components and the borrowing costs derived from loans that finance its construction to the extent that the requirements for recognition as assets are met. - Impairment of non-financial assets If any indication exists, the Company estimates the asset´s recoverable amount. An asset´s recoverable amount is the higher of the fair value less costs to sell that asset, and its value-in-use. That amount is determined for and individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets; in which case, the cash flows of the group of assets that form part of the cash-generating unit (“CGU”) to which the belong are taken. Where the carrying amount of an individual asset or CGU exceeds its recoverable amount, the individual asset or CGU, as the case may be, is considered impaired and is written down to its recoverable amount. Impairment losses are recognized in the consolidated statement of comprehensive income. Infrastructure used in the natural gas transportation service Bolsas y Mercados Argentinos k) Leases As mentioned in note 4.a), from January 1, 2019, the Company has adopted IFRS 16 to recognize the leases in which it participates. For more information regarding the new accounting policy adopted, see Note 4.a). Until December 31, 2018, leases in which TGS assumed substantially all the risks and rewards of ownership of leased assets were classified as financial. To that purpose, an asset and a liability are recognized at the beginning for the same amount that corresponds to the lower value that results from comparing the fair value of the leased asset and the present value of the minimum lease payments. Subsequently, each finance lease payment should be apportioned between the finance charge and the reduction of the outstanding liability (the finance charge to be allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability). The corresponding lease payments, net of financial charges, are included in “Financial leases” in the current and non-current loans caption of the Statement of Financial Position. Interest on the financial cost is charged to the Statement of Comprehensive Income in the period of the lease in order to obtain a constant periodic interest rate on the debt pending amortization in each period. Assets acquired through finance leases are restated for the effects of inflation as mentioned in Note 4.d. and are depreciated over the useful life of the assets received in accordance with current depreciation policies. Until December 31, 2018, the remaining leases were classified as operating leases, so their charge was directly recognized in the Statement of Comprehensive Income. IFRS 16 provides, for the so-called operating leases, the recognition of an asset, for the right to use the assets included in the lease contracts from the date they are available for use, and an equal liability at the present value of the payments to be made during the term of the contract, considering the discount rate implicit in the lease agreement, if it can be determined, or an incremental reference indebtedness rate. l) Loans Loans have been initially recorded at fair value net of direct attributable transaction costs. Subsequently, loans are valued at their amortized cost. Liabilities are disclosed as non-current when their maturity exceeds twelve months. m) Trade payables Trade payable are initially recognized at fair value. Subsequently they are measured at amortized cost using the effective tax method. n) Income tax and deferred income tax Income tax includes current tax and deferred income tax. Income tax is presented in the Statement of Comprehensive Income. The current income tax is calculated on the basis of tax regulations in force at each reporting period. Management periodically evaluates positions taken in tax returns with respect to situations in which tax regulations are subject to interpretation and establishes provisions if applicable. As o |
CRITICAL ACCOUNTING ESTIMATES A
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS | 12 Months Ended |
Dec. 31, 2019 | |
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS [Abstract] | |
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS | 5. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS The preparation of the condensed interim consolidated financial statements in accordance with generally accepted accounting principles requires management to make accounting estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting period. These estimates require management to make difficult, subjective or complex judgments and estimates about matters that are inherently uncertain. Management bases its estimates on various factors, including past trends, expectation of future events regarding the outcome of events and results and other assumptions that it believes are reasonable. (a) Provisions for legal claims and others The Company has certain liabilities with respect to existing court or out-of-court claims, lawsuits and other proceedings, including those involving legal and regulatory matters. The Company records liabilities when it is probable that future costs will be incurred and such costs can be reasonably estimated. Such provisions are based on developments known at the date of the issuance of these consolidated financial statements, estimates of the outcome of these matters and the experience of its legal counsel in contesting, litigating and settling other matters. As the scope of the liabilities become better defined, there will be changes in the estimates of future costs, which could have a material effect on the Company’s future results of operations and financial condition or liquidity. (b) Income Tax Deferred tax assets are recognized for all tax losses to the extent that it is probable that there will be a tax benefit against which these losses can be utilized. Determining the amount of deferred tax assets that can be booked requires a considerable judgment by our management, based on the probable term and level of future taxable profits together with future tax planning strategies and macroeconomic variables affecting the business. On December 29, 2017, the PEN promulgated and put into effect through Decree 1112/2017 a tax reform enacted in the National Congress through Law No. 27,430 (the “Tax Reform”). This reform establishes a gradual reduction of the applicable rate for the calculation of income tax. Subsequently, through the enactment of the Solidarity Law, the Argentine Government defined the postponement of the current tax rate for fiscal years that began on January 1, 2020. Note 14 “Income tax and deferred tax” includes more detailed information on Income Tax. (c) Impairment of PPE As mentioned in Note 4.j, the Company periodically evaluates the existence of events or significant changes that could have adverse effects on the Company or will take place in the near future that could affect the recoverable value of the PPE amounts. An asset’s recoverable amount is the higher of the fair value less costs to sell that asset, and its value-in-use These evaluations are carried out at the lowest level for which there are identifiable cash flows, that is, for each single cash generating unit or CGU. TGS considers each of its business segments to be a CGU. When assessing whether an impairment indicator may exist, TGS evaluates both internal and external sources of information, such as the following: • 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. • Whether operating costs suffered a materially increase. • Whether evidence of obsolescence or physical damage has occurred. • Whether the macroeconomic situation in which TGS carries out its activities, including significant variations in the sale prices of products, raw materials, interest rates, etc, has worsen. Since August 2019, the main macroeconomic and business variables of Argentina suffered a significant deterioration which led the Argentine Government to take measures accordingly even affecting the regulatory framework of the Natural Gas Transportation segment (see Notes 1 and 17). Given these indicators of impairment of the recorded amounts of PPE, the recoverable value of each of the CGUs has been calculated based on its value in use. The value in use is calculated on the basis of discounted future cash flows. The projected cash flows are prepared taking into account: (i) for assets associated with the Liquids and Commercialization segment, projections of the prices of liquids and purchase cost of natural gas used as raw material; (ii) for assets associated with the Natural Gas Transportation segment, estimates of future tariff adjustments and the recognition of cost adjustments; (iii) for assets associated with the Other Services segment, future expectation of the need of Vaca Muerta gas producers to evacuate untreated natural gas; (iv) projections of the future costs to be incurred, (iv) expected macroeconomic variables such as interest rates, inflation, foreign exchange rates. The discount rate is based on a weighted average cost of capital (“WACC”). In performing the analysis for the Natural Gas Transportation segment, the Company considered among others: (i) the status of negotiations with the Argentine Government, (ii) the contractual rights derived from the License, (iii) Management´s expectations regarding the procedures and actions initiated, (iv) the Company´s expectations regarding the new RTI process required by the Argentine Government and (v) the impact of a cost monitoring scheme that allows the realization of semiannual adjustments to current tariffs. The Company has prepared three different estimates of expected cash flows by sensitizing its main variables and thus determining a baseline scenario that allows its comparison with the book value of the Natural Gas Transportation segment. In addition, the Company performed a sensitivity analysis of the probability of occurrence of each scenario and concluded that an increase of up to 70 percentage points in the weighted probability of the pessimistic case (from 30% to 100%) and a reduction in the probability of occurrence of the optimistic scenario and in the probability of occurrence of the base scenario (reducing each to zero) would not generate a value that would require an adjustment in carrying amount for impairment. In performing the analysis for the Production and Commercialization of Liquids segment, the Company based it on, among others, future evolution of international liquid prices based on available public information, and projections of the future costs to be incurred to acquire natural gas for gas processing. In performing the analysis for the Other Services segment, the Company based it on future expectation of the need of Vaca Muerta gas producers to evacuate untreated natural gas to extend the current firm shipping contracts, and projections of the contractual tariffs based on international inflation index. Based on the analysis performed the Company did not identify the need for recording any impairment of the PPE amounts as of December 31, 2019. The estimated recoverable values are sensitive to the significant variation of the assumptions applied, including the determination of future tariffs by the Argentine Government on the Natural Gas Transportation business segment, and the expectation of the development of Vaca Muerta gas fields on our Other Services business segment. In any case, we cannot assure with certainty that actual cash flows will be in line with the assumptions applied. Therefore, significant differences could arise in the future in relation to the estimated values in use. No impairment indicators were identified during the years ended December 31, 2018 and 2017. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
SUPPLEMENTAL CASH FLOW INFORMATION [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | 6. SUPPLEMENTAL CASH FLOW INFORMATION For purposes of the consolidated statement of cash flows, the Company considers all highly liquid temporary investments with an original maturity of three months or less at the time of purchase to be cash equivalents. The cash flow statement has been prepared using the indirect method, which requires a series of adjustments to reconcile net income for the period to net cash flows from operating activities. Non-cash investing and financing activities for the years ended December 31, 2019, 2018 and 2017 are presented below: 2019 2018 2017 Unpaid acquisition of PPE 1,331,105 473,413 460,879 Principal payment of financial lease (1) 149,238 156,861 101,645 Capitalization of finance costs 446,195 - - (1) Note 13 to these consolidated financial statements includes a reconciliation between the initial and final balance of the financial liabilities arising from financing activities. For additional information regarding dividend distribution made in treasury shares for an amount of Ps. 3,228,002, see Note 19.c. to these consolidated financial statements. |
CONSOLIDATED BUSINESS SEGMENT I
CONSOLIDATED BUSINESS SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
CONSOLIDATED BUSINESS SEGMENT INFORMATION [Abstract] | |
CONSOLIDATED BUSINESS SEGMENT INFORMATION | 7. CONSOLIDATED BUSINESS SEGMENT INFORMATION IFRS 8 “Operating Segments” requires an entity to report financial and descriptive information about its reportable segments, which are operating segments or aggregations of operating segments that meet specified criteria. Operating segments are components of an entity about which separate financial information is available that is evaluated regularly by the CODM in deciding how to allocate resources and in assessing performance. The Company’s CODM is the Board of Directors. The Company analyzes its businesses into four segments: (i) Natural Gas Transportation Services, subject to ENARGAS regulations, (ii) Liquids Production and Commercialization, (iii) Other Services including midstream, among others, and (iv) Telecommunications. These last three business segments are not regulated by ENARGAS. Production and Commercialization of Liquids segment is regulated by the SE. Detailed information on each business segment for the years ended December 31, 2019, 2018 and 2017 is disclosed below: Year ended December 31, 2019 Natural Gas Transportation Production and Commercialization of Liquids Other Services Telecommunications Eliminations Total Revenues from sales 22,620,423 23,138,182 2,526,643 276,246 - 48,561,494 Intersegment revenues 615,993 - - - (615,993 ) - Cost of sales (8,667,640 ) (14,661,541 ) (1,524,445 ) (137,870 ) 615,993 (24,375,503 ) Administrative expenses (1,043,519 ) (144,313 ) (61,021 ) (11,447 ) - (1,260,300 ) Selling expenses (1,343,560 ) (1,390,215 ) (264,396 ) (41,386 ) - (3,039,557 ) Other operating (expenses) / income (136,926 ) 3,200 3,576 2,624 - (127,526 ) Operating profit 12,044,771 6,945,313 680,357 88,167 - 19,758,608 Depreciation of property, plant and equipment (2,998,224 ) (246,720 ) (450,671 ) - - (3,695,615 ) Natural Gas Transportation Commercialization of Liquids Other Services Telecommunications Total Identifiable assets 64,431,193 10,865,257 20,090,627 214,248 95,601,325 Identifiable liabilities 29,338,859 3,093,226 15,020,159 65,612 47,517,856 Year ended December 31, 2018 Natural Gas Transportation Production and Commercialization of Liquids Other Services Telecommunications Eliminations Total Revenue from sales 23,785,660 25,578,373 2,784,534 250,856 - 52,399,423 Intersegment revenues 920,555 - - - (920,555 ) - Cost of sales (7,944,333 ) (16,130,863 ) (1,621,770 ) (126,455 ) 920,555 (24,902,866 ) Administrative expenses (1,284,707 ) (129,315 ) (55,348 ) (10,210 ) - (1,479,580 ) Selling expenses (1,467,144 ) (984,794 ) (220,674 ) (42,070 ) - (2,714,682 ) Other operating (expenses) / income (240,414 ) (1,117,949 ) (8,375 ) (3,581 ) - (1,370,319 ) Operating profit 13,769,617 7,215,452 878,367 68,540 - 21,931,976 Depreciation of property, plant and equipment (2,892,621 ) (174,964 ) (352,235 ) - - (3,419,820 ) Natural Gas Transportation Production and Commercialization of Liquids Other Services Telecommunications Total Identifiable assets 69,603,664 13,907,967 11,621,495 155,320 95,288,446 Identifiable liabilities 25,748,537 2,301,679 19,563,528 70,796 47,684,540 Year ended December 31, 2017 Natural Gas Transportation Production and Commercialization of Liquids Other Services Telecommunications Eliminations Total Revenue from sales 11,469,824 17,189,194 1,844,712 190,858 - 30,694,588 Intersegment revenues 377,137 - - - (377,137 ) - Cost of sales (6,428,448 ) (11,186,009 ) (1,008,879 ) (114,747 ) 377,137 (18,360,946 ) Administrative expenses (918,567 ) (144,172 ) (56,110 ) (10,087 ) - (1,128,936 ) Selling expenses (645,435 ) (408,173 ) (164,471 ) (23,804 ) - (1,241,883 ) Other operating (expenses) / income (503,409 ) 99,520 (14,150 ) 236 - (417,803 ) Operating profit 3,351,102 5,550,360 601,102 42,456 - 9,545,020 Depreciation of property, plant and equipment (2,607,632 ) (146,630 ) (353,484 ) - - (3,107,746 ) |
DETAIL OF SIGNIFICANT STATEMENT
DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS | 12 Months Ended |
Dec. 31, 2019 | |
DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS [Abstract] | |
DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS | 8. DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS a) Other receivables 2019 2018 Current Non Current Current Non Current Turnover tax balance 50,711 - - - Income tax credit balance (1) 42,607 - - - VAT credit balance 1,018,621 - 461,916 - Other tax receivables 1,227 1,401 15,365 3,144 Prepaid expenses 90,714 - 73,464 - Advances to suppliers 1,181,972 - 2,847,433 - Subsidies receivables 143,829 - 450,523 - Other Receivables UT 39,009 - 45,697 - Others 329,387 7,603 202,248 9,521 Total 2,898,077 9,004 4,096,646 12,665 (1 ) b) Trade receivables 2019 2018 Current Non Current Current Non Current Commons 6,329,258 - 4,788,890 - UT 13,813 - 31,446 - Natural Gas Transportation 3,774,497 - 2,549,704 - Production and Commercialization of Liquids 1,903,005 - 1,680,674 - Other services 637,943 - 527,066 - Related parties (Note 21) 279,457 - 206,079 Natural Gas Transportation 154,009 - 112,671 - Production and Commercialization of Liquids 53,744 - 12,497 - Other services 71,704 - 80,911 - Allowance for doubtful accounts (134,956 ) - (203,860 ) - Total 6,473,759 - 4,791,109 - The movement of the allowance for doubtful accounts is as follows: Balances as of December 31, 2017 - Additions (1) 203,860 Applications - Reversals - Balances as of December 31, 2018 203,860 Inflation adjustment restatement (71,339 ) Additions (1) 2,435 Applications - Reversals - Balances as of December 31, 2019 134,956 (1) c) Cash and cash equivalents 2019 2018 Cash and banks 1,123,051 9,174,577 UT Cash and banks 2,758 235 Time deposits - 938,544 Mutual funds in Argentine Pesos 1,029,644 3,302,476 Interest-bearing accounts 7,609,748 12,167,206 UT Mutual funds - 22,099 Total 9,765,201 25,605,137 d) Contract liabilities 2019 2018 Current Non Current Current Non Current Natural Gas Transportation 98,460 1,744,944 104,572 1,844,227 Production and Commercialization of Liquids 38,387 341,698 39,249 392,388 Other services 62,386 840,184 3,104 23,261 UT 20,568 - 52,408 - Total 219,801 2,926,826 199,333 2,259,876 During 2019 and 2018 financial years, the Company recognized Ps. 139,207 and Ps. 182,784, respectively, in revenues for sales from contracts with clients in the Statement of Comprehensive Income, which had been included in the balance at the beginning of each year. e) Other payables 2019 2018 Current Non Current Current Non Current Payable for compensation for the Board of Directors and Supervisory Committee 8,498 - 8,321 - Others 1,744 - 2,529 - UT Other liabilities 277,417 - 113,253 - Total 287,659 - 124,103 - f) Taxes payables 2019 2018 Current Non Current Current Non Current Health and safety tax 12,989 - 13,522 - Withholdings and perceptions made to third parties 148,052 - 170,174 - Turnover Tax 85,283 - 96,474 - Withholding Tax 71,998 - - - UT Others 341 - 4,233 - Others 34,520 - 26,680 - Total 353,183 - 311,083 - g) Trade payables 2019 2018 Current Non Current Current Non Current Suppliers 3,875,928 - 4,304,927 - UT Suppliers 109,876 - 138,837 - Customers (credit balances) 6,164 - 3,438 - Related companies 121,603 - 309,352 - Total 4,113,571 - 4,756,554 - h) Revenues 2019 2018 2017 Sales of goods and services 48,359,045 51,773,746 30,159,782 Subsidies 202,449 625,677 534,806 Total 48,561,494 52,399,423 30,694,588 Disaggregation of revenues Below is a table in which revenues are disaggregated considering the type of market and the opportunity to satisfy performance obligations: Year ended December 31, 2019 Natural Gas Transportation Production and Commercialization of Liquids Other Services Telecommunications Total Primary geographical market: External market - 9,144,860 - - 9,144,860 Local market 22,620,423 13,993,322 2,526,643 276,246 39,416,634 Total 22,620,423 23,138,182 2,526,643 276,246 48,561,494 Timing of revenue recognition: Over the time 22,620,423 1,226,814 2,526,643 276,246 26,650,126 At a point in time - 21,911,368 - - 21,911,368 Total 22,620,423 23,138,182 2,526,643 276,246 48,561,494 Year ended December 31, 2018 Natural Gas Transportation Production and Commercialization of Liquids Other Services Telecommunications Total Primary geographical market: External market - 9,269,086 - - 9,269,086 Local market 23,785,660 16,309,287 2,784,534 250,856 43,130,337 Total 23,785,660 25,578,373 2,784,534 250,856 52,399,423 Timing of revenue recognition: Over the time 23,785,660 1,084,994 2,784,534 250,856 27,906,044 At a point in time - 24,493,379 - - 24,493,379 Total 23,785,660 25,578,373 2,784,534 250,856 52,399,423 Year ended December 31, 2017 Natural Gas Transportation Production and Commercialization of Liquids Other Services Telecommunications Total Primary geographical market: External market - 6,664,863 - - 6,664,863 Local market 11,469,824 10,524,331 1,844,712 190,858 24,029,725 Total 11,469,824 17,189,194 1,844,712 190,858 30,694,588 Timing of revenue recognition: Over the time 11,469,824 822,760 1,844,712 190,858 14,328,154 At a point in time - 16,366,434 - - 16,366,434 Total 11,469,824 17,189,194 1,844,712 190,858 30,694,588 Detailed information of revenues on each business segment for the years ended December 31, 2019, 2018 and 2017 is disclosed below: i. Natural Gas Transportation 2019 2018 2017 Firm 18,521,215 18,834,776 8,971,393 Access and Charge 835,721 870,398 666,979 Interruptible and Others 3,263,487 4,080,486 1,831,452 Total 22,620,423 23,785,660 11,469,824 ii. Production and Commercialization of Liquids 2019 2018 2017 Product 21,708,919 23,867,702 15,776,153 Services 1,226,814 1,084,994 878,235 Government grants 202,449 625,677 534,806 Total 23,138,182 25,578,373 17,189,194 iv. Other services 2019 2018 2017 Conditioning and treatment 1,273,070 1,130,820 841,091 Operation and maintenance 651,665 738,568 637,752 Steam sales 231,565 210,387 148,582 Construction 11,899 32,799 213,270 UT Construction 187,686 666,402 - Transportation and conditioning of Naural Gas in Vaca Muerta 165,725 - - Others 5,033 5,558 4,017 Total 2,526,643 2,784,534 1,844,712 i) Cost of sales 2019 2018 2017 Inventories at the beginning of the year 554,218 282,659 371,470 Purchases 12,052,590 13,630,238 9,250,971 Operating costs (Note 8.i.) 12,076,335 11,544,187 9,021,164 Inventories at the end of the year (307,640 ) (554,218 ) (282,659 ) Total 24,375,503 24,902,866 18,360,946 j) Expenses by nature – Information required under art. 64 paragraph I, clause B) Commercial Companies Law 2019 Operating expenses Accounts Total Regulated Activities Non Regulated Activities Administrative expenses Selling expenses Financial expenses Salaries, wages and other compensations 3,193,390 1,463,206 953,222 604,578 172,384 - Social security taxes 595,112 271,610 170,506 117,055 35,941 - Compensation to Directors and Supervisory Committee 32,528 - - 32,528 - - Professional services fees 483,128 15,383 248,648 186,970 32,127 - Technical operator assistance fees 1,144,777 776,200 368,577 - - - Materials 387,772 169,415 218,357 - - - Third parties services 435,870 180,037 222,864 24,485 8,484 - Telecommunications and post expenses 44,810 12,956 6,097 23,952 1,805 - Rents 43,758 12,717 21,141 8,888 1,012 - Transports and freight 115,986 73,000 40,551 2,435 - - Easements 91,941 87,367 4,574 - - - Offices supplies 13,332 4,019 2,310 5,183 1,820 - Travels expenses 132,485 65,497 35,936 27,340 3,712 - Insurance 96,399 47,111 38,101 6,391 4,796 - Property, plant and equipment maintenance 2,566,969 2,233,041 298,406 35,522 - - Depreciation of property, plant and equipment 3,695,615 2,842,666 697,391 155,558 - - Taxes and contributions 3,044,070 334,176 24,473 3,903 2,681,518 (1) - Advertising 90,137 - - - 90,137 - Doubtful accounts 2,435 - - - 2,435 - Banks expenses 19,308 - - 19,308 - - Interests expense 2,509,815 - - - - 2,509,815 Foreign exchange loss 15,636,514 - - - - 15,636,514 Capitalized financial costs (446,195 ) - - - - (446,195 ) Costs of services rendered to third parties 13,664 - 13,664 - - - Other expenses 132,706 79,239 43,877 6,204 3,386 - Total 2019 34,076,326 8,667,640 3,408,695 1,260,300 3,039,557 17,700,134 (1) Includes tax on exports for Ps. 843,418 for the year ended December 31, 2019. 2018 Operating expenses Accounts Total Regulated Activities Non Regulated Activities Administrative expenses Selling expenses Financial expenses Salaries, wages and other contributions 2,942,737 1,370,862 873,457 549,048 149,370 - Social security taxes 492,620 222,669 130,665 107,092 32,194 - Compensation to Directors and Supervisory Committee 39,718 - - 39,718 - - Professional services fees 422,573 10,841 208,637 192,647 10,448 - Technical operator assistance fees 2,026,244 1,289,165 737,079 - - - Materials 344,492 105,664 238,828 - - - Third parties services 402,701 157,394 200,379 30,443 14,485 - Telecommunications and post expenses 33,498 6,455 4,395 21,933 715 - Rents 38,129 11,779 15,846 9,147 1,357 - Transports and freight 104,751 64,965 35,357 4,429 - - Easements 83,186 83,186 - - - - Offices supplies 10,763 3,647 1,324 4,815 977 - Travels expenses 131,177 58,722 41,135 25,222 6,098 - Insurance 101,944 58,713 36,451 6,775 5 - Property, plant and equipment maintenance 1,946,371 1,700,665 221,697 24,009 - - Depreciation of property, plant and equipment 3,419,820 2,481,136 527,193 411,491 - - Taxes and contributions 2,578,080 262,317 30,893 3,274 2,281,596 (1) - Advertising 7,470 - - - 7,470 - Doubtful accounts 203,860 - - - 203,860 - Banks expenses 18,691 - - 18,691 - - Interests expense 2,577,365 - - - - 2,577,365 Foreign exchange loss 20,185,935 - - - - 20,185,935 Costs of services rendered to third parties 254,250 - 254,250 - - - Other expenses 135,374 56,152 42,269 30,846 6,107 - Year ended Deccember 31, 2018 38,501,749 7,944,332 3,599,855 1,479,580 2,714,682 22,763,300 (1) 2017 Operating expenses Accounts Total Regulated Activities Non Regulated\ Administrative expenses Selling expenses Financial expenses Salaries, wages and other compensations 2,755,821 1,329,370 721,780 550,569 154,102 - Social security taxes 474,525 208,944 123,835 108,080 33,666 - Compensation to Directors and Supervisory Committee 21,253 - - 21,253 - - Professional services fees 153,215 3,706 7,585 129,187 12,737 - Technical operator assistance fees 887,901 400,020 487,881 - - - Materials 149,305 46,117 103,188 - - - Third parties services 317,596 132,233 159,075 26,288 - - Telecommunications and post expenses 24,756 3,307 3,034 17,223 1,192 - Rents 16,828 4,863 2,432 8,372 1,161 - Transports and freight 89,022 52,995 30,416 5,560 51 - Easements 54,249 54,249 - - - - Offices supplies 8,633 2,561 900 4,027 1,145 - Travels expenses 47,741 21,350 7,865 13,831 4,695 - Insurance 81,007 47,294 26,962 6,013 738 - Property, plant and equipment maintenance 1,546,413 1,331,530 198,875 13,290 2,718 - Depreciation of property, plant and equipment 3,107,746 2,414,921 500,115 192,710 - - Taxes and contributions 1,413,444 327,852 20,606 1,824 1,063,162 (1) - Advertising 1,180 - 5 - 1,175 - Doubtful accounts (35,989 ) - - - (35,989 ) - Banks expenses 11,102 - - 11,102 - - Interests expense 1,301,985 - - - - 1,301,985 Foreign exchange loss 1,718,617 - - - - 1,718,617 Other financial charges 258,315 - - - - 258,315 Costs of services rendered to third parties 177,326 - 177,326 - - - Other expenses 88,909 47,134 20,838 19,607 1,330 - Total 2017 14,670,900 6,428,446 2,592,718 1,128,936 1,241,883 3,278,917 (1) Includes tax on exports for Ps. 1,978 for the year ended December 31, 2017 k) Net financial results 2019 2018 2017 Financial income Interest income 719,559 2,069,473 204,776 Foreign exchange gain 7,815,595 12,559,251 863,880 Subtotal 8,535,154 14,628,724 1,068,656 Financial expenses Interest expense (2,509,815 ) (2,577,365 ) (1,301,985 ) Foreign exchange loss (15,636,514 ) (20,185,935 ) (1,718,617 ) less: Capitalized finance costs 446,195 - - Subtotal (17,700,134 ) (22,763,300 ) (3,020,602 ) Other financial results Derivative financial instruments results (19,172 ) 163,192 - Fair value gains on financial instruments through profit or loss 542,218 2,112,016 680,678 Others (409,659 ) (374,619 ) (258,315 ) Subtotal 113,387 1,900,589 422,363 Gain on net monetary position 6,154,172 1,855,519 716,821 Total (2,897,421 ) (4,378,468 ) (812,762 ) In accordance with the provisions of IAS 29, the Company opted to present the gain on the monetary position in a single line included in the financial results. This exposure implies that the nominal magnitudes of the financial results have been adjusted for inflation. The real magnitudes of financial results are different from the components of financial results presented above. For additional information see Note 4.d., to these consolidated financial statements. l) Other operating expenses 2019 2018 2017 Net increase in provisions (1) (156,124 ) (1,185,743 ) (351,039 ) Recovery of insurance - 36,726 299,495 Write off of other receivables - - (161,596 ) Others 28,598 (221,302 ) (204,663 ) Total (127,526 ) (1,370,319 ) (417,803 ) (1) m) Other financial assets at amortized cost 2019 2018 Current Non Current Current Non Current VRD bonds 3,355 5,403 8,790 13,476 US Treasury Bills 1,040,605 - - - Total 1,043,960 5,403 8,790 13,476 n) Payroll and social security taxes payable 2019 2018 Current Non Current Current Non Current Vacation benefit payable 305,847 - 262,577 - Annual bonus payable 205,541 - 205,159 - Social security taxes payable 130,942 - 103,654 - UT 6,121 18,766 Total 648,451 - 590,156 - |
INVESTMENTS IN ASSOCIATES
INVESTMENTS IN ASSOCIATES | 12 Months Ended |
Dec. 31, 2019 | |
INVESTMENTS IN ASSOCIATES [Abstract] | |
INVESTMENTS IN ASSOCIATES | 9. INVESTMENTS IN ASSOCIATES 2019 2018 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) / the year / period Shareholders equity % of Common Book value Transporte y Servicios de Gas en Uruguay S.A. Ps. Uru. 1 196,000 182 6,627 Pipeline maintenance 09/30/2019 28 (783 ) 14,308 49.00 8,919 Emprendimientos de Gas del Sur S.A. (in liquidation) $ 1 116,130 2,025 418 Pipeline and operation services 09/30/2019 237 (186 ) 854 49.00 498 Gas Link S.A. $ 1 502,962 8,595 71,615 Pipeline and operation services 09/30/2019 1,026 6,990 396,461 49.00 102,373 Total 78,660 111,790 |
JOINT ARRANGEMENTS
JOINT ARRANGEMENTS | 12 Months Ended |
Dec. 31, 2019 | |
JOINT ARRANGEMENTS [Abstract] | |
JOINT ARRANGEMENTS | 10. JOINT ARRANGEMENTS TGS jointly with SACDE applied for the public tender launched by the Argentine Government for the construction of a connection pipeline in the province of Santa Fe. This tender was finally obtained by the UT whose sole purpose is the execution of such works. For further information, see Note 23. The Company participates in the UT in a percentage of 51% on the rights of the assets and on the obligations related to them. TGS consolidates line by line assets, liabilities and results of the UT based on the aforementioned percentage of participation. The breakdown of the amounts included in the statements of financial position related to the Company’s participation in the UT and its results is the following: 2019 2018 Consolidated Statements of financial position Non Current assets - - Current Assets 232,849 300,649 Total 232,849 300,649 Non Current Liabilities - - Current Liabilities 414,323 261,274 Total 414,323 261,274 2019 2018 2017 Consolidated Statements of comprehensive income Gross (loss) / profit (154,303 ) 52,112 1,226 Operating (loss) / profit (172,298 ) 37,517 (38 ) Net Financial results (21,069 ) 1,611 348 Comprehensive (loss) / income (193,367 ) 39,128 310 |
PROFIT FROM ASSOCIATES
PROFIT FROM ASSOCIATES | 12 Months Ended |
Dec. 31, 2019 | |
PROFIT FROM ASSOCIATES [Abstract] | |
PROFIT FROM ASSOCIATES | 11. PROFIT FROM ASSOCIATES 2019 2018 2017 EGS (in liquidation) (80 ) 4,770 32 TGU (664 ) (68 ) 438 Link (31,114 ) 23,306 32,821 Total (31,858 ) 28,008 33,291 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2019 | |
PROPERTY, PLANT AND EQUIPMENT [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 12. PROPERTY, PLANT AND EQUIPMENT 2019 Cost Depreciation Account Beginning of the year Additions Retirements Transfers End of the Accumulated at the beginning of the year Retirements For the year rate % Accumulated at the end of the year Net Pipelines 61,419,814 - 13,330 1,933,215 63,339,699 29,732,526 7,747 1,518,032 2.2 31,242,811 32,096,888 Compressor plants 23,468,780 399,897 179,885 2,033,984 25,722,776 16,260,945 108,445 1,067,625 3.3 to 25 17,220,125 8,502,651 Other plants 26,488 - - - 26,488 8,039 - 899 3.3 8,938 17,550 Stations of regulation and/or measurement of pressure 2,091,798 - - 76,900 2,168,698 1,668,370 - 57,681 4.0 1,726,051 442,647 Other technical installations 413,717 - - 7,440 421,157 353,051 - 9,250 6.7 362,301 58,856 Subtotal assets related to natural gas transportation service 87,420,597 399,897 193,215 4,051,539 91,678,818 48,022,931 116,192 2,653,487 50,560,226 41,118,592 Non-regulated segment Pipelines 124,829 - - 10,109,995 10,234,824 63,362 - 62,977 2.2 126,339 10,108,485 Non-regulated segment Compressor plants 1,910,728 - - 145,605 2,056,333 582,695 - 217,431 3.3 to 25 800,126 1,256,207 Non-regulated segment Other plants 13,326,401 - - 4,726,393 18,052,794 9,976,456 - 312,521 3.3 10,288,977 7,763,817 Non-regulated segment Stations of regulation and/or measurement of pressure 160,534 11,284 - 457,977 629,795 32,186 - 11,582 4.0 43,768 586,027 Non-regulated segment Other technical installations 254,016 - - - 254,016 75,525 - 22,868 6.7 98,393 155,623 Subtotal assets related to Other Services and Production and Commercialization of Liquids 15,776,508 11,284 - 15,439,970 31,227,762 10,730,224 - 627,379 11,357,603 19,870,159 Lands 165,136 189,003 - - 354,139 - - - - - 354,139 Buildings and constructions 3,119,619 - 948 428,387 3,547,058 1,761,692 11 58,976 2.0 1,820,657 1,726,401 Facilities and features in building 263,700 - - 97 263,797 105,381 - 10,927 4.0 116,308 147,489 Machinery, equipment and tools 933,683 172,586 7,758 6,207 1,104,718 578,196 7,758 80,007 6.7 to 10 650,445 454,273 UT Machinery, equipment and tools 909 - - - 909 686 - 223 6.7 to 10 909 - Computers and Telecommunication systems 4,177,609 3,440 - 662,582 4,843,631 3,420,768 - 221,927 6.7 to 20 3,642,695 1,200,936 Vehicles 455,370 80,860 24,497 - 511,733 320,725 23,144 41,452 20 339,033 172,700 Furniture 228,540 - - - 228,540 221,308 - 1,237 10 222,545 5,995 Materials 2,363,440 2,259,125 21,545 (1,458,699 ) 3,142,321 - - - - - 3,142,321 Line pack 578,707 - - (84,156 ) 494,551 27,646 - - - 27,646 466,905 Works in progress 9,216,602 15,722,143 - (19,045,927 ) 5,892,818 - - - - - 5,892,818 Total 124,700,420 18,838,338 247,963 - 143,290,795 65,189,557 147,105 3,695,615 68,738,067 74,552,728 2018 Cost Depreciation Account Beginning of the year Additions Retirements Transfers End of the Accumulated at the beginning of the year Retirements For the year rate % Accumulated at the end of the year Net book value Pipelines 60,167,955 - 27,845 1,279,704 61,419,814 28,257,137 461 1,475,850 2.2 29,732,526 31,687,288 Compressor plants 22,369,570 - 474,819 1,574,029 23,468,780 15,721,120 429,105 968,930 3.3 to 25 16,260,945 7,207,835 Other plants 26,488 - - - 26,488 7,141 - 898 3.3 8,039 18,449 Stations of regulation and/or measurement of pressure 2,093,130 1,663 9,150 6,155 2,091,798 1,620,632 7,942 55,680 4.0 1,668,370 423,428 Other technical installations 407,598 - 2,046 8,165 413,717 346,264 2,046 8,833 6.7 353,051 60,666 Subtotal assets related to natural gas transportation service 85,064,741 1,663 513,860 2,868,053 87,420,597 45,952,294 439,554 2,510,191 48,022,931 39,397,666 Non-regulated segment Pipelines 124,829 - - - 124,829 61,868 - 1,494 2.2 63,362 61,467 Non-regulated segment Compressor plants 1,898,166 - 4,330 16,892 1,910,728 395,448 808 188,055 3.3 to 25 582,695 1,328,033 Non-regulated segment Other plants 13,744,847 9,207 1,029,228 601,575 13,326,401 10,676,085 950,340 250,711 3.3 9,976,456 3,349,945 Non-regulated segment Stations of regulation and/or measurement of pressure 160,534 - - - 160,534 25,765 - 6,421 4.0 32,186 128,348 Non-regulated segment Other technical installations 254,016 - - - 254,016 52,658 - 22,867 6.7 75,525 178,491 Subtotal assets related to Other Services and Production and Commercialization of Liquids 16,182,392 9,207 1,033,558 618,467 15,776,508 11,211,824 951,148 469,548 10,730,224 5,046,284 Lands 110,509 54,627 - - 165,136 - - - - - 165,136 Buildings and constructions 3,053,615 - 73,980 139,984 3,119,619 1,765,318 58,701 55,075 2.0 1,761,692 1,357,927 Facilities and features in building 255,239 - 18,078 26,539 263,700 103,710 9,419 11,090 4.0 105,381 158,319 Machinery, equipment and tools 790,333 199,925 73,467 16,892 933,683 609,507 73,206 41,895 6.7 to 10 578,196 355,487 UT Machinery, equipment and tools - 909 - - 909 - - 686 6.7 to 10 686 223 Computers and Telecommunication systems 5,762,314 258 2,085,323 500,360 4,177,609 5,203,218 2,078,177 295,727 6.7 to 20 3,420,768 756,841 Vehicles 405,725 58,593 8,948 - 455,370 294,870 8,465 34,320 20 320,725 134,645 Furniture 228,380 - - 160 228,540 220,020 - 1,288 10 221,308 7,232 Materials 2,419,633 880,423 55,307 (881,309 ) 2,363,440 - - - - - 2,363,440 Line pack 236,471 - - 342,236 578,707 27,646 - - - 27,646 551,061 Works in progress 3,429,298 9,418,686 - (3,631,382 ) 9,216,602 - - - - - 9,216,602 Total 117,938,650 10,624,291 3,862,521 - 124,700,420 65,388,407 3,618,670 3,419,820 65,189,557 59,510,863 As of December 31, 2018, the assets allocated to the natural gas treatment and compression service include the following amounts in which the Company is a financial lease under the terms of leasing contracts: 2018 Capitalized financial lease 2,501,165 Accumulated depreciaton (560,091 ) Total 1,941,074 As of December 31, 2019 and January 1, 2019, date of the first application of IFRS 16, the assets related to the Other Services and Production and Commercialization of Liquids segments contains the following assets for right of use: 12/31/2019 1/1/2019 Other plants 448,306 515,552 Compressor plants 1,113,024 1,279,978 Other technical installations 126,560 145,544 Total 1,687,890 1,941,074 The book value variation of the rights-of use accounted during the year ended on December 31, 2019 corresponds to its depreciation: 12/31/2019 Other plants (67,246 ) Compressor plants (166,954 ) Other technical installations (18,984 ) Total (253,184 ) |
LOANS
LOANS | 12 Months Ended |
Dec. 31, 2019 | |
LOANS [Abstract] | |
LOANS | 13. LOANS Short-term and long-term loans as of December 31, 2019 and 2018 comprise the following: 2019 2018 Current Loans 2018 Notes Interest 336,881 349,375 Pre-export finance 1,021,325 - Leasing (Note 22) 363,881 331,850 Total Current loans 1,722,087 681,225 Non Current Loans 2018 Notes 29,847,160 28,789,009 Leasing (Note 22) 2,013,557 2,214,706 Total non current loans 31,860,717 31,003,715 Total (1) 33,582,804 31,684,940 (1) The activity of the loans as of December 31, 2019 and 2018 is the following: 2019 Leases liabilities Other payables 2018 Beggining balance 2,546,556 29,138,384 10,218,503 Inflation adjustment restatement (891,146 ) (13,298,217 ) (10,931,986 ) Accrued interest 194,944 2,061,631 2,305,265 Effect of foreign exchange rate change 1,178,710 13,935,368 19,765,612 VAT unpaid installments 15,988 - 29,388 Procceds from loans - 1,051,809 21,261,978 Payment of loans (1) (167,989 ) - (2,042,940 ) Payment of redemption of loans - - (7,378,176 ) Interest paid (2) (159,164 ) (2,024,070 ) (1,542,704 ) Ending balance 2,717,899 30,864,905 31,684,940 (1) (2) The maturities of the current and non-current loans as of December 31, 2019 are as follows, not including issuance expenses: To due Due at 12/31/2019 From 1/01/2020 to 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 onwards Total 2018 Notes - 336,881 - - - 29,847,160 30,184,041 Financial Leasing 90,363 273,518 296,515 321,370 348,380 1,047,292 2,377,438 Pre-export finance - 1,021,325 - - - - 1,021,325 Total 90,363 1,631,724 296,515 321,370 348,380 30,894,452 33,582,804 The following table sets reconciliation between the total of future minimum lease payments as of December 31, 2019, and their present book value: 12/31/2019 As of 12/31/2020 538,339 From 1/01/2021 to 12/31/2021 448,037 From 1/01/2022 to 12/31/2022 448,037 From 1/01/2023 to 12/31/2023 448,037 From 1/01/2024 onwards 1,163,723 Total minimum future payments 3,046,173 Future financial charges on financial leases (668,735 ) Book Value financial leases 2,377,438 Description of the indebtedness of the Company Class 2 Notes (“2018 Notes”) The Ordinary General Shareholders’ Meeting held on April 26, 2017, ordered the increase of up to US$ 700,000,000 (or its equivalent in other currencies) of the 2017 Program authorized by the CNV by Resolution No. 17,262 dated January 3, 2014, whose amount until the Shareholders´ Meeting was held was US$ 400,000,000 (the “2017 Program”). On May 2, 2018, within the framework of the 2017 Program, the Company issued the 2018 Notes according to the following characteristics: 2018 Notes Amount in U.S.$ 500,000,000 Interest Rate 6.75% annual Issuance price 99.725% Scheduled payment date Percentage of the principal to be paid Amortization May 2, 2025 100% Frequency of interest payment Semiannual, payable on May 2 and November 2 of each year. Guarantor None The authorization for the public offering of the 2017 Program was granted by the CNV through Resolutions No. 17,262 and 18,938 dated January 3, 2014 and September 15, 2017, respectively. On October 31, 2018, through Disposition No. DI-2018-55-APN-GE#CNV, the CNV granted the extension of the 2017 Program until January 3, 2024. The Ordinary General Shareholders´ Meeting held on August 15, 2019 decided to increase the 2017 Program from US$ 700 million to US$ 1.2 billion. This increase was authorized by the CNV on October 9, 2019 through Resolution RESFC-2019-20486-APN-DIR # CNV. Funds obtained by the Company are applied to: i. The repurchase of the Class 1 Notes (the “2014 Notes”) for U.S.$ 86,511,165; ii. the cancellation and total redemption of the 2014 Notes for U.S.$ 120,786,581; iii. the balance of net funds to make investments in capital expenditures. The value of the financial debt is based on its amortized cost calculated as cash flows discounted at an effective rate of 7.088%. Covenants As of the date of issuance of these consolidated financial statements, the Company has complied with a series of restrictions derived from its current financial agreements, which include, among others, those related to obtaining new loans, payment of dividends, granting of guarantees, disposal of certain assets and make certain transactions with related parties. The Company may contract new debts under the following conditions, among others: a. To the extent that after the new debt has been incurred (i) the consolidated coverage ratio (calculated as the quotient of the consolidated adjusted EBITDA -earnings before financial results, income tax, depreciation and amortization- and the consolidated interest expense) is equal or higher than 2.0:1; and (ii) the consolidated debt ratio (calculated as the quotient of the consolidated debt and the consolidated EBITDA) is equal to or lower than 3.5:1. b. For the refinancing of the outstanding financial debt. c. Originated by customer advances. The Company may pay dividends under the following conditions: (i) the Company is not in default under 2018 Notes, and (ii) immediately after any dividend payment, the Company may incur new debts according to the provisions in point a. of the preceding paragraph. Lease liability Corresponds to the financing obtained for the acquisition of the corresponding assets to the treatment and compression plant located in the area of Río Neuquén. Said agreement was concluded on August 11, 2016 with Petrobras (currently Pampa Energía) and consists of the payment of 119 consecutive monthly installments of U.S.$ 623,457 without taxes and an option to purchase for the same amount payable at the end of the 120th month of the effectiveness of the contract. Pre-export finance On November 5, 2019, the Company agreed with Itaú Unibanco S.A. the granting of a loan for US $ 17 million in order to pre-finance the exports of propane, butane and natural gasoline made. The characteristics of this loan are as follows: 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 * * As of the date of issuance of these Financial Statements, this loan is fully paid. |
INCOME TAX AND DEFERRED TAX
INCOME TAX AND DEFERRED TAX | 12 Months Ended |
Dec. 31, 2019 | |
INCOME TAX AND DEFERRED TAX [Abstract] | |
INCOME TAX AND DEFERRED TAX | 14. INCOME TAX AND DEFERRED TAX Tax Reform The Tax Reform sanctioned in Argentina in 2017, with some amendments introduced in December 2018 after the issuance of Law No. 27,468, brought with it a series of modifications in the taxation and calculation of the income tax to which the Company is subject in the normal course of its activities. Subsequently, on the occasion of the enactment of the Solidarity Law, new modifications were introduced with impact as of the fiscal year beginning on January 1, 2019. The main changes are the following: Reduction in the applicable rate Until the fiscal year ended on December 31, 2017, the income tax rate remained at 35%. The tax reform establishes a gradual reduction of the applicable rate for the calculation of income tax, being 30% and 25% for fiscal periods beginning on January 1, 2018 and 2019 and January 1, 2020 onwards, respectively. The reduction in the applicable rate is complemented by the application of a tax on the distribution of dividends made to human persons and foreign beneficiaries, which the Company must withhold and enter the Tax authority as a single and definitive payment when the dividends are paid. This additional tax will be 7% or 13%, depending on whether the dividends distributed correspond to earnings of a fiscal period in which the Company was reached at the rate of 30% or 25%, respectively. For these purposes it is considered, without admitting proof to the contrary, that the dividends that are made available correspond, firstly, to the oldest accumulated earnings. Solidarity Law suspended until fiscal years starting from 1st January 2021 inclusive, reduced to 25% of the applicable rate and retention of 13% on dividends. Tax adjustment for inflation This section was subsequently modified by Law No. 27,468, which establishes that in the net taxable income of the periods beginning on or after January 1, 2018, the adjustment for inflation obtained by the application of the income tax law may be deducted or incorporated into the tax result for the fiscal year. This adjustment will proceed only if the percentage variation in the IPC, will accumulate (a) a percentage higher than 100% in the 36 months prior to the end of the year, or (b) regarding the first, second and third fiscal year that starts from its effective date, an accumulated variation of the IPC that exceeds 55%, 30% or 15% of said 100%, respectively. For the fiscal year ended December 31, 2019, the CPI has exceeded the 30% threshold mentioned above, so the Company has measured the tax charge to earnings for the year ended December 31, 2019 considering the application of the adjustment for fiscal inflation. According to the Solidarity Law, the positive or negative result generated by the application of the inflation adjustment corresponding to the first and second fiscal year beginning on January 1, 2019 will be charged in a sixth in that fiscal period and the five sixths remaining in equal parts in the following 5 fiscal periods. Adjustment of acquisitions and investments made in fiscal years beginning on or after January 1, 2018 A cost adjustment mechanism is established for assets acquired or investments made in fiscal years beginning on or after January 1, 2018. The adjustment will be made based on the percentage variations of the WPI. This adjustment mechanism will have a significant impact on the calculation of future taxable profits on which the Company must pay the income tax. Tax revaluation It established the possibility of carrying out a tax revaluation, for a single time, of certain assets that are part of the assets as of December 31, 2017, in order to adjust their value. This revaluation was optional, and to carry out the tax revaluation, a special tax must be paid. The special tax varied between 8% and 15%, depending on the type of asset to be re-evaluated between the difference of the residual revalued tax value and the residual tax value of origin. Once the option for a certain good is exercised, all other goods in the same category must be revalued. This tax is not deductible from income tax, and the asset increase that originates the revaluation is neither taxable for income tax nor taxable for the purposes of the TOMPI liquidation. The taxpayers that exercised the revaluation option has waived to promote any judicial or administrative process for which the adjustment for tax inflation is claimed. The Board of Directors decided to make use of this option, which implies a one-time payment of Ps. 1,612,164. Said tax paid and the tax revaluation benefit of Ps. 6,447,872, were recorded under the line “Income Tax” of the Statement of Financial Position for the year ended December 31, 2018. Deferred Tax The reconciliation between the charge computed for tax purposes and the income tax expense charged to the statement of comprehensive income in the years ended December 31, 2019, 2018 and 2017 is as follows: 2019 2018 2017 Current income tax (2,682,261 ) (4,920,109 ) (3,757,523 ) Special revaluation tax - (1,612,164 ) - Deferred income tax (1,341,950 ) 6,512,012 3,839,173 Total income tax (4,024,211 ) (20,261 ) 81,650 The analysis of the net deferred tax assets and liabilities is as follows: 2019 2018 Deferred tax assets: Deferred tax assets to be recovered after more than 12 months 996,567 1,044,262 Deferred tax assets to be recovered after less than 12 months 273,287 231,200 Deferred tax liabilities: Deferred tax liabilities to be recovered after more than 12 months (6,002,822 ) (4,527,584 ) Deferred tax liabilities to be recovered after less than 12 months (29,546 ) (168,442 ) Deferred tax liabilities, net (4,762,514 ) (3,420,564 ) The components of the net deferred tax assets and liabilities as of December 31, 2019, 2018 and 2017 are the following: 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 Contract liabilities Tax inflation adjustment Total As of December 31, 2017 - - - 173,575 516,052 436,324 - 1,125,951 Charge in results - 596 3,497 (18,349 ) 110,929 52,838 - 149,511 As of December 31, 2018 - 596 3,497 155,226 626,981 489,162 - 1,275,462 Charge in results 731 (240 ) (2,766 ) (375 ) (26,711 ) 14,925 8,828 (5,608 ) As of December 31, 2019 731 356 731 154,851 600,270 504,087 8,828 1,269,854 Deferred tax liabilities Deferred sales Loans Property, Plant and Equipment Cash and cash Inventaries Other financial assets at amortized cost Tax inflation adjustment Total As of December 31, 2017 - (5,633 ) (11,016,028 ) (25,325 ) (11,541 ) - - (11,058,527 ) Charge in results 4,367 (42,180 ) 6,527,245 (120,683 ) (6,248 ) - - 6,362,501 As of December 31, 2018 4,367 (47,813 ) (4,488,783 ) (146,008 ) (17,789 ) - - (4,696,026 ) Charge in results (4,367 ) 21,547 139,697 143,880 (2,346 ) (1,864 ) (1,632,889 ) (1,336,342 ) As of December 31, 2019 - (26,266 ) (4,349,086 ) (2,128 ) (20,135 ) (1,864 ) (1,632,889 ) (6,032,368 ) Income tax expense computed at the statutory tax rate on pre-tax income differs from the income tax expense for the years ended December 31, 2019, 2018 and 2017 as follows: 2019 2018 2017 Pre tax income 16,829,329 17,581,516 8,765,549 Statutory income tax rate 30 % 30 % 35 % Pre tax income at statutory income tax rate (5,048,799 ) (5,274,455 ) (3,067,942 ) Tax effects due to: - Restatement by inflation 2,039,603 371,340 (287,676 ) - Tax revalution benefit - 6,447,872 - - Special revalution tax - (1,612,164 ) - - Adjustment affidavit previous year 136,641 (464 ) - - Change in the taxe rate - - 3,437,625 - Tax inflation adjustment (1,998,487 ) - - - Others 846,831 47,610 (357 ) Total income tax (4,024,211 ) (20,261 ) 81,650 |
PROVISIONS
PROVISIONS | 12 Months Ended |
Dec. 31, 2019 | |
PROVISIONS [Abstract] | |
PROVISIONS | 15. PROVISIONS The total amount of the Provisions are included in current liabilities. For legal claims and others Balances as of 12/31/2017 445,962 Inflation adjustment restatement (173,430 ) Additions 300,213 (1) Uses (1,211 ) Decreases (557 ) (2) Balances as of 12/31/2018 570,977 Inflation adjustment restatement (241,044 ) Additions 272,477 (3) Uses (7,590 ) Decreases (5,702 ) (2) Balances as of 12/31/2019 589,118 (1) (2) (3) |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2019 | |
FINANCIAL RISK MANAGEMENT [Abstract] | |
FINANCIAL RISK MANAGEMENT | 16. FINANCIAL RISK MANAGEMENT 1. Financial risk factors The Company’s activities and the market in which it operates expose it to a series of financial risks: market risk (including foreign exchange risk, interest rate risk, and commodity price risk), credit risk and liquidity risk. The Company’s risk management framework establishes that a risk map is determined that measures the potential impact of each of them on the financial situation and results of operations. Based on this, the Executive Officers are responsible for defining the policies, procedures, limits and measures aimed at mitigating the impact of said risks. The sensitivity analyzes included below are based on the change in one of the factors while all others remain constant. In practice, this is unlikely to happen, and changes in several factors can be correlated, for example, in variations in the interest rate and variations in the foreign currency exchange rate. Sensitivity analysis only provides limited vision, at one point in time. The actual impact on the Company’s financial instruments could vary significantly with respect to the impact shown in the sensitivity analysis. 2. Foreign exchange risk The Company is primarily exposed to the fluctuation of the exchange rate of the U.S. dollar against the Argentine Peso due to the fact that almost its entire financial indebtedness is denominated in U.S. dollars. The exposure to other currencies is not significant. As regards to the revenue derived from the Natural Gas Transportation segment, the tariffs charged by the Company are currently denominated in Argentine pesos. On the other hand, revenues in US dollars derived from the Liquids Production and Commercialization segment accounted for approximately 87%, 77% and 76% of the segment’s total revenues for the years ended December 31, 2019, 2018 and 2017, respectively. Total revenues denominated in Argentine Pesos accounted for 53%, 59% and 51% for the years ended December 31, 2019, 2018 and 2017, respectively. TGS’s financial risk management policies are defined with the objective of mitigating the impact that the variation in the exchange rate has on the Company’s position in foreign currency. For this purpose, alternative investment evaluations are regularly carried out to diversify investments in financial instruments portfolio between US dollar-denominated instruments or, although denominated in Argentine pesos, to obtain positive returns in real terms. Additionally, in the event that it is considered appropriate, the Company contracts derivative financial instruments that allow TGS to hedge the fluctuation of the US dollar over long-term positions in such currency. During the years 2019, 2018 and 2017, the Company did not contract derivative financial instruments to cover this risk. However, the Company managed to mitigate the impact on the exchange rate variation by placing funds in assets denominated in US dollars. As of December 31, 2019, for mitigating this foreign exchange risk, 88% of the Company’s fund placements are denominated in US dollars. Considering the net liability financial position described in the table below, the Company estimated that, other factors being constant, a 10% appreciation of the US dollar against the Argentine Peso for the years ended December 31, 2019, 2018 and 2017 would have decreased the Company’s pretax income for the year in approximately Ps. 2,564,896, Ps. 1,138,128, and Ps. 399,846, respectively. A 10% depreciation of the US dollar against the Argentine Peso would have an equal and opposite effect on the pre-tax income. Actual results may differ significantly from these theoretical sensitivity scenarios. 1.2 Interest rate risk The management of interest rate risk seeks to reduce financial costs and limit the Company’s exposure to an increase in interest rates. Currently, the Company’s exposure to interest rate risk is limited due to the fact that 100% of its outstanding financial indebtedness bears fixed interest rates. The interest rate profile of the Company’s borrowings is set out in Note 13. The main objective of the Company’s financial investment activities is to obtain the highest return by investing in low risk and high liquidity instruments. The Company maintains a short-term portfolio of cash equivalents and investments made up of investments in mutual funds and deposits in remunerated bank accounts, public and private securities. The risk of these instruments is low given the short-term nature and high liquidity in well-known financial institutions. As a consequence of the application of IAS 29, maintaining monetary assets generates loss of purchasing power, provided that such items are not subject to an adjustment mechanism that compensates to some extent the loss of purchasing power. This loss of purchasing power is included in the result of the period under gain on the net monetary position. On the contrary, maintaining monetary liabilities generates a gain in purchasing power, which are also included in such line item. The Company’s risk management policy is defined with the objective of reducing the impact of the loss of purchasing power. During the 2017, 2018 and 2019 fiscal years the Company has maintained a liability monetary position. As a consequence, TGS has recorded a net gain from exposure to inflation in the monetary items. The following table shows a breakdown of the Company’s fixed-rate and floating-rate financial assets and liabilities as of December 31, 2019 and 2018: Financial assets (1) Financial liabilities (2) 2019 2018 2019 2018 Fix interest rate 8,650,353 13,114,538 30,184,039 29,138,384 Variable interest rate 1,038,402 22,264 1,021,325 - Total 9,688,755 13,136,802 31,205,364 29,138,384 (1) (2) In view of the nature of the Company’s financial assets which bear variable interest, an immediate 100 basis points decrease in the interest rate would not have a significant impact on the total value of the financial assets. 1.3 Commodity price risk Commercial operations performed by the Company in its Liquids Production and Commercialization segment are affected by a number of factors beyond its control, including changes in the international prices of the products sold, and government regulations on prices, taxes and other charges, among others. The sale prices of propane and butane (“LPG”) and natural gasoline the Company exports in its Liquids Production and Commercialization segment are referenced to international prices (Mont Belvieu for the LPG and NWE ARA for the natural gasoline). Additionally, approximately 59% of the total sales of propane and butane that are made in the domestic market are made at prices fixed by the Hydrocarbon Resources Secretariat (“SRH” for its acronym in Spanish) based on export parity prices. These prices have historically been cyclical, reflecting overall economic conditions and changes in capacity within the industry, which may affect the profitability of TGS. Based on the volume of sales for the years ended December 31, 2019, 2018 and 2017, the Company estimated that, other factors being constant, a decrease of U.S.$50/ton in the international price of LPG and natural gasoline, respectively, would have decreased the Company’s net comprehensive income in its Liquids Production and Commercialization segment in Ps. 1,153,105, Ps.849,161 and Ps. 233,323 respectively. On the other hand, an increase of U.S.$50/ton in the international price would have had the opposite effect. Derivated financial instruments On July 23, 2018, TGS entered into an agreement with a recognized financial institution to hedge export prices for propane, butane and natural gasoline (put contracts), in order to offset potential losses that could arise if export prices fall below breakeven prices (those that balance costs). This agreement is valid between October 2018 and April 2020, according to the following monthly short tons: Period Propane Butane Natural gasoline October 2018 - April 2019 6,663 4,967 2,976 May 2019 - September 2019 - - 4,519 October 2019 9,996 7,727 4,630 November 2019 - April 2020 14,438 11,038 6,614 In order to arrange such operation, the Company paid a premium of U.S.$ 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, 2019 and 2018, the balance is Ps. 274,024 and Ps. 335,773, respectively, and is recorded under the item “Derivative Financial instruments”. 1.4 Credit risk The Company’s exposures to credit risk takes the form of a loss that would be recognized if counterparties failed to, or were unable to, meet their payment obligations. These risks may arise in certain agreements in relation to amounts owed for physical product sales, the use of derivative instruments, and the investment of surplus cash balances. This risk mainly results from economic and financial factors or from a possible default of counterparty. The Company is subject to credit risk arising from outstanding receivables, cash and cash equivalents and deposits with banks and financial institutions, and from the use of derivative financial instruments. The Company’s policy is to manage credit exposure to trading counterparties within defined trading limits. Trade and Other Receivables If any of the Company’s customers are independently rated, these ratings are used. Otherwise, if there is no independent rating, the Company assesses the credit quality of the customer taking into account its financial position, past experience and other factors. The Company may seek cash collateral, letter of credit or parent company guarantees, as considered appropriate. As of December 31, 2019 and 2018, the balance of current and non-current trade receivables, net of allowances of doubtful accounts are as follows: 2019 2018 Current trade receivables 6,608,715 4,994,969 Allowances for doubful accounts (134,956 ) (203,860 ) Total 6,473,759 4,791,109 The Company, in the normal course of business, renders natural gas transportation services, principally to gas distribution companies, CAMMESA and to Pampa Energía. Significant customers in terms of revenues and trade receivables (net of allowances of doubtful accounts) from natural gas transportation for the years ended December 31, 2019, 2018 and 2017 are as follows: 2019 2018 2017 Revenues Trade Revenues Trade Revenues MetroGas 5,849,138 1,459,410 4,957,415 577,764 2,948,056 Camuzzi Gas Pampeana S.A. 4,353,024 729,137 3,682,320 430,212 2,167,208 Naturgy Argentina 3,496,055 567,429 2,971,396 368,782 1,556,829 CAMMESA 1,337,997 206,403 2,057,838 281,896 1,368,671 Pampa Energía 803,610 258,007 676,180 141,040 68,737 Camuzzi Gas del Sur S.A. 1,075,744 150,838 822,176 87,574 477,222 Revenues from Liquids Production and Commercialization customers net of allowances of doubtful accounts) for the years ended December 31, 2019, 2018 and 2017 are as follows: 2019 2018 2017 Revenues Trade Revenues Trade Revenues PBB Polisur 6,338,222 841,338 8,102,817 1,090,359 5,667,118 Petredec 1,003,264 - 1,321,183 - 2,119,267 Geogas Trading S.A. 1,691,910 375,723 1,695,707 - 878,783 Shell Trading (US) Company - - 138,246 - 2,192,301 YPF 1,239,102 26,501 729,113 30,968 - Petrobras Global Trading BV 4,446,241 397,172 2,682,539 211,387 - Cash and financial placements The Company is exposed to counterparty credit risk on cash and cash equivalent balances. The Company holds cash on deposit with a number of financial institutions. The Company manages its credit risk exposure by limiting individual deposits to clearly defined limits in various financial institutions. The Company considers that this risk is limited because it has short-term funds policies whose main objective is to obtain an adequate return in terms of market characteristics and minimizing exposure. The Company only deposits with high quality banks and financial institutions with a high credit rating. The maximum exposure to credit risk is represented by the carrying amount of cash and cash equivalents in the statement of financial position. Below is a detail of the maturities of the financial assets included in: (i) cash and cash equivalents, (ii) other financial assets, (iii) trade receivables, (iv) other receivables and (v) derivate financial instruments, as of December 31, 2019 and 2018: December 31, 2019 Cash and cash equivalents Other financial assets Credits (1) (2) Without specified maturity 9,650,787 - 21,607 With specified maturity Overdue Until 12-31-2018 - - 144,596 From 01-01-19 to 03-31-19 - - 1,538 From 04-01-19 to 06-30-19 - - 4,245 From 07-01-19 to 09-30-19 - - 343,827 From 10-01-19 to 12-31-19 - - 791,533 Total overdue - - 1,285,739 Non-due From 01-01-20 to 03-31-20 114,414 1,315,640 5,271,983 From 04-01-20 to 06-30-20 - 796 482,630 From 07-01-20 to 09-30-20 - 775 8,105 From 10-01-20 to 12-31-20 - 773 10,092 During 2021 - 3,043 6,943 During 2022 - 1,911 - During 2023 - 449 - During 2024 - - - From 2025 onwards - - - Total non-due 114,414 1,323,387 5,779,753 Total with specified maturity 114,414 1,323,387 7,065,492 Total 9,765,201 1,323,387 7,087,099 (1) (2) December 31, 2018 Cash and cash equivalents Other financial assets Credits (1) (2) Without specified maturity 22,283,431 - 718 With specified maturity Overdue Until 12-31-2017 - - 205,783 From 01-01-18 to 03-31-18 - - 477 From 04-01-18 to 06-30-18 - - 6,184 From 07-01-18 to 09-30-18 - - 17,537 From 10-01-18 to 12-31-18 - - 823,940 Total overdue - - 1,053,921 Non-due From 01-01-19 to 03-31-19 3,321,706 338,073 4,530,803 From 04-01-19 to 06-30-19 - 2,300 63,313 From 07-01-19 to 09-30-19 - 2,300 - From 10-01-19 to 12-31-19 - 1,894 - During 2020 - 5,161 8,505 During 2021 - 4,683 - During 2022 - 2,940 - During 2023 - 688 - From 2024 onwards - - - Total non-due 3,321,706 358,039 4,602,621 Total with specified maturity 3,321,706 358,039 5,656,542 Total 25,605,137 358,039 5,657,260 (1) (2) 1.5 Liquidity risk This risk implies the difficulties that TGS may have in fulfilling its commercial and financial obligations. To this purpose, the expected flow of funds is regularly monitored. The Company has funding policies whose main objectives are to meet the financing needs at the lowest cost possible according to market conditions. The main objective of the Company is its financial solvency. Given the current financial market conditions, the Company believes that the availability of resources (including available credit lines) and the positive cash flow from operations are sufficient to meet its current obligations. Additionally, TGS applies a methodology for analyzing and assigning credit limits to individual financial institutions in order to minimize the associated credit risk. In line with this, the Company invests its liquid funds in certain financial institutions with an appropriate credit rating. The tables below include a detail of the maturities of the obligations corresponding to financial liabilities corresponding to: trade payables, payroll payables, other payables and loans as of December 31, 2019 and 2018. The amounts disclosed in the table are the contractual undiscounted cash flows and as a result, they do not reconcile to the amounts disclosed on the statement of financial position. These tables are made based on available information at the end of each year and may not reflect the actual amounts in the future. Therefore, the amounts disclosed are provided for illustrative purposes only: December 31, 2019 Loans Other financial Leases liabilities Without specified maturity - - - With specified maturity Overdue Until 12-31-2018 - 130,829 - From 01-01-19 to 03-31-19 - 311 - From 04-01-19 to 06-30-19 - 311 - From 07-01-19 to 09-30-19 - 311 - From 10-01-19 to 12-31-19 - 311 90,363 Total overdue - 132,073 90,363 Non-due From 01-01-20 to 03-31-20 1,027,502 3,745,057 111,994 From 04-01-20 to 06-30-20 1,010,644 32,769 111,994 From 07-01-20 to 09-30-20 - - 111,994 From 10-01-20 to 12-31-20 1,010,644 - 111,994 During 2021 2,021,288 - 448,037 During 2022 2,021,288 - 448,037 During 2023 2,021,288 - 448,037 During 2024 2,021,288 - 448,037 From 2025 onwards 30,955,641 - 715,686 Total non-due 42,089,583 3,777,826 2,955,810 Total with specified maturity 42,089,583 3,909,899 3,046,173 Total 42,089,583 3,909,899 3,046,173 December 31, 2018 Loans Other financial liabilities Financial leases Without specified maturity - - - With specified maturity Overdue Until 12-31-2017 - 159,366 - From 01-01-18 to 03-31-18 - 478 - From 04-01-18 to 06-30-18 - 478 - From 07-01-18 to 09-30-18 - 478 - From 10-01-18 to 12-31-18 - 478 87,517 Total overdue - 161,278 87,517 Non-due From 01-01-19 to 03-31-19 - 5,157,610 108,450 From 04-01-19 to 06-30-19 978,663 33,442 108,450 From 07-01-19 to 09-30-19 - - 108,450 From 10-01-19 to 12-31-19 978,663 - 108,450 During 2020 1,957,325 - 433,860 During 2021 1,957,325 - 433,860 During 2022 1,957,325 - 433,860 During 2023 1,957,325 - 433,860 From 2024 onwards 31,933,396 - 1,126,898 Total non-due 41,720,022 5,191,052 3,296,138 Total with specified maturity 41,720,022 5,352,330 3,383,655 Total 41,720,022 5,352,330 3,383,655 Capital risk management The objective of the Company in capital management are to safeguard the ability to continue as a going concern, achieve an optimal cost of capital structure and support the capital expenditures process in order to provide returns to the shareholders and benefits for other stakeholders. The Company seeks to maintain a level of cash generation from operating activities, which may allow it to meet all of its commitments. The Company monitors capital on the basis of the gearing ratio. This ratio is calculated as total financial debt (including current and non-current loans as shown in the consolidated statement of financial position, if applicable) divided by total capital. Total capital is calculated as equity, as shown in the consolidated statement of financial position, plus total debt. During the year ended December 31, 2019 and 2018, the gearing ratio was as follows: 2019 2018 Total debt (Note 13) 33,582,804 31,684,940 Total Equity 48,083,469 47,603,906 Total Capital 81,666,273 79,288,846 Gearing Ratio 0.41 0.4 2. FINANCIAL INSTRUMENTS BY CATEGORY AND HIERARCHY 2.1 Financial instrument categories Accounting policies for the categorization of financial instruments are explained in Note 4.e. According to the provisions of IFRS 7, IAS 32 and IFRS 9 (IAS 39 as of December 31, 2017), non-financial assets and liabilities such as PPE, investments in associates, inventories, advances from customers, deferred income tax, taxes and social taxes payables and provisions are not included. The categories of financial assets and liabilities as of December 31, 2019 and 2018 are as follows: December 31, 2019 Financial assets at fair value Financial assets at amortizef cost Total CURRENT ASSETS Trade receivables - 6,473,759 6,473,759 Other receivables - 473,216 473,216 Derivative financial instruments 274,024 - 274,024 Other financial assets at amortized cost - 1,043,960 1,043,960 Cash and cash equivalents 1,029,644 8,735,557 9,765,201 Total current assets 1,303,668 16,726,492 18,030,160 NON-CURRENT ASSETS Other receivables - 7,603 7,603 Other financial assets at amortized cost - 5,403 5,403 Total non-current assets - 13,006 13,006 Total assets 1,303,668 16,739,498 18,043,166 Financial liabilities at fair value Other financial liabilities Total CURRENT LIABILITIES Trade payables - 4,113,571 4,113,571 Loans - 1,722,087 1,722,087 Payroll and social security taxes payables - 533,497 533,497 Other payables - 287,659 287,659 NON-CURRENT LIABILITIES Loans - 31,860,717 31,860,717 Total non-current liabilities - 31,860,717 31,860,717 Total liabilities - 38,517,531 38,517,531 2018 Financial assets at fair value Financial assets at amortirzed cost Total CURRENT ASSETS Trade receivables - 4,791,109 4,791,109 Other receivables - 652,771 652,771 Derivative financial instruments 335,773 - 335,773 Other financial assets at amortized cost - 8,790 8,790 Cash and cash equivalents 3,324,575 22,280,562 25,605,137 Total current assets 3,660,348 27,733,232 31,393,580 NON-CURRENT ASSETS Other receivables - 9,521 9,521 Other financial assets at amortized cost - 13,476 13,476 Total non-current assets - 22,997 22,997 Total assets 3,660,348 27,756,229 31,416,577 Financial liabilities at fair value Other financial liabilities Total CURRENT LIABILITIES Trade payables - 4,756,554 4,756,554 Loans - 681,225 681,225 Payroll and social security taxes payables - 475,882 475,882 Other payables - 124,103 124,103 Total current liabilities - 6,037,764 6,037,764 NON-CURRENT LIABILITIES Loans - 31,003,715 31,003,715 Total non-current liabilities - 31,003,715 31,003,715 Total liabilities - 37,041,479 37,041,479 2.2 Fair value measurement hierarchy and estimates According to IFRS 13, the fair value hierarchy introduces three levels of inputs. These levels are: • Level 1: includes financial assets and liabilities whose fair values are estimated using quoted prices (unadjusted) in active markets for identical assets and liabilities. The instruments included in this level primarily include balances in mutual funds and public or private bonds listed on the BYMA. The mutual funds mainly carry out their placements in bonds issued by the Central Bank of the Argentine Republic (“BCRA”). • Level 2: includes financial assets and liabilities whose fair value is estimated using different assumptions quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (for example, derived from prices). Within this level, the Company includes those derivate financial instruments for which it was not able to find an active market. • Level 3: includes financial instruments for which the assumptions used in estimating fair value are not based on observable market information. During 2019 and 2018, there were neither transfers between the different hierarchies of fair values nor reclassifications between financial instruments categories. The table below shows different assets and liabilities at their fair value classified by hierarchy as of December 31, 2019 and 2018: As of December 31, 2019 Level 1 Level 2 Level 3 Total Financial assets at fair value Cash and cash equivalents 1,029,644 - - 1,029,644 Derivative financial instruments - 274,024 - 274,024 Total 1,029,644 274,024 - 1,303,668 As of December 31, 2018 Level 1 Level 2 Level 3 Total Financial assets at fair value Cash and cash equivalents 3,324,575 - - 3,324,575 Derivative financial instruments - 335,773 - 335,773 Total 3,324,575 335,773 - 3,660,348 The fair value of the financial assets and liabilities is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As of December 31, 2019, the carrying amount of certain financial instruments used by the Company including cash, cash equivalents, other investments, receivables, payables and short-term loans are representative of fair value because of the short-term nature of these instruments. The following table reflects the carrying amount and estimated fair value of the 2018 Notes as of December 31, 2019, based on their quoted market price: As of December 31, 2019 Carrying amount Fair value 2018 Notes 30,184,039 26,266,856 |
REGULATORY FRAMEWORK
REGULATORY FRAMEWORK | 12 Months Ended |
Dec. 31, 2019 | |
REGULATORY FRAMEWORK [Abstract] | |
REGULATORY FRAMEWORK | 17. REGULATORY FRAMEWORK a) General framework of the natural gas transportation segment General aspects Regarding TGS’ Natural Gas Transportation business, it is regulated by Law No. 24,076 (“the Natural Gas Act”), its regulatory Decree No. 1,738/92 and the Regulatory framework for the transportation and distribution of natural gas in Argentina. The Natural Gas Act created ENARGAS, which is entitled, among other things, to set the basis for the calculation, monitoring, approval of tariffs and the power to verify compliance with the Natural Gas Law and its regulations. On January 28, 2016, Resolution No. 7 of the MINEM of Argentina repealed the Resolution 2000/2005 of the former Ministry of MPFIPyS which provided that all tariff increases should have the prior intervention of the Undersecretary of Coordination and Management Control. TGS License has been granted for an original period of 35 years beginning on December 28, 1992. However, the Natural Gas Act provides that TGS may apply to ENARGAS for a renewal of its license for an additional period of ten years. ENARGAS should evaluate at that time the performance of TGS and raise a recommendation to the Executive Branch. At the end of the period of validity of the license, 35 or 45, as appropriate, the Natural Gas Act requires a call for a new tender for the granting of a new license, in which TGS, provided the Company fulfilled substantially with the obligations resulting from the license, would have the option of matching the best offer that the Government received in this bidding process. Tariff situation Prior the enactment of the Public Emergency Law, and according to the Regulatory Framework, transportation tariffs were to be calculated in US dollars and converted into Argentine pesos at the time the customer was billed using the exchange rate prevailing at the date of the billing. The basic natural gas transportation tariffs charged by TGS had been established at the time of the privatization of GdE and were to be adjusted, subject to prior authorization, in the following cases: (i) semiannually to reflect changes in the US producer price index (“PPI”) and (ii) every five years according to efficiency and investment factors determined by ENARGAS. The “efficiency factor” was a reduction to the base tariff resulting from future efficiency programs while the “investment factor” increased the tariffs to compensate the licensees for future investments which were not repaid through tariffs. Also, subject to ENARGAS approval, tariffs were to be adjusted to reflect non-recurrent circumstances or tax changes, other than income tax. The terms and conditions as described in the precedent paragraph in connection with tariff adjustments contemplated within the Regulatory Framework are no longer effective since the enactment of the Public Emergency Law in early 2002, which, among other provisions, eliminated tariff increases based on US dollar exchange rate fluctuations, foreign price indexes or any other indexing procedure and established a conversion rate of one peso to one US dollar for tariffs. The Public Emergency Law also granted the Executive Branch power to renegotiate contracts entered into with private utility companies, pursuant to the framework included in such law as long as it is in force, which expired on December 31, 2017, after several extensions. Between July 2003 and March 2018, the Company received a series of temporary tariff increases under the framework of the Integral Tariff Review (“RTI” for its acronym in Spanish) process initiated after the Public Emergency Law was passed. On March 27, 2018, the Executive Branch of the Argentine Government issued the Decree No. 250/2018 (the “Decree 250”) ratifying the 2017 Integral Agreement. This decree represents the conclusion of the RTI process and the completion of the 2017 Transitional Agreement, and thus, the final renegotiation of the license after seventeen years of negotiations. The 2017 Integral Agreement sets the guidelines for the provision of the natural gas transportation service until the end of the License. Among these guidelines: • The RTI Process, which will culminate in the signing of the integral agreement, was approved. As a result of this RTI, a new tariff schedule was also approved. This new tariff schedule applicable to the Company determined a total tariff increase of 214.2% and 37%, in the event that it had been granted in a single installment as of April 1, 2017, on the tariff of the natural gas transportation service and the CAU, respectively. • The Five-Year Investment Plan was approved. Resolution 4362 obliged TGS for the execution of the Five-Year Plan, which requires a high level of essential investments for the operation and maintenance of the pipeline system, to provide quality, safe and reliable service. The Five-Year Plan shall be for the period from April 1, 2017 to March 31, 2022 and will amount to Ps. 6,786,543,expressed in December 31, 2016 currency terms. • A non-automatic six-month adjustment mechanism for the natural gas transportation tariff and the investment commitments were approved. This adjustment must be approved by ENARGAS and for its calculation, the evolution of the WPI published by INDEC will be considered. • TGS and its shareholders must withdraw any claim against the Government related to the natural gas transportation business, including the arbitration proceedings before the ICSID. The Company desisted from it on June 26, 2018. As it is mentioned above the tariff increase was granted in 3 installments according to the following resolutions: • Effective as of April 1, 2017, 64.2% of the tariff for the natural gas transport service, the CAU not being adjusted, in accordance with the provisions of Resolution No. 4362/2017 (“Resolution 4362”). • Effective as of December 1, 2017, after the issuance of Resolution 120, 81.1% on the tariff for the natural gas transport service and 29.7% on the CAU, which includes the first adjustment by WPI. • Effective as of April 1, 2018, an increase of 50% over the tariff for the natural gas transport service and the CAU within the framework of the provisions of Resolution No. 310/2018 issued by ENARGAS. Semiannual tariff increase This increase is granted within the framework of the semi-annual tariff adjustment of the natural gas transportation service in accordance with the provisions of the RTI process. In the public hearing held on September 4, 2018, in which the Company requested, based on the variation of the WPI recorded for the period February - August 2018, a tariff increase of approximately 30%. Considering the hearing, on September 27, 2018, ENARGAS issued Resolution No. 265/2018 which determined a 19.7% tariff increase effective as of October 1, 2018. This increase was determined by ENARGAS based on the simple average of the WPI, the Construction Cost Index for the period February and August 2018 and the Salary Variation Index between December 2017 and June 2018. It is noteworthy that ENARGAS supported the determination of the aforementioned tariff increase in the provisions of Resolution 4362, which, among other issues, provided that under certain circumstances and macroeconomic conditions, such as the significant devaluation occurred after April 2018, ENARGAS may use other indexes than the WPI to determine the tariff increase. TGS notified ENARGAS its disagreement with respect to the methodology for calculating the semi-annual adjustment. On March 29, 2019, ENARGAS issued Resolution No. 192/2019 (“Resolution 192”) that approved, effective as of April 1, 2019, a 26% increase in the tariff chart applicable to the public service of natural gas transportation by TGS in force as of March 31, 2019. In accordance with current regulations, ENARGAS has considered the evolution of the wholesale price index update index (“WPI”) between the months of August 2018 and February 2019, in order to define the semi-annual adjustments applicable to TGS tariffs. Regarding the semi-annual tariff adjustment that was to be enforced as from October 1, 2019, on September 3, 2019, the SE issued Resolution No. 521/2019 (“Resolution 521”) postponing it to February 1, 2020. The deferral also meant that the Company reviewed and fit, in equal proportion to the revenue that is no longer received, the execution of the Five-Year Investment Plan. As of the date of the issuance of these Consolidated Financial Statements, TGS made the proposal to ENARGAS and the corresponding approval resolution have not yet been issued. Nevertheless, the Solidarity Law establishes that natural gas transportation and distribution tariffs will remain unadjusted for a maximum period of 180 days from December 23, 2019. In this sense, the Executive Branch is authorized to renegotiate them, either within the framework of the current RTI or through an extraordinary review in accordance with the provisions of the Natural Gas Law. At the date of issuance of these financial statements, the administrative steps to normalize the Company’s tariff situation have not occurred. Additionally, the Solidarity Law provides for the administrative intervention of ENARGAS. Deferral of collections On June 21, 2019, the Secretary of Energy issued Resolution N° 336/2019, which ordered the deferral of payment of 22% of the invoices issued between July 1, 2019 and October 31, 2019 corresponding to residential natural gas users. The deferrals are recovered from the invoices issued from December 1, 2019 in five consecutive monthly installments in equal amount. As compensation, the National Government will pay the licensees, as a subsidy, an economic compensation for the financial cost involved in the deferral. On August 22, 2019, the SE issued Resolution No. 488/2019 establishing the procedure for the calculation to be carried out by the distribution and sub-distribution companies of natural gas of the deferral provided by Resolution 336. Likewise, this resolution instructs the Undersecretariat of Hydrocarbons and Fuels of the Secretariat of Non-renewable Resources and Fuel Market of the SE to implement the procedure by which the compensation mentioned above will be calculated and paid. As of the date of the issuance of these consolidated financial statements, the regulations for the calculation and payment methodology of the economic compensation mentioned above were not issued. As of December 31, 2019, the Company has trade receivables with natural gas distribution companies for Ps. 1,206,030 for such concepts. b) General Framework for non-regulated segments Domestic market The Production and Commercialization of Liquids segment is not subject to regulation by ENARGAS, and as it is provided in the Transfer Agreement, is organized as a separate business unit within TGS, keeping accounting information separately. However, over recent years, the Argentine Government enacted regulations which significantly impacted on it. In April 2005, the Argentine Government enacted Law No. 26,020 which sets forth the regulatory framework for the industry and commercialization of LPG. Among other things, the Law No. 26,020 creates the framework through which the Secretary of Hydrocarbon Resources (“SHR”) (formerly the Federal Energy Bureau) establishes regulations meant to cause LPG suppliers to guarantee sufficient supply of LPG in the domestic market at low prices. Law No. 26,020 creates a price regime pursuant to which the SRH periodically publish reference prices for LPG sold in the domestic market. It also sets forth LPG volumes to be sold in the domestic market. On March 30, 2015, the Executive Branch issued Decree No. 470/2015, regulated by Resolution No. 49/2015 issued by the Federal Energy Bureau, which created the Programa Hogares con Garrafa (the “Households with Bottles Program”) which replaced the programs in force until that time. The Households with Bottles Program was implemented through Resolutions No. 49/2015 and No. 470/2015 issued by the Federal Energy Bureau. Within the framework of the Households with Bottles Program, a maximum reference price was determined for the members of the commercialization chain in order to guarantee the supply to low-income residential users, forcing producers to supply with LPG at a certain price and at a certain quantity defined for each of them. Additionally, the payment of compensation to the participating producers of the Households with Bottles Program was established. The current price of butane and propane marketed under this program, after successive modifications and according to Provision No. 104/2019 issued by the SHR and Fuels, is $ 9,895 and $ 9,656 per ton, respectively. No compensation has been set for these products. In this context, the Company has filed various administrative and judicial claims challenging the general regulations of the program, as well as the administrative acts that determine the volumes of butane that must be sold in the domestic market, in order to safeguard its economic-financial situation and thus, preventing that this situation does not extend over time. In addition, the Company is a party of the Propane Gas Supply Agreement for Induced Propane Gas Distribution Networks (“Propane for Networks Agreement”) entered into with the Argentine Government by which it undertakes to supply propane to the domestic market at a lower price to the market. In compensation, the Company receives an economic compensation calculated as the difference between the sales price and the export parity determined by the ex-MINEM. On March 31, 2017, the MINEM issued Resolutions No. 74 and 474-E/2017 (“Resolution 474”) that stipulate increases in the price of undiluted propane gas destined to the Propane for Networks Agreement as of April 1 and December 1, 2017, respectively. From those dates onwards, the price of undiluted propane gas has been set at Ps. 1,267/ton and Ps. 2,832/ton (in accordance with Resolution 74) and Ps. 1,941.20/ton and Ps. 3,694/ton (in accordance with Resolution 474), respectively, depending on the client to whom the undiluted propane gas is delivered. Finally, in May 2018, the Company signed the sixteenth extension by which the methodology for determining the price and volumes for the period April 1, 2018 - December 31, 2019 is established. Additionally, this last extension set the price for which the propane destined for this program was marketed to the client. At the date of issuance of these Financial Statements, a new agreement has not been concluded. Notwithstanding the foregoing, on January 14, 2020 TGS received the instruction issued by the Ministry of Energy to continue with propane deliveries in accordance with the conditions of the sixteenth extension of the Propane Agreement for Networks. During 2019 and 2018, the Company received the amount of Ps. 468,494 and Ps. 625,678, for subsidies for the programs mentioned above, respectively. As mentioned earlier, participation in the Households with Bottles Program implies economic and financial damages for the Company, because under certain circumstances the sale of the products would be carried out at prices that are below the production costs. As of December 31, 2019, the Argentine Government owes the Company Ps. 143,829 for these concepts. Foreign market On September 3, 2018, the Executive Branch issued Decree No. 793/2018, which, between September 4, 2018 and December 31, 2020, sets an export duty of 12% on the exported amount of propane, butane and natural gasoline. This withholding is capped at $4 for each dollar of the tax base or the official FOB price. Subsequently, on the occasion of the enactment of the Solidarity Law, an 8% cap was established for the rate applicable to hydrocarbons as of December 23, 2019. Decree No. 2,067 / 08 Through Presidential Decree No. 2,067/08, the Executive Branch created a tariff charge to be paid by (i) the users of regulated services of transportation and / or distribution, (ii) natural gas consumers receiving natural gas directly from producers without making use of transportation systems or natural gas distribution, (iii) the natural gas processing companies in order to finance the import of natural gas. The tariff charge sets forth in this decree finance the higher price of the natural gas imports required to compensate the injection of natural gas necessary to meet national requirements (the “Charge”). When the Charge was created, TGS paid it in accordance with the provisions of Resolution I-563/2008, at Ps. 0.0492/m3. The payment of the natural gas processing tariff charge was selectively subsidized from 2008 according to the destination of the natural gas. In November 2011, however, ENARGAS issued Resolution No. 1,982/11 and 1,991/11 (the “Subsidy Beneficiaries Resolutions”) which modified the list of the subsidy beneficiaries, and thus, involved a cost increase for many of our clients and for us (for certain of our consumption for our own account). The natural gas processing tariff charge increased from Ps. 0.0492 to Ps. 0.405 per cubic meter of natural gas effective from December 1, 2011, representing a significant increase in our variable costs of natural gas processing. In order to avoid this damage, TGS appealed against the Presidential Decree and the Resolutions including National Government, ENARGAS and ex MPFIPyS as defendants. For further information regarding the legal action filed the Company, see Note 20.b). On March 28, 2016, the MINEM issued Resolution No. 28/16 (“Resolution 28”), which instructs ENARGAS to take all the necessary measures to derogate the tariff charge created by Decree No. 2,067/08 as from April 1, 2016. However, such Resolution does not repeal or declare illegitimate this decree and the Subsidy Beneficiaries Resolutions for which the judicial action is still ongoing. c) Essential assets A substantial portion of the assets transferred by GdE has been defined as essential for the performance of the natural gas transportation service. Therefore, TGS is required to keep separated and maintain these assets, together with any future improvements, in accordance with certain standards defined in the License. TGS may not, for any reason, dispose of, encumber, lease, sublease or loan essential assets nor use such assets for purposes other than the provision of the licensed service without ENARGAS´s prior authorization. Any expansion or improvements that it makes to the gas pipeline system may only be encumbered to secure loans that have a term of more than one year to finance such extensions or improvements. Upon expiration of the License, TGS will be required to transfer to the Argentine government or its designee, the essential assets listed in an updated inventory as of the expiration date, free of any debt, encumbrances or attachments. If the Company decides not to continue with the license, TGS will receive a compensation equal to the lower of the following two amounts: 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 ii) the net proceeds of a new competitive bidding (the “New Bidding”). Once the period of the extension of the License expires, TGS will be entitled to participate in the New Bidding, and thus, it shall be entitled to: (i) that its bid in the New Bidding be computed at an equal to the appraisal value to be determined by an investment bank selected by ENARGAS, which represents the value of the business of providing the licensed service as it is driven by the Licensee at the valuation date, as a going concern and without regard to the debts; (ii) to obtain the new License, without payment, in the event that any bid submitted in the New Bidding exceeds the appraised value; (iii) to match the best bid submitted by third parties in the New Bidding, if it would be higher than its bid mentioned in (i) paying the difference between both values to obtain the new License; (iv) if the Company is unwilling to match the best bid made by a third party, to receive the appraisal value mentioned in (i) as compensation for the transfer of the Essential Assets to the new licensee. |
ASSETS AND LIABILITIES IN FORRE
ASSETS AND LIABILITIES IN FORREIGN CURRENCY | 12 Months Ended |
Dec. 31, 2019 | |
ASSETS AND LIABILITIES IN FORREIGN CURRENCY [Abstract] | |
ASSETS AND LIABILITIES IN FORREIGN CURRENCY | 18. ASSETS AND LIABILITIES IN FORREIGN CURRENCY The balances in foreign currency as of December 31, 2019 and 2018 are detailed below: 2019 2018 Foreign currency and amount (in thousands) Exchange rate Amount in local currency Foreign currency and amount (in thousands) Amount in local currency CURRENT ASSETS Cash and cash equivalents US$ 143,920 59.690 (1) 8,590,585 US$ 361,017 20,826,043 Derivative financial instruments US$ 4,591 59.690 (1) 274,024 US$ 5,821 335,773 Other financial assets at amortized cost US$ 17,433 59.690 (1) 1,040,605 - - Trade receivables US$ 43,091 59.690 (1) 2,572,102 US$ 30,380 1,752,536 Other receivables US$ 325 59.690 (1) 19,399 US$ 1,693 97,665 Total current assets US$ 209,360 12,496,715 US$ 398,911 23,012,017 CURRENT LIABILITIES Trade payables US$ 59,595 59.890 (2) 3,569,145 US$ 42,184 2,446,454 Loans US$ 28,754 59.890 (2) 1,722,087 US$ 11,746 681,225 Contract liabilities US$ 990 59.890 (2) 59,283 - - Total current liabilities US$ 89,339 5,350,515 US$ 53,930 3,127,679 NON CURRENT LIABILITIES Loans US$ 531,987 59.890 (2) 31,860,717 US$ 534,595 31,003,715 Contract liabilities US$ 13,692 59.890 (2) 820,025 - - Total non current liabilities US$ 545,679 32,680,742 US$ 534,595 31,003,715 TOTAL LIABILITIES US$ 635,018 38,031,257 US$ 588,525 34,131,394 (1) (2) US$: United States of America dollars |
COMMON STOCK AND DIVIDENDS
COMMON STOCK AND DIVIDENDS | 12 Months Ended |
Dec. 31, 2019 | |
COMMON STOCK AND DIVIDENDS [Abstract] | |
COMMON STOCK AND DIVIDENDS | 19. COMMON STOCK AND DIVIDENDS a) Common stock structure and shares’ public offer As of December 31, 2019 and 2018, TGS’ common stock was as follows: Common Stock structure as of December 31, 2018 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” 375,701,909 13,600,780 389,302,689 Total 780,894,503 13,600,780 794,495,283 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 TGS’s shares are traded on the BYMA and under the form of the American Depositary Receipts (“ADS”) (registered in the SEC and representing 5 shares each) on the New York Stock Exchange. b) Acquisition of treasury shares During fiscal year 2018, the Board of Directors of the Company approved two programs for the acquisition of treasury shares, on May 9 and September 6, which were executed in accordance with the conditions established therein. For the definition of these programs, the Board of Directors considered the solid cash position and investments that the Company has. This program was approved by virtue of the distortion evidenced between the economic value of the Company, measured by its current businesses and derivatives of projects under development, and the price of the price of their shares in the market. Subsequently, on March 27, 2019, the Board of Directors of the Company approved a third Program for the acquisition of treasury shares in the markets where TGS makes a public offering (the “Third Share Repurchase Program”) for a maximum amount to be invested in Ps. 1,500 million (at the moment of its creation). On August 26, 2019, after concluding the Third Buy Program, the Board of Directors of the Company approved a new program for the acquisition of treasury shares for a total of Ps. 3,200 million (at the moment of its creation). As mentioned in “c. Distribution of dividends”, the treasury shares acquired as of October 31, 2019 were used to pay a dividend in shares. Finally, on November 19, 2019, a fifth program of acquisition of treasury shares was approved (the “Fifth Share Repurchase Program”) for a total of Ps. 4,000 million (at the time of its creation). This program is valid for 120 days from its creation. As of December 31, 2019, the Company has 9,886,755 treasury shares, representing 1.24% of the total share capital. The acquisition cost of the treasury shares in the market amounted to Ps. 730,764 which, in accordance with the provisions of Title IV, Chapter III, Article 3.11.c of the Rules, restricts the amount of the realized and liquid gains mentioned above that the Company may distribute. c) Dividends distribution Cash dividends During the year ended December 31, 2019, the Company paid dividends as follows: • The Ordinary General Shareholders´ Meeting of the Company at its meeting held on April 11, 2019 approved the payment of Ps. 9,185,584 (Ps. 11.7671 per share). • The Board of Directors of the Company at its meeting held on April 11, 2019 approved the payment of Ps. 318,732 (Ps. 0.4083 per share). • On October 31, 2019, the Board of Directors of the Company approved, together with the distribution mentioned below, to make available to the shareholders as of November 13, 2019 a cash dividend amounting to Ps. 256,338 (Ps. 0,3351 per share). This dividend was compensated -in the corresponding cases- with the withholding of income tax by virtue of the distribution of treasury shares (article 46 of the Income Tax Law and article 66.2 of the Regulatory Decree), in the case that it should be done. Treasury shares distribution On October 17, 2019, the Ordinary and Extraordinary General Shareholders´ Meeting of the Company decided to distribute among all shareholders in proportion to their holdings, in the terms provided in Article 67 of Law No. 26,831 all of the treasury shares in the portfolio for 29,444,795 class B shares and also delegated to the Board of Directors the broadest powers to effect the distribution of the shares indicated in accordance with current regulations, including the determination of the timing of such payment. Subsequently, on October 31, 2019, the Board of Directors of TGS decided to make available to shareholders, as of November 13, 2019, the treasury shares, making it known that said distribution constitutes 0.0385 shares per ordinary share and 0.192 shares per ADR, both outstanding, representing approximately 3.706% of the share capital of TGS, which amounts to Ps. 794,495. The market value of these shares amounted to Ps. 3,228,002 being its acquisition cost of Ps. 4,045,739. This transaction was accounted for as an equity transaction generating a decrease of Ps. 791,712, which was charged to the heading “Additional paid-up capital” of the shareholders´ equity of the Company. d) Restrictions on distribution of retained earnings Pursuant to the General Companies Act and CNV Rules, we are required to allocate a legal reserve (“Legal Reserve”) equal to at least 5% of each year’s net income (as long as there are no losses for prior fiscal years pending to be absorbed) until the aggregate amount of such reserve equals 20% of the sum of (i) “common stock nominal value” plus (ii) “inflation adjustment to common stock,” as shown in our consolidated statement of changes in equity. If there are any losses pending to be absorbed from prior fiscal years, such 5% should be calculated on any excess of the net income over such losses, if any. Dividends may not be paid if the legal reserve has been impaired, nor until it has been fully replenished. The Legal Reserve is not available for distribution as a dividend. The General Shareholders´ Meeting held on April 11, 2019, which decided to create the “Reserve for capital expenditures, acquisition of treasury shares and/or dividends” and delegated to the Board of Directors of the Company the decision of the distribution of dividends, provided as maximum limit for such distribution up to 80% of said reserve restated according to the General Resolution N° 777/2018 of the CNV. The Company has access to the foreign exchange market to pay dividends to non-resident shareholders, without the prior consent of the BCRA only to the extent that the total amount of transfers executed through the exchange market regulated by the BCRA for payment of dividends to non-resident shareholders may not exceed 30% of the total value of any new capital contributions made in the Company that had been entered and settled through such exchange market. The total amount paid to non-resident shareholders shall not exceed the corresponding amount denominated in Argentine Pesos that was determined by the related shareholders’ meeting. Finally, and as mentioned in subsection b of this note, the amounts subject to distribution are restricted up to the acquisition cost of treasury shares and the additional paid-up capital. |
LEGAL CLAIMS AND OTHER MATTERS
LEGAL CLAIMS AND OTHER MATTERS | 12 Months Ended |
Dec. 31, 2019 | |
LEGAL CLAIMS AND OTHER MATTERS [Abstract] | |
LEGAL CLAIMS AND OTHER MATTERS | 20. LEGAL CLAIMS AND OTHER MATTERS a) Turnover tax calculated on the natural gas price consumed by TGS The Company has interpretative differences with several provinces regarding the liquidation of the turnover tax calculated on the natural gas used by TGS as fuel to render its transportation services. In this framework there have been initiated several lawsuits against TGS, which have adversely concluded by the Company. During fiscal year 2017 and 2016, the Company continued to receive several claims from different provinces, which meant that TGS paid Ps. 148.5 million and Ps. 27.6 million to provincial agencies (stated at their original values), respectively. On May 24, 2017, ENARGAS issued Resolution No. 5041/2017, which approved the tariff methodology for turnover tax on gas withheld from those determinations or liquidations that the Company receives as of its date of issue. As of December 31, 2019 and 2018, the Company recorded a provision of Ps. 515.1 million and Ps. 474.4 million, respectively, in respect of this contingency under the line item “Provisions.” Those amounts were determined in accordance with the estimations of tax and interests, that would be payable as of such date. b) Action for annulment of ENARGAS Resolutions No. I-1,982/11 and No. I-1,991/11 (the “Resolutions”) After the issuance of the Resolutions, TGS filed a judicial action before the National Court of First Instance in Federal Administrative Litigation No. 1 (the “Court”) in order to obtain the declaration of nullity of the Executive Decree No. 2067/08 and the Resolutions as well as the unconstitutionality of the administrative acts that created the Charge. The probative stage of these proceedings was concluded and the allegations are currently being carried out. On July 5, 2012, the Court issued in favor of TGS a precautionary measure by which the suspension of the Charge was ordered in the terms set forth in the Resolutions. This decision was appealed in different opportunities by the National Government, by virtue of which the dictating of the precautionary measure was limited to the validity of six months. However, at maturity, the Company is entitled to obtain a new precautionary measure for a similar period. As a result, on September 19, 2017, a new extension of the injunction was obtained (which prevented the Government to claim TGS of the payment of the amounts resulting from the new value of the Charge for the period between the November 2011 and March 2016), thus extending the validity until March 2018. On the other hand, the National Court of Appeals in Contentious Administrative Dismissal rejected the extraordinary appeal filed by the National Government against the judgment of that court that confirmed the rejection made by the Court at the request of ENARGAS to declare abstract the legal action initiated by TGS in accordance with the precedent “Alliance” issued by the Supreme Court in December 2014. On March 26, 2019, TGS was notified of the judgment of first instance issued by the Federal Contentious-Administrative Court No. 1 in its claim initiated by which TGS requested the unconstitutionality of Decree No. 2,067/08; Resolutions and of any other rule or act issued or to be issued, that is caused by the mentioned rules (the “Cause”). The first instance judgment declares the unconstitutionality of both Articles 53 and 54 of Law 26,784, as well as the aforementioned rules and of any other act tending to execute said provision, and consequently, the nullity of said rules (the “sentence”). The Judgment was appealed by the National Government on March 29, 2019, and the appeal was granted on April 3, 2019, which has not been resolved as of the closing date of the year. On October 29, 2019, the intervening judge decided, considering what was decided in the judgment and attending to the reasons invoked by TGS, to extend the validity of the precautionary measure issued for six more months of processing in said ordinary process and / or until the sentence passed is firm. TGS’s Management believes it has sufficient valid arguments to defend its position, and thus, the Company has not recorded the increase of the charge for natural gas consumptions from the date of obtaining the injunction until April 1, 2016, effective date of Resolution 28. c) Recovery action of VAT and income tax On October 9, 2008, TGS signed the 2008 Transitional Agreement with ex UNIREN that contemplated a tariff increase of 20%, applicable as from September 1, 2008. On December 3, 2009, the Executive Branch ratified this transitional agreement through the Presidential Decree No. 1,918/09. By means of this decree, TGS was able to bill the tariff increase to its clients as soon as ENARGAS would have published the new tariffs schedule and set the methodology to bill the retroactive effect. Finally, this administrative act did not become effective and therefore in September 2010 TGS filed an acción de amparo On May 24, 2013, TGS filed a tax recovery appeal with respect to the income tax and VAT credits generated by the reversal of the tariff increase credit mentioned above. The total amount claimed by TGS amounted to Ps. 433.3 million plus compensatory interests. After the omission to pass judgment on the claim within the three months of the filing of the tax recovery appeal, on October 9, 2013, TGS filed an appeal before the Federal Tax Bureau. On June 6, 2017, the Tax Court of the Nation rejected the claim for recovery filed by the Company. This resolution was appealed by TGS. On May 7, 2019, the National Court of Appeals for Federal Administrative Disputes made the appeal filed by TGS and revoked the judgment of first instance, with costs to the defeated defendant. On May 23, 2019, the Treasury filed an Extraordinary Appeal - which was granted on September 26, 2019 in relation to the interpretation of the federal norms at stake in the case, but was denied as to the arbitrariness of judgment - and then Complaint Appeal. As of the date of issuance of these financial statements, the case is being resolved by the Supreme Court of Justice of the Nation. At December 31, 2019 and 2018 there are no account receivables booked per this recovery action. d) Turnover tax withholding in the Province of Buenos Aires The Company was notified by ARBA regarding the initiation of various determinative procedures in which TGS is claimed for a total of Ps. 4.9 million (without fine or interest) for the omission as agent of withholding and collection of the turnover tax corresponding to the period July 2009 - June 2011. Given this determination, the Company presented to ARBA various elements of evidence that allow reducing substantially the amount claimed. As of the date of issuance of these consolidated financial statements, the Tax Court has not resolved the issue. In March 2017, TGS partially canceled the debt claimed by ARBA, paying Ps. 2.9 million (stated in its original value) through the adhesion to the payment plans offered by the Province of Buenos Aires through Law 14,890. Adherence to these payment plans allowed partial cancellation of compensatory interest and all fines and charges claimed by ARBA. As of the date of the issuance of these Consolidated Financial Statements, only two files remain in relation to the alleged failure of TGS to act as withholding and collection agent during 2009 and 2010. The Company’s Management considers that it has sufficient arguments to assert its defense so at December 31, 2019 and 2018 it has no recorded any provision for this concept. e) Environmental matters The Company is subject to extensive environmental regulations in Argentina. TGS’ management believes that its current operations are in material compliance with applicable environmental requirements, as currently interpreted and enforced. The Company has not incurred in any material environmental liabilities as a result of its operations to date. f) Others In addition to the matters discussed above, the Company is a party to certain lawsuits and administrative proceedings which involve taxation, labor claims, social security, administrative and others arising in the ordinary course of business. The Company’s Management and its legal advisors estimate that the outcome of these differences will not have significant adverse effects on the Company’s financial position or results of operations. As of December 31, 2019 and 2018, the total amount of these provisions amounted Ps. 74.0 million and Ps. 91.9 million, respectively. |
BALANCES AND TRANSACTIONS WITH
BALANCES AND TRANSACTIONS WITH RELATED COMPANIES | 12 Months Ended |
Dec. 31, 2019 | |
BALANCES AND TRANSACTIONS WITH RELATED COMPANIES [Abstract] | |
BALANCES AND TRANSACTIONS WITH RELATED COMPANIES | 21. BALANCES AND TRANSACTIONS WITH RELATED COMPANIES Technical, Financial and Operational Assistance Agreement Pampa Energía is TGS’s technical operator, according to the approval of ENARGAS in June 2004, and subject to the terms and conditions of the Technical Assistance Agreement which provides that Pampa Energía is in charge of providing services related to the operation and maintenance of the natural gas transportation system and related facilities and equipment, to ensure that the performance of the system is in conformity with international standards and in compliance with certain environmental standards. For these services, the Company pays a monthly fee based on a percentage of the operating income of the Company. The Ordinary and Extraordinary General Shareholders´ Meeting held on October 17, 2019 ratified the proposal approved by the Board of Directors at its meeting on September 17, 2019 made to Pampa Energía that implies an extension in the contract and a modification in the determination of the remuneration received by Pampa Energía. Such modifications, without implying a modification in the scope of the tasks performed, will mean a progressive reduction over the years in the remuneration that Pampa Energía will receive in its role of Technical Operator. According to the modifications made, TGS will pay Pampa Energía the greater of: (i) an annual fixed sum of US$ 0.5 million or (ii) the variable compensation that arises from applying to comprehensive income before results and income taxes for the year but after deducting also the above fixed amount) the following scheme: From 12/28/2019 to 12/27/2020: 6.5% • From 12/28/2020 to 12/27/2021: 6% • From 12/28/2021 to 12/27/2022: 5.5% • From 12/28/2022 to 12/27/2023: 5% • From 12/28/2023 to 12/27/2024 and onwards: 4.5% Commercial transactions In the normal course of its activity, TGS celebrated with Pampa Energía and other companies related to it, agreements to transfer natural gas and its richness. The price, which is denominated in US dollars, is determined according to common market practices. In addition, in the normal course of business, TGS carries out liquid sales, natural gas transportation services and other services with its associated companies, Pampa Energía and related companies. Financial lease agreement with Pampa Energía As mentioned in Note 13 to these Consolidated Financial Statements, on August 11, 2016, the Company entered into a finance lease agreement with Pampa Energía (formerly Petrobras Argentina). Key management compensation The accrued amounts corresponding to the compensation of the members of the Board of Directors, the Statutory Committee and the Executive Committee for the years ended December 31, 2019, 2018 and 2017 were Ps. 142,116, Ps. 128,942 and Ps. 79,094, respectively. Balances and transactions with related parties The detail of significant outstanding balances for transactions entered into by TGS and its related parties as of December 31, 2019, 2018 and 2017 is as follows: 2019 2018 Company Accounts receivable Accounts payable Accounts receivable Accounts payable Controlling shareholder: CIESA 37 - - - Associate which exercises joint control on the controlling shareholder: Pampa Energía (1) 210,126 2,489,507 141,040 2,846,676 Associate which exercises significant influence on the controlling shareholder: Link 668 - 9,971 - EGS - - - - TGU - 9,534 - 9,232 Other related companies: SACDE Sociedad Argentina de Construcción (2) 23,344 - 329,429 - Pampa Comercializadora S.A. 43,843 - 10,942 - CT Barragán S.A. 8,131 - - - Oleoductos del Valle S.A. 3,348 - 4,816 - Central Piedra Buena S.A. 13,304 - 39,170 - Transener S.A. - - 140 - Total 302,801 2,499,041 535,508 2,855,908 (1) (2) The detail of significant transactions with related parties for the years ended December 31, 2019, 2018 and 2017 is as follows: Year ended December 31, 2019 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 - - - - - 146 - Associate which exercises joint control on the controlling shareholder: Pampa Energía 803,610 269,511 268,991 575,857 1,144,777 - 194,944 Associates with significant influence: Link - - 14,073 - - - - Other related companies: Oleoductos del Valle S.A. 5,469 - - - - - - Pampa Comercializadora S.A. 52,051 - - - - - - Central Piedra Buena S.A. 121,367 - - - - - - Experta ART - - - 20,080 - - - Total 982,497 269,511 283,064 595,937 1,144,777 146 194,944 Additionally, during the year ended December 31, 2019, the Company received from SACDE Sociedad Argentina de Construcción, construction engineering services for Ps. 1,726,356, which are capitalised within the facilities related to the Vaca Muerta Projects. Year ended December 31, 2018 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 - - - - - 225 - Associate which exercises joint control on the controlling shareholder: Pampa Energía 676,180 2,035 355,245 949,283 2,026,244 - 193,009 Associates with significant influence: Link - - 13,213 - - - - Other related companies: Oleoductos del Valle S.A. 9,459 - 12,733 - - - - Transener S.A. - - 18,481 - - - - Petrolera Entre Lomas S.A. - - - 3,103 - - - Pampa Comercializadora S.A. 41,333 - - - - - - Central Térmica Piedrabuena S.A. 103,337 - - - - - - Experta ART - - - 18,321 - - - Total 830,309 2,035 399,672 970,707 2,026,244 225 193,009 Additionally, during 2018, the Company received from SACDE S.A. Construcciones engineering services for Ps 263,580 which are capitalized in the caption Work in progress. Year ended December 31, 2017 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 - - - - - 238 - Associate which exercises joint control on the controlling shareholder: Pampa Energía 68,736 143,945 178,731 349,268 887,901 - 165,726 Jointly control entity: UT - - - - - 3,253 - Associates with significant influence: Link - - 11,516 - - - - Other related companies: Oleoductos del Valle S.A. 11,476 - 2,616 - - - - Refinor S.A. - - - 8,230 - - - Petrolera Pampa S.A. - - - 62,062 - - - Petrolera Entre Lomas S.A. - - - 27,384 - - - Pampa Comercializadora S.A. 16,575 - - - - - - Central Piedra Buena S.A. 20,245 - - - - - - Central Térmica Loma La Lata S.A. - - 598 - - - - Experta ART - - - 18,381 - - - Total 117,032 143,945 193,462 465,325 887,901 3,491 165,726 |
CONTRACTUAL OBLIGATIONS
CONTRACTUAL OBLIGATIONS | 12 Months Ended |
Dec. 31, 2019 | |
CONTRACTUAL OBLIGATIONS [Abstract] | |
CONTRACTUAL OBLIGATIONS | 22. CONTRACTUAL OBLIGATIONS As of December 31, 2019, the Company had the following contractual commitments: Estimated maturity date Total Due less than one year Less than one year 1-2 years 3-5 years More than 5 years Financial indebtedness (1) 42,089,583 - 3,048,790 6,063,863 32,976,930 - Purchase obligations (2) 7,358,968 - 842,255 6,516,713 - - Financial Leases 3,046,173 90,363 447,976 896,074 896,074 715,686 Total 52,494,724 90,363 4,339,021 13,476,650 33,873,004 715,686 (1) (2) The totality of the financial indebtedness of TGS and the obligations corresponding to gas purchases are denominated in U.S. dollars which have been translated into Argentine pesos at the exchange rate as of December 31, 2019 (US$ 1.00 = Ps. 59.89). The amounts to be paid in pesos could vary depending on the actual fluctuations in the exchange rate. For further information, see Note 17.a). |
ASSOCIATES AND JOINT ARRANGEMEN
ASSOCIATES AND JOINT ARRANGEMENTS | 12 Months Ended |
Dec. 31, 2019 | |
ASSOCIATES AND JOINT ARRANGEMENTS [Abstract] | |
ASSOCIATES AND JOINT ARRANGEMENTS | 23. ASSOCIATES AND JOINT ARRANGEMENTS Link: Link was created in February 2001, with the purpose of the operation of a natural gas transportation system, which links TGS’s natural gas transportation system with the Cruz del Sur S.A. pipeline. The connection pipeline extends from Buchanan, located in the high-pressure ring that surrounds the city of Buenos Aires, which is part of TGS’s pipeline system, to Punta Lara. TGS’s ownership interest in such company is 49% and Dinarel S.A. holds the remaining 51%. TGU TGU is a company incorporated in Uruguay. This company rendered operation and maintenance services to Gasoducto Cruz del Sur S.A. and its contract terminated in 2010. TGS holds 49% of its common stock and Pampa Energía holds the remaining 51%. EGS (in liquidation) In September 2003, EGS, a company registered in Argentina, was incorporated. The ownership is distributed between TGS (49%) and TGU (51%). EGS operates its own pipeline, which connects TGS’s main pipeline system in the Province of Santa Cruz with a delivery point on the border with Chile. In October 2012, ENARGAS issued a resolution which authorizes EGS to transfer the connection pipeline and service offerings in operation to TGS. On November 13, 2013, the sale of all the fixed assets of EGS to TGS for an amount of US$ 350,000 was made, the existing natural gas transportation contracts were transferred and the procedures to dissolve the Company were initiated. The Board of Directors Meeting held on January 13, 2016, approved to initiate the necessary steps for the dissolution of EGS. The Special Shareholders Meeting held on March 10, 2016 appointed EGS’ liquidator. UT The Board of Directors of TGS approved the agreement to set up the UT together with SACDE. The objective of the UT is the assembly of pipes for the construction of the project of “Expansion of the System of Transportation and Distribution of Natural Gas” in the Province of Santa Fe, called by National Public Bid No. 452-0004-LPU17 by the MINEM (the “Work”). On October 27, 2017, TGS - SACDE UT signed the corresponding work contract with the MINEM. The validity of the UT will be until it has fulfilled its purpose, once the Work is completed and until the end of the guarantee period, set at 18 months from the provisional reception. As of December 31, 2019, works are in progress. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2019 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | 24. SUBSEQUENT EVENTS The financial statements were authorized for issuance by the Board of Directors on April 29, 2020. There are no subsequent events between the closing date of the annual period and the approval (issuance) of these financial statements, other than the ones already disclosed and those mentioned below: Buyback program On March 6, 2020, the Board of Directors of the Company approved a sixth treasury shares repurchase program for a maximum amount of up Ps. 2,500,000 stated at its original value and for the term of 180 calendar days. As of April 24, 2020, the Company held 30,856,815 treasury shares, representing 3.88% of the total common stock. Coronavirus (Covid-19) outbreak During the first quarter of 2020 the spread of the Covid-19 has impacted several countries with increasing severity. In March 2020, the World Health Organization declared Covid-19 a global pandemic. During this period countries and organizations have taken considerable measures to mitigate risk for communities, employees and business operations. This situation and the measures adopted have created macro-economic uncertainties with regards, among others, to international prices and demand for oil, natural gas and LPG products. Regarding the Argentine energy situation, given the compulsory social quarantine as from March 20, 2020, allowing circulation only of those people linked to the provision / production of essential products and services, the demand for hydrocarbons has decreased significantly and it is uncertain how it will evolve in the near future. Current well-head natural gas prices have shown a sustained downward trend, compared to the prices of the end of 2019, as well as industrial and commercial gas consumption. Local oil prices, which use international values as a reference, have fallen sharply and their future is uncertain. The Argentine Government stated that this quarantine could be extendable in light of the outbreak situation. In view of these circumstances, the Company has adopted a series of short-term measures aimed at guaranteeing the continuity of its operations, the health of its employees, and preserving its financial situation. Although there are negative effects in the short term: (i) in the Production and Commercialization of Liquids segment, as this business is suffering the sharp reduction of the international prices of propane, butane and natural gasoline, and (ii) certain delays in collections of receivables in the Natural Gas Transportation segment; they are not currently expected to affect business continuity. Given the current financial position of the Company, although there are negative economic impacts in the short term, it is estimated that the Company will be able to continue meeting its financial commitments during the year 2020. The Company is in process of adapting its business projections as new information arises. The estimated values in use of our PPE are sensitive to the significant variation of the assumptions applied, including the determination of future tariffs by the Argentine Government on the Natural Gas Transportation business segment, and the expectation of the development of Vaca Muerta gas fields on our Other Services business segment. In the Natural Gas Transportation segment, a less favorable scenario is being considered taking into account the current regulatory framework and the measures taken by the Argentine Government subsequent to year-end, which implied that the current tariffs would not be adjusted in line with the estimated future inflation during 2020. In the Production and Commercialization of Liquids segment, we are considering the current drop of future international liquid prices based on available public information. In any case, we cannot assure with certainty that actual cash flows will be in line with the assumptions applied. Therefore, significant differences could arise in the future in relation to the estimated values in use. T he full extent, consequences, and duration of the Covid-19 pandemic and the resulting operational and economic impact for TGS cannot be reasonably predicted at the time of issuance of these Financial Statements, but could impact our earnings, cash flow and financial condition which will depend on the severity of the health emergency and the success of the measures taken and those that will be taken in the future. The Company will continue to monitor events that may have an impact on its business or the recoverability of assets which would be recognized as they arise. Annual Ordinary Shareholders’ Meeting On April 21, 2020, the Annual Ordinary Shareholders’ Meeting (the “2020 Shareholders´ Meeting”) approved the increase in the legal reserve of Ps. 690,192 and the allocation of Ps. 19,756,710 to the reserve for capital expenditures, acquisition of treasury shares and/or dividends (the “Reserve”). The Board of Directors can release the Reserve to TGS’ shareholders in the form of dividend payments. It is noteworthy that the above mentioned decisions made by the 2020 Shareholders’ Meeting were taken considering current CNV regulations (Resolution No. 777/2018) which states accumulated results have to be adjusted by inflation using the rates as of the month before the meeting was held. In case of 2020 Shareholders’ Meeting, TGS used the inflation rate as of March 31, 2020. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
New accounting standards | a) New accounting standards New standards and interpretations issued by the IASB effective for the periods beginning on or after January 1, 2019 adopted by the Company IFRS 16 – “Leases” The Company has adopted IFRS 16 under the modified retrospective approach, from January 1, 2019, and accordingly has not modified comparatives for the 2018 and 2017 reporting periods as permitted under the specific transition provisions in the standard. After the analysis performed by Management, no significant adjustments were made to the accumulated results or significant reclassifications were made. Practical expedients applied In applying IFRS 16 for the first time, the Company has used the following practical expedients permitted by the standard: • Accounting for operating leases with a remaining lease term of less than 12 months as at January 1, 2019 as short-term leases. • The Company has elected not to reassess whether a contract is, or contains a lease at the date of initial application. Instead, for contracts entered into before the transition date (January 1, 2019), the Company relied on its assessment made applying IAS 17 – Leases and IFRIC 4 – Determining whether an arrangement contains a lease. • This standard does not apply for those leases classified as low value contracts. Accounting policies applied Until the year ended December 31, 2018, by application of IAS 17 and IFRIC 4, leases of property, plant and equipment were classified as financial leases (only if substantially all the risks and benefits of ownership of leased asset were assumed by the Company) or operating leases. Payments made under operating leases were charged to the Statement of Comprehensive Income in a straight line over the period of the lease. As from January 1, 2019, leases are recognized as a right of use asset and a corresponding liability at the date at which the leased asset is available for use by the Company. Each lease payment is allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic interest rate on the remaining balance of the liability for each period. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: a) Fixed payments less any lease incentive receivable; b) Variable lease payments that depend on an index; c) Amounts expected to be payable by the Company under residual value guarantees; d) The exercise price of a purchase option; and e) Payments of penalties for terminating the lease. As of December 31, 2019, the Company has not recognized any lease liability including variable payments. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the Company’s incremental borrowing rate is used, being the rate that TGS would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment. Right-of-use assets are measured at cost comprising the following: a) The amount of the initial measurement of lease liability. b) Any lease payment made at or before the commencement date less any lease incentives received. c) Any initial direct cost, and d) Restoration costs. Leased assets, which are subject to the risk of impairment, are depreciated in a straight line over the shorter of the asset’s useful life and the lease term. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line base as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT-equipment, vehicles, small items of office furniture and rented offices. The Company recognized right-of-use assets under the line item “Property, plant and equipment” of its balance sheet (see Note 12). The corresponding liability has been recognized under current and non-current Loans (see Note 13). For more information regarding the expense related to short-term and low-value leases and the interest expense of lease liabilities, see Note 8.j) and 8.k), respectively. In addition to the aforementioned, on January 1, 2019, the following standards and interpretations, described in the consolidated financial statements as of December 31, 2018, were adopted without having a significant impact on the Company’s financial statements: • IFRIC Interpretation 23 “Uncertainty over income tax treatments.” • Annual improvements to IFRS Standards 2015 – 2017 Cycle. • Amendments to IFRS 9 – Financial instruments. New standards and interpretations issued by the IASB not yet effective for the period beginning on or after January 1, 2019 Below is a description of the standards, amendments and interpretations to existing standards that might impact the Company and are not mandatory for the Company’s fiscal years beginning on January 1, 2019 and which have not been early adopted by the Company: Amendments to IAS 1 and IAS 8 regarding the definition of materiality In October 2018 the IASB included certain amendments to IAS 1 “Presentation of financial statements” and IAS 8 “Accounting policies, changes in accounting estimates and errors” with the objective of clarifying the concept of materiality and aligning that definition with the amendments introduced in the Conceptual Framework. Additionally, these amendments incorporate new concepts that helped both financial statement preparers and their users to prepare and interpret the financial information included in them. These amendments are applied on prospective basis and are effective for annual periods beginning on or after January 1, 2020. Modifications to the concept of materiality are not expected to have a significant impact on the Company’s financial statements. |
Consolidation | b) Consolidation Subsidiaries Subsidiaries are all entities over which the Company has control. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. For this purpose and unless there are specific requirements, it is generally considered that TGS has control, when it has a participation equal to or greater than 50% of the available voting rights. The accounting policies of the subsidiaries are consistent with the accounting policies adopted by the Company. Inter-company transactions, balances and gain/losses from transactions between group companies are eliminated. Unrealized gain/losses are also eliminated. Detailed data reflecting subsidiary control as of December 31, 2019 and 2018 is as follows: Company % of shareholding Country Closing date Main activity Telcosur 99.98 Argentina December 31 Telecommunication Services CTG (1) 100.00 Argentina December 31 Electricity related services (1) For consolidation purposes for the year ended December 31, 2019 and 2018, the financial statements of Telcosur have been used at those dates. The subsidiary CTG does not record operations or significant assets and liabilities as of December 31, 2019 and 2018. Associates Associates are entities over which the group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor’s share of the profit or loss of the investee after the date of acquisition. The Company accounted for the investments in its associates, under the equity method on the basis on the financial statements as of September 30, 2019 of Gas Link S.A Transporte y Servicios de Gas en Uruguay SA Emprendimientos de Gas del Sur S.A. Associates with negative equity are disclosed under “Other liabilities” to the extent that the Company has incurred legal or constructive obligations, or made payments on behalf of the associate, as of the date of the financial statements. Unrealized gains and losses resulting from transactions between TGS and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture. In the table below, associates are disclosed, together with the percentage of shareholding and voting as of December 31, 2019 and 2018: 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 Joint arrangement As indicated in “Note 23 – Associates and Joint Arrangement”, on August 7, 2017, the Company proceeded to create a UT (similar to a joint operation) with SACDE Sociedad Argentina de Construcción y Desarrollo Estratégico S.A. The Company has defined that the UT constitutes a joint operation given that it grants its participants a percentage of the rights over the assets and liabilities arising from each contract. Accordingly, the Company recognizes its share in the jointly operated assets, liabilities, revenues, costs and expenses. Accounting policies applicable to the UT have been modified and adapted, if applicable, to ensure consistency with the policies adopted by the Company. For further information regarding the UT, see Note 23. |
Foreign currency translation | c) Foreign currency translation Functional and presentation currency The consolidated financial statements are presented in thousands of Argentine Pesos, which is the Company’s functional currency. Each subsidiary or associate determines its own functional currency based on the currency of the primary economic environment in which these entities operate. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the profit or loss for the year. Foreign exchange gains and losses are presented in the statement of comprehensive income within financial income and financial expenses, as appropriate. Associates The functional currency of the associate company located abroad, TGU, is the US dollar, because it is the currency in which it substantially generates its income and incur its expenses. Assets and liabilities were converted into Argentine pesos using the exchange rate prevailing at the end of each year, their common stock and retained earnings at their historical exchange rates and results at average exchange rates. |
Restatement to constant currency - Comparative Information | d) Restatement to constant currency - Comparative Information Regulatory framework The consolidated financial statements as of December 31, 2019, including comparative figures, have been restated to take into account changes in the general purchasing power of the Company’s functional currency (the Argentine peso) in accordance with IAS 29 “Financial Reporting in hyperinflationary economies” (“IAS 29”) and CNV General Resolution No. 777/2018. As a result, the financial statements are stated in terms of the current unit of measurement at the 2019 balance sheet date. IAS 29 requires that the financial statements of an entity that reports in the currency of a hyperinflationary economy, regardless of whether they are based on the historical cost method or the current cost method, are expressed in terms of the current unit of measurement at the closing date of the reporting period. In order to conclude on the existence of a hyperinflationary economy, the standard details a series of factors to be considered, among which is a cumulative inflation rate over three years that approaches or exceeds 100%. The accumulated inflation in three years is over 100%. Likewise, both the National Government projections and other available projections indicate that this trend will not be reversed in the short term. To evaluate the aforementioned quantitative condition, and also to restate the financial statements, the CNV has established that the series of indexes to be used for the application of IAS 29 is determined by the FACPCE. This series of indexes combines the National Consumer Price Index (“CPI”) as of January 2017 (base month: December 2016) with the Domestic Wholesale Price Index (“IPIM”), both published by the Institute National Statistics and Census (“INDEC”) until that date. For the months of November and December 2015, for which there is no information from the INDEC on the evolution of the IPIM, the variation in the CPI of the Autonomous City of Buenos Aires was applied. Considering the aforementioned index, inflation was 53.83%, 47.64% and 24.79% in the years ended December 31, 2019, 2018 and 2017 respectively. Restatement mechanism The financial statements must be adjusted to consider changes in the general purchasing power of the currency, so that they are expressed in the current unit of measurement at the end of the reporting period. Said requirements also include all the comparative information of the financial statements, without modifying the decisions made based on the financial information corresponding to those financial years. The figures as of December 31, 2018 and 2017, which are presented in these Consolidated Financial Statements for comparative purposes, arise from the restatement to the current unit of measure of the Financial Statements as of said dates, in accordance with IAS 29. Restatement of the balance sheet i. Monetary items (those with a fixed nominal value in local currency) are not restated, since they are already expressed in the current unit of measurement at the closing date of the reporting period. In an inflationary period, maintaining monetary assets generates loss of purchasing power and maintaining monetary liabilities generates a gain in purchasing power, provided that such items are not subject to an adjustment mechanism that compensates to some extent for these effects. The monetary loss or gain is included in the result of the period in which it is reported. ii. The non-monetary items measured at their current values at the end of the reporting period are not restated for the purpose of their presentation in the balance sheet, but the adjustment process must be completed to determine in terms of a homogeneous unit of measurement the results produced by the holding of these non-monetary items. iii. Non-monetary items measured at historical cost or at a fair value as of a date prior to the closing date of the reporting period are restated by coefficients that reflect the variation in the general price level from the date of acquisition or revaluation to the closing date, proceeding then to compare the restated amounts of those assets with the corresponding recoverable values. iv. The restatement of non-monetary assets in the terms of the current unit of measurement at the end of the reporting period without an equivalent adjustment for tax purposes, results in a temporary taxable difference and the recognition of a deferred tax liability whose counterparty is recognized in the result of the period. For the closing of the subsequent period, the deferred tax items are restated for inflation to re-determine the charge to the result of the next period. v. When the capitalization of costs for loans in non-monetary assets in accordance with IAS 23 is applicable, the portion of those costs that compensate the lender for the effects of inflation is not capitalized Restatement of the Comprehensive Income Statement Revenues and expenses (including interest and foreign exchange differences) are restated from the date of their booking, except for those items of the result that reflect or include in their determination the consumption of assets measured in purchasing power of a date before the consumption booked, which are restated based on the date of origin of the asset to which the item is related (for example, depreciation and other consumption of assets valued at historical cost); and also those results that arise from comparing two measurements expressed in purchasing power currency of different dates, for which it is necessary to identify the amounts compared, restate them separately, and make the comparison, but with the amounts already restated. The result of the exposure to the change in the purchasing power of the currency (monetary results) is presented in a separate line and reflects the effect of inflation on the monetary items. Restatement of the statement of changes in equity As of the transition date (January 1, 2016), the Company applied the following special rules: i. The components of the capital stock were restated from the dates they were contributed. ii. Reserved earnings were maintained at the date of transition at their nominal value (legal amount without restatement). iii. The restated unallocated results were determined by the difference between the net assets restated at the transition date and the rest of the initial equity components expressed as indicated in the preceding sections. iv. After the restatement at the transition date, all the components of the equity are restated by applying the general price index from the beginning of the period, and each variation of those components is restated from the date of contribution or from the moment in which is added by any other means. Restatement of the statement of cash flows IAS 29 requires that all items in this statement should be restated in terms of the current unit of measurement as of the closing date of the period for which it is reported. The monetary result generated by cash and cash equivalents is presented in the statement of cash flows separately from cash flows from operating, investing and financing activities, as a specific item of the reconciliation between cash and cash equivalents at the beginning and at the end of the year. |
Financial instruments | e) Financial instruments Financial assets Recognition and initial measurement Financial assets are classified, at the time of initial recognition, as: 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). The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Company’s business model for managing them. For additional information, see Note 16.2.1. Subsequent measurement After initial recognition, financial assets are measured according to their initial classification according to the following categories: Financial assets at amortized cost It is the most relevant category used by the Company, financial assets are classified and measure at amortized cost if both of the following conditions are met: • The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost are subsequently measured using the effective interest method. Gains and losses are recognized in the Statement of Comprehensive Income under financial results when the asset is derecognized, modified or impaired. Financial assets at fair value through OCI (Debt instruments) Corresponds to financial assets that are maintained in a business model whose objective is achieved by obtaining contractual cash flows and selling them. Unrealized gains or losses arising from changes in fair value are recognized as other comprehensive income, except for the accrual of interest, exchange rate difference and the impairment of such assets that are recognized as financial results in the Statement of Comprehensive Income. At the time the asset is written off, the accumulated gain or loss is recognized as a financial result and it is eliminated from the respective reserve. As of December 31, 2019 and 2018, the Company has not regonize any financial assets under this category. Financial assets designated at fair value through OCI (equity instruments) Upon initial recognition, the Company can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as other income in the Statement of Comprehensive Income when the right of payment has been established, except when the Company benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. As of December 31, 2019 and 2018, the Company has not regonize any financial assets under this category. Financial assets at fair value through profit or loss In the event that financial assets are not classified according to the aforementioned categories, they will be subsequently measured at fair value, presenting gains or losses arising from changes in fair value in the income statement within financial results in the year in which they are originated. Impairment of financial assets The Company applies the Expected Credit loss (“ECL”) model for those financial assets accounted for at amortized cost or at fair value through OCI. The ECL is based on the difference between the contractual cash flows due in accordance with the contract and the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. To this end, the Company evaluates various factors, including credit risk, historical trends and other available information. The application of this model implies recognition of: • Expected credit losses within of 12 months: these are expected credit losses that result from possible default events within 12 months after the filing date; and • Expected credit losses during the life of the asset: these are expected credit losses that result from possible events of default during the expected life of a financial instrument. In case a loss allowance is recognized, the carrying amount of the asset is reduced through an impairment account and the amount of the loss is presented in the Statement of Comprehensive Income at the time it occurs. Subsequent recoveries of amounts previously written off are credited in the same line item. The impairment tests performed on accounts receivable are described in Note 4.h. Financial liabilities Includes trade payables, loans, other payables and certain payroll and social security taxes payable. Recognition and initial measurement Financial liabilities are classified, at initial recognition, as subsequently measured at amortized cost or at fair value through profit or loss, as appropriate. All financial liabilities are recognized initially at fair value and, in case of measured at amortized cost, net of transaction costs. They are classified in current liabilities, except those whose maturity exceeds twelve months, which are classified as non-current liabilities. Subsequent measurement Financial liabilities at fair value through profit or loss Includes financial liabilities held for trading. As of December 31, 2019 and 2018, there are no instruments classified in this category. Financial liabilities at amortized cost The Company includes financial liabilities with fixed or determinable payments that are not quoted in an active market. Current liabilities are included, except those whose maturity exceeds twelve months including premiums, discounts and direct expenses, which are included as non-current liabilities. They are measured using the effective interest method. As of December 31, 2019 and 2018, all of the Company’s financial liabilities were classified in this category. Offsetting of financial instruments Financial assets and liabilities are offset when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. |
Derivative financial instruments | f) Derivative financial instruments Derivative financial instruments are recognized at their fair value at inception and subsequently measured at their fair value and disclosed as assets or liabilities depending if it is gain or loss. The results of derivative financial instruments are classified under “Financial gain / expenses” in the statement of comprehensive income, or in the other comprehensive income if hedge accounting is applied. Derivative financial instruments are measured in accordance with IFRS 13 “Fair value measurement”. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument or not and, according to the nature of the item being hedged. As of December 31, 2019 and 2018, the Company maintained derivative financial instruments that are mentioned in Note 16.1.3 to these consolidated financial statements for which the application of hedge accounting has not been opted for as defined by IFRS 9. |
Inventories | g) Inventories Inventories consist of natural gas (in excess of the “Line Pack”) classified as property, plant and equipment in the Company’s pipeline system, and the liquids stored obtained from natural gas processing at the Cerri Complex. Inventories are measured at the lower of cost restated for the inflation effects as mentioned in Note 4.d. or net realizable value. Cost is determined using the weighted average cost method. The cost of inventories includes expenditure incurred in purchasing and production and other necessary costs to bring them to their existing location and condition. The net realizable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and the estimated costs to make the sale. The assessment of the recoverable value of these assets is made at each reporting date, and the resulting loss is recognized in the statement of comprehensive income when the inventories are overstated. |
Trade receivables and other receivables | h) Trade receivables and other receivables Trade receivables are amounts due from customers for goods and services performed in the ordinary course of business. Contract assets are unbilled amounts due to customers related to works in progress. Trade receivables, contract assets and other receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less allowance for trade receivables. The Company applies the simplified approach to measuring expected credit losses for trade receivables, contract assets and other receivables. For this purpose, customers have been grouped based on shared credit risk characteristics, the existence of guarantees, historical credit losses experienced and the existence of judicial proceedings aimed at obtaining payment. Once each group was defined, an expected uncollectibility rate calculated based on historic default rates adjusted to future economic conditions was defined. Impairment losses on trade receivables and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. |
Cash and cash equivalents | i) Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits with banking institutions and other short-term, highly liquid investments with original maturities not exceeding three months and without being subject to a risk of a significant change of value. |
Property, plant and equipment ("PPE") | j) Property, plant and equipment (“PPE”) - Assets transferred from the privatization of GdE: - Line pack - Other items of PPE PPE additions are recorded at acquisition or construction cost less accumulated depreciation and impairment losses (if applicable), except land, which is recorded at historical cost acquisition minus any impairment (if applicable), all this restated for the effects of inflation as mentioned in Note 4.d. The cost includes the cost of replacing significant components and the borrowing costs derived from loans that finance its construction to the extent that the requirements for recognition as assets are met. - Impairment of non-financial assets If any indication exists, the Company estimates the asset´s recoverable amount. An asset´s recoverable amount is the higher of the fair value less costs to sell that asset, and its value-in-use. That amount is determined for and individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets; in which case, the cash flows of the group of assets that form part of the cash-generating unit (“CGU”) to which the belong are taken. Where the carrying amount of an individual asset or CGU exceeds its recoverable amount, the individual asset or CGU, as the case may be, is considered impaired and is written down to its recoverable amount. Impairment losses are recognized in the consolidated statement of comprehensive income. Infrastructure used in the natural gas transportation service Bolsas y Mercados Argentinos |
Leases | k) Leases As mentioned in note 4.a), from January 1, 2019, the Company has adopted IFRS 16 to recognize the leases in which it participates. For more information regarding the new accounting policy adopted, see Note 4.a). Until December 31, 2018, leases in which TGS assumed substantially all the risks and rewards of ownership of leased assets were classified as financial. To that purpose, an asset and a liability are recognized at the beginning for the same amount that corresponds to the lower value that results from comparing the fair value of the leased asset and the present value of the minimum lease payments. Subsequently, each finance lease payment should be apportioned between the finance charge and the reduction of the outstanding liability (the finance charge to be allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability). The corresponding lease payments, net of financial charges, are included in “Financial leases” in the current and non-current loans caption of the Statement of Financial Position. Interest on the financial cost is charged to the Statement of Comprehensive Income in the period of the lease in order to obtain a constant periodic interest rate on the debt pending amortization in each period. Assets acquired through finance leases are restated for the effects of inflation as mentioned in Note 4.d. and are depreciated over the useful life of the assets received in accordance with current depreciation policies. Until December 31, 2018, the remaining leases were classified as operating leases, so their charge was directly recognized in the Statement of Comprehensive Income. IFRS 16 provides, for the so-called operating leases, the recognition of an asset, for the right to use the assets included in the lease contracts from the date they are available for use, and an equal liability at the present value of the payments to be made during the term of the contract, considering the discount rate implicit in the lease agreement, if it can be determined, or an incremental reference indebtedness rate. |
Loans | l) Loans Loans have been initially recorded at fair value net of direct attributable transaction costs. Subsequently, loans are valued at their amortized cost. Liabilities are disclosed as non-current when their maturity exceeds twelve months. |
Trade payables | m) Trade payables Trade payable are initially recognized at fair value. Subsequently they are measured at amortized cost using the effective tax method. |
Income tax and deferred income tax | n) Income tax and deferred income tax Income tax includes current tax and deferred income tax. Income tax is presented in the Statement of Comprehensive Income. The current income tax is calculated on the basis of tax regulations in force at each reporting period. Management periodically evaluates positions taken in tax returns with respect to situations in which tax regulations are subject to interpretation and establishes provisions if applicable. As of December 31, 2019 and 2018, there are no provisions booked for this concept. The Company has calculated income tax charges using the deferred tax method, which considers the effect of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured at undiscounted nominal value at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the reporting period rate (See note 14). A deferred tax is recognized on the temporary differences arising from investments in subsidiaries and associates, except for deferred tax liabilities where the Company is able to control the timing of the reversal of the temporary difference and it is probable that the reversal will not occur in the foreseeable future. Deferred tax assets and liabilities are offset if the Company has a legally enforceable right to offset recognized amounts and when deferred tax assets and liabilities relate to income tax levied by the same tax authority on the same taxable entity or different taxable entities that intend to settle tax assets and liabilities on a net basis. Deferred tax assets are recognized to the extent that it is probable that future taxable income will be generated against which the temporary differences can be used. The assets and liabilities generated by the application of the deferred tax were valued at their nominal amount considering the restatements for inflation mentioned in Note 4.d) and are classified as non-current assets or liabilities. |
Provisions | o) Provisions The Company has recorded provisions related to legal actions, judicial court, claims and administrative proceedings, including interpretive questions of the current legislation and those of regulatory nature. Provisions for legal claims and/or claims by third parties (“legal claims and others”) are recorded at the expected cancellation value when the Company has a present obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Estimates are reviewed and adjusted, as the Company obtains additional information to be received. |
Revenue recognition from contract with customers | p) Revenue recognition from contract with customers Revenue is measured at the fair value of the consideration received or to be received, and represents amounts receivable for goods and/or services supplied. Revenue is recognized when the control of goods or services is transferred to the customer and the consideration is determined by an amount that reflects the consideration that the Company expects to receive. Tax on exports and turnover tax are disclosed as Selling Expenses. The following are the accounting policies of the Company for the recognition of revenue of each of the business segments defined by our management: Natural Gas Transportation Natural Gas transportation services includes: (i) firm natural gas transportation, whose revenues are recognized when the capacity is reserved and paid for regardless of actual usage by the customer, (ii) interruptible natural gas transportation and exchange and displacement services whose revenues are recognized when services are rendered and (iii) the operation and maintenance service of the assets affected by the natural gas transportation service corresponding to the expansions promoted by the National Government and whose ownership corresponds to the trusts created for such purpose whose revenues are recognized when services are rendered. The applicable rates arise from the tariff tables published by ENARGAS. Thus Company’s revenues are recognized by the amount for which it will be entitled to receive as consideration. At the end of each month, TGS recognizes, over the time, its revenues from sales equivalent to the firm reserved capacity, the volumes of natural gas transported under the modalities of interruptible and exchange and displacement and by the operation and maintenance services. In return, a trade receivable is recognized which represents an unconditional right that the Company has to receive the consideration owed by the customer. On the other hand, the billing of the service is done monthly and according to the guidelines established by ENARGAS, the consideration is received within said calendar month. Liquids Production and Commercialization This business segment includes: (i) production and commercialization of liquids on our own account which revenues are recognized in a point in time, and (ii) other liquid services which revenues are recognized over the time. Domestic Market In the domestic market, TGS sells the production of propane and butane to LPG retailers in the framework of the programs created by the National Government to supply the domestic market. The sale prices are determined by the ex-Secretary of Hydrocarbon Resources (“SHR”). For more information, see Note 17 - Regulatory framework – b) Regulatory framework for non-regulated segments - to these consolidated financial statements. The price of those tons of propane and butane that are not sold within the framework of the aforementioned programs is determined by the ex-Ministry of Energy and Mining (“ex MINEM”) based on the international reference prices. Regarding ethane sales, they are made to PBB Polisur S.R.L. (“PBB”), the only customer to whom this product is sold. To estimate transaction price, the Company uses the most probable amount method. In this regard, the Company only recognizes those transactions where it is highly probable that they will not be reversed in the future. Foreign Market In the foreign market, the Company markets propane, butane and natural gasoline to international traders (“traders”) and other clients of worldwide renown, some of them through trucks. These sales are made under short-term contracts (less than one year), with the price determined as reference to international prices plus / minus a fixed amount per ton sold. There are no variable consideration components in these contracts. For both domestic and foreign market sales, TGS transfers control and recognizes revenues when the products are delivered to the customer and therefore the product has been accepted and there is no evidence of the existence of pending obligations by the Company. It is at that moment when a trade receivable is recognized given that the receipt of the consideration is unconditional and only the passage of time is the only requirement for receiving the consideration owed by the customer. Other liquids services The Liquids production and commercialization segment also comprises reception, storage and dispatch of the liquids from the facilities located in Puerto Galván. Revenues from sales are recognized when the service is effectively rendered, that is, after the dispatch to each vessel. The price is agreed by the parties being a fixed amount per ton of product dispatched, there being no variable components in them. These services are billed monthly, at which time an unconditional right to receive the consideration from the client arises. Subsidies As part of its participation in propane and butane supply programs in the local market carried out by the National Government, (for more information see “Note 17 - Regulatory Framework - b) Regulatory framework for non-regulated segments”), the Company receives from the Secretary of Energy a series of subsidies that are recognized in accordance with the provisions of IAS 20 “Accounting for government grants and disclosures of government assistance” because they correspond to economic compensations calculated as the difference between the sale prices of the products determined in accordance with the legislation in force and the reference prices calculated by the Secretary of Energy. Subsidies are recognized at fair value whenever there is reasonable assurance that will be received and that the product has been delivered. They are presented within the caption “Revenue from sales” of the statement of comprehensive income. Other services The services included in the Other Services segment consist mainly in (i) treatment, removal of impurities and natural gas compression, including the collection and transport of natural gas (ii) inspection and maintenance of pipelines and compressor plants, (iii) services of steam generation for electricity production and management services for expansion works and steam generation for the production of electricity and (iv) natural gas transportation services in Vaca Muerta. Revenues from sales of this business segment are recognized over the time in the period in which the service is provided. The sale price is determined according to what arises from the contractual conditions agreed between TGS and its customers. In all cases, the recognition and billing of sales income is made on a monthly basis so that at that time a sales credit is recorded. Revenue from the Company’s participation in the joint operation with SACDE which correspond to the construction activities provided by it, are recognized based on the physical progress of the work. To calculate the costs associated with such income, the UT adopts the criterion of applying the estimated final margin for the work to the accrued revenue in each period. The costs incurred in excess of the costs associated with the revenues are recognized in the Contract Assets caption. Telecommunications Revenues from the provision of Telecommunications services are recognized in the statement of comprehensive income at the time of effective performance of the service. The sale price is determined according to what arises from the contractual conditions agreed between TGS and its customers. The consideration is determined as a fixed monthly amount. In all cases, the recognition and billing of sales income is made on a monthly basis so that at that time a sales receivable is recorded. Financial components The Company does not have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money. |
Contract liabilities | q) Contract liabilities Mainly consist of pre-payments for services made by customers in order to finance the works to render the service . In case of prepayments received from customers to finance part of the works corresponding to the construction of an evacuation pipeline in Vaca Muerta, they are denominated in US dollars. The initial recognition of the contract liabilities is made at fair value. Subsequently, they are valued at their amortized cost based on the projections for the provision of the agreed services that cancel them and are measured using the selling exchange rate published by the Banco de la Nación Argentina at the date of the period reported. Additionally, it includes the advance received by the UT from the Argentine Government as payment on account of the gas pipeline construction project. For more information, see “Note 23 - Associates and joint arrangements.” |
Equity accounts | r) Equity accounts The activity in the Equity accounts reflects resolutions adopted by Shareholders in their meetings, or the effects of the laws or regulations in force. The equity accounts are restated for the inflation effects according to what is mentioned in Note 4.d, except the account Capital stock which is maintained at its original value. Common stock and adjustment to common stock The common stock consists of contributions made by shareholders represented by shares and comprises outstanding shares at their face value, net of treasury shares mentioned below. Common stock accounts were restated in constant currency as mentioned in Note 4.d. Common stock account was kept at original value and the adjustment arising from such restatement is shown under “Inflation Adjustment to common stock”. Common stock adjustment is not distributable in cash or in kind but may be capitalized through issuance of shares. In addition, this balance may be used to compensate accumulated losses. Treasury shares and adjustments to treasury shares Corresponds to the reclassification of the nominal value and corresponding restatement in constant peso (Inflation Adjustment to Common Stock) of shares issued and repurchased by the Company in market transactions, as required by the current regulations of the CNV. Own equity instruments that are reacquired (treasury shares) are recognized at cost restated for the inflation effects as mentioned in Note 4.d., and deducted from equity. No gain or loss is recognized on the purchase, sale or cancellation of the Company’s treasury shares. Any difference between the carrying amount and the consideration, if reissued, is recognized as a premium on common stock or additional paid-up capital. Additional paid-up capital Corresponds to the difference between the carrying value of the treasury shares and the quoted value at the time were distributed (for more information see Note 19.b). It is restated according to what is mentioned in Note 4.d). Legal Reserve Pursuant to the provisions of the Argentine Business Association Law and the CNV, the Company is required to set up a legal reserve by providing at least 5% of the aggregate amount of net income for the year, prior year adjustments, transfers of other comprehensive income to retained earnings and accumulated losses of prior years, when this aggregate amount exceeds zero until the legal reserve equals 20% of the sum of Capital stock and Adjustment to capital stock balances. Distribution of dividends The cash dividend is recognized as a liability in the Company’s financial statements in the year in which they are approved by the shareholders of the Company or the Board of Directors according to the powers delegated by the Shareholders’ Meeting, as appropriate. Retained earnings The outstanding balance of retained earnings includes accumulated gains or losses which were not allocated to a specific purpose reserve and, when positive, may be distributed pursuant to the decision of the Shareholders provided these retained earnings are not subject to legal restrictions, as mentioned above “Legal reserve”. |
Basic and diluted earnings per share | s) Basic and diluted earnings per share Earnings per share as of December 31, 2019, 2018 and 2017 were calculated as follows: 2019 2018 2017 Net income attributable to owners of the Company 12,805,105 17,561,249 8,847,196 Average number of outstanding shares (1) 776,121,341 788,405,563 794,495,283 Basic and diluited earnings per share 16.50 22.27 11.14 (1) As of the date of the issuance of these consolidated financial statements, there are no TGS instruments outstanding that imply the existence of potential ordinary shares, thus the basic net income per share for the years ended on December 31, 2019, 2018 and 2017 matches the diluted net income per share. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Subsidiary Control | Detailed data reflecting subsidiary control as of December 31, 2019 and 2018 is as follows: Company % of shareholding Country Closing date Main activity Telcosur 99.98 Argentina December 31 Telecommunication Services CTG (1) 100.00 Argentina December 31 Electricity related services (1) |
Associates | In the table below, associates are disclosed, together with the percentage of shareholding and voting as of December 31, 2019 and 2018: 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 |
Earnings Per Share | Earnings per share as of December 31, 2019, 2018 and 2017 were calculated as follows: 2019 2018 2017 Net income attributable to owners of the Company 12,805,105 17,561,249 8,847,196 Average number of outstanding shares (1) 776,121,341 788,405,563 794,495,283 Basic and diluited earnings per share 16.50 22.27 11.14 (1) |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SUPPLEMENTAL CASH FLOW INFORMATION [Abstract] | |
Supplemental Cash Flow Information | Non-cash investing and financing activities for the years ended December 31, 2019, 2018 and 2017 are presented below: 2019 2018 2017 Unpaid acquisition of PPE 1,331,105 473,413 460,879 Principal payment of financial lease (1) 149,238 156,861 101,645 Capitalization of finance costs 446,195 - - (1) |
CONSOLIDATED BUSINESS SEGMENT_2
CONSOLIDATED BUSINESS SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
CONSOLIDATED BUSINESS SEGMENT INFORMATION [Abstract] | |
Business Segments | Detailed information on each business segment for the years ended December 31, 2019, 2018 and 2017 is disclosed below: Year ended December 31, 2019 Natural Gas Transportation Production and Commercialization of Liquids Other Services Telecommunications Eliminations Total Revenues from sales 22,620,423 23,138,182 2,526,643 276,246 - 48,561,494 Intersegment revenues 615,993 - - - (615,993 ) - Cost of sales (8,667,640 ) (14,661,541 ) (1,524,445 ) (137,870 ) 615,993 (24,375,503 ) Administrative expenses (1,043,519 ) (144,313 ) (61,021 ) (11,447 ) - (1,260,300 ) Selling expenses (1,343,560 ) (1,390,215 ) (264,396 ) (41,386 ) - (3,039,557 ) Other operating (expenses) / income (136,926 ) 3,200 3,576 2,624 - (127,526 ) Operating profit 12,044,771 6,945,313 680,357 88,167 - 19,758,608 Depreciation of property, plant and equipment (2,998,224 ) (246,720 ) (450,671 ) - - (3,695,615 ) Natural Gas Transportation Commercialization of Liquids Other Services Telecommunications Total Identifiable assets 64,431,193 10,865,257 20,090,627 214,248 95,601,325 Identifiable liabilities 29,338,859 3,093,226 15,020,159 65,612 47,517,856 Year ended December 31, 2018 Natural Gas Transportation Production and Commercialization of Liquids Other Services Telecommunications Eliminations Total Revenue from sales 23,785,660 25,578,373 2,784,534 250,856 - 52,399,423 Intersegment revenues 920,555 - - - (920,555 ) - Cost of sales (7,944,333 ) (16,130,863 ) (1,621,770 ) (126,455 ) 920,555 (24,902,866 ) Administrative expenses (1,284,707 ) (129,315 ) (55,348 ) (10,210 ) - (1,479,580 ) Selling expenses (1,467,144 ) (984,794 ) (220,674 ) (42,070 ) - (2,714,682 ) Other operating (expenses) / income (240,414 ) (1,117,949 ) (8,375 ) (3,581 ) - (1,370,319 ) Operating profit 13,769,617 7,215,452 878,367 68,540 - 21,931,976 Depreciation of property, plant and equipment (2,892,621 ) (174,964 ) (352,235 ) - - (3,419,820 ) Natural Gas Transportation Production and Commercialization of Liquids Other Services Telecommunications Total Identifiable assets 69,603,664 13,907,967 11,621,495 155,320 95,288,446 Identifiable liabilities 25,748,537 2,301,679 19,563,528 70,796 47,684,540 Year ended December 31, 2017 Natural Gas Transportation Production and Commercialization of Liquids Other Services Telecommunications Eliminations Total Revenue from sales 11,469,824 17,189,194 1,844,712 190,858 - 30,694,588 Intersegment revenues 377,137 - - - (377,137 ) - Cost of sales (6,428,448 ) (11,186,009 ) (1,008,879 ) (114,747 ) 377,137 (18,360,946 ) Administrative expenses (918,567 ) (144,172 ) (56,110 ) (10,087 ) - (1,128,936 ) Selling expenses (645,435 ) (408,173 ) (164,471 ) (23,804 ) - (1,241,883 ) Other operating (expenses) / income (503,409 ) 99,520 (14,150 ) 236 - (417,803 ) Operating profit 3,351,102 5,550,360 601,102 42,456 - 9,545,020 Depreciation of property, plant and equipment (2,607,632 ) (146,630 ) (353,484 ) - - (3,107,746 ) |
DETAIL OF SIGNIFICANT STATEME_2
DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS [Abstract] | |
Other Receivables | a) Other receivables 2019 2018 Current Non Current Current Non Current Turnover tax balance 50,711 - - - Income tax credit balance (1) 42,607 - - - VAT credit balance 1,018,621 - 461,916 - Other tax receivables 1,227 1,401 15,365 3,144 Prepaid expenses 90,714 - 73,464 - Advances to suppliers 1,181,972 - 2,847,433 - Subsidies receivables 143,829 - 450,523 - Other Receivables UT 39,009 - 45,697 - Others 329,387 7,603 202,248 9,521 Total 2,898,077 9,004 4,096,646 12,665 |
Trade Receivables | b) Trade receivables 2019 2018 Current Non Current Current Non Current Commons 6,329,258 - 4,788,890 - UT 13,813 - 31,446 - Natural Gas Transportation 3,774,497 - 2,549,704 - Production and Commercialization of Liquids 1,903,005 - 1,680,674 - Other services 637,943 - 527,066 - Related parties (Note 21) 279,457 - 206,079 Natural Gas Transportation 154,009 - 112,671 - Production and Commercialization of Liquids 53,744 - 12,497 - Other services 71,704 - 80,911 - Allowance for doubtful accounts (134,956 ) - (203,860 ) - Total 6,473,759 - 4,791,109 - The movement of the allowance for doubtful accounts is as follows: Balances as of December 31, 2017 - Additions (1) 203,860 Applications - Reversals - Balances as of December 31, 2018 203,860 Inflation adjustment restatement (71,339 ) Additions (1) 2,435 Applications - Reversals - Balances as of December 31, 2019 134,956 (1) |
Cash and Cash Equivalents | c) Cash and cash equivalents 2019 2018 Cash and banks 1,123,051 9,174,577 UT Cash and banks 2,758 235 Time deposits - 938,544 Mutual funds in Argentine Pesos 1,029,644 3,302,476 Interest-bearing accounts 7,609,748 12,167,206 UT Mutual funds - 22,099 Total 9,765,201 25,605,137 |
Contract Liabilities | d) Contract liabilities 2019 2018 Current Non Current Current Non Current Natural Gas Transportation 98,460 1,744,944 104,572 1,844,227 Production and Commercialization of Liquids 38,387 341,698 39,249 392,388 Other services 62,386 840,184 3,104 23,261 UT 20,568 - 52,408 - Total 219,801 2,926,826 199,333 2,259,876 |
Other Payables | e) Other payables 2019 2018 Current Non Current Current Non Current Payable for compensation for the Board of Directors and Supervisory Committee 8,498 - 8,321 - Others 1,744 - 2,529 - UT Other liabilities 277,417 - 113,253 - Total 287,659 - 124,103 - |
Taxes Payables | f) Taxes payables 2019 2018 Current Non Current Current Non Current Health and safety tax 12,989 - 13,522 - Withholdings and perceptions made to third parties 148,052 - 170,174 - Turnover Tax 85,283 - 96,474 - Withholding Tax 71,998 - - - UT Others 341 - 4,233 - Others 34,520 - 26,680 - Total 353,183 - 311,083 - |
Trade Payables | g) Trade payables 2019 2018 Current Non Current Current Non Current Suppliers 3,875,928 - 4,304,927 - UT Suppliers 109,876 - 138,837 - Customers (credit balances) 6,164 - 3,438 - Related companies 121,603 - 309,352 - Total 4,113,571 - 4,756,554 - |
Revenues | h) Revenues 2019 2018 2017 Sales of goods and services 48,359,045 51,773,746 30,159,782 Subsidies 202,449 625,677 534,806 Total 48,561,494 52,399,423 30,694,588 |
Disaggregation of Revenues | Below is a table in which revenues are disaggregated considering the type of market and the opportunity to satisfy performance obligations: Year ended December 31, 2019 Natural Gas Transportation Production and Commercialization of Liquids Other Services Telecommunications Total Primary geographical market: External market - 9,144,860 - - 9,144,860 Local market 22,620,423 13,993,322 2,526,643 276,246 39,416,634 Total 22,620,423 23,138,182 2,526,643 276,246 48,561,494 Timing of revenue recognition: Over the time 22,620,423 1,226,814 2,526,643 276,246 26,650,126 At a point in time - 21,911,368 - - 21,911,368 Total 22,620,423 23,138,182 2,526,643 276,246 48,561,494 Year ended December 31, 2018 Natural Gas Transportation Production and Commercialization of Liquids Other Services Telecommunications Total Primary geographical market: External market - 9,269,086 - - 9,269,086 Local market 23,785,660 16,309,287 2,784,534 250,856 43,130,337 Total 23,785,660 25,578,373 2,784,534 250,856 52,399,423 Timing of revenue recognition: Over the time 23,785,660 1,084,994 2,784,534 250,856 27,906,044 At a point in time - 24,493,379 - - 24,493,379 Total 23,785,660 25,578,373 2,784,534 250,856 52,399,423 Year ended December 31, 2017 Natural Gas Transportation Production and Commercialization of Liquids Other Services Telecommunications Total Primary geographical market: External market - 6,664,863 - - 6,664,863 Local market 11,469,824 10,524,331 1,844,712 190,858 24,029,725 Total 11,469,824 17,189,194 1,844,712 190,858 30,694,588 Timing of revenue recognition: Over the time 11,469,824 822,760 1,844,712 190,858 14,328,154 At a point in time - 16,366,434 - - 16,366,434 Total 11,469,824 17,189,194 1,844,712 190,858 30,694,588 Detailed information of revenues on each business segment for the years ended December 31, 2019, 2018 and 2017 is disclosed below: i. Natural Gas Transportation 2019 2018 2017 Firm 18,521,215 18,834,776 8,971,393 Access and Charge 835,721 870,398 666,979 Interruptible and Others 3,263,487 4,080,486 1,831,452 Total 22,620,423 23,785,660 11,469,824 ii. Production and Commercialization of Liquids 2019 2018 2017 Product 21,708,919 23,867,702 15,776,153 Services 1,226,814 1,084,994 878,235 Government grants 202,449 625,677 534,806 Total 23,138,182 25,578,373 17,189,194 iv. Other services 2019 2018 2017 Conditioning and treatment 1,273,070 1,130,820 841,091 Operation and maintenance 651,665 738,568 637,752 Steam sales 231,565 210,387 148,582 Construction 11,899 32,799 213,270 UT Construction 187,686 666,402 - Transportation and conditioning of Naural Gas in Vaca Muerta 165,725 - - Others 5,033 5,558 4,017 Total 2,526,643 2,784,534 1,844,712 |
Cost of Sales | i) Cost of sales 2019 2018 2017 Inventories at the beginning of the year 554,218 282,659 371,470 Purchases 12,052,590 13,630,238 9,250,971 Operating costs (Note 8.i.) 12,076,335 11,544,187 9,021,164 Inventories at the end of the year (307,640 ) (554,218 ) (282,659 ) Total 24,375,503 24,902,866 18,360,946 |
Expenses by Nature | j) Expenses by nature – Information required under art. 64 paragraph I, clause B) Commercial Companies Law 2019 Operating expenses Accounts Total Regulated Activities Non Regulated Activities Administrative expenses Selling expenses Financial expenses Salaries, wages and other compensations 3,193,390 1,463,206 953,222 604,578 172,384 - Social security taxes 595,112 271,610 170,506 117,055 35,941 - Compensation to Directors and Supervisory Committee 32,528 - - 32,528 - - Professional services fees 483,128 15,383 248,648 186,970 32,127 - Technical operator assistance fees 1,144,777 776,200 368,577 - - - Materials 387,772 169,415 218,357 - - - Third parties services 435,870 180,037 222,864 24,485 8,484 - Telecommunications and post expenses 44,810 12,956 6,097 23,952 1,805 - Rents 43,758 12,717 21,141 8,888 1,012 - Transports and freight 115,986 73,000 40,551 2,435 - - Easements 91,941 87,367 4,574 - - - Offices supplies 13,332 4,019 2,310 5,183 1,820 - Travels expenses 132,485 65,497 35,936 27,340 3,712 - Insurance 96,399 47,111 38,101 6,391 4,796 - Property, plant and equipment maintenance 2,566,969 2,233,041 298,406 35,522 - - Depreciation of property, plant and equipment 3,695,615 2,842,666 697,391 155,558 - - Taxes and contributions 3,044,070 334,176 24,473 3,903 2,681,518 (1) - Advertising 90,137 - - - 90,137 - Doubtful accounts 2,435 - - - 2,435 - Banks expenses 19,308 - - 19,308 - - Interests expense 2,509,815 - - - - 2,509,815 Foreign exchange loss 15,636,514 - - - - 15,636,514 Capitalized financial costs (446,195 ) - - - - (446,195 ) Costs of services rendered to third parties 13,664 - 13,664 - - - Other expenses 132,706 79,239 43,877 6,204 3,386 - Total 2019 34,076,326 8,667,640 3,408,695 1,260,300 3,039,557 17,700,134 (1) Includes tax on exports for Ps. 843,418 for the year ended December 31, 2019. 2018 Operating expenses Accounts Total Regulated Activities Non Regulated Activities Administrative expenses Selling expenses Financial expenses Salaries, wages and other contributions 2,942,737 1,370,862 873,457 549,048 149,370 - Social security taxes 492,620 222,669 130,665 107,092 32,194 - Compensation to Directors and Supervisory Committee 39,718 - - 39,718 - - Professional services fees 422,573 10,841 208,637 192,647 10,448 - Technical operator assistance fees 2,026,244 1,289,165 737,079 - - - Materials 344,492 105,664 238,828 - - - Third parties services 402,701 157,394 200,379 30,443 14,485 - Telecommunications and post expenses 33,498 6,455 4,395 21,933 715 - Rents 38,129 11,779 15,846 9,147 1,357 - Transports and freight 104,751 64,965 35,357 4,429 - - Easements 83,186 83,186 - - - - Offices supplies 10,763 3,647 1,324 4,815 977 - Travels expenses 131,177 58,722 41,135 25,222 6,098 - Insurance 101,944 58,713 36,451 6,775 5 - Property, plant and equipment maintenance 1,946,371 1,700,665 221,697 24,009 - - Depreciation of property, plant and equipment 3,419,820 2,481,136 527,193 411,491 - - Taxes and contributions 2,578,080 262,317 30,893 3,274 2,281,596 (1) - Advertising 7,470 - - - 7,470 - Doubtful accounts 203,860 - - - 203,860 - Banks expenses 18,691 - - 18,691 - - Interests expense 2,577,365 - - - - 2,577,365 Foreign exchange loss 20,185,935 - - - - 20,185,935 Costs of services rendered to third parties 254,250 - 254,250 - - - Other expenses 135,374 56,152 42,269 30,846 6,107 - Year ended Deccember 31, 2018 38,501,749 7,944,332 3,599,855 1,479,580 2,714,682 22,763,300 (1) 2017 Operating expenses Accounts Total Regulated Activities Non Regulated\ Administrative expenses Selling expenses Financial expenses Salaries, wages and other compensations 2,755,821 1,329,370 721,780 550,569 154,102 - Social security taxes 474,525 208,944 123,835 108,080 33,666 - Compensation to Directors and Supervisory Committee 21,253 - - 21,253 - - Professional services fees 153,215 3,706 7,585 129,187 12,737 - Technical operator assistance fees 887,901 400,020 487,881 - - - Materials 149,305 46,117 103,188 - - - Third parties services 317,596 132,233 159,075 26,288 - - Telecommunications and post expenses 24,756 3,307 3,034 17,223 1,192 - Rents 16,828 4,863 2,432 8,372 1,161 - Transports and freight 89,022 52,995 30,416 5,560 51 - Easements 54,249 54,249 - - - - Offices supplies 8,633 2,561 900 4,027 1,145 - Travels expenses 47,741 21,350 7,865 13,831 4,695 - Insurance 81,007 47,294 26,962 6,013 738 - Property, plant and equipment maintenance 1,546,413 1,331,530 198,875 13,290 2,718 - Depreciation of property, plant and equipment 3,107,746 2,414,921 500,115 192,710 - - Taxes and contributions 1,413,444 327,852 20,606 1,824 1,063,162 (1) - Advertising 1,180 - 5 - 1,175 - Doubtful accounts (35,989 ) - - - (35,989 ) - Banks expenses 11,102 - - 11,102 - - Interests expense 1,301,985 - - - - 1,301,985 Foreign exchange loss 1,718,617 - - - - 1,718,617 Other financial charges 258,315 - - - - 258,315 Costs of services rendered to third parties 177,326 - 177,326 - - - Other expenses 88,909 47,134 20,838 19,607 1,330 - Total 2017 14,670,900 6,428,446 2,592,718 1,128,936 1,241,883 3,278,917 (1) Includes tax on exports for Ps. 1,978 for the year ended December 31, 2017 |
Net Financial Results | k) Net financial results 2019 2018 2017 Financial income Interest income 719,559 2,069,473 204,776 Foreign exchange gain 7,815,595 12,559,251 863,880 Subtotal 8,535,154 14,628,724 1,068,656 Financial expenses Interest expense (2,509,815 ) (2,577,365 ) (1,301,985 ) Foreign exchange loss (15,636,514 ) (20,185,935 ) (1,718,617 ) less: Capitalized finance costs 446,195 - - Subtotal (17,700,134 ) (22,763,300 ) (3,020,602 ) Other financial results Derivative financial instruments results (19,172 ) 163,192 - Fair value gains on financial instruments through profit or loss 542,218 2,112,016 680,678 Others (409,659 ) (374,619 ) (258,315 ) Subtotal 113,387 1,900,589 422,363 Gain on net monetary position 6,154,172 1,855,519 716,821 Total (2,897,421 ) (4,378,468 ) (812,762 ) |
Other Operating Expenses | l) Other operating expenses 2019 2018 2017 Net increase in provisions (1) (156,124 ) (1,185,743 ) (351,039 ) Recovery of insurance - 36,726 299,495 Write off of other receivables - - (161,596 ) Others 28,598 (221,302 ) (204,663 ) Total (127,526 ) (1,370,319 ) (417,803 ) (1) |
Other Financial Assets at Amortized Cost | m) Other financial assets at amortized cost 2019 2018 Current Non Current Current Non Current VRD bonds 3,355 5,403 8,790 13,476 US Treasury Bills 1,040,605 - - - Total 1,043,960 5,403 8,790 13,476 |
Payroll and Social Security Taxes Payable | n) Payroll and social security taxes payable 2019 2018 Current Non Current Current Non Current Vacation benefit payable 305,847 - 262,577 - Annual bonus payable 205,541 - 205,159 - Social security taxes payable 130,942 - 103,654 - UT 6,121 18,766 Total 648,451 - 590,156 - |
INVESTMENTS IN ASSOCIATES (Tabl
INVESTMENTS IN ASSOCIATES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
INVESTMENTS IN ASSOCIATES [Abstract] | |
Investments in Associates | 2019 2018 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) / the year / period Shareholders equity % of Common Book value Transporte y Servicios de Gas en Uruguay S.A. Ps. Uru. 1 196,000 182 6,627 Pipeline maintenance 09/30/2019 28 (783 ) 14,308 49.00 8,919 Emprendimientos de Gas del Sur S.A. (in liquidation) $ 1 116,130 2,025 418 Pipeline and operation services 09/30/2019 237 (186 ) 854 49.00 498 Gas Link S.A. $ 1 502,962 8,595 71,615 Pipeline and operation services 09/30/2019 1,026 6,990 396,461 49.00 102,373 Total 78,660 111,790 |
JOINT ARRANGEMENTS (Tables)
JOINT ARRANGEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
JOINT ARRANGEMENTS [Abstract] | |
Joint Arrangements | The breakdown of the amounts included in the statements of financial position related to the Company’s participation in the UT and its results is the following: 2019 2018 Consolidated Statements of financial position Non Current assets - - Current Assets 232,849 300,649 Total 232,849 300,649 Non Current Liabilities - - Current Liabilities 414,323 261,274 Total 414,323 261,274 2019 2018 2017 Consolidated Statements of comprehensive income Gross (loss) / profit (154,303 ) 52,112 1,226 Operating (loss) / profit (172,298 ) 37,517 (38 ) Net Financial results (21,069 ) 1,611 348 Comprehensive (loss) / income (193,367 ) 39,128 310 |
PROFIT FROM ASSOCIATES (Tables)
PROFIT FROM ASSOCIATES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
PROFIT FROM ASSOCIATES [Abstract] | |
Profit from Associates | 2019 2018 2017 EGS (in liquidation) (80 ) 4,770 32 TGU (664 ) (68 ) 438 Link (31,114 ) 23,306 32,821 Total (31,858 ) 28,008 33,291 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
PROPERTY, PLANT AND EQUIPMENT [Abstract] | |
Property, Plant and Equipment | 2019 Cost Depreciation Account Beginning of the year Additions Retirements Transfers End of the Accumulated at the beginning of the year Retirements For the year rate % Accumulated at the end of the year Net Pipelines 61,419,814 - 13,330 1,933,215 63,339,699 29,732,526 7,747 1,518,032 2.2 31,242,811 32,096,888 Compressor plants 23,468,780 399,897 179,885 2,033,984 25,722,776 16,260,945 108,445 1,067,625 3.3 to 25 17,220,125 8,502,651 Other plants 26,488 - - - 26,488 8,039 - 899 3.3 8,938 17,550 Stations of regulation and/or measurement of pressure 2,091,798 - - 76,900 2,168,698 1,668,370 - 57,681 4.0 1,726,051 442,647 Other technical installations 413,717 - - 7,440 421,157 353,051 - 9,250 6.7 362,301 58,856 Subtotal assets related to natural gas transportation service 87,420,597 399,897 193,215 4,051,539 91,678,818 48,022,931 116,192 2,653,487 50,560,226 41,118,592 Non-regulated segment Pipelines 124,829 - - 10,109,995 10,234,824 63,362 - 62,977 2.2 126,339 10,108,485 Non-regulated segment Compressor plants 1,910,728 - - 145,605 2,056,333 582,695 - 217,431 3.3 to 25 800,126 1,256,207 Non-regulated segment Other plants 13,326,401 - - 4,726,393 18,052,794 9,976,456 - 312,521 3.3 10,288,977 7,763,817 Non-regulated segment Stations of regulation and/or measurement of pressure 160,534 11,284 - 457,977 629,795 32,186 - 11,582 4.0 43,768 586,027 Non-regulated segment Other technical installations 254,016 - - - 254,016 75,525 - 22,868 6.7 98,393 155,623 Subtotal assets related to Other Services and Production and Commercialization of Liquids 15,776,508 11,284 - 15,439,970 31,227,762 10,730,224 - 627,379 11,357,603 19,870,159 Lands 165,136 189,003 - - 354,139 - - - - - 354,139 Buildings and constructions 3,119,619 - 948 428,387 3,547,058 1,761,692 11 58,976 2.0 1,820,657 1,726,401 Facilities and features in building 263,700 - - 97 263,797 105,381 - 10,927 4.0 116,308 147,489 Machinery, equipment and tools 933,683 172,586 7,758 6,207 1,104,718 578,196 7,758 80,007 6.7 to 10 650,445 454,273 UT Machinery, equipment and tools 909 - - - 909 686 - 223 6.7 to 10 909 - Computers and Telecommunication systems 4,177,609 3,440 - 662,582 4,843,631 3,420,768 - 221,927 6.7 to 20 3,642,695 1,200,936 Vehicles 455,370 80,860 24,497 - 511,733 320,725 23,144 41,452 20 339,033 172,700 Furniture 228,540 - - - 228,540 221,308 - 1,237 10 222,545 5,995 Materials 2,363,440 2,259,125 21,545 (1,458,699 ) 3,142,321 - - - - - 3,142,321 Line pack 578,707 - - (84,156 ) 494,551 27,646 - - - 27,646 466,905 Works in progress 9,216,602 15,722,143 - (19,045,927 ) 5,892,818 - - - - - 5,892,818 Total 124,700,420 18,838,338 247,963 - 143,290,795 65,189,557 147,105 3,695,615 68,738,067 74,552,728 2018 Cost Depreciation Account Beginning of the year Additions Retirements Transfers End of the Accumulated at the beginning of the year Retirements For the year rate % Accumulated at the end of the year Net book value Pipelines 60,167,955 - 27,845 1,279,704 61,419,814 28,257,137 461 1,475,850 2.2 29,732,526 31,687,288 Compressor plants 22,369,570 - 474,819 1,574,029 23,468,780 15,721,120 429,105 968,930 3.3 to 25 16,260,945 7,207,835 Other plants 26,488 - - - 26,488 7,141 - 898 3.3 8,039 18,449 Stations of regulation and/or measurement of pressure 2,093,130 1,663 9,150 6,155 2,091,798 1,620,632 7,942 55,680 4.0 1,668,370 423,428 Other technical installations 407,598 - 2,046 8,165 413,717 346,264 2,046 8,833 6.7 353,051 60,666 Subtotal assets related to natural gas transportation service 85,064,741 1,663 513,860 2,868,053 87,420,597 45,952,294 439,554 2,510,191 48,022,931 39,397,666 Non-regulated segment Pipelines 124,829 - - - 124,829 61,868 - 1,494 2.2 63,362 61,467 Non-regulated segment Compressor plants 1,898,166 - 4,330 16,892 1,910,728 395,448 808 188,055 3.3 to 25 582,695 1,328,033 Non-regulated segment Other plants 13,744,847 9,207 1,029,228 601,575 13,326,401 10,676,085 950,340 250,711 3.3 9,976,456 3,349,945 Non-regulated segment Stations of regulation and/or measurement of pressure 160,534 - - - 160,534 25,765 - 6,421 4.0 32,186 128,348 Non-regulated segment Other technical installations 254,016 - - - 254,016 52,658 - 22,867 6.7 75,525 178,491 Subtotal assets related to Other Services and Production and Commercialization of Liquids 16,182,392 9,207 1,033,558 618,467 15,776,508 11,211,824 951,148 469,548 10,730,224 5,046,284 Lands 110,509 54,627 - - 165,136 - - - - - 165,136 Buildings and constructions 3,053,615 - 73,980 139,984 3,119,619 1,765,318 58,701 55,075 2.0 1,761,692 1,357,927 Facilities and features in building 255,239 - 18,078 26,539 263,700 103,710 9,419 11,090 4.0 105,381 158,319 Machinery, equipment and tools 790,333 199,925 73,467 16,892 933,683 609,507 73,206 41,895 6.7 to 10 578,196 355,487 UT Machinery, equipment and tools - 909 - - 909 - - 686 6.7 to 10 686 223 Computers and Telecommunication systems 5,762,314 258 2,085,323 500,360 4,177,609 5,203,218 2,078,177 295,727 6.7 to 20 3,420,768 756,841 Vehicles 405,725 58,593 8,948 - 455,370 294,870 8,465 34,320 20 320,725 134,645 Furniture 228,380 - - 160 228,540 220,020 - 1,288 10 221,308 7,232 Materials 2,419,633 880,423 55,307 (881,309 ) 2,363,440 - - - - - 2,363,440 Line pack 236,471 - - 342,236 578,707 27,646 - - - 27,646 551,061 Works in progress 3,429,298 9,418,686 - (3,631,382 ) 9,216,602 - - - - - 9,216,602 Total 117,938,650 10,624,291 3,862,521 - 124,700,420 65,388,407 3,618,670 3,419,820 65,189,557 59,510,863 |
Disclosure of Financial Lease under Terms of Leasing Contracts | As of December 31, 2018, the assets allocated to the natural gas treatment and compression service include the following amounts in which the Company is a financial lease under the terms of leasing contracts: 2018 Capitalized financial lease 2,501,165 Accumulated depreciaton (560,091 ) Total 1,941,074 |
Disclosure of quantitative information about right-of-use assets [text block] | As of December 31, 2019 and January 1, 2019, date of the first application of IFRS 16, the assets related to the Other Services and Production and Commercialization of Liquids segments contains the following assets for right of use: 12/31/2019 1/1/2019 Other plants 448,306 515,552 Compressor plants 1,113,024 1,279,978 Other technical installations 126,560 145,544 Total 1,687,890 1,941,074 The book value variation of the rights-of use accounted during the year ended on December 31, 2019 corresponds to its depreciation: 12/31/2019 Other plants (67,246 ) Compressor plants (166,954 ) Other technical installations (18,984 ) Total (253,184 ) |
LOANS (Tables)
LOANS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
LOANS [Abstract] | |
Short-term and Long-term Loans | Short-term and long-term loans as of December 31, 2019 and 2018 comprise the following: 2019 2018 Current Loans 2018 Notes Interest 336,881 349,375 Pre-export finance 1,021,325 - Leasing (Note 22) 363,881 331,850 Total Current loans 1,722,087 681,225 Non Current Loans 2018 Notes 29,847,160 28,789,009 Leasing (Note 22) 2,013,557 2,214,706 Total non current loans 31,860,717 31,003,715 Total (1) 33,582,804 31,684,940 (1) |
Activity of Loans | The activity of the loans as of December 31, 2019 and 2018 is the following: 2019 Leases liabilities Other payables 2018 Beggining balance 2,546,556 29,138,384 10,218,503 Inflation adjustment restatement (891,146 ) (13,298,217 ) (10,931,986 ) Accrued interest 194,944 2,061,631 2,305,265 Effect of foreign exchange rate change 1,178,710 13,935,368 19,765,612 VAT unpaid installments 15,988 - 29,388 Procceds from loans - 1,051,809 21,261,978 Payment of loans (1) (167,989 ) - (2,042,940 ) Payment of redemption of loans - - (7,378,176 ) Interest paid (2) (159,164 ) (2,024,070 ) (1,542,704 ) Ending balance 2,717,899 30,864,905 31,684,940 (1) (2) |
Maturities of Current and Non-Current Loans | The maturities of the current and non-current loans as of December 31, 2019 are as follows, not including issuance expenses: To due Due at 12/31/2019 From 1/01/2020 to 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 onwards Total 2018 Notes - 336,881 - - - 29,847,160 30,184,041 Financial Leasing 90,363 273,518 296,515 321,370 348,380 1,047,292 2,377,438 Pre-export finance - 1,021,325 - - - - 1,021,325 Total 90,363 1,631,724 296,515 321,370 348,380 30,894,452 33,582,804 |
Future Minimum Lease Payments and Present Book Value | The following table sets reconciliation between the total of future minimum lease payments as of December 31, 2019, and their present book value: 12/31/2019 As of 12/31/2020 538,339 From 1/01/2021 to 12/31/2021 448,037 From 1/01/2022 to 12/31/2022 448,037 From 1/01/2023 to 12/31/2023 448,037 From 1/01/2024 onwards 1,163,723 Total minimum future payments 3,046,173 Future financial charges on financial leases (668,735 ) Book Value financial leases 2,377,438 |
Conditions of 2018 Notes | On May 2, 2018, within the framework of the 2017 Program, the Company issued the 2018 Notes according to the following characteristics: 2018 Notes Amount in U.S.$ 500,000,000 Interest Rate 6.75% annual Issuance price 99.725% Scheduled payment date Percentage of the principal to be paid Amortization May 2, 2025 100% Frequency of interest payment Semiannual, payable on May 2 and November 2 of each year. Guarantor None |
Details of Pre-export Finance | On November 5, 2019, the Company agreed with Itaú Unibanco S.A. the granting of a loan for US $ 17 million in order to pre-finance the exports of propane, butane and natural gasoline made. The characteristics of this loan are as follows: 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 * * |
INCOME TAX AND DEFERRED TAX (Ta
INCOME TAX AND DEFERRED TAX (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
INCOME TAX AND DEFERRED TAX [Abstract] | |
Income Tax Expense | The reconciliation between the charge computed for tax purposes and the income tax expense charged to the statement of comprehensive income in the years ended December 31, 2019, 2018 and 2017 is as follows: 2019 2018 2017 Current income tax (2,682,261 ) (4,920,109 ) (3,757,523 ) Special revaluation tax - (1,612,164 ) - Deferred income tax (1,341,950 ) 6,512,012 3,839,173 Total income tax (4,024,211 ) (20,261 ) 81,650 |
Net Deferred Tax Assets and Liabilities | The analysis of the net deferred tax assets and liabilities is as follows: 2019 2018 Deferred tax assets: Deferred tax assets to be recovered after more than 12 months 996,567 1,044,262 Deferred tax assets to be recovered after less than 12 months 273,287 231,200 Deferred tax liabilities: Deferred tax liabilities to be recovered after more than 12 months (6,002,822 ) (4,527,584 ) Deferred tax liabilities to be recovered after less than 12 months (29,546 ) (168,442 ) Deferred tax liabilities, net (4,762,514 ) (3,420,564 ) |
Components of Net Deferred Tax Assets and Liabilities | The components of the net deferred tax assets and liabilities as of December 31, 2019, 2018 and 2017 are the following: 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 Contract liabilities Tax inflation adjustment Total As of December 31, 2017 - - - 173,575 516,052 436,324 - 1,125,951 Charge in results - 596 3,497 (18,349 ) 110,929 52,838 - 149,511 As of December 31, 2018 - 596 3,497 155,226 626,981 489,162 - 1,275,462 Charge in results 731 (240 ) (2,766 ) (375 ) (26,711 ) 14,925 8,828 (5,608 ) As of December 31, 2019 731 356 731 154,851 600,270 504,087 8,828 1,269,854 Deferred tax liabilities Deferred sales Loans Property, Plant and Equipment Cash and cash Inventaries Other financial assets at amortized cost Tax inflation adjustment Total As of December 31, 2017 - (5,633 ) (11,016,028 ) (25,325 ) (11,541 ) - - (11,058,527 ) Charge in results 4,367 (42,180 ) 6,527,245 (120,683 ) (6,248 ) - - 6,362,501 As of December 31, 2018 4,367 (47,813 ) (4,488,783 ) (146,008 ) (17,789 ) - - (4,696,026 ) Charge in results (4,367 ) 21,547 139,697 143,880 (2,346 ) (1,864 ) (1,632,889 ) (1,336,342 ) As of December 31, 2019 - (26,266 ) (4,349,086 ) (2,128 ) (20,135 ) (1,864 ) (1,632,889 ) (6,032,368 ) |
Effective Income Tax Rate Reconciliation | Income tax expense computed at the statutory tax rate on pre-tax income differs from the income tax expense for the years ended December 31, 2019, 2018 and 2017 as follows: 2019 2018 2017 Pre tax income 16,829,329 17,581,516 8,765,549 Statutory income tax rate 30 % 30 % 35 % Pre tax income at statutory income tax rate (5,048,799 ) (5,274,455 ) (3,067,942 ) Tax effects due to: - Restatement by inflation 2,039,603 371,340 (287,676 ) - Tax revalution benefit - 6,447,872 - - Special revalution tax - (1,612,164 ) - - Adjustment affidavit previous year 136,641 (464 ) - - Change in the taxe rate - - 3,437,625 - Tax inflation adjustment (1,998,487 ) - - - Others 846,831 47,610 (357 ) Total income tax (4,024,211 ) (20,261 ) 81,650 |
PROVISIONS (Tables)
PROVISIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
PROVISIONS [Abstract] | |
Provisions | The total amount of the Provisions are included in current liabilities. For legal claims and others Balances as of 12/31/2017 445,962 Inflation adjustment restatement (173,430 ) Additions 300,213 (1) Uses (1,211 ) Decreases (557 ) (2) Balances as of 12/31/2018 570,977 Inflation adjustment restatement (241,044 ) Additions 272,477 (3) Uses (7,590 ) Decreases (5,702 ) (2) Balances as of 12/31/2019 589,118 (1) (2) (3) |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
FINANCIAL RISK MANAGEMENT [Abstract] | |
Fixed-Rate and Floating-Rate Financial Assets and Liabilities | The following table shows a breakdown of the Company’s fixed-rate and floating-rate financial assets and liabilities as of December 31, 2019 and 2018: Financial assets (1) Financial liabilities (2) 2019 2018 2019 2018 Fix interest rate 8,650,353 13,114,538 30,184,039 29,138,384 Variable interest rate 1,038,402 22,264 1,021,325 - Total 9,688,755 13,136,802 31,205,364 29,138,384 (1) (2) |
Monthly Short Tons | This agreement is valid between October 2018 and April 2020, according to the following monthly short tons: 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 |
Current and Non-Current Trade Receivables | As of December 31, 2019 and 2018, the balance of current and non-current trade receivables, net of allowances of doubtful accounts are as follows: 2019 2018 Current trade receivables 6,608,715 4,994,969 Allowances for doubful accounts (134,956 ) (203,860 ) Total 6,473,759 4,791,109 |
Significant Customers | Significant customers in terms of revenues and trade receivables (net of allowances of doubtful accounts) from natural gas transportation for the years ended December 31, 2019, 2018 and 2017 are as follows: 2019 2018 2017 Revenues Trade Revenues Trade Revenues MetroGas 5,849,138 1,459,410 4,957,415 577,764 2,948,056 Camuzzi Gas Pampeana S.A. 4,353,024 729,137 3,682,320 430,212 2,167,208 Naturgy Argentina 3,496,055 567,429 2,971,396 368,782 1,556,829 CAMMESA 1,337,997 206,403 2,057,838 281,896 1,368,671 Pampa Energía 803,610 258,007 676,180 141,040 68,737 Camuzzi Gas del Sur S.A. 1,075,744 150,838 822,176 87,574 477,222 Revenues from Liquids Production and Commercialization customers net of allowances of doubtful accounts) for the years ended December 31, 2019, 2018 and 2017 are as follows: 2019 2018 2017 Revenues Trade Revenues Trade Revenues PBB Polisur 6,338,222 841,338 8,102,817 1,090,359 5,667,118 Petredec 1,003,264 - 1,321,183 - 2,119,267 Geogas Trading S.A. 1,691,910 375,723 1,695,707 - 878,783 Shell Trading (US) Company - - 138,246 - 2,192,301 YPF 1,239,102 26,501 729,113 30,968 - Petrobras Global Trading BV 4,446,241 397,172 2,682,539 211,387 - |
Maturities of Financial Assets | Below is a detail of the maturities of the financial assets included in: (i) cash and cash equivalents, (ii) other financial assets, (iii) trade receivables, (iv) other receivables and (v) derivate financial instruments, as of December 31, 2019 and 2018: December 31, 2019 Cash and cash equivalents Other financial assets Credits (1) (2) Without specified maturity 9,650,787 - 21,607 With specified maturity Overdue Until 12-31-2018 - - 144,596 From 01-01-19 to 03-31-19 - - 1,538 From 04-01-19 to 06-30-19 - - 4,245 From 07-01-19 to 09-30-19 - - 343,827 From 10-01-19 to 12-31-19 - - 791,533 Total overdue - - 1,285,739 Non-due From 01-01-20 to 03-31-20 114,414 1,315,640 5,271,983 From 04-01-20 to 06-30-20 - 796 482,630 From 07-01-20 to 09-30-20 - 775 8,105 From 10-01-20 to 12-31-20 - 773 10,092 During 2021 - 3,043 6,943 During 2022 - 1,911 - During 2023 - 449 - During 2024 - - - From 2025 onwards - - - Total non-due 114,414 1,323,387 5,779,753 Total with specified maturity 114,414 1,323,387 7,065,492 Total 9,765,201 1,323,387 7,087,099 (1) (2) December 31, 2018 Cash and cash equivalents Other financial assets Credits (1) (2) Without specified maturity 22,283,431 - 718 With specified maturity Overdue Until 12-31-2017 - - 205,783 From 01-01-18 to 03-31-18 - - 477 From 04-01-18 to 06-30-18 - - 6,184 From 07-01-18 to 09-30-18 - - 17,537 From 10-01-18 to 12-31-18 - - 823,940 Total overdue - - 1,053,921 Non-due From 01-01-19 to 03-31-19 3,321,706 338,073 4,530,803 From 04-01-19 to 06-30-19 - 2,300 63,313 From 07-01-19 to 09-30-19 - 2,300 - From 10-01-19 to 12-31-19 - 1,894 - During 2020 - 5,161 8,505 During 2021 - 4,683 - During 2022 - 2,940 - During 2023 - 688 - From 2024 onwards - - - Total non-due 3,321,706 358,039 4,602,621 Total with specified maturity 3,321,706 358,039 5,656,542 Total 25,605,137 358,039 5,657,260 (1) (2) |
Maturities of Financial Liabilities | The amounts disclosed in the table are the contractual undiscounted cash flows and as a result, they do not reconcile to the amounts disclosed on the statement of financial position. These tables are made based on available information at the end of each year and may not reflect the actual amounts in the future. Therefore, the amounts disclosed are provided for illustrative purposes only: December 31, 2019 Loans Other financial Leases liabilities Without specified maturity - - - With specified maturity Overdue Until 12-31-2018 - 130,829 - From 01-01-19 to 03-31-19 - 311 - From 04-01-19 to 06-30-19 - 311 - From 07-01-19 to 09-30-19 - 311 - From 10-01-19 to 12-31-19 - 311 90,363 Total overdue - 132,073 90,363 Non-due From 01-01-20 to 03-31-20 1,027,502 3,745,057 111,994 From 04-01-20 to 06-30-20 1,010,644 32,769 111,994 From 07-01-20 to 09-30-20 - - 111,994 From 10-01-20 to 12-31-20 1,010,644 - 111,994 During 2021 2,021,288 - 448,037 During 2022 2,021,288 - 448,037 During 2023 2,021,288 - 448,037 During 2024 2,021,288 - 448,037 From 2025 onwards 30,955,641 - 715,686 Total non-due 42,089,583 3,777,826 2,955,810 Total with specified maturity 42,089,583 3,909,899 3,046,173 Total 42,089,583 3,909,899 3,046,173 December 31, 2018 Loans Other financial liabilities Financial leases Without specified maturity - - - With specified maturity Overdue Until 12-31-2017 - 159,366 - From 01-01-18 to 03-31-18 - 478 - From 04-01-18 to 06-30-18 - 478 - From 07-01-18 to 09-30-18 - 478 - From 10-01-18 to 12-31-18 - 478 87,517 Total overdue - 161,278 87,517 Non-due From 01-01-19 to 03-31-19 - 5,157,610 108,450 From 04-01-19 to 06-30-19 978,663 33,442 108,450 From 07-01-19 to 09-30-19 - - 108,450 From 10-01-19 to 12-31-19 978,663 - 108,450 During 2020 1,957,325 - 433,860 During 2021 1,957,325 - 433,860 During 2022 1,957,325 - 433,860 During 2023 1,957,325 - 433,860 From 2024 onwards 31,933,396 - 1,126,898 Total non-due 41,720,022 5,191,052 3,296,138 Total with specified maturity 41,720,022 5,352,330 3,383,655 Total 41,720,022 5,352,330 3,383,655 |
Gearing Ratio | During the year ended December 31, 2019 and 2018, the gearing ratio was as follows: 2019 2018 Total debt (Note 13) 33,582,804 31,684,940 Total Equity 48,083,469 47,603,906 Total Capital 81,666,273 79,288,846 Gearing Ratio 0.41 0.4 |
Categories of Financial Assets and Liabilities | The categories of financial assets and liabilities as of December 31, 2019 and 2018 are as follows: December 31, 2019 Financial assets at fair value Financial assets at amortizef cost Total CURRENT ASSETS Trade receivables - 6,473,759 6,473,759 Other receivables - 473,216 473,216 Derivative financial instruments 274,024 - 274,024 Other financial assets at amortized cost - 1,043,960 1,043,960 Cash and cash equivalents 1,029,644 8,735,557 9,765,201 Total current assets 1,303,668 16,726,492 18,030,160 NON-CURRENT ASSETS Other receivables - 7,603 7,603 Other financial assets at amortized cost - 5,403 5,403 Total non-current assets - 13,006 13,006 Total assets 1,303,668 16,739,498 18,043,166 Financial liabilities at fair value Other financial liabilities Total CURRENT LIABILITIES Trade payables - 4,113,571 4,113,571 Loans - 1,722,087 1,722,087 Payroll and social security taxes payables - 533,497 533,497 Other payables - 287,659 287,659 NON-CURRENT LIABILITIES Loans - 31,860,717 31,860,717 Total non-current liabilities - 31,860,717 31,860,717 Total liabilities - 38,517,531 38,517,531 2018 Financial assets at fair value Financial assets at amortirzed cost Total CURRENT ASSETS Trade receivables - 4,791,109 4,791,109 Other receivables - 652,771 652,771 Derivative financial instruments 335,773 - 335,773 Other financial assets at amortized cost - 8,790 8,790 Cash and cash equivalents 3,324,575 22,280,562 25,605,137 Total current assets 3,660,348 27,733,232 31,393,580 NON-CURRENT ASSETS Other receivables - 9,521 9,521 Other financial assets at amortized cost - 13,476 13,476 Total non-current assets - 22,997 22,997 Total assets 3,660,348 27,756,229 31,416,577 Financial liabilities at fair value Other financial liabilities Total CURRENT LIABILITIES Trade payables - 4,756,554 4,756,554 Loans - 681,225 681,225 Payroll and social security taxes payables - 475,882 475,882 Other payables - 124,103 124,103 Total current liabilities - 6,037,764 6,037,764 NON-CURRENT LIABILITIES Loans - 31,003,715 31,003,715 Total non-current liabilities - 31,003,715 31,003,715 Total liabilities - 37,041,479 37,041,479 |
Fair Value of Financial Assets and Liabilities | The table below shows different assets and liabilities at their fair value classified by hierarchy as of December 31, 2019 and 2018: As of December 31, 2019 Level 1 Level 2 Level 3 Total Financial assets at fair value Cash and cash equivalents 1,029,644 - - 1,029,644 Derivative financial instruments - 274,024 - 274,024 Total 1,029,644 274,024 - 1,303,668 As of December 31, 2018 Level 1 Level 2 Level 3 Total Financial assets at fair value Cash and cash equivalents 3,324,575 - - 3,324,575 Derivative financial instruments - 335,773 - 335,773 Total 3,324,575 335,773 - 3,660,348 The following table reflects the carrying amount and estimated fair value of the 2018 Notes as of December 31, 2019, based on their quoted market price: As of December 31, 2019 Carrying amount Fair value 2018 Notes 30,184,039 26,266,856 |
ASSETS AND LIABILITIES IN FOR_2
ASSETS AND LIABILITIES IN FORREIGN CURRENCY (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
ASSETS AND LIABILITIES IN FORREIGN CURRENCY [Abstract] | |
Balances of Assets and Liabilities in Foreign Currency | The balances in foreign currency as of December 31, 2019 and 2018 are detailed below: 2019 2018 Foreign currency and amount (in thousands) Exchange rate Amount in local currency Foreign currency and amount (in thousands) Amount in local currency CURRENT ASSETS Cash and cash equivalents US$ 143,920 59.690 (1) 8,590,585 US$ 361,017 20,826,043 Derivative financial instruments US$ 4,591 59.690 (1) 274,024 US$ 5,821 335,773 Other financial assets at amortized cost US$ 17,433 59.690 (1) 1,040,605 - - Trade receivables US$ 43,091 59.690 (1) 2,572,102 US$ 30,380 1,752,536 Other receivables US$ 325 59.690 (1) 19,399 US$ 1,693 97,665 Total current assets US$ 209,360 12,496,715 US$ 398,911 23,012,017 CURRENT LIABILITIES Trade payables US$ 59,595 59.890 (2) 3,569,145 US$ 42,184 2,446,454 Loans US$ 28,754 59.890 (2) 1,722,087 US$ 11,746 681,225 Contract liabilities US$ 990 59.890 (2) 59,283 - - Total current liabilities US$ 89,339 5,350,515 US$ 53,930 3,127,679 NON CURRENT LIABILITIES Loans US$ 531,987 59.890 (2) 31,860,717 US$ 534,595 31,003,715 Contract liabilities US$ 13,692 59.890 (2) 820,025 - - Total non current liabilities US$ 545,679 32,680,742 US$ 534,595 31,003,715 TOTAL LIABILITIES US$ 635,018 38,031,257 US$ 588,525 34,131,394 (1) (2) US$: United States of America dollars |
COMMON STOCK AND DIVIDENDS (Tab
COMMON STOCK AND DIVIDENDS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
COMMON STOCK AND DIVIDENDS [Abstract] | |
Common Stock | As of December 31, 2019 and 2018, TGS’ common stock was as follows: Common Stock structure as of December 31, 2018 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” 375,701,909 13,600,780 389,302,689 Total 780,894,503 13,600,780 794,495,283 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 |
BALANCES AND TRANSACTIONS WIT_2
BALANCES AND TRANSACTIONS WITH RELATED COMPANIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
BALANCES AND TRANSACTIONS WITH RELATED COMPANIES [Abstract] | |
Balances with Related Parties | The detail of significant outstanding balances for transactions entered into by TGS and its related parties as of December 31, 2019, 2018 and 2017 is as follows: 2019 2018 Company Accounts receivable Accounts payable Accounts receivable Accounts payable Controlling shareholder: CIESA 37 - - - Associate which exercises joint control on the controlling shareholder: Pampa Energía (1) 210,126 2,489,507 141,040 2,846,676 Associate which exercises significant influence on the controlling shareholder: Link 668 - 9,971 - EGS - - - - TGU - 9,534 - 9,232 Other related companies: SACDE Sociedad Argentina de Construcción (2) 23,344 - 329,429 - Pampa Comercializadora S.A. 43,843 - 10,942 - CT Barragán S.A. 8,131 - - - Oleoductos del Valle S.A. 3,348 - 4,816 - Central Piedra Buena S.A. 13,304 - 39,170 - Transener S.A. - - 140 - Total 302,801 2,499,041 535,508 2,855,908 (1) (2) |
Transactions with Related Parties | The detail of significant transactions with related parties for the years ended December 31, 2019, 2018 and 2017 is as follows: Year ended December 31, 2019 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 - - - - - 146 - Associate which exercises joint control on the controlling shareholder: Pampa Energía 803,610 269,511 268,991 575,857 1,144,777 - 194,944 Associates with significant influence: Link - - 14,073 - - - - Other related companies: Oleoductos del Valle S.A. 5,469 - - - - - - Pampa Comercializadora S.A. 52,051 - - - - - - Central Piedra Buena S.A. 121,367 - - - - - - Experta ART - - - 20,080 - - - Total 982,497 269,511 283,064 595,937 1,144,777 146 194,944 Additionally, during the year ended December 31, 2019, the Company received from SACDE Sociedad Argentina de Construcción, construction engineering services for Ps. 1,726,356, which are capitalised within the facilities related to the Vaca Muerta Projects. Year ended December 31, 2018 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 - - - - - 225 - Associate which exercises joint control on the controlling shareholder: Pampa Energía 676,180 2,035 355,245 949,283 2,026,244 - 193,009 Associates with significant influence: Link - - 13,213 - - - - Other related companies: Oleoductos del Valle S.A. 9,459 - 12,733 - - - - Transener S.A. - - 18,481 - - - - Petrolera Entre Lomas S.A. - - - 3,103 - - - Pampa Comercializadora S.A. 41,333 - - - - - - Central Térmica Piedrabuena S.A. 103,337 - - - - - - Experta ART - - - 18,321 - - - Total 830,309 2,035 399,672 970,707 2,026,244 225 193,009 Additionally, during 2018, the Company received from SACDE S.A. Construcciones engineering services for Ps 263,580 which are capitalized in the caption Work in progress. Year ended December 31, 2017 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 - - - - - 238 - Associate which exercises joint control on the controlling shareholder: Pampa Energía 68,736 143,945 178,731 349,268 887,901 - 165,726 Jointly control entity: UT - - - - - 3,253 - Associates with significant influence: Link - - 11,516 - - - - Other related companies: Oleoductos del Valle S.A. 11,476 - 2,616 - - - - Refinor S.A. - - - 8,230 - - - Petrolera Pampa S.A. - - - 62,062 - - - Petrolera Entre Lomas S.A. - - - 27,384 - - - Pampa Comercializadora S.A. 16,575 - - - - - - Central Piedra Buena S.A. 20,245 - - - - - - Central Térmica Loma La Lata S.A. - - 598 - - - - Experta ART - - - 18,381 - - - Total 117,032 143,945 193,462 465,325 887,901 3,491 165,726 |
CONTRACTUAL OBLIGATIONS (Tables
CONTRACTUAL OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
CONTRACTUAL OBLIGATIONS [Abstract] | |
Contractual Commitments | As of December 31, 2019, the Company had the following contractual commitments: Estimated maturity date Total Due less than one year Less than one year 1-2 years 3-5 years More than 5 years Financial indebtedness (1) 42,089,583 - 3,048,790 6,063,863 32,976,930 - Purchase obligations (2) 7,358,968 - 842,255 6,516,713 - - Financial Leases 3,046,173 90,363 447,976 896,074 896,074 715,686 Total 52,494,724 90,363 4,339,021 13,476,650 33,873,004 715,686 (1) (2) |
BUSINESS DESCRIPTION (Details)
BUSINESS DESCRIPTION (Details) | 12 Months Ended |
Dec. 31, 2019Extension | |
Business Overview [Abstract] | |
Term of transportation license granted | 35 years |
Number of extension entitled | 1 |
Term of the extension | 10 years |
CIESA [Member] | |
Major Shareholders [Abstract] | |
Percentage of ownership | 51.00% |
Pampa Energia [Member] | CIESA [Member] | |
Major Shareholders [Abstract] | |
Percentage of ownership | 10.00% |
Trust [Member] | CIESA [Member] | |
Major Shareholders [Abstract] | |
Percentage of ownership | 40.00% |
GIP, WST and PCT [Member] | CIESA [Member] | |
Major Shareholders [Abstract] | |
Percentage of ownership | 50.00% |
GIP [Member] | CIESA [Member] | |
Major Shareholders [Abstract] | |
Percentage of ownership | 27.10% |
WST [Member] | CIESA [Member] | |
Major Shareholders [Abstract] | |
Percentage of ownership | 4.58% |
PCT [Member] | CIESA [Member] | |
Major Shareholders [Abstract] | |
Percentage of ownership | 18.32% |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES, Consolidation and Regulatory Framework (Details) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Regulatory framework [Abstract] | ||||
Inflation rate | 53.83% | 47.64% | 24.79% | |
Telcosur [Member] | ||||
Subsidiary [Abstract] | ||||
Company | Telcosur | |||
Shareholding and votes | 99.98% | |||
Country | Argentina | |||
Closing date | December 31 | |||
Main activity | Telecommunication services | |||
CTG [Member] | ||||
Subsidiary [Abstract] | ||||
Company | [1] | CTG | ||
Shareholding and votes | [1] | 100.00% | ||
Country | [1] | Argentina | ||
Closing date | [1] | December 31 | ||
Main activity | [1] | Electricity related services | ||
TGU [Member] | ||||
Associates [Abstract] | ||||
Company | TGU | |||
Shareholding and voting | 49.00% | |||
Country | Uruguay | |||
Main activity | Pipeline maintenance | |||
Closing date | December 31 | |||
EGS [Member] | ||||
Associates [Abstract] | ||||
Company | EGS (“in liquidation”) | |||
Shareholding and voting | 49.00% | |||
Country | Argentina | |||
Main activity | Pipeline exploitation and construction | |||
Closing date | December 31 | |||
Link [Member] | ||||
Associates [Abstract] | ||||
Company | Link | |||
Shareholding and voting | 49.00% | |||
Country | Argentina | |||
Main activity | Pipeline exploitation and construction | |||
Closing date | December 31 | |||
[1] | 100% of the shares of this company were acquired on August 8, 2017. At present, it is in the process of being transformed into S.A.U.. |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES, Property, Plant and Equipment (Details) $ in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019ARS ($) | Dec. 31, 2018ARS ($) | Dec. 31, 2017ARS ($) | Dec. 31, 2019USD ($) | |
Property, plant and equipment [Abstract] | ||||
Property, plant and equipment from privatization of GdE | $ 74,552,728 | $ 59,510,863 | ||
Financial expense capitalized | $ 446,195 | $ 0 | $ 0 | |
GdE [member] | ||||
Property, plant and equipment [Abstract] | ||||
Percentage of common stock considered for assets value | 70.00% | 70.00% | ||
Value of assets, price paid on common stock from privatization of GdE | $ 561.2 | |||
Value of common stock from privatization of GdE | 801.7 | |||
Debt assumed from privatization of GdE | 395 | |||
Property, plant and equipment from privatization of GdE | $ 1,196.7 |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES, Income Tax and Deferred Income Tax through Earnings Per Share (Details) - ARS ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Income tax and deferred income tax [Abstract] | ||||
Provisions for income taxes | $ 0 | $ 0 | ||
Tax on minimum presumed income ("TOMPI") [Abstract] | ||||
Statutory tax rate on TOMPI | 1.00% | |||
Term of carry forward period for excess income tax | 10 years | |||
Provisions for tax on income presumed income | $ 0 | 0 | ||
Equity accounts [Abstract] | ||||
Percentage of legal reserve of net income | 5.00% | |||
Percentage of legal reserve on sum of Capital stock and Adjustment to capital stock balances | 20.00% | |||
Earnings per share [Abstract] | ||||
Net income attributable to owners of the Company | $ 12,805,105 | $ 17,561,249 | $ 8,847,196 | |
Average number of outstanding shares (in shares) | [1],[2] | 776,121,341 | 788,405,563 | 794,495,283 |
Basic and diluted earnings per share (in pesos per share) | $ 16.50 | $ 22.27 | $ 11.14 | |
[1] | The weighted average number of shares considers the effect of the weighted average of the changes originated in the transactions with the treasury shares made during the year. | |||
[2] | The weighted average of the number of shares considers the effect of the weighted average of the changes originated in the transactions with treasury shares made during the year. |
CRITICAL ACCOUNTING ESTIMATES_2
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS (Details) | 12 Months Ended |
Dec. 31, 2019 | |
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS [Abstract] | |
Increase percentage points in weighted probability of pessimistic case | 70.00% |
Minimum percentage points in weighted probability of pessimistic case | 30.00% |
Maximum percentage points in weighted probability of pessimistic case | 100.00% |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - ARS ($) $ in Thousands | Nov. 13, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Non-cash Investing and Financing Activities [Abstract] | |||||
Unpaid acquisition of PPE | $ 1,331,105 | $ 473,413 | $ 460,879 | ||
Principal payment of financial lease | [1] | 149,238 | 156,861 | 101,645 | |
Capitalization of finance costs | $ 446,195 | $ 0 | $ 0 | ||
Treasury Shares [Member] | |||||
Non-cash Investing and Financing Activities [Abstract] | |||||
Market value of treasury shares | $ 3,228,002 | ||||
[1] | Cancelled through compensation with trade receivables with the creditor. See Note 13. |
CONSOLIDATED BUSINESS SEGMENT_3
CONSOLIDATED BUSINESS SEGMENT INFORMATION (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019ARS ($)segment | Dec. 31, 2018ARS ($) | Dec. 31, 2017ARS ($) | |
Operating segments [Abstract] | |||
Revenues | $ 48,561,494 | $ 52,399,423 | $ 30,694,588 |
Cost of sales | (24,375,503) | (24,902,866) | (18,360,946) |
Administrative expenses | (1,260,300) | (1,479,580) | (1,128,936) |
Selling expenses | (3,039,557) | (2,714,682) | (1,241,883) |
Other operating expenses | (127,526) | (1,370,319) | (417,803) |
Operating profit | 19,758,608 | 21,931,976 | 9,545,020 |
Depreciation of property, plant and equipment | (3,695,615) | (3,419,820) | (3,107,746) |
Identifiable assets | 95,601,325 | 95,288,446 | |
Identifiable liabilities | $ 47,517,856 | 47,684,540 | |
Reportable Segments [Member] | |||
Operating segments [Abstract] | |||
Number of reportable segments | segment | 4 | ||
Reportable Segments [Member] | Natural Gas Transportation [Member] | |||
Operating segments [Abstract] | |||
Revenues | $ 22,620,423 | 23,785,660 | 11,469,824 |
Cost of sales | (8,667,640) | (7,944,333) | (6,428,448) |
Administrative expenses | (1,043,519) | (1,284,707) | (918,567) |
Selling expenses | (1,343,560) | (1,467,144) | (645,435) |
Other operating expenses | (136,926) | (240,414) | (503,409) |
Operating profit | 12,044,771 | 13,769,617 | 3,351,102 |
Depreciation of property, plant and equipment | (2,998,224) | (2,892,621) | (2,607,632) |
Identifiable assets | 64,431,193 | 69,603,664 | |
Identifiable liabilities | 29,338,859 | 25,748,537 | |
Reportable Segments [Member] | Production and Commercialization of Liquids [Member] | |||
Operating segments [Abstract] | |||
Revenues | 23,138,182 | 25,578,373 | 17,189,194 |
Cost of sales | (14,661,541) | (16,130,863) | (11,186,009) |
Administrative expenses | (144,313) | (129,315) | (144,172) |
Selling expenses | (1,390,215) | (984,794) | (408,173) |
Other operating expenses | 3,200 | (1,117,949) | 99,520 |
Operating profit | 6,945,313 | 7,215,452 | 5,550,360 |
Depreciation of property, plant and equipment | (246,720) | (174,964) | (146,630) |
Identifiable assets | 10,865,257 | 13,907,967 | |
Identifiable liabilities | 3,093,226 | 2,301,679 | |
Reportable Segments [Member] | Other Services [Member] | |||
Operating segments [Abstract] | |||
Revenues | 2,526,643 | 2,784,534 | 1,844,712 |
Cost of sales | (1,524,445) | (1,621,770) | (1,008,879) |
Administrative expenses | (61,021) | (55,348) | (56,110) |
Selling expenses | (264,396) | (220,674) | (164,471) |
Other operating expenses | 3,576 | (8,375) | (14,150) |
Operating profit | 680,357 | 878,367 | 601,102 |
Depreciation of property, plant and equipment | (450,671) | (352,235) | (353,484) |
Identifiable assets | 20,090,627 | 11,621,495 | |
Identifiable liabilities | 15,020,159 | 19,563,528 | |
Reportable Segments [Member] | Telecommunications [Member] | |||
Operating segments [Abstract] | |||
Revenues | 276,246 | 250,856 | 190,858 |
Cost of sales | (137,870) | (126,455) | (114,747) |
Administrative expenses | (11,447) | (10,210) | (10,087) |
Selling expenses | (41,386) | (42,070) | (23,804) |
Other operating expenses | 2,624 | (3,581) | 236 |
Operating profit | 88,167 | 68,540 | 42,456 |
Depreciation of property, plant and equipment | 0 | 0 | 0 |
Identifiable assets | 214,248 | 155,320 | |
Identifiable liabilities | 65,612 | 70,796 | |
Eliminations [Member] | |||
Operating segments [Abstract] | |||
Revenues | (615,993) | (920,555) | (377,137) |
Cost of sales | 615,993 | 920,555 | 377,137 |
Administrative expenses | 0 | 0 | 0 |
Selling expenses | 0 | 0 | 0 |
Other operating expenses | 0 | 0 | 0 |
Operating profit | 0 | 0 | 0 |
Depreciation of property, plant and equipment | 0 | 0 | 0 |
Eliminations [Member] | Natural Gas Transportation [Member] | |||
Operating segments [Abstract] | |||
Revenues | 615,993 | 920,555 | 377,137 |
Eliminations [Member] | Production and Commercialization of Liquids [Member] | |||
Operating segments [Abstract] | |||
Revenues | 0 | 0 | 0 |
Eliminations [Member] | Other Services [Member] | |||
Operating segments [Abstract] | |||
Revenues | 0 | 0 | 0 |
Eliminations [Member] | Telecommunications [Member] | |||
Operating segments [Abstract] | |||
Revenues | $ 0 | $ 0 | $ 0 |
DETAIL OF SIGNIFICANT STATEME_3
DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS, Other Receivables (Details) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Current [Abstract] | |||
Turnover tax balance | $ 50,711 | $ 0 | |
Income tax credit balance | [1] | 42,607 | 0 |
VAT credit balance | 1,018,621 | 461,916 | |
Other tax receivables | 1,227 | 15,365 | |
Prepaid expenses | 90,714 | 73,464 | |
Advances to suppliers | 1,181,972 | 2,847,433 | |
Subsidies receivables | 143,829 | 450,523 | |
Other Receivables UT | 39,009 | 45,697 | |
Others | 329,387 | 202,248 | |
Total | 2,898,077 | 4,096,646 | |
Non Current [Abstract] | |||
Turnover tax balance | 0 | 0 | |
Income tax credit balance | [1] | 0 | 0 |
VAT credit balance | 0 | 0 | |
Other tax receivables | 1,401 | 3,144 | |
Prepaid expenses | 0 | 0 | |
Advances to suppliers | 0 | 0 | |
Subsidies receivables | 0 | 0 | |
Other Receivables UT | 0 | 0 | |
Others | 7,603 | 9,521 | |
Total | $ 9,004 | $ 12,665 | |
[1] | Provision, net of advances paid, withholdings and perceptions. |
DETAIL OF SIGNIFICANT STATEME_4
DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS, Trade Receivables (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Current [Abstract] | |||
Commons | $ 6,329,258 | $ 4,788,890 | |
Related parties | 279,457 | 206,079 | |
Allowance for doubtful accounts | (134,956) | (203,860) | |
Total | 6,473,759 | 4,791,109 | |
Non Current [Abstract] | |||
Commons | 0 | 0 | |
Related parties | 0 | 0 | |
Allowance for doubtful accounts | 0 | 0 | |
Total | 0 | 0 | |
Allowance for doubtful accounts [Abstract] | |||
Balance at the beginning of the period | 203,860 | 0 | |
Inflation adjustment restatement | (71,339) | ||
Additions | [1] | 2,435 | 203,860 |
Applications | 0 | 0 | |
Reversals | 0 | 0 | |
Balance at the end of period | 134,956 | 203,860 | |
UT [Member] | |||
Current [Abstract] | |||
Commons | 13,813 | 31,446 | |
Non Current [Abstract] | |||
Commons | 0 | 0 | |
Natural Gas Transportation [Member] | |||
Current [Abstract] | |||
Commons | 3,774,497 | 2,549,704 | |
Related parties | 154,009 | 112,671 | |
Non Current [Abstract] | |||
Commons | 0 | 0 | |
Related parties | 0 | 0 | |
Production and Commercialization of Liquids [Member] | |||
Current [Abstract] | |||
Commons | 1,903,005 | 1,680,674 | |
Related parties | 53,744 | 12,497 | |
Non Current [Abstract] | |||
Commons | 0 | 0 | |
Related parties | 0 | 0 | |
Other Services [Member] | |||
Current [Abstract] | |||
Commons | 637,943 | 527,066 | |
Related parties | 71,704 | 80,911 | |
Non Current [Abstract] | |||
Commons | 0 | 0 | |
Related parties | $ 0 | $ 0 | |
[1] | The total amount is recorded in Selling Expenses |
DETAIL OF SIGNIFICANT STATEME_5
DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS, Cash and Cash Equivalents (Details) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents [Abstract] | ||||
Cash and banks | $ 1,123,051 | $ 9,174,577 | ||
UT Cash and banks | 2,758 | 235 | ||
Time deposits | 0 | 938,544 | ||
Mutual funds in Argentine Pesos | 1,029,644 | 3,302,476 | ||
Interest-bearing accounts | 7,609,748 | 12,167,206 | ||
UT Mutual funds | 0 | 22,099 | ||
Total | $ 9,765,201 | $ 25,605,137 | $ 6,025,226 | $ 4,415,596 |
DETAIL OF SIGNIFICANT STATEME_6
DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS, Contract Liabilities (Details) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Current liabilities [abstract] | ||
Contract liabilities | $ 219,801 | $ 199,333 |
Non Current liabilities [abstract] | ||
Contract liabilities | 2,926,826 | 2,259,876 |
Revenue recognized from contracts with customers | 139,207 | 182,784 |
IFRS 15 [Member] | ||
Current liabilities [abstract] | ||
Contract liabilities | 199,333 | |
Non Current liabilities [abstract] | ||
Contract liabilities | 2,259,876 | |
Natural Gas Transportation [Member] | ||
Current liabilities [abstract] | ||
Contract liabilities | 98,460 | |
Non Current liabilities [abstract] | ||
Contract liabilities | 1,744,944 | |
Natural Gas Transportation [Member] | IFRS 15 [Member] | ||
Current liabilities [abstract] | ||
Contract liabilities | 104,572 | |
Non Current liabilities [abstract] | ||
Contract liabilities | 1,844,227 | |
Production and Commercialization of Liquids [Member] | ||
Current liabilities [abstract] | ||
Contract liabilities | 38,387 | |
Non Current liabilities [abstract] | ||
Contract liabilities | 341,698 | |
Production and Commercialization of Liquids [Member] | IFRS 15 [Member] | ||
Current liabilities [abstract] | ||
Contract liabilities | 39,249 | |
Non Current liabilities [abstract] | ||
Contract liabilities | 392,388 | |
Other Services [Member] | ||
Current liabilities [abstract] | ||
Contract liabilities | 62,386 | |
Non Current liabilities [abstract] | ||
Contract liabilities | 840,184 | |
Other Services [Member] | IFRS 15 [Member] | ||
Current liabilities [abstract] | ||
Contract liabilities | 3,104 | |
Non Current liabilities [abstract] | ||
Contract liabilities | 23,261 | |
UT [Member] | ||
Current liabilities [abstract] | ||
Contract liabilities | 20,568 | |
Non Current liabilities [abstract] | ||
Contract liabilities | $ 0 | |
UT [Member] | IFRS 15 [Member] | ||
Current liabilities [abstract] | ||
Contract liabilities | 52,408 | |
Non Current liabilities [abstract] | ||
Contract liabilities | $ 0 |
DETAIL OF SIGNIFICANT STATEME_7
DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS, Other Payables (Details) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current [Abstract] | ||
Payable for compensation for the Board of Directors and Supervisory Committee | $ 8,498 | $ 8,321 |
Others | 1,744 | 2,529 |
UT other liabilities | 277,417 | 113,253 |
Total | 287,659 | 124,103 |
Non Current [Abstract] | ||
Payable for compensation for the Board of Directors and Supervisory Committee | 0 | 0 |
Others | 0 | 0 |
UT other liabilities | 0 | 0 |
Total | $ 0 | $ 0 |
DETAIL OF SIGNIFICANT STATEME_8
DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS, Taxes Payables (Details) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current [Abstract] | ||
Health and safety tax | $ 12,989 | $ 13,522 |
Withholdings and perceptions made to third parties | 148,052 | 170,174 |
Turnover Tax | 85,283 | 96,474 |
Withholding Tax | 71,998 | 0 |
UT Others | 341 | 4,233 |
Others | 34,520 | 26,680 |
Total | 353,183 | 311,083 |
Non-current [Abstract] | ||
Health and safety tax | 0 | 0 |
Withholdings and perceptions made to third parties | 0 | 0 |
Turnover Tax | 0 | 0 |
Withholding Tax | 0 | 0 |
UT Others | 0 | 0 |
Others | 0 | 0 |
Total | $ 0 | $ 0 |
DETAIL OF SIGNIFICANT STATEME_9
DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS, Trade Payables (Details) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current [Abstract] | ||
Suppliers | $ 3,875,928 | $ 4,304,927 |
UT Suppliers | 109,876 | 138,837 |
Customers (credit balances) | 6,164 | 3,438 |
Related companies | 121,603 | 309,352 |
Total | 4,113,571 | 4,756,554 |
Non-current [Abstract] | ||
Suppliers | 0 | 0 |
UT Suppliers | 0 | 0 |
Customers (credit balances) | 0 | 0 |
Related parties | 0 | 0 |
Total | $ 0 | $ 0 |
DETAIL OF SIGNIFICANT STATEM_10
DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS, Revenues (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues [Abstract] | |||
Sales of goods and services | $ 48,359,045 | $ 51,773,746 | $ 30,159,782 |
Subsidies | 202,449 | 625,677 | 534,806 |
Total | $ 48,561,494 | $ 52,399,423 | $ 30,694,588 |
DETAIL OF SIGNIFICANT STATEM_11
DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS, Disaggregarion of Revenues by Geographical Market (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues [Abstract] | |||
Revenues | $ 48,561,494 | $ 52,399,423 | $ 30,694,588 |
Over the Time [Member] | |||
Revenues [Abstract] | |||
Revenues | 26,650,126 | 27,906,044 | 14,328,154 |
At a Point in Time [Member] | |||
Revenues [Abstract] | |||
Revenues | 21,911,368 | 24,493,379 | 16,366,434 |
External Market [Member] | |||
Revenues [Abstract] | |||
Revenues | 9,144,860 | 9,269,086 | 6,664,863 |
Local Market [Member] | |||
Revenues [Abstract] | |||
Revenues | 39,416,634 | 43,130,337 | 24,029,725 |
Reportable Segments [Member] | Natural Gas Transportation [Member] | |||
Revenues [Abstract] | |||
Revenues | 22,620,423 | 23,785,660 | 11,469,824 |
Reportable Segments [Member] | Natural Gas Transportation [Member] | Over the Time [Member] | |||
Revenues [Abstract] | |||
Revenues | 22,620,423 | 23,785,660 | 11,469,824 |
Reportable Segments [Member] | Natural Gas Transportation [Member] | At a Point in Time [Member] | |||
Revenues [Abstract] | |||
Revenues | 0 | 0 | 0 |
Reportable Segments [Member] | Natural Gas Transportation [Member] | External Market [Member] | |||
Revenues [Abstract] | |||
Revenues | 0 | 0 | 0 |
Reportable Segments [Member] | Natural Gas Transportation [Member] | Local Market [Member] | |||
Revenues [Abstract] | |||
Revenues | 22,620,423 | 23,785,660 | 11,469,824 |
Reportable Segments [Member] | Production and Commercialization of Liquids [Member] | |||
Revenues [Abstract] | |||
Revenues | 23,138,182 | 25,578,373 | 17,189,194 |
Reportable Segments [Member] | Production and Commercialization of Liquids [Member] | Over the Time [Member] | |||
Revenues [Abstract] | |||
Revenues | 1,226,814 | 1,084,994 | 822,760 |
Reportable Segments [Member] | Production and Commercialization of Liquids [Member] | At a Point in Time [Member] | |||
Revenues [Abstract] | |||
Revenues | 21,911,368 | 24,493,379 | 16,366,434 |
Reportable Segments [Member] | Production and Commercialization of Liquids [Member] | External Market [Member] | |||
Revenues [Abstract] | |||
Revenues | 9,144,860 | 9,269,086 | 6,664,863 |
Reportable Segments [Member] | Production and Commercialization of Liquids [Member] | Local Market [Member] | |||
Revenues [Abstract] | |||
Revenues | 13,993,322 | 16,309,287 | 10,524,331 |
Reportable Segments [Member] | Other Services [Member] | |||
Revenues [Abstract] | |||
Revenues | 2,526,643 | 2,784,534 | 1,844,712 |
Reportable Segments [Member] | Other Services [Member] | Over the Time [Member] | |||
Revenues [Abstract] | |||
Revenues | 2,526,643 | 2,784,534 | 1,844,712 |
Reportable Segments [Member] | Other Services [Member] | At a Point in Time [Member] | |||
Revenues [Abstract] | |||
Revenues | 0 | 0 | 0 |
Reportable Segments [Member] | Other Services [Member] | External Market [Member] | |||
Revenues [Abstract] | |||
Revenues | 0 | 0 | 0 |
Reportable Segments [Member] | Other Services [Member] | Local Market [Member] | |||
Revenues [Abstract] | |||
Revenues | 2,526,643 | 2,784,534 | 1,844,712 |
Reportable Segments [Member] | Telecommunications [Member] | |||
Revenues [Abstract] | |||
Revenues | 276,246 | 250,856 | 190,858 |
Reportable Segments [Member] | Telecommunications [Member] | Over the Time [Member] | |||
Revenues [Abstract] | |||
Revenues | 276,246 | 250,856 | 190,858 |
Reportable Segments [Member] | Telecommunications [Member] | At a Point in Time [Member] | |||
Revenues [Abstract] | |||
Revenues | 0 | 0 | 0 |
Reportable Segments [Member] | Telecommunications [Member] | External Market [Member] | |||
Revenues [Abstract] | |||
Revenues | 0 | 0 | 0 |
Reportable Segments [Member] | Telecommunications [Member] | Local Market [Member] | |||
Revenues [Abstract] | |||
Revenues | $ 276,246 | $ 250,856 | $ 190,858 |
DETAIL OF SIGNIFICANT STATEM_12
DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS, Disaggregation of Revenues by Business Segment (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues [Abstract] | |||
Revenues | $ 48,561,494 | $ 52,399,423 | $ 30,694,588 |
Reportable Segments [Member] | Natural Gas Transportation [Member] | |||
Revenues [Abstract] | |||
Revenues | 22,620,423 | 23,785,660 | 11,469,824 |
Reportable Segments [Member] | Natural Gas Transportation [Member] | Firm [Member] | |||
Revenues [Abstract] | |||
Revenues | 18,521,215 | 18,834,776 | 8,971,393 |
Reportable Segments [Member] | Natural Gas Transportation [Member] | Access and Charge [Member] | |||
Revenues [Abstract] | |||
Revenues | 835,721 | 870,398 | 666,979 |
Reportable Segments [Member] | Natural Gas Transportation [Member] | Interruptible and Others [Member] | |||
Revenues [Abstract] | |||
Revenues | 3,263,487 | 4,080,486 | 1,831,452 |
Reportable Segments [Member] | Production and Commercialization of Liquids [Member] | |||
Revenues [Abstract] | |||
Revenues | 23,138,182 | 25,578,373 | 17,189,194 |
Reportable Segments [Member] | Production and Commercialization of Liquids [Member] | Product [Member] | |||
Revenues [Abstract] | |||
Revenues | 21,708,919 | 23,867,702 | 15,776,153 |
Reportable Segments [Member] | Production and Commercialization of Liquids [Member] | Services [Member] | |||
Revenues [Abstract] | |||
Revenues | 1,226,814 | 1,084,994 | 878,235 |
Reportable Segments [Member] | Production and Commercialization of Liquids [Member] | Government Grants [Member] | |||
Revenues [Abstract] | |||
Revenues | 202,449 | 625,677 | 534,806 |
Reportable Segments [Member] | Other Services [Member] | |||
Revenues [Abstract] | |||
Revenues | 2,526,643 | 2,784,534 | 1,844,712 |
Reportable Segments [Member] | Other Services [Member] | Conditioning and Treatment [Member] | |||
Revenues [Abstract] | |||
Revenues | 1,273,070 | 1,130,820 | 841,091 |
Reportable Segments [Member] | Other Services [Member] | Operation and Maintenance [Member] | |||
Revenues [Abstract] | |||
Revenues | 651,665 | 738,568 | 637,752 |
Reportable Segments [Member] | Other Services [Member] | Steam Sales [Member] | |||
Revenues [Abstract] | |||
Revenues | 231,565 | 210,387 | 148,582 |
Reportable Segments [Member] | Other Services [Member] | Construction [Member] | |||
Revenues [Abstract] | |||
Revenues | 11,899 | 32,799 | 213,270 |
Reportable Segments [Member] | Other Services [Member] | UT Construction [Member] | |||
Revenues [Abstract] | |||
Revenues | 187,686 | 666,402 | 0 |
Reportable Segments [Member] | Other Services [Member] | Transportation and conditioning of Natural Gas in Vaca Muerta [Member] | |||
Revenues [Abstract] | |||
Revenues | 165,725 | 0 | 0 |
Reportable Segments [Member] | Other Services [Member] | Others [Member] | |||
Revenues [Abstract] | |||
Revenues | 5,033 | 5,558 | 4,017 |
Reportable Segments [Member] | Telecommunications [Member] | |||
Revenues [Abstract] | |||
Revenues | $ 276,246 | $ 250,856 | $ 190,858 |
DETAIL OF SIGNIFICANT STATEM_13
DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS, Cost of Sales (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Changes in Inventories [Abstract] | |||
Inventories at the beginning of the year | $ 554,218 | $ 282,659 | $ 371,470 |
Purchases | 12,052,590 | 13,630,238 | 9,250,971 |
Operating costs | 12,076,335 | 11,544,187 | 9,021,164 |
Inventories at the end of the year | (307,640) | (554,218) | (282,659) |
Total | $ 24,375,503 | $ 24,902,866 | $ 18,360,946 |
DETAIL OF SIGNIFICANT STATEM_14
DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS, Expenses by Nature (Details) - ARS ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Expenses by Nature [abstract] | ||||||
Salaries, wages and other compensations | $ 3,193,390 | $ 2,942,737 | $ 2,755,821 | |||
Social security taxes | 595,112 | 492,620 | 474,525 | |||
Compensation to Directors and Supervisory Committee | 32,528 | 39,718 | 21,253 | |||
Professional services fees | 483,128 | 422,573 | 153,215 | |||
Technical operator assistance fees | 1,144,777 | 2,026,244 | 887,901 | |||
Materials | 387,772 | 344,492 | 149,305 | |||
Third parties services | 435,870 | 402,701 | 317,596 | |||
Telecommunications and post expenses | 44,810 | 33,498 | 24,756 | |||
Rents | 43,758 | 38,129 | 16,828 | |||
Transports and freight | 115,986 | 104,751 | 89,022 | |||
Easements | 91,941 | 83,186 | 54,249 | |||
Offices supplies | 13,332 | 10,763 | 8,633 | |||
Travels expenses | 132,485 | 131,177 | 47,741 | |||
Insurance | 96,399 | 101,944 | 81,007 | |||
Property, plant and equipment maintenance | 2,566,969 | 1,946,371 | 1,546,413 | |||
Depreciation of property, plant and equipment | 3,695,615 | 3,419,820 | 3,107,746 | |||
Taxes and contributions | 3,044,070 | 2,578,080 | 1,413,444 | |||
Advertising | 90,137 | 7,470 | 1,180 | |||
Doubtful accounts | 2,435 | 203,860 | (35,989) | |||
Banks expenses | 19,308 | 18,691 | 11,102 | |||
Interests expense | 2,509,815 | 2,577,365 | 1,301,985 | |||
Foreign exchange loss | 15,636,514 | 20,185,935 | 1,718,617 | |||
Capitalized financial costs | (446,195) | 0 | 0 | |||
Costs of services rendered to third parties | 13,664 | 254,250 | 177,326 | |||
Other financial charges | 258,315 | |||||
Other expenses | 132,706 | 135,374 | 88,909 | |||
Total | 34,076,326 | 38,501,749 | 14,670,900 | |||
Tax on exports | 843,418 | 382,863 | 1,978 | |||
Operating Expenses, Regulated Activities [Member] | ||||||
Expenses by Nature [abstract] | ||||||
Salaries, wages and other compensations | 1,463,206 | 1,370,862 | 1,329,370 | |||
Social security taxes | 271,610 | 222,669 | 208,944 | |||
Compensation to Directors and Supervisory Committee | 0 | 0 | 0 | |||
Professional services fees | 15,383 | 10,841 | 3,706 | |||
Technical operator assistance fees | 776,200 | 1,289,165 | 400,020 | |||
Materials | 169,415 | 105,664 | 46,117 | |||
Third parties services | 180,037 | 157,394 | 132,233 | |||
Telecommunications and post expenses | 12,956 | 6,455 | 3,307 | |||
Rents | 12,717 | 11,779 | 4,863 | |||
Transports and freight | 73,000 | 64,965 | 52,995 | |||
Easements | 87,367 | 83,186 | 54,249 | |||
Offices supplies | 4,019 | 3,647 | 2,561 | |||
Travels expenses | 65,497 | 58,722 | 21,350 | |||
Insurance | 47,111 | 58,713 | 47,294 | |||
Property, plant and equipment maintenance | 2,233,041 | 1,700,665 | 1,331,530 | |||
Depreciation of property, plant and equipment | 2,842,666 | 2,481,136 | 2,414,921 | |||
Taxes and contributions | 334,176 | 262,317 | 327,852 | |||
Advertising | 0 | 0 | 0 | |||
Doubtful accounts | 0 | 0 | 0 | |||
Banks expenses | 0 | 0 | 0 | |||
Interests expense | 0 | 0 | 0 | |||
Foreign exchange loss | 0 | 0 | 0 | |||
Capitalized financial costs | 0 | |||||
Costs of services rendered to third parties | 0 | 0 | 0 | |||
Other financial charges | 0 | |||||
Other expenses | 79,239 | 56,152 | 47,134 | |||
Total | 8,667,640 | 7,944,332 | 6,428,446 | |||
Operating Expenses, Non Regulated Activities [Member] | ||||||
Expenses by Nature [abstract] | ||||||
Salaries, wages and other compensations | 953,222 | 873,457 | 721,780 | |||
Social security taxes | 170,506 | 130,665 | 123,835 | |||
Compensation to Directors and Supervisory Committee | 0 | 0 | 0 | |||
Professional services fees | 248,648 | 208,637 | 7,585 | |||
Technical operator assistance fees | 368,577 | 737,079 | 487,881 | |||
Materials | 218,357 | 238,828 | 103,188 | |||
Third parties services | 222,864 | 200,379 | 159,075 | |||
Telecommunications and post expenses | 6,097 | 4,395 | 3,034 | |||
Rents | 21,141 | 15,846 | 2,432 | |||
Transports and freight | 40,551 | 35,357 | 30,416 | |||
Easements | 4,574 | 0 | 0 | |||
Offices supplies | 2,310 | 1,324 | 900 | |||
Travels expenses | 35,936 | 41,135 | 7,865 | |||
Insurance | 38,101 | 36,451 | 26,962 | |||
Property, plant and equipment maintenance | 298,406 | 221,697 | 198,875 | |||
Depreciation of property, plant and equipment | 697,391 | 527,193 | 500,115 | |||
Taxes and contributions | 24,473 | 30,893 | 20,606 | |||
Advertising | 0 | 0 | 5 | |||
Doubtful accounts | 0 | 0 | 0 | |||
Banks expenses | 0 | 0 | 0 | |||
Interests expense | 0 | 0 | 0 | |||
Foreign exchange loss | 0 | 0 | 0 | |||
Capitalized financial costs | 0 | |||||
Costs of services rendered to third parties | 13,664 | 254,250 | 177,326 | |||
Other financial charges | 0 | |||||
Other expenses | 43,877 | 42,269 | 20,838 | |||
Total | 3,408,695 | 3,599,855 | 2,592,718 | |||
Administrative Expenses [Member] | ||||||
Expenses by Nature [abstract] | ||||||
Salaries, wages and other compensations | 604,578 | 549,048 | 550,569 | |||
Social security taxes | 117,055 | 107,092 | 108,080 | |||
Compensation to Directors and Supervisory Committee | 32,528 | 39,718 | 21,253 | |||
Professional services fees | 186,970 | 192,647 | 129,187 | |||
Technical operator assistance fees | 0 | 0 | 0 | |||
Materials | 0 | 0 | 0 | |||
Third parties services | 24,485 | 30,443 | 26,288 | |||
Telecommunications and post expenses | 23,952 | 21,933 | 17,223 | |||
Rents | 8,888 | 9,147 | 8,372 | |||
Transports and freight | 2,435 | 4,429 | 5,560 | |||
Easements | 0 | 0 | 0 | |||
Offices supplies | 5,183 | 4,815 | 4,027 | |||
Travels expenses | 27,340 | 25,222 | 13,831 | |||
Insurance | 6,391 | 6,775 | 6,013 | |||
Property, plant and equipment maintenance | 35,522 | 24,009 | 13,290 | |||
Depreciation of property, plant and equipment | 155,558 | 411,491 | 192,710 | |||
Taxes and contributions | 3,903 | 3,274 | 1,824 | |||
Advertising | 0 | 0 | 0 | |||
Doubtful accounts | 0 | 0 | 0 | |||
Banks expenses | 19,308 | 18,691 | 11,102 | |||
Interests expense | 0 | 0 | 0 | |||
Foreign exchange loss | 0 | 0 | 0 | |||
Capitalized financial costs | 0 | |||||
Costs of services rendered to third parties | 0 | 0 | 0 | |||
Other financial charges | 0 | |||||
Other expenses | 6,204 | 30,846 | 19,607 | |||
Total | 1,260,300 | 1,479,580 | 1,128,936 | |||
Selling Expenses [Member] | ||||||
Expenses by Nature [abstract] | ||||||
Salaries, wages and other compensations | 172,384 | 149,370 | 154,102 | |||
Social security taxes | 35,941 | 32,194 | 33,666 | |||
Compensation to Directors and Supervisory Committee | 0 | 0 | 0 | |||
Professional services fees | 32,127 | 10,448 | 12,737 | |||
Technical operator assistance fees | 0 | 0 | 0 | |||
Materials | 0 | 0 | 0 | |||
Third parties services | 8,484 | 14,485 | 0 | |||
Telecommunications and post expenses | 1,805 | 715 | 1,192 | |||
Rents | 1,012 | 1,357 | 1,161 | |||
Transports and freight | 0 | 0 | 51 | |||
Easements | 0 | 0 | 0 | |||
Offices supplies | 1,820 | 977 | 1,145 | |||
Travels expenses | 3,712 | 6,098 | 4,695 | |||
Insurance | 4,796 | 5 | 738 | |||
Property, plant and equipment maintenance | 0 | 0 | 2,718 | |||
Depreciation of property, plant and equipment | 0 | 0 | 0 | |||
Taxes and contributions | 2,681,518 | [1] | 2,281,596 | [2] | 1,063,162 | [3] |
Advertising | 90,137 | 7,470 | 1,175 | |||
Doubtful accounts | 2,435 | 203,860 | (35,989) | |||
Banks expenses | 0 | 0 | 0 | |||
Interests expense | 0 | 0 | 0 | |||
Foreign exchange loss | 0 | 0 | 0 | |||
Capitalized financial costs | 0 | |||||
Costs of services rendered to third parties | 0 | 0 | 0 | |||
Other financial charges | 0 | |||||
Other expenses | 3,386 | 6,107 | 1,330 | |||
Total | 3,039,557 | 2,714,682 | 1,241,883 | |||
Financial Expenses [Member] | ||||||
Expenses by Nature [abstract] | ||||||
Salaries, wages and other compensations | 0 | 0 | 0 | |||
Social security taxes | 0 | 0 | 0 | |||
Compensation to Directors and Supervisory Committee | 0 | 0 | 0 | |||
Professional services fees | 0 | 0 | 0 | |||
Technical operator assistance fees | 0 | 0 | 0 | |||
Materials | 0 | 0 | 0 | |||
Third parties services | 0 | 0 | 0 | |||
Telecommunications and post expenses | 0 | 0 | 0 | |||
Rents | 0 | 0 | 0 | |||
Transports and freight | 0 | 0 | 0 | |||
Easements | 0 | 0 | 0 | |||
Offices supplies | 0 | 0 | 0 | |||
Travels expenses | 0 | 0 | 0 | |||
Insurance | 0 | 0 | 0 | |||
Property, plant and equipment maintenance | 0 | 0 | 0 | |||
Depreciation of property, plant and equipment | 0 | 0 | 0 | |||
Taxes and contributions | 0 | 0 | 0 | |||
Advertising | 0 | 0 | 0 | |||
Doubtful accounts | 0 | 0 | 0 | |||
Banks expenses | 0 | 0 | 0 | |||
Interests expense | 2,509,815 | 2,577,365 | 1,301,985 | |||
Foreign exchange loss | 15,636,514 | 20,185,935 | 1,718,617 | |||
Capitalized financial costs | (446,195) | |||||
Costs of services rendered to third parties | 0 | 0 | 0 | |||
Other financial charges | 258,315 | |||||
Other expenses | 0 | 0 | 0 | |||
Total | $ 17,700,134 | $ 22,763,300 | $ 3,278,917 | |||
[1] | Includes tax on exports for Ps. 843,418 for the year ended December 31, 2019. | |||||
[2] | Includes tax on exports of Ps. 382,863 for the year ended December 31, 2018. | |||||
[3] | Includes tax on exports for Ps. 1,978 for the year ended December 31, 2017. |
DETAIL OF SIGNIFICANT STATEM_15
DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS, Net Financial Results (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financial income [Abstract] | |||
Interest income | $ 719,559 | $ 2,069,473 | $ 204,776 |
Foreign exchange gain | 7,815,595 | 12,559,251 | 863,880 |
Subtotal | 8,535,154 | 14,628,724 | 1,068,656 |
Financial expenses [Abstract] | |||
Interests expense | (2,509,815) | (2,577,365) | (1,301,985) |
Foreign exchange loss | (15,636,514) | (20,185,935) | (1,718,617) |
Less: Capitalized financing costs | 446,195 | 0 | 0 |
Subtotal | (17,700,134) | (22,763,300) | (3,020,602) |
Other financial results [Abstract] | |||
Derivative financial instrument results | (19,172) | 163,192 | 0 |
Fair value gains on financial instruments through profit or loss | 542,218 | 2,112,016 | 680,678 |
Others | (409,659) | (374,619) | (258,315) |
Subtotal | 113,387 | 1,900,589 | 422,363 |
Gain on net monetary position | 6,154,172 | 1,855,519 | 716,821 |
Total | $ (2,897,421) | $ (4,378,468) | $ (812,762) |
DETAIL OF SIGNIFICANT STATEM_16
DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS, Other Operating Expenses (Details) - ARS ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS [Abstract] | ||||
Net increase in provisions | [1] | $ (156,124) | $ (1,185,743) | $ (351,039) |
Recovery of insurance | 0 | 36,726 | 299,495 | |
Write off of other receivables | 0 | 0 | (161,596) | |
Others | 28,598 | (221,302) | (204,663) | |
Total | $ (127,526) | $ (1,370,319) | $ (417,803) | |
[1] | Including interest and legal expenses. |
DETAIL OF SIGNIFICANT STATEM_17
DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS, Other Financial Assets at Amortized Cost (Details) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current [Abstract] | ||
VRD bonds | $ 3,355 | $ 8,790 |
US Treasury Bills | 1,040,605 | 0 |
Total | 1,043,960 | 8,790 |
Non Current [Abstract] | ||
VRD bonds | 5,403 | 13,476 |
US Treasury Bills | 0 | 0 |
Total | $ 5,403 | $ 13,476 |
DETAIL OF SIGNIFICANT STATEM_18
DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS, Payroll and Social Security Taxes Payable (Details) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current [Abstract] | ||
Vacation benefit payable | $ 305,847 | $ 262,577 |
Annual bonus payable | 205,541 | 205,159 |
Social security taxes payable | 130,942 | 103,654 |
UT | 6,121 | 18,766 |
Total | 648,451 | 590,156 |
Non Current [Abstract] | ||
Vacation benefit payable | 0 | 0 |
Annual bonus payable | 0 | 0 |
Social security taxes payable | 0 | 0 |
Total | $ 0 | $ 0 |
INVESTMENTS IN ASSOCIATES (Deta
INVESTMENTS IN ASSOCIATES (Details) - ARS ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | [1] | |
Investments in associates [Abstract] | ||||||
Book value | $ 78,660 | $ 111,790 | ||||
Common stock | 28,349,861 | 28,224,365 | ||||
Shareholders' equity | $ 48,083,469 | 47,603,906 | $ 38,888,199 | $ 30,041,011 | ||
Transporte y Servicios de Gas en Uruguay S.A. | ||||||
Investments in associates [Abstract] | ||||||
Face value (in pesos per share) | $ 1 | |||||
Amount | $ 196,000 | |||||
Cost | 182 | |||||
Book value | $ 6,627 | 8,919 | ||||
Main business | Pipeline maintenance | |||||
Date | 9/30/2019 | |||||
Common stock | $ 28 | |||||
Net (loss) / income for the year / period | (783) | |||||
Shareholders' equity | $ 14,308 | |||||
% of Common Stock | 49.00% | |||||
Emprendimientos de Gas del Sur S.A. [Member] | ||||||
Investments in associates [Abstract] | ||||||
Face value (in pesos per share) | $ 1 | |||||
Amount | $ 116,130 | |||||
Cost | 2,025 | |||||
Book value | $ 418 | 498 | ||||
Main business | Pipeline construction and operation services | |||||
Date | 9/30/2019 | |||||
Common stock | $ 237 | |||||
Net (loss) / income for the year / period | (186) | |||||
Shareholders' equity | $ 854 | |||||
% of Common Stock | 49.00% | |||||
Gas Link S.A. | ||||||
Investments in associates [Abstract] | ||||||
Face value (in pesos per share) | $ 1 | |||||
Amount | $ 502,962 | |||||
Cost | 8,595 | |||||
Book value | $ 71,615 | $ 102,373 | ||||
Main business | Pipeline construction and operation services | |||||
Date | 9/30/2019 | |||||
Common stock | $ 1,026 | |||||
Net (loss) / income for the year / period | 6,990 | |||||
Shareholders' equity | $ 396,461 | |||||
% of Common Stock | 49.00% | |||||
[1] | The Company has applied IFRS 15 and IFRS 9 for the first time on January 1, 2018. In accordance with the transition methods chosen, the comparative information has not been modified. See Note 4.a) |
JOINT ARRANGEMENTS (Details)
JOINT ARRANGEMENTS (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Statements of financial position [Abstract] | |||
Non Current assets | $ 74,661,395 | $ 59,655,761 | |
Current Assets | 20,939,930 | 35,632,685 | |
Total Assets | 95,601,325 | 95,288,446 | |
Non Current Liabilities | 39,565,657 | 36,691,122 | |
Current Liabilities | 7,952,199 | 10,993,418 | |
Total liabilities | 47,517,856 | 47,684,540 | |
Consolidated Statements of comprehensive income [Abstract] | |||
Gross (loss) / profit | 24,185,991 | 27,496,557 | $ 12,333,642 |
Operating (loss) / profit | 19,758,608 | 21,931,976 | 9,545,020 |
Comprehensive (loss) / income | $ 12,805,118 | 17,561,255 | 8,847,199 |
UT [Member] | |||
Joint Arrangements [Abstract] | |||
Ownership interest percentage | 51.00% | ||
Consolidated Statements of financial position [Abstract] | |||
Non Current assets | $ 0 | 0 | |
Current Assets | 232,849 | 300,649 | |
Total Assets | 232,849 | 300,649 | |
Non Current Liabilities | 0 | 0 | |
Current Liabilities | 414,323 | 261,274 | |
Total liabilities | 414,323 | 261,274 | |
Consolidated Statements of comprehensive income [Abstract] | |||
Gross (loss) / profit | (154,303) | 52,112 | 1,226 |
Operating (loss) / profit | (172,298) | 37,517 | (38) |
Net Financial results | (21,069) | 1,611 | 348 |
Comprehensive (loss) / income | $ (193,367) | $ 39,128 | $ 310 |
PROFIT FROM ASSOCIATES (Details
PROFIT FROM ASSOCIATES (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Profit from associates [Abstract] | |||
Profit from associates | $ (31,858) | $ 28,008 | $ 33,291 |
EGS (in liquidation) [Member] | |||
Profit from associates [Abstract] | |||
Profit from associates | (80) | 4,770 | 32 |
TGU [Member] | |||
Profit from associates [Abstract] | |||
Profit from associates | (664) | (68) | 438 |
Link [Member] | |||
Profit from associates [Abstract] | |||
Profit from associates | $ (31,114) | $ 23,306 | $ 32,821 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | $ 59,510,863 | ||
Depreciation | (3,695,615) | $ (3,419,820) | $ (3,107,746) |
End of the year | 74,552,728 | 59,510,863 | |
Pipelines [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 31,687,288 | ||
End of the year | 32,096,888 | 31,687,288 | |
Compressor Plants [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 7,207,835 | ||
End of the year | 8,502,651 | 7,207,835 | |
Other Plants [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 18,449 | ||
End of the year | 17,550 | 18,449 | |
Stations of Regulation and/or Measurement of Pressure [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 423,428 | ||
End of the year | 442,647 | 423,428 | |
Other Technical Installations [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 60,666 | ||
End of the year | 58,856 | 60,666 | |
Subtotal Assets Related to Natural Gas Transportation Service [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 39,397,666 | ||
End of the year | 41,118,592 | 39,397,666 | |
Non-regulated segment Pipelines [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 61,467 | ||
End of the year | 10,108,485 | 61,467 | |
Non-regulated segment Compressor plants [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 1,328,033 | ||
End of the year | 1,256,207 | 1,328,033 | |
Non-regulated segment Other plants [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 3,349,945 | ||
End of the year | 7,763,817 | 3,349,945 | |
Non-regulated segment Stations of regulation and/or measurement of pressure [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 128,348 | ||
End of the year | 586,027 | 128,348 | |
Non-regulated segment other technical installations [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 178,491 | ||
End of the year | 155,623 | 178,491 | |
Subtotal Assets Related to Other Services and Production and Commercialization of Liquids [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 5,046,284 | ||
End of the year | 19,870,159 | 5,046,284 | |
Lands [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 165,136 | ||
End of the year | 354,139 | 165,136 | |
Buildings and Constructions [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 1,357,927 | ||
End of the year | 1,726,401 | 1,357,927 | |
Facilities and Features in Building [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 158,319 | ||
End of the year | 147,489 | 158,319 | |
Machinery, Equipment and Tools [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 355,487 | ||
End of the year | 454,273 | 355,487 | |
UT Machinery, Equipment and Tools [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 223 | ||
End of the year | 0 | 223 | |
Computers and Telecommunication Systems [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 756,841 | ||
End of the year | 1,200,936 | 756,841 | |
Vehicles [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 134,645 | ||
End of the year | 172,700 | 134,645 | |
Furniture [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 7,232 | ||
End of the year | 5,995 | 7,232 | |
Materials [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 2,363,440 | ||
End of the year | 3,142,321 | 2,363,440 | |
Line Pack [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 551,061 | ||
End of the year | 466,905 | 551,061 | |
Works in Progress [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 9,216,602 | ||
End of the year | 5,892,818 | 9,216,602 | |
Cost [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 124,700,420 | 117,938,650 | |
Additions | 18,838,338 | 10,624,291 | |
Retirements | 247,963 | 3,862,521 | |
Transfers | 0 | 0 | |
End of the year | 143,290,795 | 124,700,420 | 117,938,650 |
Cost [Member] | Pipelines [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 61,419,814 | 60,167,955 | |
Additions | 0 | 0 | |
Retirements | 13,330 | 27,845 | |
Transfers | 1,933,215 | 1,279,704 | |
End of the year | 63,339,699 | 61,419,814 | 60,167,955 |
Cost [Member] | Compressor Plants [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 23,468,780 | 22,369,570 | |
Additions | 399,897 | 0 | |
Retirements | 179,885 | 474,819 | |
Transfers | 2,033,984 | 1,574,029 | |
End of the year | 25,722,776 | 23,468,780 | 22,369,570 |
Cost [Member] | Other Plants [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 26,488 | 26,488 | |
Additions | 0 | 0 | |
Retirements | 0 | 0 | |
Transfers | 0 | 0 | |
End of the year | 26,488 | 26,488 | 26,488 |
Cost [Member] | Stations of Regulation and/or Measurement of Pressure [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 2,091,798 | 2,093,130 | |
Additions | 0 | 1,663 | |
Retirements | 0 | 9,150 | |
Transfers | 76,900 | 6,155 | |
End of the year | 2,168,698 | 2,091,798 | 2,093,130 |
Cost [Member] | Other Technical Installations [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 413,717 | 407,598 | |
Additions | 0 | 0 | |
Retirements | 0 | 2,046 | |
Transfers | 7,440 | 8,165 | |
End of the year | 421,157 | 413,717 | 407,598 |
Cost [Member] | Subtotal Assets Related to Natural Gas Transportation Service [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 87,420,597 | 85,064,741 | |
Additions | 399,897 | 1,663 | |
Retirements | 193,215 | 513,860 | |
Transfers | 4,051,539 | 2,868,053 | |
End of the year | 91,678,818 | 87,420,597 | 85,064,741 |
Cost [Member] | Non-regulated segment Pipelines [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 124,829 | 124,829 | |
Additions | 0 | 0 | |
Retirements | 0 | 0 | |
Transfers | 10,109,995 | 0 | |
End of the year | 10,234,824 | 124,829 | 124,829 |
Cost [Member] | Non-regulated segment Compressor plants [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 1,910,728 | 1,898,166 | |
Additions | 0 | 0 | |
Retirements | 0 | 4,330 | |
Transfers | 145,605 | 16,892 | |
End of the year | 2,056,333 | 1,910,728 | 1,898,166 |
Cost [Member] | Non-regulated segment Other plants [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 13,326,401 | 13,744,847 | |
Additions | 0 | 9,207 | |
Retirements | 0 | 1,029,228 | |
Transfers | 4,726,393 | 601,575 | |
End of the year | 18,052,794 | 13,326,401 | 13,744,847 |
Cost [Member] | Non-regulated segment Stations of regulation and/or measurement of pressure [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 160,534 | 160,534 | |
Additions | 11,284 | 0 | |
Retirements | 0 | 0 | |
Transfers | 457,977 | 0 | |
End of the year | 629,795 | 160,534 | 160,534 |
Cost [Member] | Non-regulated segment other technical installations [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 254,016 | 254,016 | |
Additions | 0 | 0 | |
Retirements | 0 | 0 | |
Transfers | 0 | 0 | |
End of the year | 254,016 | 254,016 | 254,016 |
Cost [Member] | Subtotal Assets Related to Other Services and Production and Commercialization of Liquids [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 15,776,508 | 16,182,392 | |
Additions | 11,284 | 9,207 | |
Retirements | 0 | 1,033,558 | |
Transfers | 15,439,970 | 618,467 | |
End of the year | 31,227,762 | 15,776,508 | 16,182,392 |
Cost [Member] | Lands [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 165,136 | 110,509 | |
Additions | 189,003 | 54,627 | |
Retirements | 0 | 0 | |
Transfers | 0 | 0 | |
End of the year | 354,139 | 165,136 | 110,509 |
Cost [Member] | Buildings and Constructions [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 3,119,619 | 3,053,615 | |
Additions | 0 | 0 | |
Retirements | 948 | 73,980 | |
Transfers | 428,387 | 139,984 | |
End of the year | 3,547,058 | 3,119,619 | 3,053,615 |
Cost [Member] | Facilities and Features in Building [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 263,700 | 255,239 | |
Additions | 0 | 0 | |
Retirements | 0 | 18,078 | |
Transfers | 97 | 26,539 | |
End of the year | 263,797 | 263,700 | 255,239 |
Cost [Member] | Machinery, Equipment and Tools [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 933,683 | 790,333 | |
Additions | 172,586 | 199,925 | |
Retirements | 7,758 | 73,467 | |
Transfers | 6,207 | 16,892 | |
End of the year | 1,104,718 | 933,683 | 790,333 |
Cost [Member] | UT Machinery, Equipment and Tools [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 909 | 0 | |
Additions | 0 | 909 | |
Retirements | 0 | 0 | |
Transfers | 0 | 0 | |
End of the year | 909 | 909 | 0 |
Cost [Member] | Computers and Telecommunication Systems [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 4,177,609 | 5,762,314 | |
Additions | 3,440 | 258 | |
Retirements | 0 | 2,085,323 | |
Transfers | 662,582 | 500,360 | |
End of the year | 4,843,631 | 4,177,609 | 5,762,314 |
Cost [Member] | Vehicles [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 455,370 | 405,725 | |
Additions | 80,860 | 58,593 | |
Retirements | 24,497 | 8,948 | |
Transfers | 0 | 0 | |
End of the year | 511,733 | 455,370 | 405,725 |
Cost [Member] | Furniture [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 228,540 | 228,380 | |
Additions | 0 | 0 | |
Retirements | 0 | 0 | |
Transfers | 0 | 160 | |
End of the year | 228,540 | 228,540 | 228,380 |
Cost [Member] | Materials [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 2,363,440 | 2,419,633 | |
Additions | 2,259,125 | 880,423 | |
Retirements | 21,545 | 55,307 | |
Transfers | (1,458,699) | (881,309) | |
End of the year | 3,142,321 | 2,363,440 | 2,419,633 |
Cost [Member] | Line Pack [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 578,707 | 236,471 | |
Additions | 0 | 0 | |
Retirements | 0 | 0 | |
Transfers | (84,156) | 342,236 | |
End of the year | 494,551 | 578,707 | 236,471 |
Cost [Member] | Works in Progress [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 9,216,602 | 3,429,298 | |
Additions | 15,722,143 | 9,418,686 | |
Retirements | 0 | 0 | |
Transfers | (19,045,927) | (3,631,382) | |
End of the year | 5,892,818 | 9,216,602 | 3,429,298 |
Depreciation [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | (65,189,557) | (65,388,407) | |
Retirements | (147,105) | (3,618,670) | |
Depreciation | (3,695,615) | (3,419,820) | |
End of the year | (68,738,067) | (65,189,557) | (65,388,407) |
Depreciation [Member] | Pipelines [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | (29,732,526) | (28,257,137) | |
Retirements | (7,747) | (461) | |
Depreciation | $ (1,518,032) | $ (1,475,850) | |
Depreciation rate % | 2.20% | 2.20% | |
End of the year | $ (31,242,811) | $ (29,732,526) | (28,257,137) |
Depreciation [Member] | Compressor Plants [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | (16,260,945) | (15,721,120) | |
Retirements | (108,445) | (429,105) | |
Depreciation | (1,067,625) | (968,930) | |
End of the year | $ (17,220,125) | $ (16,260,945) | (15,721,120) |
Depreciation [Member] | Compressor Plants [Member] | Bottom of Range [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Depreciation rate % | 3.30% | 3.30% | |
Depreciation [Member] | Compressor Plants [Member] | Top of Range [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Depreciation rate % | 25.00% | 25.00% | |
Depreciation [Member] | Other Plants [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | $ (8,039) | $ (7,141) | |
Retirements | 0 | 0 | |
Depreciation | $ (899) | $ (898) | |
Depreciation rate % | 3.30% | 3.30% | |
End of the year | $ (8,938) | $ (8,039) | (7,141) |
Depreciation [Member] | Stations of Regulation and/or Measurement of Pressure [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | (1,668,370) | (1,620,632) | |
Retirements | 0 | (7,942) | |
Depreciation | $ (57,681) | $ (55,680) | |
Depreciation rate % | 4.00% | 4.00% | |
End of the year | $ (1,726,051) | $ (1,668,370) | (1,620,632) |
Depreciation [Member] | Other Technical Installations [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | (353,051) | (346,264) | |
Retirements | 0 | (2,046) | |
Depreciation | $ (9,250) | $ (8,833) | |
Depreciation rate % | 6.70% | 6.70% | |
End of the year | $ (362,301) | $ (353,051) | (346,264) |
Depreciation [Member] | Subtotal Assets Related to Natural Gas Transportation Service [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | (48,022,931) | (45,952,294) | |
Retirements | (116,192) | (439,554) | |
Depreciation | (2,653,487) | (2,510,191) | |
End of the year | (50,560,226) | (48,022,931) | (45,952,294) |
Depreciation [Member] | Non-regulated segment Pipelines [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | (63,362) | (61,868) | |
Retirements | 0 | 0 | |
Depreciation | $ (62,977) | $ (1,494) | |
Depreciation rate % | 2.20% | 2.20% | |
End of the year | $ (126,339) | $ (63,362) | (61,868) |
Depreciation [Member] | Non-regulated segment Compressor plants [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | (582,695) | (395,448) | |
Retirements | 0 | (808) | |
Depreciation | (217,431) | (188,055) | |
End of the year | $ (800,126) | $ (582,695) | (395,448) |
Depreciation [Member] | Non-regulated segment Compressor plants [Member] | Bottom of Range [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Depreciation rate % | 3.30% | 3.30% | |
Depreciation [Member] | Non-regulated segment Compressor plants [Member] | Top of Range [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Depreciation rate % | 25.00% | 25.00% | |
Depreciation [Member] | Non-regulated segment Other plants [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | $ (9,976,456) | $ (10,676,085) | |
Retirements | 0 | (950,340) | |
Depreciation | $ (312,521) | $ (250,711) | |
Depreciation rate % | 3.30% | 3.30% | |
End of the year | $ (10,288,977) | $ (9,976,456) | (10,676,085) |
Depreciation [Member] | Non-regulated segment Stations of regulation and/or measurement of pressure [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | (32,186) | (25,765) | |
Retirements | 0 | 0 | |
Depreciation | $ (11,582) | $ (6,421) | |
Depreciation rate % | 4.00% | 4.00% | |
End of the year | $ (43,768) | $ (32,186) | (25,765) |
Depreciation [Member] | Non-regulated segment other technical installations [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | (75,525) | (52,658) | |
Retirements | 0 | 0 | |
Depreciation | $ (22,868) | $ (22,867) | |
Depreciation rate % | 6.70% | 6.70% | |
End of the year | $ (98,393) | $ (75,525) | (52,658) |
Depreciation [Member] | Subtotal Assets Related to Other Services and Production and Commercialization of Liquids [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | (10,730,224) | (11,211,824) | |
Retirements | 0 | (951,148) | |
Depreciation | (627,379) | (469,548) | |
End of the year | (11,357,603) | (10,730,224) | (11,211,824) |
Depreciation [Member] | Lands [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 0 | 0 | |
Retirements | 0 | 0 | |
Depreciation | $ 0 | $ 0 | |
Depreciation rate % | 0.00% | 0.00% | |
End of the year | $ 0 | $ 0 | 0 |
Depreciation [Member] | Buildings and Constructions [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | (1,761,692) | (1,765,318) | |
Retirements | (11) | (58,701) | |
Depreciation | $ (58,976) | $ (55,075) | |
Depreciation rate % | 2.00% | 2.00% | |
End of the year | $ (1,820,657) | $ (1,761,692) | (1,765,318) |
Depreciation [Member] | Facilities and Features in Building [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | (105,381) | (103,710) | |
Retirements | 0 | (9,419) | |
Depreciation | $ (10,927) | $ (11,090) | |
Depreciation rate % | 4.00% | 4.00% | |
End of the year | $ (116,308) | $ (105,381) | (103,710) |
Depreciation [Member] | Machinery, Equipment and Tools [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | (578,196) | (609,507) | |
Retirements | (7,758) | (73,206) | |
Depreciation | (80,007) | (41,895) | |
End of the year | $ (650,445) | $ (578,196) | (609,507) |
Depreciation [Member] | Machinery, Equipment and Tools [Member] | Bottom of Range [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Depreciation rate % | 6.70% | 6.70% | |
Depreciation [Member] | Machinery, Equipment and Tools [Member] | Top of Range [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Depreciation rate % | 10.00% | 10.00% | |
Depreciation [Member] | UT Machinery, Equipment and Tools [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | $ (686) | $ 0 | |
Retirements | 0 | 0 | |
Depreciation | (223) | (686) | |
End of the year | $ (909) | $ (686) | 0 |
Depreciation [Member] | UT Machinery, Equipment and Tools [Member] | Bottom of Range [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Depreciation rate % | 6.70% | 6.70% | |
Depreciation [Member] | UT Machinery, Equipment and Tools [Member] | Top of Range [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Depreciation rate % | 10.00% | 10.00% | |
Depreciation [Member] | Computers and Telecommunication Systems [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | $ (3,420,768) | $ (5,203,218) | |
Retirements | 0 | (2,078,177) | |
Depreciation | (221,927) | (295,727) | |
End of the year | $ (3,642,695) | $ (3,420,768) | (5,203,218) |
Depreciation [Member] | Computers and Telecommunication Systems [Member] | Bottom of Range [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Depreciation rate % | 6.70% | 6.70% | |
Depreciation [Member] | Computers and Telecommunication Systems [Member] | Top of Range [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Depreciation rate % | 20.00% | 20.00% | |
Depreciation [Member] | Vehicles [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | $ (320,725) | $ (294,870) | |
Retirements | (23,144) | (8,465) | |
Depreciation | $ (41,452) | $ (34,320) | |
Depreciation rate % | 20.00% | 20.00% | |
End of the year | $ (339,033) | $ (320,725) | (294,870) |
Depreciation [Member] | Furniture [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | (221,308) | (220,020) | |
Retirements | 0 | 0 | |
Depreciation | $ (1,237) | $ (1,288) | |
Depreciation rate % | 10.00% | 10.00% | |
End of the year | $ (222,545) | $ (221,308) | (220,020) |
Depreciation [Member] | Materials [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 0 | 0 | |
Retirements | 0 | 0 | |
Depreciation | $ 0 | $ 0 | |
Depreciation rate % | 0.00% | 0.00% | |
End of the year | $ 0 | $ 0 | 0 |
Depreciation [Member] | Line Pack [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | (27,646) | (27,646) | |
Retirements | 0 | 0 | |
Depreciation | $ 0 | $ 0 | |
Depreciation rate % | 0.00% | 0.00% | |
End of the year | $ (27,646) | $ (27,646) | (27,646) |
Depreciation [Member] | Works in Progress [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 0 | 0 | |
Retirements | 0 | 0 | |
Depreciation | $ 0 | $ 0 | |
Depreciation rate % | 0.00% | 0.00% | |
End of the year | $ 0 | $ 0 | $ 0 |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, Financial Lease (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financial Lease [Abstract] | |||
Property, plant and equipment | $ 74,552,728 | $ 59,510,863 | |
Other Services and Production and Commercialization of Liquids Segments [Abstract] | |||
Right-of-use assets | 1,687,890 | 1,941,074 | |
Book value Variation of Rights-of Use [Abstract] | |||
Depreciation, right-of-use assets | (253,184) | ||
Compressor Plants [Member] | |||
Financial Lease [Abstract] | |||
Property, plant and equipment | 8,502,651 | 7,207,835 | |
Other Services and Production and Commercialization of Liquids Segments [Abstract] | |||
Right-of-use assets | 1,113,024 | 1,279,978 | |
Book value Variation of Rights-of Use [Abstract] | |||
Depreciation, right-of-use assets | (166,954) | ||
Other Plants [Member] | |||
Financial Lease [Abstract] | |||
Property, plant and equipment | 17,550 | 18,449 | |
Other Services and Production and Commercialization of Liquids Segments [Abstract] | |||
Right-of-use assets | 448,306 | 515,552 | |
Book value Variation of Rights-of Use [Abstract] | |||
Depreciation, right-of-use assets | (67,246) | ||
Other Technical Installations [Member] | |||
Financial Lease [Abstract] | |||
Property, plant and equipment | 58,856 | 60,666 | |
Other Services and Production and Commercialization of Liquids Segments [Abstract] | |||
Right-of-use assets | 126,560 | 145,544 | |
Book value Variation of Rights-of Use [Abstract] | |||
Depreciation, right-of-use assets | (18,984) | ||
Capitalized Cost [Member] | |||
Financial Lease [Abstract] | |||
Property, plant and equipment | 143,290,795 | 124,700,420 | $ 117,938,650 |
Capitalized Cost [Member] | Compressor Plants [Member] | |||
Financial Lease [Abstract] | |||
Property, plant and equipment | 25,722,776 | 23,468,780 | 22,369,570 |
Capitalized Cost [Member] | Other Plants [Member] | |||
Financial Lease [Abstract] | |||
Property, plant and equipment | 26,488 | 26,488 | 26,488 |
Capitalized Cost [Member] | Other Technical Installations [Member] | |||
Financial Lease [Abstract] | |||
Property, plant and equipment | 421,157 | 413,717 | 407,598 |
Accumulated Depreciation [Member] | |||
Financial Lease [Abstract] | |||
Property, plant and equipment | (68,738,067) | (65,189,557) | (65,388,407) |
Accumulated Depreciation [Member] | Compressor Plants [Member] | |||
Financial Lease [Abstract] | |||
Property, plant and equipment | (17,220,125) | (16,260,945) | (15,721,120) |
Accumulated Depreciation [Member] | Other Plants [Member] | |||
Financial Lease [Abstract] | |||
Property, plant and equipment | (8,938) | (8,039) | (7,141) |
Accumulated Depreciation [Member] | Other Technical Installations [Member] | |||
Financial Lease [Abstract] | |||
Property, plant and equipment | $ (362,301) | (353,051) | $ (346,264) |
Financial Lease [Member] | |||
Financial Lease [Abstract] | |||
Property, plant and equipment | 1,941,074 | ||
Financial Lease [Member] | Capitalized Cost [Member] | |||
Financial Lease [Abstract] | |||
Property, plant and equipment | 2,501,165 | ||
Financial Lease [Member] | Accumulated Depreciation [Member] | |||
Financial Lease [Abstract] | |||
Property, plant and equipment | $ (560,091) |
LOANS, Short-term and Long-term
LOANS, Short-term and Long-term Loans (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Current Loans [Abstract] | |||||
Total Current loans | $ 1,722,087 | $ 681,225 | |||
Non Current Loans [Abstract] | |||||
Total non current loans | 31,860,717 | 31,003,715 | |||
Total | 33,582,804 | [1] | 31,684,940 | [1] | $ 10,218,503 |
Issuance expenses | 97,840 | 185,243 | |||
2018 Notes [Member] | |||||
Current Loans [Abstract] | |||||
Total Current loans | 336,881 | 349,375 | |||
Non Current Loans [Abstract] | |||||
Total non current loans | 29,847,160 | 28,789,009 | |||
Total | 30,184,041 | ||||
Pre-export Finance [Member] | |||||
Current Loans [Abstract] | |||||
Total Current loans | 1,021,325 | 0 | |||
Non Current Loans [Abstract] | |||||
Total | 1,021,325 | ||||
Financial Lease [Member] | |||||
Current Loans [Abstract] | |||||
Total Current loans | 363,881 | 331,850 | |||
Non Current Loans [Abstract] | |||||
Total non current loans | 2,013,557 | $ 2,214,706 | |||
Total | $ 2,377,438 | ||||
[1] | Net of issuance expenses of Ps. 97,840 and Ps. 185,243 as of December 31, 2019 and 2018, respectively. |
LOANS, Activity of Loans (Detai
LOANS, Activity of Loans (Details) - ARS ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Activity of Loans [Abstract] | ||||||
Beginning balance | $ 31,684,940 | [1] | $ 10,218,503 | |||
Inflation adjustment restatement | (10,931,986) | |||||
Accrued interest | 2,305,265 | |||||
Effect of foreign exchange rate change | 19,765,612 | |||||
VAT unpaid installments | 29,388 | |||||
Proceeds from loans | 1,051,809 | 21,261,978 | $ 0 | |||
Payment of loans | [2] | (2,042,940) | ||||
Payment of redemption of loans | (7,378,176) | |||||
Interest paid | [3] | (1,542,704) | ||||
Ending balance | 33,582,804 | [1] | 31,684,940 | [1] | $ 10,218,503 | |
Amount cancelled through offsetting of principal payments maintained with creditor | 149,238 | 156,861 | ||||
Amount cancelled through offsetting of interest paid maintained with creditor | 143,357 | 149,373 | ||||
Leases Liabilities [Member] | ||||||
Activity of Loans [Abstract] | ||||||
Beginning balance | 2,546,556 | |||||
Inflation adjustment restatement | (891,146) | |||||
Accrued interest | 194,944 | |||||
Effect of foreign exchange rate change | 1,178,710 | |||||
VAT unpaid installments | 15,988 | |||||
Proceeds from loans | 0 | |||||
Payment of loans | [2] | (167,989) | ||||
Payment of redemption of loans | 0 | |||||
Interest paid | [3] | (159,164) | ||||
Ending balance | 2,717,899 | 2,546,556 | ||||
Other Payables [Member] | ||||||
Activity of Loans [Abstract] | ||||||
Beginning balance | 29,138,384 | |||||
Inflation adjustment restatement | (13,298,217) | |||||
Accrued interest | 2,061,631 | |||||
Effect of foreign exchange rate change | 13,935,368 | |||||
VAT unpaid installments | 0 | |||||
Proceeds from loans | 1,051,809 | |||||
Payment of loans | [2] | 0 | ||||
Payment of redemption of loans | 0 | |||||
Interest paid | [3] | (2,024,070) | ||||
Ending balance | $ 30,864,905 | $ 29,138,384 | ||||
[1] | Net of issuance expenses of Ps. 97,840 and Ps. 185,243 as of December 31, 2019 and 2018, respectively. | |||||
[2] | For the years ended on December 31, 2019 and 2018, Ps. 149,238 and Ps. 156,861 respectively were cancelled through the offseting of debit balances maintained with the creditor (Pampa Energia). | |||||
[3] | For the years ended on December 31, 2019 and 2018, Ps. 143,357 and Ps. 149,373, respectively, were cancelled through the offseting of debit balances maintained with the creditor (Pampa Energia). |
LOANS, Maturities of Current an
LOANS, Maturities of Current and Non-current Loans (Details) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | |
Maturities of current and non-current loans [Abstract] | |||||
Loans | $ 33,582,804 | [1] | $ 31,684,940 | $ 10,218,503 | |
Due [Member] | |||||
Maturities of current and non-current loans [Abstract] | |||||
Loans | 90,363 | ||||
From 1/01/2020 to 12/31/2020 | |||||
Maturities of current and non-current loans [Abstract] | |||||
Loans | 1,631,724 | ||||
From 1/01/2021 to 12/31/2021[Member] | |||||
Maturities of current and non-current loans [Abstract] | |||||
Loans | 296,515 | ||||
From 01/01/2022 to 12/31/2022 [Member] | |||||
Maturities of current and non-current loans [Abstract] | |||||
Loans | 321,370 | ||||
From 1/01/2023 to 12/31/2023 [Member] | |||||
Maturities of current and non-current loans [Abstract] | |||||
Loans | 348,380 | ||||
From 1/01/2024 onwards [Member] | |||||
Maturities of current and non-current loans [Abstract] | |||||
Loans | 30,894,452 | ||||
2018 Notes [Member] | |||||
Maturities of current and non-current loans [Abstract] | |||||
Loans | 30,184,041 | ||||
2018 Notes [Member] | Due [Member] | |||||
Maturities of current and non-current loans [Abstract] | |||||
Loans | 0 | ||||
2018 Notes [Member] | From 1/01/2020 to 12/31/2020 | |||||
Maturities of current and non-current loans [Abstract] | |||||
Loans | 336,881 | ||||
2018 Notes [Member] | From 1/01/2021 to 12/31/2021[Member] | |||||
Maturities of current and non-current loans [Abstract] | |||||
Loans | 0 | ||||
2018 Notes [Member] | From 01/01/2022 to 12/31/2022 [Member] | |||||
Maturities of current and non-current loans [Abstract] | |||||
Loans | 0 | ||||
2018 Notes [Member] | From 1/01/2023 to 12/31/2023 [Member] | |||||
Maturities of current and non-current loans [Abstract] | |||||
Loans | 0 | ||||
2018 Notes [Member] | From 1/01/2024 onwards [Member] | |||||
Maturities of current and non-current loans [Abstract] | |||||
Loans | 29,847,160 | ||||
Financial Leasing [Member] | |||||
Maturities of current and non-current loans [Abstract] | |||||
Loans | 2,377,438 | ||||
Financial Leasing [Member] | Due [Member] | |||||
Maturities of current and non-current loans [Abstract] | |||||
Loans | 90,363 | ||||
Financial Leasing [Member] | From 1/01/2020 to 12/31/2020 | |||||
Maturities of current and non-current loans [Abstract] | |||||
Loans | 273,518 | ||||
Financial Leasing [Member] | From 1/01/2021 to 12/31/2021[Member] | |||||
Maturities of current and non-current loans [Abstract] | |||||
Loans | 296,515 | ||||
Financial Leasing [Member] | From 01/01/2022 to 12/31/2022 [Member] | |||||
Maturities of current and non-current loans [Abstract] | |||||
Loans | 321,370 | ||||
Financial Leasing [Member] | From 1/01/2023 to 12/31/2023 [Member] | |||||
Maturities of current and non-current loans [Abstract] | |||||
Loans | 348,380 | ||||
Financial Leasing [Member] | From 1/01/2024 onwards [Member] | |||||
Maturities of current and non-current loans [Abstract] | |||||
Loans | 1,047,292 | ||||
Pre-export Finance [Member] | |||||
Maturities of current and non-current loans [Abstract] | |||||
Loans | 1,021,325 | ||||
Pre-export Finance [Member] | Due [Member] | |||||
Maturities of current and non-current loans [Abstract] | |||||
Loans | 0 | ||||
Pre-export Finance [Member] | From 1/01/2020 to 12/31/2020 | |||||
Maturities of current and non-current loans [Abstract] | |||||
Loans | 1,021,325 | ||||
Pre-export Finance [Member] | From 1/01/2021 to 12/31/2021[Member] | |||||
Maturities of current and non-current loans [Abstract] | |||||
Loans | 0 | ||||
Pre-export Finance [Member] | From 01/01/2022 to 12/31/2022 [Member] | |||||
Maturities of current and non-current loans [Abstract] | |||||
Loans | 0 | ||||
Pre-export Finance [Member] | From 1/01/2023 to 12/31/2023 [Member] | |||||
Maturities of current and non-current loans [Abstract] | |||||
Loans | 0 | ||||
Pre-export Finance [Member] | From 1/01/2024 onwards [Member] | |||||
Maturities of current and non-current loans [Abstract] | |||||
Loans | $ 0 | ||||
[1] | Net of issuance expenses of Ps. 97,840 and Ps. 185,243 as of December 31, 2019 and 2018, respectively. |
LOANS, Maturities of Finance Le
LOANS, Maturities of Finance Leases and Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2019ARS ($) |
Disclosure of maturities of finance leases and future minimum lease payments [Abstract] | |
Total minimum future payments | $ 3,046,173 |
Future financial charges on financial leases | (668,735) |
Book value financial leases | 2,377,438 |
As of 12/31/2020 [Member] | |
Disclosure of maturities of finance leases and future minimum lease payments [Abstract] | |
Total minimum future payments | 538,339 |
From 1/01/2021 to 12/31/2021[Member] | |
Disclosure of maturities of finance leases and future minimum lease payments [Abstract] | |
Total minimum future payments | 448,037 |
From 01/01/2022 to 12/31/2022 [Member] | |
Disclosure of maturities of finance leases and future minimum lease payments [Abstract] | |
Total minimum future payments | 448,037 |
From 1/01/2023 to 12/31/2023 [Member] | |
Disclosure of maturities of finance leases and future minimum lease payments [Abstract] | |
Total minimum future payments | 448,037 |
From 1/01/2024 onwards [Member] | |
Disclosure of maturities of finance leases and future minimum lease payments [Abstract] | |
Total minimum future payments | $ 1,163,723 |
LOANS, 2018 Notes (Details)
LOANS, 2018 Notes (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018ARS ($) | Dec. 31, 2018USD ($) | ||
Issuance of notes [Abstract] | ||||
Repurchase of note | [1] | $ 2,042,940 | ||
Cancellation and redemption of note | $ 7,378,176 | |||
2014 Note [Member] | ||||
Issuance of notes [Abstract] | ||||
Repurchase of note | $ 86,511,165 | |||
Cancellation and redemption of note | 120,786,581 | |||
2014 Note [Member] | Top of Range [Member] | ||||
Issuance of notes [Abstract] | ||||
Maximum principal amount | 400,000,000 | |||
2018 Note [Member] | ||||
Issuance of notes [Abstract] | ||||
Principal amount | $ 500,000,000 | |||
Interest rate | 6.75% | |||
Issuance price | 99.725% | |||
Frequency of interest payment | Semiannual, payable el May 2 and November 2 of each year | |||
Guarantor | None | |||
Percentage of cash flows discounted at an effective rate | 7.088% | |||
2018 Note [Member] | May 2, 2025 [Member] | ||||
Issuance of notes [Abstract] | ||||
Percentage of original principal amount | 100.00% | |||
2018 Note [Member] | Top of Range [Member] | ||||
Issuance of notes [Abstract] | ||||
Maximum principal amount | $ 1,200,000,000 | $ 700,000,000 | ||
Pre-export Finance [Member] | ||||
Issuance of notes [Abstract] | ||||
Principal amount | $ 17,000,000 | |||
Interest rate | 1.95% | |||
Frequency of interest payment | Monthly, payable on December 4, 2019, January 6, 2020, February 4, 2020 and March 4, 2020 | |||
Guarantor | [2] | US Treasury bills * | ||
Pre-export Finance [Member] | March 04, 2020 [Member] | ||||
Issuance of notes [Abstract] | ||||
Percentage of original principal amount | 100.00% | |||
[1] | For the years ended on December 31, 2019 and 2018, Ps. 149,238 and Ps. 156,861 respectively were cancelled through the offseting of debit balances maintained with the creditor (Pampa Energia). | |||
[2] | Included in "Other financial assets at amortized cost." |
LOANS, Covenants and Financial
LOANS, Covenants and Financial leasing (Details) | 12 Months Ended |
Dec. 31, 2019USD ($)Installment | |
Financial Leasing [Abstract] | |
Number of monthly installments | Installment | 119 |
Bottom of Range [Member] | |
Covenants [Abstract] | |
Consolidated coverage ratio | 2 |
Top of Range [Member] | |
Covenants [Abstract] | |
Consolidated debt ratio | 3.5 |
Pampa Energia [Member] | |
Financial Leasing [Abstract] | |
Monthly payment amount | $ | $ 623,457 |
Period of option to purchase financial leasing agreement for same amount | 120 months |
INCOME TAX AND DEFERRED TAX (De
INCOME TAX AND DEFERRED TAX (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019ARS ($)Installment | Dec. 31, 2018ARS ($) | Dec. 31, 2017ARS ($) | |
Reduction in the applicable rate [Abstract] | |||
Income tax rate | 30.00% | 30.00% | 35.00% |
Additional tax depending on dividends distributed at the rate of 30% | 7.00% | ||
Additional tax depending on dividends distributed at the rate of 25% | 13.00% | ||
Tax Revaluation [Abstract] | |||
Special revaluation tax | $ 0 | $ (1,612,164) | $ 0 |
Tax revaluation benefit | $ 0 | $ (6,447,872) | $ 0 |
Number of consecutive monthly installments | Installment | 5 | ||
Bottom of Range [Member] | |||
Tax Revaluation [Abstract] | |||
Special tax, percentage | 8.00% | ||
Top of Range [Member] | |||
Tax Revaluation [Abstract] | |||
Special tax, percentage | 15.00% | ||
2019 [Member] | |||
Reduction in the applicable rate [Abstract] | |||
Income tax rate | 30.00% | ||
2020 and Onwards [Member] | |||
Reduction in the applicable rate [Abstract] | |||
Income tax rate | 25.00% | ||
2021 and Onwards [Member] | |||
Reduction in the applicable rate [Abstract] | |||
Income tax rate | 25.00% |
INCOME TAX AND DEFERRED TAX, In
INCOME TAX AND DEFERRED TAX, Income Tax (Expense)/Gain (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
INCOME TAX AND DEFERRED TAX [Abstract] | |||
Current income tax | $ (2,682,261) | $ (4,920,109) | $ (3,757,523) |
Special revaluation tax | 0 | (1,612,164) | 0 |
Deferred income tax | (1,341,950) | 6,512,012 | 3,839,173 |
Income tax (expense) / gain | $ (4,024,211) | $ (20,261) | $ 81,650 |
INCOME TAX AND DEFERRED TAX, An
INCOME TAX AND DEFERRED TAX, Analysis of Deferred Tax Assets and Liabilities (Details) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets [Abstract] | ||
Deferred tax assets to be recovered after more than 12 months | $ 996,567 | $ 1,044,262 |
Deferred tax assets to be recovered after less than 12 months | 273,287 | 231,200 |
Deferred tax liabilities [Abstract] | ||
Deferred tax liabilities to be recovered after more than 12 months | (6,002,822) | (4,527,584) |
Deferred tax liabilities to be recovered after less than 12 months | (29,546) | (168,442) |
Deferred tax liabilities, net | $ (4,762,514) | $ (3,420,564) |
INCOME TAX AND DEFERRED TAX, Co
INCOME TAX AND DEFERRED TAX, Component of Net Deferred Tax Assets and Liabilities (Details) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | $ (3,420,564) | |
Deferred tax assets (liability), end of year | (4,762,514) | $ (3,420,564) |
Deferred Tax Assets [Member] | ||
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | 1,275,462 | 1,125,951 |
Charge in results | (5,608) | 149,511 |
Deferred tax assets (liability), end of year | 1,269,854 | 1,275,462 |
Deferred Tax Assets [Member] | Allowance for Doubtful Accounts [Member] | ||
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | 0 | 0 |
Charge in results | 731 | 0 |
Deferred tax assets (liability), end of year | 731 | 0 |
Deferred Tax Assets [Member] | Tax Credits Discounted Value Loss [Member] | ||
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | 596 | 0 |
Charge in results | (240) | 596 |
Deferred tax assets (liability), end of year | 356 | 596 |
Deferred Tax Assets [Member] | Account Receivables Discounted Value [Member] | ||
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | 3,497 | 0 |
Charge in results | (2,766) | 3,497 |
Deferred tax assets (liability), end of year | 731 | 3,497 |
Deferred Tax Assets [Member] | Provisions for Legal Claims and Other Provisions [Member] | ||
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | 155,226 | 173,575 |
Charge in results | (375) | (18,349) |
Deferred tax assets (liability), end of year | 154,851 | 155,226 |
Deferred Tax Assets [Member] | Financial Lease [Member] | ||
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | 626,981 | 516,052 |
Charge in results | (26,711) | 110,929 |
Deferred tax assets (liability), end of year | 600,270 | 626,981 |
Deferred Tax Assets [Member] | Contract liabilities [Member] | ||
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | 489,162 | 436,324 |
Charge in results | 14,925 | 52,838 |
Deferred tax assets (liability), end of year | 504,087 | 489,162 |
Deferred Tax Assets [Member] | Tax Inflation Adjustment [Member] | ||
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | 0 | 0 |
Charge in results | 8,828 | 0 |
Deferred tax assets (liability), end of year | 8,828 | 0 |
Deferred Tax Liabilities [Member] | ||
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | (4,696,026) | (11,058,527) |
Charge in results | (1,336,342) | 6,362,501 |
Deferred tax assets (liability), end of year | (6,032,368) | (4,696,026) |
Deferred Tax Liabilities [Member] | Tax Inflation Adjustment [Member] | ||
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | 0 | 0 |
Charge in results | (1,632,889) | 0 |
Deferred tax assets (liability), end of year | (1,632,889) | 0 |
Deferred Tax Liabilities [Member] | Deferred Sales [Member] | ||
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | 4,367 | 0 |
Charge in results | (4,367) | 4,367 |
Deferred tax assets (liability), end of year | 0 | 4,367 |
Deferred Tax Liabilities [Member] | Loans [Member] | ||
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | (47,813) | (5,633) |
Charge in results | 21,547 | (42,180) |
Deferred tax assets (liability), end of year | (26,266) | (47,813) |
Deferred Tax Liabilities [Member] | Property, Plant and Equipment [Member] | ||
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | (4,488,783) | (11,016,028) |
Charge in results | 139,697 | 6,527,245 |
Deferred tax assets (liability), end of year | (4,349,086) | (4,488,783) |
Deferred Tax Liabilities [Member] | Cash and Cash Equivalents [Member] | ||
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | (146,008) | (25,325) |
Charge in results | 143,880 | (120,683) |
Deferred tax assets (liability), end of year | (2,128) | (146,008) |
Deferred Tax Liabilities [Member] | Inventories [Member] | ||
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | (17,789) | (11,541) |
Charge in results | (2,346) | (6,248) |
Deferred tax assets (liability), end of year | (20,135) | (17,789) |
Deferred Tax Liabilities [Member] | Other Financial Assets at Amortized Cost [Member] | ||
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | 0 | 0 |
Charge in results | (1,864) | 0 |
Deferred tax assets (liability), end of year | $ (1,864) | $ 0 |
INCOME TAX AND DEFERRED TAX, Ef
INCOME TAX AND DEFERRED TAX, Effective Income Tax Rate Reconciliation (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation [abstract] | |||
Pre-tax income | $ 16,829,329 | $ 17,581,516 | $ 8,765,549 |
Statutory income tax rate | 30.00% | 30.00% | 35.00% |
Pre-tax income at statutory income tax rate | $ (5,048,799) | $ (5,274,455) | $ (3,067,942) |
Tax Effects Due to [Abstract] | |||
Restatement by inflation | 2,039,603 | 371,340 | (287,676) |
Tax revaluation benefit | 0 | 6,447,872 | 0 |
Special revaluation tax | 0 | (1,612,164) | 0 |
Adjustment affidavit previous year | 136,641 | (464) | 0 |
Change in the tax rate | 0 | 0 | 3,437,625 |
Tax inflation adjustment | (1,998,487) | 0 | 0 |
Others | 846,831 | 47,610 | (357) |
Income tax (expense) / gain | $ (4,024,211) | $ (20,261) | $ 81,650 |
PROVISIONS (Details)
PROVISIONS (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | ||||
Legal Claims and Others [Member] | |||||
Reconciliation of changes in other provisions [abstract] | |||||
Beginning balance | $ 570,977 | $ 445,962 | |||
Inflation adjustment restatement | (241,044) | (173,430) | |||
Additions | 272,477 | [1] | 300,213 | [2] | |
Uses | (7,590) | (1,211) | |||
Decreases | [3] | (5,702) | (557) | ||
Ending balance | 589,118 | 570,977 | |||
Other Operating Expenses [Member] | |||||
Reconciliation of changes in other provisions [abstract] | |||||
Additions | 161,826 | 185,473 | |||
Financial Expenses [Member] | |||||
Reconciliation of changes in other provisions [abstract] | |||||
Additions | $ 110,651 | $ 114,740 | |||
[1] | Ps. 161,826 are included in "Other operating expenses" and Ps. 110,651 in "Financial expenses". | ||||
[2] | Ps. 185,473 are included in "Other operating expenses" and Ps. 114,740 in "Financial expenses". | ||||
[3] | The total are included in "Other operating expenses". |
FINANCIAL RISK MANAGEMENT, Fore
FINANCIAL RISK MANAGEMENT, Foreign Exchange Risk (Details) - Foreign Exchange Risk [Member] - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Foreign exchange risk [Abstract] | |||
Percentage of funds denominated in US dollars to mitigate foreign exchange risk | 88.00% | ||
Percentage appreciation (depreciation) of US Dollar against Argentine Peso | 10.00% | ||
Pretax income | $ 2,564,896 | $ 1,138,128 | $ 399,846 |
U.S. Dollars [Member] | Liquids Production and Commercialization [Member] | |||
Foreign exchange risk [Abstract] | |||
Percentage of revenue | 87.00% | 77.00% | 76.00% |
Argentine Pesos [Member] | Liquids Production and Commercialization [Member] | |||
Foreign exchange risk [Abstract] | |||
Percentage of revenue | 53.00% | 59.00% | 51.00% |
FINANCIAL RISK MANAGEMENT, Inte
FINANCIAL RISK MANAGEMENT, Interest Rate Risk (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Financial Assets and Financial Liabilities [Abstract] | |||
Financial assets | $ 18,043,166 | $ 31,416,577 | |
Financial liabilities | 38,517,531 | 37,041,479 | |
Trade receivables | 6,473,759 | 4,791,109 | |
Interest Rate Risk [Member] | |||
Financial Assets and Financial Liabilities [Abstract] | |||
Financial assets | [1] | 9,688,755 | 13,136,802 |
Financial liabilities | [2] | $ 31,205,364 | 29,138,384 |
Decrease in variable rate basis | 100 | ||
Interest Rate Risk [Member] | Fixed Interest Rate [Member] | |||
Interest Rate Risk [abstract] | |||
Percentage of outstanding financial indebtedness bearing fixed interest rate | 100.00% | ||
Financial Assets and Financial Liabilities [Abstract] | |||
Financial assets | [1] | $ 8,650,353 | 13,114,538 |
Financial liabilities | [2] | 30,184,039 | 29,138,384 |
Interest Rate Risk [Member] | Variable Interest Rate [Member] | |||
Financial Assets and Financial Liabilities [Abstract] | |||
Financial assets | [1] | 1,038,402 | 22,264 |
Financial liabilities | [2] | 1,021,325 | 0 |
Trade receivables | $ 8,758 | $ 22,264 | |
Interest Rate Risk [Member] | CER [Member] | |||
Financial Assets and Financial Liabilities [Abstract] | |||
Spread on variable interest rate | 8.00% | 8.00% | |
[1] | Includes mutual funds, Letes, Lebacs and bank accounts. Trade receivables do no bear interests, except for Ps. 8,758 and Ps. 22,264, which bears CER plus a spread of 8% as of December 31, 2019 and 2018, respectively. | ||
[2] | Includes loans, issuance expenses and financial leasing |
FINANCIAL RISK MANAGEMENT, Comm
FINANCIAL RISK MANAGEMENT, Commodity Price Risk (Details) $ in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019ARS ($)Ton$ / Ton | Dec. 31, 2018ARS ($)$ / Ton | Dec. 31, 2017ARS ($)$ / Ton | Dec. 31, 2019USD ($) | |
Monthly Short Tons [Abstract] | ||||
Derivative financial instruments | $ | $ 274,024 | $ 335,773 | ||
Commodity Price Risk [Member] | ||||
Commodity Rate Risk [Abstract] | ||||
Percentage of sales of propane and butane in domestic market | 59.00% | |||
Increase (decrease) in international price of LPG and natural gasoline | $ / Ton | 50 | 50 | 50 | |
Monthly Short Tons [Abstract] | ||||
Premium paid | $ | $ 3 | |||
Derivative financial instruments | $ | $ 274,024 | $ 335,773 | ||
Commodity Price Risk [Member] | Propane [Member] | October 2018 - April 2019 [Member] | ||||
Monthly Short Tons [Abstract] | ||||
Monthly short tons | 6,663 | |||
Commodity Price Risk [Member] | Propane [Member] | May 2019 - September 2019 [Member] | ||||
Monthly Short Tons [Abstract] | ||||
Monthly short tons | 0 | |||
Commodity Price Risk [Member] | Propane [Member] | October 2019 [Member] | ||||
Monthly Short Tons [Abstract] | ||||
Monthly short tons | 9,996 | |||
Commodity Price Risk [Member] | Propane [Member] | November 2019 - April 2020 [Member] | ||||
Monthly Short Tons [Abstract] | ||||
Monthly short tons | 14,438 | |||
Commodity Price Risk [Member] | Butane [Member] | October 2018 - April 2019 [Member] | ||||
Monthly Short Tons [Abstract] | ||||
Monthly short tons | 4,967 | |||
Commodity Price Risk [Member] | Butane [Member] | May 2019 - September 2019 [Member] | ||||
Monthly Short Tons [Abstract] | ||||
Monthly short tons | 0 | |||
Commodity Price Risk [Member] | Butane [Member] | October 2019 [Member] | ||||
Monthly Short Tons [Abstract] | ||||
Monthly short tons | 7,727 | |||
Commodity Price Risk [Member] | Butane [Member] | November 2019 - April 2020 [Member] | ||||
Monthly Short Tons [Abstract] | ||||
Monthly short tons | 11,038 | |||
Commodity Price Risk [Member] | Natural Gasoline [Member] | October 2018 - April 2019 [Member] | ||||
Monthly Short Tons [Abstract] | ||||
Monthly short tons | 2,976 | |||
Commodity Price Risk [Member] | Natural Gasoline [Member] | May 2019 - September 2019 [Member] | ||||
Monthly Short Tons [Abstract] | ||||
Monthly short tons | 4,519 | |||
Commodity Price Risk [Member] | Natural Gasoline [Member] | October 2019 [Member] | ||||
Monthly Short Tons [Abstract] | ||||
Monthly short tons | 4,630 | |||
Commodity Price Risk [Member] | Natural Gasoline [Member] | November 2019 - April 2020 [Member] | ||||
Monthly Short Tons [Abstract] | ||||
Monthly short tons | 6,614 | |||
Commodity Price Risk [Member] | Liquids Production and Commercialization [Member] | ||||
Commodity Rate Risk [Abstract] | ||||
Decrease in net comprehensive income due to commodity risk | $ | $ 1,153,105 | $ 849,161 | $ 233,323 |
FINANCIAL RISK MANAGEMENT, Cred
FINANCIAL RISK MANAGEMENT, Credit Risk, Trade and Other Receivables (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Trade and Other Receivables, Current and Noncurrent [Abstract] | |||
Current trade receivables | $ 6,608,715 | $ 4,994,969 | |
Allowances for doubtful accounts | (134,956) | (203,860) | $ 0 |
Total | 6,473,759 | 4,791,109 | |
Trade and other receivables [Abstract] | |||
Revenues | 48,561,494 | 52,399,423 | 30,694,588 |
Trade receivables | 6,473,759 | 4,791,109 | |
Natural Gas Transportation [Member] | MetroGas [Member] | |||
Trade and Other Receivables, Current and Noncurrent [Abstract] | |||
Total | 1,459,410 | 577,764 | |
Trade and other receivables [Abstract] | |||
Revenues | 5,849,138 | 4,957,415 | 2,948,056 |
Trade receivables | 1,459,410 | 577,764 | |
Natural Gas Transportation [Member] | Camuzzi Gas Pampeana S.A. [Member] | |||
Trade and Other Receivables, Current and Noncurrent [Abstract] | |||
Total | 729,137 | 430,212 | |
Trade and other receivables [Abstract] | |||
Revenues | 4,353,024 | 3,682,320 | 2,167,208 |
Trade receivables | 729,137 | 430,212 | |
Natural Gas Transportation [Member] | Naturgy Argentina [Member] | |||
Trade and Other Receivables, Current and Noncurrent [Abstract] | |||
Total | 567,429 | 368,782 | |
Trade and other receivables [Abstract] | |||
Revenues | 3,496,055 | 2,971,396 | 1,556,829 |
Trade receivables | 567,429 | 368,782 | |
Natural Gas Transportation [Member] | CAMMESA [Member] | |||
Trade and Other Receivables, Current and Noncurrent [Abstract] | |||
Total | 206,403 | 281,896 | |
Trade and other receivables [Abstract] | |||
Revenues | 1,337,997 | 2,057,838 | 1,368,671 |
Trade receivables | 206,403 | 281,896 | |
Natural Gas Transportation [Member] | Pampa Energia [Member] | |||
Trade and Other Receivables, Current and Noncurrent [Abstract] | |||
Total | 258,007 | 141,040 | |
Trade and other receivables [Abstract] | |||
Revenues | 803,610 | 676,180 | 68,737 |
Trade receivables | 258,007 | 141,040 | |
Natural Gas Transportation [Member] | Camuzzi Gas del Sur S.A. [Member] | |||
Trade and Other Receivables, Current and Noncurrent [Abstract] | |||
Total | 150,838 | 87,574 | |
Trade and other receivables [Abstract] | |||
Revenues | 1,075,744 | 822,176 | 477,222 |
Trade receivables | 150,838 | 87,574 | |
Liquids Production and Commercialization [Member] | PBB Polisur [Member] | |||
Trade and Other Receivables, Current and Noncurrent [Abstract] | |||
Total | 841,338 | 1,090,359 | |
Trade and other receivables [Abstract] | |||
Revenues | 6,338,222 | 8,102,817 | 5,667,118 |
Trade receivables | 841,338 | 1,090,359 | |
Liquids Production and Commercialization [Member] | Petredec [Member] | |||
Trade and Other Receivables, Current and Noncurrent [Abstract] | |||
Total | 0 | 0 | |
Trade and other receivables [Abstract] | |||
Revenues | 1,003,264 | 1,321,183 | 2,119,267 |
Trade receivables | 0 | 0 | |
Liquids Production and Commercialization [Member] | Geogas Trading S.A. [Member] | |||
Trade and Other Receivables, Current and Noncurrent [Abstract] | |||
Total | 375,723 | 0 | |
Trade and other receivables [Abstract] | |||
Revenues | 1,691,910 | 1,695,707 | 878,783 |
Trade receivables | 375,723 | 0 | |
Liquids Production and Commercialization [Member] | Shell Trading (US) Company [Member] | |||
Trade and Other Receivables, Current and Noncurrent [Abstract] | |||
Total | 0 | 0 | |
Trade and other receivables [Abstract] | |||
Revenues | 0 | 138,246 | 2,192,301 |
Trade receivables | 0 | 0 | |
Liquids Production and Commercialization [Member] | YPF [Member] | |||
Trade and Other Receivables, Current and Noncurrent [Abstract] | |||
Total | 26,501 | 30,968 | |
Trade and other receivables [Abstract] | |||
Revenues | 1,239,102 | 729,113 | 0 |
Trade receivables | 26,501 | 30,968 | |
Liquids Production and Commercialization [Member] | Petrobras Global Trading BV [Member] | |||
Trade and Other Receivables, Current and Noncurrent [Abstract] | |||
Total | 397,172 | 211,387 | |
Trade and other receivables [Abstract] | |||
Revenues | 4,446,241 | 2,682,539 | $ 0 |
Trade receivables | $ 397,172 | $ 211,387 |
FINANCIAL RISK MANAGEMENT, Cr_2
FINANCIAL RISK MANAGEMENT, Credit Risk, Cash and Financial Placement Maturities (Details) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Maturities of financial assets [Abstract] | |||
Financial assets | $ 18,043,166 | $ 31,416,577 | |
Cash and Cash Equivalents [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 9,765,201 | 25,605,137 | |
Cash and Cash Equivalents [Member] | Without Specified Maturity [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 9,650,787 | 22,283,431 | |
Cash and Cash Equivalents [Member] | With Specified Maturity Over Due [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | 0 | |
Cash and Cash Equivalents [Member] | With Specified Maturity Over Due [Member] | Until 12-31-2018 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Over Due [Member] | From 01-01-19 to 03-31-19 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Over Due [Member] | From 04-01-19 to 06-30-19 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Over Due [Member] | From 07-01-19 to 09-30-19 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Over Due [Member] | From 10-01-19 to 12-31-19 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Over Due [Member] | Until 12-31-2017 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Over Due [Member] | From 01-01-18 to 03-31-18 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Over Due [Member] | From 04-01-18 to 06-30-18 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Over Due [Member] | From 07-01-18 to 09-30-18 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Over Due [Member] | From 10-01-18 to 12-31-18 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Non-Due [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 114,414 | 3,321,706 | |
Cash and Cash Equivalents [Member] | With Specified Maturity Non-Due [Member] | From 01-01-20 to 03-31-20 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 114,414 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Non-Due [Member] | From 04-01-20 to 06-30-20 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Non-Due [Member] | From 07-01-20 to 09-30-20 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Non-Due [Member] | From 10-01-20 to 12-31-20 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Non-Due [Member] | From 01-01-19 to 03-31-19 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 3,321,706 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Non-Due [Member] | From 04-01-19 to 06-30-19 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Non-Due [Member] | From 07-01-19 to 09-30-19 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Non-Due [Member] | From 10-01-19 to 12-31-19 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Non-Due [Member] | During 2021 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Non-Due [Member] | During 2022 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Non-Due [Member] | During 2023 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Non-Due [Member] | During 2024 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Non-Due [Member] | From 2025 onwards [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Non-Due [Member] | During 2020 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Non-Due [Member] | During 2021 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Non-Due [Member] | During 2022 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Non-Due [Member] | During 2023 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Non-Due [Member] | From 2024 onwards [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 114,414 | 3,321,706 | |
Other Financial Assets [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 1,323,387 | 358,039 | |
Other Financial Assets [Member] | Without Specified Maturity [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | 0 | |
Other Financial Assets [Member] | With Specified Maturity Over Due [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | 0 | |
Other Financial Assets [Member] | With Specified Maturity Over Due [Member] | Until 12-31-2018 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Other Financial Assets [Member] | With Specified Maturity Over Due [Member] | From 01-01-19 to 03-31-19 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Other Financial Assets [Member] | With Specified Maturity Over Due [Member] | From 04-01-19 to 06-30-19 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Other Financial Assets [Member] | With Specified Maturity Over Due [Member] | From 07-01-19 to 09-30-19 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Other Financial Assets [Member] | With Specified Maturity Over Due [Member] | From 10-01-19 to 12-31-19 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Other Financial Assets [Member] | With Specified Maturity Over Due [Member] | Until 12-31-2017 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Other Financial Assets [Member] | With Specified Maturity Over Due [Member] | From 01-01-18 to 03-31-18 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Other Financial Assets [Member] | With Specified Maturity Over Due [Member] | From 04-01-18 to 06-30-18 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Other Financial Assets [Member] | With Specified Maturity Over Due [Member] | From 07-01-18 to 09-30-18 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Other Financial Assets [Member] | With Specified Maturity Over Due [Member] | From 10-01-18 to 12-31-18 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Other Financial Assets [Member] | With Specified Maturity Non-Due [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 1,323,387 | 358,039 | |
Other Financial Assets [Member] | With Specified Maturity Non-Due [Member] | From 01-01-20 to 03-31-20 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 1,315,640 | ||
Other Financial Assets [Member] | With Specified Maturity Non-Due [Member] | From 04-01-20 to 06-30-20 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 796 | ||
Other Financial Assets [Member] | With Specified Maturity Non-Due [Member] | From 07-01-20 to 09-30-20 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 775 | ||
Other Financial Assets [Member] | With Specified Maturity Non-Due [Member] | From 10-01-20 to 12-31-20 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 773 | ||
Other Financial Assets [Member] | With Specified Maturity Non-Due [Member] | From 01-01-19 to 03-31-19 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 338,073 | ||
Other Financial Assets [Member] | With Specified Maturity Non-Due [Member] | From 04-01-19 to 06-30-19 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 2,300 | ||
Other Financial Assets [Member] | With Specified Maturity Non-Due [Member] | From 07-01-19 to 09-30-19 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 2,300 | ||
Other Financial Assets [Member] | With Specified Maturity Non-Due [Member] | From 10-01-19 to 12-31-19 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 1,894 | ||
Other Financial Assets [Member] | With Specified Maturity Non-Due [Member] | During 2021 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 3,043 | ||
Other Financial Assets [Member] | With Specified Maturity Non-Due [Member] | During 2022 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 1,911 | ||
Other Financial Assets [Member] | With Specified Maturity Non-Due [Member] | During 2023 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 449 | ||
Other Financial Assets [Member] | With Specified Maturity Non-Due [Member] | During 2024 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Other Financial Assets [Member] | With Specified Maturity Non-Due [Member] | From 2025 onwards [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Other Financial Assets [Member] | With Specified Maturity Non-Due [Member] | During 2020 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 5,161 | ||
Other Financial Assets [Member] | With Specified Maturity Non-Due [Member] | During 2021 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 4,683 | ||
Other Financial Assets [Member] | With Specified Maturity Non-Due [Member] | During 2022 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 2,940 | ||
Other Financial Assets [Member] | With Specified Maturity Non-Due [Member] | During 2023 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 688 | ||
Other Financial Assets [Member] | With Specified Maturity Non-Due [Member] | From 2024 onwards [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Other Financial Assets [Member] | With Specified Maturity [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 1,323,387 | 358,039 | |
Credits [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 7,087,099 | 5,657,260 |
Credits [Member] | Without Specified Maturity [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 21,607 | 718 |
Credits [Member] | With Specified Maturity Over Due [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 1,285,739 | 1,053,921 |
Credits [Member] | With Specified Maturity Over Due [Member] | Until 12-31-2018 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 144,596 | |
Credits [Member] | With Specified Maturity Over Due [Member] | From 01-01-19 to 03-31-19 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 1,538 | |
Credits [Member] | With Specified Maturity Over Due [Member] | From 04-01-19 to 06-30-19 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 4,245 | |
Credits [Member] | With Specified Maturity Over Due [Member] | From 07-01-19 to 09-30-19 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 343,827 | |
Credits [Member] | With Specified Maturity Over Due [Member] | From 10-01-19 to 12-31-19 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 791,533 | |
Credits [Member] | With Specified Maturity Over Due [Member] | Until 12-31-2017 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 205,783 | |
Credits [Member] | With Specified Maturity Over Due [Member] | From 01-01-18 to 03-31-18 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 477 | |
Credits [Member] | With Specified Maturity Over Due [Member] | From 04-01-18 to 06-30-18 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 6,184 | |
Credits [Member] | With Specified Maturity Over Due [Member] | From 07-01-18 to 09-30-18 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 17,537 | |
Credits [Member] | With Specified Maturity Over Due [Member] | From 10-01-18 to 12-31-18 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 823,940 | |
Credits [Member] | With Specified Maturity Non-Due [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 5,779,753 | 4,602,621 |
Credits [Member] | With Specified Maturity Non-Due [Member] | From 01-01-20 to 03-31-20 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 5,271,983 | |
Credits [Member] | With Specified Maturity Non-Due [Member] | From 04-01-20 to 06-30-20 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 482,630 | |
Credits [Member] | With Specified Maturity Non-Due [Member] | From 07-01-20 to 09-30-20 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 8,105 | |
Credits [Member] | With Specified Maturity Non-Due [Member] | From 10-01-20 to 12-31-20 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 10,092 | |
Credits [Member] | With Specified Maturity Non-Due [Member] | From 01-01-19 to 03-31-19 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 4,530,803 | |
Credits [Member] | With Specified Maturity Non-Due [Member] | From 04-01-19 to 06-30-19 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 63,313 | |
Credits [Member] | With Specified Maturity Non-Due [Member] | From 07-01-19 to 09-30-19 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 0 | |
Credits [Member] | With Specified Maturity Non-Due [Member] | From 10-01-19 to 12-31-19 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 0 | |
Credits [Member] | With Specified Maturity Non-Due [Member] | During 2021 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 6,943 | |
Credits [Member] | With Specified Maturity Non-Due [Member] | During 2022 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 0 | |
Credits [Member] | With Specified Maturity Non-Due [Member] | During 2023 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 0 | |
Credits [Member] | With Specified Maturity Non-Due [Member] | During 2024 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 0 | |
Credits [Member] | With Specified Maturity Non-Due [Member] | From 2025 onwards [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 0 | |
Credits [Member] | With Specified Maturity Non-Due [Member] | During 2020 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 8,505 | |
Credits [Member] | With Specified Maturity Non-Due [Member] | During 2021 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 0 | |
Credits [Member] | With Specified Maturity Non-Due [Member] | During 2022 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 0 | |
Credits [Member] | With Specified Maturity Non-Due [Member] | During 2023 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 0 | |
Credits [Member] | With Specified Maturity Non-Due [Member] | From 2024 onwards [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 0 | |
Credits [Member] | With Specified Maturity [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | $ 7,065,492 | $ 5,656,542 |
[1] | Includes financial assets recorded in trade receivables and other receivables, excluding allowance for doubtful accounts. | ||
[2] | The total amount of the receivables without specified maturity is recorded in Non-current assets. |
FINANCIAL RISK MANAGEMENT, Liqu
FINANCIAL RISK MANAGEMENT, Liquidity Risk (Details) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Maturities of financial liabilities [Abstract] | |||||
Loans | $ 33,582,804 | [1] | $ 31,684,940 | [1] | $ 10,218,503 |
During 2021 [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 296,515 | ||||
During 2022 [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 321,370 | ||||
During 2023 [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 348,380 | ||||
From 2025 onwards [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 30,894,452 | ||||
Liquidity Risk [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 42,089,583 | 41,720,022 | |||
Other financial liabilities | 3,909,899 | 5,352,330 | |||
Finance leases | 3,046,173 | 3,383,655 | |||
Liquidity Risk [Member] | Without Specified Maturity [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 0 | 0 | |||
Other financial liabilities | 0 | 0 | |||
Finance leases | 0 | 0 | |||
Liquidity Risk [Member] | With Specified Maturity Over Due [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 0 | 0 | |||
Other financial liabilities | 132,073 | 161,278 | |||
Finance leases | 90,363 | 87,517 | |||
Liquidity Risk [Member] | With Specified Maturity Over Due [Member] | Until 12-31-2018 [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 0 | ||||
Other financial liabilities | 130,829 | ||||
Finance leases | 0 | ||||
Liquidity Risk [Member] | With Specified Maturity Over Due [Member] | From 01-01-19 to 03-31-19 [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 0 | ||||
Other financial liabilities | 311 | ||||
Finance leases | 0 | ||||
Liquidity Risk [Member] | With Specified Maturity Over Due [Member] | From 04-01-19 to 06-30-19 [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 0 | ||||
Other financial liabilities | 311 | ||||
Finance leases | 0 | ||||
Liquidity Risk [Member] | With Specified Maturity Over Due [Member] | From 10-01-19 to 12-31-19 [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 0 | ||||
Other financial liabilities | 311 | ||||
Finance leases | 90,363 | ||||
Liquidity Risk [Member] | With Specified Maturity Over Due [Member] | Until 12-31-2017 [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 0 | ||||
Other financial liabilities | 159,366 | ||||
Finance leases | 0 | ||||
Liquidity Risk [Member] | With Specified Maturity Over Due [Member] | From 01-01-18 to 03-31-18 [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 0 | ||||
Other financial liabilities | 478 | ||||
Finance leases | 0 | ||||
Liquidity Risk [Member] | With Specified Maturity Over Due [Member] | From 04-01-18 to 06-30-18 [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 0 | ||||
Other financial liabilities | 478 | ||||
Finance leases | 0 | ||||
Liquidity Risk [Member] | With Specified Maturity Over Due [Member] | From 07-01-18 to 09-30-18 [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 0 | 0 | |||
Other financial liabilities | 311 | 478 | |||
Finance leases | 0 | 0 | |||
Liquidity Risk [Member] | With Specified Maturity Over Due [Member] | From 10-01-18 to 12-31-18 [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 0 | ||||
Other financial liabilities | 478 | ||||
Finance leases | 87,517 | ||||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 42,089,583 | 41,720,022 | |||
Other financial liabilities | 3,777,826 | 5,191,052 | |||
Finance leases | 2,955,810 | 3,296,138 | |||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | From 01-01-20 to 03-31-20 [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 1,027,502 | ||||
Other financial liabilities | 3,745,057 | ||||
Finance leases | 111,994 | ||||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | From 04-01-20 to 06-30-20 [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 1,010,644 | ||||
Other financial liabilities | 32,769 | ||||
Finance leases | 111,994 | ||||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | From 07-01-20 to 09-30-20 [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 0 | ||||
Other financial liabilities | 0 | ||||
Finance leases | 111,994 | ||||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | From 10-01-20 to 12-31-20 [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 1,010,644 | ||||
Other financial liabilities | 0 | ||||
Finance leases | 111,994 | ||||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | From 01-01-19 to 03-31-19 [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 0 | ||||
Other financial liabilities | 5,157,610 | ||||
Finance leases | 108,450 | ||||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | From 04-01-19 to 06-30-19 [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 978,663 | ||||
Other financial liabilities | 33,442 | ||||
Finance leases | 108,450 | ||||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | From 07-01-19 to 09-30-19 [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 0 | ||||
Other financial liabilities | 0 | ||||
Finance leases | 108,450 | ||||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | From 10-01-19 to 12-31-19 [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 978,663 | ||||
Other financial liabilities | 0 | ||||
Finance leases | 108,450 | ||||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | During 2021 [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 2,021,288 | ||||
Other financial liabilities | 0 | ||||
Finance leases | 448,037 | ||||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | During 2022 [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 2,021,288 | ||||
Other financial liabilities | 0 | ||||
Finance leases | 448,037 | ||||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | During 2023 [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 2,021,288 | ||||
Other financial liabilities | 0 | ||||
Finance leases | 448,037 | ||||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | During 2024 [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 2,021,288 | ||||
Other financial liabilities | 0 | ||||
Finance leases | 448,037 | ||||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | From 2025 onwards [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 30,955,641 | ||||
Other financial liabilities | 0 | ||||
Finance leases | 715,686 | ||||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | During 2020 [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 1,957,325 | ||||
Other financial liabilities | 0 | ||||
Finance leases | 433,860 | ||||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | During 2022 [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 1,957,325 | ||||
Other financial liabilities | 0 | ||||
Finance leases | 433,860 | ||||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | During 2023 [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 1,957,325 | ||||
Other financial liabilities | 0 | ||||
Finance leases | 433,860 | ||||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | From 2024 onwards [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 31,933,396 | ||||
Other financial liabilities | 0 | ||||
Finance leases | 1,126,898 | ||||
Liquidity Risk [Member] | With Specified Maturity [Member] | |||||
Maturities of financial liabilities [Abstract] | |||||
Loans | 42,089,583 | 41,720,022 | |||
Other financial liabilities | 3,909,899 | 5,352,330 | |||
Finance leases | $ 3,046,173 | $ 3,383,655 | |||
[1] | Net of issuance expenses of Ps. 97,840 and Ps. 185,243 as of December 31, 2019 and 2018, respectively. |
FINANCIAL RISK MANAGEMENT, Capi
FINANCIAL RISK MANAGEMENT, Capital Risk Management (Details) - ARS ($) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | [2] | ||||
FINANCIAL RISK MANAGEMENT [Abstract] | ||||||||
Total debt (Note 13) | $ 33,582,804 | [1] | $ 31,684,940 | [1] | $ 10,218,503 | |||
Total Equity | 48,083,469 | 47,603,906 | $ 38,888,199 | [2] | $ 30,041,011 | |||
Total Capital | $ 81,666,273 | $ 79,288,846 | ||||||
Gearing Ratio | 0.41% | 0.40% | ||||||
[1] | Net of issuance expenses of Ps. 97,840 and Ps. 185,243 as of December 31, 2019 and 2018, respectively. | |||||||
[2] | The Company has applied IFRS 15 and IFRS 9 for the first time on January 1, 2018. In accordance with the transition methods chosen, the comparative information has not been modified. See Note 4.a) |
FINANCIAL RISK MANAGEMENT, Fina
FINANCIAL RISK MANAGEMENT, Financial Instrument Categories (Details) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS [Abstract] | ||
Total current assets | $ 18,030,160 | $ 31,393,580 |
NON-CURRENT ASSETS [Abstract] | ||
Total non-current assets | 13,006 | 22,997 |
Total assets | 18,043,166 | 31,416,577 |
CURRENT LIABILITIES [Abstract] | ||
Total current liabilities | 6,037,764 | |
NON-CURRENT LIABILITIES [Abstract] | ||
Total non-current liabilities | 31,860,717 | 31,003,715 |
Total liabilities | 38,517,531 | 37,041,479 |
Trade Payables [Member] | ||
CURRENT LIABILITIES [Abstract] | ||
Total current liabilities | 4,113,571 | 4,756,554 |
Loans [Member] | ||
CURRENT LIABILITIES [Abstract] | ||
Total current liabilities | 1,722,087 | 681,225 |
Payroll and Social Security Taxes Payables [Member] | ||
CURRENT LIABILITIES [Abstract] | ||
Total current liabilities | 533,497 | 475,882 |
Other Payables [Member] | ||
CURRENT LIABILITIES [Abstract] | ||
Total current liabilities | 287,659 | 124,103 |
Loans [Member] | ||
NON-CURRENT LIABILITIES [Abstract] | ||
Total non-current liabilities | 31,860,717 | 31,003,715 |
Financial Liabilities at Fair Value [Member] | ||
CURRENT LIABILITIES [Abstract] | ||
Total current liabilities | 0 | |
NON-CURRENT LIABILITIES [Abstract] | ||
Total non-current liabilities | 0 | 0 |
Total liabilities | 0 | 0 |
Financial Liabilities at Fair Value [Member] | Trade Payables [Member] | ||
CURRENT LIABILITIES [Abstract] | ||
Total current liabilities | 0 | 0 |
Financial Liabilities at Fair Value [Member] | Loans [Member] | ||
CURRENT LIABILITIES [Abstract] | ||
Total current liabilities | 0 | 0 |
Financial Liabilities at Fair Value [Member] | Payroll and Social Security Taxes Payables [Member] | ||
CURRENT LIABILITIES [Abstract] | ||
Total current liabilities | 0 | 0 |
Financial Liabilities at Fair Value [Member] | Other Payables [Member] | ||
CURRENT LIABILITIES [Abstract] | ||
Total current liabilities | 0 | 0 |
Financial Liabilities at Fair Value [Member] | Loans [Member] | ||
NON-CURRENT LIABILITIES [Abstract] | ||
Total non-current liabilities | 0 | 0 |
Other Financial Liabilities [Member] | ||
CURRENT LIABILITIES [Abstract] | ||
Total current liabilities | 6,037,764 | |
NON-CURRENT LIABILITIES [Abstract] | ||
Total non-current liabilities | 31,860,717 | 31,003,715 |
Total liabilities | 38,517,531 | 37,041,479 |
Other Financial Liabilities [Member] | Trade Payables [Member] | ||
CURRENT LIABILITIES [Abstract] | ||
Total current liabilities | 4,113,571 | 4,756,554 |
Other Financial Liabilities [Member] | Loans [Member] | ||
CURRENT LIABILITIES [Abstract] | ||
Total current liabilities | 1,722,087 | 681,225 |
Other Financial Liabilities [Member] | Payroll and Social Security Taxes Payables [Member] | ||
CURRENT LIABILITIES [Abstract] | ||
Total current liabilities | 533,497 | 475,882 |
Other Financial Liabilities [Member] | Other Payables [Member] | ||
CURRENT LIABILITIES [Abstract] | ||
Total current liabilities | 287,659 | 124,103 |
Other Financial Liabilities [Member] | Loans [Member] | ||
NON-CURRENT LIABILITIES [Abstract] | ||
Total non-current liabilities | 31,860,717 | 31,003,715 |
Trade Receivables [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 6,473,759 | 4,791,109 |
Other Receivables [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 473,216 | 652,771 |
NON-CURRENT ASSETS [Abstract] | ||
Total non-current assets | 7,603 | 9,521 |
Derivative Financial Instruments [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 274,024 | 335,773 |
Other Financial Assets at Amortized Cost [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 1,043,960 | 8,790 |
NON-CURRENT ASSETS [Abstract] | ||
Total non-current assets | 5,403 | 13,476 |
Cash and Cash Equivalents [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 9,765,201 | 25,605,137 |
Financial Assets at Fair Value [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 1,303,668 | 3,660,348 |
NON-CURRENT ASSETS [Abstract] | ||
Total non-current assets | 0 | 0 |
Total assets | 1,303,668 | 3,660,348 |
Financial Assets at Fair Value [Member] | Trade Receivables [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 0 | 0 |
Financial Assets at Fair Value [Member] | Other Receivables [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 0 | 0 |
NON-CURRENT ASSETS [Abstract] | ||
Total non-current assets | 0 | 0 |
Financial Assets at Fair Value [Member] | Derivative Financial Instruments [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 274,024 | 335,773 |
Financial Assets at Fair Value [Member] | Other Financial Assets at Amortized Cost [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 0 | 0 |
NON-CURRENT ASSETS [Abstract] | ||
Total non-current assets | 0 | 0 |
Financial Assets at Fair Value [Member] | Cash and Cash Equivalents [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 1,029,644 | 3,324,575 |
Financial assets at Amortized Cost [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 16,726,492 | 27,733,232 |
NON-CURRENT ASSETS [Abstract] | ||
Total non-current assets | 13,006 | 22,997 |
Total assets | 16,739,498 | 27,756,229 |
Financial assets at Amortized Cost [Member] | Trade Receivables [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 6,473,759 | 4,791,109 |
Financial assets at Amortized Cost [Member] | Other Receivables [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 473,216 | 652,771 |
NON-CURRENT ASSETS [Abstract] | ||
Total non-current assets | 7,603 | 9,521 |
Financial assets at Amortized Cost [Member] | Derivative Financial Instruments [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 0 | 0 |
Financial assets at Amortized Cost [Member] | Other Financial Assets at Amortized Cost [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 1,043,960 | 8,790 |
NON-CURRENT ASSETS [Abstract] | ||
Total non-current assets | 5,403 | 13,476 |
Financial assets at Amortized Cost [Member] | Cash and Cash Equivalents [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | $ 8,735,557 | $ 22,280,562 |
FINANCIAL RISK MANAGEMENT, Fair
FINANCIAL RISK MANAGEMENT, Fair Value Measurement Hierarchy and Estimates (Details) - ARS ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financial assets at fair value [Abstract] | ||
Derivative financial instruments | $ 274,024 | $ 335,773 |
Financial liabilities at carrying amount and estimated fair value [Abstract] | ||
Carrying amount | 38,517,531 | 37,041,479 |
2018 Note [Member] | ||
Financial liabilities at carrying amount and estimated fair value [Abstract] | ||
Carrying amount | 30,184,039 | |
Fair Value | 26,266,856 | |
Fair Value [Member] | ||
Financial assets at fair value [Abstract] | ||
Cash and cash equivalents | 1,029,644 | 3,324,575 |
Derivative financial instruments | 274,024 | 335,773 |
Total | 1,303,668 | 3,660,348 |
Fair Value [Member] | Level 1 [Member] | ||
Financial assets at fair value [Abstract] | ||
Cash and cash equivalents | 1,029,644 | 3,324,575 |
Derivative financial instruments | 0 | 0 |
Total | 1,029,644 | 3,324,575 |
Fair Value [Member] | Level 2 [Member] | ||
Financial assets at fair value [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Derivative financial instruments | 274,024 | 335,773 |
Total | 274,024 | 335,773 |
Fair Value [Member] | Level 3 [Member] | ||
Financial assets at fair value [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Total | $ 0 | $ 0 |
REGULATORY FRAMEWORK, General F
REGULATORY FRAMEWORK, General Framework of the Natural Gas Transportation Segment (Details) $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2019ARS ($)Installment | Jun. 21, 2019 | Apr. 01, 2019 | Oct. 02, 2018 | Sep. 04, 2018 | Apr. 01, 2018 | Dec. 01, 2017 | Apr. 02, 2017 | Mar. 30, 2017 | |
General aspects [Abstract] | |||||||||
Original license period | 35 years | ||||||||
License period, renewal | 10 years | ||||||||
License period, after renewal | 45 years | ||||||||
Tariff situation [Abstract] | |||||||||
Natural gas transportation tariffs period, condition one | semi-annually | ||||||||
Natural gas transportation tariffs period, condition two | 5 years | ||||||||
Conversion rate of exchange for tariffs | 1 | ||||||||
Number of years for negotiations under transitional agreement | 17 years | ||||||||
Transitional Agreement [Abstract] | |||||||||
Percentage of increase in tariff | 19.70% | 30.00% | |||||||
Percentage of increase in tariff on service for natural gas transportation | 26.00% | 81.10% | 64.20% | 214.20% | |||||
Percentage of increase in tariff on access and use | 29.70% | 37.00% | |||||||
Percentage of tariff increase on public service of Natural Gas Transportation and CAU | 50.00% | ||||||||
Investment plan period | 5 years | ||||||||
Five Year Plan investment amount | $ 6,786,543 | ||||||||
Percentage of deferral payment of invoices issued | 22.00% | ||||||||
Number of consecutive monthly installments | Installment | 5 | ||||||||
Trade receivables, natural gas distribution | $ 1,206,030 | ||||||||
Top of Range [Member] | |||||||||
Transitional Agreement [Abstract] | |||||||||
Period of natural gas transportation and distribution tariff remain unadjusted | 180 days |
REGULATORY FRAMEWORK, General_2
REGULATORY FRAMEWORK, General Framework for Non-Regulated Segments (Details) | Apr. 01, 2017ARS ($) | Dec. 01, 2011$ / m³ | Nov. 30, 2011$ / m³ | Dec. 31, 2019ARS ($)$ / m³ | Dec. 31, 2018ARS ($) | Dec. 31, 2017ARS ($) | Dec. 23, 2019 | Sep. 03, 2018USD ($) |
Domestic market [Abstract] | ||||||||
Increase in price of propane gas per ton | $ 1,267,000 | |||||||
Increase in price of propane gas per ton depending on customer | 2,832,000 | |||||||
Subsidies received | $ 202,449,000 | $ 625,677,000 | 534,806,000 | |||||
Subsidies receivable from government | $ 143,829,000 | 450,523,000 | ||||||
Foreign market [Abstract] | ||||||||
Capped amount of each dollar of the tax base or the official FOB price | $ 4 | |||||||
Rate applicable to hydrocarbons | 8.00% | |||||||
Tariff charge paid (per cubic meter) | $ / m³ | 0.0492 | |||||||
Tariff charge (per cubic meter) | $ / m³ | 0.405 | 0.0492 | ||||||
Production and Commercialization of Liquids [Member] | ||||||||
Domestic market [Abstract] | ||||||||
Subsidies received | $ 468,494,000 | $ 625,678,000 | ||||||
Butane [Member] | ||||||||
Domestic market [Abstract] | ||||||||
Price of household bottles per ton | $ 9,895,000 | |||||||
Foreign market [Abstract] | ||||||||
Export duty percentage | 12.00% | |||||||
Propane [Member] | ||||||||
Domestic market [Abstract] | ||||||||
Price of household bottles per ton | $ 9,656,000 | |||||||
Increase in price of propane gas per ton | 1,941,200 | |||||||
Increase in price of propane gas per ton depending on customer | $ 3,694,000 | |||||||
Foreign market [Abstract] | ||||||||
Export duty percentage | 12.00% | |||||||
Natural Gasoline [Member] | ||||||||
Foreign market [Abstract] | ||||||||
Export duty percentage | 12.00% |
ASSETS AND LIABILITIES IN FOR_3
ASSETS AND LIABILITIES IN FORREIGN CURRENCY (Details) $ in Thousands, $ in Thousands | Dec. 31, 2019ARS ($)$ / $ | Dec. 31, 2019USD ($)$ / $ | Dec. 31, 2018ARS ($) | Dec. 31, 2018USD ($) | |
CURRENT ASSETS [Abstract] | |||||
Total current assets | $ 18,030,160 | $ 31,393,580 | |||
CURRENT LIABILITIES [Abstract] | |||||
Total current liabilities | 6,037,764 | ||||
NON CURRENT LIABILITIES [Abstract] | |||||
Total non-current liabilities | 31,860,717 | 31,003,715 | |||
TOTAL LIABILITIES | 38,517,531 | 37,041,479 | |||
Trade Payables [Member] | |||||
CURRENT LIABILITIES [Abstract] | |||||
Total current liabilities | 4,113,571 | 4,756,554 | |||
Loans [Member] | |||||
CURRENT LIABILITIES [Abstract] | |||||
Total current liabilities | 1,722,087 | 681,225 | |||
Loans [Member] | |||||
NON CURRENT LIABILITIES [Abstract] | |||||
Total non-current liabilities | 31,860,717 | 31,003,715 | |||
Cash and Cash Equivalents [Member] | |||||
CURRENT ASSETS [Abstract] | |||||
Total current assets | 9,765,201 | 25,605,137 | |||
Derivative Financial Instruments [Member] | |||||
CURRENT ASSETS [Abstract] | |||||
Total current assets | 274,024 | 335,773 | |||
Other Financial Assets at Amortized Cost [Member] | |||||
CURRENT ASSETS [Abstract] | |||||
Total current assets | 1,043,960 | 8,790 | |||
Trade Receivables [Member] | |||||
CURRENT ASSETS [Abstract] | |||||
Total current assets | 6,473,759 | 4,791,109 | |||
Other Receivables [Member] | |||||
CURRENT ASSETS [Abstract] | |||||
Total current assets | 473,216 | 652,771 | |||
Foreign Currency [member] | |||||
CURRENT ASSETS [Abstract] | |||||
Total current assets | 12,496,715 | $ 209,360 | 23,012,017 | $ 398,911 | |
CURRENT LIABILITIES [Abstract] | |||||
Total current liabilities | 5,350,515 | 89,339 | 3,127,679 | 53,930 | |
NON CURRENT LIABILITIES [Abstract] | |||||
Total non-current liabilities | 32,680,742 | 545,679 | 31,003,715 | 534,595 | |
TOTAL LIABILITIES | 38,031,257 | 635,018 | 34,131,394 | 588,525 | |
Foreign Currency [member] | Trade Payables [Member] | |||||
CURRENT LIABILITIES [Abstract] | |||||
Total current liabilities | $ 3,569,145 | $ 59,595 | 2,446,454 | 42,184 | |
NON CURRENT LIABILITIES [Abstract] | |||||
Exchange rate (in Ps. per dollars) | $ / $ | [1] | 59.890 | 59.890 | ||
Foreign Currency [member] | Loans [Member] | |||||
CURRENT LIABILITIES [Abstract] | |||||
Total current liabilities | $ 1,722,087 | $ 28,754 | 681,225 | 11,746 | |
NON CURRENT LIABILITIES [Abstract] | |||||
Exchange rate (in Ps. per dollars) | $ / $ | [1] | 59.890 | 59.890 | ||
Foreign Currency [member] | Loans [Member] | |||||
NON CURRENT LIABILITIES [Abstract] | |||||
Total non-current liabilities | $ 31,860,717 | $ 531,987 | 31,003,715 | 534,595 | |
Exchange rate (in Ps. per dollars) | $ / $ | [1] | 59.890 | 59.890 | ||
Foreign Currency [member] | Contract Liabilities [Member] | |||||
CURRENT LIABILITIES [Abstract] | |||||
Total current liabilities | $ 59,283 | $ 990 | 0 | 0 | |
NON CURRENT LIABILITIES [Abstract] | |||||
Total non-current liabilities | $ 820,025 | $ 13,692 | 0 | 0 | |
Exchange rate (in Ps. per dollars) | $ / $ | [1] | 59.890 | 59.890 | ||
Foreign Currency [member] | Cash and Cash Equivalents [Member] | |||||
CURRENT ASSETS [Abstract] | |||||
Total current assets | $ 8,590,585 | $ 143,920 | 20,826,043 | 361,017 | |
NON CURRENT LIABILITIES [Abstract] | |||||
Exchange rate (in Ps. per dollars) | $ / $ | [2] | 59.690 | 59.690 | ||
Foreign Currency [member] | Derivative Financial Instruments [Member] | |||||
CURRENT ASSETS [Abstract] | |||||
Total current assets | $ 274,024 | $ 4,591 | 335,773 | 5,821 | |
NON CURRENT LIABILITIES [Abstract] | |||||
Exchange rate (in Ps. per dollars) | $ / $ | [2] | 59.690 | 59.690 | ||
Foreign Currency [member] | Other Financial Assets at Amortized Cost [Member] | |||||
CURRENT ASSETS [Abstract] | |||||
Total current assets | $ 1,040,605 | $ 17,433 | 0 | 0 | |
NON CURRENT LIABILITIES [Abstract] | |||||
Exchange rate (in Ps. per dollars) | $ / $ | [2] | 59.690 | 59.690 | ||
Foreign Currency [member] | Trade Receivables [Member] | |||||
CURRENT ASSETS [Abstract] | |||||
Total current assets | $ 2,572,102 | $ 43,091 | 1,752,536 | 30,380 | |
NON CURRENT LIABILITIES [Abstract] | |||||
Exchange rate (in Ps. per dollars) | $ / $ | [2] | 59.690 | 59.690 | ||
Foreign Currency [member] | Other Receivables [Member] | |||||
CURRENT ASSETS [Abstract] | |||||
Total current assets | $ 19,399 | $ 325 | $ 97,665 | $ 1,693 | |
NON CURRENT LIABILITIES [Abstract] | |||||
Exchange rate (in Ps. per dollars) | $ / $ | [2] | 59.690 | 59.690 | ||
[1] | Sell exchange rate at the end of fiscal year | ||||
[2] | Buy exchange rate at the end of fiscal year |
COMMON STOCK AND DIVIDENDS (Det
COMMON STOCK AND DIVIDENDS (Details) | 12 Months Ended | |
Dec. 31, 2019Vote$ / sharesshares | Dec. 31, 2018$ / sharesshares | |
Common stock structure and shares [Abstract] | ||
Outstanding shares (in shares) | 784,608,528 | 780,894,503 |
Number of shares represents for each share on New York Stock Exchange (in shares) | 5 | |
Class "A" [Member] | ||
Common stock structure and shares [Abstract] | ||
Outstanding shares (in shares) | 405,192,594 | 405,192,594 |
Face value common shares class (in pesos per share) | $ / shares | $ 1 | |
Number of votes for common stock | Vote | 1 | |
Class "B" [Member] | ||
Common stock structure and shares [Abstract] | ||
Outstanding shares (in shares) | 379,415,934 | 375,701,909 |
Face value common shares class (in pesos per share) | $ / shares | $ 1 | |
Number of votes for common stock | Vote | 1 | |
Common Stock [Member] | ||
Common stock structure and shares [Abstract] | ||
Shares issued (in shares) | 794,495,283 | 794,495,283 |
Common Stock [Member] | Class "A" [Member] | ||
Common stock structure and shares [Abstract] | ||
Shares issued (in shares) | 405,192,594 | 405,192,594 |
Common Stock [Member] | Class "B" [Member] | ||
Common stock structure and shares [Abstract] | ||
Shares issued (in shares) | 389,302,689 | 389,302,689 |
Treasury Shares [Member] | ||
Common stock structure and shares [Abstract] | ||
Shares issued (in shares) | 9,886,755 | 13,600,780 |
Face value common shares class (in pesos per share) | $ / shares | $ 1 | $ 1 |
Treasury Shares [Member] | Class "A" [Member] | ||
Common stock structure and shares [Abstract] | ||
Shares issued (in shares) | 0 | 0 |
Treasury Shares [Member] | Class "B" [Member] | ||
Common stock structure and shares [Abstract] | ||
Shares issued (in shares) | 9,886,755 | 13,600,780 |
COMMON STOCK AND DIVIDENDS, Acq
COMMON STOCK AND DIVIDENDS, Acquisition of treasury shares (Details) - ARS ($) $ in Thousands | Nov. 13, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 19, 2019 | Aug. 26, 2019 | Mar. 27, 2019 |
Acquisition of treasury shares [Abstract] | ||||||
Maximum amount invested for shares repurchase program | $ 4,000,000 | $ 3,200,000 | $ 1,500,000 | |||
Shares repurchase program term | 120 days | |||||
Treasury Shares [Member] | ||||||
Acquisition of treasury shares [Abstract] | ||||||
Shares issued (in shares) | 9,886,755 | 13,600,780 | ||||
Percentage of total common stock representing shares repurchased | 3.706% | 1.24% | 1.71% | |||
Acquisition cost of treasury shares | $ 4,045,739 | $ 730,764 | $ 2,185,845 |
COMMON STOCK AND DIVIDENDS, Div
COMMON STOCK AND DIVIDENDS, Dividends distribution and Treasury shares distribution (Details) - ARS ($) $ / shares in Units, $ in Thousands | Nov. 13, 2019 | Oct. 17, 2019 | Apr. 11, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | [1] | |||
Treasury shares distribution [Abstract] | ||||||||||||
Shareholders' equity | $ 48,083,469 | $ 47,603,906 | $ 38,888,199 | $ 30,041,011 | ||||||||
Decrease in treasury shares equity transaction | $ (2,590,658) | $ (2,185,845) | ||||||||||
Treasury Shares [Member] | ||||||||||||
Treasury shares distribution [Abstract] | ||||||||||||
Distribution of ordinary shares (in pesos per share) | $ 0.0385 | |||||||||||
Distribution of shares per American Depositary Receipt (ADR) (in pesos per share) | $ 0.192 | |||||||||||
Percentage of share capital | 3.706% | 1.24% | 1.71% | |||||||||
Shareholders' equity | $ 794,495 | |||||||||||
Market value of treasury shares | 3,228,002 | |||||||||||
Acquisition cost of treasury shares | 4,045,739 | $ 730,764 | $ 2,185,845 | |||||||||
Additional Paid-up capital [member] | ||||||||||||
Treasury shares distribution [Abstract] | ||||||||||||
Shareholders' equity | [2] | (791,712) | 0 | $ 0 | $ 0 | |||||||
Decrease in treasury shares equity transaction | 791,712 | $ 0 | [2] | $ 0 | [2] | |||||||
Director [Member] | ||||||||||||
Cash dividend [Abstract] | ||||||||||||
Cash dividends | $ 318,732 | |||||||||||
Cash dividends (in pesos per share) | $ 0.4083 | |||||||||||
Shareholders [Member] | ||||||||||||
Cash dividend [Abstract] | ||||||||||||
Cash dividends | $ 256,338 | $ 9,185,584 | ||||||||||
Cash dividends (in pesos per share) | $ 0.3351 | $ 11.7671 | ||||||||||
Class "B" [Member] | Treasury Shares [Member] | ||||||||||||
Treasury shares distribution [Abstract] | ||||||||||||
Number of treasury shares in portfolio (in shares) | 29,444,795 | |||||||||||
[1] | The Company has applied IFRS 15 and IFRS 9 for the first time on January 1, 2018. In accordance with the transition methods chosen, the comparative information has not been modified. See Note 4.a) | |||||||||||
[2] | As of December 31, 2019 and 2018 corresponds to 9,886,755 and 13,600,780 shares of par value Ps. 1 each, equivalent to 1.24% and 1,71% of the share capital, respectively. The acquisition cost of these shares amounted to Ps. 730,764 and 2,185,845, respectively. See Note 19.b) to the consolidated financial statements. |
COMMON STOCK AND DIVIDENDS, Res
COMMON STOCK AND DIVIDENDS, Restrictions on distribution of retained earnings (Details) | 12 Months Ended |
Dec. 31, 2019 | |
COMMON STOCK AND DIVIDENDS [Abstract] | |
Percentage of legal reserve of net income | 5.00% |
Percentage of aggregate reserve | 20.00% |
Percentage of limit for distribution of dividends | 80.00% |
Percentage of limit for payment of dividends to non-resident shareholders | 30.00% |
LEGAL CLAIMS AND OTHER MATTERS
LEGAL CLAIMS AND OTHER MATTERS (Details) - ARS ($) $ in Thousands | Oct. 09, 2008 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2011 | Mar. 31, 2017 | May 24, 2013 |
LEGAL CLAIMS AND OTHER MATTERS [Abstract] | ||||||||
Payment for claims to provincial agencies | $ 148,500 | $ 27,600 | ||||||
Provisions for contingency | $ 515,100 | $ 482,600 | ||||||
Validity period of precautionary measure | 6 months | |||||||
Extended Validity Period of Precautionary Measure | 6 months | |||||||
Increase in tariff percentage | 20.00% | |||||||
Receivables from income taxes and value added tax | $ 433,300 | |||||||
Account receivables booked, recovery action | $ 0 | 0 | ||||||
Claim amount for the omission as agent of withholding and collection of turnover tax | $ 4,900 | |||||||
Canceled partial debt claim amount | $ 2,900 | |||||||
Provision for other matters | $ 74,000 | $ 91,900 |
BALANCES AND TRANSACTIONS WIT_3
BALANCES AND TRANSACTIONS WITH RELATED COMPANIES (Details) $ in Thousands, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2019ARS ($) | Dec. 31, 2018ARS ($) | Dec. 31, 2017ARS ($) | Dec. 31, 2019USD ($) | ||||
Technical, financial and operational assistance agreement [abstract] | |||||||
Compensation for key management member | $ 142,116 | $ 128,942 | $ 79,094 | ||||
Balances and transactions with related parties [Abstract] | |||||||
Accounts receivable | 302,801 | 535,508 | |||||
Accounts payable | 2,499,041 | 2,855,908 | |||||
Costs [Abstract] | |||||||
Gas purchase and others | 595,937 | 970,707 | 465,325 | ||||
Compensation for technical assistance | 1,144,777 | 2,026,244 | 887,901 | ||||
Revenue for administrative services | 146 | 225 | 3,491 | ||||
Financial Results [Abstract] | |||||||
Interest expenses | 194,944 | 193,009 | 165,726 | ||||
Natural Gas Transportation [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 982,497 | 830,309 | 117,032 | ||||
Production and Commercialization of Liquids [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 269,511 | 2,035 | 143,945 | ||||
Other Services [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 283,064 | 399,672 | 193,462 | ||||
Refinor S.A. [Member] | |||||||
Costs [Abstract] | |||||||
Gas purchase and others | 8,230 | ||||||
Compensation for technical assistance | 0 | ||||||
Revenue for administrative services | 0 | ||||||
Financial Results [Abstract] | |||||||
Interest expenses | 0 | ||||||
Refinor S.A. [Member] | Natural Gas Transportation [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | ||||||
Refinor S.A. [Member] | Production and Commercialization of Liquids [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | ||||||
Refinor S.A. [Member] | Other Services [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | ||||||
Petrolera Pampa S.A. [Member] | |||||||
Costs [Abstract] | |||||||
Gas purchase and others | 62,062 | ||||||
Compensation for technical assistance | 0 | ||||||
Revenue for administrative services | 0 | ||||||
Financial Results [Abstract] | |||||||
Interest expenses | 0 | ||||||
Petrolera Pampa S.A. [Member] | Natural Gas Transportation [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | ||||||
Petrolera Pampa S.A. [Member] | Production and Commercialization of Liquids [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | ||||||
Petrolera Pampa S.A. [Member] | Other Services [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | ||||||
SACDE [Member] | |||||||
Technical, financial and operational assistance agreement [abstract] | |||||||
Amount received for services | 1,726,356 | 263,580 | |||||
Balances and transactions with related parties [Abstract] | |||||||
Accounts receivable | [1] | 23,344 | 329,429 | ||||
Accounts payable | [1] | 0 | 0 | ||||
CT Barragan S.A. [Member] | |||||||
Balances and transactions with related parties [Abstract] | |||||||
Accounts receivable | 8,131 | 0 | |||||
Accounts payable | 0 | 0 | |||||
Petrolera Entre Lomas S.A. [Member] | |||||||
Costs [Abstract] | |||||||
Gas purchase and others | 3,103 | 27,384 | |||||
Compensation for technical assistance | 0 | 0 | |||||
Revenue for administrative services | 0 | 0 | |||||
Financial Results [Abstract] | |||||||
Interest expenses | 0 | 0 | |||||
Petrolera Entre Lomas S.A. [Member] | Natural Gas Transportation [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | 0 | |||||
Petrolera Entre Lomas S.A. [Member] | Production and Commercialization of Liquids [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | 0 | |||||
Petrolera Entre Lomas S.A. [Member] | Other Services [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | 0 | |||||
Pampa Comercializadora S.A. [Member] | |||||||
Balances and transactions with related parties [Abstract] | |||||||
Accounts receivable | 43,843 | 10,942 | |||||
Accounts payable | 0 | 0 | |||||
Costs [Abstract] | |||||||
Gas purchase and others | 0 | 0 | 0 | ||||
Compensation for technical assistance | 0 | 0 | 0 | ||||
Revenue for administrative services | 0 | 0 | 0 | ||||
Financial Results [Abstract] | |||||||
Interest expenses | 0 | 0 | 0 | ||||
Pampa Comercializadora S.A. [Member] | Natural Gas Transportation [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 52,051 | 41,333 | 16,575 | ||||
Pampa Comercializadora S.A. [Member] | Production and Commercialization of Liquids [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | 0 | 0 | ||||
Pampa Comercializadora S.A. [Member] | Other Services [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | 0 | 0 | ||||
Oleoductos del Valle S.A. [Member] | |||||||
Balances and transactions with related parties [Abstract] | |||||||
Accounts receivable | 3,348 | 4,816 | |||||
Accounts payable | 0 | 0 | |||||
Costs [Abstract] | |||||||
Gas purchase and others | 0 | 0 | 0 | ||||
Compensation for technical assistance | 0 | 0 | 0 | ||||
Revenue for administrative services | 0 | 0 | 0 | ||||
Financial Results [Abstract] | |||||||
Interest expenses | 0 | 0 | 0 | ||||
Oleoductos del Valle S.A. [Member] | Natural Gas Transportation [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 5,469 | 9,459 | 11,476 | ||||
Oleoductos del Valle S.A. [Member] | Production and Commercialization of Liquids [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | 0 | 0 | ||||
Oleoductos del Valle S.A. [Member] | Other Services [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | 12,733 | 2,616 | ||||
Central Piedra Buena S.A. [Member] | |||||||
Balances and transactions with related parties [Abstract] | |||||||
Accounts receivable | 13,304 | 39,170 | |||||
Accounts payable | 0 | 0 | |||||
Costs [Abstract] | |||||||
Gas purchase and others | 0 | ||||||
Compensation for technical assistance | 0 | ||||||
Revenue for administrative services | 0 | ||||||
Financial Results [Abstract] | |||||||
Interest expenses | 0 | ||||||
Central Piedra Buena S.A. [Member] | Natural Gas Transportation [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 121,367 | ||||||
Central Piedra Buena S.A. [Member] | Production and Commercialization of Liquids [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | ||||||
Central Piedra Buena S.A. [Member] | Other Services [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | ||||||
Central Temica Loma La Lata S.A. [Member] | |||||||
Costs [Abstract] | |||||||
Gas purchase and others | 0 | 0 | |||||
Compensation for technical assistance | 0 | 0 | |||||
Revenue for administrative services | 0 | 0 | |||||
Financial Results [Abstract] | |||||||
Interest expenses | 0 | 0 | |||||
Central Temica Loma La Lata S.A. [Member] | Natural Gas Transportation [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 103,337 | 0 | |||||
Central Temica Loma La Lata S.A. [Member] | Production and Commercialization of Liquids [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | 0 | |||||
Central Temica Loma La Lata S.A. [Member] | Other Services [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | 598 | |||||
Central Termica Piedrabuena S.A. [Member] | |||||||
Costs [Abstract] | |||||||
Gas purchase and others | 0 | ||||||
Compensation for technical assistance | 0 | ||||||
Revenue for administrative services | 0 | ||||||
Financial Results [Abstract] | |||||||
Interest expenses | 0 | ||||||
Central Termica Piedrabuena S.A. [Member] | Natural Gas Transportation [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 20,245 | ||||||
Central Termica Piedrabuena S.A. [Member] | Production and Commercialization of Liquids [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | ||||||
Central Termica Piedrabuena S.A. [Member] | Other Services [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | ||||||
Transener S.A. [Member] | |||||||
Balances and transactions with related parties [Abstract] | |||||||
Accounts receivable | 0 | 140 | |||||
Accounts payable | 0 | 0 | |||||
Costs [Abstract] | |||||||
Gas purchase and others | 0 | ||||||
Compensation for technical assistance | 0 | ||||||
Revenue for administrative services | 0 | ||||||
Financial Results [Abstract] | |||||||
Interest expenses | 0 | ||||||
Transener S.A. [Member] | Natural Gas Transportation [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | ||||||
Transener S.A. [Member] | Production and Commercialization of Liquids [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | ||||||
Transener S.A. [Member] | Other Services [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 18,481 | ||||||
Experta ART [Member] | |||||||
Costs [Abstract] | |||||||
Gas purchase and others | 20,080 | 18,321 | 18,381 | ||||
Compensation for technical assistance | 0 | 0 | 0 | ||||
Revenue for administrative services | 0 | 0 | 0 | ||||
Financial Results [Abstract] | |||||||
Interest expenses | 0 | 0 | 0 | ||||
Experta ART [Member] | Natural Gas Transportation [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | 0 | 0 | ||||
Experta ART [Member] | Production and Commercialization of Liquids [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | 0 | 0 | ||||
Experta ART [Member] | Other Services [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | 0 | 0 | ||||
Link [Member] | |||||||
Balances and transactions with related parties [Abstract] | |||||||
Accounts receivable | 668 | 9,971 | |||||
Accounts payable | 0 | 0 | |||||
Costs [Abstract] | |||||||
Gas purchase and others | 0 | 0 | 0 | ||||
Compensation for technical assistance | 0 | 0 | 0 | ||||
Revenue for administrative services | 0 | 0 | 0 | ||||
Financial Results [Abstract] | |||||||
Interest expenses | 0 | 0 | 0 | ||||
Link [Member] | Natural Gas Transportation [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | 0 | 0 | ||||
Link [Member] | Production and Commercialization of Liquids [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | 0 | 0 | ||||
Link [Member] | Other Services [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 14,073 | 13,213 | 11,516 | ||||
EGS [Member] | |||||||
Balances and transactions with related parties [Abstract] | |||||||
Accounts receivable | 0 | 0 | |||||
Accounts payable | 0 | 0 | |||||
TGU [Member] | |||||||
Balances and transactions with related parties [Abstract] | |||||||
Accounts receivable | 0 | 0 | |||||
Accounts payable | 9,534 | 9,232 | |||||
Pampa Energia [Member] | |||||||
Balances and transactions with related parties [Abstract] | |||||||
Accounts receivable | [2] | 210,126 | 141,040 | ||||
Accounts payable | 2,489,507 | [2] | 2,846,676 | [2] | $ 0.5 | ||
Financial lease | 2,377,438 | 2,546,556 | |||||
Costs [Abstract] | |||||||
Gas purchase and others | 575,857 | 949,283 | 349,268 | ||||
Compensation for technical assistance | 1,144,777 | 2,026,244 | 887,901 | ||||
Revenue for administrative services | 0 | 0 | 0 | ||||
Financial Results [Abstract] | |||||||
Interest expenses | $ 194,944 | 193,009 | 165,726 | ||||
Pampa Energia [Member] | From 12/28/2019 to 12/27/2020 [Member] | |||||||
Technical, financial and operational assistance agreement [abstract] | |||||||
Percentage of annual comprehensive income before results and income taxes | 6.50% | ||||||
Pampa Energia [Member] | From 12/28/2020 to 12/27/2021 [Member] | |||||||
Technical, financial and operational assistance agreement [abstract] | |||||||
Percentage of annual comprehensive income before results and income taxes | 6.00% | ||||||
Pampa Energia [Member] | From 12/28/2021 to 12/27/2022 [Member] | |||||||
Technical, financial and operational assistance agreement [abstract] | |||||||
Percentage of annual comprehensive income before results and income taxes | 5.50% | ||||||
Pampa Energia [Member] | From 12/28/2022 to 12/27/2023 [Member] | |||||||
Technical, financial and operational assistance agreement [abstract] | |||||||
Percentage of annual comprehensive income before results and income taxes | 5.00% | ||||||
Pampa Energia [Member] | From 12/28/2023 to 12/27/2024 and onwards [Member] | |||||||
Technical, financial and operational assistance agreement [abstract] | |||||||
Percentage of annual comprehensive income before results and income taxes | 4.50% | ||||||
Pampa Energia [Member] | Natural Gas Transportation [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | $ 803,610 | 676,180 | 68,736 | ||||
Pampa Energia [Member] | Production and Commercialization of Liquids [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 269,511 | 2,035 | 143,945 | ||||
Pampa Energia [Member] | Other Services [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 268,991 | 355,245 | 178,731 | ||||
UT [Member] | |||||||
Costs [Abstract] | |||||||
Gas purchase and others | 0 | ||||||
Compensation for technical assistance | 0 | ||||||
Revenue for administrative services | 3,253 | ||||||
Financial Results [Abstract] | |||||||
Interest expenses | 0 | ||||||
UT [Member] | Natural Gas Transportation [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | ||||||
UT [Member] | Production and Commercialization of Liquids [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | ||||||
UT [Member] | Other Services [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | ||||||
CIESA [Member] | |||||||
Balances and transactions with related parties [Abstract] | |||||||
Accounts receivable | 37 | 0 | |||||
Accounts payable | 0 | 0 | |||||
Costs [Abstract] | |||||||
Gas purchase and others | 0 | 0 | 0 | ||||
Compensation for technical assistance | 0 | 0 | 0 | ||||
Revenue for administrative services | 146 | 225 | 238 | ||||
Financial Results [Abstract] | |||||||
Interest expenses | 0 | 0 | 0 | ||||
CIESA [Member] | Natural Gas Transportation [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | 0 | 0 | ||||
CIESA [Member] | Production and Commercialization of Liquids [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | 0 | 0 | ||||
CIESA [Member] | Other Services [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | $ 0 | $ 0 | $ 0 | ||||
[1] | Corresponds to advance payments delivered to the supplier recorded as "Other credits". | ||||||
[2] | Accounts payable includes Ps. 2,377,438 and Ps. 2,546,556 corresponding to the financial leasing recorded as "Loans" as of December 31, 2019 and 2018, respectively. |
CONTRACTUAL OBLIGATIONS (Detail
CONTRACTUAL OBLIGATIONS (Details) $ in Thousands | Dec. 31, 2019ARS ($)$ / $ | |
Contractual commitments [abstract] | ||
Contractual commitments | $ 52,494,724 | [1],[2] |
Due Less than One Year [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 90,363 | [1],[2] |
Less than One year [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 4,339,021 | [1],[2] |
1-2 Years [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 13,476,650 | [1],[2] |
3-5 Years [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 33,873,004 | [1],[2] |
More than 5 Years [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 715,686 | [1],[2] |
Financial Indebtedness [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | $ 42,089,583 | [2] |
Exchange rate (in Ps. per dollars) | $ / $ | 59.89 | |
Financial Indebtedness [Member] | Due Less than One Year [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | $ 0 | [2] |
Financial Indebtedness [Member] | Less than One year [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 3,048,790 | [2] |
Financial Indebtedness [Member] | 1-2 Years [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 6,063,863 | [2] |
Financial Indebtedness [Member] | 3-5 Years [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 32,976,930 | [2] |
Financial Indebtedness [Member] | More than 5 Years [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 0 | [2] |
Purchase Obligations [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 7,358,968 | [1] |
Purchase Obligations [Member] | Due Less than One Year [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 0 | [1] |
Purchase Obligations [Member] | Less than One year [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 842,255 | [1] |
Purchase Obligations [Member] | 1-2 Years [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 6,516,713 | [1] |
Purchase Obligations [Member] | 3-5 Years [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 0 | [1] |
Purchase Obligations [Member] | More than 5 Years [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 0 | [1] |
Financial Leases [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 3,046,173 | |
Financial Leases [Member] | Due Less than One Year [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 90,363 | |
Financial Leases [Member] | Less than One year [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 447,976 | |
Financial Leases [Member] | 1-2 Years [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 896,074 | |
Financial Leases [Member] | 3-5 Years [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 896,074 | |
Financial Leases [Member] | More than 5 Years [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | $ 715,686 | |
[1] | Corresponds to purchase of natural gas contracts for the processing of liquids. | |
[2] | Corresponds to the cancellation of principal and interest of the financial indebtedness. For further information, see Note 13. |
ASSOCIATES AND JOINT ARRANGEM_2
ASSOCIATES AND JOINT ARRANGEMENTS (Details) $ in Thousands | Nov. 13, 2013USD ($) | Dec. 31, 2019ARS ($) | Dec. 31, 2018ARS ($) | Dec. 31, 2017ARS ($) |
Information about associates and arrangements [Abstract] | ||||
Purchase of fixed assets | $ 15,932,000 | $ 12,496,827 | $ 2,986,295 | |
UT [Member] | ||||
Information about associates and arrangements [Abstract] | ||||
Guarantee period from the provisional reception of the UT Works | 18 months | |||
Link [Member] | ||||
Information about associates and arrangements [Abstract] | ||||
Percentage of ownership | 49.00% | |||
Link [Member] | Dinarel S.A. [Member] | ||||
Information about associates and arrangements [Abstract] | ||||
Percentage of ownership | 51.00% | |||
TGU [Member] | ||||
Information about associates and arrangements [Abstract] | ||||
Percentage of ownership | 49.00% | |||
TGU [Member] | Pampa Energia [Member] | ||||
Information about associates and arrangements [Abstract] | ||||
Percentage of ownership | 51.00% | |||
EGS [Member] | ||||
Information about associates and arrangements [Abstract] | ||||
Percentage of ownership | 49.00% | |||
Purchase of fixed assets | $ 350,000 | |||
EGS [Member] | TGU [Member] | ||||
Information about associates and arrangements [Abstract] | ||||
Percentage of ownership | 51.00% |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - ARS ($) $ in Thousands | Apr. 24, 2020 | Apr. 21, 2020 | Mar. 06, 2020 | Nov. 13, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 19, 2019 | Aug. 26, 2019 | Mar. 27, 2019 |
Subsequent Event [Abstract] | |||||||||
Maximum amount approved for treasury shares repurchase program | $ 4,000,000 | $ 3,200,000 | $ 1,500,000 | ||||||
Shares repurchase program term | 120 days | ||||||||
Treasury Shares [Member] | |||||||||
Subsequent Event [Abstract] | |||||||||
Shares issued (in shares) | 9,886,755 | 13,600,780 | |||||||
Percentage of total common stock representing shares repurchased | 3.706% | 1.24% | 1.71% | ||||||
Subsequent events [Member] | |||||||||
Subsequent Event [Abstract] | |||||||||
Maximum amount approved for treasury shares repurchase program | $ 2,500,000 | ||||||||
Shares repurchase program term | 180 days | ||||||||
Increase in legal reserve | $ 690,192 | ||||||||
Reserve for capital expenditures, acquisition of treasury shares and dividends | $ 19,756,710 | ||||||||
Subsequent events [Member] | Treasury Shares [Member] | |||||||||
Subsequent Event [Abstract] | |||||||||
Shares issued (in shares) | 30,856,815 | ||||||||
Percentage of total common stock representing shares repurchased | 3.88% |