Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Entity Addresses [Line Items] | |
Entity Registrant Name | GAS TRANSPORTER OF THE SOUTH INC |
Entity Central Index Key | 0000931427 |
Document Type | 20-F |
Amendment Flag | false |
Document Annual Report | true |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Address, Country | AR |
Entity Common Stock, Shares Outstanding | 752,761,058 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
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 | 347,568,464 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - ARS ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||||
Revenues | $ 55,871,438 | $ 66,111,903 | $ 71,336,882 | |
Cost of sales | (27,565,705) | (33,184,953) | (33,902,908) | |
Gross profit | 28,305,733 | 32,926,950 | 37,433,974 | |
Administrative expenses | (1,682,792) | (1,715,780) | (2,014,309) | |
Selling expenses | (2,967,744) | (4,138,071) | (3,695,784) | |
Other operating results | 99,829 | (173,614) | (1,865,560) | |
Impairment of PPE | (3,114,056) | 0 | 0 | |
Operating profit | 20,640,970 | 26,899,485 | 29,858,321 | |
Net financial results | ||||
Financial income | 5,515,421 | 11,619,809 | 19,915,631 | |
Financial expenses | (18,194,361) | (24,097,066) | (30,990,090) | |
Other financial results | (6,774,779) | 154,366 | 2,587,473 | |
Gain on net monetary position | 6,482,061 | 8,378,326 | 2,526,114 | |
Total | (12,971,658) | (3,944,565) | (5,960,872) | |
Share of profit /(loss) from associates | 21,310 | (43,372) | 38,130 | |
Net income before income tax | 7,690,622 | 22,911,548 | 23,935,579 | |
Income tax expense | (4,404,423) | (5,478,585) | (27,583) | |
Total comprehensive income for the year | 3,286,199 | 17,432,963 | 23,907,996 | |
Total comprehensive income attributable to: | ||||
Owners of the Company | 3,286,190 | 17,432,945 | 23,907,988 | |
Non-controlling interests | $ 9 | $ 18 | $ 8 | |
Total comprehensive income per share attributable to owners of the Company: | ||||
Weighted average of outstanding ordinary shares (in shares) | [1],[2] | 762,371,755 | 776,121,341 | 788,405,563 |
Basic and diluted earnings per share (in pesos per share) | $ 4.31 | $ 22.46 | $ 30.32 | |
[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, 2020 | Dec. 31, 2019 |
Non-current assets | ||
Property, plant and equipment | $ 98,873,425 | $ 101,496,521 |
Investments in associates | 128,395 | 107,088 |
Other financial assets at amortised cost | 13,759,012 | 7,356 |
Deferred income tax asset | 24,672 | 21,238 |
Other receivables | 9,557 | 12,258 |
Total non-current assets | 112,795,061 | 101,644,461 |
Current assets | ||
Other receivables | 2,167,847 | 3,945,459 |
Inventories | 571,502 | 418,823 |
Trade receivables | 6,147,453 | 8,813,414 |
Contract assets | 119,990 | 241,335 |
Derivative financial instruments | 0 | 373,058 |
Other financial assets at amortized cost | 18,319 | 1,421,253 |
Other financial assets at fair value through profit or loss | 2,120,788 | 0 |
Cash and cash equivalents | 4,653,406 | 13,294,402 |
Total current assets | 15,799,305 | 28,507,744 |
Total Assets | 128,594,366 | 130,152,205 |
EQUITY | ||
Common stock | 37,040,489 | 38,595,667 |
Treasury shares | 2,053,570 | 498,392 |
Cost of acquisition of treasury shares | (3,715,523) | (994,866) |
Additional paid-up capital | (1,077,841) | (1,077,841) |
Legal reserve | 3,488,875 | 2,617,227 |
Reserve for capital expenditures, acquisition of treasury shares, and/or dividends | 24,950,853 | 7,285,050 |
Accumulated retained earnings | 3,286,190 | 18,537,451 |
Non-controlling interests | 31 | 38 |
Total equity | 66,026,644 | 65,461,118 |
Non-current liabilities | ||
Deferred tax liabilities | 7,473,264 | 6,504,952 |
Contract liabilities | 4,052,127 | 3,984,598 |
Loans | 42,932,658 | 43,375,367 |
Total non-current liabilities | 54,458,049 | 53,864,917 |
Current liabilities | ||
Provisions | 860,702 | 802,029 |
Contract liabilities | 317,985 | 299,238 |
Other payables | 301,974 | 391,621 |
Taxes payables | 348,474 | 480,825 |
Income tax payable | 1,392,188 | 24,953 |
Payroll and social security taxes payable | 1,147,988 | 882,805 |
Loans | 936,766 | 2,344,459 |
Trade payables | 2,803,596 | 5,600,240 |
Total current liabilities | 8,109,673 | 10,826,170 |
Total liabilities | 62,567,722 | 64,691,087 |
Total equity and liabilities | $ 128,594,366 | $ 130,152,205 |
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] | [3] | 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, 2017 | [1] | $ 52,942,623 | $ 52,942,598 | $ 39,094,059 | $ 794,495 | $ 38,299,564 | $ 0 | $ 0 | $ 0 | $ 0 | $ 9,079,202 | $ 1,361,748 | $ 3,261,302 | $ 146,287 | $ 0 | $ 13,848,539 | $ 25 | ||||
Resolutions of the Ordinary and Extraordinary Shareholders' Meeting | |||||||||||||||||||||
Future dividends reserve | 0 | 0 | 0 | 0 | 0 | 0 | (7,881,993) | 0 | 7,881,993 | 0 | 0 | 0 | 0 | ||||||||
Dividends payment | (9,066,547) | (9,066,547) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (9,066,547) | 0 | 0 | (9,066,547) | 0 | |||||
Treasury shares purchase | (2,975,822) | (2,975,822) | (2,975,822) | (13,601) | (655,642) | 13,601 | 655,642 | (2,975,822) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Non-Controlling interests dividends payment | (13) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (13) | ||||||||
Comprehensive income for the year | 23,907,996 | 23,907,988 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23,907,988 | 0 | 0 | 0 | 0 | 23,907,988 | 8 | |||||
Balance at end of period at Dec. 31, 2018 | [1] | 64,808,237 | 64,808,217 | 36,118,237 | 780,894 | 37,643,922 | 13,601 | 655,642 | (2,975,822) | 0 | 25,105,197 | 1,361,748 | 2,076,748 | 146,287 | 0 | 28,689,980 | 20 | ||||
Resolutions of the Ordinary and Extraordinary Shareholders' Meeting | |||||||||||||||||||||
Legal reserve | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1,255,479) | 1,255,479 | 0 | 0 | 0 | 0 | 0 | |||||
Dividends payment | (12,505,672) | (12,505,672) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (12,505,672) | 0 | 0 | 0 | 0 | (12,505,672) | 0 | |||||
Reserve for capital expenditures, acquisition of treasury shares and/or dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (12,462,575) | 0 | 0 | 0 | 12,462,575 | 0 | 0 | |||||
Derecognition of reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,223,035 | 0 | (2,076,748) | (146,287) | 0 | 0 | 0 | |||||
Treasury shares distribution | 35,431 | 35,431 | 4,430,052 | 29,445 | 1,182,487 | (29,445) | (1,182,487) | 5,507,893 | (1,077,841) | 0 | 0 | 0 | 0 | (4,394,621) | (4,394,621) | 0 | |||||
Dividends payment | (782,904) | (782,904) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (782,904) | (782,904) | 0 | |||||
Treasury shares purchase | (3,526,937) | (3,526,937) | (3,526,937) | (25,731) | (1,015,350) | 25,731 | 1,015,350 | (3,526,937) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Comprehensive income for the year | 17,432,963 | 17,432,945 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17,432,945 | 0 | 0 | 0 | 0 | 17,432,945 | 18 | |||||
Balance at end of period at Dec. 31, 2019 | 65,461,118 | 65,461,080 | 37,021,352 | 784,608 | 37,811,059 | 9,887 | 488,505 | (994,866) | (1,077,841) | 18,537,451 | 2,617,227 | 0 | 0 | 7,285,050 | 28,439,728 | 38 | |||||
Resolutions of the Ordinary and Extraordinary Shareholders' Meeting | |||||||||||||||||||||
Legal reserve | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (871,648) | 871,648 | 0 | 0 | 0 | 0 | 0 | |||||
Reserve for capital expenditures, acquisition of treasury shares and/or dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (24,950,853) | 0 | 0 | 0 | 24,950,853 | 0 | 0 | |||||
Derecognition of reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7,285,050 | 0 | 0 | 0 | (7,285,050) | 0 | 0 | |||||
Treasury shares purchase | (2,720,657) | (2,720,657) | (2,720,657) | (31,847) | (1,523,331) | 31,847 | 1,523,331 | (2,720,657) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Non-Controlling interests dividends payment | (16) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (16) | ||||||||
Comprehensive income for the year | 3,286,199 | 3,286,190 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,286,190 | 0 | 0 | 0 | 0 | 3,286,190 | 9 | |||||
Balance at end of period at Dec. 31, 2020 | $ 66,026,644 | $ 66,026,613 | $ 34,300,695 | $ 752,761 | $ 36,287,728 | $ 41,734 | $ 2,011,836 | $ (3,715,523) | $ (1,077,841) | $ 3,286,190 | $ 3,488,875 | $ 0 | $ 0 | $ 24,950,853 | $ 31,725,918 | $ 31 | |||||
[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, 2020 and 2019 corresponds to 41,734,225 and 9,996,755 shares of par value Ps. 1 each, equivalent to 5.25% and 1.24% of the share capital, respectively. The acquisition cost of these shares amounted to Ps. 3,715,523 and 994,866, 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) - ARS ($) $ in Thousands | Nov. 13, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Equity [Abstract] | |||
Acquisition cost | $ 3,715,523 | $ 994,866 | |
Treasury Shares [Member] | |||
Equity [Abstract] | |||
Shares issued (in shares) | 41,734,225 | 9,886,755 | |
Par value (in pesos per share) | $ 1 | $ 1 | |
Percentage of share capital | 3.706% | 5.25% | 1.24% |
Acquisition cost | $ 5,507,893 | $ 3,715,523 | $ 994,866 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES | |||
Total comprehensive income for the year | $ 3,286,199 | $ 17,432,963 | $ 23,907,996 |
Reconciliation of total comprehensive income to cash flows provided by operating activities: | |||
Depreciation of property, plant and equipment | 6,161,233 | 5,031,234 | 4,655,763 |
Derivative financial instrument results | (449,575) | 26,101 | (222,171) |
Disposal of property, plant and equipment | 34,890 | 137,308 | 331,980 |
Share of (profit) / loss from associates | (21,310) | 43,372 | (38,130) |
Increase in provisions | 325,140 | 363,189 | 407,953 |
Interest expense accrual, net | 3,215,885 | 2,597,792 | 3,327,767 |
Interest income on other financial assets other than cash and cash equivalents | 7,785,189 | (136,806) | (945,586) |
Income tax | 4,404,423 | 5,478,585 | 27,583 |
Impairment of PPE | 3,114,056 | 0 | 0 |
Acquisition of notes result | (399,356) | 0 | 0 |
Doubtful accounts | 95,067 | 3,315 | 277,537 |
Foreign exchange loss, net | 11,555,095 | 12,099,811 | 11,891,639 |
Gain on net monetary position | (7,019,379) | (8,994,366) | (8,069,001) |
Changes in assets and liabilities: | |||
Trade receivables | (303,769) | (5,083,436) | (3,112,785) |
Other receivables | (553,576) | (2,502,867) | (1,641,556) |
Inventories | (263,862) | 71,656 | (493,883) |
Trade payables | 143,775 | 191,785 | 3,374,936 |
Contract assets | 57,279 | (28,041) | (328,115) |
Payroll and social security taxes | 499,537 | 360,521 | 310,853 |
Taxes payables | 6,300 | (179,936) | 104,655 |
Other payables | 14,315 | 281,791 | 98,698 |
Provisions | (8,073) | (10,333) | 1,649 |
Interest paid | (2,747,121) | (2,777,101) | (1,896,889) |
Derivative financial instruments | 661,634 | 29,854 | (217,363) |
Income tax paid | (1,166,812) | (6,645,288) | (5,817,649) |
Contract liabilities | 86,724 | 586,468 | 863,846 |
Cash flows provided by operating activities | 28,513,908 | 18,377,571 | 26,799,727 |
CASH FLOWS USED IN INVESTING ACTIVITIES | |||
Additions to property, plant and equipment | (7,769,600) | (21,689,918) | (17,013,254) |
Financial assets not considered cash equivalents | (22,318,287) | (969,183) | 7,104,660 |
Cash flows used in investing activities | (30,087,887) | (22,659,101) | (9,908,594) |
CASH FLOWS (USED IN) / PROVIDED BY FINANCING ACTIVITIES | |||
Payment of loans | (1,354,111) | 0 | (2,567,719) |
Payment of redemption of loans | 0 | 0 | (10,044,692) |
Payment of leases | 0 | (25,528) | 0 |
Cost of acquisition of treasury shares | (2,720,657) | (3,526,937) | (2,975,822) |
Dividends paid | (16) | (13,288,576) | (9,066,547) |
Proceeds from loans | 0 | 1,431,939 | 28,946,182 |
Cost of acquisition of notes | (999,811) | 0 | 0 |
Cash flows (used in) / provided by financing activities | (5,074,595) | (15,409,102) | 4,291,402 |
NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS | (6,648,574) | (19,690,632) | 21,182,535 |
Cash and cash equivalents at the beginning of the year | 13,294,402 | 34,858,984 | 8,202,778 |
Foreign exchange gain on Cash and cash equivalents | 760,625 | 5,065,846 | 14,005,871 |
Monetary results effect on Cash and cash equivalents | (2,753,047) | (6,939,796) | (8,532,200) |
Cash and cash equivalents at the end of the year | $ 4,653,406 | $ 13,294,402 | $ 34,858,984 |
BUSINESS DESCRIPTION
BUSINESS DESCRIPTION | 12 Months Ended |
Dec. 31, 2020 | |
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 28, 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. CIESA is under joint control and in equal parts of: (i) Pampa Energía S.A. (“Pampa Energía”) with 50%; (ii) Grupo Inversor Petroquímica S.L. (member of the GIP Group, led by the Sielecki family) and PCT L.L.C. with the remaining 50%. Local and foreign investors hold the remaining ownership of TGS’s common stock. The following table shows the organizational structure, shareholders and related parties of TGS as of December 31, 2020: Economic context The Company operates in an economic context whose main variables have recently had a strong volatility as a consequence of health, political and economic events both domestically and internationally. In recent years, the Argentine scenario has not been auspicious, from the political and economic instability since 2019, which increased the degree of distrust in the financial markets, to the negative implications of the pandemic. The Argentine economy was in a recessionary process and the outbreak of the quarantine derived from the pandemic in March 2020, described in the following section, made this scenario more complex. The main macroeconomic issues of our country are as follows: • The country risk level (also known as Emerging Markets Bonds Index or EMBI) as of December 31, 2020 amounted to 1368 points. • Cumulative inflation between January 1, 2020 and December 31, 2020 reached 36.1% (Consumer Price Index - "CPI"). • Between January 1 and December 31, 2020, the peso depreciated 41% against the U.S. dollar, according to the exchange rate of the Banco de la Nación Argentina ("BNA"). Also, as of December 31, 2020, the gap with respect to alternative U.S. dollar quotes obtained in the market was close to approximately 70%. • The country faces certain monetary imbalances aggravated by the high level of monetary issuance as a result of the assistance measures adopted by the Government, thus putting pressure on the international reserves of the Central Bank of Argentina ("BCRA"). • Economic activity decreased in 2020. Certain sectors show greater decreases in activity including the discontinuation of operations. In addition, unemployment has increased, according to the latest information provided by the National Institute of Statistics and Census (INDEC for its acronym in Spanish). • The drop in economic activity and the consequent reduction in tax collection has also produced a significant fiscal imbalance. • During 2020, Argentina successfully completed its debt swap with private creditors, which allows for a new debt cancellation program with the IMF, which is expected to take longer and may lead to tax, labor and pension reforms. In this regard, as in other countries, the Argentine government has implemented a series of economic measures to mitigate the impact on the most vulnerable sectors and to sustain the economy: • The BCRA has strengthen foreign exchange controls (for further information, see "Note 16 - Financial Risk Management"), which also affect the value of foreign currency in existing alternative markets. • The Government has announced that it will end the tariff freeze policy for electricity and natural gas public services companies, initiating a new renegotiation process of the comprehensive tariff review ("RTI"). For further information, see "Note 17 - Regulatory framework". • In order to stimulate exports, several decrees were issued to temporarily reduce the current export withholding tax rates. For further information, see "Note 17 - Regulatory framework." • Several energy-related measures were defined in order to encourage production and reduce the impact on certain types of natural gas consumers. The most outstanding one refers to the establishment of the Argentine Natural Gas Production Promotion Plan - Supply and Demand Scheme 2020-2024 through Decree No. 892/2020 published on November 16, 2020 (the "Plan Gas.Ar"). • Various tax relief measures were established through the creation of tax moratoriums. • Several assistance programs were created for companies and individuals in order to guarantee their income, such as the Emergency Assistance Program for Work and Production ("ATP") for employers and workers affected by the health emergency and the Emergency Family Income ("IFE"). • Dismissals without cause were prohibited and the public emergency in occupational matters and the obligation to pay a double compensation in cases of dismissal without just cause were established. Impact of COVID-19 ("COVID") on TGS operations So far in 2020, the spread of COVID has impacted a large number of countries with a significant level of severity. In March 2020, the World Health Organization (WHO) declared COVID a global pandemic. This brought relevant consequences including a major worldwide economic contraction whose impacts and scope are still unknown. During this period, countries implemented a series of drastic measures including, among others, border closures and mandatory isolation of the population, paralyzing non-essential economic activity and causing a marked global economic recession. This resulted in organizations, and therefore TGS, taking similar measures to mitigate the risk to communities, employees and business operations. While between May and August 2020, some steps to relax lockdown measures were taken in the European continent, as well as in several countries in Asia and Oceania, the main focus of the pandemic was on the American continent, where the level of infection grew steadily. However, since mid-September 2020, the number of infections has increased on the European continent, leading countries to resume certain measures that imply a retraction of the economy and an increase in volatility as a consequence of the uncertainty regarding the health situation. Meanwhile, a high level of contagion has been maintained in the Americas. Currently, uncertainty has increased as a result of the discovery of new, more contagious strains of the virus, which has led countries to take extreme sanitary measures. At the beginning of the pandemic, the Argentine Government implemented a series of measures aimed at reducing the circulation of the population, providing for preventive and mandatory social isolation since March 20, 2020, allowing the circulation of only those persons linked to the provision / production of essential services and products. Since that date, and although with certain flexibilities depending on the area of the country, such isolation was extended considering the epidemiological situation, until November 8, 2020 inclusive, date as from which the preventive and mandatory social distancing ("DISPO") was established, and then extended. Given the lately contagion increases, since April 8, 2021, certain social and travel restrictions were again imposed. In order to ensure the health of its personnel, the continuity of its operations, and to preserve its financial situation, the Company's management has taken a series of measures. Although the activities carried out by the Company are considered essential, the situations described above have had an impact on the different business segments in which it operates, but without affecting their continuity. In the Natural Gas Transportation segment, the Argentine Government by means of Presidential Decree No. 311/2020 (the "Decree 311", as amended by Decree No. 756/2020) ordered the suspension of public service cuts for non-payment for a term of 180 days, subsequently extended for a similar term and in force until December 31, 2020, and the implementation of several measures aimed at sustaining the income of those sectors of the economy that suffer the greatest impact. Both the aforementioned and the isolation measures have implied certain delays in the receipt of collections related to this business segment which, although it has improved recently, it cannot be guaranteed that this situation will continue in time. For further information regarding the Company's tariff situation, see "Note 17 - Regulatory Framework - Regulatory Framework of the Natural Gas Transportation segment". In the Liquids Production and Commercialization segment, during the first half of 2020 the international reference prices of the Liquids produced and commercialize by the Company were impacted after, added to the negative impact of the development of COVID on the world supply and demand of products, the member countries of the Organization of Petroleum Exporting Countries ("OPEC") and the non-OPEC+ producers ("OPEC+") did not reach an agreement regarding oil production levels, all of which generated a scenario of lower prices during that period. However, as of the last quarter of 2020 and after the end of the year, international prices recovered sharply, even surpassing the prices in effect at the end of 2019. Likewise, in the domestic market, the price of natural gas at wellhead during the year 2020 has been significantly reduced, measured in U.S. dollars, which benefits the replacement cost of the plant thermal reduction ("RTP") for processing at the Cerri Complex. These factors, among others, have allowed the 2020 operating result of this segment to be higher than the one in previous year. As for natural gas production, in the same period there was a 9% year-on-year drop, due to the limiting effects of the preventive and mandatory social isolation on the activity, combined with a higher autumn temperature. In this context, the Government has approved the Plan Gas.Ar, which, after the first adjudication, determined an increase in the cost of natural gas at the point of entry (“PIST”) to the transportation system for thermal generation and for gas distributors. As for the Other Services segment, in 2020 the production and the price of natural gas at wellhead in the Neuquina basin maintained the trend described at the national level. These decreases, together with the macroeconomic situation in Argentina, continue to generate uncertainty regarding the production and development of natural gas in the Vaca Muerta area. As of the date of issuance of these Consolidated Financial Statements, it is not possible to foresee the impact or duration of such situation of volatility and uncertainty, nor the effect that the measures adopted and those that may be adopted in the future may have, but they could negatively affect the Company's results, financial situation and cash flows. However, given the Company's financial situation, it is not currently expected that the aforementioned events will affect the continuity of the business and, therefore, it is estimated that it will be able to continue to meet its financial commitments in the near future. In this regard, the Company evaluated the impairment indicators in accordance with IAS 36, and the recoverable value tests have been performed on certain assets included in Property, Plant and Equipment ("PPE"). The disclosures related to the test performed, assets involved and the result of the test are included in Note 5.a. to these Consolidated Financial Statements. The Company's management permanently monitors the evolution of the situations affecting its business, in order to determine the possible actions to be taken and identify the eventual impacts on its financial position and the results of its operations. The Company's financial statements should be read considering these circumstances. |
CONSOLIDATED FINANCIAL STATEMEN
CONSOLIDATED FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2020 | |
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”. These consolidated financial statements were approved and authorized for issuance by the Company's Board of Directors on April 27, 2021. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2020 | |
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 CNV, in Title IV, Chapter III, Article 1 of the Rules has provided that listed companies must submit their condensed consolidated financial statements by applying Technical Resolution No. 26 of the Argentine Federation of Professional Councils of Economic Sciences ("FACPCE"), which adopts the International Financial Reporting Standards ("IFRS") issued by the IASB, its amendments and circulars for the adoption of IFRS that the FACPCE dictates in accordance with the provisions of that Technical Resolution. 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, depreciations 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. Functional and presentation currency 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, 2020 | |
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | 4. SIGNIFICANT ACCOUNTING POLICIES 4.a) New accounting standards 4.a 1) New standards and interpretations issued by the IASB effective for the years beginning on or after January 1, 2020 adopted by the Company Definition of materiality (amendments to IAS 1 and IAS 8) 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. In addition, these amendments incorporate new concepts that helped both the preparers of financial statements and their users in the preparation and interpretation of the financial information included in them. A misstatement of information should be considered material when it could reasonably be expected to influence the decisions made by primary users. 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 have not had a significant impact on the Company's financial statements. 4.a.2) New IFRS issued that are not yet effective for the year beginning January 1, 2020. The IFRS that potentially have an impact on the Company, which are not mandatory and have not been adopted early in the year beginning January 1, 2020, are listed below: Classification of debt as current and non-current (amendment to IAS 1) On January 23, 2020, the IASB issued the classification of debt as current and non-current, which amends IAS 1 Presentation of Financial Statements. These amendments affect the requirements of IAS 1 for the presentation of debt. Specifically, it clarifies the criteria for classifying debt as non-current. The date of application of the amendment was set for fiscal years beginning on or after January 1, 2023, with retroactive application. The Company is evaluating the impact of these amendments for the presentation of debt. IAS 16 - Property, plant and equipment ("PPE") In May 2020, the IASB issued an amendment to IAS 16 that prohibits entities from deducting from the cost of an item of PPE the revenue from the sale of items produced while bringing that asset into use. Instead, an entity shall recognize the revenue from the sale of such items, as well as the costs of production of those items, in profit or loss. This amendment is effective for annual periods beginning on or after January 1, 2022 and should be applied retrospectively to items of PPE that are available for use from the beginning of the earliest period presented when the company first applies the amendment. This amendment is not expected to have a significant impact on the Company. IAS 37: "Onerous Contracts: Cost of Fulfilling a Contract". In May 2020, the IASB issued amendments to IAS 37 to specify which costs an entity should include when assessing whether a contract is onerous. These amendments clarify the meaning of "costs to fulfill a contract". Costs that relate directly to a contract for the supply of goods or services include both incremental costs and an allocation of costs directly related to contract activities. These amendments are effective for annual reporting periods beginning on or after January 1, 2022 and are not expected to have a significant impact on the Company. 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, 2020 and 2019 is as follows: Company % of shareholding and votes Country Closing date Main activity Telcosur 99.98 Argentina December 31 Telecommunication Services CTG (1) 100.00 Argentina December 31 Electricity related services (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. For consolidation purposes for the year ended December 31, 2020 and 2019, 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, 2020 and 2019. 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, 2020 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, 2020 and 2019: 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 rate 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, 2020, 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 36.14%, 53.83% and 47.64% in the years ended December 31, 2020, 2019 and 2018 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, 2019 and 2018, 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, 2020 and 2019, the Company has not recognized 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, 2020 and 2019, the Company has not recognized 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, 2020 and 2019, 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, 2020 and 2019, 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, 2020, the Company did not hold derivative financial instruments. As of December 31, 2019, the derivative financial instruments held by the Company are mentioned in Note 16.1.3 to these financial statements for which the application of hedge accounting as defined by IFRS 9 has not been elected. 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 Materials - 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. Subsequent costs restated for the effects of inflation as mentioned in Note 4.d. are included in the carrying amount of the asset or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be reliably measured. The carrying amount of a replaced component is written off. In the same way, when a major maintenance is carried out, they are added to the cost of the equipment if the recognition criteria are satisfied, eliminating any remaining non-depreciated remaining value restated for the effects of inflation as mentioned in Note 4.d, if any, of previous overhaul. In this sense, Resolutions No. 1660/2000 (“Resolution 1660”) and No. 1903/2000 (“Resolution 1903”) issued by ENARGAS include definitions about the costs that should be considered as improvements or maintenance expenses. All other repairs and maintenance are charged to the statement of comprehensive income when incurred. In accordance with IAS 23, the Company capitalizes financial expense on long term construction projects, until the moment in which the asset is in conditions for its use. Capitalization of borrowing costs is carried out considering the provisions of IAS 29, recording as an expense in the Statement of Comprehensive Income the part of the borrowing costs that compensates for inflation during the same period. For the year ended December 31, 2019, the Company capitalized Ps. 607,452 as borrowing costs. For the year ended December 31, 2020 there have not been capitalized borrowing costs. Depreciation related to natural gas transportation assets is computed under the straight -line method over the estimated useful lives of the specific assets, which are not exceeding the maximum useful lives established by ENARGAS through Resolutions 1660 and 1903. For depreciation of all other PPE, the Company uses the straight-line method of depreciation based on the useful life assigned to each item. Major maintenance costs are depreciated according to the estimated time until the next major maintenance planned. Regarding the capitalized financial costs, they are depreciated based on the remaining useful lives of those components of PPE that originated such capitalization. The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. For further information, see Note 12. The result generated by the disposal of PPE components is recognized in the year in which it is generated. - 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. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. To such end, the Company makes estimates and assumptions of the economic conditions that will prevail throughout the useful life of the assets. As a result of the factors mentioned above, actual cash flows and values could vary significantly from projected cash flows and the values derived from the discounting techniques used. Impairment losses, if any, are recognized in the statement of comprehensive income. As of December 31, 2020, the Company recognized an impairment loss (for further information see "Note 5. Critical accounting estimates. a. Impairment of PPE"). Impairment of PPE"). As of December 31, 2019, the carrying value of PPE did not exceed its recoverable amount. Infrastructure used in the natural gas transportation service Considering the current terms and conditions of the License, TGS concluded that the License is outside the scope of IFRIC 12, as it is considered in substance to provide for an indefinite term because the infrastructure will never revert to the grantor and due to the characteristics of renewal of the License that give a similar result to what which would result from having obtained a perpetual right to operate the infrastructure. The evaluation carried out and the conclusions reached by TGS are consistent with those of other transportation and natural gas distribution companies in Argentina that are subject to the similar regulations and license agreements. The evaluation was carried out jointly, when the transportation and distribution companies adopted the IFRS in Argentina in 2012, together with the FACPCE, the Buenos Aires Stock Exchange (Bolsas y Mercados Argentinos -“BYMA”) and the CNV, considering the contributions of ENARGAS with respect to the regulatory aspects of the License agreements. In this regard, the CNV issued General Resolution No. 613/2012, ratifying that IFRIC 12 does not apply to natural gas transportation and distribution licenses established under the regulatory framework described in Note 17. k) Leases Leases are recognized as a right-of-use asset and a corresponding liability at the date on which the leased asset is available for use by the Company. Each lease payment is allocated between the liability and the finance cost. The finance cost is expensed over the lease term to produce a constant periodic interest rate on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the useful life of the asset or the term of |
CRITICAL ACCOUNTING ESTIMATES A
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS | 12 Months Ended |
Dec. 31, 2020 | |
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS [Abstract] | |
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS | 5. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS The preparation of financial statements in conformity with professional accounting standards requires the Company to make accounting estimates that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The making of such estimates involves TGS using assumptions and presumptions that are based on a number of factors, including past trends, events known at the date of issuance of these financial statements, and expectations of future events and their outcomes. 5.a) Impairment of PPE As mentioned in Note 4.j), the Company periodically evaluates the existence of significant events or changes that could have an adverse effect on the Company or will take place in the near future that could affect the recoverable amount of PPE. PPE is tested to assess whether an impairment or reversal of a previous impairment is required when significant changes took place during the period or will take place in the near future indicating that the recoverable value of the PPE amounts may be affected. These evaluations are performed at the lowest level for which identifiable cash flows exist, i.e., for each CGU. The Company considers each business segment as 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 in Argentina suffered a significant deterioration. This situation was aggravated in 2020 by the negative consequences that COVID had on Argentina's economic situation which led the Argentine Government to take a series of measures even affecting the regulatory framework of the natural gas transportation segment (see Notes 1 and 17). Given these indicators of impairment of the book value of PPE, the recoverable value of each of Natural Gas Transportation segment and the Other Services CGUs have been calculated based on its value in use. The value in use of PPE is sensitive to significant variation in the assumptions applied, including the determination of future tariffs determined by the Argentine Government in the Natural Gas Transportation segment, and the expectation of business development in the Vaca Muerta area in the Other Services segment. The value in use is calculated based on the basis of discounted future cash flows. The projected cash flows are prepared taking into account: (i) for assets associated with the Natural Gas Transportation segment, estimates of future tariff adjustments and the recognition of cost adjustments, (ii) for assets associated with the Other Services segment, future expectation of the need of Vaca Muerta gas producers to evacuate untreated natural gas, (iii) projections of the future costs and investments to be incurred and (iv) expected macroeconomic variables such as interest rates, inflation, foreign exchange rates, among others. 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 the negotiations with the Argentine Government, (ii) the contractual rights derived from the License, (iii) Management´s expectations with respect to the transitional tariff increase to be granted until the new RTI is finalized, (iv) Management´s expectation of the outcome of the new RTI process and (v) the impact of a cost monitoring scheme that allows for semi-annual adjustments to current tariffs. The Company has prepared, for the Natural Gas Transportation segment, three different estimates of the expected cash flows by sensitizing its main variables (as described above) and assigning probabilities of occurrence based on experience and considering the current socio-economic context, as follows: a) Base scenario: probability of occurrence assigned 70%. b) Optimistic scenario: probability of occurrence assigned 10%. c) Pessimistic scenario: probability of occurrence assigned 20%. In all scenarios, the discount rate used, the WACC, is 12.4%, measured in US dollars. In order to make the comparison between the expected cash flow and the book value of the assets assigned to the Natural Gas Transportation segment, the Company has used a weighting of the scenarios, in accordance with the probabilities mentioned above, to determine the expected value in use. As of December 31, 2020, the assessment of recoverability of the CGU of the Natural Gas Transportation segment resulted in the recognition of impairment losses of Ps. 3,114,056 (before taxes) which is recorded within "Impairment of Property, plant and equipment" in the Statement of Comprehensive Income for the year ended December 31, 2020. The Company has performed a sensitivity analysis with respect to: i) the probability of occurrence of each scenario and has concluded that an increase of up to 80 percentage points in the weighted probability of the pessimistic case (from 20% to 100%) and a reduction in the probability of occurrence of the optimistic scenario and the probability of occurrence of the base scenario (reducing each of them to zero) would imply an increase in the impairment loss of approximately Ps. 5,393,575 (before taxes), and ii) the discount rate where a 1% increase in the discount rate would imply an increase in the impairment loss of approximately Ps. 906,660. To perform the analysis of the Other Services segment, the Company relied on the future expectation of the need of Vaca Muerta gas producers to evacuate untreated natural gas to extend current firm transportation contracts, and on projections of contractual tariffs based on the international inflation index. Based on the above analysis, the Company did not identify the need to record any impairment of the PPE amounts of the latter business segment as of December 31, 2020. As of December 31, 2020, the Company’s book value of PPE related to Natural Gas Transportation and Other services cash-generating units tested for impairment are described as follows: In millions Amounts before impairment charge Impairment charge Amounts after impairment charge Natural Gas Transportation 70,036 (3,114 ) 66,922 Other services 25,152 - 25,152 Total 95,188 (3,114 ) 92,074 Besides, for the year ended on December 31, 2019 we performed impairment tests. Based on those we did not record impairment losses of components of property, plant and equipment as of December 31, 2019. Meanwhile, no impairment indicators were identified during the year ended December 31, 2018. The estimated recoverable amounts of PPE items are sensitive to significant variation in the assumptions applied. In either case, there can be no assurance with certainty that the actual cash flows arising from these circumstances will be in line with the assumptions applied in determining the values in use. Therefore, significant differences could arise in the future in relation to the estimated values in use. 5.b) Provisions for legal and other claims The Company has recorded certain contingent liabilities related to legal, judicial or extrajudicial actions, claims and administrative proceedings, including those of a legal and regulatory nature. The Company records liabilities when their occurrence is probable and when a reliable estimate of their amount can be made. Provisions are based on events known to the Company at the date of issuance of its financial statements, their probability of occurrence, its estimates of the outcome of such matters and the experience of its legal advisors in contesting, litigating and settling other matters. To the extent that there are more elements of judgment that allow improving the evaluation of contingencies, there will be changes in the estimates of future charges, which could have an impact on the Company's future results and its economic and/or financial situation. 5.c) Income tax Deferred tax assets are recognized for all tax loss carryforwards to the extent that it is probable that there will be a taxable profit against which the tax loss can be utilized. Determining the amount of deferred tax assets that can be recognized requires significant judgments to be made by management based on the likely timing and level of future tax benefits, together with future tax planning strategies and macroeconomic variables that impact the business. On December 29, 2017, the PEN enacted and put into effect through Decree 1112/2017 a tax reform sanctioned in the National Congress through Law No. 27,430 (the "Tax Reform") whereby a decrease in tax rates was determined. Subsequently, through the enactment of the Law of Social Solidarity and Productive Reactivation in the Framework of Public Emergency No. 27,541 ("Solidarity Law"), the Argentine Government defined the postponement of the reduction of the current tax rate for fiscal years beginning on or after January 1, 2021. Based on the estimates made as of December 31, 2020, the Company has not recognized as a deferred asset almost all of the specific loss generated by negative exchange differences in 2020 derived from financial instruments traded abroad. More detailed information on income tax is included in Note 14 "Income tax and deferred income tax". |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018 are presented below: 2020 2019 2018 Unpaid acquisition of PPE 304,531 1,812,174 644,507 Principal payment of financial lease (1) 190,969 203,173 213,551 Capitalization of finance costs - 607,452 - (1) Note 13 to these consolidated financial statements includes a reconciliation between the initial and final balance of the financial liabilities arising from financing activities. |
CONSOLIDATED BUSINESS SEGMENT I
CONSOLIDATED BUSINESS SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018 is disclosed below: Year ended December 31, 2020 Natural Gas Transportation Production and Commercialization of Liquids Other Services Telecommunications Eliminations Total Revenues from sales 23,501,610 27,596,696 4,364,503 408,629 - 55,871,438 Intersegment revenues 844,600 - - - (844,600 ) - Cost of sales (9,937,565 ) (15,833,436 ) (2,359,778 ) (279,526 ) 844,600 (27,565,705 ) Administrative expenses (1,242,079 ) (253,786 ) (174,262 ) (12,665 ) - (1,682,792 ) Selling expenses (1,459,316 ) (1,176,009 ) (299,758 ) (32,661 ) - (2,967,744 ) Other operating (expenses) / income (44,139 ) 139,965 2,511 1,492 - 99,829 (3,114,056 ) - - - - (3,114,056 ) Operating profit 8,549,055 10,473,430 1,533,216 85,269 - 20,640,970 Depreciation of property, plant and equipment (4,562,752 ) (382,776 ) (1,215,705 ) - - (6,161,233 ) Natural Gas Transportation Commercialization of Liquids Other Services Telecommunications Total Identifiable assets 82,754,090 17,693,606 27,901,503 245,167 128,594,366 Identifiable liabilities 27,615,557 5,438,248 29,442,395 71,522 62,567,722 Year ended December 31, 2019 Natural Gas Transportation Production and Commercialization of Liquids Other Services Telecommunications Eliminations Total Revenue from sales 30,795,577 31,500,457 3,439,787 376,082 - 66,111,903 Intersegment revenues 838,616 - - - (838,616 ) - Cost of sales (11,800,176 ) (19,960,308 ) (2,075,388 ) (187,697 ) 838,616 (33,184,953 ) Administrative expenses (1,420,653 ) (196,469 ) (83,074 ) (15,584 ) - (1,715,780 ) Selling expenses (1,829,130 ) (1,892,647 ) (359,950 ) (56,344 ) - (4,138,071 ) Other operating (expenses) / income (186,412 ) 4,356 4,868 3,574 - (173,614 ) Operating profit 16,397,822 9,455,389 926,243 120,031 - 26,899,485 Depreciation of property, plant and equipment (4,081,800 ) (335,886 ) (613,548 ) - - (5,031,234 ) Natural Gas Transportation Production and Commercialization of Liquids Other Services Telecommunications Total Identifiable assets 87,717,005 14,792,025 27,351,498 291,677 130,152,205 Identifiable liabilities 39,942,095 4,211,136 20,448,533 89,323 64,691,087 Year ended December 31, 2018 Natural Gas Transportation Production and Commercialization of Liquids Other Services Telecommunications Eliminations Total Revenue from sales 32,381,937 34,822,547 3,790,881 341,517 - 71,336,882 Intersegment revenues 1,253,249 - - - (1,253,249 ) - Cost of sales (10,815,462 ) (21,960,652 ) (2,207,887 ) (172,156 ) 1,253,249 (33,902,908 ) Administrative expenses (1,749,008 ) (176,050 ) (75,351 ) (13,900 ) - (2,014,309 ) Selling expenses (1,997,378 ) (1,340,704 ) (300,427 ) (57,275 ) - (3,695,784 ) Other operating (expenses) / income (327,301 ) (1,521,982 ) (11,402 ) (4,875 ) - (1,865,560 ) Operating profit 18,746,037 9,823,159 1,195,814 93,311 - 29,858,321 Depreciation of property, plant and equipment (3,938,031 ) (238,197 ) (479,535 ) - - (4,655,763 ) |
DETAIL OF SIGNIFICANT STATEMENT
DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 2019 Current Non Current Current Non Current Turnover tax balance 25,497 - 69,038 - Income tax credit balance (1) - - 1,386,757 - VAT credit balance 6,005 - 58,005 - Other tax receivables 14,121 1,954 1,670 1,907 Prepaid expenses 142,519 - 123,499 - Advances to suppliers 1,263,364 - 1,609,144 - Allowance for doubtful accounts (54,067 ) - - - Balances with related parties 84,236 - - - Subsidies receivables 302,777 - 195,810 - Other Receivables UT 43,199 - 53,107 - Others 340,196 7,603 448,429 10,351 Total 2,167,847 9,557 3,945,459 12,258 (1) The movement of the allowance for doubtful accounts is as follows: Balances as of December 31, 2018 - Additions - Applications - Reversals - Balances as of December 31, 2019 - Inflation adjustment restatement (44,179 ) Additions (1) 233,379 Applications - Reversals (1) (135,133 ) Balances as of December 31, 2020 54,067 (1) b) Trade receivables 2020 2019 Current Non Current Current Non Current Commons 5,949,236 - 8,616,688 - UT - - 18,805 - Natural Gas Transportation 3,708,723 - 5,138,622 - Production and Commercialization of Liquids 1,546,120 - 2,590,762 - Other services 694,393 - 868,499 - Related parties (Note 21) 330,738 - 380,456 Natural Gas Transportation 76,376 - 209,669 - Production and Commercialization of Liquids 116,737 - 73,167 - Other services 137,625 - 97,620 - Allowance for doubtful accounts (132,521 ) - (183,730 ) - Total 6,147,453 - 8,813,414 - The movement of the allowance for doubtful accounts is as follows: Balances as of December 31, 2018 277,536 Additions (1) (93,806 ) Applications - Reversals - Balances as of December 31, 2019 183,730 Inflation adjustment restatement (51,209 ) Additions - Applications - Reversals - Balances as of December 31, 2020 132,521 (1) c) Cash and cash equivalents 2020 2019 Cash and banks 1,260,190 1,528,928 UT Cash and banks 168 3,755 Mutual funds in local currency 823,199 1,401,763 Mutual funds in foreign currency 2,350,600 - Interest-bearing accounts 216,732 10,359,956 UT Mutual funds 2,517 - Total 4,653,406 13,294,402 d) Contract liabilities 2020 2019 Current Non Current Current Non Current Natural Gas Transportation 122,741 2,252,830 134,044 2,375,577 Production and Commercialization of Liquids 68,448 396,739 52,260 465,190 Other services 111,249 1,402,558 84,933 1,143,831 UT 15,547 - 28,001 - Total 317,985 4,052,127 299,238 3,984,598 During 2020 and 2019 financial years, the Company recognized Ps. 159,952 and Ps. 189,587, 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. Revenues related to the contract liabilities will be recognized in the Statement of Comprehensive Income in accordance with the schedule stipulated with the customers for the provision of the service, which will be completed between 2025 and 2047. e) Other payables 2020 2019 Current Non Current Current Non Current Payable for compensation for the Board of Directors and Supervisory Committee 11,550 - 11,569 - Others 1,961 - 2,375 - UT Other liabilities 288,463 - 377,677 - Total 301,974 - 391,621 - f) Taxes payables 2020 2019 Current Non Current Current Non Current Health and safety tax 13,109 - 17,683 - Withholdings and perceptions made to third parties 89,189 - 201,559 - Turnover Tax 162,572 - 116,105 - Tax on exports - - 98,019 - VAT 69,244 - - - UT Others - - 464 - Others 14,360 - 46,995 - Total 348,474 - 480,825 - g) Trade payables 2020 2019 Current Non Current Current Non Current Suppliers 2,665,409 - 5,276,710 - UT Suppliers 76,861 - 149,586 - Customers (credit balances) 17,638 - 8,392 - Related companies 43,688 - 165,552 - Total 2,803,596 - 5,600,240 - h) Revenues 2020 2019 2018 Sales of goods and services 55,543,573 65,836,288 70,485,082 Subsidies 327,865 275,615 851,800 Total 55,871,438 66,111,903 71,336,882 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, 2020 Natural Gas Transportation Production and Commercialization of Liquids Other Services Telecommunications Total Primary geographical market: External market - 9,534,556 - - 9,534,556 Local market 23,501,610 18,062,140 4,364,503 408,629 46,336,882 Total 23,501,610 27,596,696 4,364,503 408,629 55,871,438 Timing of revenue recognition: Over the time 23,501,610 1,665,970 4,364,503 408,629 29,940,712 At a point in time - 25,930,726 - - 25,930,726 Total 23,501,610 27,596,696 4,364,503 408,629 55,871,438 Year ended December 31, 2019 Natural Gas Transportation Production and Commercialization of Liquids Other Services Telecommunications Total Primary geographical market: External market - 12,449,866 - - 12,449,866 Local market 30,795,577 19,050,591 3,439,787 376,082 53,662,037 Total 30,795,577 31,500,457 3,439,787 376,082 66,111,903 Timing of revenue recognition: Over the time 30,795,577 1,670,192 3,439,787 376,082 36,281,638 At a point in time - 29,830,265 - - 29,830,265 Total 30,795,577 31,500,457 3,439,787 376,082 66,111,903 Year ended December 31, 2018 Natural Gas Transportation Production and Commercialization of Liquids Other Services Telecommunications Total Primary geographical market: External market - 12,618,988 - - 12,618,988 Local market 32,381,937 22,203,559 3,790,881 341,517 58,717,894 Total 32,381,937 34,822,547 3,790,881 341,517 71,336,882 Timing of revenue recognition: Over the time 32,381,937 1,477,117 3,790,881 341,517 37,991,452 At a point in time - 33,345,430 - - 33,345,430 Total 32,381,937 34,822,547 3,790,881 341,517 71,336,882 Detailed information of revenues on each business segment for the years ended December 31, 2020, 2019 and 2018 is disclosed below: i. Natural Gas Transportation 2020 2019 2018 Firm 19,086,235 25,214,892 25,641,775 Access and Charge 839,868 1,137,755 1,184,965 Interruptible and Others 3,575,507 4,442,930 5,555,197 Total 23,501,610 30,795,577 32,381,937 ii. Production and Commercialization of Liquids 2020 2019 2018 Product 25,602,861 29,554,650 32,493,630 Services 1,665,970 1,670,192 1,477,117 Government grants 327,865 275,615 851,800 Total 27,596,696 31,500,457 34,822,547 iii. Other services 2020 2019 2018 Conditioning and treatment 2,036,984 1,733,165 1,539,505 Operation and maintenance 166,972 887,181 1,005,491 Steam sales 182,124 315,254 286,422 Construction 25,812 16,199 44,653 UT Construction 70,481 255,517 907,244 Transportation and conditioning of Natural Gas 1,793,855 225,619 - Others 88,275 6,852 7,566 Total 4,364,503 3,439,787 3,790,881 i) Cost of sales 2020 2019 2018 Inventories at the beginning of the year 418,823 754,516 384,814 Purchases 12,670,943 16,408,467 18,556,286 Operating costs (Note 8.i.) 15,047,441 16,440,793 15,716,324 Inventories at the end of the year (571,502 ) (418,823 ) (754,516 ) Total 27,565,705 33,184,953 33,902,908 j) Expenses by nature – Information required under art. 64 paragraph I, clause B) Commercial Companies Law 2020 Operating expenses Accounts Total Regulated Activities Non Regulated Activities Administrative expenses Selling expenses Financial expenses Salaries, wages and other compensations 4,050,804 1,813,778 1,265,416 741,580 230,030 - Social security taxes 823,941 355,095 253,176 165,837 49,833 - Compensation to Directors and Supervisory Committee 40,039 - - 40,039 - - Professional services fees 316,283 34,515 13,299 241,111 27,358 - Technical operator assistance fees 1,430,462 589,450 841,012 - - - Materials 453,037 164,268 288,769 - - - Third parties services 518,110 235,552 262,707 19,290 561 - Telecommunications and post expenses 47,420 13,338 10,523 20,785 2,774 - Rents 25,197 10,096 5,185 9,157 759 - Transports and freight 156,729 92,915 61,244 2,570 - - Easements 98,444 87,574 10,870 - - - Offices supplies 9,056 3,087 1,288 4,408 273 - Travels expenses 68,320 30,715 19,972 15,111 2,522 - Insurance 255,898 146,906 91,016 17,962 14 - Property, plant and equipment maintenance 1,872,450 1,609,864 230,192 32,394 - - Depreciation of property, plant and equipment 6,161,233 4,222,188 1,598,481 340,564 - - Taxes and contributions 3,003,392 505,742 26,080 1,278 2,470,292 (1) - Advertising 85,997 - - - 85,997 - Doubtful accounts 95,067 - - - 95,067 - Banks expenses 23,734 - - 23,734 - - Interests expense 3,358,279 - - - - 3,358,279 Foreign exchange loss 14,836,082 - - - - 14,836,082 Costs of services rendered to third parties 108,667 - 108,667 - - - Other expenses 53,697 22,482 21,979 6,972 2,264 - Total 2020 37,892,338 9,937,565 5,109,876 1,682,792 2,967,744 18,194,361 (1) 2019 Operating expenses Accounts Total Regulated Activities Non Regulated Activities Administrative expenses Selling expenses Financial expenses Salaries, wages and other contributions 4,347,500 1,992,017 1,297,722 823,076 234,685 - Social security taxes 810,188 369,771 232,128 159,359 48,930 - Compensation to Directors and Supervisory Committee 44,284 - - 44,284 - - Professional services fees 657,734 20,943 338,511 254,542 43,738 - Technical operator assistance fees 1,558,506 1,056,723 501,783 - - - Materials 527,916 230,643 297,273 - - - Third parties services 593,395 245,103 303,408 33,334 11,550 - Telecommunications and post expenses 61,003 17,638 8,300 32,608 2,457 - Rents 59,572 17,313 28,781 12,100 1,378 - Transports and freight 157,904 99,383 55,206 3,315 - - Easements 125,169 118,942 6,227 - - - Offices supplies 18,150 5,471 3,145 7,056 2,478 - Travels expenses 180,366 89,168 48,923 37,221 5,054 - Insurance 131,238 64,137 51,871 8,701 6,529 - Property, plant and equipment maintenance 3,494,687 3,040,075 406,252 48,360 - - Depreciation of property, plant and equipment 5,031,234 3,870,024 949,432 211,778 - - Taxes and contributions 4,144,215 454,949 33,318 5,314 3,650,634 (1) - Advertising 122,713 - - - 122,713 - Doubtful accounts 3,315 - - - 3,315 - Banks expenses 26,286 - - 26,286 - - Interests expense 3,416,877 - - - - 3,416,877 Foreign exchange loss 21,287,642 - - - - 21,287,642 Capitalized finance costs (607,453 ) - - - - (607,453 ) Costs of services rendered to third parties 18,602 - 18,602 - - - Other expenses 180,667 107,877 59,734 8,446 4,610 - Total 2019 46,391,710 11,800,177 4,640,616 1,715,780 4,138,071 24,097,066 (1) 2018 Operating expenses Accounts Total Regulated Activities Non Regulated Activities Administrative expenses Selling expenses Financial expenses Salaries, wages and other compensations 4,006,260 1,866,300 1,189,130 747,477 203,353 - Social security taxes 670,656 303,143 177,888 145,796 43,829 - Compensation to Directors and Supervisory Committee 54,072 - - 54,072 - - Professional services fees 575,292 14,758 284,039 262,271 14,224 - Technical operator assistance fees 2,758,540 1,755,077 1,003,463 - - - Materials 468,994 143,852 325,142 - - - Third parties services 548,240 214,277 272,797 41,446 19,720 - Telecommunications and post expenses 45,605 8,788 5,983 29,860 974 - Rents 51,909 16,036 21,573 12,453 1,847 - Transports and freight 142,608 88,444 48,135 6,029 - - Easements 113,250 113,250 - - - - Offices supplies 14,654 4,966 1,803 6,555 1,330 - Travels expenses 178,586 79,945 56,001 34,338 8,302 - Insurance 138,786 79,933 49,624 9,223 6 - Property, plant and equipment maintenance 2,649,800 2,315,295 301,820 32,685 - - Depreciation of property, plant and equipment 4,655,763 3,377,834 717,723 560,206 - - Taxes and contributions 3,509,811 357,119 42,057 4,457 3,106,178 (1) - Advertising 10,170 - - - 10,170 - Doubtful accounts 277,537 - - - 277,537 - Banks expenses 25,446 - - 25,446 - - Interests expense 3,508,840 - - - - 3,508,840 Foreign exchange loss 27,481,250 - - - - 27,481,250 Other financial charges - - - - - - Costs of services rendered to third parties 346,137 - 346,137 - - - Other expenses 184,301 76,447 57,545 41,995 8,314 - Total 2018 52,416,507 10,815,464 4,900,860 2,014,309 3,695,784 30,990,090 (1) k) Net financial results 2020 2019 2018 Financial income Interest income 546,600 979,612 2,817,393 Foreign exchange gain 4,968,821 10,640,197 17,098,238 Subtotal 5,515,421 11,619,809 19,915,631 Financial expenses Interest expense (1) (3,358,279 ) (3,416,877 ) (3,508,840 ) Foreign exchange loss (14,836,082 ) (21,287,642 ) (27,481,250 ) less: Capitalized finance costs - 607,453 - Subtotal (18,194,361 ) (24,097,066 ) (30,990,090 ) Other financial results Notes repurchase results 399,356 - - Derivative financial instruments results 449,575 (26,101 ) 222,171 Fair value (losses) / gains on financial instruments through profit or loss (7,265,635 ) 738,179 2,875,311 Others (358,075 ) (557,712 ) (510,009 ) Subtotal (6,774,779 ) 154,366 2,587,473 Gain on net monetary position 6,482,061 8,378,326 2,526,114 Total (12,971,658 ) (3,944,565 ) (5,960,872 ) (1) l) Other operating results 2020 2019 2018 Net increase in provisions (1) (154,391 ) (212,548 ) (1,614,277 ) Recovery of insurance 236,978 - 49,999 Others 17,242 38,934 (301,282 ) Total 99,829 (173,614 ) (1,865,560 ) (1) m) Other financial assets at amortized cost 2020 2019 Current Non Current Current Non Current Fixed term deposits in foreign currency - 13,755,917 - - VRD bonds 3,044 3,095 4,568 7,356 US Treasury Bills - - 1,416,685 - Private debt bonds 15,275 - - - Total 18,319 13,759,012 1,421,253 7,356 n) Other financial assets at fair value through profit or loss 2020 2019 Current Non Current Current Non Current Public debt bonds 2,120,788 - - - Total 2,120,788 - - - o) Payroll and social security taxes payable 2020 2019 Current Non Current Current Non Current Vacation benefit payable 673,531 - 416,382 - Annual bonus payable 297,999 - 279,825 - Social security taxes payable 174,886 - 178,265 - UT 1,572 - 8,333 - Total 1,147,988 - 882,805 - |
INVESTMENTS IN ASSOCIATES
INVESTMENTS IN ASSOCIATES | 12 Months Ended |
Dec. 31, 2020 | |
INVESTMENTS IN ASSOCIATES [Abstract] | |
INVESTMENTS IN ASSOCIATES | 9. INVESTMENTS IN ASSOCIATES 2020 2019 Issuer Information Description of securities Last financial statemets issued Name and issuer Face value Amount Cost Book value Main business Date Common stock Net (loss) / income for the year / period Shareholders equity % of Common Stock Book value Transporte y Servicios de Gas en Uruguay S.A. Ps. Uru. 1 196,000 248 8,540 Pipeline maintenance 09/30/2020 28 (868 ) 17,428 49.00 9,022 Emprendimientos de Gas Pipeline del Sur S.A. (in liquidation) $ 1 116,130 2,757 490 construction 09/30/2020 237 (131 ) 1,000 49.00 569 and operation services Pipeline Gas Link S.A. $ 1 502,962 11,701 119,365 construction 09/30/2020 1,026 27,254 622,779 49.00 97,497 and operation services Total 128,395 107,088 |
JOINT ARRANGEMENTS
JOINT ARRANGEMENTS | 12 Months Ended |
Dec. 31, 2020 | |
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: 2020 2019 Consolidated Statements of financial position Non Current assets - - Current Assets 165,873 317,002 Total 165,873 317,002 Non Current Liabilities - - Current Liabilities 380,314 564,062 Total 380,314 564,062 2020 2019 2018 Consolidated Statements of comprehensive income Gross profit / (loss) 4,563 (210,069 ) 70,946 Operating (loss) / profit (1,265 ) (234,568 ) 51,076 Net Financial results 74,877 (28,683 ) 2,193 Comprehensive (loss) / income 73,612 (263,251 ) 53,269 |
PROFIT FROM ASSOCIATES
PROFIT FROM ASSOCIATES | 12 Months Ended |
Dec. 31, 2020 | |
PROFIT FROM ASSOCIATES [Abstract] | |
PROFIT FROM ASSOCIATES | 11. PROFIT FROM ASSOCIATES 2020 2019 2018 EGS (in liquidation) (79 ) (109 ) 6,494 TGU (482 ) (904 ) (93 ) Link 21,871 (42,359 ) 31,729 Total 21,310 (43,372 ) 38,130 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2020 | |
PROPERTY, PLANT AND EQUIPMENT [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 12. PROPERTY, PLANT AND EQUIPMENT 2020 Cost Depreciation End of the Accumulated at the beginning Accumulated at the end Net Beginning Account of the year Additions Retirements Transfers year of the year Retirements For the year rate % of the year Impairment book value Pipelines 86,231,036 - (35,101 ) 3,444,963 89,640,898 42,534,145 (19,248 ) 2,199,034 2.2 44,713,931 2,366,584 42,560,383 Compressor plants 35,019,137 7,198 - 3,234,851 38,261,186 23,443,580 - 1,612,640 3.3 to 25 25,056,220 710,834 12,494,132 Other plants 36,061 - - - 36,061 12,169 - 1,223 3.3 13,392 1,139 21,530 Stations of regulation and/or measurement of pressure 2,952,477 - (973 ) 86,690 3,038,194 2,349,855 (852 ) 81,942 4.0 2,430,945 31,711 575,538 Other technical installations 573,367 - - 5,324 578,691 493,239 - 12,844 6.7 506,083 3,788 68,820 Subtotal assets related to 124,812,078 7,198 (36,074 ) 6,771,828 131,555,030 68,832,988 (20,100 ) 3,907,683 72,720,571 3,114,056 55,720,403 Non-regulated segment Pipelines 13,933,750 239 - 821,049 14,755,038 171,999 - 488,543 2.2 660,542 - 14,094,496 Non-regulated segment Compressor plants 2,799,504 - - 44,333 2,843,837 1,089,298 - 302,829 3.3 to 25 1,392,127 - 1,451,710 Non-regulated segment Other plants 24,577,179 - (673 ) 1,200,338 25,776,844 14,007,475 (5 ) 623,057 3.3 14,630,527 - 11,146,317 Non-regulated segment Stations of regulation and/or measurement of pressure 857,407 1,164 (1,090 ) 32,396 889,877 59,587 - 34,024 4.0 93,611 - 796,266 Non-regulated segment Other technical installations 345,819 - - - 345,819 133,954 - 31,132 6.7 165,086 - 180,733 Subtotal assets related to Other Services and Production and Commercialization of Liquids 42,513,659 1,403 (1,763 ) 2,098,116 44,611,415 15,462,313 (5 ) 1,479,585 16,941,893 - 27,669,522 Lands 482,127 - - - 482,127 - - - - - - 482,127 Buildings and constructions 4,828,987 - - 271,163 5,100,150 2,478,654 - 102,251 2.0 2,580,905 - 2,519,245 Facilities and features in building 359,134 - - - 359,134 158,342 - 10,341 4.0 168,683 - 190,451 Machinery, equipment and tools 1,503,969 68,494 - 21,857 1,594,320 885,519 - 134,490 6.7 to 10 1,020,009 - 574,311 UT Machinery, equipment and tools 1,238 - - - 1,238 1,238 - - 6.7 to 10 1,238 - - Computers and Telecommunication systems 6,594,148 - - 609,407 7,203,555 4,959,186 - 459,622 6.7 to 20 5,418,808 1,784,747 - Vehicles 696,677 9,082 (1,692 ) - 704,067 461,561 (839 ) 65,585 20 526,307 177,760 - Furniture 311,135 200 - 989 312,324 302,975 - 1,676 10 304,651 7,673 - Materials 4,277,974 2,521,622 (16,305 ) (2,041,894 ) 4,741,397 - - - - - 4,741,397 Line pack 673,285 - - 52,167 725,452 37,637 - - - 37,637 687,815 - Works in progress 8,022,523 4,079,084 - (7,783,633 ) 4,317,974 - - - - - 4,317,974 Total 195,076,934 6,687,083 (55,834 ) - 201,708,183 93,580,413 (20,944 ) 6,161,233 99,720,702 3,114,056 98,873,425 2019 Cost Depreciation Accumulated at Accumulated at Beginning End of the the beginning the end Net Account of the year Additions Retirements Transfers year of the year Retirements For the year rate % of the year book value Pipelines 83,617,294 - (18,148 ) 2,631,890 86,231,036 40,478,034 (10,547 ) 2,066,658 2.2 42,534,145 43,696,891 Compressor plants 31,950,533 544,422 (244,896 ) 2,769,078 35,019,137 22,137,747 (147,638 ) 1,453,471 3.3 to 25 23,443,580 11,575,557 Other plants 36,061 - - - 36,061 10,945 - 1,224 3.3 12,169 23,892 Stations of regulation and/or measurement of pressure 2,847,785 - - 104,692 2,952,477 2,271,328 - 78,527 4.0 2,349,855 602,622 Other technical installations 563,238 - - 10,129 573,367 480,646 - 12,593 6.7 493,239 80,128 Subtotal assets related to natural gas transportation service 119,014,911 544,422 (263,044 ) 5,515,789 124,812,078 65,378,700 (158,185 ) 3,612,473 68,832,988 55,979,090 Non-regulated segment Pipelines 169,943 - - 13,763,807 13,933,750 86,262 - 85,737 2.2 171,999 13,761,751 Non-regulated segment Compressor plants 2,601,276 - - 198,228 2,799,504 793,286 - 296,012 3.3 to 25 1,089,298 1,710,206 Non-regulated segment Other plants 18,142,640 - - 6,434,539 24,577,179 13,582,007 - 425,468 3.3 14,007,475 10,569,704 Non-regulated segment Stations of regulation and/or measurement of pressure 218,552 15,362 - 623,493 857,407 43,819 - 15,768 4.0 59,587 797,820 Non-regulated segment Other technical installations 345,819 - - - 345,819 102,821 - 31,133 6.7 133,954 211,865 Subtotal assets related to Other Services and Production and Commercialization of Liquids 21,478,230 15,362 - 21,020,067 42,513,659 14,608,195 - 854,118 15,462,313 27,051,346 Lands 224,817 257,310 - - 482,127 - - - - - 482,127 Buildings and constructions 4,247,069 - (1,291 ) 583,209 4,828,987 2,398,379 (15 ) 80,290 2.0 2,478,654 2,350,333 Facilities and features in building 359,002 - - 132 359,134 143,466 - 14,876 4.0 158,342 200,792 Machinery, equipment and tools 1,271,121 234,960 (10,562 ) 8,450 1,503,969 787,159 (10,562 ) 108,922 6.7 to 10 885,519 618,450 UT Machinery, equipment and tools 1,238 - - - 1,238 934 - 304 6.7 to 10 1,238 - Computers and Telecommunication systems 5,687,422 4,683 - 902,043 6,594,148 4,657,053 - 302,133 6.7 to 20 4,959,186 1,634,962 Vehicles 619,944 110,083 (33,350 ) - 696,677 436,636 (31,508 ) 56,433 20 461,561 235,116 Furniture 311,135 - - - 311,135 301,290 - 1,685 10 302,975 8,160 Materials 3,217,600 3,075,586 (29,331 ) (1,985,881 ) 4,277,974 - - - - - 4,277,974 Line pack 787,855 - - (114,570 ) 673,285 37,637 - - - 37,637 635,648 Works in progress 12,547,544 21,404,218 - (25,929,239 ) 8,022,523 - - - - - 8,022,523 Total 169,767,888 25,646,624 (337,578 ) - 195,076,934 88,749,449 (200,270 ) 5,031,234 93,580,413 101,496,521 As of December 31, 2020 and 2019, the assets related to the Other Services and Production and Commercialization of Liquids segments contains the following assets for right of use: 2020 2019 Other plants 518,778 610,326 Compressor plants 1,287,986 1,515,277 Other technical installations 146,454 172,300 Total 1,953,218 2,297,903 The book value variation of the rights-of use accounted during the years ended on December 31, 2020 and 2019 corresponds to its depreciation: 2020 2019 Other plants (91,549 ) (91,549 ) Compressor plants (227,292 ) (227,292 ) Other technical installations (25,844 ) (25,845 ) Total (344,685 ) (344,686 ) The right to use these assets expires in September 2026, at which time the purchase options provided for in the contracts may be exercised. |
LOANS
LOANS | 12 Months Ended |
Dec. 31, 2020 | |
LOANS [Abstract] | |
LOANS | 13. LOANS Short-term and long-term loans as of December 31, 2019 and 2018 comprise the following: 2020 2019 Current Loans 2018 Notes Interest 456,697 458,632 Pre-export finance - 1,390,438 Leasing (Note 21) 480,069 495,389 Total Current loans 936,766 2,344,459 Non Current Loans 2018 Notes 40,520,045 40,634,099 Leasing (Note 21) 2,412,613 2,741,268 Total non current loans 42,932,658 43,375,367 Total (1) 43,869,424 45,719,826 (1) (2) The activity of the loans as of December 31, 2020 and 2019 is the following: 2020 2019 Leases liabilities Other payables Leases liabilities Other payables Beginning balance 3,236,657 42,483,169 3,466,896 39,669,167 Inflation adjustment restatement (1,275,154 ) (12,526,927 ) (1,676,718 ) (17,640,765 ) Accrued interest 242,337 2,765,737 265,398 2,806,717 Effect of foreign exchange effect 1,149,736 13,755,162 1,604,703 18,971,692 VAT unpaid installments 11,009 - 21,766 - Proceeds from loans - - - 1,431,939 Acquisition of notes result - (399,356 ) - - Payment of loans (1) (190,969 ) (1,354,111 ) (228,701 ) - Payment of redemption of loans - (999,811 ) - - Interest paid (2) (280,934 ) (2,747,121 ) (216,687 ) (2,755,581 ) Ending balance 2,892,682 40,976,742 3,236,657 42,483,169 (1) (2) The maturities of the current and non-current loans as of December 31, 2020 are as follows, not including issuance expenses: To due Due at 12/31/2020 From 1/01/2021 to 12/31/2021 From 1/01/2022 to 12/31/2022 From 1/01/2023 to 12/31/2023 From 1/01/2024 to 12/31/2024 From 1/01/2025 onwards Total 2018 Notes - 456,697 - - - 40,520,045 40,976,742 Financial Leasing 63,526 416,543 451,566 489,482 530,581 940,984 2,892,682 Total 63,526 873,240 451,566 489,482 530,581 41,461,029 43,869,424 The following table sets reconciliation between the total of future minimum lease payments as of December 31, 2020, and their present book value: 12/31/2020 As of 12/31/2020 692,970 From 1/01/2022 to 12/31/2022 629,526 From 1/01/2023 to 12/31/2023 629,526 From 1/01/2024 to 12/31/2024 629,526 From 1/01/2025 onwards 1,005,592 Total minimum future payments 3,587,140 Future financial charges on financial leases (694,458 ) Book Value financial leases 2,892,682 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$ 1,200 million. 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%. During 2020, the Company repurchased its marketable debt for a nominal value of USD 17.6 million for which it paid Ps. 999,811. This transaction generated a positive result of Ps. 399,356 recognized in the financial results of the Statement of Income. 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 3.75:1. 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 * * Included in “Other financial assets at amortized cost.” This loan was totally repaid at the maturity date. |
INCOME TAX AND DEFERRED TAX
INCOME TAX AND DEFERRED TAX | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 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, 2020 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. 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, 2020, 2019 and 2018 is as follows: 2020 2019 2018 Current income tax (3,439,545 ) (3,651,647 ) (6,698,265 ) Special revaluation tax - - (2,194,810 ) Deferred income tax (964,878 ) (1,826,938 ) 8,865,492 Total income tax (4,404,423 ) (5,478,585 ) (27,583 ) The analysis of the net deferred tax assets and liabilities is as follows: 2020 2019 Deferred tax assets: Deferred tax assets to be recovered after more than 12 months 1,250,309 1,356,732 Deferred tax assets to be recovered after less than 12 months 372,361 372,055 Deferred tax liabilities: Deferred tax liabilities to be recovered after more than 12 months (8,828,384 ) (8,172,277 ) Deferred tax liabilities to be recovered after less than 12 months (242,878 ) (40,224 ) Deferred tax liabilities, net (7,448,592 ) (6,483,714 ) The components of the net deferred tax assets and liabilities as of December 31, 2020, 2019 and 2018 are the following: Deferred tax assets Other receivables Allowance for doubtful accounts Tax credits discounted value loss Account receivables discounted value Provisions for legal claims and other provisions Financial lease Contract liabilities Tax loss carryforward Tax inflation adjustment Total As of December 31, 2018 - - 811 4,761 211,326 853,576 665,948 - - 1,736,422 Charge in results - 995 (327 ) (3,766 ) (511 ) (36,365 ) 20,319 - 12,020 (7,635 ) As of December 31, 2019 - 995 484 995 210,815 817,211 686,267 - 12,020 1,728,787 Charge in results 13,517 (995 ) (484 ) (352 ) 12,320 (89,081 ) (46,704 ) 944 4,718 (106,117 ) As of December 31, 2020 13,517 - - 643 223,135 728,130 639,563 944 16,738 1,622,670 Deferred tax liabilities Deferred sales Loans Property, Plant and Equipment Cash and cash equivalents Inventaries Other financial assets at amortized cost Tax inflation adjustment Total As of December 31, 2018 5,945 (65,093 ) (6,111,056 ) (198,776 ) (24,218 ) - - (6,393,198 ) Charge in results (5,945 ) 29,334 190,184 195,879 (3,194 ) (2,538 ) (2,223,023 ) (1,819,303 ) As of December 31, 2019 - (35,759 ) (5,920,872 ) (2,897 ) (27,412 ) (2,538 ) (2,223,023 ) (8,212,501 ) Charge in results - 15,815 693,689 1,861 (6,112 ) (199,006 ) (1,365,008 ) (858,761 ) As of December 31, 2020 - (19,944 ) (5,227,183 ) (1,036 ) (33,524 ) (201,544 ) (3,588,031 ) (9,071,262 ) 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, 2020, 2019 and 2018 as follows: 2020 2019 2018 Pre tax income 7,690,622 22,911,548 23,935,579 Statutory income tax rate 30 % 30 % 30 % Pre tax income at statutory income tax rate (2,307,187 ) (6,873,464 ) (7,180,674 ) Tax effects due to: - Restatement by inflation 2,095,061 2,776,728 505,544 - Unrecognized tax loss carryforward (1) (2,036,579 ) - - - Special revalution tax - - (2,194,810 ) - Adjustment affidavit previous year (9,073 ) 186,024 (632 ) - Tax revaluation benefit - - 8,778,172 - Tax inflation adjustment (2,775,060 ) (2,720,752 ) - - Others 628,415 1,152,879 64,817 Total income tax (4,404,423 ) (5,478,585 ) (27,583 ) |
PROVISIONS
PROVISIONS | 12 Months Ended |
Dec. 31, 2020 | |
PROVISIONS [Abstract] | |
PROVISIONS | 15. PROVISIONS The total amount of the Provisions is included in current liabilities. For legal claims and others Balances as of 12/31/2018 777,331 Inflation adjustment restatement (328,158 ) Additions 370,952 (1 ) Uses (10,333 ) Decreases (7,763 ) (2 ) Balances as of 12/31/2019 802,029 Inflation adjustment restatement (258,394 ) Additions 325,140 (3 ) Uses (8,073 ) Decreases 0 (2 ) Balances as of 12/31/2020 860,702 (1) (2) (3) For additional information see “Note 20 – Legal claims and other matters.” |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2020 | |
FINANCIAL RISK MANAGEMENT [Abstract] | |
FINANCIAL RISK MANAGEMENT | 16. FINANCIAL RISK MANAGEMENT 16.1 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. 16.1.1 Risk associated with exchange rates Restrictions to the single free market for foreign exchange ("MULC") As mentioned in Note 1, the main global and Argentine economic variables have had a negative impact on financial markets affecting the cost of borrowing, hedging activities, liquidity and access to capital in general. In the local market, particularly, the shares of the main listed companies, sovereign bonds and the Argentine peso experienced a sharp drop in value. Additionally, as from April 2020, through the issuance of Communication "A" 7001, subsequently amended by Communications "A" 7030, 7042, 7052, 7068 and 7138, the BCRA established measures that intensify the restrictions for access to the MULC, including measures related to the trading of stock market assets by companies. In turn, on May 25, 2020 and June 19, 2020, the CNV issued General Resolutions No. 841 and 843, by means of which restrictions are established for the purchase and sale of negotiable securities in U.S. dollars, or the transfer of such securities to depositary companies abroad. Subsequently, by means of General Resolution No. 862, such agency provided certain flexibilities to the terms of permanence of such securities. These measures aimed at restricting the MULC in order to contain the demand for dollars imply the request of prior authorization from the BCRA for certain transactions, including the following: - payment of dividends to non-residents; - payment of imports of certain goods abroad or cancellation of debts originated in the importation of such goods except for certain exceptions expressly provided for in the applicable regulations; - the formation of foreign assets; and - payment of financial loans to non-residents. In case of having requested access to the MULC, it must assume the commitment to enter and settle in the foreign exchange market, within five working days of its availability, those funds received abroad originated in the collection of loans granted to third parties, the collection of a time deposit or the sale of any type of asset, when the asset had been acquired, the deposit constituted or the loan granted after May 28, 2020. Additionally, on September 15, 2020, the BCRA published Communications "A" 7105 and 7106 by which it is established, among other measures, that those who register financial debts with independent parties with principal maturities in foreign currency scheduled between October 15, 2020 and March 31, 2021, must submit to the BCRA a refinancing plan for the principal maturities based on the following criteria: (a) that the net amount for which the exchange market will be accessed in the original terms will not exceed 40% of the principal amount maturing in the period indicated above, and (b) that the remaining principal be, at least, refinanced with new external indebtedness with an average life of 2 years, provided that the new indebtedness is settled in the exchange market. The aforementioned rule does not have immediate effect on the Company since the amortization of the principal of its marketable debentures occurs on May 2, 2025, which is not within the aforementioned term. On the other hand, as of the date of issuance of these consolidated financial statements, the Company paid all the interest installment corresponding to its financial debt on November 2, 2020. Additionally, the exchange regime already determined as mandatory the entry and liquidation in local currency of the funds obtained as a result of the following operations and concepts, among others: - Exports of goods and services; - Collection of pre-financing, advances and post-financing of exports of goods; - Exports of services; - Disposal of foreign assets. These foreign exchange restrictions, or those that may be enacted in the future, could affect the Company's ability to access the official foreign exchange market to acquire the foreign currency necessary to meet its financial obligations. Assets and liabilities denominated in foreign currency as of December 31, 2020 have been valued considering the current exchange rates in the MULC. Exchange rate risk management In view of the main impacts of the aforementioned situation and those detailed in Note 1 to these Consolidated Financial Statements, the Company has implemented a series of measures to mitigate their impact. In this sense, 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 eventual impacts on its equity and financial situation. The Company considers that its current financial position will allow it to comply, in the short term, with its foreign currency commitments. The Company's financial statements should be read in light of these circumstances. 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% of the segment’s total revenues for the years ended December 31, 2020 and 2019. Total revenues denominated in Argentine Pesos accounted for 50%, 53% and 59% for the years ended December 31, 2020, 2019 and 2018, respectively. TGS' financial risk management policies are defined with the objective of mitigating the impact of exchange rate fluctuations on the Company's foreign currency position. To this end, alternative investment evaluations are regularly carried out to diversify TGS' investment portfolio among instruments denominated in U.S. dollars or, although denominated in Argentine pesos, to obtain positive returns in real terms. Additionally, if deemed appropriate, the Company enters into derivative financial instruments that allow hedging the fluctuation of the U.S. dollar on the positions in such currency in the long term. During fiscal years 2020, 2019 and 2018, the Company did not contract derivative financial instruments to hedge this risk. However, the Company, in order to mitigate the impact on the future variation of the exchange rate, has placed funds in assets denominated in U.S. dollars. As of December 31, 2020, 96% of the Company's fund placements are denominated in U.S. dollars. For further information regarding the Company's foreign currency position see "Note 18. Foreign currency assets and liabilities". Management of the Company estimates that, based on the net liability position as of December 31, 2020 and 2019, a 10% appreciation in the exchange rate of the U.S. dollar against the Argentine peso, with all other economic-financial variables stable, could have resulted in a pre-tax loss of Ps. 2,533,781 and Ps. 3,491,865, respectively. A 10% depreciation of the U.S. dollar against the Argentine peso would have an equal and opposite effect on the Statement of Comprehensive Income. This sensitivity analysis is theoretical as the actual impacts could differ significantly and vary over time. 16.1.2 Interest rate risk Interest rate risk management seeks to reduce financial costs and limit the Company's exposure to increases in interest rates. TGS' exposure to risks associated with interest rate variations is limited given that all of its financial debt is subject to fixed interest rates. Information regarding the Company's financing is disclosed in Note 13. In addition, the main objective of the Company's financial investment activities is to obtain the highest return by investing in low-risk and highly liquid instruments. The Company maintains a portfolio of cash equivalents and short-term investments comprised of investments in mutual funds and deposits in interest-bearing bank accounts, public and private securities. The risk of these instruments is low since they are mostly short-term and highly liquid in recognized 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 policies are defined with the objective of reducing the impact of the loss of purchasing power. During the 2020, 2019 and 2018 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, 2020 and 2019: Financial assets (1) Financial liabilities (2) 2020 2019 2020 2019 Fix interest rate 16,108,712 11,776,641 40,976,742 41,092,728 Variable interest rate 3,179,938 1,413,687 - 1,390,438 Total 19,288,650 13,190,328 40,976,742 42,483,166 (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. 16.1.3 Commodity price risk Commercial operations performed by the Company in its Liquids Production and Marketing 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 sales prices of exported propane, butane and natural gasoline are determined according to international reference prices (Mont Belvieu for propane and butane and NWE ARA for natural gasoline). Additionally, most of the total sales of propane and butane that are made in the domestic market are made at prices set by the Ministry of Energy for the different market segments. These prices have historically fluctuated in response to macroeconomic conditions and changes in supply and demand, which could affect TGS' profitability. Especially during the first half of 2020, and due to the effect of COVID and the international oil market situation, the price of Liquids was negatively affected with year-on-year declines during that period in the order of 30%. However, as of the last quarter of 2020 and after the end of the year, international prices recovered sharply. Likewise, in the domestic market, the price of natural gas at wellhead during fiscal year 2020 has been significantly reduced, measured in U.S. dollars, which benefits the RTP for processing at the Cerri Complex. These factors, among others, have allowed 2020 operating margins for this segment to be maintained over the prior year. Based on volume of sales for the years ended December 31, 2020, 2019 and 2018, tgs estimated that, other factors being constant, a decrease of US$ 50 per ton in the international price of LPG and natural gasoline, respectively, would have decrease the Company’s net comprehensive income in its Liquids Production and Commercialization segment in Ps. 2,018,826, Ps. 1,569,844 and Ps 1,156,053. , respectively. On the other hand, an increase of US$ 50 per ton in the international price would have had the opposite effect. Derivative financial instruments On July 23, 2018 TGS entered into an agreement with a recognized financial institution to hedge propane, butane and natural gasoline export prices (put contracts), with the objective of offsetting potential losses that could be generated in the event that export prices fall below breakeven prices (those that equal costs). Such agreement was effective between October 2018 and April 2020, according to the following monthly short tons: 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, 2020, the Company does not hold derivative financial instruments. As of December 31, 2019, the balance is Ps. 373,058 and is recorded under "Derivative financial instruments". 16.1.4 Credit risk 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 Each of the Company's customers is rated independently. In the event that they do not have a credit rating, both patrimonial, economic and financial variables are evaluated, as well as commercial, banking and specialized agencies' reports. Finally, according to the evaluation performed, the degree of credit risk of each customer is determined and the need or not to request guarantees/guarantees to the customer. As of December 31, 2020 and 2019, current and non-current sales receivables, net of allowance for doubtful accounts, amounted to: 2020 2019 Current trade receivables 6,279,974 8,997,144 Allowances for doubful accounts (132,521 ) (183,730 ) Total 6,147,453 8,813,414 In the ordinary course of business, the Company provides natural gas transportation services mainly to natural gas distribution companies, CAMMESA and Pampa Energía. The amounts of net sales made to the principal customers to which Natural Gas Transportation services were provided in the years ended December 31, 2020 and 2019 and the sales receivable balances (net of allowances) as of December 31, 2020 and 2019 are set forth below: 2020 2019 2018 Revenues Trade receivables Revenues Trade receivables Revenues MetroGas 5,894,110 1,441,808 7,963,051 1,986,849 6,749,054 Camuzzi Gas Pampeana S.A. 4,358,139 706,139 5,926,232 992,651 5,013,132 Naturgy Argentina 3,523,002 313,536 4,759,550 772,501 4,045,276 CAMMESA 2,342,531 666,127 1,821,557 280,998 2,801,553 Pampa Energía 841,274 306,995 1,094,039 351,252 920,555 Camuzzi Gas del Sur S.A. 1,042,980 146,965 1,464,524 205,352 1,119,315 The amounts of Liquids Production and Marketing net sales made to major customers during the years ended December 31, 2020 and 2019 and sales receivable balances (net of allowances) as of such date are set forth below: 2020 2019 2018 Revenues Trade receivables Revenues Trade receivables Revenues PBB Polisur 9,303,676 777,791 8,628,893 1,145,402 11,031,223 Petredec 691,227 - 1,365,850 - 1,798,666 Geogas Trading S.A. 287,550 - 2,303,376 511,512 2,308,545 Italgas S.A. 396,307 - - - - YPF 973,411 42,364 1,686,921 36,079 992,619 Petrobras Global Trading BV 4,510,924 284,089 6,053,139 540,712 3,652,024 Cash and financial placements The credit risk on cash and cash equivalents and other financial placements is limited since TGS has short-term fund placement policies whose main objective is to obtain an adequate return based on market characteristics and minimizing risk exposure. These placements are diversified in different financial institutions with adequate credit ratings in order to limit exposure to a few financial institutions. The Company's maximum exposure to credit risk will be given by the carrying value of assets included in cash and cash equivalents and other financial assets at amortized cost. During the year 2020, the Company has carried out transactions with financial instruments, mainly national and provincial government bonds, which resulted in exchange losses of Ps. 7,977,729, which are recorded as "Other financial results - Result from valuation at fair value of financial assets through profit or loss" in the Statement of comprehensive income for the year ended December 31, 2020. Subsequent to December 31, 2020, Ps. 1,346,192 have been incurred as a result of exchange losses accrued on this type of financial instruments held at year-end. Below is a detail of the maturities of the financial assets included in (i) cash and cash equivalents, (ii)loans to related parties, (iii) other financial assets, (iv) trade receivables, (v) other receivables and (vi) derivative financial instruments as of December 31, 2020 and 2019: December 31, 2020 Cash and cash equivalents Other financial assets Credits (1) (2) Without specified maturity 4,653,406 2,120,788 39,334 With specified maturity Overdue Until 12-31-2019 - - 137,271 From 01-01-20 to 03-31-20 - - 753 From 04-01-20 to 06-30-20 - - 447 From 07-01-20 to 09-30-20 - - 23,435 From 10-01-20 to 12-31-20 - - 2,153,580 Total overdue - - 2,315,486 Non-due From 01-01-21 to 03-31-21 - 775 4,320,035 From 04-01-21 to 06-30-21 - 775 124,094 From 07-01-21 to 09-30-21 - 775 78,774 From 10-01-21 to 12-31-21 - 15,994 76,053 During 2022 - 13,758,563 6,943 During 2023 - 449 - During 2024 - - - During 2025 - - - From 2026 onwards - - - Total non-due - 13,777,331 4,605,899 Total with specified maturity - 13,777,331 6,921,385 Total 4,653,406 15,898,119 6,960,719 (1) (2) December 31, 2019 Cash and cash equivalents Other financial assets Credits (1) (2) Without specified maturity 13,138,638 - 29,416 With specified maturity Overdue Until 12-31-2018 - - 196,854 From 01-01-19 to 03-31-19 - - 2,094 From 04-01-19 to 06-30-19 - - 5,779 From 07-01-19 to 09-30-19 - - 468,088 From 10-01-19 to 12-31-19 - - 1,077,598 Total overdue - - 1,750,413 Non-due From 01-01-20 to 03-31-20 155,764 1,791,120 7,177,308 From 04-01-20 to 06-30-20 - 1,084 657,055 From 07-01-20 to 09-30-20 - 1,055 11,034 From 10-01-20 to 12-31-20 - 1,052 13,739 During 2021 - 4,143 9,452 During 2022 - 2,602 - During 2023 - 611 - During 2024 - - - From 2025 onwards - - - Total non-due 155,764 1,801,667 7,868,588 Total with specified maturity 155,764 1,801,667 9,619,001 Total 13,294,402 1,801,667 9,648,417 (1) (2) 16.1.5 Liquidity risk This risk involves the difficulties that TGS may have in meeting its commercial and financial obligations. To this end, the expected cash flow is regularly monitored. TGS has policies for borrowing funds whose main objective is to cover financing needs at the lowest cost according to market conditions. One of the Company's main objectives is to have financial solvency. Given the current conditions of the financial market, the Company believes that the availability of resources and the positive cash flow from operations are sufficient to meet its current obligations, despite having credit lines for borrowing funds. Additionally, a methodology is used for the analysis and assignment of credit limits to the different financial entities in order to minimize the associated liquidity risk. In line with this, the Company invests its liquid funds in financial entities with an adequate credit rating. Below is a detail of the maturities of the Company's financial liabilities corresponding to: commercial debts, remunerations, other debts and financial debts as of December 31, 2020 and 2019. The amounts presented in the tables represent contractual undiscounted cash flows and, therefore, do not correspond to the amounts presented in the statement of financial position. These estimates are made on the basis of information available at the end of each year and may not reflect actual amounts in the future. Therefore, the amounts shown are provided for illustrative purposes only: December 31, 2020 Loans Other financial liabilities Leases liabilities Without specified maturity - - - With specified maturity Overdue Until 12-31-2019 - 215,255 - From 01-01-20 to 03-31-20 - 311 - From 04-01-20 to 06-30-20 - 311 - From 07-01-20 to 09-30-20 - 311 - From 10-01-20 to 12-31-20 - 311 63,526 Total overdue - 216,499 63,526 Non-due From 01-01-21 to 03-31-21 - 3,853,636 157,361 From 04-01-21 to 06-30-21 1,420,031 14,644 157,361 From 07-01-21 to 09-30-21 - - 157,361 From 10-01-21 to 12-31-21 1,420,031 - 157,361 During 2022 2,840,063 - 629,526 During 2023 2,840,063 - 629,526 During 2024 2,840,063 - 629,526 During 2025 43,419,769 - 629,526 From 2026 onwards - - 376,066 Total non-due 54,780,020 3,868,280 3,523,614 Total with specified maturity 54,780,020 4,084,779 3,587,140 Total 54,780,020 4,084,779 3,587,140 December 31, 2019 Loans Other financial liabilities Financial leases Without specified maturity - - - With specified maturity Overdue Until 12-31-2018 - 178,111 - From 01-01-19 to 03-31-19 - 423 - From 04-01-19 to 06-30-19 - 423 - From 07-01-19 to 09-30-19 - 423 - From 10-01-19 to 12-31-19 - 423 123,021 Total overdue - 179,803 123,021 Non-due From 01-01-20 to 03-31-20 1,398,847 5,098,543 152,469 From 04-01-20 to 06-30-20 1,375,897 44,612 152,469 From 07-01-20 to 09-30-20 - - 152,469 From 10-01-20 to 12-31-20 1,375,897 - 152,469 During 2021 2,751,793 - 609,960 During 2022 2,751,793 - 609,960 During 2023 2,751,793 - 609,960 During 2024 2,751,793 - 609,960 From 2025 onwards 42,143,192 - 974,339 Total non-due 57,301,005 5,143,155 4,024,055 Total with specified maturity 57,301,005 5,322,958 4,147,076 Total 57,301,005 5,322,958 4,147,076 16.1.6 Capital management risk. The Company's objectives in managing capital are to safeguard the Company's ability to continue as a going concern, to achieve an optimal cost of capital structure and to support the investment process in order to provide returns to shareholders and benefits to other stakeholders. TGS seeks to maintain a level of cash generation from its operating activities that will enable it to meet all of its commitments. The Company monitors capital on the basis of the leverage ratio. This ratio is calculated as total financial debt (including "current financial debt" and "non-current financial debt" as shown in the Statement of Financial Position) divided by total capital. Total capital is calculated as "Shareholders' Equity", as shown in the Statement of Changes in Shareholders' Equity, plus total financial debt. During the years ended December 31, 2020 and 2019, the gearing ratio was as follows: 2020 2019 Total debt (Note 13) 43,869,424 45,719,826 Total equity 66,026,644 65,461,118 Total capital 109,896,068 111,180,944 Gearing Ratio 0.40 0.40 16.2 Financial instruments by category and level of hierarchy 16.2.1 Categorization of financial instruments The accounting policies for the categorization of financial instruments were explained in Note 4.e. In accordance with IFRS 7, IAS 32 and IFRS 9, non-financial assets and liabilities, such as contract and supplier liabilities, tax and social charges, income tax and deferred income tax are not included. The categorization of financial assets and liabilities as of December 31, 2020 and 2019 is included below: December 31, 2020 Financial assets at fair value Financial assets at amortized cost Total CURRENT ASSETS Trade receivables - 6,147,453 6,147,453 Other receivables - 673,142 673,142 Other financial assets at amortized cost - 18,319 18,319 Other financial assets at fair value through profit or loss 2,120,788 - 2,120,788 Cash and cash equivalents 3,176,316 1,477,090 4,653,406 Total current assets 5,297,104 8,316,004 13,613,108 NON-CURRENT ASSETS Other receivables - 7,603 7,603 Other financial assets at amortized cost - 13,759,012 13,759,012 Total non-current assets - 13,766,615 13,766,615 Total assets 5,297,104 22,082,619 27,379,723 Financial liabilities at fair value Other financial liabilities Total CURRENT LIABILITIES Trade payables - 2,803,596 2,803,596 Loans - 936,766 936,766 Payroll and social security taxes payables - 991,669 991,669 Other payables - 301,974 301,974 Total current liabilities - 5,034,005 5,034,005 NON-CURRENT LIABILITIES Loans - 42,932,658 42,932,658 Total non-current liabilities - 42,932,658 42,932,658 Total liabilities - 47,966,663 47,966,663 2019 Financial assets at fair value Financial assets at amortirzed cost Total CURRENT ASSETS Trade receivables - 8,813,414 8,813,414 Other receivables - 644,239 644,239 Derivative financial instruments 373,058 - 373,058 Other financial assets at amortized cost - 1,421,253 1,421,253 Cash and cash equivalents 1,401,763 11,892,639 13,294,402 Total current assets 1,774,821 22,771,545 24,546,366 NON-CURRENT ASSETS Other receivables - 10,351 10,351 Other financial assets at amortized cost - 7,356 7,356 Total non-current assets - 17,707 17,707 Total assets 1,774,821 22,789,252 24,564,073 Financial liabilities at fair value Other financial liabilities Total CURRENT LIABILITIES Trade payables - 5,600,240 5,600,240 Loans - 2,344,459 2,344,459 Payroll and social security taxes payables - 726,306 726,306 Other payables - 391,621 391,621 Total current liabilities - 9,062,626 9,062,626 NON-CURRENT LIABILITIES Loans - 43,375,367 43,375,367 Total non-current liabilities - 43,375,367 43,375,367 Total liabilities - 52,437,993 52,437,993 16.2.2 Fair value measurement hierarchy and estimates According to IFRS 13, the fair value hierarchy introduces three levels of inputs based on the lowest level of input significant to the overall fair value. 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 Bolsas y Mercados Argentinos S.A. (“BYMA”). 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 2020 and 2019, there were no transfers between the different hierarchies used to determine the fair value of the Company's financial instruments or reclassifications between categories of financial instruments. The table below shows different assets at their fair value classified by hierarchy as of December 31, 2020 and 2019: As of December 31, 2020 Level 1 Level 2 Level 3 Total Financial assets at fair value Cash and cash equivalents 3,176,316 - - 3,176,316 Other financial assets at fair value through profit or loss 2,120,788 - - 2,120,788 Total 5,297,104 - - 5,297,104 As of December 31, 2019 Level 1 Level 2 Level 3 Total Financial assets at fair value Cash and cash equivalents 1,401,763 - - 1,401,763 Derivative financial instruments - 373,058 - 373,058 Total 1,401,763 373,058 - 1,774,821 The fair value amount of the financial assets 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, 2020, the carrying amount of certain financial instruments used by the Company, in cash, cash equivalents, other investments, accounts receivable and payable and short-term obligations is representative of fair value due to the short-term nature of these instruments. Also, the carrying value of non-current financial assets at amortized cost consists of time deposits made with financial institutions at current market rates. The estimated fair value of Non-current loans is estimated based on quoted market prices. The following table reflects the carrying amount and estimated fair value of the 2018 Notes at December 31, 2020, based on their quoted market price: As of December 31, 2020 Carrying amount Fair value 2018 Notes 40,976,742 37,583,947 |
REGULATORY FRAMEWORK
REGULATORY FRAMEWORK | 12 Months Ended |
Dec. 31, 2020 | |
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 period of 180 as 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. On June 9, 2020, through Resolution No. 80/2020, ENARGAS created the Coordination and Centralization Commission - Law No. 27,541 and Decree No. 278/20, which will have the purpose of coordinating the comprehensive tariff review process set forth in Article 5 of the Solidarity Law. On June 19, 2020, the PEN issued Decree No. 543/2020 by which the natural gas transportation and distribution tariffs were extended without adjustments for an additional term of 180 calendar days, that is, until December 16, 2020. Through the Necessity and Urgency Decree No. 1,020/2020 ("Decree 1,020"), the PEN initiated the renegotiation of the RTI concluded in 2018, which may not exceed 2 years. Until then, the renegotiation agreements in force are suspended. Such renegotiation remains in the power of ENARGAS ad referendum of the PEN. In addition, Decree 1,020 extends the tariff freeze for an additional period of 90 calendar days or until transitory tariffs are approved. It should be noted that all agreements, whether transitory or general, entered into with the National Government must not only be subject to the public hearing procedures provided by the regulations in force, but also to the authorization of the different governmental agencies. Additionally, the Solidarity Law provides for the administrative intervention of ENARGAS, recently extended through Decree 1,020. On February 22, 2021, ENARGAS issued Resolution No. 47/2021 by means of which a public hearing was called for March 16, 2021 in order to consider the transitional tariff increase according to Decree 1,020. For more information, see “Note 24 – Subsequent events – Transitional tariff increase.” Deferral of collections On June 21, 2019, the SGE issued Resolution No. 336/2019 (the "Resolution 336") by which it provided for the deferral of payment of 22% on invoices issued to natural gas distributors between July 1, 2019 and October 31, 2019 for services rendered to residential natural gas users. The deferrals described were recovered from invoices issued as from December 1, 2019 in five monthly, equal and consecutive installments. As of December 31, 2019, the Company had sales receivables from natural gas distribution companies of Ps. 1,641,896 in respect of such items. 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. During 2020 and in accordance with Decree 311, the maximum reference prices for the commercialization of liquefied petroleum gas (LPG), which the Company sells in the domestic market, remained unchanged for a period of 180 calendar days from its issuance. On October 19, 2020, the Energy Secretariat issued Resolution 30/2020 by which it increased the price of such products to Ps. 10,885. In this context, the Company has filed several administrative and judicial claims challenging the general regulations of the Home Plan, as well as the administrative acts that determine the volumes of butane to be sold in the local market, in order to safeguard its economic-financial situation and so that such situation does not continue in time. Additionally, the Company is a party to the Propane Gas Supply Agreement for Indiluted Propane Gas Distribution Networks ("Propane for Networks Agreement") entered into with the Argentine Government and propane producing companies whereby it undertakes to supply propane to distributors and sub-distributors of indiluted propane gas through networks at a price lower than the market price, The Company receives an economic compensation for the lower revenues derived from the participation in this program, which is calculated as the difference between the agreed sales price and the reference export parity price determined by the Energy Secretariat. Within the framework of the path of gradual reduction of subsidies provided by the former MINEM, on March 31, 2017 the former MINEM issued Resolutions No. 74/2017 ("Resolution 74") and No. 474-E/2017 ("Resolution 474") by which an increase in the price of indiluted propane gas destined to the Propane for Networks Agreement is provided as from April 1 and December 1, 2017, respectively. As from such dates the price paid by the customer was set at Ps. 1,267/tn and Ps. 2,832/tn (as provided by Resolution 74) and Ps. 1,941.20/tn and Ps. 3,964/tn (as provided by Resolution 474), respectively, depending on the customer to whom the product is destined. Finally, in May 2018 TGS entered into the sixteenth extension to the Propane Agreement for Networks which served as a framework for the commercialization of the products stipulated therein for the period April 1, 2018 - December 31, 2019. Additionally, this last extension fixed the price at which the propane destined to this program was marketed to the customer. Notwithstanding the foregoing, on January 14, 2020 TGS received the instruction issued by the Secretary of Energy to proceed with the propane deliveries according to the conditions of the sixteenth extension of the Propane for Networks Agreement. Subsequently, the Company entered into the seventeenth extension to the Propane for Networks Agreement, effective until December 31, 2020. As of the date of issuance of these Financial Statements, this agreement has not been extended. During 2020 and 2019, the Company received Ps. 150,196 and Ps. 637,810, respectively, for subsidies for the above-mentioned Programs. As mentioned above, participation in the Plan Hogar implies economic-financial losses for the Company, since under certain circumstances the sale of the products would be made at prices below production costs. As of December 31, 2020, the Argentine State owes TGS Ps. 302,777 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 $4 for each dollar of the tax base or the official FOB price. Subsequently, on the occasion of the enactment of the Solidarity Law, an 8% cap was established for the rate applicable to hydrocarbons as of December 23, 2019. Presidential Decree No. 488/2020 regulated the applicable tax rate on exports of certain oil and gas products, including those products that we export, establishing a range between 0% and 8% depending on the "ICE Brent first line" barrel price. If the price is below US$ 45, the tax rate will be zero. On the other hand, if the price is equal to or higher than US$ 60, an 8% tax rate will be paid, being variable if the price is between US$ 45 and US$ 60. 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 former 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 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, 2020 | |
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, 2020 and 2019 are detailed below: 2020 2019 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$ 45,454 83.950 (1) 3,815,863 US$ 143,920 11,695,273 Derivative financial instruments US$ - 83.950 (1) - US$ 4,591 373,058 Other financial assets at amortized cost US$ 182 83.950 (1) 15,279 17,433 1,416,686 Other financial assets at fair value through profit or loss US$ 25,263 83.950 (1) 2,120,788 - - Trade receivables US$ 23,262 83.950 (1) 1,952,845 US$ 43,091 3,501,675 Other receivables US$ 2,214 83.950 (1) 185,865 US$ 325 26,410 Total current assets US$ 96,375 8,090,640 US$ 209,360 17,013,102 NON CURRENT ASSETS Other financial assets at amortized cost US$ 163,858 83.950 (1) 13,755,917 US$ - - Total non current assets US$ 163,858 13,755,917 US$ - - TOTAL ASSETS US$ 260,233 21,846,557 US$ 209,360 17,013,102 CURRENT LIABILITIES Trade payables US$ 21,730 84.150 (2) 1,828,580 US$ 59,595 4,859,055 Loans US$ 11,132 84.150 (2) 936,766 US$ 28,754 2,344,459 Contract liabilities US$ - 84.150 (2) - 990 80,708 Total current liabilities US$ 32,862 2,765,346 US$ 89,339 7,284,222 NON CURRENT LIABILITIES Loans US$ 510,192 84.150 (2) 42,932,658 US$ 531,987 43,375,367 Contract liabilities US$ - 84.150 (2) - 13,692 1,116,387 Total non current liabilities US$ 510,192 42,932,658 US$ 545,679 44,491,754 TOTAL LIABILITIES US$ 543,054 45,698,004 US$ 635,018 51,775,976 (1) (2) US$: United States of America dollars |
COMMON STOCK AND DIVIDENDS
COMMON STOCK AND DIVIDENDS | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019, TGS’ common stock was as follows: Common Stock structure as of December 31, 2020 Shares Class Amount of common stock, subscribed, issued, paid in, and authorized for public offer Common Shares Class (Face value $ 1, 1 vote) Outstandings shares Treasury Shares Common Stock Class "A" 405,192,594 - 405,192,594 Class "B" 347,568,464 41,734,225 389,302,689 Total 752,761,058 41,734,225 794,495,283 Common Stock structure as of December 31, 2019 Shares Class Amount of common stock, subscribed, issued, paid in, and authorized for public offer Common Shares Class (Face value $ 1, 1 vote) Outstandings shares Treasury Shares Common Stock Class "A" 405,192,594 - 405,192,594 Class "B" 379,415,934 9,886,755 389,302,689 Total 784,608,528 9,886,755 794,495,283 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 2019, the Company's Board of Directors approved three programs for the acquisition of the Company's own shares, on March 27, August 26 and November 19, which were executed in accordance with the conditions established therein. For the definition of these programs, the Board of Directors considered the solid cash and investment position of the Company, and approved them in view of the distortion evidenced between the economic value of the Company, as measured by its current businesses and those derived from projects under development, and the market price of its shares. As mentioned in "c. Distribution of dividends", treasury shares acquired as of October 31, 2019 were earmarked for payment of a stock dividend. On March 6, 2020, the Company's Board of Directors approved the sixth Program for the Acquisition of TGS treasury Shares in the markets where it makes a public offering of its shares (the “Sixth Repurchase Program”) for a maximum amount of Ps. 2,500 million (at the time of its creation). Subsequently, on August 21, 2020, the Board of Directors approved a new Program for the Acquisition of TGS treasury Shares for a maximum amount to be invested in Ps. 3,000 million (at the time of its creation). This program will run until March 22, 2021. The acquisition cost of the treasury shares in portfolio amounted to Ps. 3,715,523, which, together with the trading premium on treasury shares of Ps. 1,077,841, in accordance with the provisions of Title IV, Chapter III, article 3.11.c and e of the Rules, restricts the amount of 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 General Shareholders' Meeting of the Company at its meeting held on April 11, 2019 approved the payment of Ps. 12,505,672 (Ps. 16.0198 per share). - The Board of Directors of the Company at its meeting held on April 11, 2019 approved the payment of Ps. 433,923 (Ps. 0.5559 per share). - On October 31, 2019, the Company's Board of Directors approved, together with the distribution in kind mentioned below, to make available to the shareholders as of November 13, 2019 a cash dividend amounting to Ps. 348,981 (Ps. 0.4562 per share). Such dividend was offset - where applicable - with income tax withholding on the distribution of treasury shares (article 46 of the Income Tax Law and article 66.2 of the Regulatory Decree), if applicable. During the year ended December 31, 2020, the Company did not pay any dividends. 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. 4,394,621 being their acquisition cost of Ps. 5,507,893. This transaction was accounted for as an equity transaction generating a "Additional paid-up capital" of Ps. 1,077,841 which was charged to the Company's equity. 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. 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 paid-up capital. |
LEGAL CLAIMS AND OTHER MATTERS
LEGAL CLAIMS AND OTHER MATTERS | 12 Months Ended |
Dec. 31, 2020 | |
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. As of December 31, 2020 and 2019, the Company has recorded a provision for these concepts of Ps. 764.3 million and Ps. 701.3 million, respectively, recorded in the caption "Provisions", determined based on the estimated tax and interest payable as of such date, in the event that these claims from the provinces are unfavorable for TGS. 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 Presidential 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. Pursuant to the isolation measures adopted by the Argentine Government under the COVID development, the judicial deadlines were suspended from March 20, 2020 until July 21, 2020. Considering that the six-month term should not be computed during fair periods, the remaining term of 2 months and 9 days was completed on September 29, 2020. On December 1, 2020, the court granted a new extension of said injunction for a term of 6 months. Management believes it has sufficient valid arguments to defend its position, and thus, has not provided any provision for the debt generated by the increase in the charge to finance the importation of natural gas applicable to natural gas consumption related to the processing activity at the Cerri Complex for the period between the date of obtaining the injunction and April 1, 2016, the effective date of Resolution No. 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 (a summary proceeding to guarantee constitutional rights). Due to the passing of time since the enactment of Decree No. 1918/09, on December 16, 2010, the Board of Directors of the Company resolved to discontinue the recognition of the tariff increase revenue and to reverse the receivable of the tariff increase revenue already accrued. The reversal of the tariff increase did not imply any resignation to the Company´s rights resulting from the Decree No. 1,918/09. 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. 102.5 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, 2020 and 2019 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, 2020 and 2019 it has no recorded any provision for this concept. e) Environmental matters The Company is subject to extensive environmental regulations in Argentina. 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. As of December 31, 2020, the total amount of these provisions amounted Ps. 22 million. 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, 2020 and 2019, the total amount of these provisions amounted Ps. 74.4 million and Ps. 100.8 million, respectively |
BALANCES AND TRANSACTIONS WITH
BALANCES AND TRANSACTIONS WITH RELATED COMPANIES | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018 were Ps. 138,368, Ps. 193,478 and Ps. 175,542, 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, 2020 and December 31, 2019 is as follows: 2020 2019 Company Accounts receivable Accounts payable Accounts receivable Accounts payable Controlling shareholder: CIESA - - 50 - Associate which exercises joint control on the controlling shareholder: Pampa Energía (1) 402,079 2,922,943 286,067 3,389,229 Associate which exercises significant influence on the controlling shareholder: Link 4,121 - 909 - TGU - 13,394 - 12,980 Other related companies: SACDE Sociedad Argentina de Construcción (2) - - 31,781 - Pampa Comercializadora S.A. 6,951 - 59,688 - CT Barragán S.A. 1,793 - 11,070 - Oleoductos del Valle S.A. - - 4,558 - Central Piedra Buena S.A. - - 18,114 - Transener S.A. 30 33 - - Total 414,974 2,936,370 412,237 3,402,209 (1) (2) The detail of significant transactions with related parties for the years ended December 31, 2020, 2019 and 2018 is as follows: Year ended December 31, 2020 Revenues Costs Financial results Company Natural Gas Transportation Production and commercialization of liquids Other services Gas purchase and others Compensation for technical assistance Revenues for administrative services Interest expense Controlling shareholder: CIESA - - - - - 140 - Associate which exercises joint control on the controlling shareholder: Pampa Energía 841,274 1,049,966 614,644 160,067 1,430,462 - 242,337 Associates with significant influence: Link - - 19,562 - - - - Other related companies: Oleoductos del Valle S.A. 25,768 - - - - - - Transener S.A. - - 352 - - - - Petrolera Entre Lomas S.A. 2,475 - 8,934 - - - - Pampa Comercializadora S.A. 112,774 - - - - - - Central Piedra Buena S.A. 1,745 - - - - - - Experta ART - - - 25,429 - - - Total 984,036 1,049,966 643,492 185,496 1,430,462 140 242,337 Additionally, during the year ended December 31, 2020, the Company received from SACDE Sociedad Argentina de Construcción, construction engineering services for Ps. 481,065, which are activated within the balance of PPE. 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 - - - - - 199 - Associate which exercises joint control on the controlling shareholder: Pampa Energía 1,094,039 366,914 366,206 783,975 1,558,506 - 265,398 Associates with significant influence: Link - - 19,159 - - - - Other related companies: Oleoductos del Valle S.A. 7,446 - - - - - - Pampa Comercializadora S.A. 70,863 - - - - - - Central Térmica Piedrabuena S.A. 165,230 - - - - - - Experta ART - - - 27,337 - - - Total 1,337,578 366,914 385,365 811,312 1,558,506 199 265,398 Additionally, during the year ended December 31, 2019, the Company received from SACDE Sociedad Argentina de Construcción, construction engineering services for Ps. 2,350,271, which are capitalized within the balance of PPE. 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 - - - - - 306 - Associate which exercises joint control on the controlling shareholder: Pampa Energía 920,555 2,770 483,633 1,292,359 2,758,540 - 262,764 Associates with significant influence: Link - - 17,988 - - - - Other related companies: Oleoductos del Valle S.A. 12,878 - 17,335 - - - - Transener S.A. - - 25,160 - - - - Petrolera Entre Lomas S.A. - - - 4,224 - - - Pampa Comercializadora S.A. 56,271 - - - - - - Central Térmica Piedrabuena S.A. 140,684 - - - - - - Experta ART - - - 24,942 - - - Total 1,130,388 2,770 544,116 1,321,525 2,758,540 306 262,764 |
CONTRACTUAL OBLIGATIONS
CONTRACTUAL OBLIGATIONS | 12 Months Ended |
Dec. 31, 2020 | |
CONTRACTUAL OBLIGATIONS [Abstract] | |
CONTRACTUAL OBLIGATIONS | 22. CONTRACTUAL OBLIGATIONS a) Contractual Commitments As of December 31, 2020, 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) 54,855,281 - 2,840,063 8,520,188 43,495,030 - Purchase obligations (2) 6,694,415 - 5,646,421 1,047,994 - - Financial Leases 3,587,140 63,526 629,444 1,259,052 1,259,052 376,066 Total 65,136,836 63,526 9,115,928 10,827,234 44,754,082 376,066 (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, 2020 (US$ 1.00 = Ps. 84.15). 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). b) Guarantees granted and goods for restricted availability The Company has not granted any additional guarantees or goods of restricted availability other than those set out in the remaining notes. |
ASSOCIATES AND JOINT ARRANGEMEN
ASSOCIATES AND JOINT ARRANGEMENTS | 12 Months Ended |
Dec. 31, 2020 | |
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 UT will remain in force until its purpose has been fulfilled, i.e., once the works involved in the Project have been completed and until the end of the guarantee period, set at 18 months from the provisional reception. As a result of the situation of the economic context and COVID mentioned in Note 1, the UT sent a letter to Integración Energética Argentina S.A., a company currently part of the Ministry of Productive Development, requesting, among other issues, the reestablishment of the economic-financial equation, readjustment of the Work schedule, approval of cost redeterminations and price adjustments under the current legal regime. The parties are currently engaged in a detailed calculation of the items involved in the claim. In this regard, the UT has only carried out essential tasks, pending approval of a construction schedule appropriate to the actual execution of the works. The Company does not consider that there will be significant negative effects derived from this request to the Argentine Government. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | 24. SUBSEQUENT EVENTS The financial statements were authorized for issuance by the Board of Directors on April 27, 2021. Below we describe events occurred after the reporting period: Annual Ordinary Shareholders’ Meeting On April 20, 2021, the Annual Ordinary Shareholders’ Meeting (the “2021 Shareholders´ Meeting”) approved the increase in the legal reserve of Ps. 186 million and the allocation of Ps. 31,709 million 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 for such purposes. It is noteworthy that the above mentioned decisions made by the 2021 Shareholders’ Meeting were taken considering current CNV regulations (Resolution No. 777/2018) which states retained earnings have to be adjusted by inflation using the rates as of the month before the meeting was held. In case of 2021 Shareholders’ Meeting, TGS used the inflation rate as of March 31, 2021. Transitional tariff increase Between March 16 and March 18, 2021, the public hearing mentioned in Note 17.a) was held. Obtaining a fair and reasonable tariff is of vital importance to continue providing our public natural gas transportation service. In this framework, a transitory rate increase of 58.6% was required, effective as from April 1, 2021. It has been calculated based on our financial needs to satisfy operating and financial costs, capital expenditures and taxes, which were calculated considering the evolution of the inflation rate for a 12-month period since its inception. This required tariff adjustment does not contemplate any profitability but only the funds necessary to meet these obligations. As of the date of issuance of these consolidated financial statements, ENARGAS has not issued any new tariffs with respect to the so-called “transitional” rate increase. Likewise, in said public hearing, the Company denied and rejected the arguments put forward in the hearing by which it is considered that the current natural gas transportation rate is not fair, reasonable or transparent, and even mentioned in Decree 1020/20, related to the alleged existence of serious defects in the administrative acts resulting from the procedure of the last RTI carried out for tgs and, in particular, that these defects are based on (i) the manipulation of the updating factor of the capital rate base used for the approval of the tgs rate review; (ii) the lack of motivation and arbitrariness in the choice of the updating factor of the components of the aforementioned rate base structure; (iii) the application of the same factor for all licensees without technical, economic or legal justification since the cost structure of each is different; (iv) the incorrect use of the update factor in the index and the splice used; (v) impediments of a temporary nature that affected the normal development of the comprehensive rate review; and (vi) the exclusion of issues whose temporal timing resulted in the completion of the comprehensive rate review (reduction of percentages of gas withheld). The Company´s Management will vigorously defend its position in any event that the regulator was to impose to tgs. Recent government measures regarding COVID On April 8, 2021, Executive Branch issued Decree No. 235/2021, supplemented by Decree No. 241/2021, which reimposes social and certain travel restrictions including an 8pm-6am curfew in Buenos Aires City and surrounding areas marked by high rates of contagion, and limits on residential social gatherings and outdoor events. Company´s workers are among those considered essential and exempt from circulation restrictions. The measures will remain in place until the end of April 2021. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
New accounting standards | 4.a) New accounting standards 4.a 1) New standards and interpretations issued by the IASB effective for the years beginning on or after January 1, 2020 adopted by the Company Definition of materiality (amendments to IAS 1 and IAS 8) 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. In addition, these amendments incorporate new concepts that helped both the preparers of financial statements and their users in the preparation and interpretation of the financial information included in them. A misstatement of information should be considered material when it could reasonably be expected to influence the decisions made by primary users. 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 have not had a significant impact on the Company's financial statements. 4.a.2) New IFRS issued that are not yet effective for the year beginning January 1, 2020. The IFRS that potentially have an impact on the Company, which are not mandatory and have not been adopted early in the year beginning January 1, 2020, are listed below: Classification of debt as current and non-current (amendment to IAS 1) On January 23, 2020, the IASB issued the classification of debt as current and non-current, which amends IAS 1 Presentation of Financial Statements. These amendments affect the requirements of IAS 1 for the presentation of debt. Specifically, it clarifies the criteria for classifying debt as non-current. The date of application of the amendment was set for fiscal years beginning on or after January 1, 2023, with retroactive application. The Company is evaluating the impact of these amendments for the presentation of debt. IAS 16 - Property, plant and equipment ("PPE") In May 2020, the IASB issued an amendment to IAS 16 that prohibits entities from deducting from the cost of an item of PPE the revenue from the sale of items produced while bringing that asset into use. Instead, an entity shall recognize the revenue from the sale of such items, as well as the costs of production of those items, in profit or loss. This amendment is effective for annual periods beginning on or after January 1, 2022 and should be applied retrospectively to items of PPE that are available for use from the beginning of the earliest period presented when the company first applies the amendment. This amendment is not expected to have a significant impact on the Company. IAS 37: "Onerous Contracts: Cost of Fulfilling a Contract". In May 2020, the IASB issued amendments to IAS 37 to specify which costs an entity should include when assessing whether a contract is onerous. These amendments clarify the meaning of "costs to fulfill a contract". Costs that relate directly to a contract for the supply of goods or services include both incremental costs and an allocation of costs directly related to contract activities. These amendments are effective for annual reporting periods beginning on or after January 1, 2022 and are not expected to have a significant impact on the Company. |
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, 2020 and 2019 is as follows: Company % of shareholding and votes Country Closing date Main activity Telcosur 99.98 Argentina December 31 Telecommunication Services CTG (1) 100.00 Argentina December 31 Electricity related services (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. For consolidation purposes for the year ended December 31, 2020 and 2019, 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, 2020 and 2019. 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, 2020 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, 2020 and 2019: 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 rate 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, 2020, 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 36.14%, 53.83% and 47.64% in the years ended December 31, 2020, 2019 and 2018 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, 2019 and 2018, 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, 2020 and 2019, the Company has not recognized 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, 2020 and 2019, the Company has not recognized 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, 2020 and 2019, 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, 2020 and 2019, 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, 2020, the Company did not hold derivative financial instruments. As of December 31, 2019, the derivative financial instruments held by the Company are mentioned in Note 16.1.3 to these financial statements for which the application of hedge accounting as defined by IFRS 9 has not been elected. |
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 Materials - 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. Subsequent costs restated for the effects of inflation as mentioned in Note 4.d. are included in the carrying amount of the asset or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be reliably measured. The carrying amount of a replaced component is written off. In the same way, when a major maintenance is carried out, they are added to the cost of the equipment if the recognition criteria are satisfied, eliminating any remaining non-depreciated remaining value restated for the effects of inflation as mentioned in Note 4.d, if any, of previous overhaul. In this sense, Resolutions No. 1660/2000 (“Resolution 1660”) and No. 1903/2000 (“Resolution 1903”) issued by ENARGAS include definitions about the costs that should be considered as improvements or maintenance expenses. All other repairs and maintenance are charged to the statement of comprehensive income when incurred. In accordance with IAS 23, the Company capitalizes financial expense on long term construction projects, until the moment in which the asset is in conditions for its use. Capitalization of borrowing costs is carried out considering the provisions of IAS 29, recording as an expense in the Statement of Comprehensive Income the part of the borrowing costs that compensates for inflation during the same period. For the year ended December 31, 2019, the Company capitalized Ps. 607,452 as borrowing costs. For the year ended December 31, 2020 there have not been capitalized borrowing costs. Depreciation related to natural gas transportation assets is computed under the straight -line method over the estimated useful lives of the specific assets, which are not exceeding the maximum useful lives established by ENARGAS through Resolutions 1660 and 1903. For depreciation of all other PPE, the Company uses the straight-line method of depreciation based on the useful life assigned to each item. Major maintenance costs are depreciated according to the estimated time until the next major maintenance planned. Regarding the capitalized financial costs, they are depreciated based on the remaining useful lives of those components of PPE that originated such capitalization. The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. For further information, see Note 12. The result generated by the disposal of PPE components is recognized in the year in which it is generated. - 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. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. To such end, the Company makes estimates and assumptions of the economic conditions that will prevail throughout the useful life of the assets. As a result of the factors mentioned above, actual cash flows and values could vary significantly from projected cash flows and the values derived from the discounting techniques used. Impairment losses, if any, are recognized in the statement of comprehensive income. As of December 31, 2020, the Company recognized an impairment loss (for further information see "Note 5. Critical accounting estimates. a. Impairment of PPE"). Impairment of PPE"). As of December 31, 2019, the carrying value of PPE did not exceed its recoverable amount. Infrastructure used in the natural gas transportation service Considering the current terms and conditions of the License, TGS concluded that the License is outside the scope of IFRIC 12, as it is considered in substance to provide for an indefinite term because the infrastructure will never revert to the grantor and due to the characteristics of renewal of the License that give a similar result to what which would result from having obtained a perpetual right to operate the infrastructure. The evaluation carried out and the conclusions reached by TGS are consistent with those of other transportation and natural gas distribution companies in Argentina that are subject to the similar regulations and license agreements. The evaluation was carried out jointly, when the transportation and distribution companies adopted the IFRS in Argentina in 2012, together with the FACPCE, the Buenos Aires Stock Exchange (Bolsas y Mercados Argentinos -“BYMA”) and the CNV, considering the contributions of ENARGAS with respect to the regulatory aspects of the License agreements. In this regard, the CNV issued General Resolution No. 613/2012, ratifying that IFRIC 12 does not apply to natural gas transportation and distribution licenses established under the regulatory framework described in Note 17. |
Leases | k) Leases Leases are recognized as a right-of-use asset and a corresponding liability at the date on which the leased asset is available for use by the Company. Each lease payment is allocated between the liability and the finance cost. The finance cost is expensed over the lease term to produce a constant periodic interest rate on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the useful life of the asset or the term of the contract. Assets and liabilities arising from a lease are initially measured based on the present value of the lease. Liabilities include the net present value of the following lease payments: a) Fixed payments, less any incentive receivable; b) Variable lease payments; c) Amounts expected to be collected as a guarantee of the residual value; d) The exercise price of the lease option; and e) Penalty payments for termination of the lease. Lease payments are discounted using the interest rate implicit in the lease. If such rate cannot be determined, the Company's incremental borrowing rate is used, which is 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 which comprises the following: a) The amount of the initial measurement of the lease liability; b) Any lease payments made on or before the commencement date less any lease incentives received; c) Any initial direct costs; and d) Restoration costs These assets, which are subject to the risk of impairment, are depreciated on a straight-line basis over the shorter of the useful life of the leased asset or the lease term. Payments associated with short-term leases and low-value assets are recognized on a straight-line basis as an expense in the Statement of Income. Short-term leases are those with a term of 12 months or less. Low-value assets comprise computer equipment, vehicles, small items of office furniture and real estate. The Company has rights to use assets that are shown as part of Property, plant and equipment (see Note 12). Lease liabilities are shown under Financial Debt (see Note 13). For further information regarding the expense related to short-term and low value leases and the interest expense on lease liabilities, see Note 8.j. and 8.k., respectively. |
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, 2020 and 2019, 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. Liquids Production and Commercialization in the 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. Liquids Production and Commercialization in the 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. Revenues from the participation in the joint venture, which correspond to the construction activities provided by the joint venture, are recognized based on the stage of completion of the contractual activity (percentage of completion method), considering the estimated final margin of the work. To apply the percentage of completion method, the revenue recognized at the end of the period will correspond to the total contractual revenue multiplied by the actual percentage of completion, based on the proportion of the total direct contractual costs incurred to date, and the total direct contractual costs, including the estimated costs to complete the construction. Costs incurred in excess of the costs associated with revenue are recognized in Contract assets. 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. Contract liabilities are recognized initially at their fair value. Subsequent to initial recognition, advances from customers are measured at their amortized cost based on the projections of the services to be provided that cancel the advances, restated for the inflation effects as mentioned in Note 4.d. 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, 2020, 2019 and 2018 were calculated as follows: 2020 2019 2018 Net income attributable to owners of the Company 3,286,190 17,432,945 23,907,988 Average number of outstanding shares (1) 762,371,755 776,121,341 788,405,563 Basic and diluited earnings per share 4.31 22.46 30.32 (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 each of the three years for the period ended on December 31, 2020 matches the diluted net income per share. |
BUSINESS DESCRIPTION (Tables)
BUSINESS DESCRIPTION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
BUSINESS DESCRIPTION [Abstract] | |
Organizational Structure, Shareholders and Related Parties | The following table shows the organizational structure, shareholders and related parties of TGS as of December 31, 2020: |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Subsidiary Control | Detailed data reflecting subsidiary control as of December 31, 2020 and 2019 is as follows: Company % of shareholding and votes Country Closing date Main activity Telcosur 99.98 Argentina December 31 Telecommunication Services CTG (1) 100.00 Argentina December 31 Electricity related services (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. |
Associates | In the table below, associates are disclosed, together with the percentage of shareholding and voting as of December 31, 2020 and 2019: 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, 2020, 2019 and 2018 were calculated as follows: 2020 2019 2018 Net income attributable to owners of the Company 3,286,190 17,432,945 23,907,988 Average number of outstanding shares (1) 762,371,755 776,121,341 788,405,563 Basic and diluited earnings per share 4.31 22.46 30.32 (1) |
CRITICAL ACCOUNTING ESTIMATES_2
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS [Abstract] | |
Book Value of PPE Related Services | As of December 31, 2020, the Company’s book value of PPE related to Natural Gas Transportation and Other services cash-generating units tested for impairment are described as follows: In millions Amounts before impairment charge Impairment charge Amounts after impairment charge Natural Gas Transportation 70,036 (3,114 ) 66,922 Other services 25,152 - 25,152 Total 95,188 (3,114 ) 92,074 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
SUPPLEMENTAL CASH FLOW INFORMATION [Abstract] | |
Supplemental Cash Flow Information | Non-cash investing and financing activities for the years ended December 31, 2020, 2019 and 2018 are presented below: 2020 2019 2018 Unpaid acquisition of PPE 304,531 1,812,174 644,507 Principal payment of financial lease (1) 190,969 203,173 213,551 Capitalization of finance costs - 607,452 - (1) |
CONSOLIDATED BUSINESS SEGMENT_2
CONSOLIDATED BUSINESS SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
CONSOLIDATED BUSINESS SEGMENT INFORMATION [Abstract] | |
Business Segments | Detailed information on each business segment for the years ended December 31, 2020, 2019 and 2018 is disclosed below: Year ended December 31, 2020 Natural Gas Transportation Production and Commercialization of Liquids Other Services Telecommunications Eliminations Total Revenues from sales 23,501,610 27,596,696 4,364,503 408,629 - 55,871,438 Intersegment revenues 844,600 - - - (844,600 ) - Cost of sales (9,937,565 ) (15,833,436 ) (2,359,778 ) (279,526 ) 844,600 (27,565,705 ) Administrative expenses (1,242,079 ) (253,786 ) (174,262 ) (12,665 ) - (1,682,792 ) Selling expenses (1,459,316 ) (1,176,009 ) (299,758 ) (32,661 ) - (2,967,744 ) Other operating (expenses) / income (44,139 ) 139,965 2,511 1,492 - 99,829 (3,114,056 ) - - - - (3,114,056 ) Operating profit 8,549,055 10,473,430 1,533,216 85,269 - 20,640,970 Depreciation of property, plant and equipment (4,562,752 ) (382,776 ) (1,215,705 ) - - (6,161,233 ) Natural Gas Transportation Commercialization of Liquids Other Services Telecommunications Total Identifiable assets 82,754,090 17,693,606 27,901,503 245,167 128,594,366 Identifiable liabilities 27,615,557 5,438,248 29,442,395 71,522 62,567,722 Year ended December 31, 2019 Natural Gas Transportation Production and Commercialization of Liquids Other Services Telecommunications Eliminations Total Revenue from sales 30,795,577 31,500,457 3,439,787 376,082 - 66,111,903 Intersegment revenues 838,616 - - - (838,616 ) - Cost of sales (11,800,176 ) (19,960,308 ) (2,075,388 ) (187,697 ) 838,616 (33,184,953 ) Administrative expenses (1,420,653 ) (196,469 ) (83,074 ) (15,584 ) - (1,715,780 ) Selling expenses (1,829,130 ) (1,892,647 ) (359,950 ) (56,344 ) - (4,138,071 ) Other operating (expenses) / income (186,412 ) 4,356 4,868 3,574 - (173,614 ) Operating profit 16,397,822 9,455,389 926,243 120,031 - 26,899,485 Depreciation of property, plant and equipment (4,081,800 ) (335,886 ) (613,548 ) - - (5,031,234 ) Natural Gas Transportation Production and Commercialization of Liquids Other Services Telecommunications Total Identifiable assets 87,717,005 14,792,025 27,351,498 291,677 130,152,205 Identifiable liabilities 39,942,095 4,211,136 20,448,533 89,323 64,691,087 Year ended December 31, 2018 Natural Gas Transportation Production and Commercialization of Liquids Other Services Telecommunications Eliminations Total Revenue from sales 32,381,937 34,822,547 3,790,881 341,517 - 71,336,882 Intersegment revenues 1,253,249 - - - (1,253,249 ) - Cost of sales (10,815,462 ) (21,960,652 ) (2,207,887 ) (172,156 ) 1,253,249 (33,902,908 ) Administrative expenses (1,749,008 ) (176,050 ) (75,351 ) (13,900 ) - (2,014,309 ) Selling expenses (1,997,378 ) (1,340,704 ) (300,427 ) (57,275 ) - (3,695,784 ) Other operating (expenses) / income (327,301 ) (1,521,982 ) (11,402 ) (4,875 ) - (1,865,560 ) Operating profit 18,746,037 9,823,159 1,195,814 93,311 - 29,858,321 Depreciation of property, plant and equipment (3,938,031 ) (238,197 ) (479,535 ) - - (4,655,763 ) |
DETAIL OF SIGNIFICANT STATEME_2
DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS [Abstract] | |
Other Receivables | a) Other receivables 2020 2019 Current Non Current Current Non Current Turnover tax balance 25,497 - 69,038 - Income tax credit balance (1) - - 1,386,757 - VAT credit balance 6,005 - 58,005 - Other tax receivables 14,121 1,954 1,670 1,907 Prepaid expenses 142,519 - 123,499 - Advances to suppliers 1,263,364 - 1,609,144 - Allowance for doubtful accounts (54,067 ) - - - Balances with related parties 84,236 - - - Subsidies receivables 302,777 - 195,810 - Other Receivables UT 43,199 - 53,107 - Others 340,196 7,603 448,429 10,351 Total 2,167,847 9,557 3,945,459 12,258 (1) The movement of the allowance for doubtful accounts is as follows: Balances as of December 31, 2018 - Additions - Applications - Reversals - Balances as of December 31, 2019 - Inflation adjustment restatement (44,179 ) Additions (1) 233,379 Applications - Reversals (1) (135,133 ) Balances as of December 31, 2020 54,067 (1) |
Trade Receivables | b) Trade receivables 2020 2019 Current Non Current Current Non Current Commons 5,949,236 - 8,616,688 - UT - - 18,805 - Natural Gas Transportation 3,708,723 - 5,138,622 - Production and Commercialization of Liquids 1,546,120 - 2,590,762 - Other services 694,393 - 868,499 - Related parties (Note 21) 330,738 - 380,456 Natural Gas Transportation 76,376 - 209,669 - Production and Commercialization of Liquids 116,737 - 73,167 - Other services 137,625 - 97,620 - Allowance for doubtful accounts (132,521 ) - (183,730 ) - Total 6,147,453 - 8,813,414 - The movement of the allowance for doubtful accounts is as follows: Balances as of December 31, 2018 277,536 Additions (1) (93,806 ) Applications - Reversals - Balances as of December 31, 2019 183,730 Inflation adjustment restatement (51,209 ) Additions - Applications - Reversals - Balances as of December 31, 2020 132,521 (1) |
Cash and Cash Equivalents | c) Cash and cash equivalents 2020 2019 Cash and banks 1,260,190 1,528,928 UT Cash and banks 168 3,755 Mutual funds in local currency 823,199 1,401,763 Mutual funds in foreign currency 2,350,600 - Interest-bearing accounts 216,732 10,359,956 UT Mutual funds 2,517 - Total 4,653,406 13,294,402 |
Contract Liabilities | d) Contract liabilities 2020 2019 Current Non Current Current Non Current Natural Gas Transportation 122,741 2,252,830 134,044 2,375,577 Production and Commercialization of Liquids 68,448 396,739 52,260 465,190 Other services 111,249 1,402,558 84,933 1,143,831 UT 15,547 - 28,001 - Total 317,985 4,052,127 299,238 3,984,598 |
Other Payables | e) Other payables 2020 2019 Current Non Current Current Non Current Payable for compensation for the Board of Directors and Supervisory Committee 11,550 - 11,569 - Others 1,961 - 2,375 - UT Other liabilities 288,463 - 377,677 - Total 301,974 - 391,621 - |
Taxes Payables | f) Taxes payables 2020 2019 Current Non Current Current Non Current Health and safety tax 13,109 - 17,683 - Withholdings and perceptions made to third parties 89,189 - 201,559 - Turnover Tax 162,572 - 116,105 - Tax on exports - - 98,019 - VAT 69,244 - - - UT Others - - 464 - Others 14,360 - 46,995 - Total 348,474 - 480,825 - |
Trade Payables | g) Trade payables 2020 2019 Current Non Current Current Non Current Suppliers 2,665,409 - 5,276,710 - UT Suppliers 76,861 - 149,586 - Customers (credit balances) 17,638 - 8,392 - Related companies 43,688 - 165,552 - Total 2,803,596 - 5,600,240 - |
Revenues | h) Revenues 2020 2019 2018 Sales of goods and services 55,543,573 65,836,288 70,485,082 Subsidies 327,865 275,615 851,800 Total 55,871,438 66,111,903 71,336,882 |
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, 2020 Natural Gas Transportation Production and Commercialization of Liquids Other Services Telecommunications Total Primary geographical market: External market - 9,534,556 - - 9,534,556 Local market 23,501,610 18,062,140 4,364,503 408,629 46,336,882 Total 23,501,610 27,596,696 4,364,503 408,629 55,871,438 Timing of revenue recognition: Over the time 23,501,610 1,665,970 4,364,503 408,629 29,940,712 At a point in time - 25,930,726 - - 25,930,726 Total 23,501,610 27,596,696 4,364,503 408,629 55,871,438 Year ended December 31, 2019 Natural Gas Transportation Production and Commercialization of Liquids Other Services Telecommunications Total Primary geographical market: External market - 12,449,866 - - 12,449,866 Local market 30,795,577 19,050,591 3,439,787 376,082 53,662,037 Total 30,795,577 31,500,457 3,439,787 376,082 66,111,903 Timing of revenue recognition: Over the time 30,795,577 1,670,192 3,439,787 376,082 36,281,638 At a point in time - 29,830,265 - - 29,830,265 Total 30,795,577 31,500,457 3,439,787 376,082 66,111,903 Year ended December 31, 2018 Natural Gas Transportation Production and Commercialization of Liquids Other Services Telecommunications Total Primary geographical market: External market - 12,618,988 - - 12,618,988 Local market 32,381,937 22,203,559 3,790,881 341,517 58,717,894 Total 32,381,937 34,822,547 3,790,881 341,517 71,336,882 Timing of revenue recognition: Over the time 32,381,937 1,477,117 3,790,881 341,517 37,991,452 At a point in time - 33,345,430 - - 33,345,430 Total 32,381,937 34,822,547 3,790,881 341,517 71,336,882 Detailed information of revenues on each business segment for the years ended December 31, 2020, 2019 and 2018 is disclosed below: i. Natural Gas Transportation 2020 2019 2018 Firm 19,086,235 25,214,892 25,641,775 Access and Charge 839,868 1,137,755 1,184,965 Interruptible and Others 3,575,507 4,442,930 5,555,197 Total 23,501,610 30,795,577 32,381,937 ii. Production and Commercialization of Liquids 2020 2019 2018 Product 25,602,861 29,554,650 32,493,630 Services 1,665,970 1,670,192 1,477,117 Government grants 327,865 275,615 851,800 Total 27,596,696 31,500,457 34,822,547 iii. Other services 2020 2019 2018 Conditioning and treatment 2,036,984 1,733,165 1,539,505 Operation and maintenance 166,972 887,181 1,005,491 Steam sales 182,124 315,254 286,422 Construction 25,812 16,199 44,653 UT Construction 70,481 255,517 907,244 Transportation and conditioning of Natural Gas 1,793,855 225,619 - Others 88,275 6,852 7,566 Total 4,364,503 3,439,787 3,790,881 |
Cost of Sales | i) Cost of sales 2020 2019 2018 Inventories at the beginning of the year 418,823 754,516 384,814 Purchases 12,670,943 16,408,467 18,556,286 Operating costs (Note 8.i.) 15,047,441 16,440,793 15,716,324 Inventories at the end of the year (571,502 ) (418,823 ) (754,516 ) Total 27,565,705 33,184,953 33,902,908 |
Expenses by Nature | j) Expenses by nature – Information required under art. 64 paragraph I, clause B) Commercial Companies Law 2020 Operating expenses Accounts Total Regulated Activities Non Regulated Activities Administrative expenses Selling expenses Financial expenses Salaries, wages and other compensations 4,050,804 1,813,778 1,265,416 741,580 230,030 - Social security taxes 823,941 355,095 253,176 165,837 49,833 - Compensation to Directors and Supervisory Committee 40,039 - - 40,039 - - Professional services fees 316,283 34,515 13,299 241,111 27,358 - Technical operator assistance fees 1,430,462 589,450 841,012 - - - Materials 453,037 164,268 288,769 - - - Third parties services 518,110 235,552 262,707 19,290 561 - Telecommunications and post expenses 47,420 13,338 10,523 20,785 2,774 - Rents 25,197 10,096 5,185 9,157 759 - Transports and freight 156,729 92,915 61,244 2,570 - - Easements 98,444 87,574 10,870 - - - Offices supplies 9,056 3,087 1,288 4,408 273 - Travels expenses 68,320 30,715 19,972 15,111 2,522 - Insurance 255,898 146,906 91,016 17,962 14 - Property, plant and equipment maintenance 1,872,450 1,609,864 230,192 32,394 - - Depreciation of property, plant and equipment 6,161,233 4,222,188 1,598,481 340,564 - - Taxes and contributions 3,003,392 505,742 26,080 1,278 2,470,292 (1) - Advertising 85,997 - - - 85,997 - Doubtful accounts 95,067 - - - 95,067 - Banks expenses 23,734 - - 23,734 - - Interests expense 3,358,279 - - - - 3,358,279 Foreign exchange loss 14,836,082 - - - - 14,836,082 Costs of services rendered to third parties 108,667 - 108,667 - - - Other expenses 53,697 22,482 21,979 6,972 2,264 - Total 2020 37,892,338 9,937,565 5,109,876 1,682,792 2,967,744 18,194,361 (1) 2019 Operating expenses Accounts Total Regulated Activities Non Regulated Activities Administrative expenses Selling expenses Financial expenses Salaries, wages and other contributions 4,347,500 1,992,017 1,297,722 823,076 234,685 - Social security taxes 810,188 369,771 232,128 159,359 48,930 - Compensation to Directors and Supervisory Committee 44,284 - - 44,284 - - Professional services fees 657,734 20,943 338,511 254,542 43,738 - Technical operator assistance fees 1,558,506 1,056,723 501,783 - - - Materials 527,916 230,643 297,273 - - - Third parties services 593,395 245,103 303,408 33,334 11,550 - Telecommunications and post expenses 61,003 17,638 8,300 32,608 2,457 - Rents 59,572 17,313 28,781 12,100 1,378 - Transports and freight 157,904 99,383 55,206 3,315 - - Easements 125,169 118,942 6,227 - - - Offices supplies 18,150 5,471 3,145 7,056 2,478 - Travels expenses 180,366 89,168 48,923 37,221 5,054 - Insurance 131,238 64,137 51,871 8,701 6,529 - Property, plant and equipment maintenance 3,494,687 3,040,075 406,252 48,360 - - Depreciation of property, plant and equipment 5,031,234 3,870,024 949,432 211,778 - - Taxes and contributions 4,144,215 454,949 33,318 5,314 3,650,634 (1) - Advertising 122,713 - - - 122,713 - Doubtful accounts 3,315 - - - 3,315 - Banks expenses 26,286 - - 26,286 - - Interests expense 3,416,877 - - - - 3,416,877 Foreign exchange loss 21,287,642 - - - - 21,287,642 Capitalized finance costs (607,453 ) - - - - (607,453 ) Costs of services rendered to third parties 18,602 - 18,602 - - - Other expenses 180,667 107,877 59,734 8,446 4,610 - Total 2019 46,391,710 11,800,177 4,640,616 1,715,780 4,138,071 24,097,066 (1) 2018 Operating expenses Accounts Total Regulated Activities Non Regulated Activities Administrative expenses Selling expenses Financial expenses Salaries, wages and other compensations 4,006,260 1,866,300 1,189,130 747,477 203,353 - Social security taxes 670,656 303,143 177,888 145,796 43,829 - Compensation to Directors and Supervisory Committee 54,072 - - 54,072 - - Professional services fees 575,292 14,758 284,039 262,271 14,224 - Technical operator assistance fees 2,758,540 1,755,077 1,003,463 - - - Materials 468,994 143,852 325,142 - - - Third parties services 548,240 214,277 272,797 41,446 19,720 - Telecommunications and post expenses 45,605 8,788 5,983 29,860 974 - Rents 51,909 16,036 21,573 12,453 1,847 - Transports and freight 142,608 88,444 48,135 6,029 - - Easements 113,250 113,250 - - - - Offices supplies 14,654 4,966 1,803 6,555 1,330 - Travels expenses 178,586 79,945 56,001 34,338 8,302 - Insurance 138,786 79,933 49,624 9,223 6 - Property, plant and equipment maintenance 2,649,800 2,315,295 301,820 32,685 - - Depreciation of property, plant and equipment 4,655,763 3,377,834 717,723 560,206 - - Taxes and contributions 3,509,811 357,119 42,057 4,457 3,106,178 (1) - Advertising 10,170 - - - 10,170 - Doubtful accounts 277,537 - - - 277,537 - Banks expenses 25,446 - - 25,446 - - Interests expense 3,508,840 - - - - 3,508,840 Foreign exchange loss 27,481,250 - - - - 27,481,250 Other financial charges - - - - - - Costs of services rendered to third parties 346,137 - 346,137 - - - Other expenses 184,301 76,447 57,545 41,995 8,314 - Total 2018 52,416,507 10,815,464 4,900,860 2,014,309 3,695,784 30,990,090 |
Net Financial Results | k) Net financial results 2020 2019 2018 Financial income Interest income 546,600 979,612 2,817,393 Foreign exchange gain 4,968,821 10,640,197 17,098,238 Subtotal 5,515,421 11,619,809 19,915,631 Financial expenses Interest expense (1) (3,358,279 ) (3,416,877 ) (3,508,840 ) Foreign exchange loss (14,836,082 ) (21,287,642 ) (27,481,250 ) less: Capitalized finance costs - 607,453 - Subtotal (18,194,361 ) (24,097,066 ) (30,990,090 ) Other financial results Notes repurchase results 399,356 - - Derivative financial instruments results 449,575 (26,101 ) 222,171 Fair value (losses) / gains on financial instruments through profit or loss (7,265,635 ) 738,179 2,875,311 Others (358,075 ) (557,712 ) (510,009 ) Subtotal (6,774,779 ) 154,366 2,587,473 Gain on net monetary position 6,482,061 8,378,326 2,526,114 Total (12,971,658 ) (3,944,565 ) (5,960,872 ) (1) |
Other Operating Results | l) Other operating results 2020 2019 2018 Net increase in provisions (1) (154,391 ) (212,548 ) (1,614,277 ) Recovery of insurance 236,978 - 49,999 Others 17,242 38,934 (301,282 ) Total 99,829 (173,614 ) (1,865,560 ) (1) |
Other Financial Assets at Amortized Cost | m) Other financial assets at amortized cost 2020 2019 Current Non Current Current Non Current Fixed term deposits in foreign currency - 13,755,917 - - VRD bonds 3,044 3,095 4,568 7,356 US Treasury Bills - - 1,416,685 - Private debt bonds 15,275 - - - Total 18,319 13,759,012 1,421,253 7,356 |
Other Financial Assets at Fair Value | n) Other financial assets at fair value through profit or loss 2020 2019 Current Non Current Current Non Current Public debt bonds 2,120,788 - - - Total 2,120,788 - - - |
Payroll and Social Security Taxes Payable | o) Payroll and social security taxes payable 2020 2019 Current Non Current Current Non Current Vacation benefit payable 673,531 - 416,382 - Annual bonus payable 297,999 - 279,825 - Social security taxes payable 174,886 - 178,265 - UT 1,572 - 8,333 - Total 1,147,988 - 882,805 - |
INVESTMENTS IN ASSOCIATES (Tabl
INVESTMENTS IN ASSOCIATES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
INVESTMENTS IN ASSOCIATES [Abstract] | |
Investments in Associates | 2020 2019 Issuer Information Description of securities Last financial statemets issued Name and issuer Face value Amount Cost Book value Main business Date Common stock Net (loss) / income for the year / period Shareholders equity % of Common Stock Book value Transporte y Servicios de Gas en Uruguay S.A. Ps. Uru. 1 196,000 248 8,540 Pipeline maintenance 09/30/2020 28 (868 ) 17,428 49.00 9,022 Emprendimientos de Gas Pipeline del Sur S.A. (in liquidation) $ 1 116,130 2,757 490 construction 09/30/2020 237 (131 ) 1,000 49.00 569 and operation services Pipeline Gas Link S.A. $ 1 502,962 11,701 119,365 construction 09/30/2020 1,026 27,254 622,779 49.00 97,497 and operation services Total 128,395 107,088 |
JOINT ARRANGEMENTS (Tables)
JOINT ARRANGEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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: 2020 2019 Consolidated Statements of financial position Non Current assets - - Current Assets 165,873 317,002 Total 165,873 317,002 Non Current Liabilities - - Current Liabilities 380,314 564,062 Total 380,314 564,062 2020 2019 2018 Consolidated Statements of comprehensive income Gross profit / (loss) 4,563 (210,069 ) 70,946 Operating (loss) / profit (1,265 ) (234,568 ) 51,076 Net Financial results 74,877 (28,683 ) 2,193 Comprehensive (loss) / income 73,612 (263,251 ) 53,269 |
PROFIT FROM ASSOCIATES (Tables)
PROFIT FROM ASSOCIATES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
PROFIT FROM ASSOCIATES [Abstract] | |
Profit from Associates | 2020 2019 2018 EGS (in liquidation) (79 ) (109 ) 6,494 TGU (482 ) (904 ) (93 ) Link 21,871 (42,359 ) 31,729 Total 21,310 (43,372 ) 38,130 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
PROPERTY, PLANT AND EQUIPMENT [Abstract] | |
Property, Plant and Equipment | 2020 Cost Depreciation End of the Accumulated at the beginning Accumulated at the end Net Beginning Account of the year Additions Retirements Transfers year of the year Retirements For the year rate % of the year Impairment book value Pipelines 86,231,036 - (35,101 ) 3,444,963 89,640,898 42,534,145 (19,248 ) 2,199,034 2.2 44,713,931 2,366,584 42,560,383 Compressor plants 35,019,137 7,198 - 3,234,851 38,261,186 23,443,580 - 1,612,640 3.3 to 25 25,056,220 710,834 12,494,132 Other plants 36,061 - - - 36,061 12,169 - 1,223 3.3 13,392 1,139 21,530 Stations of regulation and/or measurement of pressure 2,952,477 - (973 ) 86,690 3,038,194 2,349,855 (852 ) 81,942 4.0 2,430,945 31,711 575,538 Other technical installations 573,367 - - 5,324 578,691 493,239 - 12,844 6.7 506,083 3,788 68,820 Subtotal assets related to 124,812,078 7,198 (36,074 ) 6,771,828 131,555,030 68,832,988 (20,100 ) 3,907,683 72,720,571 3,114,056 55,720,403 Non-regulated segment Pipelines 13,933,750 239 - 821,049 14,755,038 171,999 - 488,543 2.2 660,542 - 14,094,496 Non-regulated segment Compressor plants 2,799,504 - - 44,333 2,843,837 1,089,298 - 302,829 3.3 to 25 1,392,127 - 1,451,710 Non-regulated segment Other plants 24,577,179 - (673 ) 1,200,338 25,776,844 14,007,475 (5 ) 623,057 3.3 14,630,527 - 11,146,317 Non-regulated segment Stations of regulation and/or measurement of pressure 857,407 1,164 (1,090 ) 32,396 889,877 59,587 - 34,024 4.0 93,611 - 796,266 Non-regulated segment Other technical installations 345,819 - - - 345,819 133,954 - 31,132 6.7 165,086 - 180,733 Subtotal assets related to Other Services and Production and Commercialization of Liquids 42,513,659 1,403 (1,763 ) 2,098,116 44,611,415 15,462,313 (5 ) 1,479,585 16,941,893 - 27,669,522 Lands 482,127 - - - 482,127 - - - - - - 482,127 Buildings and constructions 4,828,987 - - 271,163 5,100,150 2,478,654 - 102,251 2.0 2,580,905 - 2,519,245 Facilities and features in building 359,134 - - - 359,134 158,342 - 10,341 4.0 168,683 - 190,451 Machinery, equipment and tools 1,503,969 68,494 - 21,857 1,594,320 885,519 - 134,490 6.7 to 10 1,020,009 - 574,311 UT Machinery, equipment and tools 1,238 - - - 1,238 1,238 - - 6.7 to 10 1,238 - - Computers and Telecommunication systems 6,594,148 - - 609,407 7,203,555 4,959,186 - 459,622 6.7 to 20 5,418,808 1,784,747 - Vehicles 696,677 9,082 (1,692 ) - 704,067 461,561 (839 ) 65,585 20 526,307 177,760 - Furniture 311,135 200 - 989 312,324 302,975 - 1,676 10 304,651 7,673 - Materials 4,277,974 2,521,622 (16,305 ) (2,041,894 ) 4,741,397 - - - - - 4,741,397 Line pack 673,285 - - 52,167 725,452 37,637 - - - 37,637 687,815 - Works in progress 8,022,523 4,079,084 - (7,783,633 ) 4,317,974 - - - - - 4,317,974 Total 195,076,934 6,687,083 (55,834 ) - 201,708,183 93,580,413 (20,944 ) 6,161,233 99,720,702 3,114,056 98,873,425 2019 Cost Depreciation Accumulated at Accumulated at Beginning End of the the beginning the end Net Account of the year Additions Retirements Transfers year of the year Retirements For the year rate % of the year book value Pipelines 83,617,294 - (18,148 ) 2,631,890 86,231,036 40,478,034 (10,547 ) 2,066,658 2.2 42,534,145 43,696,891 Compressor plants 31,950,533 544,422 (244,896 ) 2,769,078 35,019,137 22,137,747 (147,638 ) 1,453,471 3.3 to 25 23,443,580 11,575,557 Other plants 36,061 - - - 36,061 10,945 - 1,224 3.3 12,169 23,892 Stations of regulation and/or measurement of pressure 2,847,785 - - 104,692 2,952,477 2,271,328 - 78,527 4.0 2,349,855 602,622 Other technical installations 563,238 - - 10,129 573,367 480,646 - 12,593 6.7 493,239 80,128 Subtotal assets related to natural gas transportation service 119,014,911 544,422 (263,044 ) 5,515,789 124,812,078 65,378,700 (158,185 ) 3,612,473 68,832,988 55,979,090 Non-regulated segment Pipelines 169,943 - - 13,763,807 13,933,750 86,262 - 85,737 2.2 171,999 13,761,751 Non-regulated segment Compressor plants 2,601,276 - - 198,228 2,799,504 793,286 - 296,012 3.3 to 25 1,089,298 1,710,206 Non-regulated segment Other plants 18,142,640 - - 6,434,539 24,577,179 13,582,007 - 425,468 3.3 14,007,475 10,569,704 Non-regulated segment Stations of regulation and/or measurement of pressure 218,552 15,362 - 623,493 857,407 43,819 - 15,768 4.0 59,587 797,820 Non-regulated segment Other technical installations 345,819 - - - 345,819 102,821 - 31,133 6.7 133,954 211,865 Subtotal assets related to Other Services and Production and Commercialization of Liquids 21,478,230 15,362 - 21,020,067 42,513,659 14,608,195 - 854,118 15,462,313 27,051,346 Lands 224,817 257,310 - - 482,127 - - - - - 482,127 Buildings and constructions 4,247,069 - (1,291 ) 583,209 4,828,987 2,398,379 (15 ) 80,290 2.0 2,478,654 2,350,333 Facilities and features in building 359,002 - - 132 359,134 143,466 - 14,876 4.0 158,342 200,792 Machinery, equipment and tools 1,271,121 234,960 (10,562 ) 8,450 1,503,969 787,159 (10,562 ) 108,922 6.7 to 10 885,519 618,450 UT Machinery, equipment and tools 1,238 - - - 1,238 934 - 304 6.7 to 10 1,238 - Computers and Telecommunication systems 5,687,422 4,683 - 902,043 6,594,148 4,657,053 - 302,133 6.7 to 20 4,959,186 1,634,962 Vehicles 619,944 110,083 (33,350 ) - 696,677 436,636 (31,508 ) 56,433 20 461,561 235,116 Furniture 311,135 - - - 311,135 301,290 - 1,685 10 302,975 8,160 Materials 3,217,600 3,075,586 (29,331 ) (1,985,881 ) 4,277,974 - - - - - 4,277,974 Line pack 787,855 - - (114,570 ) 673,285 37,637 - - - 37,637 635,648 Works in progress 12,547,544 21,404,218 - (25,929,239 ) 8,022,523 - - - - - 8,022,523 Total 169,767,888 25,646,624 (337,578 ) - 195,076,934 88,749,449 (200,270 ) 5,031,234 93,580,413 101,496,521 |
Quantitative Information of Right-of-use Assets | As of December 31, 2020 and 2019, the assets related to the Other Services and Production and Commercialization of Liquids segments contains the following assets for right of use: 2020 2019 Other plants 518,778 610,326 Compressor plants 1,287,986 1,515,277 Other technical installations 146,454 172,300 Total 1,953,218 2,297,903 The book value variation of the rights-of use accounted during the years ended on December 31, 2020 and 2019 corresponds to its depreciation: 2020 2019 Other plants (91,549 ) (91,549 ) Compressor plants (227,292 ) (227,292 ) Other technical installations (25,844 ) (25,845 ) Total (344,685 ) (344,686 ) |
LOANS (Tables)
LOANS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
LOANS [Abstract] | |
Short-term and Long-term Loans | Short-term and long-term loans as of December 31, 2019 and 2018 comprise the following: 2020 2019 Current Loans 2018 Notes Interest 456,697 458,632 Pre-export finance - 1,390,438 Leasing (Note 21) 480,069 495,389 Total Current loans 936,766 2,344,459 Non Current Loans 2018 Notes 40,520,045 40,634,099 Leasing (Note 21) 2,412,613 2,741,268 Total non current loans 42,932,658 43,375,367 Total (1) 43,869,424 45,719,826 (1) (2) |
Activity of Loans | The activity of the loans as of December 31, 2020 and 2019 is the following: 2020 2019 Leases liabilities Other payables Leases liabilities Other payables Beginning balance 3,236,657 42,483,169 3,466,896 39,669,167 Inflation adjustment restatement (1,275,154 ) (12,526,927 ) (1,676,718 ) (17,640,765 ) Accrued interest 242,337 2,765,737 265,398 2,806,717 Effect of foreign exchange effect 1,149,736 13,755,162 1,604,703 18,971,692 VAT unpaid installments 11,009 - 21,766 - Proceeds from loans - - - 1,431,939 Acquisition of notes result - (399,356 ) - - Payment of loans (1) (190,969 ) (1,354,111 ) (228,701 ) - Payment of redemption of loans - (999,811 ) - - Interest paid (2) (280,934 ) (2,747,121 ) (216,687 ) (2,755,581 ) Ending balance 2,892,682 40,976,742 3,236,657 42,483,169 (1) (2) |
Maturities of Current and Non-Current Loans | The maturities of the current and non-current loans as of December 31, 2020 are as follows, not including issuance expenses: To due Due at 12/31/2020 From 1/01/2021 to 12/31/2021 From 1/01/2022 to 12/31/2022 From 1/01/2023 to 12/31/2023 From 1/01/2024 to 12/31/2024 From 1/01/2025 onwards Total 2018 Notes - 456,697 - - - 40,520,045 40,976,742 Financial Leasing 63,526 416,543 451,566 489,482 530,581 940,984 2,892,682 Total 63,526 873,240 451,566 489,482 530,581 41,461,029 43,869,424 |
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, 2020, and their present book value: 12/31/2020 As of 12/31/2020 692,970 From 1/01/2022 to 12/31/2022 629,526 From 1/01/2023 to 12/31/2023 629,526 From 1/01/2024 to 12/31/2024 629,526 From 1/01/2025 onwards 1,005,592 Total minimum future payments 3,587,140 Future financial charges on financial leases (694,458 ) Book Value financial leases 2,892,682 |
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 * * Included in “Other financial assets at amortized cost.” |
INCOME TAX AND DEFERRED TAX (Ta
INCOME TAX AND DEFERRED TAX (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018 is as follows: 2020 2019 2018 Current income tax (3,439,545 ) (3,651,647 ) (6,698,265 ) Special revaluation tax - - (2,194,810 ) Deferred income tax (964,878 ) (1,826,938 ) 8,865,492 Total income tax (4,404,423 ) (5,478,585 ) (27,583 ) |
Net Deferred Tax Assets and Liabilities | The analysis of the net deferred tax assets and liabilities is as follows: 2020 2019 Deferred tax assets: Deferred tax assets to be recovered after more than 12 months 1,250,309 1,356,732 Deferred tax assets to be recovered after less than 12 months 372,361 372,055 Deferred tax liabilities: Deferred tax liabilities to be recovered after more than 12 months (8,828,384 ) (8,172,277 ) Deferred tax liabilities to be recovered after less than 12 months (242,878 ) (40,224 ) Deferred tax liabilities, net (7,448,592 ) (6,483,714 ) |
Components of Net Deferred Tax Assets and Liabilities | The components of the net deferred tax assets and liabilities as of December 31, 2020, 2019 and 2018 are the following: Deferred tax assets Other receivables Allowance for doubtful accounts Tax credits discounted value loss Account receivables discounted value Provisions for legal claims and other provisions Financial lease Contract liabilities Tax loss carryforward Tax inflation adjustment Total As of December 31, 2018 - - 811 4,761 211,326 853,576 665,948 - - 1,736,422 Charge in results - 995 (327 ) (3,766 ) (511 ) (36,365 ) 20,319 - 12,020 (7,635 ) As of December 31, 2019 - 995 484 995 210,815 817,211 686,267 - 12,020 1,728,787 Charge in results 13,517 (995 ) (484 ) (352 ) 12,320 (89,081 ) (46,704 ) 944 4,718 (106,117 ) As of December 31, 2020 13,517 - - 643 223,135 728,130 639,563 944 16,738 1,622,670 Deferred tax liabilities Deferred sales Loans Property, Plant and Equipment Cash and cash equivalents Inventaries Other financial assets at amortized cost Tax inflation adjustment Total As of December 31, 2018 5,945 (65,093 ) (6,111,056 ) (198,776 ) (24,218 ) - - (6,393,198 ) Charge in results (5,945 ) 29,334 190,184 195,879 (3,194 ) (2,538 ) (2,223,023 ) (1,819,303 ) As of December 31, 2019 - (35,759 ) (5,920,872 ) (2,897 ) (27,412 ) (2,538 ) (2,223,023 ) (8,212,501 ) Charge in results - 15,815 693,689 1,861 (6,112 ) (199,006 ) (1,365,008 ) (858,761 ) As of December 31, 2020 - (19,944 ) (5,227,183 ) (1,036 ) (33,524 ) (201,544 ) (3,588,031 ) (9,071,262 ) |
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, 2020, 2019 and 2018 as follows: 2020 2019 2018 Pre tax income 7,690,622 22,911,548 23,935,579 Statutory income tax rate 30 % 30 % 30 % Pre tax income at statutory income tax rate (2,307,187 ) (6,873,464 ) (7,180,674 ) Tax effects due to: - Restatement by inflation 2,095,061 2,776,728 505,544 - Unrecognized tax loss carryforward (1) (2,036,579 ) - - - Special revalution tax - - (2,194,810 ) - Adjustment affidavit previous year (9,073 ) 186,024 (632 ) - Tax revaluation benefit - - 8,778,172 - Tax inflation adjustment (2,775,060 ) (2,720,752 ) - - Others 628,415 1,152,879 64,817 Total income tax (4,404,423 ) (5,478,585 ) (27,583 ) |
PROVISIONS (Tables)
PROVISIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
PROVISIONS [Abstract] | |
Provisions | The total amount of the Provisions is included in current liabilities. For legal claims and others Balances as of 12/31/2018 777,331 Inflation adjustment restatement (328,158 ) Additions 370,952 (1 ) Uses (10,333 ) Decreases (7,763 ) (2 ) Balances as of 12/31/2019 802,029 Inflation adjustment restatement (258,394 ) Additions 325,140 (3 ) Uses (8,073 ) Decreases 0 (2 ) Balances as of 12/31/2020 860,702 (1) (2) (3) For additional information see “Note 20 – Legal claims and other matters.” |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019: Financial assets (1) Financial liabilities (2) 2020 2019 2020 2019 Fix interest rate 16,108,712 11,776,641 40,976,742 41,092,728 Variable interest rate 3,179,938 1,413,687 - 1,390,438 Total 19,288,650 13,190,328 40,976,742 42,483,166 (1) (2) |
Monthly Short Tons | Such agreement was effective 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 Sales Receivables | As of December 31, 2020 and 2019, current and non-current sales receivables, net of allowance for doubtful accounts, amounted to: 2020 2019 Current trade receivables 6,279,974 8,997,144 Allowances for doubful accounts (132,521 ) (183,730 ) Total 6,147,453 8,813,414 |
Significant Customers | The amounts of net sales made to the principal customers to which Natural Gas Transportation services were provided in the years ended December 31, 2020 and 2019 and the sales receivable balances (net of allowances) as of December 31, 2020 and 2019 are set forth below: 2020 2019 2018 Revenues Trade receivables Revenues Trade receivables Revenues MetroGas 5,894,110 1,441,808 7,963,051 1,986,849 6,749,054 Camuzzi Gas Pampeana S.A. 4,358,139 706,139 5,926,232 992,651 5,013,132 Naturgy Argentina 3,523,002 313,536 4,759,550 772,501 4,045,276 CAMMESA 2,342,531 666,127 1,821,557 280,998 2,801,553 Pampa Energía 841,274 306,995 1,094,039 351,252 920,555 Camuzzi Gas del Sur S.A. 1,042,980 146,965 1,464,524 205,352 1,119,315 The amounts of Liquids Production and Marketing net sales made to major customers during the years ended December 31, 2020 and 2019 and sales receivable balances (net of allowances) as of such date are set forth below: 2020 2019 2018 Revenues Trade receivables Revenues Trade receivables Revenues PBB Polisur 9,303,676 777,791 8,628,893 1,145,402 11,031,223 Petredec 691,227 - 1,365,850 - 1,798,666 Geogas Trading S.A. 287,550 - 2,303,376 511,512 2,308,545 Italgas S.A. 396,307 - - - - YPF 973,411 42,364 1,686,921 36,079 992,619 Petrobras Global Trading BV 4,510,924 284,089 6,053,139 540,712 3,652,024 |
Maturities of Financial Assets | Below is a detail of the maturities of the financial assets included in (i) cash and cash equivalents, (ii)loans to related parties, (iii) other financial assets, (iv) trade receivables, (v) other receivables and (vi) derivative financial instruments as of December 31, 2020 and 2019: December 31, 2020 Cash and cash equivalents Other financial assets Credits (1) (2) Without specified maturity 4,653,406 2,120,788 39,334 With specified maturity Overdue Until 12-31-2019 - - 137,271 From 01-01-20 to 03-31-20 - - 753 From 04-01-20 to 06-30-20 - - 447 From 07-01-20 to 09-30-20 - - 23,435 From 10-01-20 to 12-31-20 - - 2,153,580 Total overdue - - 2,315,486 Non-due From 01-01-21 to 03-31-21 - 775 4,320,035 From 04-01-21 to 06-30-21 - 775 124,094 From 07-01-21 to 09-30-21 - 775 78,774 From 10-01-21 to 12-31-21 - 15,994 76,053 During 2022 - 13,758,563 6,943 During 2023 - 449 - During 2024 - - - During 2025 - - - From 2026 onwards - - - Total non-due - 13,777,331 4,605,899 Total with specified maturity - 13,777,331 6,921,385 Total 4,653,406 15,898,119 6,960,719 (1) (2) December 31, 2019 Cash and cash equivalents Other financial assets Credits (1) (2) Without specified maturity 13,138,638 - 29,416 With specified maturity Overdue Until 12-31-2018 - - 196,854 From 01-01-19 to 03-31-19 - - 2,094 From 04-01-19 to 06-30-19 - - 5,779 From 07-01-19 to 09-30-19 - - 468,088 From 10-01-19 to 12-31-19 - - 1,077,598 Total overdue - - 1,750,413 Non-due From 01-01-20 to 03-31-20 155,764 1,791,120 7,177,308 From 04-01-20 to 06-30-20 - 1,084 657,055 From 07-01-20 to 09-30-20 - 1,055 11,034 From 10-01-20 to 12-31-20 - 1,052 13,739 During 2021 - 4,143 9,452 During 2022 - 2,602 - During 2023 - 611 - During 2024 - - - From 2025 onwards - - - Total non-due 155,764 1,801,667 7,868,588 Total with specified maturity 155,764 1,801,667 9,619,001 Total 13,294,402 1,801,667 9,648,417 (1) (2) |
Maturities of Financial Liabilities | Below is a detail of the maturities of the Company's financial liabilities corresponding to: commercial debts, remunerations, other debts and financial debts as of December 31, 2020 and 2019. The amounts presented in the tables represent contractual undiscounted cash flows and, therefore, do not correspond to the amounts presented in the statement of financial position. These estimates are made on the basis of information available at the end of each year and may not reflect actual amounts in the future. Therefore, the amounts shown are provided for illustrative purposes only: December 31, 2020 Loans Other financial liabilities Leases liabilities Without specified maturity - - - With specified maturity Overdue Until 12-31-2019 - 215,255 - From 01-01-20 to 03-31-20 - 311 - From 04-01-20 to 06-30-20 - 311 - From 07-01-20 to 09-30-20 - 311 - From 10-01-20 to 12-31-20 - 311 63,526 Total overdue - 216,499 63,526 Non-due From 01-01-21 to 03-31-21 - 3,853,636 157,361 From 04-01-21 to 06-30-21 1,420,031 14,644 157,361 From 07-01-21 to 09-30-21 - - 157,361 From 10-01-21 to 12-31-21 1,420,031 - 157,361 During 2022 2,840,063 - 629,526 During 2023 2,840,063 - 629,526 During 2024 2,840,063 - 629,526 During 2025 43,419,769 - 629,526 From 2026 onwards - - 376,066 Total non-due 54,780,020 3,868,280 3,523,614 Total with specified maturity 54,780,020 4,084,779 3,587,140 Total 54,780,020 4,084,779 3,587,140 December 31, 2019 Loans Other financial liabilities Financial leases Without specified maturity - - - With specified maturity Overdue Until 12-31-2018 - 178,111 - From 01-01-19 to 03-31-19 - 423 - From 04-01-19 to 06-30-19 - 423 - From 07-01-19 to 09-30-19 - 423 - From 10-01-19 to 12-31-19 - 423 123,021 Total overdue - 179,803 123,021 Non-due From 01-01-20 to 03-31-20 1,398,847 5,098,543 152,469 From 04-01-20 to 06-30-20 1,375,897 44,612 152,469 From 07-01-20 to 09-30-20 - - 152,469 From 10-01-20 to 12-31-20 1,375,897 - 152,469 During 2021 2,751,793 - 609,960 During 2022 2,751,793 - 609,960 During 2023 2,751,793 - 609,960 During 2024 2,751,793 - 609,960 From 2025 onwards 42,143,192 - 974,339 Total non-due 57,301,005 5,143,155 4,024,055 Total with specified maturity 57,301,005 5,322,958 4,147,076 Total 57,301,005 5,322,958 4,147,076 |
Gearing Ratio | During the years ended December 31, 2020 and 2019, the gearing ratio was as follows: 2020 2019 Total debt (Note 13) 43,869,424 45,719,826 Total equity 66,026,644 65,461,118 Total capital 109,896,068 111,180,944 Gearing Ratio 0.40 0.40 |
Categories of Financial Assets and Liabilities | The categorization of financial assets and liabilities as of December 31, 2020 and 2019 is included below: December 31, 2020 Financial assets at fair value Financial assets at amortized cost Total CURRENT ASSETS Trade receivables - 6,147,453 6,147,453 Other receivables - 673,142 673,142 Other financial assets at amortized cost - 18,319 18,319 Other financial assets at fair value through profit or loss 2,120,788 - 2,120,788 Cash and cash equivalents 3,176,316 1,477,090 4,653,406 Total current assets 5,297,104 8,316,004 13,613,108 NON-CURRENT ASSETS Other receivables - 7,603 7,603 Other financial assets at amortized cost - 13,759,012 13,759,012 Total non-current assets - 13,766,615 13,766,615 Total assets 5,297,104 22,082,619 27,379,723 Financial liabilities at fair value Other financial liabilities Total CURRENT LIABILITIES Trade payables - 2,803,596 2,803,596 Loans - 936,766 936,766 Payroll and social security taxes payables - 991,669 991,669 Other payables - 301,974 301,974 Total current liabilities - 5,034,005 5,034,005 NON-CURRENT LIABILITIES Loans - 42,932,658 42,932,658 Total non-current liabilities - 42,932,658 42,932,658 Total liabilities - 47,966,663 47,966,663 2019 Financial assets at fair value Financial assets at amortirzed cost Total CURRENT ASSETS Trade receivables - 8,813,414 8,813,414 Other receivables - 644,239 644,239 Derivative financial instruments 373,058 - 373,058 Other financial assets at amortized cost - 1,421,253 1,421,253 Cash and cash equivalents 1,401,763 11,892,639 13,294,402 Total current assets 1,774,821 22,771,545 24,546,366 NON-CURRENT ASSETS Other receivables - 10,351 10,351 Other financial assets at amortized cost - 7,356 7,356 Total non-current assets - 17,707 17,707 Total assets 1,774,821 22,789,252 24,564,073 Financial liabilities at fair value Other financial liabilities Total CURRENT LIABILITIES Trade payables - 5,600,240 5,600,240 Loans - 2,344,459 2,344,459 Payroll and social security taxes payables - 726,306 726,306 Other payables - 391,621 391,621 Total current liabilities - 9,062,626 9,062,626 NON-CURRENT LIABILITIES Loans - 43,375,367 43,375,367 Total non-current liabilities - 43,375,367 43,375,367 Total liabilities - 52,437,993 52,437,993 |
Fair Value of Financial Assets and Liabilities | The table below shows different assets at their fair value classified by hierarchy as of December 31, 2020 and 2019: As of December 31, 2020 Level 1 Level 2 Level 3 Total Financial assets at fair value Cash and cash equivalents 3,176,316 - - 3,176,316 Other financial assets at fair value through profit or loss 2,120,788 - - 2,120,788 Total 5,297,104 - - 5,297,104 As of December 31, 2019 Level 1 Level 2 Level 3 Total Financial assets at fair value Cash and cash equivalents 1,401,763 - - 1,401,763 Derivative financial instruments - 373,058 - 373,058 Total 1,401,763 373,058 - 1,774,821 The following table reflects the carrying amount and estimated fair value of the 2018 Notes at December 31, 2020, based on their quoted market price: As of December 31, 2020 Carrying amount Fair value 2018 Notes 40,976,742 37,583,947 |
ASSETS AND LIABILITIES IN FOR_2
ASSETS AND LIABILITIES IN FORREIGN CURRENCY (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
ASSETS AND LIABILITIES IN FORREIGN CURRENCY [Abstract] | |
Balances of Assets and Liabilities in Foreign Currency | The balances in foreign currency as of December 31, 2020 and 2019 are detailed below: 2020 2019 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$ 45,454 83.950 (1) 3,815,863 US$ 143,920 11,695,273 Derivative financial instruments US$ - 83.950 (1) - US$ 4,591 373,058 Other financial assets at amortized cost US$ 182 83.950 (1) 15,279 17,433 1,416,686 Other financial assets at fair value through profit or loss US$ 25,263 83.950 (1) 2,120,788 - - Trade receivables US$ 23,262 83.950 (1) 1,952,845 US$ 43,091 3,501,675 Other receivables US$ 2,214 83.950 (1) 185,865 US$ 325 26,410 Total current assets US$ 96,375 8,090,640 US$ 209,360 17,013,102 NON CURRENT ASSETS Other financial assets at amortized cost US$ 163,858 83.950 (1) 13,755,917 US$ - - Total non current assets US$ 163,858 13,755,917 US$ - - TOTAL ASSETS US$ 260,233 21,846,557 US$ 209,360 17,013,102 CURRENT LIABILITIES Trade payables US$ 21,730 84.150 (2) 1,828,580 US$ 59,595 4,859,055 Loans US$ 11,132 84.150 (2) 936,766 US$ 28,754 2,344,459 Contract liabilities US$ - 84.150 (2) - 990 80,708 Total current liabilities US$ 32,862 2,765,346 US$ 89,339 7,284,222 NON CURRENT LIABILITIES Loans US$ 510,192 84.150 (2) 42,932,658 US$ 531,987 43,375,367 Contract liabilities US$ - 84.150 (2) - 13,692 1,116,387 Total non current liabilities US$ 510,192 42,932,658 US$ 545,679 44,491,754 TOTAL LIABILITIES US$ 543,054 45,698,004 US$ 635,018 51,775,976 (1) (2) |
COMMON STOCK AND DIVIDENDS (Tab
COMMON STOCK AND DIVIDENDS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
COMMON STOCK AND DIVIDENDS [Abstract] | |
Common Stock | As of December 31, 2020 and 2019, TGS’ common stock was as follows: Common Stock structure as of December 31, 2020 Shares Class Amount of common stock, subscribed, issued, paid in, and authorized for public offer Common Shares Class (Face value $ 1, 1 vote) Outstandings shares Treasury Shares Common Stock Class "A" 405,192,594 - 405,192,594 Class "B" 347,568,464 41,734,225 389,302,689 Total 752,761,058 41,734,225 794,495,283 Common Stock structure as of December 31, 2019 Shares Class Amount of common stock, subscribed, issued, paid in, and authorized for public offer Common Shares Class (Face value $ 1, 1 vote) Outstandings shares Treasury Shares Common Stock Class "A" 405,192,594 - 405,192,594 Class "B" 379,415,934 9,886,755 389,302,689 Total 784,608,528 9,886,755 794,495,283 |
BALANCES AND TRANSACTIONS WIT_2
BALANCES AND TRANSACTIONS WITH RELATED COMPANIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and December 31, 2019 is as follows: 2020 2019 Company Accounts receivable Accounts payable Accounts receivable Accounts payable Controlling shareholder: CIESA - - 50 - Associate which exercises joint control on the controlling shareholder: Pampa Energía (1) 402,079 2,922,943 286,067 3,389,229 Associate which exercises significant influence on the controlling shareholder: Link 4,121 - 909 - TGU - 13,394 - 12,980 Other related companies: SACDE Sociedad Argentina de Construcción (2) - - 31,781 - Pampa Comercializadora S.A. 6,951 - 59,688 - CT Barragán S.A. 1,793 - 11,070 - Oleoductos del Valle S.A. - - 4,558 - Central Piedra Buena S.A. - - 18,114 - Transener S.A. 30 33 - - Total 414,974 2,936,370 412,237 3,402,209 (1) (2) |
Transactions with Related Parties | The detail of significant transactions with related parties for the years ended December 31, 2020, 2019 and 2018 is as follows: Year ended December 31, 2020 Revenues Costs Financial results Company Natural Gas Transportation Production and commercialization of liquids Other services Gas purchase and others Compensation for technical assistance Revenues for administrative services Interest expense Controlling shareholder: CIESA - - - - - 140 - Associate which exercises joint control on the controlling shareholder: Pampa Energía 841,274 1,049,966 614,644 160,067 1,430,462 - 242,337 Associates with significant influence: Link - - 19,562 - - - - Other related companies: Oleoductos del Valle S.A. 25,768 - - - - - - Transener S.A. - - 352 - - - - Petrolera Entre Lomas S.A. 2,475 - 8,934 - - - - Pampa Comercializadora S.A. 112,774 - - - - - - Central Piedra Buena S.A. 1,745 - - - - - - Experta ART - - - 25,429 - - - Total 984,036 1,049,966 643,492 185,496 1,430,462 140 242,337 Additionally, during the year ended December 31, 2020, the Company received from SACDE Sociedad Argentina de Construcción, construction engineering services for Ps. 481,065, which are activated within the balance of PPE. 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 - - - - - 199 - Associate which exercises joint control on the controlling shareholder: Pampa Energía 1,094,039 366,914 366,206 783,975 1,558,506 - 265,398 Associates with significant influence: Link - - 19,159 - - - - Other related companies: Oleoductos del Valle S.A. 7,446 - - - - - - Pampa Comercializadora S.A. 70,863 - - - - - - Central Térmica Piedrabuena S.A. 165,230 - - - - - - Experta ART - - - 27,337 - - - Total 1,337,578 366,914 385,365 811,312 1,558,506 199 265,398 Additionally, during the year ended December 31, 2019, the Company received from SACDE Sociedad Argentina de Construcción, construction engineering services for Ps. 2,350,271, which are capitalized within the balance of PPE. 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 - - - - - 306 - Associate which exercises joint control on the controlling shareholder: Pampa Energía 920,555 2,770 483,633 1,292,359 2,758,540 - 262,764 Associates with significant influence: Link - - 17,988 - - - - Other related companies: Oleoductos del Valle S.A. 12,878 - 17,335 - - - - Transener S.A. - - 25,160 - - - - Petrolera Entre Lomas S.A. - - - 4,224 - - - Pampa Comercializadora S.A. 56,271 - - - - - - Central Térmica Piedrabuena S.A. 140,684 - - - - - - Experta ART - - - 24,942 - - - Total 1,130,388 2,770 544,116 1,321,525 2,758,540 306 262,764 |
CONTRACTUAL OBLIGATIONS (Tables
CONTRACTUAL OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
CONTRACTUAL OBLIGATIONS [Abstract] | |
Contractual Commitments | As of December 31, 2020, 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) 54,855,281 - 2,840,063 8,520,188 43,495,030 - Purchase obligations (2) 6,694,415 - 5,646,421 1,047,994 - - Financial Leases 3,587,140 63,526 629,444 1,259,052 1,259,052 376,066 Total 65,136,836 63,526 9,115,928 10,827,234 44,754,082 376,066 (1) (2) |
BUSINESS DESCRIPTION (Details)
BUSINESS DESCRIPTION (Details) | 12 Months Ended |
Dec. 31, 2020Extension | |
Business Overview [Abstract] | |
Term of transportation license granted | 35 years |
Number of extension entitled | 1 |
Term of the extension | 10 years |
BUSINESS DESCRIPTION, Major Sha
BUSINESS DESCRIPTION, Major Shareholders (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Transporte y Servicios de Gas en Uruguay S.A. (TGU) [Member] | |
Major Shareholders [Abstract] | |
Percentage of ownership in associate | 49.00% |
EGS S.A. [Member] | |
Major Shareholders [Abstract] | |
Percentage of joint ownership | 51.00% |
Percentage of ownership in associate | 49.00% |
Gas Link S.A. [Member] | |
Major Shareholders [Abstract] | |
Percentage of ownership in associate | 49.00% |
TELCOSUR S.A. [Member] | |
Major Shareholders [Abstract] | |
Percentage of ownership interest in subsidiary | 99.98% |
CTG ENERGIA S.A.U. (CTG) [Member] | |
Major Shareholders [Abstract] | |
Percentage of ownership interest in subsidiary | 100.00% |
Pampa Energia [Member] | Transporte y Servicios de Gas en Uruguay S.A. (TGU) [Member] | |
Major Shareholders [Abstract] | |
Percentage of joint ownership | 51.00% |
Pampa Energia [Member] | TELCOSUR S.A. [Member] | |
Major Shareholders [Abstract] | |
Percentage of joint ownership | 0.02% |
Public Offering [Member] | |
Major Shareholders [Abstract] | |
Percentage of ownership | 44.00% |
Public Offering [Member] | FGS-ANSES [Member] | |
Major Shareholders [Abstract] | |
Percentage of ownership | 24.00% |
Public Offering [Member] | BYMA [Member] | |
Major Shareholders [Abstract] | |
Percentage of ownership | 8.00% |
Public Offering [Member] | NYSE [Member] | |
Major Shareholders [Abstract] | |
Percentage of ownership | 12.00% |
Treasury Shares [Member] | |
Major Shareholders [Abstract] | |
Percentage of ownership | 5.00% |
CIESA [Member] | |
Major Shareholders [Abstract] | |
Percentage of ownership | 51.00% |
CIESA [Member] | Pampa Energia [Member] | |
Major Shareholders [Abstract] | |
Percentage of joint ownership | 50.00% |
CIESA [Member] | GIP and PCT [Member] | |
Major Shareholders [Abstract] | |
Percentage of joint ownership | 50.00% |
DINAREL S.A. [Member] | Gas Link S.A. [Member] | |
Major Shareholders [Abstract] | |
Percentage of joint ownership | 51.00% |
BUSINESS DESCRIPTION, Economic
BUSINESS DESCRIPTION, Economic Context (Details) - Argentina [Member] | 12 Months Ended |
Dec. 31, 2020 | |
Economic Context [Abstract] | |
Emerging Markets Bonds Index | 13.68% |
Cumulative inflation rate | 36.10% |
Impact of COVID-19 ("COVID") on TGS operations [Abstract] | |
Suspension of public service cuts for non-payment | 180 days |
Drop in natural gas production | 9.00% |
U.S. Dollars [Member] | |
Economic Context [Abstract] | |
Depreciation of peso against U.S. dollar | (41.00%) |
Alternative Currencies [Member] | |
Economic Context [Abstract] | |
Exchange rate gap | 70.00% |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES, Consolidation and Regulatory Framework (Details) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Regulatory framework [Abstract] | ||||
Inflation rate | 36.14% | 53.83% | 47.64% | |
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, 2020ARS ($) | Dec. 31, 2019ARS ($) | Dec. 31, 2020USD ($) | |
Property, plant and equipment [Abstract] | |||
Property, plant and equipment from privatization of GdE | $ 98,873,425 | $ 101,496,521 | |
Financial expense capitalized | $ 0 | $ 607,452 | |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Income tax and deferred income tax [Abstract] | ||||
Provisions for income taxes | $ 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 | $ 3,286,190 | $ 17,432,945 | $ 23,907,988 | |
Average number of outstanding shares (in shares) | [1],[2] | 762,371,755 | 776,121,341 | 788,405,563 |
Basic and diluted earnings per share (in pesos per share) | $ 4.31 | $ 22.46 | $ 30.32 | |
[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_3
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS [Abstract] | |||
Percentage points in probability of occurrence in base scenario | 70.00% | ||
Percentage points in probability of occurrence in optimistic scenario | 10.00% | ||
Percentage points in probability of occurrence in pessimistic scenario | 20.00% | ||
Percentage points of discount rate used in weighted probability of occurrence in all scenarios | 12.40% | ||
Impairment of property, plant and equipment | $ 3,114,056 | $ 0 | $ 0 |
Increase percentage points in weighted probability of pessimistic case | 80.00% | ||
Minimum percentage points in weighted probability of pessimistic case | 20.00% | ||
Maximum percentage points in weighted probability of pessimistic case | 100.00% | ||
Increase in impairment loss due to reduction in probability of occurrence in optimistic and base scenarios | $ 5,393,575 | ||
Percentage of increase in discount rate | 1.00% | ||
Increase in impairment loss due to increase in discount rate | $ 906,660 | ||
Book value of PPE [Abstract] | |||
Amounts before impairment charge | 95,188,000 | ||
Impairment charge | (3,114,056) | $ 0 | $ 0 |
Amounts after impairment charge | 92,074,000 | ||
Natural Gas Transportation [Member] | |||
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS [Abstract] | |||
Impairment of property, plant and equipment | 3,114,000 | ||
Book value of PPE [Abstract] | |||
Amounts before impairment charge | 70,036,000 | ||
Impairment charge | (3,114,000) | ||
Amounts after impairment charge | 66,922,000 | ||
Other Services [Member] | |||
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS [Abstract] | |||
Impairment of property, plant and equipment | 0 | ||
Book value of PPE [Abstract] | |||
Amounts before impairment charge | 25,152,000 | ||
Impairment charge | 0 | ||
Amounts after impairment charge | $ 25,152,000 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - ARS ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Non-cash Investing and Financing Activities [Abstract] | ||||
Unpaid acquisition of PPE | $ 304,531 | $ 1,812,174 | $ 644,507 | |
Principal payment of financial lease | [1] | 190,969 | 203,173 | 213,551 |
Capitalization of finance costs | $ 0 | $ 607,452 | $ 0 | |
[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, 2020ARS ($)Segment | Dec. 31, 2019ARS ($) | Dec. 31, 2018ARS ($) | |
Operating segments [Abstract] | |||
Revenues | $ 55,871,438 | $ 66,111,903 | $ 71,336,882 |
Cost of sales | (27,565,705) | (33,184,953) | (33,902,908) |
Administrative expenses | (1,682,792) | (1,715,780) | (2,014,309) |
Selling expenses | (2,967,744) | (4,138,071) | (3,695,784) |
Other operating (expenses) / income | 99,829 | (173,614) | (1,865,560) |
Impairment of PPE | (3,114,056) | 0 | 0 |
Operating profit | 20,640,970 | 26,899,485 | 29,858,321 |
Depreciation of property, plant and equipment | (6,161,233) | (5,031,234) | (4,655,763) |
Identifiable assets | 128,594,366 | 130,152,205 | |
Identifiable liabilities | 62,567,722 | 64,691,087 | |
Natural Gas Transportation [Member] | |||
Operating segments [Abstract] | |||
Revenues | 30,795,577 | ||
Impairment of PPE | (3,114,000) | ||
Other Services [Member] | |||
Operating segments [Abstract] | |||
Impairment of PPE | $ 0 | ||
Reportable Segments [Member] | |||
Operating segments [Abstract] | |||
Number of reportable segments | Segment | 4 | ||
Reportable Segments [Member] | Natural Gas Transportation [Member] | |||
Operating segments [Abstract] | |||
Revenues | $ 23,501,610 | 30,795,577 | 32,381,937 |
Cost of sales | (9,937,565) | (11,800,176) | (10,815,462) |
Administrative expenses | (1,242,079) | (1,420,653) | (1,749,008) |
Selling expenses | (1,459,316) | (1,829,130) | (1,997,378) |
Other operating (expenses) / income | (44,139) | (186,412) | (327,301) |
Impairment of PPE | (3,114,056) | ||
Operating profit | 8,549,055 | 16,397,822 | 18,746,037 |
Depreciation of property, plant and equipment | (4,562,752) | (4,081,800) | (3,938,031) |
Identifiable assets | 82,754,090 | 87,717,005 | |
Identifiable liabilities | 27,615,557 | 39,942,095 | |
Reportable Segments [Member] | Production and Commercialization of Liquids [Member] | |||
Operating segments [Abstract] | |||
Revenues | 27,596,696 | 31,500,457 | 34,822,547 |
Cost of sales | (15,833,436) | (19,960,308) | (21,960,652) |
Administrative expenses | (253,786) | (196,469) | (176,050) |
Selling expenses | (1,176,009) | (1,892,647) | (1,340,704) |
Other operating (expenses) / income | 139,965 | 4,356 | (1,521,982) |
Impairment of PPE | 0 | ||
Operating profit | 10,473,430 | 9,455,389 | 9,823,159 |
Depreciation of property, plant and equipment | (382,776) | (335,886) | (238,197) |
Identifiable assets | 17,693,606 | 14,792,025 | |
Identifiable liabilities | 5,438,248 | 4,211,136 | |
Reportable Segments [Member] | Other Services [Member] | |||
Operating segments [Abstract] | |||
Revenues | 4,364,503 | 3,439,787 | 3,790,881 |
Cost of sales | (2,359,778) | (2,075,388) | (2,207,887) |
Administrative expenses | (174,262) | (83,074) | (75,351) |
Selling expenses | (299,758) | (359,950) | (300,427) |
Other operating (expenses) / income | 2,511 | 4,868 | (11,402) |
Impairment of PPE | 0 | ||
Operating profit | 1,533,216 | 926,243 | 1,195,814 |
Depreciation of property, plant and equipment | (1,215,705) | (613,548) | (479,535) |
Identifiable assets | 27,901,503 | 27,351,498 | |
Identifiable liabilities | 29,442,395 | 20,448,533 | |
Reportable Segments [Member] | Telecommunications [Member] | |||
Operating segments [Abstract] | |||
Revenues | 408,629 | 376,082 | 341,517 |
Cost of sales | (279,526) | (187,697) | (172,156) |
Administrative expenses | (12,665) | (15,584) | (13,900) |
Selling expenses | (32,661) | (56,344) | (57,275) |
Other operating (expenses) / income | 1,492 | 3,574 | (4,875) |
Impairment of PPE | 0 | ||
Operating profit | 85,269 | 120,031 | 93,311 |
Depreciation of property, plant and equipment | 0 | 0 | 0 |
Identifiable assets | 245,167 | 291,677 | |
Identifiable liabilities | 71,522 | 89,323 | |
Eliminations [Member] | |||
Operating segments [Abstract] | |||
Revenues | (844,600) | (838,616) | (1,253,249) |
Cost of sales | 844,600 | 838,616 | 1,253,249 |
Administrative expenses | 0 | 0 | 0 |
Selling expenses | 0 | 0 | 0 |
Other operating (expenses) / income | 0 | 0 | 0 |
Impairment of PPE | 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 | 844,600 | 838,616 | 1,253,249 |
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 | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Current [Abstract] | ||||||
Turnover tax balance | $ 25,497 | $ 69,038 | ||||
Income tax credit balance | [1] | 0 | 1,386,757 | |||
VAT credit balance | 6,005 | 58,005 | ||||
Other tax receivables | 14,121 | 1,670 | ||||
Prepaid expenses | 142,519 | 123,499 | ||||
Advances to suppliers | 1,263,364 | 1,609,144 | ||||
Allowance for doubtful accounts | $ 0 | $ 0 | (54,067) | 0 | ||
Balances with related parties | 84,236 | 0 | ||||
Subsidies receivables | 302,777 | 195,810 | ||||
Other Receivables UT | 43,199 | 53,107 | ||||
Others | 340,196 | 448,429 | ||||
Total | 2,167,847 | 3,945,459 | ||||
Non Current [Abstract] | ||||||
Turnover tax balance | 0 | 0 | ||||
Income tax credit balance | [1] | 0 | 0 | |||
VAT credit balance | 0 | 0 | ||||
Other tax receivables | 1,954 | 1,907 | ||||
Prepaid expenses | 0 | 0 | ||||
Advances to suppliers | 0 | 0 | ||||
Subsidies receivables | 0 | 0 | ||||
Allowance for doubtful accounts | 0 | 0 | ||||
Balances with related parties | 0 | 0 | ||||
Other Receivables UT | 0 | 0 | ||||
Others | 7,603 | 10,351 | ||||
Total | $ 9,557 | $ 12,258 | ||||
Allowance for doubtful accounts [Abstract] | ||||||
Balance at the beginning of the period | 0 | 0 | ||||
Inflation adjustment restatement | (44,179) | |||||
Additions | 233,379 | [2] | 0 | |||
Applications | 0 | 0 | ||||
Reversals | (135,133) | [2] | 0 | |||
Balance at the end of period | $ 54,067 | $ 0 | ||||
[1] | Provision, net of advances paid, withholdings and perceptions. | |||||
[2] | Included in "Selling Expenses". |
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, 2020 | Dec. 31, 2019 | ||
Current [Abstract] | |||
Commons | $ 5,949,236 | $ 8,616,688 | |
Related parties | 330,738 | 380,456 | |
Allowance for doubtful accounts | (132,521) | (183,730) | |
Total | 6,147,453 | 8,813,414 | |
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 | 183,730 | 277,536 | |
Inflation adjustment restatement | (51,209) | ||
Additions | 0 | (93,806) | [1] |
Applications | 0 | 0 | |
Reversals | 0 | 0 | |
Balance at the end of period | 132,521 | 183,730 | |
UT [Member] | |||
Current [Abstract] | |||
Commons | 0 | 18,805 | |
Non Current [Abstract] | |||
Commons | 0 | 0 | |
Natural Gas Transportation [Member] | |||
Current [Abstract] | |||
Commons | 3,708,723 | 5,138,622 | |
Related parties | 76,376 | 209,669 | |
Non Current [Abstract] | |||
Commons | 0 | 0 | |
Related parties | 0 | 0 | |
Production and Commercialization of Liquids [Member] | |||
Current [Abstract] | |||
Commons | 1,546,120 | 2,590,762 | |
Related parties | 116,737 | 73,167 | |
Non Current [Abstract] | |||
Commons | 0 | 0 | |
Related parties | 0 | 0 | |
Other Services [Member] | |||
Current [Abstract] | |||
Commons | 694,393 | 868,499 | |
Related parties | 137,625 | 97,620 | |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalents [Abstract] | ||||
Cash and banks | $ 1,260,190 | $ 1,528,928 | ||
UT Cash and banks | 168 | 3,755 | ||
Mutual funds in local currency | 823,199 | 1,401,763 | ||
Mutual funds in foreign currency | 2,350,600 | 0 | ||
Interest-bearing accounts | 216,732 | 10,359,956 | ||
UT Mutual funds | 2,517 | 0 | ||
Total | $ 4,653,406 | $ 13,294,402 | $ 34,858,984 | $ 8,202,778 |
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, 2020 | Dec. 31, 2019 | |
Current liabilities [abstract] | ||
Contract liabilities | $ 317,985 | $ 299,238 |
Non Current liabilities [abstract] | ||
Contract liabilities | 4,052,127 | 3,984,598 |
Revenue recognized from contracts with customers | 159,952 | 189,587 |
Natural Gas Transportation [Member] | ||
Current liabilities [abstract] | ||
Contract liabilities | 122,741 | 134,044 |
Non Current liabilities [abstract] | ||
Contract liabilities | 2,252,830 | 2,375,577 |
Production and Commercialization of Liquids [Member] | ||
Current liabilities [abstract] | ||
Contract liabilities | 68,448 | 52,260 |
Non Current liabilities [abstract] | ||
Contract liabilities | 396,739 | 465,190 |
Other Services [Member] | ||
Current liabilities [abstract] | ||
Contract liabilities | 111,249 | 84,933 |
Non Current liabilities [abstract] | ||
Contract liabilities | 1,402,558 | 1,143,831 |
UT [Member] | ||
Current liabilities [abstract] | ||
Contract liabilities | 15,547 | 28,001 |
Non Current liabilities [abstract] | ||
Contract liabilities | $ 0 | $ 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, 2020 | Dec. 31, 2019 |
Current [Abstract] | ||
Payable for compensation for the Board of Directors and Supervisory Committee | $ 11,550 | $ 11,569 |
Others | 1,961 | 2,375 |
UT other liabilities | 288,463 | 377,677 |
Total | 301,974 | 391,621 |
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, 2020 | Dec. 31, 2019 |
Current [Abstract] | ||
Health and safety tax | $ 13,109 | $ 17,683 |
Withholdings and perceptions made to third parties | 89,189 | 201,559 |
Turnover Tax | 162,572 | 116,105 |
Tax on exports | 0 | 98,019 |
VAT | 69,244 | 0 |
UT Others | 0 | 464 |
Others | 14,360 | 46,995 |
Total | 348,474 | 480,825 |
Non-current [Abstract] | ||
Health and safety tax | 0 | 0 |
Withholdings and perceptions made to third parties | 0 | 0 |
Turnover Tax | 0 | 0 |
Tax on exports | 0 | 0 |
VAT | 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, 2020 | Dec. 31, 2019 |
Current [Abstract] | ||
Suppliers | $ 2,665,409 | $ 5,276,710 |
UT Suppliers | 76,861 | 149,586 |
Customers (credit balances) | 17,638 | 8,392 |
Related companies | 43,688 | 165,552 |
Total | 2,803,596 | 5,600,240 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues [Abstract] | |||
Sales of goods and services | $ 55,543,573 | $ 65,836,288 | $ 70,485,082 |
Subsidies | 327,865 | 275,615 | 851,800 |
Total | $ 55,871,438 | $ 66,111,903 | $ 71,336,882 |
DETAIL OF SIGNIFICANT STATEM_11
DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS, Disaggregation of Revenues by Geographical Market (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues [Abstract] | |||
Revenues | $ 55,871,438 | $ 66,111,903 | $ 71,336,882 |
Over the Time [Member] | |||
Revenues [Abstract] | |||
Revenues | 29,940,712 | 36,281,638 | 37,991,452 |
At a Point in Time [Member] | |||
Revenues [Abstract] | |||
Revenues | 25,930,726 | 29,830,265 | 33,345,430 |
External Market [Member] | |||
Revenues [Abstract] | |||
Revenues | 9,534,556 | 12,449,866 | 12,618,988 |
Local Market [Member] | |||
Revenues [Abstract] | |||
Revenues | 46,336,882 | 53,662,037 | 58,717,894 |
Natural Gas Transportation [Member] | |||
Revenues [Abstract] | |||
Revenues | 30,795,577 | ||
Reportable Segments [Member] | Natural Gas Transportation [Member] | |||
Revenues [Abstract] | |||
Revenues | 23,501,610 | 30,795,577 | 32,381,937 |
Reportable Segments [Member] | Natural Gas Transportation [Member] | Over the Time [Member] | |||
Revenues [Abstract] | |||
Revenues | 23,501,610 | 30,795,577 | 32,381,937 |
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 | 23,501,610 | 30,795,577 | 32,381,937 |
Reportable Segments [Member] | Production and Commercialization of Liquids [Member] | |||
Revenues [Abstract] | |||
Revenues | 27,596,696 | 31,500,457 | 34,822,547 |
Reportable Segments [Member] | Production and Commercialization of Liquids [Member] | Over the Time [Member] | |||
Revenues [Abstract] | |||
Revenues | 1,665,970 | 1,670,192 | 1,477,117 |
Reportable Segments [Member] | Production and Commercialization of Liquids [Member] | At a Point in Time [Member] | |||
Revenues [Abstract] | |||
Revenues | 25,930,726 | 29,830,265 | 33,345,430 |
Reportable Segments [Member] | Production and Commercialization of Liquids [Member] | External Market [Member] | |||
Revenues [Abstract] | |||
Revenues | 9,534,556 | 12,449,866 | 12,618,988 |
Reportable Segments [Member] | Production and Commercialization of Liquids [Member] | Local Market [Member] | |||
Revenues [Abstract] | |||
Revenues | 18,062,140 | 19,050,591 | 22,203,559 |
Reportable Segments [Member] | Other Services [Member] | |||
Revenues [Abstract] | |||
Revenues | 4,364,503 | 3,439,787 | 3,790,881 |
Reportable Segments [Member] | Other Services [Member] | Over the Time [Member] | |||
Revenues [Abstract] | |||
Revenues | 4,364,503 | 3,439,787 | 3,790,881 |
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 | 4,364,503 | 3,439,787 | 3,790,881 |
Reportable Segments [Member] | Telecommunications [Member] | |||
Revenues [Abstract] | |||
Revenues | 408,629 | 376,082 | 341,517 |
Reportable Segments [Member] | Telecommunications [Member] | Over the Time [Member] | |||
Revenues [Abstract] | |||
Revenues | 408,629 | 376,082 | 341,517 |
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 | $ 408,629 | $ 376,082 | $ 341,517 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues [Abstract] | |||
Revenues | $ 55,871,438 | $ 66,111,903 | $ 71,336,882 |
Natural Gas Transportation [Member] | |||
Revenues [Abstract] | |||
Revenues | 30,795,577 | ||
Reportable Segments [Member] | Natural Gas Transportation [Member] | |||
Revenues [Abstract] | |||
Revenues | 23,501,610 | 30,795,577 | 32,381,937 |
Reportable Segments [Member] | Natural Gas Transportation [Member] | Firm [Member] | |||
Revenues [Abstract] | |||
Revenues | 19,086,235 | 25,214,892 | 25,641,775 |
Reportable Segments [Member] | Natural Gas Transportation [Member] | Access and Charge [Member] | |||
Revenues [Abstract] | |||
Revenues | 839,868 | 1,137,755 | 1,184,965 |
Reportable Segments [Member] | Natural Gas Transportation [Member] | Interruptible and Others [Member] | |||
Revenues [Abstract] | |||
Revenues | 3,575,507 | 4,442,930 | 5,555,197 |
Reportable Segments [Member] | Production and Commercialization of Liquids [Member] | |||
Revenues [Abstract] | |||
Revenues | 27,596,696 | 31,500,457 | 34,822,547 |
Reportable Segments [Member] | Production and Commercialization of Liquids [Member] | Product [Member] | |||
Revenues [Abstract] | |||
Revenues | 25,602,861 | 29,554,650 | 32,493,630 |
Reportable Segments [Member] | Production and Commercialization of Liquids [Member] | Services [Member] | |||
Revenues [Abstract] | |||
Revenues | 1,665,970 | 1,670,192 | 1,477,117 |
Reportable Segments [Member] | Production and Commercialization of Liquids [Member] | Government Grants [Member] | |||
Revenues [Abstract] | |||
Revenues | 327,865 | 275,615 | 851,800 |
Reportable Segments [Member] | Other Services [Member] | |||
Revenues [Abstract] | |||
Revenues | 4,364,503 | 3,439,787 | 3,790,881 |
Reportable Segments [Member] | Other Services [Member] | Conditioning and Treatment [Member] | |||
Revenues [Abstract] | |||
Revenues | 2,036,984 | 1,733,165 | 1,539,505 |
Reportable Segments [Member] | Other Services [Member] | Operation and Maintenance [Member] | |||
Revenues [Abstract] | |||
Revenues | 166,972 | 887,181 | 1,005,491 |
Reportable Segments [Member] | Other Services [Member] | Steam Sales [Member] | |||
Revenues [Abstract] | |||
Revenues | 182,124 | 315,254 | 286,422 |
Reportable Segments [Member] | Other Services [Member] | Construction [Member] | |||
Revenues [Abstract] | |||
Revenues | 25,812 | 16,199 | 44,653 |
Reportable Segments [Member] | Other Services [Member] | UT Construction [Member] | |||
Revenues [Abstract] | |||
Revenues | 70,481 | 255,517 | 907,244 |
Reportable Segments [Member] | Other Services [Member] | Transportation and conditioning of Natural Gas in Vaca Muerta [Member] | |||
Revenues [Abstract] | |||
Revenues | 1,793,855 | 225,619 | 0 |
Reportable Segments [Member] | Other Services [Member] | Others [Member] | |||
Revenues [Abstract] | |||
Revenues | 88,275 | 6,852 | 7,566 |
Reportable Segments [Member] | Telecommunications [Member] | |||
Revenues [Abstract] | |||
Revenues | $ 408,629 | $ 376,082 | $ 341,517 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Changes in Inventories [Abstract] | |||
Inventories at the beginning of the year | $ 418,823 | $ 754,516 | $ 384,814 |
Purchases | 12,670,943 | 16,408,467 | 18,556,286 |
Operating costs | 15,047,441 | 16,440,793 | 15,716,324 |
Inventories at the end of the year | (571,502) | (418,823) | (754,516) |
Total | $ 27,565,705 | $ 33,184,953 | $ 33,902,908 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Expenses by Nature [abstract] | ||||||
Salaries, wages and other compensations | $ 4,050,804 | $ 4,347,500 | $ 4,006,260 | |||
Social security taxes | 823,941 | 810,188 | 670,656 | |||
Compensation to Directors and Supervisory Committee | 40,039 | 44,284 | 54,072 | |||
Professional services fees | 316,283 | 657,734 | 575,292 | |||
Technical operator assistance fees | 1,430,462 | 1,558,506 | 2,758,540 | |||
Materials | 453,037 | 527,916 | 468,994 | |||
Third parties services | 518,110 | 593,395 | 548,240 | |||
Telecommunications and post expenses | 47,420 | 61,003 | 45,605 | |||
Rents | 25,197 | 59,572 | 51,909 | |||
Transports and freight | 156,729 | 157,904 | 142,608 | |||
Easements | 98,444 | 125,169 | 113,250 | |||
Offices supplies | 9,056 | 18,150 | 14,654 | |||
Travels expenses | 68,320 | 180,366 | 178,586 | |||
Insurance | 255,898 | 131,238 | 138,786 | |||
Property, plant and equipment maintenance | 1,872,450 | 3,494,687 | 2,649,800 | |||
Depreciation of property, plant and equipment | 6,161,233 | 5,031,234 | 4,655,763 | |||
Taxes and contributions | 3,003,392 | 4,144,215 | 3,509,811 | |||
Advertising | 85,997 | 122,713 | 10,170 | |||
Doubtful accounts | 95,067 | 3,315 | 277,537 | |||
Banks expenses | 23,734 | 26,286 | 25,446 | |||
Interests expense | 3,358,279 | 3,416,877 | 3,508,840 | |||
Foreign exchange loss | 14,836,082 | 21,287,642 | 27,481,250 | |||
Capitalized financial costs | 0 | (607,453) | 0 | |||
Costs of services rendered to third parties | 108,667 | 18,602 | 346,137 | |||
Other financial charges | 0 | |||||
Other expenses | 53,697 | 180,667 | 184,301 | |||
Total | 37,892,338 | 46,391,710 | 52,416,507 | |||
Tax on exports | 421,172 | 1,148,234 | 521,232 | |||
Operating Expenses, Regulated Activities [Member] | ||||||
Expenses by Nature [abstract] | ||||||
Salaries, wages and other compensations | 1,813,778 | 1,992,017 | 1,866,300 | |||
Social security taxes | 355,095 | 369,771 | 303,143 | |||
Compensation to Directors and Supervisory Committee | 0 | 0 | 0 | |||
Professional services fees | 34,515 | 20,943 | 14,758 | |||
Technical operator assistance fees | 589,450 | 1,056,723 | 1,755,077 | |||
Materials | 164,268 | 230,643 | 143,852 | |||
Third parties services | 235,552 | 245,103 | 214,277 | |||
Telecommunications and post expenses | 13,338 | 17,638 | 8,788 | |||
Rents | 10,096 | 17,313 | 16,036 | |||
Transports and freight | 92,915 | 99,383 | 88,444 | |||
Easements | 87,574 | 118,942 | 113,250 | |||
Offices supplies | 3,087 | 5,471 | 4,966 | |||
Travels expenses | 30,715 | 89,168 | 79,945 | |||
Insurance | 146,906 | 64,137 | 79,933 | |||
Property, plant and equipment maintenance | 1,609,864 | 3,040,075 | 2,315,295 | |||
Depreciation of property, plant and equipment | 4,222,188 | 3,870,024 | 3,377,834 | |||
Taxes and contributions | 505,742 | 454,949 | 357,119 | |||
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 | 22,482 | 107,877 | 76,447 | |||
Total | 9,937,565 | 11,800,177 | 10,815,464 | |||
Operating Expenses, Non Regulated Activities [Member] | ||||||
Expenses by Nature [abstract] | ||||||
Salaries, wages and other compensations | 1,265,416 | 1,297,722 | 1,189,130 | |||
Social security taxes | 253,176 | 232,128 | 177,888 | |||
Compensation to Directors and Supervisory Committee | 0 | 0 | 0 | |||
Professional services fees | 13,299 | 338,511 | 284,039 | |||
Technical operator assistance fees | 841,012 | 501,783 | 1,003,463 | |||
Materials | 288,769 | 297,273 | 325,142 | |||
Third parties services | 262,707 | 303,408 | 272,797 | |||
Telecommunications and post expenses | 10,523 | 8,300 | 5,983 | |||
Rents | 5,185 | 28,781 | 21,573 | |||
Transports and freight | 61,244 | 55,206 | 48,135 | |||
Easements | 10,870 | 6,227 | 0 | |||
Offices supplies | 1,288 | 3,145 | 1,803 | |||
Travels expenses | 19,972 | 48,923 | 56,001 | |||
Insurance | 91,016 | 51,871 | 49,624 | |||
Property, plant and equipment maintenance | 230,192 | 406,252 | 301,820 | |||
Depreciation of property, plant and equipment | 1,598,481 | 949,432 | 717,723 | |||
Taxes and contributions | 26,080 | 33,318 | 42,057 | |||
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 | 108,667 | 18,602 | 346,137 | |||
Other financial charges | 0 | |||||
Other expenses | 21,979 | 59,734 | 57,545 | |||
Total | 5,109,876 | 4,640,616 | 4,900,860 | |||
Administrative Expenses [Member] | ||||||
Expenses by Nature [abstract] | ||||||
Salaries, wages and other compensations | 741,580 | 823,076 | 747,477 | |||
Social security taxes | 165,837 | 159,359 | 145,796 | |||
Compensation to Directors and Supervisory Committee | 40,039 | 44,284 | 54,072 | |||
Professional services fees | 241,111 | 254,542 | 262,271 | |||
Technical operator assistance fees | 0 | 0 | 0 | |||
Materials | 0 | 0 | 0 | |||
Third parties services | 19,290 | 33,334 | 41,446 | |||
Telecommunications and post expenses | 20,785 | 32,608 | 29,860 | |||
Rents | 9,157 | 12,100 | 12,453 | |||
Transports and freight | 2,570 | 3,315 | 6,029 | |||
Easements | 0 | 0 | 0 | |||
Offices supplies | 4,408 | 7,056 | 6,555 | |||
Travels expenses | 15,111 | 37,221 | 34,338 | |||
Insurance | 17,962 | 8,701 | 9,223 | |||
Property, plant and equipment maintenance | 32,394 | 48,360 | 32,685 | |||
Depreciation of property, plant and equipment | 340,564 | 211,778 | 560,206 | |||
Taxes and contributions | 1,278 | 5,314 | 4,457 | |||
Advertising | 0 | 0 | 0 | |||
Doubtful accounts | 0 | 0 | 0 | |||
Banks expenses | 23,734 | 26,286 | 25,446 | |||
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 | 6,972 | 8,446 | 41,995 | |||
Total | 1,682,792 | 1,715,780 | 2,014,309 | |||
Selling Expenses [Member] | ||||||
Expenses by Nature [abstract] | ||||||
Salaries, wages and other compensations | 230,030 | 234,685 | 203,353 | |||
Social security taxes | 49,833 | 48,930 | 43,829 | |||
Compensation to Directors and Supervisory Committee | 0 | 0 | 0 | |||
Professional services fees | 27,358 | 43,738 | 14,224 | |||
Technical operator assistance fees | 0 | 0 | 0 | |||
Materials | 0 | 0 | 0 | |||
Third parties services | 561 | 11,550 | 19,720 | |||
Telecommunications and post expenses | 2,774 | 2,457 | 974 | |||
Rents | 759 | 1,378 | 1,847 | |||
Transports and freight | 0 | 0 | 0 | |||
Easements | 0 | 0 | 0 | |||
Offices supplies | 273 | 2,478 | 1,330 | |||
Travels expenses | 2,522 | 5,054 | 8,302 | |||
Insurance | 14 | 6,529 | 6 | |||
Property, plant and equipment maintenance | 0 | 0 | 0 | |||
Depreciation of property, plant and equipment | 0 | 0 | 0 | |||
Taxes and contributions | 2,470,292 | [1] | 3,650,634 | [2] | 3,106,178 | [3] |
Advertising | 85,997 | 122,713 | 10,170 | |||
Doubtful accounts | 95,067 | 3,315 | 277,537 | |||
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 | 2,264 | 4,610 | 8,314 | |||
Total | 2,967,744 | 4,138,071 | 3,695,784 | |||
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 | 3,358,279 | 3,416,877 | 3,508,840 | |||
Foreign exchange loss | 14,836,082 | 21,287,642 | 27,481,250 | |||
Capitalized financial costs | (607,453) | |||||
Costs of services rendered to third parties | 0 | 0 | 0 | |||
Other financial charges | 0 | |||||
Other expenses | 0 | 0 | 0 | |||
Total | $ 18,194,361 | $ 24,097,066 | $ 30,990,090 | |||
[1] | Includes tax on exports for Ps. 421,172 for the year ended December 31, 2020. | |||||
[2] | Includes tax on exports of Ps. 1,148,234 for the year ended December 31, 2019. | |||||
[3] | Includes tax on exports for Ps. 521,232 for the year ended December 31, 2018. |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Financial income [Abstract] | |||||
Interest income | $ 546,600 | $ 979,612 | $ 2,817,393 | ||
Foreign exchange gain | 4,968,821 | 10,640,197 | 17,098,238 | ||
Subtotal | 5,515,421 | 11,619,809 | 19,915,631 | ||
Financial expenses [Abstract] | |||||
Interests expense | (3,358,279) | [1] | (3,416,877) | [1] | (3,508,840) |
Foreign exchange loss | (14,836,082) | (21,287,642) | (27,481,250) | ||
Less: Capitalized financing costs | 0 | 607,453 | 0 | ||
Subtotal | (18,194,361) | (24,097,066) | (30,990,090) | ||
Other financial results [Abstract] | |||||
Notes repurchase results | 399,356 | 0 | 0 | ||
Derivative financial instrument results | 449,575 | (26,101) | 222,171 | ||
Fair value (losses) / gains on financial instruments through profit or loss | (7,265,635) | 738,179 | 2,875,311 | ||
Others | (358,075) | (557,712) | (510,009) | ||
Subtotal | (6,774,779) | 154,366 | 2,587,473 | ||
Gain on net monetary position | 6,482,061 | 8,378,326 | 2,526,114 | ||
Total | (12,971,658) | (3,944,565) | $ (5,960,872) | ||
Accrued interest on lease liabilities | $ 242,337 | $ 265,398 | |||
[1] | Includes Ps. 242,337 and Ps. 265,398 of accrued interest corresponding to leasing liabilities, for the years ended December 31, 2020 and 2019. |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS [Abstract] | ||||
Net increase in provisions | [1] | $ (154,391) | $ (212,548) | $ (1,614,277) |
Recovery of insurance | 236,978 | 0 | 49,999 | |
Others | 17,242 | 38,934 | (301,282) | |
Total | $ 99,829 | $ (173,614) | $ (1,865,560) | |
[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, 2020 | Dec. 31, 2019 |
Current [Abstract] | ||
Other financial assets at amortized cost | $ 18,319 | $ 1,421,253 |
Non Current [Abstract] | ||
Other financial assets at amortized cost | 13,759,012 | 7,356 |
Other Financial Assets at Amortized Cost [Member] | ||
Current [Abstract] | ||
Other financial assets at amortized cost | 18,319 | 1,421,253 |
Non Current [Abstract] | ||
Other financial assets at amortized cost | 13,759,012 | 7,356 |
Fixed Term Deposits in Foreign Currency [Member] | ||
Current [Abstract] | ||
Other financial assets at amortized cost | 0 | 0 |
Non Current [Abstract] | ||
Other financial assets at amortized cost | 13,755,917 | 0 |
VRD Bonds [Member] | ||
Current [Abstract] | ||
Other financial assets at amortized cost | 3,044 | 4,568 |
Non Current [Abstract] | ||
Other financial assets at amortized cost | 3,095 | 7,356 |
US Treasury Bills [Member] | ||
Current [Abstract] | ||
Other financial assets at amortized cost | 0 | 1,416,685 |
Non Current [Abstract] | ||
Other financial assets at amortized cost | 0 | 0 |
Private Debt Bonds [Member] | ||
Current [Abstract] | ||
Other financial assets at amortized cost | 15,275 | 0 |
Non Current [Abstract] | ||
Other financial assets at amortized cost | $ 0 | $ 0 |
DETAIL OF SIGNIFICANT STATEM_18
DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS, Other Financial Assets at Fair Value (Details) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current [Abstract] | ||
Other financial assets at fair value through profit or loss | $ 2,120,788 | $ 0 |
Other Financial Assets at Fair Value [Member] | ||
Current [Abstract] | ||
Other financial assets at fair value through profit or loss | 2,120,788 | 0 |
Non Current [Abstract] | ||
Other financial assets at fair value through profit or loss | 0 | 0 |
Public Debt Bonds [Member] | ||
Current [Abstract] | ||
Other financial assets at fair value through profit or loss | 2,120,788 | 0 |
Non Current [Abstract] | ||
Other financial assets at fair value through profit or loss | $ 0 | $ 0 |
DETAIL OF SIGNIFICANT STATEM_19
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, 2020 | Dec. 31, 2019 |
Current [Abstract] | ||
Vacation benefit payable | $ 673,531 | $ 416,382 |
Annual bonus payable | 297,999 | 279,825 |
Social security taxes payable | 174,886 | 178,265 |
UT | 1,572 | 8,333 |
Total | 1,147,988 | 882,805 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | [1] | |
Investments in associates [Abstract] | ||||||
Book value | $ 128,395 | $ 107,088 | ||||
Common stock | 37,040,489 | 38,595,667 | ||||
Shareholders' equity | $ 66,026,644 | 65,461,118 | $ 64,808,237 | $ 52,942,623 | ||
Transporte y Servicios de Gas en Uruguay S.A. [Member] | ||||||
Investments in associates [Abstract] | ||||||
Face value (in pesos per share) | $ 1 | |||||
Amount | $ 196,000 | |||||
Cost | 248 | |||||
Book value | $ 8,540 | 9,022 | ||||
Main business | Pipeline maintenance | |||||
Date | 9/30/2020 | |||||
Common stock | $ 28 | |||||
Net (loss) / income for the year / period | (868) | |||||
Shareholders' equity | $ 17,428 | |||||
% 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 | 2,757 | |||||
Book value | $ 490 | 569 | ||||
Main business | Pipeline construction and operation services | |||||
Date | 9/30/2020 | |||||
Common stock | $ 237 | |||||
Net (loss) / income for the year / period | (131) | |||||
Shareholders' equity | $ 1,000 | |||||
% of Common Stock | 49.00% | |||||
Gas Link S.A. [Member] | ||||||
Investments in associates [Abstract] | ||||||
Face value (in pesos per share) | $ 1 | |||||
Amount | $ 502,962 | |||||
Cost | 11,701 | |||||
Book value | $ 119,365 | $ 97,497 | ||||
Main business | Pipeline construction and operation services | |||||
Date | 9/30/2020 | |||||
Common stock | $ 1,026 | |||||
Net (loss) / income for the year / period | 27,254 | |||||
Shareholders' equity | $ 622,779 | |||||
% 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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements of financial position [Abstract] | |||
Non Current assets | $ 112,795,061 | $ 101,644,461 | |
Current Assets | 15,799,305 | 28,507,744 | |
Total Assets | 128,594,366 | 130,152,205 | |
Non Current Liabilities | 54,458,049 | 53,864,917 | |
Current Liabilities | 8,109,673 | 10,826,170 | |
Total liabilities | 62,567,722 | 64,691,087 | |
Consolidated Statements of comprehensive income [Abstract] | |||
Gross profit / (loss) | 28,305,733 | 32,926,950 | $ 37,433,974 |
Operating (loss) / profit | 20,640,970 | 26,899,485 | 29,858,321 |
Comprehensive (loss) / income | $ 3,286,199 | 17,432,963 | 23,907,996 |
UT [Member] | |||
Joint Arrangements [Abstract] | |||
Ownership interest percentage | 51.00% | ||
Consolidated Statements of financial position [Abstract] | |||
Non Current assets | $ 0 | 0 | |
Current Assets | 165,873 | 317,002 | |
Total Assets | 165,873 | 317,002 | |
Non Current Liabilities | 0 | 0 | |
Current Liabilities | 380,314 | 564,062 | |
Total liabilities | 380,314 | 564,062 | |
Consolidated Statements of comprehensive income [Abstract] | |||
Gross profit / (loss) | 4,563 | (210,069) | 70,946 |
Operating (loss) / profit | (1,265) | (234,568) | 51,076 |
Net Financial results | 74,877 | (28,683) | 2,193 |
Comprehensive (loss) / income | $ 73,612 | $ (263,251) | $ 53,269 |
PROFIT FROM ASSOCIATES (Details
PROFIT FROM ASSOCIATES (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Profit from associates [Abstract] | |||
Profit from associates | $ 21,310 | $ (43,372) | $ 38,130 |
EGS [Member] | |||
Profit from associates [Abstract] | |||
Profit from associates | (79) | (109) | 6,494 |
TGU [Member] | |||
Profit from associates [Abstract] | |||
Profit from associates | (482) | (904) | (93) |
Link [Member] | |||
Profit from associates [Abstract] | |||
Profit from associates | $ 21,871 | $ (42,359) | $ 31,729 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | $ 101,496,521 | ||
Depreciation | (6,161,233) | $ (5,031,234) | $ (4,655,763) |
Impairment charge | (3,114,056) | 0 | 0 |
End of the year | 98,873,425 | 101,496,521 | |
Pipelines [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 43,696,891 | ||
Impairment charge | (2,366,584) | ||
End of the year | 42,560,383 | 43,696,891 | |
Compressor Plants [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 11,575,557 | ||
Impairment charge | (710,834) | ||
End of the year | 12,494,132 | 11,575,557 | |
Other Plants [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 23,892 | ||
Impairment charge | (11,139) | ||
End of the year | 21,530 | 23,892 | |
Stations of Regulation and/or Measurement of Pressure [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 602,622 | ||
Impairment charge | (31,711) | ||
End of the year | 575,538 | 602,622 | |
Other Technical Installations [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 80,128 | ||
Impairment charge | (3,788) | ||
End of the year | 68,820 | 80,128 | |
Subtotal Assets Related to Natural Gas Transportation Service [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 55,979,090 | ||
Impairment charge | (3,114,056) | ||
End of the year | 55,720,403 | 55,979,090 | |
Non-regulated segment Pipelines [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 13,761,751 | ||
Impairment charge | 0 | ||
End of the year | 14,094,496 | 13,761,751 | |
Non-regulated segment Compressor plants [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 1,710,206 | ||
Impairment charge | 0 | ||
End of the year | 1,451,710 | 1,710,206 | |
Non-regulated segment Other plants [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 10,569,704 | ||
Impairment charge | 0 | ||
End of the year | 11,146,317 | 10,569,704 | |
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 | 797,820 | ||
Impairment charge | 0 | ||
End of the year | 796,266 | 797,820 | |
Non-regulated segment other technical installations [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 211,865 | ||
Impairment charge | 0 | ||
End of the year | 180,733 | 211,865 | |
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 | 27,051,346 | ||
Impairment charge | 0 | ||
End of the year | 27,669,522 | 27,051,346 | |
Lands [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 482,127 | ||
Impairment charge | 0 | ||
End of the year | 482,127 | 482,127 | |
Buildings and Constructions [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 2,350,333 | ||
Impairment charge | 0 | ||
End of the year | 2,519,245 | 2,350,333 | |
Facilities and Features in Building [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 200,792 | ||
Impairment charge | 0 | ||
End of the year | 190,451 | 200,792 | |
Machinery, Equipment and Tools [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 618,450 | ||
Impairment charge | 0 | ||
End of the year | 574,311 | 618,450 | |
UT Machinery, Equipment and Tools [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 0 | ||
Impairment charge | 0 | ||
End of the year | 0 | 0 | |
Computers and Telecommunication Systems [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 1,634,962 | ||
Impairment charge | 0 | ||
End of the year | 1,784,747 | 1,634,962 | |
Vehicles [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 235,116 | ||
Impairment charge | 0 | ||
End of the year | 177,760 | 235,116 | |
Furniture [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 8,160 | ||
Impairment charge | 0 | ||
End of the year | 7,673 | 8,160 | |
Materials [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 4,277,974 | ||
Impairment charge | 0 | ||
End of the year | 4,741,397 | 4,277,974 | |
Line Pack [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 635,648 | ||
Impairment charge | 0 | ||
End of the year | 687,815 | 635,648 | |
Works in Progress [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 8,022,523 | ||
Impairment charge | 0 | ||
End of the year | 4,317,974 | 8,022,523 | |
Cost [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 195,076,934 | 169,767,888 | |
Additions | 6,687,083 | 25,646,624 | |
Retirements | (55,834) | (337,578) | |
Transfers | 0 | 0 | |
End of the year | 201,708,183 | 195,076,934 | 169,767,888 |
Cost [Member] | Pipelines [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 86,231,036 | 83,617,294 | |
Additions | 0 | 0 | |
Retirements | (35,101) | (18,148) | |
Transfers | 3,444,963 | 2,631,890 | |
End of the year | 89,640,898 | 86,231,036 | 83,617,294 |
Cost [Member] | Compressor Plants [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 35,019,137 | 31,950,533 | |
Additions | 7,198 | 544,422 | |
Retirements | 0 | (244,896) | |
Transfers | 3,234,851 | 2,769,078 | |
End of the year | 38,261,186 | 35,019,137 | 31,950,533 |
Cost [Member] | Other Plants [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 36,061 | 36,061 | |
Additions | 0 | 0 | |
Retirements | 0 | 0 | |
Transfers | 0 | 0 | |
End of the year | 36,061 | 36,061 | 36,061 |
Cost [Member] | Stations of Regulation and/or Measurement of Pressure [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 2,952,477 | 2,847,785 | |
Additions | 0 | 0 | |
Retirements | (973) | 0 | |
Transfers | 86,690 | 104,692 | |
End of the year | 3,038,194 | 2,952,477 | 2,847,785 |
Cost [Member] | Other Technical Installations [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 573,367 | 563,238 | |
Additions | 0 | 0 | |
Retirements | 0 | 0 | |
Transfers | 5,324 | 10,129 | |
End of the year | 578,691 | 573,367 | 563,238 |
Cost [Member] | Subtotal Assets Related to Natural Gas Transportation Service [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 124,812,078 | 119,014,911 | |
Additions | 7,198 | 544,422 | |
Retirements | (36,074) | (263,044) | |
Transfers | 6,771,828 | 5,515,789 | |
End of the year | 131,555,030 | 124,812,078 | 119,014,911 |
Cost [Member] | Non-regulated segment Pipelines [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 13,933,750 | 169,943 | |
Additions | 239 | 0 | |
Retirements | 0 | 0 | |
Transfers | 821,049 | 13,763,807 | |
End of the year | 14,755,038 | 13,933,750 | 169,943 |
Cost [Member] | Non-regulated segment Compressor plants [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 2,799,504 | 2,601,276 | |
Additions | 0 | 0 | |
Retirements | 0 | 0 | |
Transfers | 44,333 | 198,228 | |
End of the year | 2,843,837 | 2,799,504 | 2,601,276 |
Cost [Member] | Non-regulated segment Other plants [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 24,577,179 | 18,142,640 | |
Additions | 0 | 0 | |
Retirements | (673) | 0 | |
Transfers | 1,200,338 | 6,434,539 | |
End of the year | 25,776,844 | 24,577,179 | 18,142,640 |
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 | 857,407 | 218,552 | |
Additions | 1,164 | 15,362 | |
Retirements | (1,090) | 0 | |
Transfers | 32,396 | 623,493 | |
End of the year | 889,877 | 857,407 | 218,552 |
Cost [Member] | Non-regulated segment other technical installations [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 345,819 | 345,819 | |
Additions | 0 | 0 | |
Retirements | 0 | 0 | |
Transfers | 0 | 0 | |
End of the year | 345,819 | 345,819 | 345,819 |
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 | 42,513,659 | 21,478,230 | |
Additions | 1,403 | 15,362 | |
Retirements | (1,763) | 0 | |
Transfers | 2,098,116 | 21,020,067 | |
End of the year | 44,611,415 | 42,513,659 | 21,478,230 |
Cost [Member] | Lands [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 482,127 | 224,817 | |
Additions | 0 | 257,310 | |
Retirements | 0 | 0 | |
Transfers | 0 | 0 | |
End of the year | 482,127 | 482,127 | 224,817 |
Cost [Member] | Buildings and Constructions [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 4,828,987 | 4,247,069 | |
Additions | 0 | 0 | |
Retirements | 0 | (1,291) | |
Transfers | 271,163 | 583,209 | |
End of the year | 5,100,150 | 4,828,987 | 4,247,069 |
Cost [Member] | Facilities and Features in Building [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 359,134 | 359,002 | |
Additions | 0 | 0 | |
Retirements | 0 | 0 | |
Transfers | 0 | 132 | |
End of the year | 359,134 | 359,134 | 359,002 |
Cost [Member] | Machinery, Equipment and Tools [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 1,503,969 | 1,271,121 | |
Additions | 68,494 | 234,960 | |
Retirements | 0 | (10,562) | |
Transfers | 21,857 | 8,450 | |
End of the year | 1,594,320 | 1,503,969 | 1,271,121 |
Cost [Member] | UT Machinery, Equipment and Tools [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 1,238 | 1,238 | |
Additions | 0 | 0 | |
Retirements | 0 | 0 | |
Transfers | 0 | 0 | |
End of the year | 1,238 | 1,238 | 1,238 |
Cost [Member] | Computers and Telecommunication Systems [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 6,594,148 | 5,687,422 | |
Additions | 0 | 4,683 | |
Retirements | 0 | 0 | |
Transfers | 609,407 | 902,043 | |
End of the year | 7,203,555 | 6,594,148 | 5,687,422 |
Cost [Member] | Vehicles [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 696,677 | 619,944 | |
Additions | 9,082 | 110,083 | |
Retirements | (1,692) | (33,350) | |
Transfers | 0 | 0 | |
End of the year | 704,067 | 696,677 | 619,944 |
Cost [Member] | Furniture [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 311,135 | 311,135 | |
Additions | 200 | 0 | |
Retirements | 0 | 0 | |
Transfers | 989 | 0 | |
End of the year | 312,324 | 311,135 | 311,135 |
Cost [Member] | Materials [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 4,277,974 | 3,217,600 | |
Additions | 2,521,622 | 3,075,586 | |
Retirements | (16,305) | (29,331) | |
Transfers | (2,041,894) | (1,985,881) | |
End of the year | 4,741,397 | 4,277,974 | 3,217,600 |
Cost [Member] | Line Pack [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 673,285 | 787,855 | |
Additions | 0 | 0 | |
Retirements | 0 | 0 | |
Transfers | 52,167 | (114,570) | |
End of the year | 725,452 | 673,285 | 787,855 |
Cost [Member] | Works in Progress [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | 8,022,523 | 12,547,544 | |
Additions | 4,079,084 | 21,404,218 | |
Retirements | 0 | 0 | |
Transfers | (7,783,633) | (25,929,239) | |
End of the year | 4,317,974 | 8,022,523 | 12,547,544 |
Depreciation [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | (93,580,413) | (88,749,449) | |
Retirements | (20,944) | (200,270) | |
Depreciation | (6,161,233) | (5,031,234) | |
End of the year | (99,720,702) | (93,580,413) | (88,749,449) |
Depreciation [Member] | Pipelines [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | (42,534,145) | (40,478,034) | |
Retirements | (19,248) | (10,547) | |
Depreciation | $ (2,199,034) | $ (2,066,658) | |
Depreciation rate % | 2.20% | 2.20% | |
End of the year | $ (44,713,931) | $ (42,534,145) | (40,478,034) |
Depreciation [Member] | Compressor Plants [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | (23,443,580) | (22,137,747) | |
Retirements | 0 | (147,638) | |
Depreciation | (1,612,640) | (1,453,471) | |
End of the year | $ (25,056,220) | $ (23,443,580) | (22,137,747) |
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 | $ (12,169) | $ (10,945) | |
Retirements | 0 | 0 | |
Depreciation | $ (1,223) | $ (1,224) | |
Depreciation rate % | 3.30% | 3.30% | |
End of the year | $ (13,392) | $ (12,169) | (10,945) |
Depreciation [Member] | Stations of Regulation and/or Measurement of Pressure [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | (2,349,855) | (2,271,328) | |
Retirements | (852) | 0 | |
Depreciation | $ (81,942) | $ (78,527) | |
Depreciation rate % | 4.00% | 4.00% | |
End of the year | $ (2,430,945) | $ (2,349,855) | (2,271,328) |
Depreciation [Member] | Other Technical Installations [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | (493,239) | (480,646) | |
Retirements | 0 | 0 | |
Depreciation | $ (12,844) | $ (12,593) | |
Depreciation rate % | 6.70% | 6.70% | |
End of the year | $ (506,083) | $ (493,239) | (480,646) |
Depreciation [Member] | Subtotal Assets Related to Natural Gas Transportation Service [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | (68,832,988) | (65,378,700) | |
Retirements | (20,100) | (158,185) | |
Depreciation | (3,907,683) | (3,612,473) | |
End of the year | (72,720,571) | (68,832,988) | (65,378,700) |
Depreciation [Member] | Non-regulated segment Pipelines [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | (171,999) | (86,262) | |
Retirements | 0 | 0 | |
Depreciation | $ (488,543) | $ (85,737) | |
Depreciation rate % | 2.20% | 2.20% | |
End of the year | $ (660,542) | $ (171,999) | (86,262) |
Depreciation [Member] | Non-regulated segment Compressor plants [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | (1,089,298) | (793,286) | |
Retirements | 0 | 0 | |
Depreciation | (302,829) | (296,012) | |
End of the year | $ (1,392,127) | $ (1,089,298) | (793,286) |
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 | $ (14,007,475) | $ (13,582,007) | |
Retirements | (5) | 0 | |
Depreciation | $ (623,057) | $ (425,468) | |
Depreciation rate % | 3.30% | 3.30% | |
End of the year | $ (14,630,527) | $ (14,007,475) | (13,582,007) |
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 | (59,587) | (43,819) | |
Retirements | 0 | 0 | |
Depreciation | $ (34,024) | $ (15,768) | |
Depreciation rate % | 4.00% | 4.00% | |
End of the year | $ (93,611) | $ (59,587) | (43,819) |
Depreciation [Member] | Non-regulated segment other technical installations [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | (133,954) | (102,821) | |
Retirements | 0 | 0 | |
Depreciation | $ (31,132) | $ (31,133) | |
Depreciation rate % | 6.70% | 6.70% | |
End of the year | $ (165,086) | $ (133,954) | (102,821) |
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 | (15,462,313) | (14,608,195) | |
Retirements | (5) | 0 | |
Depreciation | (1,479,585) | (854,118) | |
End of the year | (16,941,893) | (15,462,313) | (14,608,195) |
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 | (2,478,654) | (2,398,379) | |
Retirements | 0 | (15) | |
Depreciation | $ (102,251) | $ (80,290) | |
Depreciation rate % | 2.00% | 2.00% | |
End of the year | $ (2,580,905) | $ (2,478,654) | (2,398,379) |
Depreciation [Member] | Facilities and Features in Building [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | (158,342) | (143,466) | |
Retirements | 0 | 0 | |
Depreciation | $ (10,341) | $ (14,876) | |
Depreciation rate % | 4.00% | 4.00% | |
End of the year | $ (168,683) | $ (158,342) | (143,466) |
Depreciation [Member] | Machinery, Equipment and Tools [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | (885,519) | (787,159) | |
Retirements | 0 | (10,562) | |
Depreciation | (134,490) | (108,922) | |
End of the year | $ (1,020,009) | $ (885,519) | (787,159) |
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 | $ (1,238) | $ (934) | |
Retirements | 0 | 0 | |
Depreciation | 0 | (304) | |
End of the year | $ (1,238) | $ (1,238) | (934) |
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 | $ (4,959,186) | $ (4,657,053) | |
Retirements | 0 | 0 | |
Depreciation | (459,622) | (302,133) | |
End of the year | $ (5,418,808) | $ (4,959,186) | (4,657,053) |
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 | $ (461,561) | $ (436,636) | |
Retirements | (839) | (31,508) | |
Depreciation | $ (65,585) | $ (56,433) | |
Depreciation rate % | 20.00% | 20.00% | |
End of the year | $ (526,307) | $ (461,561) | (436,636) |
Depreciation [Member] | Furniture [Member] | |||
Reconciliation of changes in property, plant and equipment [Abstract] | |||
Beginning of the year | (302,975) | (301,290) | |
Retirements | 0 | 0 | |
Depreciation | $ (1,676) | $ (1,685) | |
Depreciation rate % | 10.00% | 10.00% | |
End of the year | $ (304,651) | $ (302,975) | (301,290) |
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 | (37,637) | (37,637) | |
Retirements | 0 | 0 | |
Depreciation | $ 0 | $ 0 | |
Depreciation rate % | 0.00% | 0.00% | |
End of the year | $ (37,637) | $ (37,637) | (37,637) |
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, Right-of-use Assets (Details) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Other Services and Production and Commercialization of Liquids Segments [Abstract] | ||
Right-of-use assets | $ 1,953,218 | $ 2,297,903 |
Book value Variation of Rights-of Use [Abstract] | ||
Depreciation, right-of-use assets | (344,685) | (344,686) |
Other Plants [Member] | ||
Other Services and Production and Commercialization of Liquids Segments [Abstract] | ||
Right-of-use assets | 518,778 | 610,326 |
Book value Variation of Rights-of Use [Abstract] | ||
Depreciation, right-of-use assets | (91,549) | (91,549) |
Compressor Plants [Member] | ||
Other Services and Production and Commercialization of Liquids Segments [Abstract] | ||
Right-of-use assets | 1,287,986 | 1,515,277 |
Book value Variation of Rights-of Use [Abstract] | ||
Depreciation, right-of-use assets | (227,292) | (227,292) |
Other Technical Installations [Member] | ||
Other Services and Production and Commercialization of Liquids Segments [Abstract] | ||
Right-of-use assets | 146,454 | 172,300 |
Book value Variation of Rights-of Use [Abstract] | ||
Depreciation, right-of-use assets | $ (25,844) | $ (25,845) |
LOANS, Short-term and Long-term
LOANS, Short-term and Long-term Loans (Details) - ARS ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | |||
Current Loans [Abstract] | ||||
Total Current loans | $ 936,766 | $ 2,344,459 | ||
Non Current Loans [Abstract] | ||||
Total non current loans | 42,932,658 | 43,375,367 | ||
Total | [2] | 43,869,424 | [1] | 45,719,826 |
Notes repurchase | 1,479,694 | |||
Issuance expenses | 75,262 | 133,200 | ||
2018 Notes [Member] | ||||
Current Loans [Abstract] | ||||
Total Current loans | 456,697 | 458,632 | ||
Non Current Loans [Abstract] | ||||
Total non current loans | 40,520,045 | 40,634,099 | ||
Total | 40,976,742 | |||
Pre-export Finance [Member] | ||||
Current Loans [Abstract] | ||||
Total Current loans | 0 | 1,390,438 | ||
Financial Lease [Member] | ||||
Current Loans [Abstract] | ||||
Total Current loans | 480,069 | 495,389 | ||
Non Current Loans [Abstract] | ||||
Total non current loans | 2,412,613 | $ 2,741,268 | ||
Total | $ 2,892,682 | |||
[1] | As of December 31, 2020, it is net of Notes repurchase of Ps 1,479,694. | |||
[2] | Net of issuance expenses of Ps. 75,262 and Ps. 133,200 as of December 31, 2020 and 2019, respectively. |
LOANS, Activity of Loans (Detai
LOANS, Activity of Loans (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Activity of Loans [Abstract] | |||||
Beginning balance | [1] | $ 45,719,826 | |||
Proceeds from loans | 0 | $ 1,431,939 | $ 28,946,182 | ||
Acquisition of notes result | (399,356) | 0 | 0 | ||
Payment of redemption of loans | (999,811) | 0 | 0 | ||
Ending balance | [1] | 43,869,424 | [2] | 45,719,826 | |
Amount cancelled through offsetting of principal payments maintained with creditor | 190,969 | 203,173 | |||
Amount cancelled through offsetting of interest paid maintained with creditor | 280,934 | 195,168 | |||
Leases Liabilities [Member] | |||||
Activity of Loans [Abstract] | |||||
Beginning balance | 3,236,657 | 3,466,896 | |||
Inflation adjustment restatement | (1,275,154) | (1,676,718) | |||
Accrued interest | 242,337 | 265,398 | |||
Effect of foreign exchange rate change | 1,149,736 | 1,604,703 | |||
VAT unpaid installments | 11,009 | 21,766 | |||
Proceeds from loans | 0 | 0 | |||
Acquisition of notes result | 0 | 0 | |||
Payment of loans | [3] | (190,969) | (228,701) | ||
Payment of redemption of loans | 0 | 0 | |||
Interest paid | [4] | (280,934) | (216,687) | ||
Ending balance | 2,892,682 | 3,236,657 | 3,466,896 | ||
Other Payables [Member] | |||||
Activity of Loans [Abstract] | |||||
Beginning balance | 42,483,169 | 39,669,167 | |||
Inflation adjustment restatement | (12,526,927) | (17,640,765) | |||
Accrued interest | 2,765,737 | 2,806,717 | |||
Effect of foreign exchange rate change | 13,755,162 | 18,971,692 | |||
VAT unpaid installments | 0 | 0 | |||
Proceeds from loans | 0 | 1,431,939 | |||
Acquisition of notes result | (399,356) | 0 | |||
Payment of loans | [3] | (1,354,111) | 0 | ||
Payment of redemption of loans | (999,811) | 0 | |||
Interest paid | [4] | (2,747,121) | (2,755,581) | ||
Ending balance | $ 40,976,742 | $ 42,483,169 | $ 39,669,167 | ||
[1] | Net of issuance expenses of Ps. 75,262 and Ps. 133,200 as of December 31, 2020 and 2019, respectively. | ||||
[2] | As of December 31, 2020, it is net of Notes repurchase of Ps 1,479,694. | ||||
[3] | For the years ended on December 31, 2020 and 2019, Ps. 190,969 and Ps. 203,173 respectively were cancelled through the offseting of debit balances maintained with the creditor (Pampa Energia). | ||||
[4] | For the years ended on December 31, 2020 and 2019, Ps. 280,934 and Ps. 195,168, 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, 2020 | Dec. 31, 2019 | ||
Maturities of current and non-current loans [Abstract] | ||||
Loans | [2] | $ 43,869,424 | [1] | $ 45,719,826 |
Due [Member] | ||||
Maturities of current and non-current loans [Abstract] | ||||
Loans | 63,526 | |||
From 1/01/2021 to 12/31/2021 | ||||
Maturities of current and non-current loans [Abstract] | ||||
Loans | 873,240 | |||
From 1/01/2022 to 12/31/2022[Member] | ||||
Maturities of current and non-current loans [Abstract] | ||||
Loans | 451,566 | |||
From 01/01/2023 to 12/31/2023 [Member] | ||||
Maturities of current and non-current loans [Abstract] | ||||
Loans | 489,482 | |||
From 1/01/2024 to 12/31/2024 [Member] | ||||
Maturities of current and non-current loans [Abstract] | ||||
Loans | 530,581 | |||
From 1/01/2025 onwards [Member] | ||||
Maturities of current and non-current loans [Abstract] | ||||
Loans | 41,461,029 | |||
2018 Notes [Member] | ||||
Maturities of current and non-current loans [Abstract] | ||||
Loans | 40,976,742 | |||
2018 Notes [Member] | Due [Member] | ||||
Maturities of current and non-current loans [Abstract] | ||||
Loans | 0 | |||
2018 Notes [Member] | From 1/01/2021 to 12/31/2021 | ||||
Maturities of current and non-current loans [Abstract] | ||||
Loans | 456,697 | |||
2018 Notes [Member] | From 1/01/2022 to 12/31/2022[Member] | ||||
Maturities of current and non-current loans [Abstract] | ||||
Loans | 0 | |||
2018 Notes [Member] | From 01/01/2023 to 12/31/2023 [Member] | ||||
Maturities of current and non-current loans [Abstract] | ||||
Loans | 0 | |||
2018 Notes [Member] | From 1/01/2024 to 12/31/2024 [Member] | ||||
Maturities of current and non-current loans [Abstract] | ||||
Loans | 0 | |||
2018 Notes [Member] | From 1/01/2025 onwards [Member] | ||||
Maturities of current and non-current loans [Abstract] | ||||
Loans | 40,520,045 | |||
Financial Leasing [Member] | ||||
Maturities of current and non-current loans [Abstract] | ||||
Loans | 2,892,682 | |||
Financial Leasing [Member] | Due [Member] | ||||
Maturities of current and non-current loans [Abstract] | ||||
Loans | 63,526 | |||
Financial Leasing [Member] | From 1/01/2021 to 12/31/2021 | ||||
Maturities of current and non-current loans [Abstract] | ||||
Loans | 416,543 | |||
Financial Leasing [Member] | From 1/01/2022 to 12/31/2022[Member] | ||||
Maturities of current and non-current loans [Abstract] | ||||
Loans | 451,566 | |||
Financial Leasing [Member] | From 01/01/2023 to 12/31/2023 [Member] | ||||
Maturities of current and non-current loans [Abstract] | ||||
Loans | 489,482 | |||
Financial Leasing [Member] | From 1/01/2024 to 12/31/2024 [Member] | ||||
Maturities of current and non-current loans [Abstract] | ||||
Loans | 530,581 | |||
Financial Leasing [Member] | From 1/01/2025 onwards [Member] | ||||
Maturities of current and non-current loans [Abstract] | ||||
Loans | $ 940,984 | |||
[1] | As of December 31, 2020, it is net of Notes repurchase of Ps 1,479,694. | |||
[2] | Net of issuance expenses of Ps. 75,262 and Ps. 133,200 as of December 31, 2020 and 2019, respectively. |
LOANS, Maturities of Finance Le
LOANS, Maturities of Finance Leases and Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2020ARS ($) |
Disclosure of maturities of finance leases and future minimum lease payments [Abstract] | |
Total minimum future payments | $ 3,587,140 |
Future financial charges on financial leases | (694,458) |
Book value financial leases | 2,892,682 |
As of 12/31/2020 [Member] | |
Disclosure of maturities of finance leases and future minimum lease payments [Abstract] | |
Total minimum future payments | 692,970 |
From 1/01/2022 to 12/31/2022[Member] | |
Disclosure of maturities of finance leases and future minimum lease payments [Abstract] | |
Total minimum future payments | 629,526 |
From 01/01/2023 to 12/31/2023 [Member] | |
Disclosure of maturities of finance leases and future minimum lease payments [Abstract] | |
Total minimum future payments | 629,526 |
From 1/01/2024 to 12/31/2024 [Member] | |
Disclosure of maturities of finance leases and future minimum lease payments [Abstract] | |
Total minimum future payments | 629,526 |
From 1/01/2025 onwards [Member] | |
Disclosure of maturities of finance leases and future minimum lease payments [Abstract] | |
Total minimum future payments | $ 1,005,592 |
LOANS, 2018 Notes (Details)
LOANS, 2018 Notes (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020ARS ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019ARS ($) | Dec. 31, 2018ARS ($) | Dec. 31, 2018USD ($) | ||
Issuance of notes [Abstract] | ||||||
Cancellation and redemption of note | $ 999,811 | $ 0 | $ 0 | |||
Acquisition of notes result | $ 399,356 | $ 0 | $ 0 | |||
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 | Semiannual, payable el May 2 and November 2 of each year | ||||
Guarantor | None | 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 | Monthly, payable on December 4, 2019, January 6, 2020, February 4, 2020 and March 4, 2020 | ||||
Guarantor | [1] | US Treasury bills * | US Treasury bills * | |||
Pre-export Finance [Member] | March 04, 2020 [Member] | ||||||
Issuance of notes [Abstract] | ||||||
Percentage of original principal amount | 100.00% | |||||
Marketable Debt [Member] | ||||||
Issuance of notes [Abstract] | ||||||
Repurchase of note | $ 999,811 | $ 17,600,000 | ||||
Acquisition of notes result | $ 399,356 | |||||
[1] | Included in "Other financial assets at amortized cost." |
LOANS, Covenants and Financial
LOANS, Covenants and Financial leasing (Details) | 12 Months Ended |
Dec. 31, 2020USD ($)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 | 3.75 |
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) - Installment | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reduction in the applicable rate [Abstract] | ||||
Income tax rate | 30.00% | 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] | ||||
Number of consecutive monthly installments | 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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
INCOME TAX AND DEFERRED TAX [Abstract] | |||
Current income tax | $ (3,439,545) | $ (3,651,647) | $ (6,698,265) |
Special revaluation tax | 0 | 0 | (2,194,810) |
Deferred income tax | (964,878) | (1,826,938) | 8,865,492 |
Total income tax | $ (4,404,423) | $ (5,478,585) | $ (27,583) |
INCOME TAX AND DEFERRED TAX, An
INCOME TAX AND DEFERRED TAX, Analysis of Deferred Tax Assets and Liabilities (Details) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets [Abstract] | ||
Deferred tax assets to be recovered after more than 12 months | $ 1,250,309 | $ 1,356,732 |
Deferred tax assets to be recovered after less than 12 months | 372,361 | 372,055 |
Deferred tax liabilities [Abstract] | ||
Deferred tax liabilities to be recovered after more than 12 months | (8,828,384) | (8,172,277) |
Deferred tax liabilities to be recovered after less than 12 months | (242,878) | (40,224) |
Deferred tax liabilities, net | $ (7,448,592) | $ (6,483,714) |
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, 2020 | Dec. 31, 2019 | |
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | $ (6,483,714) | |
Deferred tax assets (liability), end of year | (7,448,592) | $ (6,483,714) |
Deferred Tax Assets [Member] | ||
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | 1,728,787 | 1,736,422 |
Charge in results | (106,117) | (7,635) |
Deferred tax assets (liability), end of year | 1,622,670 | 1,728,787 |
Deferred Tax Assets [Member] | Other Receivables [Member] | ||
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | 0 | 0 |
Charge in results | 13,517 | 0 |
Deferred tax assets (liability), end of year | 13,517 | 0 |
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 | 995 | 0 |
Charge in results | (995) | 995 |
Deferred tax assets (liability), end of year | 0 | 995 |
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 | 484 | 811 |
Charge in results | (484) | (327) |
Deferred tax assets (liability), end of year | 0 | 484 |
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 | 995 | 4,761 |
Charge in results | (352) | (3,766) |
Deferred tax assets (liability), end of year | 643 | 995 |
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 | 210,815 | 211,326 |
Charge in results | 12,320 | (511) |
Deferred tax assets (liability), end of year | 223,135 | 210,815 |
Deferred Tax Assets [Member] | Financial Lease [Member] | ||
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | 817,211 | 853,576 |
Charge in results | (89,081) | (36,365) |
Deferred tax assets (liability), end of year | 728,130 | 817,211 |
Deferred Tax Assets [Member] | Contract liabilities [Member] | ||
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | 686,267 | 665,948 |
Charge in results | (46,704) | 20,319 |
Deferred tax assets (liability), end of year | 639,563 | 686,267 |
Deferred Tax Assets [Member] | Tax Loss Carryforward [Member] | ||
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | 0 | 0 |
Charge in results | 944 | 0 |
Deferred tax assets (liability), end of year | 944 | 0 |
Deferred Tax Assets [Member] | Tax Inflation Adjustment [Member] | ||
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | 12,020 | 0 |
Charge in results | 4,718 | 12,020 |
Deferred tax assets (liability), end of year | 16,738 | 12,020 |
Deferred Tax Liabilities [Member] | ||
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | (8,212,501) | (6,393,198) |
Charge in results | (858,761) | (1,819,303) |
Deferred tax assets (liability), end of year | (9,071,262) | (8,212,501) |
Deferred Tax Liabilities [Member] | Tax Inflation Adjustment [Member] | ||
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | (2,223,023) | 0 |
Charge in results | (1,365,008) | (2,223,023) |
Deferred tax assets (liability), end of year | (3,588,031) | (2,223,023) |
Deferred Tax Liabilities [Member] | Deferred Sales [Member] | ||
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | 0 | 5,945 |
Charge in results | 0 | (5,945) |
Deferred tax assets (liability), end of year | 0 | 0 |
Deferred Tax Liabilities [Member] | Loans [Member] | ||
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | (35,759) | (65,093) |
Charge in results | 15,815 | 29,334 |
Deferred tax assets (liability), end of year | (19,944) | (35,759) |
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 | (5,920,872) | (6,111,056) |
Charge in results | 693,689 | 190,184 |
Deferred tax assets (liability), end of year | (5,227,183) | (5,920,872) |
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 | (2,897) | (198,776) |
Charge in results | 1,861 | 195,879 |
Deferred tax assets (liability), end of year | (1,036) | (2,897) |
Deferred Tax Liabilities [Member] | Inventories [Member] | ||
Components of Net Deferred Tax Assets and Liabilities [abstract] | ||
Deferred tax assets (liability), beginning of year | (27,412) | (24,218) |
Charge in results | (6,112) | (3,194) |
Deferred tax assets (liability), end of year | (33,524) | (27,412) |
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 | (2,538) | 0 |
Charge in results | (199,006) | (2,538) |
Deferred tax assets (liability), end of year | $ (201,544) | $ (2,538) |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Effective Income Tax Rate Reconciliation [abstract] | |||||
Pre-tax income | $ 7,690,622 | $ 22,911,548 | $ 23,935,579 | ||
Statutory income tax rate | 30.00% | 30.00% | 30.00% | 35.00% | |
Pre-tax income at statutory income tax rate | $ (2,307,187) | $ (6,873,464) | $ (7,180,674) | ||
Tax Effects Due to [Abstract] | |||||
Restatement by inflation | 2,095,061 | 2,776,728 | 505,544 | ||
Unrecognized tax loss carryforward | [1] | (2,036,579) | 0 | 0 | |
Special revaluation tax | 0 | 0 | (2,194,810) | ||
Adjustment affidavit previous year | (9,073) | 186,024 | (632) | ||
Tax revaluation benefit | 0 | 0 | 8,778,172 | ||
Tax inflation adjustment | (2,775,060) | (2,720,752) | 0 | ||
Others | 628,415 | 1,152,879 | 64,817 | ||
Total income tax | $ (4,404,423) | $ (5,478,585) | $ (27,583) | ||
[1] | For additional information see note 5.c |
PROVISIONS (Details)
PROVISIONS (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | ||||
Legal Claims and Others [Member] | |||||
Reconciliation of changes in other provisions [abstract] | |||||
Beginning balance | $ 802,029 | $ 777,331 | |||
Inflation adjustment restatement | (258,394) | (328,158) | |||
Additions | 325,140 | [1] | 370,952 | [2] | |
Uses | (8,073) | (10,333) | |||
Decreases | [3] | 0 | (7,763) | ||
Ending balance | 860,702 | 802,029 | |||
Other Operating Expenses [Member] | |||||
Reconciliation of changes in other provisions [abstract] | |||||
Additions | 154,391 | 220,311 | |||
Financial Expenses [Member] | |||||
Reconciliation of changes in other provisions [abstract] | |||||
Additions | $ 170,749 | $ 150,641 | |||
[1] | Ps. 154,391 are included in "Other operating expenses" and Ps. 170,749 in "Financial expenses". | ||||
[2] | Ps. 220,311 are included in "Other operating expenses" and Ps. 150,641 in "Financial expenses". | ||||
[3] | The total are included in "Other operating expenses". |
FINANCIAL RISK MANAGEMENT, Fore
FINANCIAL RISK MANAGEMENT, Foreign Exchange Risk (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Foreign exchange risk [Abstract] | |||
Number of working days to settle commitment in foreign exchange market | 5 days | ||
Percentage of principal amount maturing in maximum period | 40.00% | ||
Average life for refinanced new external indebtedness | 2 years | ||
Foreign Exchange Risk [Member] | |||
Foreign exchange risk [Abstract] | |||
Percentage of funds denominated in US dollars to mitigate foreign exchange risk | 96.00% | ||
Percentage appreciation (depreciation) of US Dollar against Argentine Peso | 10.00% | ||
Pretax income | $ 2,533,781 | $ 3,491,865 | |
U.S. Dollars [Member] | Liquids Production and Commercialization [Member] | Foreign Exchange Risk [Member] | |||
Foreign exchange risk [Abstract] | |||
Percentage of revenue | 87.00% | 87.00% | |
Argentine Pesos [Member] | Liquids Production and Commercialization [Member] | Foreign Exchange Risk [Member] | |||
Foreign exchange risk [Abstract] | |||
Percentage of revenue | 50.00% | 53.00% | 59.00% |
FINANCIAL RISK MANAGEMENT, Inte
FINANCIAL RISK MANAGEMENT, Interest Rate Risk (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020ARS ($) | Dec. 31, 2019ARS ($) | ||
Financial Assets and Financial Liabilities [Abstract] | |||
Financial assets | $ 27,379,723 | $ 24,564,073 | |
Financial liabilities | 47,966,663 | 52,437,993 | |
Trade receivables | 6,147,453 | 8,813,414 | |
Interest Rate Risk [Member] | |||
Financial Assets and Financial Liabilities [Abstract] | |||
Financial assets | [1] | 19,288,650 | 13,190,328 |
Financial liabilities | [2] | $ 40,976,742 | 42,483,166 |
Decrease in variable rate basis | 100 | ||
Interest Rate Risk [Member] | Fixed Interest Rate [Member] | |||
Financial Assets and Financial Liabilities [Abstract] | |||
Financial assets | [1] | $ 16,108,712 | 11,776,641 |
Financial liabilities | [2] | 40,976,742 | 41,092,728 |
Interest Rate Risk [Member] | Variable Interest Rate [Member] | |||
Financial Assets and Financial Liabilities [Abstract] | |||
Financial assets | [1] | 3,179,938 | 1,413,687 |
Financial liabilities | [2] | 0 | 1,390,438 |
Trade receivables | $ 5,403 | $ 11,923 | |
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, fixed terms, Us treasury bonds and bank accounts. Trade receivables do no bear interests, except for Ps. 5,403 and Ps. 11,923, which bears CER plus a spread of 8% as of December 31, 2020 and 2019, 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, 2020ARS ($)Ton$ / Ton | Dec. 31, 2019ARS ($)$ / Ton | Dec. 31, 2018ARS ($) | Dec. 31, 2020USD ($) | |
Monthly Short Tons [Abstract] | ||||
Derivative financial instruments | $ | $ 0 | $ 373,058 | ||
Commodity Price Risk [Member] | ||||
Commodity Rate Risk [Abstract] | ||||
Percentage decrease in price of Liquids due to COVID | 30.00% | |||
Increase (decrease) in international price of LPG and natural gasoline | $ / Ton | 50 | 50 | ||
Monthly Short Tons [Abstract] | ||||
Premium paid | $ | $ 3 | |||
Derivative financial instruments | $ | $ 0 | $ 373,058 | ||
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 | $ | $ 2,018,826 | $ 1,569,844 | $ 1,156,053 |
FINANCIAL RISK MANAGEMENT, Cred
FINANCIAL RISK MANAGEMENT, Credit Risk, Trade and Other Receivables (Details) - ARS ($) $ in Thousands | 4 Months Ended | 12 Months Ended | ||
Apr. 27, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Trade and Other Receivables, Current and Noncurrent [Abstract] | ||||
Current trade receivables | $ 6,279,974 | $ 8,997,144 | ||
Allowances for doubtful accounts | (132,521) | (183,730) | $ (277,536) | |
Total | 6,147,453 | 8,813,414 | ||
Trade and other receivables [Abstract] | ||||
Revenues | 55,871,438 | 66,111,903 | 71,336,882 | |
Trade receivables | 6,147,453 | 8,813,414 | ||
Cash and financial placements [Abstract] | ||||
Exchange losses on financial instruments | (7,977,729) | |||
Subsequent Event [Member] | ||||
Cash and financial placements [Abstract] | ||||
Exchange losses on financial instruments | $ (1,346,192) | |||
Natural Gas Transportation [Member] | ||||
Trade and other receivables [Abstract] | ||||
Revenues | 30,795,577 | |||
Natural Gas Transportation [Member] | MetroGas [Member] | ||||
Trade and Other Receivables, Current and Noncurrent [Abstract] | ||||
Total | 1,441,808 | 1,986,849 | ||
Trade and other receivables [Abstract] | ||||
Revenues | 5,894,110 | 7,963,051 | 6,749,054 | |
Trade receivables | 1,441,808 | 1,986,849 | ||
Natural Gas Transportation [Member] | Camuzzi Gas Pampeana S.A. [Member] | ||||
Trade and Other Receivables, Current and Noncurrent [Abstract] | ||||
Total | 706,139 | 992,651 | ||
Trade and other receivables [Abstract] | ||||
Revenues | 4,358,139 | 5,926,232 | 5,013,132 | |
Trade receivables | 706,139 | 992,651 | ||
Natural Gas Transportation [Member] | Naturgy Argentina [Member] | ||||
Trade and Other Receivables, Current and Noncurrent [Abstract] | ||||
Total | 313,536 | 772,501 | ||
Trade and other receivables [Abstract] | ||||
Revenues | 3,523,002 | 4,759,550 | 4,045,276 | |
Trade receivables | 313,536 | 772,501 | ||
Natural Gas Transportation [Member] | CAMMESA [Member] | ||||
Trade and Other Receivables, Current and Noncurrent [Abstract] | ||||
Total | 666,127 | 280,998 | ||
Trade and other receivables [Abstract] | ||||
Revenues | 2,342,531 | 1,821,557 | 2,801,553 | |
Trade receivables | 666,127 | 280,998 | ||
Natural Gas Transportation [Member] | Pampa Energia [Member] | ||||
Trade and Other Receivables, Current and Noncurrent [Abstract] | ||||
Total | 306,995 | 351,252 | ||
Trade and other receivables [Abstract] | ||||
Revenues | 841,274 | 1,094,039 | 920,555 | |
Trade receivables | 306,995 | 351,252 | ||
Natural Gas Transportation [Member] | Camuzzi Gas del Sur S.A. [Member] | ||||
Trade and Other Receivables, Current and Noncurrent [Abstract] | ||||
Total | 146,965 | 205,352 | ||
Trade and other receivables [Abstract] | ||||
Revenues | 1,042,980 | 1,464,524 | 1,119,315 | |
Trade receivables | 146,965 | 205,352 | ||
Liquids Production and Commercialization [Member] | PBB Polisur [Member] | ||||
Trade and Other Receivables, Current and Noncurrent [Abstract] | ||||
Total | 777,791 | 1,145,402 | ||
Trade and other receivables [Abstract] | ||||
Revenues | 9,303,676 | 8,628,893 | 11,031,223 | |
Trade receivables | 777,791 | 1,145,402 | ||
Liquids Production and Commercialization [Member] | Petredec [Member] | ||||
Trade and Other Receivables, Current and Noncurrent [Abstract] | ||||
Total | 0 | 0 | ||
Trade and other receivables [Abstract] | ||||
Revenues | 691,227 | 1,365,850 | 1,798,666 | |
Trade receivables | 0 | 0 | ||
Liquids Production and Commercialization [Member] | Geogas Trading S.A. [Member] | ||||
Trade and Other Receivables, Current and Noncurrent [Abstract] | ||||
Total | 0 | 511,512 | ||
Trade and other receivables [Abstract] | ||||
Revenues | 287,550 | 2,303,376 | 2,308,545 | |
Trade receivables | 0 | 511,512 | ||
Liquids Production and Commercialization [Member] | Italgas S.A. [Member] | ||||
Trade and Other Receivables, Current and Noncurrent [Abstract] | ||||
Total | 0 | 0 | ||
Trade and other receivables [Abstract] | ||||
Revenues | 396,307 | 0 | 0 | |
Trade receivables | 0 | 0 | ||
Liquids Production and Commercialization [Member] | YPF [Member] | ||||
Trade and Other Receivables, Current and Noncurrent [Abstract] | ||||
Total | 42,364 | 36,079 | ||
Trade and other receivables [Abstract] | ||||
Revenues | 973,411 | 1,686,921 | 992,619 | |
Trade receivables | 42,364 | 36,079 | ||
Liquids Production and Commercialization [Member] | Petrobras Global Trading BV [Member] | ||||
Trade and Other Receivables, Current and Noncurrent [Abstract] | ||||
Total | 284,089 | 540,712 | ||
Trade and other receivables [Abstract] | ||||
Revenues | 4,510,924 | 6,053,139 | $ 3,652,024 | |
Trade receivables | $ 284,089 | $ 540,712 |
FINANCIAL RISK MANAGEMENT, Cr_2
FINANCIAL RISK MANAGEMENT, Credit Risk, Cash and Financial Placement Maturities (Details) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Maturities of financial assets [Abstract] | |||
Financial assets | $ 27,379,723 | $ 24,564,073 | |
Cash and Cash Equivalents [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 4,653,406 | 13,294,402 | |
Cash and Cash Equivalents [Member] | Without Specified Maturity [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 4,653,406 | 13,138,638 | |
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 12-31-2019 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Over Due [Member] | From 01-01-20 to 03-31-20 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Over 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 Over 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 Over 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 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 Non-Due [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | 155,764 | |
Cash and Cash Equivalents [Member] | With Specified Maturity Non-Due [Member] | From 01-01-21 to 03-31-21 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Non-Due [Member] | From 04-01-21 to 06-30-21 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Non-Due [Member] | From 07-01-21 to 09-30-21 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Non-Due [Member] | From 10-01-21 to 12-31-21 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
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 | 155,764 | ||
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] | 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] | During 2025 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Cash and Cash Equivalents [Member] | With Specified Maturity Non-Due [Member] | From 2026 onwards [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 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | 155,764 | |
Other Financial Assets [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 15,898,119 | 1,801,667 | |
Other Financial Assets [Member] | Without Specified Maturity [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 2,120,788 | 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 12-31-2019 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Other Financial Assets [Member] | With Specified Maturity Over Due [Member] | From 01-01-20 to 03-31-20 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Other Financial Assets [Member] | With Specified Maturity Over Due [Member] | From 04-01-20 to 06-30-20 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Other Financial Assets [Member] | With Specified Maturity Over Due [Member] | From 07-01-20 to 09-30-20 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Other Financial Assets [Member] | With Specified Maturity Over Due [Member] | From 10-01-20 to 12-31-20 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 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 Non-Due [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 13,777,331 | 1,801,667 | |
Other Financial Assets [Member] | With Specified Maturity Non-Due [Member] | From 01-01-21 to 03-31-21 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 775 | ||
Other Financial Assets [Member] | With Specified Maturity Non-Due [Member] | From 04-01-21 to 06-30-21 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 775 | ||
Other Financial Assets [Member] | With Specified Maturity Non-Due [Member] | From 07-01-21 to 09-30-21 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 775 | ||
Other Financial Assets [Member] | With Specified Maturity Non-Due [Member] | From 10-01-21 to 12-31-21 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 15,994 | ||
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 | 1,791,120 | ||
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 | 1,084 | ||
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 | 1,055 | ||
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 | 1,052 | ||
Other Financial Assets [Member] | With Specified Maturity Non-Due [Member] | During 2022 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 13,758,563 | ||
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] | During 2025 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Other Financial Assets [Member] | With Specified Maturity Non-Due [Member] | From 2026 onwards [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 0 | ||
Other Financial Assets [Member] | With Specified Maturity Non-Due [Member] | During 2021 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 4,143 | ||
Other Financial Assets [Member] | With Specified Maturity Non-Due [Member] | During 2022 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 2,602 | ||
Other Financial Assets [Member] | With Specified Maturity Non-Due [Member] | During 2023 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 611 | ||
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 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | 13,777,331 | 1,801,667 | |
Credits [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 6,960,719 | 9,648,417 |
Credits [Member] | Without Specified Maturity [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 39,334 | 29,416 |
Credits [Member] | With Specified Maturity Over Due [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 2,315,486 | 1,750,413 |
Credits [Member] | With Specified Maturity Over Due [Member] | Until 12-31-2019 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 137,271 | |
Credits [Member] | With Specified Maturity Over Due [Member] | From 01-01-20 to 03-31-20 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 753 | |
Credits [Member] | With Specified Maturity Over Due [Member] | From 04-01-20 to 06-30-20 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 447 | |
Credits [Member] | With Specified Maturity Over Due [Member] | From 07-01-20 to 09-30-20 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 23,435 | |
Credits [Member] | With Specified Maturity Over Due [Member] | From 10-01-20 to 12-31-20 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 2,153,580 | |
Credits [Member] | With Specified Maturity Over Due [Member] | Until 12-31-2018 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 196,854 | |
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] | 2,094 | |
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] | 5,779 | |
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] | 468,088 | |
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] | 1,077,598 | |
Credits [Member] | With Specified Maturity Non-Due [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 4,605,899 | 7,868,588 |
Credits [Member] | With Specified Maturity Non-Due [Member] | From 01-01-21 to 03-31-21 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 4,320,035 | |
Credits [Member] | With Specified Maturity Non-Due [Member] | From 04-01-21 to 06-30-21 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 124,094 | |
Credits [Member] | With Specified Maturity Non-Due [Member] | From 07-01-21 to 09-30-21 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 78,774 | |
Credits [Member] | With Specified Maturity Non-Due [Member] | From 10-01-21 to 12-31-21 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 76,053 | |
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] | 7,177,308 | |
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] | 657,055 | |
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] | 11,034 | |
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] | 13,739 | |
Credits [Member] | With Specified Maturity Non-Due [Member] | During 2022 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 6,943 | |
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] | During 2025 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | 0 | |
Credits [Member] | With Specified Maturity Non-Due [Member] | From 2026 onwards [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] | 9,452 | |
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 [Member] | |||
Maturities of financial assets [Abstract] | |||
Financial assets | [1],[2] | $ 6,921,385 | $ 9,619,001 |
[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, 2020 | Dec. 31, 2019 | ||
Maturities of financial liabilities [Abstract] | ||||
Loans | [2] | $ 43,869,424 | [1] | $ 45,719,826 |
During 2022 [Member] | ||||
Maturities of financial liabilities [Abstract] | ||||
Loans | 451,566 | |||
During 2023 [Member] | ||||
Maturities of financial liabilities [Abstract] | ||||
Loans | 489,482 | |||
During 2024 [Member] | ||||
Maturities of financial liabilities [Abstract] | ||||
Loans | 530,581 | |||
From 2026 onwards [Member] | ||||
Maturities of financial liabilities [Abstract] | ||||
Loans | 41,461,029 | |||
Liquidity Risk [Member] | ||||
Maturities of financial liabilities [Abstract] | ||||
Loans | 54,780,020 | 57,301,005 | ||
Other financial liabilities | 4,084,779 | 5,322,958 | ||
Finance leases | 3,587,140 | 4,147,076 | ||
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 | 216,499 | 179,803 | ||
Finance leases | 63,526 | 123,021 | ||
Liquidity Risk [Member] | With Specified Maturity Over Due [Member] | Until 12-31-2019 [Member] | ||||
Maturities of financial liabilities [Abstract] | ||||
Loans | 0 | |||
Other financial liabilities | 215,255 | |||
Finance leases | 0 | |||
Liquidity Risk [Member] | With Specified Maturity Over Due [Member] | From 01-01-20 to 03-31-20 [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 04-01-20 to 06-30-20 [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 07-01-20 to 09-30-20 [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 10-01-20 to 12-31-20 [Member] | ||||
Maturities of financial liabilities [Abstract] | ||||
Loans | 0 | |||
Other financial liabilities | 311 | |||
Finance leases | 63,526 | |||
Liquidity Risk [Member] | With Specified Maturity Over Due [Member] | Until 12-31-2018 [Member] | ||||
Maturities of financial liabilities [Abstract] | ||||
Loans | 0 | |||
Other financial liabilities | 178,111 | |||
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 | 423 | |||
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 | 423 | |||
Finance leases | 0 | |||
Liquidity Risk [Member] | With Specified Maturity Over Due [Member] | From 07-01-19 to 09-30-19 [Member] | ||||
Maturities of financial liabilities [Abstract] | ||||
Loans | 0 | |||
Other financial liabilities | 423 | |||
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 | 423 | |||
Finance leases | 123,021 | |||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | ||||
Maturities of financial liabilities [Abstract] | ||||
Loans | 54,780,020 | 57,301,005 | ||
Other financial liabilities | 3,868,280 | 5,143,155 | ||
Finance leases | 3,523,614 | 4,024,055 | ||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | From 01-01-21 to 03-31-21 [Member] | ||||
Maturities of financial liabilities [Abstract] | ||||
Loans | 0 | |||
Other financial liabilities | 3,853,636 | |||
Finance leases | 157,361 | |||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | From 04-01-21 to 06-30-21 [Member] | ||||
Maturities of financial liabilities [Abstract] | ||||
Loans | 1,420,031 | |||
Other financial liabilities | 14,644 | |||
Finance leases | 157,361 | |||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | From 07-01-21 to 09-30-21 [Member] | ||||
Maturities of financial liabilities [Abstract] | ||||
Loans | 0 | |||
Other financial liabilities | 0 | |||
Finance leases | 157,361 | |||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | From 10-01-21 to 12-31-21 [Member] | ||||
Maturities of financial liabilities [Abstract] | ||||
Loans | 1,420,031 | |||
Other financial liabilities | 0 | |||
Finance leases | 157,361 | |||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | From 01-01-20 to 03-31-20 [Member] | ||||
Maturities of financial liabilities [Abstract] | ||||
Loans | 1,398,847 | |||
Other financial liabilities | 5,098,543 | |||
Finance leases | 152,469 | |||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | From 04-01-20 to 06-30-20 [Member] | ||||
Maturities of financial liabilities [Abstract] | ||||
Loans | 1,375,897 | |||
Other financial liabilities | 44,612 | |||
Finance leases | 152,469 | |||
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 | 152,469 | |||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | From 10-01-20 to 12-31-20 [Member] | ||||
Maturities of financial liabilities [Abstract] | ||||
Loans | 1,375,897 | |||
Other financial liabilities | 0 | |||
Finance leases | 152,469 | |||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | During 2022 [Member] | ||||
Maturities of financial liabilities [Abstract] | ||||
Loans | 2,840,063 | |||
Other financial liabilities | 0 | |||
Finance leases | 629,526 | |||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | During 2023 [Member] | ||||
Maturities of financial liabilities [Abstract] | ||||
Loans | 2,840,063 | |||
Other financial liabilities | 0 | |||
Finance leases | 629,526 | |||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | During 2024 [Member] | ||||
Maturities of financial liabilities [Abstract] | ||||
Loans | 2,840,063 | |||
Other financial liabilities | 0 | |||
Finance leases | 629,526 | |||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | During 2025 [Member] | ||||
Maturities of financial liabilities [Abstract] | ||||
Loans | 43,419,769 | |||
Other financial liabilities | 0 | |||
Finance leases | 629,526 | |||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | From 2026 onwards [Member] | ||||
Maturities of financial liabilities [Abstract] | ||||
Loans | 0 | |||
Other financial liabilities | 0 | |||
Finance leases | 376,066 | |||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | During 2021 [Member] | ||||
Maturities of financial liabilities [Abstract] | ||||
Loans | 2,751,793 | |||
Other financial liabilities | 0 | |||
Finance leases | 609,960 | |||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | During 2023 [Member] | ||||
Maturities of financial liabilities [Abstract] | ||||
Loans | 2,751,793 | |||
Other financial liabilities | 0 | |||
Finance leases | 609,960 | |||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | During 2024 [Member] | ||||
Maturities of financial liabilities [Abstract] | ||||
Loans | 2,751,793 | |||
Other financial liabilities | 0 | |||
Finance leases | 609,960 | |||
Liquidity Risk [Member] | With Specified Maturity Non-Due [Member] | From 2025 onwards [Member] | ||||
Maturities of financial liabilities [Abstract] | ||||
Loans | 42,143,192 | |||
Other financial liabilities | 0 | |||
Finance leases | 974,339 | |||
Liquidity Risk [Member] | With Specified Maturity [Member] | ||||
Maturities of financial liabilities [Abstract] | ||||
Loans | 54,780,020 | 57,301,005 | ||
Other financial liabilities | 4,084,779 | 5,322,958 | ||
Finance leases | $ 3,587,140 | $ 4,147,076 | ||
[1] | As of December 31, 2020, it is net of Notes repurchase of Ps 1,479,694. | |||
[2] | Net of issuance expenses of Ps. 75,262 and Ps. 133,200 as of December 31, 2020 and 2019, respectively. |
FINANCIAL RISK MANAGEMENT, Capi
FINANCIAL RISK MANAGEMENT, Capital Management Risk (Details) - ARS ($) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | [3] | Dec. 31, 2017 | [3] | |||
FINANCIAL RISK MANAGEMENT [Abstract] | ||||||||
Total debt (Note 13) | [2] | $ 43,869,424 | [1] | $ 45,719,826 | ||||
Total equity | 66,026,644 | 65,461,118 | $ 64,808,237 | $ 52,942,623 | ||||
Total capital | $ 109,896,068 | $ 111,180,944 | ||||||
Gearing Ratio | 0.40% | 0.40% | ||||||
[1] | As of December 31, 2020, it is net of Notes repurchase of Ps 1,479,694. | |||||||
[2] | Net of issuance expenses of Ps. 75,262 and Ps. 133,200 as of December 31, 2020 and 2019, respectively. | |||||||
[3] | 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, 2020 | Dec. 31, 2019 |
CURRENT ASSETS [Abstract] | ||
Total current assets | $ 13,613,108 | $ 24,546,366 |
NON-CURRENT ASSETS [Abstract] | ||
Total non-current assets | 13,766,615 | 17,707 |
Total assets | 27,379,723 | 24,564,073 |
CURRENT LIABILITIES [Abstract] | ||
Total current liabilities | 5,034,005 | 9,062,626 |
NON-CURRENT LIABILITIES [Abstract] | ||
Total non-current liabilities | 42,932,658 | 43,375,367 |
Total liabilities | 47,966,663 | 52,437,993 |
Trade Payables [Member] | ||
CURRENT LIABILITIES [Abstract] | ||
Total current liabilities | 2,803,596 | 5,600,240 |
Loans [Member] | ||
CURRENT LIABILITIES [Abstract] | ||
Total current liabilities | 936,766 | 2,344,459 |
Payroll and Social Security Taxes Payables [Member] | ||
CURRENT LIABILITIES [Abstract] | ||
Total current liabilities | 991,669 | 726,306 |
Other Payables [Member] | ||
CURRENT LIABILITIES [Abstract] | ||
Total current liabilities | 301,974 | 391,621 |
Loans [Member] | ||
NON-CURRENT LIABILITIES [Abstract] | ||
Total non-current liabilities | 42,932,658 | 43,375,367 |
Financial Liabilities at Fair Value [Member] | ||
CURRENT LIABILITIES [Abstract] | ||
Total current liabilities | 0 | 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 | 5,034,005 | 9,062,626 |
NON-CURRENT LIABILITIES [Abstract] | ||
Total non-current liabilities | 42,932,658 | 43,375,367 |
Total liabilities | 47,966,663 | 52,437,993 |
Other Financial Liabilities [Member] | Trade Payables [Member] | ||
CURRENT LIABILITIES [Abstract] | ||
Total current liabilities | 2,803,596 | 5,600,240 |
Other Financial Liabilities [Member] | Loans [Member] | ||
CURRENT LIABILITIES [Abstract] | ||
Total current liabilities | 936,766 | 2,344,459 |
Other Financial Liabilities [Member] | Payroll and Social Security Taxes Payables [Member] | ||
CURRENT LIABILITIES [Abstract] | ||
Total current liabilities | 991,669 | 726,306 |
Other Financial Liabilities [Member] | Other Payables [Member] | ||
CURRENT LIABILITIES [Abstract] | ||
Total current liabilities | 301,974 | 391,621 |
Other Financial Liabilities [Member] | Loans [Member] | ||
NON-CURRENT LIABILITIES [Abstract] | ||
Total non-current liabilities | 42,932,658 | 43,375,367 |
Trade Receivables [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 6,147,453 | 8,813,414 |
Other Receivables [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 673,142 | 644,239 |
NON-CURRENT ASSETS [Abstract] | ||
Total non-current assets | 7,603 | 10,351 |
Derivative Financial Instruments [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 373,058 | |
Other Financial Assets at Amortized Cost [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 18,319 | 1,421,253 |
NON-CURRENT ASSETS [Abstract] | ||
Total non-current assets | 13,759,012 | 7,356 |
Other Financial Assets at Fair Value Through Profit or Loss [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 2,120,788 | |
Cash and Cash Equivalents [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 4,653,406 | 13,294,402 |
Financial Assets at Fair Value [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 5,297,104 | 1,774,821 |
NON-CURRENT ASSETS [Abstract] | ||
Total non-current assets | 0 | 0 |
Total assets | 5,297,104 | 1,774,821 |
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 | 373,058 | |
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] | Other Financial Assets at Fair Value Through Profit or Loss [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 2,120,788 | |
Financial Assets at Fair Value [Member] | Cash and Cash Equivalents [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 3,176,316 | 1,401,763 |
Financial assets at Amortized Cost [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 8,316,004 | 22,771,545 |
NON-CURRENT ASSETS [Abstract] | ||
Total non-current assets | 13,766,615 | 17,707 |
Total assets | 22,082,619 | 22,789,252 |
Financial assets at Amortized Cost [Member] | Trade Receivables [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 6,147,453 | 8,813,414 |
Financial assets at Amortized Cost [Member] | Other Receivables [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 673,142 | 644,239 |
NON-CURRENT ASSETS [Abstract] | ||
Total non-current assets | 7,603 | 10,351 |
Financial assets at Amortized Cost [Member] | Derivative Financial Instruments [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 0 | |
Financial assets at Amortized Cost [Member] | Other Financial Assets at Amortized Cost [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 18,319 | 1,421,253 |
NON-CURRENT ASSETS [Abstract] | ||
Total non-current assets | 13,759,012 | 7,356 |
Financial assets at Amortized Cost [Member] | Other Financial Assets at Fair Value Through Profit or Loss [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | 0 | |
Financial assets at Amortized Cost [Member] | Cash and Cash Equivalents [Member] | ||
CURRENT ASSETS [Abstract] | ||
Total current assets | $ 1,477,090 | $ 11,892,639 |
FINANCIAL RISK MANAGEMENT, Fair
FINANCIAL RISK MANAGEMENT, Fair Value Measurement Hierarchy and Estimates (Details) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financial assets at fair value [Abstract] | ||
Derivative financial instruments | $ 0 | $ 373,058 |
Other financial assets at fair value through profit or loss | 2,120,788 | 0 |
Financial liabilities at carrying amount and estimated fair value [Abstract] | ||
Carrying amount | 47,966,663 | 52,437,993 |
2018 Note [Member] | ||
Financial liabilities at carrying amount and estimated fair value [Abstract] | ||
Carrying amount | 40,976,742 | |
Fair Value | 37,583,947 | |
Fair Value [Member] | ||
Financial assets at fair value [Abstract] | ||
Cash and cash equivalents | 3,176,316 | 1,401,763 |
Derivative financial instruments | 373,058 | |
Other financial assets at fair value through profit or loss | 2,120,788 | |
Total | 5,297,104 | 1,774,821 |
Fair Value [Member] | Level 1 [Member] | ||
Financial assets at fair value [Abstract] | ||
Cash and cash equivalents | 3,176,316 | 1,401,763 |
Derivative financial instruments | 0 | |
Other financial assets at fair value through profit or loss | 2,120,788 | |
Total | 5,297,104 | 1,401,763 |
Fair Value [Member] | Level 2 [Member] | ||
Financial assets at fair value [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Derivative financial instruments | 373,058 | |
Other financial assets at fair value through profit or loss | 0 | |
Total | 0 | 373,058 |
Fair Value [Member] | Level 3 [Member] | ||
Financial assets at fair value [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Derivative financial instruments | 0 | |
Other financial assets at fair value through profit or loss | 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, 2020ARS ($)Installment | Dec. 31, 2019ARS ($) | 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 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% | ||||||||
Investment plan period | 5 years | |||||||||
Five Year Plan investment amount | $ | $ 6,786,543 | |||||||||
Number of installments tariff increase granted | Installment | 3 | |||||||||
Percentage of tariff increase on public service of Natural Gas Transportation and CAU | 50.00% | |||||||||
Percentage of increase in tariff | 19.70% | 30.00% | ||||||||
Period of natural gas transportation and distribution tariff remain unadjusted | 180 days | |||||||||
Period for natural gas transportation and distribution tariffs extended | 180 days | |||||||||
Additional period for transitory tariffs freeze | 90 days | |||||||||
Percentage of deferral payment of invoices issued | 22.00% | |||||||||
Number of consecutive monthly installments | Installment | 5 | |||||||||
Sales receivables, natural gas distribution | $ | $ 1,641,896 | |||||||||
Top of Range [Member] | ||||||||||
Transitional Agreement [Abstract] | ||||||||||
Tariff review period | 2 years |
REGULATORY FRAMEWORK, General_2
REGULATORY FRAMEWORK, General Framework for Non-Regulated Segments (Details) | Oct. 19, 2020ARS ($) | Dec. 01, 2011$ / m³ | Nov. 30, 2011$ / m³ | Dec. 31, 2020ARS ($)$ / bbl$ / m³ | Dec. 31, 2019ARS ($) | Dec. 31, 2018ARS ($) | Dec. 31, 2017ARS ($) | Dec. 23, 2019 | Sep. 03, 2018USD ($) |
Domestic market [Abstract] | |||||||||
Period of maximum reference prices for commercialization of liquefied petroleum gas unchanged | 180 days | ||||||||
Increase in price of liquefied petroleum gas | $ 10,885,000 | ||||||||
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 | $ 327,865,000 | $ 275,615,000 | $ 851,800,000 | ||||||
Subsidies receivable from government | $ 302,777,000 | 195,810,000 | |||||||
Foreign market [Abstract] | |||||||||
Capped amount of each dollar of the tax base or the official FOB price | $ 4 | ||||||||
Rate applicable to hydrocarbons | 8.00% | ||||||||
Barrel price, condition one | $ / bbl | 45 | ||||||||
Barrel price, condition two | $ / bbl | 60 | ||||||||
Tax rate for barrel price below US$45 | 0.00% | ||||||||
Tax rate for barrel price equal or higher than US$60 | 8.00% | ||||||||
Tariff charge paid (per cubic meter) | $ / m³ | 0.0492 | ||||||||
Tariff charge (per cubic meter) | $ / m³ | 0.405 | 0.0492 | |||||||
Bottom of Range [Member] | |||||||||
Foreign market [Abstract] | |||||||||
Applicable tax rate on export of oil and gas products | 0.00% | ||||||||
Top of Range [Member] | |||||||||
Foreign market [Abstract] | |||||||||
Applicable tax rate on export of oil and gas products | 8.00% | ||||||||
Production and Commercialization of Liquids [Member] | |||||||||
Domestic market [Abstract] | |||||||||
Subsidies received | $ 150,196,000 | $ 637,810,000 | |||||||
Butane [Member] | |||||||||
Foreign market [Abstract] | |||||||||
Export duty percentage | 12.00% | ||||||||
Propane [Member] | |||||||||
Domestic market [Abstract] | |||||||||
Increase in price of propane gas per ton | 1,941,200 | ||||||||
Increase in price of propane gas per ton depending on customer | $ 3,964,000 | ||||||||
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, 2020ARS ($)$ / $ | Dec. 31, 2020USD ($)$ / $ | Dec. 31, 2019ARS ($) | Dec. 31, 2019USD ($) | |
CURRENT ASSETS [Abstract] | |||||
Total current assets | $ 13,613,108 | $ 24,546,366 | |||
NON-CURRENT ASSETS [Abstract] | |||||
Total non-current assets | 13,766,615 | 17,707 | |||
Total assets | 27,379,723 | 24,564,073 | |||
CURRENT LIABILITIES [Abstract] | |||||
Total current liabilities | 5,034,005 | 9,062,626 | |||
NON CURRENT LIABILITIES [Abstract] | |||||
Total non-current liabilities | 42,932,658 | 43,375,367 | |||
TOTAL LIABILITIES | 47,966,663 | 52,437,993 | |||
Trade Payables [Member] | |||||
CURRENT LIABILITIES [Abstract] | |||||
Total current liabilities | 2,803,596 | 5,600,240 | |||
Loans [Member] | |||||
CURRENT LIABILITIES [Abstract] | |||||
Total current liabilities | 936,766 | 2,344,459 | |||
Loans [Member] | |||||
NON CURRENT LIABILITIES [Abstract] | |||||
Total non-current liabilities | 42,932,658 | 43,375,367 | |||
Cash and Cash Equivalents [Member] | |||||
CURRENT ASSETS [Abstract] | |||||
Total current assets | 4,653,406 | 13,294,402 | |||
Derivative Financial Instruments [Member] | |||||
CURRENT ASSETS [Abstract] | |||||
Total current assets | 373,058 | ||||
Other Financial Assets at Amortized Cost [Member] | |||||
CURRENT ASSETS [Abstract] | |||||
Total current assets | 18,319 | 1,421,253 | |||
NON-CURRENT ASSETS [Abstract] | |||||
Total non-current assets | 13,759,012 | 7,356 | |||
Trade Receivables [Member] | |||||
CURRENT ASSETS [Abstract] | |||||
Total current assets | 6,147,453 | 8,813,414 | |||
Other Receivables [Member] | |||||
CURRENT ASSETS [Abstract] | |||||
Total current assets | 673,142 | 644,239 | |||
NON-CURRENT ASSETS [Abstract] | |||||
Total non-current assets | 7,603 | 10,351 | |||
Foreign Currency [Member] | |||||
CURRENT ASSETS [Abstract] | |||||
Total current assets | 8,090,640 | $ 96,375 | 17,013,102 | $ 209,360 | |
NON-CURRENT ASSETS [Abstract] | |||||
Total non-current assets | 13,755,917 | 163,858 | 0 | 0 | |
Total assets | 21,846,557 | 260,233 | 17,013,102 | 209,360 | |
CURRENT LIABILITIES [Abstract] | |||||
Total current liabilities | 2,765,346 | 32,862 | 7,284,222 | 89,339 | |
NON CURRENT LIABILITIES [Abstract] | |||||
Total non-current liabilities | 42,932,658 | 510,192 | 44,491,754 | 545,679 | |
TOTAL LIABILITIES | 45,698,004 | 543,054 | 51,775,976 | 635,018 | |
Foreign Currency [Member] | Trade Payables [Member] | |||||
CURRENT LIABILITIES [Abstract] | |||||
Total current liabilities | $ 1,828,580 | $ 21,730 | 4,859,055 | 59,595 | |
NON CURRENT LIABILITIES [Abstract] | |||||
Exchange rate (in Ps. per dollars) | $ / $ | [1] | 84.150 | 84.150 | ||
Foreign Currency [Member] | Loans [Member] | |||||
CURRENT LIABILITIES [Abstract] | |||||
Total current liabilities | $ 936,766 | $ 11,132 | 2,344,459 | 28,754 | |
NON CURRENT LIABILITIES [Abstract] | |||||
Exchange rate (in Ps. per dollars) | $ / $ | [1] | 84.150 | 84.150 | ||
Foreign Currency [Member] | Loans [Member] | |||||
NON CURRENT LIABILITIES [Abstract] | |||||
Total non-current liabilities | $ 42,932,658 | $ 510,192 | 43,375,367 | 531,987 | |
Exchange rate (in Ps. per dollars) | $ / $ | [1] | 84.150 | 84.150 | ||
Foreign Currency [Member] | Contract Liabilities [Member] | |||||
CURRENT LIABILITIES [Abstract] | |||||
Total current liabilities | $ 0 | $ 0 | 80,708 | 990 | |
NON CURRENT LIABILITIES [Abstract] | |||||
Total non-current liabilities | $ 0 | $ 0 | 1,116,387 | 13,692 | |
Exchange rate (in Ps. per dollars) | $ / $ | [1] | 84.150 | 84.150 | ||
Foreign Currency [Member] | Cash and Cash Equivalents [Member] | |||||
CURRENT ASSETS [Abstract] | |||||
Total current assets | $ 3,815,863 | $ 45,454 | 11,695,273 | 143,920 | |
NON CURRENT LIABILITIES [Abstract] | |||||
Exchange rate (in Ps. per dollars) | $ / $ | [2] | 83.950 | 83.950 | ||
Foreign Currency [Member] | Derivative Financial Instruments [Member] | |||||
CURRENT ASSETS [Abstract] | |||||
Total current assets | $ 0 | $ 0 | 373,058 | 4,591 | |
NON CURRENT LIABILITIES [Abstract] | |||||
Exchange rate (in Ps. per dollars) | $ / $ | [2] | 83.950 | 83.950 | ||
Foreign Currency [Member] | Other Financial Assets at Amortized Cost [Member] | |||||
CURRENT ASSETS [Abstract] | |||||
Total current assets | $ 15,279 | $ 182 | 1,416,686 | 17,433 | |
NON-CURRENT ASSETS [Abstract] | |||||
Total non-current assets | $ 13,755,917 | $ 163,858 | 0 | 0 | |
NON CURRENT LIABILITIES [Abstract] | |||||
Exchange rate (in Ps. per dollars) | $ / $ | [2] | 83.950 | 83.950 | ||
Foreign Currency [Member] | Other Financial Assets at Fair Value Through Profit or Loss [Member] | |||||
CURRENT ASSETS [Abstract] | |||||
Total current assets | $ 2,120,788 | $ 25,263 | 0 | 0 | |
NON CURRENT LIABILITIES [Abstract] | |||||
Exchange rate (in Ps. per dollars) | $ / $ | [2] | 83.950 | 83.950 | ||
Foreign Currency [Member] | Trade Receivables [Member] | |||||
CURRENT ASSETS [Abstract] | |||||
Total current assets | $ 1,952,845 | $ 23,262 | 3,501,675 | 43,091 | |
NON CURRENT LIABILITIES [Abstract] | |||||
Exchange rate (in Ps. per dollars) | $ / $ | [2] | 83.950 | 83.950 | ||
Foreign Currency [Member] | Other Receivables [Member] | |||||
CURRENT ASSETS [Abstract] | |||||
Total current assets | $ 185,865 | $ 2,214 | $ 26,410 | $ 325 | |
NON CURRENT LIABILITIES [Abstract] | |||||
Exchange rate (in Ps. per dollars) | $ / $ | [2] | 83.950 | 83.950 | ||
[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, 2020Vote$ / sharesshares | Dec. 31, 2019$ / sharesshares | |
Common stock structure and shares [Abstract] | ||
Outstanding shares (in shares) | 752,761,058 | 784,608,528 |
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) | 347,568,464 | 379,415,934 |
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) | 41,734,225 | 9,886,755 |
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) | 41,734,225 | 9,886,755 |
COMMON STOCK AND DIVIDENDS, Acq
COMMON STOCK AND DIVIDENDS, Acquisition of treasury shares (Details) - ARS ($) $ in Thousands | Dec. 31, 2020 | Aug. 21, 2020 | Mar. 06, 2020 | Dec. 31, 2019 | Nov. 13, 2019 |
Acquisition of treasury shares [Abstract] | |||||
Maximum amount invested for shares repurchase program | $ 3,000,000 | $ 2,500,000 | |||
Acquisition cost of treasury shares | $ 3,715,523 | $ 994,866 | |||
Trading premium on treasury shares | 1,077,841 | 1,077,841 | |||
Treasury Shares [Member] | |||||
Acquisition of treasury shares [Abstract] | |||||
Acquisition cost of treasury shares | 3,715,523 | 994,866 | $ 5,507,893 | ||
Trading premium on treasury shares | $ 1,077,841 | $ 1,077,841 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | [1] |
Cash dividend [Abstract] | |||||||||
Cash dividends | $ 0 | ||||||||
Treasury shares distribution [Abstract] | |||||||||
Shareholders' equity | 66,026,644 | $ 65,461,118 | $ 64,808,237 | $ 52,942,623 | |||||
Acquisition cost of treasury shares | 3,715,523 | 994,866 | |||||||
Additional paid-up capital | $ 1,077,841 | $ 1,077,841 | |||||||
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% | 5.25% | 1.24% | ||||||
Shareholders' equity | $ 794,495 | ||||||||
Market value of treasury shares | 4,394,621 | ||||||||
Acquisition cost of treasury shares | 5,507,893 | $ 3,715,523 | $ 994,866 | ||||||
Additional paid-up capital | $ 1,077,841 | $ 1,077,841 | |||||||
Director [Member] | |||||||||
Cash dividend [Abstract] | |||||||||
Cash dividends | $ 433,923 | ||||||||
Cash dividends (in pesos per share) | $ 0.5559 | ||||||||
Shareholders [Member] | |||||||||
Cash dividend [Abstract] | |||||||||
Cash dividends | $ 348,981 | $ 12,505,672 | |||||||
Cash dividends (in pesos per share) | $ 0.4562 | $ 16.0198 | |||||||
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) |
COMMON STOCK AND DIVIDENDS, Res
COMMON STOCK AND DIVIDENDS, Restrictions on distribution of retained earnings (Details) | 12 Months Ended |
Dec. 31, 2020 | |
COMMON STOCK AND DIVIDENDS [Abstract] | |
Percentage of legal reserve of net income | 5.00% |
Percentage of aggregate reserve | 20.00% |
LEGAL CLAIMS AND OTHER MATTERS
LEGAL CLAIMS AND OTHER MATTERS (Details) - ARS ($) $ in Thousands | Oct. 09, 2008 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2011 | Mar. 31, 2017 | May 24, 2013 |
LEGAL CLAIMS AND OTHER MATTERS [Abstract] | ||||||
Provision amount on turnover tax | $ 764,300 | $ 701,300 | ||||
Validity period of precautionary measure | 6 months | |||||
Extended Validity Period of Precautionary Measure | 6 months | |||||
Remaining term of validity period of precautionary measure | 2 months 9 days | |||||
Increase in tariff percentage | 20.00% | |||||
Receivables from income taxes and value added tax | $ 102,500 | |||||
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 amount on turnover tax withholding | 0 | 0 | ||||
Provision amount on environmental matters | 22,000 | |||||
Provision for other matters | $ 74,400 | $ 100,800 |
BALANCES AND TRANSACTIONS WIT_3
BALANCES AND TRANSACTIONS WITH RELATED COMPANIES (Details) $ in Thousands, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2020ARS ($) | Dec. 31, 2019ARS ($) | Dec. 31, 2018ARS ($) | Dec. 31, 2020USD ($) | ||||
Technical, financial and operational assistance agreement [abstract] | |||||||
Compensation for key management member | $ 138,368 | $ 193,478 | $ 175,542 | ||||
Balances and transactions with related parties [Abstract] | |||||||
Accounts receivable | 414,974 | 412,237 | |||||
Accounts payable | 2,936,370 | 3,402,209 | |||||
Other receivables | 84,236 | 0 | |||||
Costs [Abstract] | |||||||
Gas purchase and others | 185,496 | 811,312 | 1,321,525 | ||||
Compensation for technical assistance | 1,430,462 | 1,558,506 | 2,758,540 | ||||
Revenue for administrative services | 140 | 199 | 306 | ||||
Financial Results [Abstract] | |||||||
Interest expenses | 242,337 | 265,398 | 262,764 | ||||
Natural Gas Transportation [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 984,036 | 1,337,578 | 1,130,388 | ||||
Production and Commercialization of Liquids [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 1,049,966 | 366,914 | 2,770 | ||||
Other Services [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 643,492 | 385,365 | 544,116 | ||||
SACDE [Member] | |||||||
Technical, financial and operational assistance agreement [abstract] | |||||||
Amount received for services | 481,065 | 2,350,271 | |||||
Balances and transactions with related parties [Abstract] | |||||||
Accounts receivable | [1] | 0 | 31,781 | ||||
Accounts payable | [1] | 0 | 0 | ||||
CT Barragan S.A. [Member] | |||||||
Balances and transactions with related parties [Abstract] | |||||||
Accounts receivable | 1,793 | 11,070 | |||||
Accounts payable | 0 | 0 | |||||
Petrolera Entre Lomas S.A. [Member] | |||||||
Costs [Abstract] | |||||||
Gas purchase and others | 0 | 4,224 | |||||
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 | 2,475 | 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 | 8,934 | 0 | |||||
Pampa Comercializadora S.A. [Member] | |||||||
Balances and transactions with related parties [Abstract] | |||||||
Accounts receivable | 6,951 | 59,688 | |||||
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 | 112,774 | 70,863 | 56,271 | ||||
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 | 0 | 4,558 | |||||
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 | 25,768 | 7,446 | 12,878 | ||||
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 | 0 | 17,335 | ||||
Central Piedra Buena S.A. [Member] | |||||||
Balances and transactions with related parties [Abstract] | |||||||
Accounts receivable | 0 | 18,114 | |||||
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 | 1,745 | ||||||
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 Termica Piedrabuena 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 Termica Piedrabuena S.A. [Member] | Natural Gas Transportation [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 165,230 | 140,684 | |||||
Central Termica Piedrabuena S.A. [Member] | Production and Commercialization of Liquids [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | 0 | |||||
Central Termica Piedrabuena S.A. [Member] | Other Services [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | 0 | |||||
Transener S.A. [Member] | |||||||
Balances and transactions with related parties [Abstract] | |||||||
Accounts receivable | 30 | 0 | |||||
Accounts payable | 33 | 0 | |||||
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 | |||||
Transener S.A. [Member] | Natural Gas Transportation [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | 0 | |||||
Transener S.A. [Member] | Production and Commercialization of Liquids [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 0 | 0 | |||||
Transener S.A. [Member] | Other Services [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 352 | 25,160 | |||||
Experta ART [Member] | |||||||
Costs [Abstract] | |||||||
Gas purchase and others | 25,429 | 27,337 | 24,942 | ||||
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 | 4,121 | 909 | |||||
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 | 19,562 | 19,159 | 17,988 | ||||
TGU [Member] | |||||||
Balances and transactions with related parties [Abstract] | |||||||
Accounts receivable | 0 | 0 | |||||
Accounts payable | 13,394 | 12,980 | |||||
Pampa Energia [Member] | |||||||
Balances and transactions with related parties [Abstract] | |||||||
Accounts receivable | [2] | 402,079 | 286,067 | ||||
Accounts payable | 2,922,943 | [2] | 3,389,229 | [2] | $ 0.5 | ||
Other receivables | 84,236 | ||||||
Financial lease | 2,892,682 | 3,236,657 | |||||
Costs [Abstract] | |||||||
Gas purchase and others | 160,067 | 783,975 | 1,292,359 | ||||
Compensation for technical assistance | 1,430,462 | 1,558,506 | 2,758,540 | ||||
Revenue for administrative services | 0 | 0 | 0 | ||||
Financial Results [Abstract] | |||||||
Interest expenses | $ 242,337 | 265,398 | 262,764 | ||||
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 | $ 841,274 | 1,094,039 | 920,555 | ||||
Pampa Energia [Member] | Production and Commercialization of Liquids [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 1,049,966 | 366,914 | 2,770 | ||||
Pampa Energia [Member] | Other Services [Member] | |||||||
Detail of Significant Transactions with Related Parties [abstract] | |||||||
Revenues | 614,644 | 366,206 | 483,633 | ||||
CIESA [Member] | |||||||
Balances and transactions with related parties [Abstract] | |||||||
Accounts receivable | 0 | 50 | |||||
Accounts payable | 0 | 0 | |||||
Costs [Abstract] | |||||||
Gas purchase and others | 0 | 0 | 0 | ||||
Compensation for technical assistance | 0 | 0 | 0 | ||||
Revenue for administrative services | 140 | 199 | 306 | ||||
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 receivables includes Ps. 84,236 recorded as "Other receivables" as of December 31, 2020. Accounts payable includes Ps. 2,892,682 and Ps. 3,236,657 corresponding to the financial leasing recorded as "Loans" as of December 31, 2020 and 2019, respectively. |
CONTRACTUAL OBLIGATIONS (Detail
CONTRACTUAL OBLIGATIONS (Details) $ in Thousands | Dec. 31, 2020ARS ($)$ / $ | |
Contractual commitments [abstract] | ||
Contractual commitments | $ 65,136,836 | |
Due Less than One Year [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 63,526 | |
Less than One year [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 9,115,928 | |
1-2 Years [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 10,827,234 | |
3-5 Years [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 44,754,082 | |
More than 5 Years [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 376,066 | |
Financial Indebtedness [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | $ 54,855,281 | [1] |
Exchange rate (in Ps. per dollars) | $ / $ | 84.15 | |
Financial Indebtedness [Member] | Due Less than One Year [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | $ 0 | [1] |
Financial Indebtedness [Member] | Less than One year [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 2,840,063 | [1] |
Financial Indebtedness [Member] | 1-2 Years [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 8,520,188 | [1] |
Financial Indebtedness [Member] | 3-5 Years [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 43,495,030 | [1] |
Financial Indebtedness [Member] | More than 5 Years [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 0 | [1] |
Purchase Obligations [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 6,694,415 | [2] |
Purchase Obligations [Member] | Due Less than One Year [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 0 | [2] |
Purchase Obligations [Member] | Less than One year [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 5,646,421 | [2] |
Purchase Obligations [Member] | 1-2 Years [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 1,047,994 | [2] |
Purchase Obligations [Member] | 3-5 Years [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 0 | [2] |
Purchase Obligations [Member] | More than 5 Years [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 0 | [2] |
Financial Leases [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 3,587,140 | |
Financial Leases [Member] | Due Less than One Year [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 63,526 | |
Financial Leases [Member] | Less than One year [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 629,444 | |
Financial Leases [Member] | 1-2 Years [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 1,259,052 | |
Financial Leases [Member] | 3-5 Years [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | 1,259,052 | |
Financial Leases [Member] | More than 5 Years [Member] | ||
Contractual commitments [abstract] | ||
Contractual commitments | $ 376,066 | |
[1] | Corresponds to the cancellation of principal and interest of the financial indebtedness. For further information, see Note 13. | |
[2] | Corresponds to purchase of natural gas contracts for the processing of liquids. |
ASSOCIATES AND JOINT ARRANGEM_2
ASSOCIATES AND JOINT ARRANGEMENTS (Details) $ in Thousands | Nov. 13, 2013USD ($) | Dec. 31, 2020ARS ($) | Dec. 31, 2019ARS ($) | Dec. 31, 2018ARS ($) |
Information about associates and arrangements [Abstract] | ||||
Purchase of fixed assets | $ 7,769,600 | $ 21,689,918 | $ 17,013,254 | |
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 joint 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 joint ownership | 51.00% | |||
EGS [Member] | ||||
Information about associates and arrangements [Abstract] | ||||
Percentage of ownership | 49.00% | |||
Percentage of joint ownership | 51.00% | |||
Purchase of fixed assets | $ 350,000 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] - ARS ($) $ in Millions | Apr. 20, 2021 | Apr. 01, 2021 |
Subsequent Event [Abstract] | ||
Increase in legal reserve | $ 186 | |
Reserve for capital expenditures, acquisition of treasury shares and dividends | $ 31,709 | |
Transitory rate increase | 58.60% |