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LOANS (Tables) | 12 Months Ended
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Dec. 31, 2017
LOANS [Abstract] |
Short-term and Long-term Loans | Short-term and long-term loans as of December 31, 2017 and 2016 comprise the following:
|  | 2017 |  |  | 2016 |
Current loans: |  |  |  |  |  |
2014 EMTN Program: Series 1 Notes |  |  | 1,190,979 |  |  |  | - |
Interest payable |  |  | 37,667 |  |  |  | 31,269 |
Other financial loans |  |  | - |  |  |  | 1,466 |
Financial leasing |  |  | 100,624 |  |  |  | 112,661 |
Total current loans |  |  | 1,329,270 |  |  |  | 145,396 |
Non-current loans: |  |  |  |  |  |  |  |
2014 EMTN Program: Series 1 Notes |  |  | 2,379,019 |  |  |  | 3,036,084 |
Financial leasing |  |  | 790,741 |  |  |  | 735,520 |
Total non-current loans |  |  | 3,169,760 |  |  |  | 3,771,604 |
Total loans(1) |  |  | 4,499,030 |  |  |  | 3,917,000 |
(1)Issuance expenses net. The breakdown of loans based on its currency of origin is the following:
|  | 2017 |  |  | 2016 |
Argentine pesos |  |  | - |  |  |  | 1,466 |
U.S. Dollars |  |  | 4,499,030 |  |  |  | 3,915,534 |
Total loans |  |  | 4,499,030 |  |  |  | 3,917,000 |
Activity of Loans | The activity of the loans as of December 31, 2017 and 2016 is the following:
|  | 2017 |  |  | 2016 |
Beginning balance |  |  | 3,917,000 |  |  |  | 3,335,192 |
Accrued interest |  |  | 381,390 |  |  |  | 362,127 |
Effect of foreign exchange rate change |  |  | 500,729 |  |  |  | 710,651 |
VAT unpaid installments |  |  | 4,883 |  |  |  | - |
Financial leasing |  |  | - |  |  |  | 750,389 |
Payment of principal (1) |  |  | (78,384 | ) |  |  | (916,490 | )
Interest paid (2) |  |  | (226,588 | ) |  |  | (324,869 | )
Ending balance |  |  | 4,499,030 |  |  |  | 3,917,000 |
(1) As of December 31, 2017, Ps. 37,951 were cancelled through the offsetting of debit balances maintained with the creditor (Pampa Energía). (2) As of December 31, 2017, Ps. 44,457 were cancelled through the offsetting of debit balances maintained with the creditor (Pampa Energía).
Maturities of Current and Non-Current Loans | The maturities of the current and non-current loans (without including issuance cost) as of December 31, 2017 are as follows:
|  | 2017 |
Less than 1 year |  |  | 1,233,966 |
From 01/01/2019 to 12/31/2019 |  |  | 1,190,976 |
From 01/01/2020 to 12/31/2020 |  |  | 1,190,976 |
Ending balance |  |  | 3,615,918 |
Maturities of Finance Leases | The following are the maturities of the finance leases in force as of December 31, 2017:
|  | 2017 |
Less than 1 year |  |  | 100,624 |
From 1/01/2019 to 12/31/2019 |  |  | 78,574 |
From 1/01/2020 to 12/31/2020 |  |  | 85,171 |
From 1/01/2021 to 12/31/2021 |  |  | 92,322 |
From 1/01/2022 onwards |  |  | 534,674 |
Ending balance |  |  | 891,365 |
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, 2017, and their present book value:
|  | 2017 |
Less than 1 year |  |  | 167,634 |
From 1/01/2019 to 12/31/2019 |  |  | 139,513 |
From 1/01/2020 to 12/31/2020 |  |  | 139,513 |
From 1/01/2021 to 12/31/2021 |  |  | 139,513 |
From 1/01/2022 onwards |  |  | 641,414 |
Total minimum future payments |  |  | 1,227,587 |
Future financial charges on finance leases |  |  | (336,222 | )
Book value financial leases |  |  | 891,365 |
Conditions of 2014 Notes | The main conditions of 2014 Notes are as follows:
| 2014 Notes |
Amount in U.S.$ | 255,451,506 |
Interest Rate | 9.625% annual |
Amortization | Scheduled Payment Date | Percentage of Original Principal Amount
| May 14, 2014 | 25%
| May 14, 2018 | 25%
| May 14, 2019 | 25%
| May 14, 2020 | 25%
Frequency of Interest Payment | Semiannual, payable el May 14 and November 14 of each year.
Guarantor | None

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