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FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended
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Dec. 31, 2017
FINANCIAL RISK MANAGEMENT [Abstract] |
Net Liability Position and Change in Financial Results |
Net liability position in US$ |  | 12/31/2017 |  |  | 12/31/2016 |  |  | 12/31/2015 |
U.S. dollars |  |  | (93,366 | ) |  |  | (192,574 | ) |  |  | (186,754 | )
Total |  |  | (93,366 | ) |  |  | (192,574 | ) |  |  | (186,754 | )
Decrease of financial results in Ps. |  |  |  |  |  |  |  |  |  |  |  |
Pesos |  |  | 176,045 |  |  |  | 306,961 |  |  |  | 244,418 |
Total |  |  | 176,045 |  |  |  | 306,961 |  |  |  | 244,418 |
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, 2017 and 2016:
|  | Financial assets (1) |  |  | Financial liabilities (2) |
|  | 2017 |  |  | 2016 |  |  | 2017 |  |  |  | 2016 |
Fix interest rate |  |  | 2,097,766 |  |  |  | - |  |  |  | 3,607,665 |  |  |  | 3,068,819 |
Variable interest rate |  |  | 21,584 |  |  |  | 39,465 |  |  |  | - |  |  |  | - |
Total |  |  | 2,119,350 |  |  |  | 39,465 |  |  |  | 3,607,665 |  |  |  | 3,068,819 |
(1) Includes mutual funds, LEBACs and bank accounts. Trade receivables do not bear interests, except for Ps. 21,584 and Ps. 36,484 which bears CER plus a spread of 8% as of December 31, 2017 and 2016, respectively. (2) Includes loans, excluding issuance expenses.
Current and Non-Current Trade Receivables | As of December 31, 2017 and 2016, the balance of current and non-current trade receivables, net of allowances of doubtful accounts are as follows:
|  | 2017 |  |  | 2016 |
Current trade receivables |  |  | 2,033,540 |  |  |  | 1,246,142 |
Non-current trade receivables |  |  | 3,055 |  |  |  | 8,122 |
Allowances for doubtful accounts (1) |  |  | - |  |  |  | (19,703 | )
Total |  |  | 2,036,595 |  |  |  | 1,234,561 |
(1) | Corresponds to the best estimate made by TGS according to what is mentioned in note 5.b.
Significant Customers | Significant customers in terms of revenues and trade receivables (net of allowances of doubtful accounts) from natural gas transportation for the years ended December 31, 2017, 2016 and 2015 are as follows:
|  | 2017 |  |  | 2016 |  |  | 2015 |
|  | Revenues |  |  | Trade receivables |  |  | Revenues |  |  | Trade receivables |  |  | Revenues |
MetroGas |  |  | 1,188,059 |  |  |  | 209,426 |  |  |  | 597,041 |  |  |  | 70,319 |  |  |  | 268,626 |
Camuzzi Gas Pampeana S.A. |  |  | 873,176 |  |  |  | 153,163 |  |  |  | 358,756 |  |  |  | 51,908 |  |  |  | 154,209 |
Gas Natural BAN S.A. ("BAN") |  |  | 627,356 |  |  |  | 116,946 |  |  |  | 268,043 |  |  |  | 38,635 |  |  |  | 110,259 |
CAMMESA |  |  | 545,023 |  |  |  | 157,252 |  |  |  | 335,751 |  |  |  | 16,920 |  |  |  | - |
Pampa Energía |  |  | 28,643 |  |  |  | 882 |  |  |  | 27,353 |  |  |  | 5,943 |  |  |  | 27,681 |
Camuzzi Gas del Sur S.A. |  |  | 192,200 |  |  |  | 31,372 |  |  |  | 58,056 |  |  |  | 50,001 |  |  |  | 36,614 |
Revenues from Liquids Production and Commercialization customers (including those made on behalf of third parties, from whom the Company earns a commission and trade receivables (net of allowances of doubtful accounts) for the years ended December 31, 2017, 2016 and 2015 are as follows:
|  | 2017 |  |  | 2016 |  |  | 2015 |
|  | Revenues |  |  | Trade receivables |  |  | Revenues |  |  | Trade receivables |  |  | Revenues |
Polisur |  |  | 2,226,179 |  |  |  | 352,632 |  |  |  | 1,949,460 |  |  |  | 223,938 |  |  |  | 1,298,152 |
Petredec |  |  | 910,633 |  |  |  | 293,890 |  |  |  | - |  |  |  | - |  |  |  | 254,061 |
Petroleo Brasileiro |  |  | 62,254 |  |  |  | - |  |  |  | 513,912 |  |  |  | 57,335 |  |  |  | 95,618 |
Petrobras Global |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 44,058 |
Braskem Netherlands B.V. |  |  | - |  |  |  | - |  |  |  | 19,706 |  |  |  | - |  |  |  | 135,971 |
Trafigura Beheer B.V. |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 159,911 |
Geogas Trading S.A. |  |  | 324,540 |  |  |  | 54,014 |  |  |  | 460,234 |  |  |  | 125,303 |  |  |  | 112,392 |
Shell Trading (US) Company |  |  | 892,086 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Credit Ratings | Below we include information regarding their credit rating at December 31, 2017:
Concept |  | (In thousands of pesos) |  |  | Credit rate |
Mutual funds |  |  | 899,570 |  |  |  | AA |
Mutual funds |  |  | 183,315 |  |  |  | A |
Mutual funds |  |  | 75,817 |  |  |  | BBB |
Mutual funds |  |  | 143,531 |  |  |  | AA- |
Mutual funds |  |  | 25,741 |  |  |  | B |
Public bonds (1) |  |  | 1,586,447 |  |  |  | B |
| (1) | Includes BONAR 2020, Letes and Lebacs
Maturities of Financial Assets | Below is a detail of the maturities of the financial assets included in: (i) cash and cash equivalents, (ii) other financial assets, (iii) trade receivables, and (iv) other receivables, as of December 31, 2017 and 2016:
|  | December 31, 2017 |
|  | Cash and cash equivalents |  |  | Other financial assets |  |  | Receivables (1) (2) |
Without specified maturity |  |  | 1,993,355 |  |  |  | - |  |  |  | 464 |
With specified maturity |  |  |  |  |  |  |  |  |  |  |  |
Overdue |  |  |  |  |  |  |  |  |  |  |  |
Until 12-31-2016 |  |  | - |  |  |  | - |  |  |  | 2,025 |
From 01-01-17 to 03-31-17 |  |  | - |  |  |  | - |  |  |  | 137 |
From 04-01-17 to 06-30-17 |  |  | - |  |  |  | - |  |  |  | 1,786 |
From 07-01-17 to 09-30-17 |  |  | - |  |  |  | - |  |  |  | 12,690 |
From 10-01-17 to 12-31-17 |  |  | - |  |  |  | - |  |  |  | 149,097 |
Total overdue |  |  | - |  |  |  | - |  |  |  | 165,735 |
Non-Due |  |  |  |  |  |  |  |  |  |  |  |
From 01-01-18 to 03-31-18 |  |  | 659,448 |  |  |  | 400,639 |  |  |  | 2,043,919 |
From 04-01-18 to 06-30-18 |  |  | - |  |  |  | 1,038,397 |  |  |  | 2,508 |
From 07-01-18 to 09-30-18 |  |  | - |  |  |  | 225,020 |  |  |  | 2,159 |
From 10-01-18 to 12-31-18 |  |  | - |  |  |  | 1,495 |  |  |  | 2,600 |
During 2019 |  |  | - |  |  |  | 5,714 |  |  |  | 11,937 |
During 2020 |  |  | - |  |  |  | 3,355 |  |  |  | - |
During 2021 |  |  | - |  |  |  | 3,044 |  |  |  | - |
During 2022 |  |  | - |  |  |  | 1,911 |  |  |  | - |
From 2023 onwards |  |  | - |  |  |  | 555 |  |  |  | - |
Total non-due |  |  | 659,448 |  |  |  | 1,680,130 |  |  |  | 2,063,123 |
Total with specified maturity |  |  | 659,448 |  |  |  | 1,680,130 |  |  |  | 2,228,858 |
Total |  |  | 2,652,803 |  |  |  | 1,680,130 |  |  |  | 2,229,322 |
| (1) | The total amount of the receivables without specified maturity is recorded in Non-current assets.
| (2) | Includes trade receivables and other receivables.
|  | December 31, 2016 |
|  | Cash and cash equivalents |  |  | Other financial assets |  |  | Receivables (1) (2) |
Without specified maturity |  |  | 724,725 |  |  |  | - |  |  |  | 461 |
With specified maturity |  |  |  |  |  |  |  |  |  |  |  |
Overdue |  |  |  |  |  |  |  |  |  |  |  |
Until 12-31-2015 |  |  | - |  |  |  | - |  |  |  | 37,023 |
From 01-01-16 to 03-31-16 |  |  | - |  |  |  | - |  |  |  | 2,274 |
From 04-01-16 to 06-30-16 |  |  | - |  |  |  | - |  |  |  | 8,224 |
From 07-01-16 to 09-30-16 |  |  | - |  |  |  | - |  |  |  | 21,209 |
From 10-01-16 to 12-31-16 |  |  | - |  |  |  | - |  |  |  | 235,656 |
Total overdue |  |  | - |  |  |  | - |  |  |  | 304,386 |
Non-Due |  |  |  |  |  |  |  |  |  |  |  |
From 01-01-17 to 03-31-17 |  |  | 830,364 |  |  |  | 13,877 |  |  |  | 1,102,024 |
From 04-01-17 to 06-30-17 |  |  | - |  |  |  | 13,877 |  |  |  | 5,704 |
From 07-01-17 to 09-30-17 |  |  | - |  |  |  | 13,877 |  |  |  | 1,546 |
From 10-01-17 to 12-31-17 |  |  | - |  |  |  | 13,877 |  |  |  | 1,501 |
During 2018 |  |  | - |  |  |  | 142,872 |  |  |  | 11,893 |
During 2019 |  |  | - |  |  |  | - |  |  |  | 2,547 |
During 2020 |  |  | - |  |  |  | - |  |  |  | - |
During 2021 |  |  | - |  |  |  | - |  |  |  | - |
From 2022 onwards |  |  | - |  |  |  | - |  |  |  | - |
Total non-due |  |  | 830,364 |  |  |  | 198,380 |  |  |  | 1,125,215 |
Total with specified maturity |  |  | 830,364 |  |  |  | 198,380 |  |  |  | 1,429,601 |
Total |  |  | 1,555,089 |  |  |  | 198,380 |  |  |  | 1,430,062 |
| (1) | The total amount of the receivables without specified maturity is recorded in Non-current assets.
| (2) | Includes trade receivables and other receivables.
Maturities of Financial Liabilities | The amounts disclosed in the table are the contractual undiscounted cash flows and as a result, they do not reconcile to the amounts disclosed on the statement of financial position.
|  | December 31, 2017 |  |  |  |
|  | Loans |  |  | Other financial liabilities |  |  | Financial Leases |
Without specified maturity |  |  | - |  |  |  | - |  |  |  | - |
With specified maturity |  |  |  |  |  |  |  |  |  |  |  |
Overdue |  |  |  |  |  |  |  |  |  |  |  |
Until 12-31-2016 |  |  | - |  |  |  | 74,183 |  |  |  | - |
From 01-01-17 to 03-31-17 |  |  | - |  |  |  | 311 |  |  |  | - |
From 04-01-17 to 06-30-17 |  |  | - |  |  |  | 311 |  |  |  | - |
From 07-01-17 to 09-30-17 |  |  | - |  |  |  | 311 |  |  |  | - |
From 10-01-17 to 12-31-17 |  |  | - |  |  |  | 311 |  |  |  | 28,138 |
Total overdue |  |  | - |  |  |  | 75,427 |  |  |  | 28,138 |
Non-Due |  |  |  |  |  |  |  |  |  |  |  |
From 01-01-18 to 03-31-18 |  |  | - |  |  |  | 1,558,120 |  |  |  | 34,874 |
From 04-01-18 to 06-30-18 |  |  | 1,362,926 |  |  |  | 84,895 |  |  |  | 34,874 |
From 07-01-18 to 09-30-18 |  |  | - |  |  |  | - |  |  |  | 34,874 |
From 10-01-18 to 12-31-18 |  |  | 114,632 |  |  |  | - |  |  |  | 34,874 |
During 2019 |  |  | 1,362,926 |  |  |  | - |  |  |  | 139,513 |
During 2020 |  |  | 1,248,295 |  |  |  | - |  |  |  | 139,513 |
During 2021 |  |  | - |  |  |  | - |  |  |  | 139,513 |
During 2022 |  |  | - |  |  |  | - |  |  |  | 139,513 |
From 2023 onwards |  |  | - |  |  |  | - |  |  |  | 501,901 |
Total non-due |  |  | 4,088,779 |  |  |  | 1,643,015 |  |  |  | 1,199,449 |
Total with specified maturity |  |  | 4,088,779 |  |  |  | 1,718,442 |  |  |  | 1,227,587 |
Total |  |  | 4,088,779 |  |  |  | 1,718,442 |  |  |  | 1,227,587 |
|  | December 31, 2016 |  |  |  |
|  | Loans |  |  | Other financial liabilities |  |  | Financial Leases |
Without specified maturity |  |  | - |  |  |  | - |  |  |  | - |
With specified maturity |  |  |  |  |  |  |  |  |  |  | - |
Overdue |  |  |  |  |  |  |  |  |  |  | - |
Until 12-31-2015 |  |  | - |  |  |  | 56,664 |  |  |  | - |
From 01-01-16 to 03-31-16 |  |  | - |  |  |  | 311 |  |  |  | - |
From 04-01-16 to 06-30-16 |  |  | - |  |  |  | 311 |  |  |  | - |
From 07-01-16 to 09-30-16 |  |  | - |  |  |  | 311 |  |  |  | - |
From 10-01-16 to 12-31-16 |  |  | - |  |  |  | 311 |  |  |  | - |
Total overdue |  |  | - |  |  |  | 57,908 |  |  |  | - |
Non-Due |  |  |  |  |  |  |  |  |  |  |  |
From 01-01-17 to 03-31-17 |  |  | 1,092 |  |  |  | 984,988 |  |  |  | 75,732 |
From 04-01-17 to 06-30-17 |  |  | 146,873 |  |  |  | 50,447 |  |  |  | 29,714 |
From 07-01-17 to 09-30-17 |  |  | - |  |  |  | - |  |  |  | 29,714 |
From 10-01-17 to 12-31-17 |  |  | 146,509 |  |  |  | - |  |  |  | 29,714 |
During 2018 |  |  | 965,945 |  |  |  | - |  |  |  | 118,873 |
During 2019 |  |  | 1,161,290 |  |  |  | - |  |  |  | 118,873 |
During 2020 |  |  | 1,063,617 |  |  |  | - |  |  |  | 118,873 |
From 2021 onwards |  |  | - |  |  |  | - |  |  |  | 665,410 |
Total non-due |  |  | 3,485,326 |  |  |  | 1,035,435 |  |  |  | 1,186,904 |
Total with specified maturity |  |  | 3,485,326 |  |  |  | 1,093,343 |  |  |  | 1,186,904 |
Total |  |  | 3,485,326 |  |  |  | 1,093,343 |  |  |  | 1,186,904 |
Gearing Ratio | During the year ended December 31, 2017 and 2016, the gearing ratio was as follows:
|  | 2017 |  |  | 2016 |
Total Loans (note 13) |  |  | 4,499,030 |  |  |  | 3,917,000 |
Total Equity |  |  | 5,319,640 |  |  |  | 2,526,378 |
Total Capital |  |  | 9,818,670 |  |  |  | 6,443,378 |
Gearing ratio |  |  | 0.46 |  |  |  | 0.61 |
Categories of Financial Assets and Liabilities | The categories of financial assets and liabilities as of December 31, 2017 and 2016 are as follows:
|  | December 31, 2017 |
|  | Financial assets at fair value |  |  | Financial assets held to maturity |  |  | Loans and other receivables |  |  | Total |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Trade receivables |  |  | - |  |  |  | - |  |  |  | 2,033,540 |  |  |  | 2,033,540 |
Other receivables |  |  | - |  |  |  | - |  |  |  | 183,185 |  |  |  | 183,185 |
Other financial assets at amortized cost |  |  | - |  |  |  | 1,438,317 |  |  |  | 7,111 |  |  |  | 1,445,428 |
Other financial assets at fair value through profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
or loss |  |  | 220,229 |  |  |  | - |  |  |  | - |  |  |  | 220,229 |
Cash and cash equivalents |  |  | 1,327,974 |  |  |  | - |  |  |  | 1,324,829 |  |  |  | 2,652,803 |
Total current assets |  |  | 1,548,203 |  |  |  | 1,438,317 |  |  |  | 3,548,665 |  |  |  | 6,535,185 |
NON-CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade receivables |  |  | - |  |  |  | - |  |  |  | 3,055 |  |  |  | 3,055 |
Other receivables |  |  | - |  |  |  | - |  |  |  | 9,542 |  |  |  | 9,542 |
Other financial assets at amortized cost |  |  | - |  |  |  | - |  |  |  | 14,473 |  |  |  | 14,473 |
Total non-current assets |  |  | - |  |  |  | - |  |  |  | 27,070 |  |  |  | 27,070 |
Total assets |  |  | 1,548,203 |  |  |  | 1,438,317 |  |  |  | 3,575,735 |  |  |  | 6,562,255 |
|  | Financial liabilities at fair value |  |  | Other financial liabilities |  |  | Total |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |
Trade payables |  |  | - |  |  |  | 1,453,303 |  |  |  | 1,453,303 |
Loans |  |  | - |  |  |  | 1,329,270 |  |  |  | 1,329,270 |
Payroll and social security taxes payables |  |  | - |  |  |  | 191,657 |  |  |  | 191,657 |
Other payables |  |  | - |  |  |  | 33,547 |  |  |  | 33,547 |
Total pasivo corriente |  |  | - |  |  |  | 3,007,777 |  |  |  | 3,007,777 |
NON-CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |
Loans |  |  | - |  |  |  | 3,169,760 |  |  |  | 3,169,760 |
Total non-current liabilities |  |  | - |  |  |  | 3,169,760 |  |  |  | 3,169,760 |
Total liabilities |  |  | - |  |  |  | 6,177,537 |  |  |  | 6,177,537 |
|  |  |  |  | December 31, 2016 |  |  |  |  |  |  |
|  | Financial assets at fair value |  |  | Financial assets held to maturity |  |  | Loans and other receivables |  |  | Total |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Trade receivables |  |  | - |  |  |  | - |  |  |  | 1,226,439 |  |  |  | 1,226,439 |
Other receivables |  |  | - |  |  |  | - |  |  |  | 169,019 |  |  |  | 169,019 |
Other financial assets at amortized cost |  |  | - |  |  |  | - |  |  |  | 14,900 |  |  |  | 14,900 |
Other financial assets at fair value through profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
or loss |  |  | 55,508 |  |  |  | - |  |  |  | - |  |  |  | 55,508 |
Cash and cash equivalents |  |  | 901,680 |  |  |  | - |  |  |  | 653,409 |  |  |  | 1,555,089 |
Total current assets |  |  | 957,188 |  |  |  | - |  |  |  | 2,063,767 |  |  |  | 3,020,955 |
NON-CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade receivables |  |  | - |  |  |  | - |  |  |  | 8,122 |  |  |  | 8,122 |
Other receivables |  |  | - |  |  |  | - |  |  |  | 6,779 |  |  |  | 6,779 |
Other financial assets at amortized cost |  |  |  |  |  |  |  |  |  |  | 21,584 |  |  |  | 21,584 |
Other financial assets at fair value through profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
or loss |  |  | 142,872 |  |  |  | - |  |  |  | - |  |  |  | 142,872 |
Total non-current assets |  |  | 142,872 |  |  |  | - |  |  |  | 36,485 |  |  |  | 179,357 |
Total assets |  |  | 1,100,060 |  |  |  | - |  |  |  | 2,100,252 |  |  |  | 3,200,312 |
|  | Financial liabilities at fair value |  |  | Other financial liabilities |  |  | Total |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |
Trade payables |  |  | - |  |  |  | 961,248 |  |  |  | 961,248 |
Loans |  |  | - |  |  |  | 145,396 |  |  |  | 145,396 |
Payroll and social security taxes payables |  |  | - |  |  |  | 134,772 |  |  |  | 134,772 |
Other payables |  |  | - |  |  |  | 3,816 |  |  |  | 3,816 |
Total current liabilities |  |  | - |  |  |  | 1,245,232 |  |  |  | 1,245,232 |
NON-CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |
Loans |  |  | - |  |  |  | 3,771,604 |  |  |  | 3,771,604 |
Total non-current liabilities |  |  | - |  |  |  | 3,771,604 |  |  |  | 3,771,604 |
Total liabilities |  |  | - |  |  |  | 5,016,836 |  |  |  | 5,016,836 |
Fair Value of Financial Assets and Liabilities | The table below shows different assets and liabilities at their fair value classified by hierarchy as of December 31, 2017 and 2016:
|  |  |  |  | December 31, 2017 |  |  |  |  |  |  |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets at fair value |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 1,327,974 |  |  |  | - |  |  |  | - |  |  |  | 1,327,974 |
Other non-current financial assets at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
through profit or loss |  |  | 220,229 |  |  |  | - |  |  |  | - |  |  |  | 220,229 |
Total |  |  | 1,548,203 |  |  |  | - |  |  |  | - |  |  |  | 1,548,203 |
|  |  |  |  |  |  | December 31, 2016 |  |  |  |  |  |  |  |  |
|  |  | Level 1 |  |  |  | Level 2 |  |  |  | Level 3 |  |  |  | Total |
Financial assets at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 901,680 |  |  |  | - |  |  |  | - |  |  |  | 901,680 |
Other current financial assets at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
through profit or loss |  |  | 55,508 |  |  |  | - |  |  |  | - |  |  |  | 55,508 |
Other non-current financial assets at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
through profit or loss |  |  | 142,872 |  |  |  | - |  |  |  | - |  |  |  | 142,872 |
Total |  |  | 1,100,060 |  |  |  | - |  |  |  | - |  |  |  | 1,100,060 |
The following table reflects the carrying amount and estimated fair value of the 2014 Notes as of December 31, 2017 and December 31, 2016, based on their quoted market price:
|  | 2014 Notes |
|  | 2017 |  |  | 2016 |
Carrying amount |  |  | 3,607,665 |  |  |  | 3,067,353 |
Fair Value |  |  | 3,833,046 |  |  |  | 3,275,135 |

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