LOANS (Tables)

12 Months Ended

Dec. 31, 2017

Short-term and long-term loans as of December 31, 2017 and 2016 comprise the following:

⁽¹⁾Issuance expenses net.

The breakdown of loans based on its currency of origin is the following:

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).

The maturities of the current and non-current loans (without including issuance cost) as of December 31, 2017 are as follows:

The following are the maturities of the finance leases in force as of December 31, 2017:

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

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