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FINANCIAL RISK MANAGEMENT (Tables)

12 Months Ended

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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