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LOANS (Tables) | 12 Months Ended
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Dec. 31, 2019
LOANS [Abstract] |
Short-term and Long-term Loans | Short-term and long-term loans as of December 31, 2019 and 2018 comprise the following:
|  | 2019 |  |  | 2018 |
Current Loans |  |  |  |  |  |
2018 Notes Interest |  |  | 336,881 |  |  |  | 349,375 |
Pre-export finance |  |  | 1,021,325 |  |  |  | - |
Leasing (Note 22) |  |  | 363,881 |  |  |  | 331,850 |
Total Current loans |  |  | 1,722,087 |  |  |  | 681,225 |
Non Current Loans |  |  |  |  |  |  |  |
2018 Notes |  |  | 29,847,160 |  |  |  | 28,789,009 |
Leasing (Note 22) |  |  | 2,013,557 |  |  |  | 2,214,706 |
Total non current loans |  |  | 31,860,717 |  |  |  | 31,003,715 |
Total (1) |  |  | 33,582,804 |  |  |  | 31,684,940 |
(1) Net of issuance expenses of Ps. 97,840 and Ps. 185,243 as of December 31, 2019 and 2018, respectively.
Activity of Loans | The activity of the loans as of December 31, 2019 and 2018 is the following:
|  | 2019 |  |  |  |
|  | Leases liabilities |  |  | Other payables |  |  | 2018 |
Beggining balance |  |  | 2,546,556 |  |  |  | 29,138,384 |  |  |  | 10,218,503 |
Inflation adjustment restatement |  |  | (891,146 | ) |  |  | (13,298,217 | ) |  |  | (10,931,986 | )
Accrued interest |  |  | 194,944 |  |  |  | 2,061,631 |  |  |  | 2,305,265 |
Effect of foreign exchange rate change |  |  | 1,178,710 |  |  |  | 13,935,368 |  |  |  | 19,765,612 |
VAT unpaid installments |  |  | 15,988 |  |  |  | - |  |  |  | 29,388 |
Procceds from loans |  |  | - |  |  |  | 1,051,809 |  |  |  | 21,261,978 |
Payment of loans (1) |  |  | (167,989 | ) |  |  | - |  |  |  | (2,042,940 | )
Payment of redemption of loans |  |  | - |  |  |  | - |  |  |  | (7,378,176 | )
Interest paid (2) |  |  | (159,164 | ) |  |  | (2,024,070 | ) |  |  | (1,542,704 | )
Ending balance |  |  | 2,717,899 |  |  |  | 30,864,905 |  |  |  | 31,684,940 |
(1) For the years ended on December 31, 2019 and 2018, Ps. 149,238 and Ps. 156,861 respectively were cancelled through the offseting of debit balances maintained with the creditor (Pampa Energía). (2) For the years ended on December 31, 2019 and 2018, Ps. 143,357 and Ps. 149,373, respectively, were cancelled through the offseting 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 as of December 31, 2019 are as follows, not including issuance expenses:
|  |  |  |  | To due |  |  |  |
|  | Due at 12/31/2019 |  |  | From 1/01/2020 to 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 onwards |  |  | Total |
2018 Notes |  |  | - |  |  |  | 336,881 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 29,847,160 |  |  |  | 30,184,041 |
Financial Leasing |  |  | 90,363 |  |  |  | 273,518 |  |  |  | 296,515 |  |  |  | 321,370 |  |  |  | 348,380 |  |  |  | 1,047,292 |  |  |  | 2,377,438 |
Pre-export finance |  |  | - |  |  |  | 1,021,325 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,021,325 |
Total |  |  | 90,363 |  |  |  | 1,631,724 |  |  |  | 296,515 |  |  |  | 321,370 |  |  |  | 348,380 |  |  |  | 30,894,452 |  |  |  | 33,582,804 |
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, 2019, and their present book value:
|  | 12/31/2019 |
As of 12/31/2020 |  |  | 538,339 |
From 1/01/2021 to 12/31/2021 |  |  | 448,037 |
From 1/01/2022 to 12/31/2022 |  |  | 448,037 |
From 1/01/2023 to 12/31/2023 |  |  | 448,037 |
From 1/01/2024 onwards |  |  | 1,163,723 |
Total minimum future payments |  |  | 3,046,173 |
Future financial charges on financial leases |  |  | (668,735 | )
Book Value financial leases |  |  | 2,377,438 |
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.”

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