LOANS (Tables)

12 Months Ended

Dec. 31, 2019

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.”