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FINANCIAL RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2019

FINANCIAL RISK MANAGEMENT [Abstract]

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, 2019 and 2018:

		Financial assets (1)								Financial liabilities (2)
		2019				2018				2019				2018
Fix interest rate			8,650,353				13,114,538				30,184,039				29,138,384
Variable interest rate			1,038,402				22,264				1,021,325				-
Total			9,688,755				13,136,802				31,205,364				29,138,384

⁽¹⁾ Includes mutual funds, Letes, Lebacs and bank accounts. Trade receivables do no bear interests, except for Ps. 8,758 and Ps. 22,264, which bears CER plus a spread of 8% as of December 31, 2019 and 2018, respectively.

⁽²⁾ Includes loans, issuance expenses and financial leasing

Monthly Short Tons

This agreement is valid between October 2018 and April 2020, according to the following monthly short tons:

Period		Propane				Butane				Natural gasoline
October 2018 - April 2019			6,663				4,967				2,976
May 2019 - September 2019			-				-				4,519
October 2019			9,996				7,727				4,630
November 2019 - April 2020			14,438				11,038				6,614

Current and Non-Current Trade Receivables

As of December 31, 2019 and 2018, the balance of current and non-current trade receivables, net of allowances of doubtful accounts are as follows:

		2019				2018
Current trade receivables			6,608,715				4,994,969
Allowances for doubful accounts			(134,956	)			(203,860	)
Total			6,473,759				4,791,109

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, 2019, 2018 and 2017 are as follows:

		2019								2018								2017
		Revenues				Trade receivables				Revenues				Trade receivables				Revenues
MetroGas			5,849,138				1,459,410				4,957,415				577,764				2,948,056
Camuzzi Gas Pampeana S.A.			4,353,024				729,137				3,682,320				430,212				2,167,208
Naturgy Argentina			3,496,055				567,429				2,971,396				368,782				1,556,829
CAMMESA			1,337,997				206,403				2,057,838				281,896				1,368,671
Pampa Energía			803,610				258,007				676,180				141,040				68,737
Camuzzi Gas del Sur S.A.			1,075,744				150,838				822,176				87,574				477,222

Revenues from Liquids Production and Commercialization customers net of allowances of doubtful accounts) for the years ended December 31, 2019, 2018 and 2017 are as follows:

		2019								2018								2017
		Revenues				Trade receivables				Revenues				Trade receivables				Revenues
PBB Polisur			6,338,222				841,338				8,102,817				1,090,359				5,667,118
Petredec			1,003,264				-				1,321,183				-				2,119,267
Geogas Trading S.A.			1,691,910				375,723				1,695,707				-				878,783
Shell Trading (US) Company			-				-				138,246				-				2,192,301
YPF			1,239,102				26,501				729,113				30,968				-
Petrobras Global Trading BV			4,446,241				397,172				2,682,539				211,387				-

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, (iv) other receivables and (v) derivate financial instruments, as of December 31, 2019 and 2018:

December 31, 2019
		Cash and cash equivalents				Other financial assets				Credits (1) (2)
Without specified maturity			9,650,787				-				21,607
With specified maturity
Overdue
Until 12-31-2018			-				-				144,596
From 01-01-19 to 03-31-19			-				-				1,538
From 04-01-19 to 06-30-19			-				-				4,245
From 07-01-19 to 09-30-19			-				-				343,827
From 10-01-19 to 12-31-19			-				-				791,533
Total overdue			-				-				1,285,739
Non-due
From 01-01-20 to 03-31-20			114,414				1,315,640				5,271,983
From 04-01-20 to 06-30-20			-				796				482,630
From 07-01-20 to 09-30-20			-				775				8,105
From 10-01-20 to 12-31-20			-				773				10,092
During 2021			-				3,043				6,943
During 2022			-				1,911				-
During 2023			-				449				-
During 2024			-				-				-
From 2025 onwards			-				-				-
Total non-due			114,414				1,323,387				5,779,753
Total with specified maturity			114,414				1,323,387				7,065,492
Total			9,765,201				1,323,387				7,087,099

⁽¹⁾ The total amount of the receivables without specified maturity is recorded in Non-current assets.

⁽²⁾ Includes financial assets recorded in trade receivables and other receivables, excluding allowance for doubtful accounts.

December 31, 2018
		Cash and cash equivalents				Other financial assets				Credits (1) (2)
Without specified maturity			22,283,431				-				718
With specified maturity
Overdue
Until 12-31-2017			-				-				205,783
From 01-01-18 to 03-31-18			-				-				477
From 04-01-18 to 06-30-18			-				-				6,184
From 07-01-18 to 09-30-18			-				-				17,537
From 10-01-18 to 12-31-18			-				-				823,940
Total overdue			-				-				1,053,921
Non-due
From 01-01-19 to 03-31-19			3,321,706				338,073				4,530,803
From 04-01-19 to 06-30-19			-				2,300				63,313
From 07-01-19 to 09-30-19			-				2,300				-
From 10-01-19 to 12-31-19			-				1,894				-
During 2020			-				5,161				8,505
During 2021			-				4,683				-
During 2022			-				2,940				-
During 2023			-				688				-
From 2024 onwards			-				-				-
Total non-due			3,321,706				358,039				4,602,621
Total with specified maturity			3,321,706				358,039				5,656,542
Total			25,605,137				358,039				5,657,260

⁽¹⁾ The total amount of the receivables without specified maturity is recorded in Non-current assets.

⁽²⁾ Includes financial assets recorded in trade receivables and other receivables, excluding allowance for doubtful accounts.

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. These tables are made based on available information at the end of each year and may not reflect the actual amounts in the future. Therefore, the amounts disclosed are provided for illustrative purposes only:

December 31, 2019
		Loans				Other financial liabilities				Leases liabilities
Without specified maturity			-				-				-
With specified maturity
Overdue
Until 12-31-2018			-				130,829				-
From 01-01-19 to 03-31-19			-				311				-
From 04-01-19 to 06-30-19			-				311				-
From 07-01-19 to 09-30-19			-				311				-
From 10-01-19 to 12-31-19			-				311				90,363
Total overdue			-				132,073				90,363
Non-due
From 01-01-20 to 03-31-20			1,027,502				3,745,057				111,994
From 04-01-20 to 06-30-20			1,010,644				32,769				111,994
From 07-01-20 to 09-30-20			-				-				111,994
From 10-01-20 to 12-31-20			1,010,644				-				111,994
During 2021			2,021,288				-				448,037
During 2022			2,021,288				-				448,037
During 2023			2,021,288				-				448,037
During 2024			2,021,288				-				448,037
From 2025 onwards			30,955,641				-				715,686
Total non-due			42,089,583				3,777,826				2,955,810
Total with specified maturity			42,089,583				3,909,899				3,046,173
Total			42,089,583				3,909,899				3,046,173

December 31, 2018
		Loans				Other financial liabilities				Financial leases
Without specified maturity			-				-				-
With specified maturity
Overdue
Until 12-31-2017			-				159,366				-
From 01-01-18 to 03-31-18			-				478				-
From 04-01-18 to 06-30-18			-				478				-
From 07-01-18 to 09-30-18			-				478				-
From 10-01-18 to 12-31-18			-				478				87,517
Total overdue			-				161,278				87,517
Non-due
From 01-01-19 to 03-31-19			-				5,157,610				108,450
From 04-01-19 to 06-30-19			978,663				33,442				108,450
From 07-01-19 to 09-30-19			-				-				108,450
From 10-01-19 to 12-31-19			978,663				-				108,450
During 2020			1,957,325				-				433,860
During 2021			1,957,325				-				433,860
During 2022			1,957,325				-				433,860
During 2023			1,957,325				-				433,860
From 2024 onwards			31,933,396				-				1,126,898
Total non-due			41,720,022				5,191,052				3,296,138
Total with specified maturity			41,720,022				5,352,330				3,383,655
Total			41,720,022				5,352,330				3,383,655

Gearing Ratio

During the year ended December 31, 2019 and 2018, the gearing ratio was as follows:

		2019				2018
Total debt (Note 13)			33,582,804				31,684,940
Total Equity			48,083,469				47,603,906
Total Capital			81,666,273				79,288,846
Gearing Ratio			0.41				0.4

Categories of Financial Assets and Liabilities

The categories of financial assets and liabilities as of December 31, 2019 and 2018 are as follows:

		December 31, 2019
		Financial assets at fair value				Financial assets at amortizef cost				Total
CURRENT ASSETS
Trade receivables			-				6,473,759				6,473,759
Other receivables			-				473,216				473,216
Derivative financial instruments			274,024				-				274,024
Other financial assets at amortized cost			-				1,043,960				1,043,960
Cash and cash equivalents			1,029,644				8,735,557				9,765,201
Total current assets			1,303,668				16,726,492				18,030,160
NON-CURRENT ASSETS
Other receivables			-				7,603				7,603
Other financial assets at amortized cost			-				5,403				5,403
Total non-current assets			-				13,006				13,006
Total assets			1,303,668				16,739,498				18,043,166

		Financial liabilities at fair value				Other financial liabilities				Total
CURRENT LIABILITIES
Trade payables			-				4,113,571				4,113,571
Loans			-				1,722,087				1,722,087
Payroll and social security taxes payables			-				533,497				533,497
Other payables			-				287,659				287,659
NON-CURRENT LIABILITIES
Loans			-				31,860,717				31,860,717
Total non-current liabilities			-				31,860,717				31,860,717
Total liabilities			-				38,517,531				38,517,531

		2018
		Financial assets at fair value				Financial assets at amortirzed cost				Total
CURRENT ASSETS
Trade receivables			-				4,791,109				4,791,109
Other receivables			-				652,771				652,771
Derivative financial instruments			335,773				-				335,773
Other financial assets at amortized cost			-				8,790				8,790
Cash and cash equivalents			3,324,575				22,280,562				25,605,137
Total current assets			3,660,348				27,733,232				31,393,580
NON-CURRENT ASSETS
Other receivables			-				9,521				9,521
Other financial assets at amortized cost			-				13,476				13,476
Total non-current assets			-				22,997				22,997
Total assets			3,660,348				27,756,229				31,416,577

		Financial liabilities at fair value				Other financial liabilities				Total
CURRENT LIABILITIES
Trade payables			-				4,756,554				4,756,554
Loans			-				681,225				681,225
Payroll and social security taxes payables			-				475,882				475,882
Other payables			-				124,103				124,103
Total current liabilities			-				6,037,764				6,037,764
NON-CURRENT LIABILITIES
Loans			-				31,003,715				31,003,715
Total non-current liabilities			-				31,003,715				31,003,715
Total liabilities			-				37,041,479				37,041,479

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, 2019 and 2018:

		As of December 31, 2019
		Level 1				Level 2				Level 3				Total
Financial assets at fair value
Cash and cash equivalents			1,029,644				-				-				1,029,644
Derivative financial instruments			-				274,024				-				274,024
Total			1,029,644				274,024				-				1,303,668

		As of December 31, 2018
		Level 1				Level 2				Level 3				Total
Financial assets at fair value
Cash and cash equivalents			3,324,575				-				-				3,324,575
Derivative financial instruments			-				335,773				-				335,773
Total			3,324,575				335,773				-				3,660,348

The following table reflects the carrying amount and estimated fair value of the 2018 Notes as of December 31, 2019, based on their quoted market price:

		As of December 31, 2019
		Carrying amount				Fair value
2018 Notes			30,184,039				26,266,856

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