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LOANS (Tables) | 12 Months Ended
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Dec. 31, 2020
LOANS [Abstract] |
Short-term and Long-term Loans | Short-term and long-term loans as of December 31, 2019 and 2018 comprise the following:
|  | 2020 |  |  | 2019 |
Current Loans |  |  |  |  |  |
2018 Notes Interest |  |  | 456,697 |  |  |  | 458,632 |
Pre-export finance |  |  | - |  |  |  | 1,390,438 |
Leasing (Note 21) |  |  | 480,069 |  |  |  | 495,389 |
Total Current loans |  |  | 936,766 |  |  |  | 2,344,459 |
Non Current Loans |  |  |  |  |  |  |  |
2018 Notes |  |  | 40,520,045 |  |  |  | 40,634,099 |
Leasing (Note 21) |  |  | 2,412,613 |  |  |  | 2,741,268 |
Total non current loans |  |  | 42,932,658 |  |  |  | 43,375,367 |
Total (1) |  |  | 43,869,424 |  |  |  | 45,719,826 |
(1) As of December 31, 2020, it is net of Notes repurchase of Ps 1,479,694. (2) Net of issuance expenses of Ps. 75,262 and Ps. 133,200 as of December 31, 2020 and 2019, respectively.
Activity of Loans | The activity of the loans as of December 31, 2020 and 2019 is the following:
|  | 2020 |  |  | 2019 |
|  | Leases liabilities |  |  | Other payables |  |  | Leases liabilities |  |  | Other payables |
Beginning balance |  |  | 3,236,657 |  |  |  | 42,483,169 |  |  |  | 3,466,896 |  |  |  | 39,669,167 |
Inflation adjustment restatement |  |  | (1,275,154 | ) |  |  | (12,526,927 | ) |  |  | (1,676,718 | ) |  |  | (17,640,765 | )
Accrued interest |  |  | 242,337 |  |  |  | 2,765,737 |  |  |  | 265,398 |  |  |  | 2,806,717 |
Effect of foreign exchange effect |  |  | 1,149,736 |  |  |  | 13,755,162 |  |  |  | 1,604,703 |  |  |  | 18,971,692 |
VAT unpaid installments |  |  | 11,009 |  |  |  | - |  |  |  | 21,766 |  |  |  | - |
Proceeds from loans |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,431,939 |
Acquisition of notes result |  |  | - |  |  |  | (399,356 | ) |  |  | - |  |  |  | - |
Payment of loans(1) |  |  | (190,969 | ) |  |  | (1,354,111 | ) |  |  | (228,701 | ) |  |  | - |
Payment of redemption of loans |  |  | - |  |  |  | (999,811 | ) |  |  | - |  |  |  | - |
Interest paid(2) |  |  | (280,934 | ) |  |  | (2,747,121 | ) |  |  | (216,687 | ) |  |  | (2,755,581 | )
Ending balance |  |  | 2,892,682 |  |  |  | 40,976,742 |  |  |  | 3,236,657 |  |  |  | 42,483,169 |
(1) For the years ended on December 31, 2020 and 2019, Ps. 190,969 and Ps. 203,173 respectively were cancelled through the offseting of debit balances maintained with the creditor (Pampa Energía). (2) For the years ended on December 31, 2020 and 2019, Ps. 280,934 and Ps. 195,168, 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, 2020 are as follows, not including issuance expenses:
|  |  |  |  | To due |  |  |  |
|  | Due at 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 to 12/31/2024 |  |  | From 1/01/2025 onwards |  |  | Total |
2018 Notes |  |  | - |  |  |  | 456,697 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 40,520,045 |  |  |  | 40,976,742 |
Financial Leasing |  |  | 63,526 |  |  |  | 416,543 |  |  |  | 451,566 |  |  |  | 489,482 |  |  |  | 530,581 |  |  |  | 940,984 |  |  |  | 2,892,682 |
Total |  |  | 63,526 |  |  |  | 873,240 |  |  |  | 451,566 |  |  |  | 489,482 |  |  |  | 530,581 |  |  |  | 41,461,029 |  |  |  | 43,869,424 |
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, 2020, and their present book value:
|  | 12/31/2020 |
As of 12/31/2020 |  |  | 692,970 |
From 1/01/2022 to 12/31/2022 |  |  | 629,526 |
From 1/01/2023 to 12/31/2023 |  |  | 629,526 |
From 1/01/2024 to 12/31/2024 |  |  | 629,526 |
From 1/01/2025 onwards |  |  | 1,005,592 |
Total minimum future payments |  |  | 3,587,140 |
Future financial charges on financial leases |  |  | (694,458 | )
Book Value financial leases |  |  | 2,892,682 |
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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